3rd Dec 2007 07:00
Dawnay, Day Sirius03 December 2007 Dawnay, Day Sirius Limited Interim Results For the period ended 30th September 2007 Dawnay, Day Sirius Limited (the "Company"), is a real estate company establishedto acquire large mixed-use commercial sites for upgrading to flexible workspacesin Germany. Highlights •Admitted to AIM in May 2007, raising gross proceeds of €327.8 million •Acquisition progress: + Acquired an initial portfolio of 20 sites for €206.3 million + Acquired six business parks in Mannheim, Koln, Neuaubing (Munich), Nabern (Stuttgart), Wuppertal and Solingen for €124.6 million + Completed the purchase of Bayreuth in October 2007 for €10.6 million. •Property assets revalued at €332.8 million, after an independent valuation, as at 30 September 2007 •Adjusted NAV* per share of €0.97c •Adjusted EPS** for the period of 1.48c •Maiden interim dividend of 1.0c per share •Positive SME market and strong demand for high quality flexible workspace * Adjusted NAV excludes deferred tax.** Adjusted EPS excludes revaluation deficit, deferred tax and the weightedaverage number of shares is calculated from IPO. Dick Kingston, Chairman of Dawnay, Day Sirius Limited, said: "We have made good progress since our Admission to AIM in May, acquiring 27sites and building a strong operational platform to successfully transform largemixed used sites into attractive flexible workspaces. The global financialenvironment has reduced the number of potential purchasers for these types ofproperties, creating opportunities for us to acquire new sites at attractiveyields. As a consequence, the Company is well positioned to continue to build asubstantial property portfolio and a market leading business in flexibleworkspace in Germany." Further Enquiries Dawnay, Day Sirius Real Estate Asset Management Limited Kevin Oppenheim 020 7861 0550Alistair Marks www.dawnaydaysirius.com JPMorgan CazenoveRobert Fowlds 020 7588 2828Bronson Albery KBC Peel HuntCapel Irwin 020 7418 8900 Cardew GroupTim Robertson 020 7930 0777Shan Shan WillenbrockCatherine Maitland Chairman's Statement I am pleased to announce the Company's first set of results since a successfuladmission to AIM in May 2007 when we raised gross proceeds of €327.8 million. Wehave made good progress in this first period as a public company. Apart fromcompleting the acquisition of the initial portfolio of 20 sites, a further sixproperties were acquired during the period for a total consideration of €124.6million with a net initial yield of 7.5%. In addition, a further acquisition wascompleted for €10.6 million in October. The business plan is on track and theAsset Manager is rapidly developing a strong operating platform with 68 staffnow in place. The Asset Manager continues to actively recruit in order tosupport the expanding business which currently consists of 27 business parkswith a lettable area of circa 700,000 sqm. Acquisition and conversion of large mixed use commercial real estate intoattractive flexible workspaces requires a highly specific range of skills. As aresult, we are one of the only property companies operating within thismarketplace on a nationwide level in Germany. The current turbulent conditionsin the credit markets have further reduced the already limited competition forpotential acquisitions. We have in place a healthy pipeline of potentialopportunities in excess of €290 million at attractive yields. Results Gross rental income for the period was €6.8 million. Operating profit, excludingproperty revaluation, was €3.9 million. It is important to note that the Companyonly began trading in May and the properties have been acquired throughout theperiod under review. As at 30 September 2007, the portfolio had an annualisedgross rent roll of €25.7 million. The portfolio's total lettable area of circa700,000 sqm is currently 73% occupied, creating an estimated rental value on thevacant space of circa €9 million. A revaluation deficit of €2.7 million, due to the acquisition costs and capitalexpenditure, reduced profit after tax to €1.5 million. The adjusted profit aftertax, which excludes revaluation deficit and deferred tax, was €4.8 million. EPS adjusted on the same basis was 1.48c. Revaluation and Net Asset Value The portfolio has been valued by DTZ Zadelhoff Tie Leung GmbH as at 30 September2007 at €332.7 million, slightly down on the corresponding purchase price of€335.4 million which includes the costs of acquisitions and capital expenditure.Excluding these costs, the corresponding revaluation surplus was €8.0 million,an uplift of 2.4%. The adjusted net asset value per share is currently €0.97 per share. Financing As at 30 September 2007, the Company's borrowings totalled €47.0 million,secured on 11 properties. The weighted average interest rate on these facilitiesis 5.18%. Since the end of the period the Company has completed a further drawdown of €76 million against 7 properties under the ABN AMRO Bank facility onsimilar terms as agreed on the original facility. We are confident of obtainingthe necessary bank financing for the acquisitions to date as well as newacquisitions going forward. The current interest cover of the 18 properties thathave been financed is 1.6 times. After taking into account its cash position, the net debt of the Group as at 30September 2007 was €4.5 million. The Company has existing authorisation to purchase up to 14.99% of its issuedordinary shares. The Board may choose to exercise its power to purchase theCompany's shares and will only do so opportunistically and in the best interestsof the shareholders. Any shares purchased pursuant to the authorisation will beheld in treasury. Dividend Our dividend strategy is to distribute approximately 60-80% of the annualdistributable profit pool via dividend payments on an interim and final basis. Iam therefore pleased to announce a maiden interim dividend of 1.0c per share.The dividend will be paid on 11 January 2008 to shareholders on the register asat 14 December 2007. The ex-dividend date will be 12 December 2007. Asset Management Dawnay, Day Sirius Real Estate Asset Management Limited (the "Asset Manager")has expanded its team in Germany and now employs 68 people, compared to 27 atthe time of IPO, all of whom are dedicated to the management of our growingportfolio. During the period the "Sirius Facilities" branding had been completed on 15 ofthe 23 core sites with the remaining eight to be completed before the financialyear end. In addition to the branding, the transformation process had commencedat many sites which typically involves sub dividing the property into goodquality flexible workspace, installing an on-site management team and providingcomplementary facilities such as a cafe (LB2 cafes) and health club. It alsoincludes refurbishment of the vacant space to bring it into a lettablecondition. Demand for the vacant space remains high and we are resourced to takefull advantage of this. Rents start at a low base, ranging from €2 to €8 per sqm, with the average rent being €3.9 per sq m, enabling the Company to achievesignificant rental growth potential through the Sirius branding andtransformation. In addition, development plans on the surplus land are inprogress and construction work will commence on two sites imminently. We are very pleased with the progress on the transformation of the acquiredsites and the significant value added opportunities from the new acquisitions. Further Progress and Outlook Since the period end, we have completed the purchase of another property,notarised another and expect to notarise a further two others before the end ofthe calendar year. This will bring the total value of the portfolio to around€371 million, which is just under half of the €750 million target to be achievedwithin 18 months of IPO. As already mentioned the current market conditions are positive for the Company.Competition for acquisitions is further decreasing as there are fewer buyers ofassets that require active management in the market. We continue to be highlyselective on future acquisitions to ensure that the quality of the portfolio isnot compromised. The German economy and SME sector both remain buoyant and consequently thedemand for flexible workspace remains strong. In 2006, more than 42% of SMEsplanned new investments, which was the fourth successive year of growth, andwith unemployment falling from 12% in 2005 to 8.7% in October 2007, the Germangovernment forecasts economic growth of 2.4% in 2007 and 2.0% in 2008. We believe that we are in an excellent position to exploit the currentopportunities and that our business model will add significant value throughrebranding and transformation. The Board is confident that the business is ontrack to deliver on the strategy set out at flotation and looks forward toreporting on further progress in the future. Unaudited consolidated income statement For the period to 30 September 2007 (Unaudited) Notes Period to 30 September 2007 €000 Gross rental income 4 6,780Direct costs 5 (2,064) ------Net rental income 4,716 ------Deficit on revaluation of 9 (2,715)investment propertiesAdministrative expenses 5 (604)Other operating expenses 5 (203) ------Operating profit 1,194 Finance income 4 2,427Finance expense (1,208) ------Profit before tax 2,413 Income tax charge 6 (883) ------Profit for the period 1,530 ------Attributable to:Equity holders of the parent 1,624companyMinority interests (94) ------Profit for the period 1,530 ------Earnings per shareBasic and Diluted, for profit for 0.47cthe period attributable toordinary equity holders of the 7parent Unaudited consolidated balance sheetAs at 30 September 2007 (Unaudited) Notes 30 September 2007 €000Non-current assetsInvestment properties 9 332,700Plant and equipment 61Deferred tax asset 814 --------Total non-current assets 333,575 --------Current assetsTrade and other receivables 3,153Prepayments 1,747Cash and cash equivalents 42,502 --------Total current assets 47,402 --------Total assets 380,977 --------Current liabilitiesTrade and other payables (11,339)Interest-bearing loans and borrowings 10 (23,891)Tax payable (287) --------Total current liabilities (35,517) --------Non-current liabilitiesInterest-bearing loans and borrowings 10 (23,112)Deferred tax liabilities (1,410) --------Total non-current liabilities (24,522) --------Total liabilities (60,039) --------Net assets 320,938 --------EquityIssued share capital 12 -Retained earnings and other reserves 318,964 --------Total equity attributable to the equity 318,964holders of the parentMinority interests 1,974 --------Total equity 320,938 -------- Unaudited consolidated statement of changes in equityFor the period to 30 September 2007 Issued Share Retained Total equity Minority Total Share premium earnings attributable interests equity capital and to the other equity reserves holders of the parent €000 €000 €000 €000 €000 €000As at - - - - - -incorporation Profit for the - - 1,624 1,624 (94) 1,530periodIssue of share - 327,800 - 327,800 - 327,800capitalTransaction costs - (10,460) - (10,460) - (10,460)of share issue Court approved - (317,340) 317,340 - - -capital reduction Minority - - - - 2,068 2,068interests incompanies acquired --------------------------------------------------------As at 30 September 2007 - - 318,964 318,964 1,974 320,938 -------------------------------------------------------- Unaudited consolidated cash flow statementFor the period to 30 September 2007 (unaudited) Period to 30 September 2007 €000Cash flows from OperatingactivitiesProfit before taxation 2,413Adjustments for:Deficit on revaluation of 2,715investment propertiesDepreciation 2Finance income (2,427)Finance costs 1,208 ------ 3,911Increase in trade and other (5,110)receivablesIncrease in trade and other 10,223payables ------Cash generated from operations 9,024 Finance costs paid (785) ------Net cash inflow from operating 8,239activities ------Cash flows from investingactivitiesPurchase of investment properties (331,607)Purchase and development ofproperty, plant and equipment (902)Interest received 2,427 ---------Net cash outflow from investing (330,080)activities ---------Cash flows from financingactivitiesIssue of share capital 327,800Costs of initial public offering (10,460)Receipt of bank loans 47,003 ---------Net cash inflow from financing 364,343activities ---------Increase in cash and cash 42,502equivalentsCash and cash equivalents at 0incorporation ---------Cash and cash equivalents at 30 42,502September 2007 --------- INDEPENDENT REVIEW REPORT TO DAWNAY DAY SIRIUS LIMITED Introduction We have been engaged by the company to review the condensed set of financialstatements in the interim report for 30 September 2007 which comprises theconsolidated income statement, consolidated balance sheet, consolidatedstatement of changes in equity, consolidated cash flow statement and the relatedexplanatory notes. We have read the other information contained in the interimreport and considered whether it contains any apparent misstatements or materialinconsistencies with the information in the condensed set of financialstatements. This report is made solely to the company in accordance with the terms of ourengagement. Our review has been undertaken so that we might state to the companythose matters we are required to state to it in this report and for no otherpurpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the company for our review work, for thisreport, or for the conclusions we have reached. Directors' responsibilities The interim report is the responsibility of, and has been approved by, thedirectors. The directors are responsible for preparing the half-yearly report inaccordance with the AIM Rules. As disclosed in note 2, the annual financial statements of the group areprepared in accordance with IFRSs as adopted by the EU. The condensed set offinancial statements included in this half-yearly report has been prepared inaccordance with the recognition and measurement requirements of IFRSs as adoptedby the EU. The next annual financial statements of the group will be prepared in accordancewith IFRSs as adopted by the EU. The accounting policies that have been adopted in preparing the condensed set offinancial statements are consistent with those that the directors currentlyintend to use in the next annual financial statements. There is, however, apossibility that the directors may determine that some changes to these policiesare necessary when preparing the full annual financial statements for the firsttime in accordance with IFRSs as adopted by the EU. Our responsibility Our responsibility is to express to the company a conclusion on the condensedset of financial statements in the half-yearly report based on our review. Scope of review We conducted our review in accordance with International Standard on ReviewEngagements (UK and Ireland) 2410 Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity issued by the AuditingPractices Board for use in the UK. A review of interim financial informationconsists of making enquiries, primarily of persons responsible for financial andaccounting matters, and applying analytical and other review procedures. Areview is substantially less in scope than an audit conducted in accordance withInternational Standards on Auditing (UK and Ireland) and consequently does notenable us to obtain assurance that we would become aware of all significantmatters that might be identified in an audit. Accordingly, we do not express anaudit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believethat the condensed set of financial statements in the interim report for theperiod ended 30 September 2007 is not prepared, in all material respects, inaccordance with the recognition and measurement requirements of IFRSs as adoptedby the EU and the AIM Rules KPMG Channel Islands LimitedChartered AccountantsGuernsey Date Notes(forming part of the financial statements) 1. GENERAL INFORMATION Dawnay, Day Sirius Limited (the "Company") is a company incorporated anddomiciled in Guernsey whose shares are publicly traded on AIM. The consolidated financial statements of Dawnay, Day Sirius Limited comprise theCompany and its subsidiaries (together referred to as the "Group"). The principal activity of the Group is investment in and development ofcommercial property to provide flexible workspace in Germany. The Company acts as the investment holding company of the Group. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The consolidated financial statements have been prepared on a historical costbasis, except for investment properties that have been measured at fair value.The condensed financial statements are presented in Euros, the functionalcurrency of the Group and all values are rounded to the nearest thousand (•'000)except when otherwise indicated. The consolidated financial statements of the Group have been prepared inaccordance with International Financial Reporting Standards adopted for use inEuropean Union (IFRS), IFRIC interpretations, and also to comply with theCompanies (Guernsey) Law, 1994. The period from incorporation on 20 February 2007 to 30 September 2007 is thefirst period of the Group's operation, and therefore no comparatives arepresented. The preparation of financial statements in conformity with IFRS requiresmanagement to make judgements, estimates and assumptions that affect theapplication of policies and reported values of assets and liabilities, incomeand expenses. The estimates and associated assumptions are based on historicalexperience and various other factors that are believed to be reasonable underthe circumstances, the results of which form the basis of making the judgementsabout carrying values of assets and liabilities that are readily apparent fromother sources. Actual results may differ from these estimates. The key estimates and assumptions relate to the property valuations applied bythe Group's property valuers. (b) Basis of consolidation The condensed financial statements comprise the financial statements of Dawnay,Day Sirius Ltd and its subsidiaries as at 30 September 2007. The financialstatements of the subsidiaries are prepared for the same reporting period as theparent company, using consistent accounting policies. A subsidiary is an entity controlled by the Group. They are consolidated underthe acquisition method from the date the Group obtains control, andde-recognised when control ceases. All intra-group balances, transactions,income and expenses and profit and losses resulting from intra-grouptransactions that are recognised in assets, are eliminated in full onconsolidation. Notes(forming part of the financial statements) Minority interests represent the portion of profit or loss and net assets notheld by the Group and are presented separately in the income statement andwithin equity in the consolidated balance sheet, separately from parentshareholders' equity. (c) Acquisitions Acquisitions of corporate interests in property are accounted for onconsolidation as if the Group had acquired the underlying property assetdirectly. Accordingly no goodwill arises on such acquisitions as any differencebetween the fair values of the assets acquired and the acquisition considerationare allocated to the investment property asset, which is subject to subsequentrevaluation under IAS 40, Investment Property, to its market value. (d) Foreign Currency Translation Transactions in foreign currencies are translated at the foreign exchange rateruling at the date of the transaction. Monetary assets and liabilitiesdenominated in foreign currencies at the balance date are translated at theforeign exchange rate ruling at that date. Foreign exchange differences arisingon translation are recognised in the income statement. Non-monetary assets andliabilities that are measured in terms of historical cost in a foreign currencyare translated using the exchange rate at the date of the transaction.Non-monetary assets and liabilities denominated in foreign currencies that arestated at fair value are translated at foreign exchange rates ruling at thedates the fair value was determined. (e) Revenue Recognition Revenue is recognised to the extent that is probable that the economic benefitswill flow to the Group and the revenue can be reliably measured. Rental Income Rental income represents amounts receivable in respect of property operatingleases earned in the normal course of business, net of sales related taxes. Theincome is recognised on a straight-line basis over the term of the relevantlease unless another systematic basis is more representative of the time patternin which the benefit derived from the leased asset is diminished. Interest income Interest income is recognised as interest accrues (using the effective interestmethod that is the rate that exactly discounts estimated future cash receiptsthrough the expected life of the financial instrument to the net carrying amountof the financial asset). Service charges The Directors consider that, in respect of amounts received in respect ofservice charges, the Group is acting as an agent rather than principal andconsequently such income is not treated as revenue, rather it is set off againstthe costs to which such income relates. (f) Leases Under operating leases, properties or part of properties leased to tenants areaccounted for as investment properties. Notes(forming part of the financial statements) (g) Taxation Current income tax The company has obtained exempt company status in Guernsey under the terms ofthe Income Tax (Exempt Bodies) Ordinance, 1989. The Directors intend to contactthe Company's affairs so that they remain eligible for exemption. Certainsubsidiary undertakings are subject to foreign taxes in respect of foreignsource income. Deferred taxation Deferred income tax is provided, using the liability method, on all temporarydifferences at the balance sheet date between the tax bases of assets andliabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporarydifferences. Deferred income tax assets are recognised for all deductible temporarydifferences, carry-forward of unused tax assets and unused tax losses, to theextent that it is probable that taxable profit will be available against whichthe deductible temporary differences, carry-forward of unused tax assets andunused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balancesheet date and reduced to the extent that it is no longer probable thatsufficient taxable profit will be available to allow all or part of the deferredincome tax asset to be utilised. The income tax liability resulting from the sale of a property asset will notarise if the shares of the company owning the asset is sold rather than assetitself. Management has decided to be prudent and provide for deferred income tax on allincreases in property values subsequent to acquisition by the company. Deferredincome tax liabilities for the increase in value of the initial portfolio priorto acquisition have not been recorded in these accounts. (h) Investment Properties Freehold property held to earn rental income or for capital appreciation or bothis classified as investment property in accordance with IAS 40, InvestmentProperty. The properties are initially measured at cost, including transaction costs.Additions include costs of a capital nature provided the recognition criteriaare met. Subsequent to initial recognition, investment properties are revalued to fairvalue at each reporting date by professional valuers. Gains or losses arisingfrom changes in the fair value values of investment properties are included inthe income statement in the period in which they arise. In accordance with the fair value model in accordance with IAS 40, nodepreciation is provided. Notes(forming part of the financial statements) (i) Plant and equipment Plant and equipment are stated at cost less accumulated depreciation andimpairment losses. Where parts of an item of plant and equipment have different useful lives, theyare accounted for as separate items of plant and equipment. Depreciation is charged to the income statement on a straight-line basis overthe estimated useful lives of each part of an item of plant and equipment. Theestimated useful lives are as follows - Plant and equipment 4 years - Fixtures and fittings 4 years (j) Impairment The carrying amounts of the Group's assets are reviewed at each balance sheetdate to determine whether there is any indication of impairment. If any suchindication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset or itscash-generating unit exceeds its recoverable amount. Impairment losses arerecognised in the income statement. Calculation of the recoverable amount The recoverable amount of assets is greater of their net selling price and valuein use. In assessing value in use, the estimated future cash flowsare discountedto their present value using a pre-tax discount rate that reflects currentmarket assessments of the time value of money and the risks specific to theasset. For an asset that does not generate largely independent cash inflows, therecoverable amount is determined for the cash-generating unit to which the assetbelongs. (k) Trade receivables Trade receivables are initially recognised at fair value and subsequentlymeasured at cost less provision for impairment where it is established there isobjective evidence that the Group will not be able to collect all amounts due.The amount of the provision is the difference between the asset's carryingamount and the present values of estimated future cash flows. The movement inprovision is recorded in the income statement. (l) Trade Payables Trade payables are stated at cost. (m) Provisions A provision is recognised in the balance sheet when the Group has a presentlegal or constructive obligation as a result of a past event, and it is probablethat an outflow of economic benefits will be required to settle the obligation.If the effect is material, provisions are determined by discounting theexpected, risk adjusted, future cash flows at a pre-tax risk-free rate. Notes(forming part of the financial statements) (n) Cash and cash equivalents Cash and cash equivalents comprise cash held with banks and short-term depositswith maturities of less than 3 months. (o) Bank borrowings Interest-bearing bank loans are initially recorded at the fair value, net ofdirect issue costs. After initial recognition, the loans are subsequently measured at amortised costusing the effective interest method. Gains and losses are recognised in theincome statement when the liabilities are derecognised as well as through theamortisation process. (p) Equity Instruments Equity instruments issued by the company are recorded at the proceeds received,net of related issue costs. 3. SEGMENTAL REPORTING No segmental reporting is included in the accounts as the Group only holdsinvestment properties in Germany and as such only has one geographical segmentwhich is Germany and one business segment which is investment in commercialproperty. 4. REVENUE (Unaudited) Period to 30 September 2007 €000 Gross rental income 6,780Finance revenue 2,427 ------ 9,207 ------ Notes(forming part of the financial statements) 5. OPERATING PROFIT The following items have been charged or (credited) in arriving at operatingprofit Direct costs (Unaudited) Period to 30 September 2007 €000Service charge income (2,133)Recoverable property costs 2,133Non-recoverable property costs 1,496Property management fee 135Asset management fee 433 ------ 2,064 ------ Administrative expenses (Unaudited) Period to 30 September 2007 €000Legal and Professional fees 310Other administration costs 294 ------ 604 ------ Other operating expenses (Unaudited) Period to 30 September 2007 €000 Directors' fees and expenses 92Bank fees 64Depreciation 2Marketing fees and other expenses 45 ------ 203 ------The Group has no full-time employees. Notes(forming part of the financial statements) 6. INCOME TAX CONSOLIDATED INCOME STATEMENT (Unaudited) Period to 30 September 2007 €000Current income taxCurrent income tax charge 287 ------Deferred taxRelating to origination and reversal of 596temporary differences ------Income tax charge reported in the income 883statement ------ DEFERRED INCOME TAX LIABILITY €000As at incorporation -Relating to origination and reversal of temporary (1,410)differences -------Balance as at 30 September 2007 (1,410) ------- Potential deferred income tax liabilities of €6.9 million relating to theincrease in property value of the initial portfolio prior to purchase by thecompany have not been recorded in these accounts. This has been calculated onthe a tax rate of 15.825% as a result of the German corporate tax reform act2008 being passed, which will be in force from 1 January 2008. DEFERRED INCOME TAX ASSET €000As at incorporation -Relating to origination and reversal of temporary 814differences -----Balance as at 30 September 2007 814 ----- Notes(forming part of the financial statements) 7. EARNINGS PER SHARE The calculation of the basic, diluted and adjusted earnings per share is basedon the following data: (Unaudited) Period to 30 September 2007 €000EarningsEarnings for the purpose of 1,530basic and diluted earnings pershare (profit for the periodattributable to the equityholders of the parent)Add back revaluation deficits 3,311(net of related tax) -------Adjusted earnings 4,841 -------Number of sharesWeighted average number of 327,800,000ordinary shares for the purposeof basic earnings per share Basic and Diluted earnings per 0.47cshareAdjusted earnings per share 1.48c 8. NET ASSETS PER SHARE (Unaudited) 30 September 2007 €000Net assetsNet assets for the purpose of 318,964assets per share (assetsattributable to the equityholders of the parent)Deferred tax arising on 596revaluation of properties ---------Adjusted net assets attributable 319,560to equity holders of the parent ---------Number of sharesNumber of ordinary shares for 327,800,000the purpose of net assets pershareNet assets per share 97.49c Notes(forming part of the financial statements) 9. INVESTMENT PROPERTIES €000As at incorporation -Acquisitions 335,415Deficit on revaluation (2,715) ---------Balance as at 30 September 2007 332,700 --------- The fair value of the Group's investment properties at 30 September 2007 hasbeen arrived at on the basis of a valuation carried out at that date by DTZZadelhoff Tie Leung GmbH, an independent valuer. 10. INTEREST-BEARING LOANS AND BORROWINGS €000CurrentBank Loans 23,923Capitalised finance charges on (32)all loans --------- 23,891 ---------Non-currentBank Loans 24,124Capitalised finance charges on (1,012)all loans --------- 23,112 ---------Total 47,003 --------- The Group has pledged investment properties to secure related interest bearingdebt facilities granted to the Group for the purchase of such investmentproperties. ABN AMRO Bank N.V. The ABN AMRO Bank facility has €24.3 million drawn down at the period end. Theinterest rate on this loan is fixed by way of interest rate swaps at a weightedaverage rate of 5.24%. The loan is secured on nine investment properties. Helaba Bank Two facilities exist with a total of €23.7 million draw down at the period end.One facility is fixed at 4.86% and the other is floating based on a fixed marginover EURIBOR. These facilities expire within the next six months. Notes(forming part of the financial statements) 11. ISSUED SHARECAPITAL 30 September 2007 Number of Share Shares Capital •Ordinary shares of no par Authorised unlimited - ------------------------Issued and fully paid: 327,800,000 - ------------------------ 12. DIVIDENDS An interim dividend of 1.0c per share has been proposed. This has not beenprovided for in these accounts. 13. CAPITAL COMMITMENTS As at 30 September 2007 the Group had notarised the purchase of the Bayreuthproperty at a purchase price of €10.6 million (exclusive of related acquisitioncosts). 14. EVENTS AFTER THE BALANCE SHEET DATE Since the period end the Company has completed a further draw down on its ABNAMRO Bank facility of €76 million secured on seven properties. The terms of thisdraw down are in line with previous draw downs and the interest rate has beenfixed by way of swap at 5.5%. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sirius Real Estate