Haslemere audited results for the year ended 31 December 2003

Haslemere NV reports on a year of transition through business plan phases and ongoing balance sheet re-structuring. Haslemere NV reports a net loss of GBP0.2 (EUR0.3 million) after exceptional interest expense and tax credit for the year ended 31 December 2003. Excluding the exceptional interest expense of GBP8.6 (EUR12.2) million and taxation credit of GBP3.8 (EUR5.4) million, the adjusted result for the year would be stated as a net profit of GBP4.6 (EUR6.5) million.


  • Net loss after tax and exceptional interest expense for the year GBP0.2 (EUR0.3) million
  • Sales totalling GBP377.7 (EUR535.9) million
  • Debt repaid during the year of GBP407.1 (EUR577.6) million
  • NAV per share at 31 December 2003 of GBP10.21 (EUR14.49)
  • First “Haslemere Partners” transaction completed creating in GBP230.0 (EUR326.3) million leveraged shopping centre joint venture

The outlook for the commercial property market in the United Kingdom for 2004 is for office rental values to stabilise and for modest growth in the retail and industrial markets. The investment market looks set to have another strong year with a broad base of investors wishing to either add to existing holdings or enter the market.

Many of the global uncertainties which were present at this time last year are now behind us and a sustained recovery in equity markets has taken place. The environment would appear to be much more stable which should encourage growth in all regions and this is of course already being seen.

Our longer term view is that the commercial property market in the UK should provide secure income and capital returns.

Source: Haslemere

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