The highlights are: direct investment result increased by 11% to € 11.7m compared to the previous corresponding period, direct investment result per depositary receipt increased by 5.6% to € 0.38 compared to the previous corresponding period, shareholders´ equity increased by 1.8% to € 720m since 30 June 2004, NAV per depositary receipt increased by 1.8% to € 23.57 since 30 June 2004.
Adoption of new Dutch accounting principles
Eurocommercial Properties N.V. has adopted the recent changes in Dutch accounting principles so that the profit and loss account includes realised and unrealised revaluation results and movements in provisions which were previously shown on the balance sheet or in notes. These ex balance sheet items are now separately shown as ´Indirect Investment Result´ so that the Net Income after Taxation, as previously defined, can be seen as ´Direct Investment Result´, enabling historic comparison and in the opinion of directors giving a more fair view of the earnings and expenses of the Company.
Direct Investment Result (previously Net Income after Taxation)
The board of Eurocommercial Properties N.V. announced today that the Company realised a Direct Investment Result of € 11.7 million for the first quarter of its financial year 2004/2005 which represents an increase of approximately 11% over € 10.5 million equivalent Net Income after Taxation for last year’s first quarter.
Net asset value
Net asset value before income appropriation improved by 1.8% to € 23.57 per depositary receipt since 30 June 2004 mainly as a result of net property income for the period. The net asset value in June 2004 was € 23.16 per depositary receipt.
Demand for shopping centres in France, Italy and Sweden (88% of the Company’s portfolio) continues to be extremely high with very little supply of investments. Rental growth prospects remain sound, in line with a generally satisfactory retail spending outlook.
Source: Eurocommercial Properties