TIDMABL
RNS Number : 8362E
Ablon Group Limited
16 May 2013
FOR RELEASE AT 16 May 2013
ABLON GROUP LIMITED
INTERIM MANAGEMENT STATEMENT
For the period from 1 January 2013 to 16 May 2013
ABLON Group Limited ("ABLON" or the "Company" and, together with
its subsidiaries, the "Group"), a leading real estate owner and
developer in Central Europe, today announces its Interim Management
Statement for the period from 1 January 2013 to 16 May 2013.
Alex Borrelli, Chairman of ABLON, commented:
"While the overall depressed economic environment did not ease
in the period, the direct operational environment has remained
stable.
The recommended cash offer for ABLON by CPI Group, a.s. ("CPI")
currently being implemented is providing the Company with new
possibilities for improving operational effectiveness through
realising synergies between the operations of CPI and ABLON.
As a result, the Company's financial stability has been improved
through a series of loan transactions that resulted in the
prolongation of expired loans, loan repayments and a loan increase
that was agreed in the period.
Takeover and delisting
On 22 February 2013, CPI announced a mandatory cash offer of
22.5 pence for each ordinary share in the Company following its
aggregate holding increasing to 50.89%. On 17 April 2013, CPI
extended its then recommended cash offer having received
acceptances and owning shares representing in aggregate 92.87% of
the Company.
On 23 April 2013, ABLON announced that it was applying to the UK
Listing Authority for the removal of its shares from the Official
List of the UK Listing Authority and to the London Stock Exchange
plc for the cancellation of trading in its shares on the Main
Market which is expected to take effect at 8.00am on 31 May
2013.
Loan transactions
On 21 March 2013, a number of expired loans, held within the
Group with a total capital amount of EUR29.4 million ("Expired Loan
Portfolio"), were transferred from Volksbank AG ("Volksbank") to
CPI Beta a.s. ("CPIB"). Whilst completion of the transfer was a
matter between Volksbank and CPIB, the Group had previously
consented to the transfer.
The Expired Loan Portfolio consisted of eight expired loans on
the following projects:
-- Hightech Park, Hold, Katona, Nap projects in Hungary;
-- Kolben, May House and Ritka project in the Czech Republic; and
-- Mogosaia project in Romania.
The expired loans were prolonged by CPIB until 21 September 2014
with the interest rate being maintained at the same level as that
of the expired loans. CPIB has waived a EUR0.8 million penalty
interest which has accrued on some of the loans.
In addition, as part of the agreement entered into between
Volksbank and CPIB, Volksbank has agreed to alter the terms of some
of the remaining loans in place between Volksbank and the Company
on the request of the subsidiary company holding the loan ("Loan
Agreement"), including:
-- an assignment agreement with Volksbank whereby the Company
purchased EUR1.25 million loan on the Buyway Soroksár project for a
consideration of EUR1
-- a EUR5.5 million increase on the loan granted to Global Immo
Kft by Volksbank AG ("Volksbank") ("Gateway Loan Increase"). Out of
the loan increase EUR1.8 million was used to fully repay two long
term Ablon Group loans, being loans in respect of the Fogarasi and
Hightech Park projects, and EUR3.7 million served as additional
liquidity. The interest on the Gateway Loan Increase is at 2% above
the 3 month Euribor.
-- an extension of 30 months to a loan granted to Airport City
Ingatlanbefektetesi Kft that would otherwise have expired on 30
April 2013.
The Company has also assumed a corporate guarantee to Volksbank
in respect of the repayment of the principal and interest of the
Buyway Dunakeszi and Buyway Soroksár loans.
Other announceable events in the period
-- Under its cooperation agreement with CPI Group, a.s., details
of which were announced on 10 April 2013, excess financial
liquidity of the Group is transferred to CPI Group a.s. The current
balance of the loan to CPI Group, a.s. is EUR6.6 million and the
Group has EUR3.7 million in cash on company accounts.
-- The Company secretary, Ardel Fund Services Limited has
changed its name to JTC Fund Administration (Guernsey)
Limited."
Portfolio summary
Rental activities
Project Project Completed Annualised Occupancy
Type Area Gross Rent rate
------------------- ---------
(EUR million (%) as at
p.a.) as
at
------------------- ---------
(sq. 16-May-13 31-Dec-12 16-May-13 31-Dec-12
m)
Budapest
------------------- --------- ---------- ---------- ---------- ---------- ----------
BC. 99 -
yielding Office 17,300 2.2 2.2 88% 88%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Hightech
Park - yielding Office 2,600 0.1 0.1 42% 52%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Fogarasi Office 2,700 0.0 0.0 0% 0%
------------------- --------- ---------- ---------- ---------- ---------- ----------
M3 Office 18,000 0.5 0.5 20% 20%
------------------- --------- ---------- ---------- ---------- ---------- ----------
BC. 91 Office 6,600 0.4 0.5 50% 50%
------------------- --------- ---------- ---------- ---------- ---------- ----------
BC. 30(1) Office 12,900 1.4 1.4 70% 70%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Buy-Way Dunakeszi Retail 21,600 1.0 1.1 81% 81%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Buy-Way Soroksar Retail 11,400 0.4 0.4 63% 63%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Gateway Office 35,900 5.3 5.5 83% 88%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Europeum Retail 6,500 1.1 1.1 88% 92%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Airport City
- yielding(1) Storage 19,600 1.3 1.3 97% 97%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Airport City
B Storage 6,900 0.4 0.4 91% 91%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Rakoczi Retail 800 0.0 0.0 0% 0%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Total Budapest 162,800 14.1 14.5 72% 74%
------------------------------ ---------- ---------- ---------- ---------- ----------
Prague
------------------- --------- ---------- ---------- ---------- ---------- ----------
Palmovka Office 4,500 0.3 0.3 45% 45%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Meteor -
yielding1 Office 14,000 2.0 2.0 92% 92%
------------------- --------- ---------- ---------- ---------- ---------- ----------
Total Prague 18,500 2.3 2.3 81% 81%
------------------------------ ---------- ---------- ---------- ---------- ----------
Total Group 181,300 16.4 16.8 73% 74%
------------------------------ ---------- ---------- ---------- ---------- ----------
(1) Offices and storages in own use are included in the
annualised rental income of BC 30 and Meteor, contributing to a
total annualised gross rent of EUR0.2 million p.a. as at 16.05.2013
(31.12.2012: EUR0.2 million)
Summary for Completed Annualised Occupancy
yielding rental Area Gross Rent rate
properties
(EUR million (%) as at
p.a.) as
at
(sq. 16-May-13 31-Dec-12 16-May-13 31-Dec-12
m)
------------------ ----------
Budapest office 96,000 9.9 10.2 65% 67%
------------------ ---------- ---------- ---------- ---------- ----------
Budapest retail 40,300 2.5 2.6 75% 76%
------------------ ---------- ---------- ---------- ---------- ----------
Budapest storage 26,500 1.7 1.7 95% 95%
------------------ ---------- ---------- ---------- ---------- ----------
Prague office 18,500 2.3 2.3 81% 81%
Total yielding 181,300 16.4 16.8 73% 74%
------------------ ---------- ---------- ---------- ---------- ----------
Residential activities
Summary Number of apartments
of
residential
property
sales
--------------
of Sold On
the stock
project
--------------
At 2013 2012 2011 2010 2009 16-May-13
handover up
till
16
May
-------------- ---------- ------ ----- ----- ----- ----- ----------
Viva
Residences 162 9 27 20 46 8 52
-------------- ---------- ------ ----- ----- ----- ----- ----------
Hotel activities
Unaudited operative results for the three months of operations
ended 31 March 2013 show a EUR0.2 million segment loss for the
Marriott Courtyard Hotel, Budapest (EUR0.3 million segment loss for
the same period in 2012).
Enquiries:
Alex Borrelli / Adrienn Lovro
Ablon Group Limited
+44 7747 020 600/+36 1 225 6600
Roland Cornish / Emily Staples
Beaumont Cornish Limited
+44 (0) 207 628 3396
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its
subsidiaries (together the "ABLON Group") has properties at 33
locations, of which there are 15 completed projects and 23
development projects in Budapest, Prague, Bucharest and Warsaw. Its
portfolio comprises a diversified mix of office, residential,
retail, logistics and hotel developments valued at approximately
EUR370 million by external independent appraiser (Colliers
International) as at 31 December 2012. The ABLON Group had, as at
31 December 2012, approximately 208,800 square metres of existing
and income generating office, residential, hotel, retail and
logistics assets (at 15 locations) in Budapest and Prague, with a
significant development land bank comprising a further circa.
1,164,500 square metres (at 23 locations) in Budapest, Prague,
Bucharest and Warsaw. ABLON's shares are traded on the Main Market
of the London Stock Exchange under the ticker 'ABL'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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