Net asset value (NAV) per share Orange European Property Fund (OEPF) declined by 1.5% in the first half of the Fund´´s financial year, which runs from 1 November 2001 to 30 September 2002 inclusive, from E9.57 (before profit appropriation) to E9.43 as at 30 September 2002.
The benchmark against which performance is measured - the Global Property Research-250 Europe Index adjusted by reducing the UK component to 20% of the index - increased by 2.7% over this period. The share price decreased by 1.0%, from E9.60 to E9.50 over the past financial year. Shareholders´´ equity increased from E72.8 million to E99.9 million.
The number of shares in issue expanded over the period under review from 7,615,465 as of 1 November 2001 to 10,589,621 as at 30 September 2002. It is proposed that a cash dividend in the amount of E0,15 should be paid out, which subject to rounding concurs with the fiscal distribution requirement.
'As for the outlook for European property shares, we look to the future with moderate optimism, as it is our expectation that property shares will achieve ongoing growth in earnings and net asset per share, in addition to which the average discount of 30% compared with net asset per share makes it an attractively priced sector', explains Boudewijn Brouwer, Senior Portfolio Manager with Orange European Property Fund.
The semi-annual report as at 30 September 2002 is available from December onwards.