Net profit Haslemere first quarter 2002 GBP 16.8 million

Haslemere N.V. reports net profits of GBP 16.8 (EUR 27.4) million over the first three months (1 January 2002 to 31 March 2002) of the financial year ended 31 December 2002, compared with GBP 16.5 (EUR 26.9) million recorded over the same period in 2001.

Total performance for the first quarter was GBP 13.1 (EUR 21.4) million. There was no revaluation of property at the end of this quarter, however realised losses on property sales, amounting to GBP 0.5 (EUR 0.8) million, have been included. The corresponding result for the previous year was GBP 16.6 (EUR 27.1) million, including surpluses on sale of GBP 0.5 (EUR 0.8) million.

Net rental income has fallen slightly, by 1.6%, compared to the same period last year. This fall is as a result of net property sales during the intervening period. A corresponding saving in net interest has offset the fall in rental revenues. The completion of development activity by December 2001 has resulted in no interest capitalisation in the first quarter of 2002.

On 7 March 2002 the Company announced that a conditional agreement had been signed to sell RREEF US, the principle investment underlying the CompanyÂ's interest in RoProperty. The sale agreement was concluded on 23 April 2002. The results for the first quarter include a full quarters share of profits and interest on the loan.

Net asset value per share has increased marginally from GBP 46.62 (EUR 76.62) 2) at 31 December 2001 to GBP 47.19 (EUR 76.98) at 31 March 2002.

Portfolio Activity
The sales programme has continued during 2002, most notably the disposal of the CompanyÂ's interest in the Shires shopping centre for a consideration of GBP 91.3 (EUR 148.9) million. Total gross sales proceeds for the first quarter were in the order of GBP 96.1 (EUR 156.8) million.

On 10 April 2002, the Company announced the disposal of its interest in the Beaucette Property Partnership, yielding gross proceeds of approximately GBP 36 (EUR 59) million. This disposal will give rise to a net profit over book value of GBP 0.5 (EUR 0.8) million.

(source: Haslemere)

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