QRF QRF SUCCESSFULLY COMPLETES ITS FIRST YEAR AS A LISTED COMPANY
"We are pleased to announce that the net current result of €1.40 per share for QRF's first financial year is higher than expected at the time of the IPO. Moreover, on the basis of this solid performance we can distribute the forecast gross dividend of €1.30. "
- Anneleen Desmyter, Qrf CEO
Summary of 2014 results:
- Net current result for the period of €4.57 million, representing €1.40 a share for 2014.
- Confirmation of the proposed gross dividend of € 1.30 per share with a payout ratio of 93.1%. Gross dividend yield of 5.0% based on the share's closing price on 30 December 2014.
- A 21.9% increase in the Fair Value of the real estate portfolio from €114.2 million at 30 December 2013 to €139.2
million at 30 December 2014.- Acquisition of 7 retail properties for €26.1 million (Fair Value). These acquisitions are generating €1.6 million a
year in additional rents.- The proportion of inner-city real estate within the portfolio has increased from 66% at 30 December 2013 to 73%
at 30 December 2014.- The debt ratio has increased from 40.9% at 30 December 2013 to 45.4% at 30 December 2014.
- The company's transformation into a Regulated Real Estate Company (GVV or SIR) was approved by the
Extraordinary General Meeting of Shareholders on 7 November 2014.Net current result for the period €4.57 million €1.40 per share | Net rental income €8.13 million | Fair Value of the real estate portfolio €139.2 million | Occupancy rate 99.7% (financial) 96.0% (physical) |
Portfolio spread 73% (inner-city) 27% (periphery) | Gross dividend €1.30 per share (payout ratio of 93.1%) | NAV per share €23.13 (IFRS) €23.87 (EPRA) | Debt ratio 45.4% |
Qrf Comm. VA • A Regulated Real Estate Company (RREC) under Belgian law • Leopold de Waelplaats 8/1 • B-2000 Antwerp
Tel. +32 3 233 52 46 • Fax +32 3 369 94 24 • info@qrf.be • www.qrf.be • Company No. 537 979 024 • RPR Antwerp
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1. 2014 transactions and achievements
1.1. Acquisitions
In the course of the 2014 financial year Qrf continued its acquisition strategy, acquiring inner-city properties in Dendermonde, Heist-op-den-Berg, Tongeren, Antwerp, Hasselt and Leuven. On account of these acquisitions, Qrf now owns 14 retail units, 1 office unit and 229 inner-city parking spaces. The properties are ideally located in 'Golden Mile' shopping streets, in line with Qrf's strategy. All units are rented out to national and international chains such as ICI Paris XL, C & A, Hunkemöller, Bershka, G-Star, Hans Anders and Panos.
Acquisition yields of these investments were overall in line with market yields and were financed via existing credit lines.
In sum, properties were acquired for a total of €26.1 million, generating a total of €1.6 million additional rents per year.
The 7 acquisitions made in the course of the 2014 financial year are as follows:
Transaction | City | Street | Tenant(s) | Total gross rental | Fair value at |
date: | space | acquisition |
28/02/2014 Tongeren Maastrichterstraat 201 Soumatec / Ici Paris
XL
783 m² €1.6 MILLION
28/02/2014 Tongeren Maastrichterstraat 48 C&A 921 m² €2.0 MILLION
01/04/2014 Dendermonde Oude Vest 19-33 We, VDAB, The Phone House, Twice As Nice, Panos,
Hunkemöller, Neckerman, Hans
Anders
1.758 m² €4.2 MILLION
22/04/2014 Antwerp Keyserlei Century
Center Parking2
Apcoa 229 parking spaces €5.1 MILLION
22/04/2014 Heist-op-den-
Berg
Bergstraat 108-110 Esprit, Hunkemöller 923 m² €3.6 MILLION
13/08/2014 Leuven Diestsestraat 1373 Bershka 1.620 m² €7.1 MILLION
04/09/2014 Hasselt Koning Albertstraat 60 G-Star 451 m² €2.6 MILLION
1.1.1. Dendermonde
Qrf acquired a building complex consisting of 7 retail units with first-floor offices (1,735 m2) located at Oude Vest 19-
1 Acquisition of Jagimmo NV (now Toma 20 NV).
2 Acquisition of Century Center Parking NV. Already merged with Qrf.
3 Acquisition of Les Terrasses de Woluwé NV (now LeDi 137 NV).
2
27 and rented out to The Phone House, Twice as Nice, Panos, Hunkemöller, Neckerman, WE Belgium and Hans
Anders.
In the same building, VDAB has been renting the first-floor offices for quite some time now.
1.1.2. Tongeren - Maastrichterstraat 20 and 48-50
In Tongeren, Qrf acquired two commercial properties: one at Maastrichterstraat 48-50 (664 m2) where C&A is the longstanding tenant, the other (743 m2) in the same street - Maastrichterstraat 20. The latter was acquired through the takeover of 100% of the shares of JAGIMMO, now ToMa20 NV. It consists of 2 units, one currently occupied by Soumatec NV, which operates a multi-brand shop here, and the other by ICI Paris XL.
1.1.3. Antwerp - Keyserlei - Century Center Parking
In addition to the 4,848 m2 of retail space in the Century Center (located on the Keyserlei directly opposite the Central Station) already belonging to the QRF portfolio, QRF has acquired 229 parking spaces.4 To this end, QRF acquired 100% of the shares of Century Center Parking NV. Century Center Parking NV holds the leasehold on the Century Center car park, located on the Vestingstraat in Antwerp and leased to Apcoa.
1.1.4. Heist-op-den-Berg - Bergstraat 108-110
This involves a 2-unit property at Bergstraat 108-110 (922 m²) leased for quite some time now to Dacar Invest
(Esprit) and Hunkemöller.
1.1.5. Leuven - Diestestraat 137
On 13 August 2014 Qrf finalized the acquisition of 100% of the shares of 'Les Terrasses de Woluwé' (now LeDi137
NV), the owner of the property located at 137 Diestsestraat. With more than 150,000 passers-by per week, the Diestsestraat is one of the main shopping streets in Leuven. The spacious shop premises were constructed in 2013 and are rented out to Bershka (owned by the Spanish Inditex group, also owners of Zara, Pull&Bear, Massimo Dutti , among others). It has a frontage of more than nine meters and a total surface of 1,620 m². Currently, only the 690 m² ground floor is being used as shopping space. The property's cellar has a sufficiently high ceiling to possibly be turned into future commercial use. The property thus has upward potential through the possibility of renting out additional shopping space to the tenant.
1.1.6. Hasselt - Koning Alberstraat 60
On 3 September, Qrf acquired the retail property Koning Albertstraat 60. With 94,000 passers-by a week, Koning Albertstraat is one of the main shopping streets in Hasselt. Koning Albertstraat 60 is let to the Dutch quality label G- Star. The spacious shop premises, built in 2008, have a frontage of more than 6.5 meters and a total retail surface of
327 m² on the ground floor.
1.1.7. Summary
As a result of the above-mentioned acquisitions, Qrf's real estate portfolio at 30 December 2014 consisted of 35 properties in 23 Belgian cities, with a total floor space of 58,029 m², of which 49,290 m² are used as shopping space,
4 Kipling, Versato, McDonald's, Blokker and Bart Smit are among the tenants in the exceptionally well-located Century Center with its frontage looking onto the refurbished Keyserlei, directly opposite the Central Station.
3
1,761 m² as residential space, 1,568 m² as office space, 5,410 m² as storage space mainly for the retail units and the
229 parking spaces.
The total fair value of the real estate portfolio amounted to €139.2 million at 30 December 2014, including the minority interest in Century Center Freehold NV. The proportion of inner-city real estate within the portfolio increased from 66% at 30 December 2013 to 73% at 30 December 20145.
This represents a diversified portfolio with a strategic mix of properties, whether in terms of geographical distribution, the type of retail property, the commercial operations of the tenant or the expiry dates of the leases.
1.2. Rental activity
Within its portfolio of 124 units in 35 locations, 10 rental agreements were terminated in 2014. For most of the units, new tenants have since been found. Qrf succeeded in closing eight new rental agreements and four renewals. It is worth noting here that the agreements were concluded at market rents, confirming Qrf's ability to fill vacant units at market conditions. Descriptions of the main rental transactions follow:
1.2.1. Antwerp, Keyserlei 58-60 - Century Center
McDonald's and Bamboo Snack both renewed their rental agreements for their units of 655 m² and 63 m² respectively.
Kipling, already the tenant of a 166 m² unit, has now added storage space to its total floor space
In addition, Noa bvba has taken over the Century Center unit from Marcel Jewellery.
1.2.2. Antwerp, Meir 107
As of 1 March 2014, Men At Work has a commercial rental agreement for a 620 m² retail unit in one of Belgium's top streets. Within the context of this agreement, the unit is sub-let to the Sissy Boy chain.
1.2.3. Liege, Rue de la Cathédrale 87-93
In June 2014, Gwnio moved into the units with ca. 390 m² floor space, including ca. 200 m² of storage space. As of
December 2014, a temporary 12-month agreement was signed with Soulet Maude for a 33 m² unit.
1.2.4. Liege, Rue de la Cathédrale 79-83
December 2014 saw Qrf welcoming the well-known retailer Club in its largest unit in Liege. Club has taken up 724m² of floor space, of which 396 m² is shopping space and 327 m² storage space.
1.2.5. Huy, Shopping-Mosan
In Huy (Shopping Mosan) Qrf has signed a commercial lease with the "New Brasserie Mosan" catering business.
1.2.6. Dendermonde, Oude Vest 19-27
The cooperation with Twice As Nice in Dendermonde, where it rents a 109 m² retail unit, has been continued through the confirmation of the lease renewal.
5Calculated on the basis of the portfolio's fair value.
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1.2.7. Summary
Generally speaking, Qrf managed to maintain the high occupancy rate of its portfolio, with the physical occupancy rate reaching 96.0% at the end of 2014, against 96.8% a year earlier. Moreover, Qrf is able, where necessary, to fall back on guarantees granted by vendors. In conjunction with the new agreements, this means that the financial occupancy rate has slightly increased, from 99.5% at 30 December 2013 to 99.7% at 30 December 2014.
1.3. Legal proceedings: Qrf is demanding overdue VAT from former Centre Commercial Hutois vendors
In September 2014, the VAT authorities began an investigation of the former company Centre Commercial Hutois NV (CCH NV), of which Qrf Comm. VA is the universal legal successor following the 18 December 2013 merger through acquisition.
The tax authorities are questioning VAT deductions in the period 2008 to 2011, i.e. in the period before Qrf had control of CCH NV, the company owning "Shopping Mosan" in Huy. In the 29 September 2011 agreement on the transfer of shares, the then vendors issued guarantees, inter alia specifically for tax and VAT claims.
These vendors had in turn received guarantees from the previous owners of the shares, i.e. the owners during the period under investigation.
Agreement has been reached with the VAT authorities over a VAT amount totalling €668,624 (VAT amount, fine and
interest).
Qrf has undertaken all necessary steps to protect its rights and is convinced that it will be able to recover this receivable. As a result, this has no impact on the results for the 2014 financial year.
1.4. Transformation of the company status into that of a Regulated Real Estate Company (GVV/SIR).
Since 1995, people have been investing in real estate under the legislation covering 'undertakings for collective investment' (UCIs), and specifically in the form of a SICAFI (French) or Vastgoedbevak (Dutch). Qrf instead chose to take on the status of a Regulated Real Estate Company, as it was of the opinion that this status better reflected its business reality and that this new legal framework was the best choice for the company, its tenants and its investors. This status allows Qrf to consistently position itself as REIT (Real Estate Investment Trust).
Moreover, "SICAFI's" or "vastgoedbevaks" with UCI status were to be considered as "alternative investment funds" once the law implementing the AIFMD Directive (AIFMD Act) came into force, requiring them to comply with the additional legal framework for such institutions. Application of the AIFMD Act would have led to Qrf's operational structure becoming more complex and to its classification as an AIF, bringing with it the application of further requirements, in particular with regard to derivative instruments (EMIR, European Market Infrastructure Regulation). The combination of these factors would have led to a significant increase in Qrf's operating and financial costs. Vis-à-vis all these disadvantages, no significant advantage was seen.
At the 7 November 2014 Extraordinary Meeting of Shareholders the resolution was unanimously adopted to change the company's status from that of a Real Estate Investment Trust to that of a Regulated Real Estate Company, in line
with the FSMA approval already issued to Qrf on 9 September 2014.
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2. Financial results for 2014
The 2014 financial year covers the period from 31 December 2013 to 30 December 2014. The 2013 financial year was a short year that covers the period from 3 September 2013 until 30 December 2013.
Real estate portfolio
Fair Value of the real estate portfolio6 (In € K) 139 218 114 201
Total gross surface (m²) 58 029 51 730
Contracted rents (including rental guarantees) (In € K) 8 638 7 097
Contracted rents (including rental guarantees) +
estimated rental value of vacant space (In €K)
Gross portfolio yield 7 6.20% 6.21% Financial occupancy rate8 99.70% 99.51%
Physical occupancy rate9 96.03% 96.82%
Income statement
Net rental income (In €K) 8 131
Operating result before the result on the portfolio (In €K) 6 359
Operating margin 78.2% Portfolio result (In €K) -1 666
Financial result (In €K) -1 730
Net result (group share) (In €K) 2 904
Correction Portfolio result (In €K) 1 666
Correction Changes in the fair value of financial assets and liabilities (ineffective
hedges - IAS 39) (In €K) 0
Net current result (group share)10 (In €K) 4 570
Balance sheet
Shareholders' equity (excl. minority interests) (In €K) 74 391 75 699
Debt ratio (Under the RREC Act)11 45.39% 40.89%
Key figures per share
Total number of shares 3 272 911 3 272 911
Net result per share (€) 0.89
Net current result per share (€) 1.40
Gross dividend per share (€) 1.30
Payout ratio 93.1% Gross dividend yield (based on the closing price at the end
of the financial year) 5.0%
Share closing price at the end of the financial year (€) 25.90 24.92
Net asset value per share (IFRS) (€) 23.13 22.73
Premium / discount on the
IFRS net asset value (end of year) 12.0% 9.6% Net asset value per share (EPRA) (€) 23.87 €22.81
Premium / discount on the
EPRA net asset value (end of year) 8.5% 9.2%
6The 'Fair Value' of real estate investments is the investment value as defined by an independent chartered surveyor, from which the transfer costs are deducted. The Fair Value is equivalent to the book value under IFRS. Presented including the minority interest in Century Center Freehold BVBA.
7(Annualized contracted rents including rental guarantees) / (Fair Value of the portfolio).
8(Annualized contracted rents including rental guarantees) / (annualized contracted rents including rental guarantees plus the estimated rental value of vacant space).
9(Annualized contracted rents excluding rental guarantees) / (annualized contractual rents including rental guarantees plus the estimated rental value of the vacant properties for rent).
10 The net current result (group share) is the net result (group share) excluding the portfolio result and the changes in the fair value of ineffective hedges.
11 Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on regulated real estate companies.
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2.1. Income statement
The net rental income for 2014 totalled €8.13 million, with Qrf managing to keep costs well under control. The operating result before the portfolio result amounted to €6.36 million, translating into an operating margin of 78.2%.
The portfolio result for 2014 totalled -€1.67 million, reflecting on the one hand a €1.12 million write-down on the portfolio, and on the other hand losses on the acquisition of real estate companies and properties and the related transaction costs, all of which amounted to €0.54 million.
The financial result for 2014 amounted to -€1.73 million. The average financing cost for Qrf was 2.64%. Qrf recorded no negative changes in the fair value of financial assets and liabilities in the income statement as all hedging instruments qualified as effective hedges for IFRS purposes.
The net result (IFRS) totalled €2.9 million, i.e. €0.89 per share.
After adjusting for the portfolio result and the changes in the fair value of financial assets and liabilities Qrf booked a
net current result of €4.57 million for 2014, equivalent to €1.40 per share.
On the basis of this solid result, the Board of Directors intends to propose to the Annual General Meeting of 19 May
2015 the payment of a gross dividend of € 1.30 per share, in line with the forecast. This constitutes a payout rate of
93.1%.
2.2. Balance sheet
At 30 December 2014 the Fair Value of the real estate portfolio amounted to €139.22 million, an increase of 21.9% compared to 30 December 2013. This increase is for the most part attributable to the acquisition of 7 properties. The portfolio was valued by chartered surveyors at a portfolio yield of 6.20%.
The group's equity (IFRS) grew 1.8% from €74.39 million at 30 December 2013 to €75.70 million at 30 December
2014. Given that the number of outstanding shares remained unchanged during the 2014 financial year, the IFRS net asset value per share increased by 1.8% from € 22.73 at 30 December 2013 to €23.13 at 30 December 2014. The EPRA net asset value per share increased 4,6% from €22.81 to €23.87 over the same period.
The debt ratio increased from 40.9% at 30 December 2013 to 45.4% at 30 December 2014.
3. Outlook for 2015
Qrf intends to continue following the strategy taken in the past financial year. That means that Qrf has the ambition to continue to grow through the acquisition of retail properties in "golden mile" shopping areas, i.e. inner-city streets with major catchment areas. In doing so, Qrf is targeting cities with a catchment area of at least 50,000 consumers and specific streets with high numbers of footfall.
On the basis of the current portfolio and currently known information the company expects to at least maintain the
2014 gross dividend of € 1.30 per share in 2015.
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4. Financial calendar 2015
PRESS RELEASE Regulated information Embargo: 02/03/2015, 18:00Data | |
Publication of the Q1 update | 8/05/2015 |
Annual General Meeting of Shareholders | 19/05/2015 |
Ex-dividend date | 21/05/2015 |
Record date | 22/05/2015 |
Payment date | 26/05/2015 |
Publication of the figures for the first half of 2015 | 21/08/2015 |
Publication of the Q3 update | 13/11/2015 |
* Should Qrf decide to distribute an optional dividend, this will be announced in a separate press release which, if necessary, will also include the
adjusted financial calendar.
Audit procedures
The statutory auditor has confirmed that the audit procedures, which have been substantially completed, have not revealed any material adjustments which would have to be made to the accounting data included in this press release.
Caution concerning forward-looking statements
This press release contains forward-looking statements involving risks and uncertainties, including statements regarding Qrf's plans, targets, expectations and intentions. Readers are reminded that such forward-looking statements involve known and unknown risks and are subject to major corporate, economic and competitive uncertainties to a large extent outside the control of Qrf. Should one or more of these risks or uncertainties materialize, or should assumptions used prove incorrect, the final results could substantially vary from those anticipated, expected, estimated or projected. Qrf consequently assumes no responsibility for the accuracy of these forecasts.
FOR MORE INFORMATION:
Investor relations:
Anneleen Desmyter (CEO) Anneleen.desmyter@qrf.be
+32 3 233 52 46
+32 476 98 21 94
Preben Bruggeman (CFO) Preben.bruggeman@qrf.be
+32 496 15 80 44
Retailers or vendors of inner-city real estate:
Bert Weemaes (COO) Bert.weemaes@qrf.be
+32 477 47 79 11
About Qrf:
Qrf is a Belgian REIT (GVV or SIR) specialized in the niche market of retail properties. More specifically, the company focuses on the acquisition, development and leasing of centrally located city premises, within areas known as the "golden mile" - inner-city streets with major catchment areas. In doing so, Qrf targets cities with a catchment area of at least 50,000 consumers and specific streets with high numbers of footfall. At 30 December 2014, the real estate portfolio consisted of 35 retail properties with a total fair value of €139 million.
Qrf has been listed on Euronext Brussels (QRF:BB) since December 2013. At 30 December 2014, the company's
market capitalization was €85 million.
For more information and the latest press releases, please visit our website: www.qrf.beor our linkedin page:
www.linkedin.com/company/qrf
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ATTACHMENTS: FINANCIAL STATEMENTS12
CONSOLIDATED INCOME STATEMENT
A. Consolidated profit and loss statement
Figures in thousands of EUR
PRESS RELEASE Regulated information Embargo: 02/03/2015, 18:00NET RENTAL INCOME 8,131 270
(+) Recovery of real estate charges | 0 | 0 |
(+) Recovery income of charges and taxes normally payable by tenants on let properties | 425 | 16 |
Costs payable by tenants and borne by the landlord for rental damage and refurbishment at end (-) of lease | 0 | 0 |
(-) Charges and taxes normally payable by tenants on let properties | -497 | -17 |
(+/-) Other rental-related income and expenditure | 0 |
PROPERTY RESULT 8,059 269
(-) Technical costs | -10 | -3 |
(-) Commercial costs | -82 | -4 |
(-) Charges and taxes on un-let properties | 0 | 0 |
(-) Real estate management costs | -290 | -17 |
(-) Other real estate charges | 0 | 0 |
REAL ESTATE EXPENSES -382 -24
PROPERTY OPERATING RESULT 7,677 245
(-) Corporate operating charges | -1,318 | -119 |
(+/-) Other operating charges and income | 0 | 0 |
OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO 6,359 126
(+/-) Result on disposal of investment properties | 0 | 0 |
(+/-) Result on disposal of other non-financial assets | 0 | 0 |
(+/-) Changes in the fair value of investment properties | -1,123 | 0 |
(+/-) Other result on the portfolio | -543 | -1,785 |
OPERATING RESULT 4,693 -1,659
(+) Financial income | 9 | 0 |
(-) Net interest charges | -1,584 | -42 |
(-) Other financial charges | -155 | -14 |
(+/-) Changes in the fair value of financial assets and liabilities | 0 | 0 |
FINANCIAL RESULT -1,730 -56
12 The financial statements concerning the period ended at 30 December 2014 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as approved and adopted by the European Commission. This financial report should be read in connection with the financial statements for the financial year ended at 30 December 2013. In the course of 2014 Qrf Comm. VA has not applied any new IFRS standards or interpretations thereof in its accounting, and the valuation methods used in the preparation of the financial statements are the same as those applied for the year ended 30 December 2013. The figures published in this annual report are consolidated figures; holdings and subsidiaries have been consolidated under the relevant legislation.
9
Attributable to:
PRESS RELEASE Regulated information Embargo: 02/03/2015, 18:00Group shareholders | 2,904 | -1,715 |
Minority interests | -13 | 0 |
Explanation: | ||
NET CURRENT RESULT (GROUP SHARE) * | 4,570 | 70 |
RESULT ON THE PORTFOLIO | -1,666 | -1,785 |
* The net current result (group share) is the net result (group share) excluding the portfolio result and the changes in the fair value of ineffective hedges.
B. Statement of other comprehensive income
Figures in thousands of EUR
(+/-) Changes in the fair value of real estate | 0 | 0 |
(+/-) Changes in the fair value of financial assets and liabilities (effective hedges) | -1,596 | 4 |
OTHER ELEMENTS OF THE OVERALL RESULT RECYCABLE IN THE INCOME STATEMENT 1,295 -1,711
MINORITY INTERESTS 0 0
OTHER ELEMENTS OF THE OVERALL RESULT RECYCABLE IN THE INCOME STATEMENT -
GROUP SHARE 1,295 -1,711
OVERALL RESULT 1,295 -1,711
Attributable to:
Group shareholders | 1,308 | -1,711 |
Minority interests | -13 | 0 |
RESULT PER SHARE
Figures in EUR
DILUTED NET RESULT PER SHARE - GROUP SHARE 0.89 -4.65
10
CONSOLIDATED BALANCE SHEET
Figures in thousands of EUR
PRESS RELEASE Regulated information Embargo: 02/03/2015, 18:00NON-CURRENT ASSETS | 139,265 | 114,205 |
A Goodwill | 0 | 0 |
B Non-current intangible assets | 4 | 0 |
C Property investments | 139,218 | 114,201 |
D Other non-current tangible assets | 43 | 0 |
E Non-current financial assets | 0 | 4 |
F Finance leasing receivables | 0 | 0 |
G Trade receivables and other non-current assets | 0 | 0 |
H Deferred taxes - assets | 0 | 0 |
CURRENT ASSETS 4,682 12,918
A Assets held for sale | 0 | 0 |
B Current financial assets | 0 | 0 |
C Finance leasing receivables | 0 | 0 |
D Trade receivables | 1,015 | 527 |
E Tax receivables and other current assets | 700 | 3,847 |
F Cash and cash equivalents | 2,835 | 8,497 |
G Accruals - assets | 132 | 47 |
TOTAL ASSETS 143,947 127,123
Figures in thousands of EUR 30/12/2014 30/12/2013
LIABILITIES
SHAREHOLDERS' EQUITY 76,001 74,706
A Capital | 76,089 | 70,369 |
B Share premium account | 0 | 0 |
C Reserves | -3,293 | 5,738 |
D Net result of the financial year | 2,904 | -1,715 |
E Minority interests | 301 | 314 |
LIABILITIES 67,946 52,417
I Non-current liabilities 64,516 40,132
A Provisions | 0 | 0 |
B Non-current financial debts | 61,871 | 39,826 |
C Other non-current financial liabilities | 1,592 | 0 |
D Trade debts and other non-current liabilities | 0 | 0 |
E Other non-current liabilities | 86 | 36 |
F Deferred taxes - liabilities | 967 | 270 |
II Current liabilities 3,430 12,285
A Provisions | 0 | 0 |
B Current financial debts | 0 | 0 |
C Other current financial liabilities | 0 | 0 |
D Trade debts and other current debts | 1,890 | 11,521 |
E Other current liabilities | 1,492 | 602 |
F Accruals - liabilities | 48 | 162 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 143,947 127,123
11
CASH FLOW STATEMENT
Figures in thousands of EUR
PRESS RELEASE Regulated information Embargo: 02/03/2015, 18:001. Cash flow from business activities -2,179 4,115
Operating result | 4,693 | -1,659 |
Interest paid and bank charges | -1,530 | -3 |
Paid corporation taxes and withholding tax | 4 | 0 |
Other non-operational elements | -155 | -14 |
Adjustment of the other result on the portfolio: | 1,499 | 1,785 |
- Amortization of intangible and other tangible non-current assets - Changes in the fair value of real estate investments and project developments - Other result on the portfolio | 15 1,133 351 | 0 0 1,785 |
Changes in the working capital requirement | ||
Movement of assets: | 2,711 | 1,392 |
- Trade receivables - Tax receivables and other current assets - Accruals | -419 3,213 -83 | 10 1,351 31 |
Movement of liabilities | -9,401 | 2,614 |
- Other non-current liabilities - Deferred taxes - liabilities - Trade debts and other current debts - Other current liabilities (including tax debts) - Accruals | 50 0 -10,069 890 -272 | 0 0 5,763 -2,515 -634 |
2. Cash flow from investment activities -17,446 -40,420
3. Cash flow from financing activities 13,963 44,802
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 2,835 8,497
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