24th July 2009

Company Highlights

  • Negotiations concluded with Citibank International PLC for the amendment to the current loan to value covenants.
  • Investment Portfolio has continued to perform strongly, generating annual rental income in excess of €70m after rental indexation is implemented. Through tight credit control, over 97 per cent of all rents due to the Group have been collected
  • 52 new rental indexations implemented with the aggregate increase in rental income approaching nearly €550,000. CBRE continue to rate 92 per cent of the Investment Portfolio's covenant strength as "strong" or "medium"
  • Current outstanding debt is €841.7m - amortisation and interest payments are well serviced through a robust income stream
  • Pre-tax loss of €199.8m reflecting valuation write-downs and marking to market of the interest rate swaps. After adjusting for the valuation write-downs and marking to market of the interest rate swaps, a pre-tax operating profit of €3.3m was recorded
  • The Board continues to focus on the preservation of cash within the Group as well as investigating all potential cost saving opportunities
  • A final dividend will not be paid

Contacts:

Derek Butler, Chairman, Develica.
Tel: 020 7016 1860

Baron Phillips, Baron Phillips Associates.
Tel: 020 7920 3161
Mobile: 07767 444 193

Philip Secrett, Grant Thornton UK LLP.
Tel:  020 7728 2578

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