RNS Number:4380R
Eurocity Properties PLC
25 September 2000
Eurocity Properties PLC
CHAIRMAN'S STATEMENT for the year ended 31 March 2000
Dear Shareholder,
I am writing to you for the first time since my appointment as Chairman
and have to report a loss of #318,229 (1999: #269,285), This includes an
exceptional provision of #224,400 ' relating to Directors bonus shares.
It has been a period of considerable activity culminating with the
introduction of the company's shares to dealing on the Alternative
Investment Market in March. One of the reasons for seeking a public
quotation was to enable existing shareholders who have been locked in
since 1992, to dispose of their shares. Some shareholders have disposed
of their shares which has inevitably resulted in a drop in the share
price. The company is now in sound financial condition and my colleagues
and I are looking forward to further expanding the company with the
benefit of a public quotation.
During the year we have continued to acquire retail properties located in
good positions and with good covenants. The vast majority of our
properties are let on long term leases, thereby providing the company
with secure long term rental income. We are continuing to pursue a
strategy involving the issue of shares in part payment for property
acquisitions and we are now concentrating on larger transactions.
The company's rental income exceeds the cost of servicing the debt, which
is an important milestone for a property investment company to have
achieved. Consequently, I view the coming year with confidence.
Yours sincerely,
N Jeffrey LLB Chairman
Eurocity Properties PLC
OPERATIONAL AND FINANCIAL REVIEW for the year ended 31 March 2000
During the year we have completed the purchase of two retail investments,
located in Main Street, Barrhead, Glasgow and High Street, Dumbarton. The
property at Barrhead is let to William Hill Organisation Limited and Farm
Foods Limited on leases expiring in March 2018 and December 2017
respectively at passing rents of #20,000 and #38,000. The investment in
Dumbarton is let to Stead and Simpson Limited with a lease expiring
December 2016 at a current rent of #29,500. There are no breaks clauses.
In addition we have secured rental uplifts on rent reviews settled during
the period under review at properties at King Street, Stirling where the
rent rose from #20,000 to #25,000 per annum and the investment at George
Street, Oban where the rent increased from #25,000 to #26,000.
Since the year end we have successfully purchased a further retail unit
in High Street Elgin, that was funded by part cash and part shares and
exchanged contracts for the sale of two retail property investments held
by Eurocity (Seaside) Limited.
The company's main strategy is primarily to purchase properties that are
let to good covenants, with long unexpired lease terms thereby providing
high quality rental income. Our aim is to issue further shares as part
payment for property purchases, which will allow us to expand our equity
base without fully utilising our cash resources.
We are seeking to purchase good secondary to prime properties located
outside of Central London, as higher yields are achievable.
Our existing property portfolio is approximately 94% let and we are
optimistic of securing tenants for the vacant retail units in Norwich
during the current year.
The new year has started with promise and a number of transactions are
currently being evaluated for the benefit of the company.
BA Bloom Managing Director
Eurocity Properties PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 March 2000
2000 2000 1999
# # #
INCOME FROM PROPERTIES
Continuing operations 411,302
Acquisitions 70,647
481,949 237,581
Direct property expenses (16,216) (15,664)
Operating expenses (322,446) (293,772)
Exceptional item (224,400)
Loss on sale of properties - (92,277)
OPERATING (LOSS)/PROFIT
Continuing operations (142,232)
Acquisitions 61,119
(81,113) (164,132)
Investment income 170 18,832
Interest payable (237,286) (123,985)
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (318,229) (269,285)
Taxation - -
LOSS ON ORDINARY ACTIVITIES AFTER
TAXATION (318,229) (269,285)
LOSS PER SHARE
Basic 13.9p 14.7p
Fully diluted 13.9p 14.7p
Eurocity Properties PLC
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 March 2000
2000 1999
# #
Loss for the financial year (318,229) (269,285)
Unrealised surplus on revaluation of
investment properties 85,074 412,105
Total recognised gains and losses
relating to the year (233,155) 142,820
Eurocity Properties PLC
BALANCE SHEET 31 March 2000
Group Company
2000 1999 2000 1999
# # # #
FIXED ASSETS
Tangible assets 5,330,000 3,225,000 1,375,000 1,325,000
Investments - - 307,001 1
5,330,000 3,225,000 1,682,001 1,325,001
CURRENT ASSETS
Debtors 29,064 13,760 564,040 348,820
Cash at bank and in hand 641,101 382,986 641,101 382,986
670,165 396,746 1,205,141 731,806
CREDITORS: Amounts falling
due within one year (535,756) (130,640) (417,798) (48,703)
NET CURRENT ASSETS 134,409 266,106 787,343 683,103
TOTAL ASSETS LESS CURRENT
LIABILITIES 5,464,409 3,491,106 2,469,344 2,008,104
CREDITORS: Amounts falling
due after
more than one year (3,244,283) (1,923,500) (568,000) 638,083)
2,220,126 1,567,606 1,901,344 1,370,021
CAPITAL AND RESERVES
Called up share capital 1,757,670 918,159 1,757,670 918,159
Share premium account 678,581 686,128 678,581 686,128
Other reserve 53,711 - 53,711 -
Revaluation reserve 497,179 412,105 279,448 229,448
Profit and loss account (767,015) (448,786) (868,066) (463,714)
SHAREHOLDERS= FUNDS 2,220,126 1,567,606 1,901,344 1,370,021
Approved by the board on 22 September 2000
N Jeffrey Chairman
BA Bloom Managing Director
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