Invista European Real Estate Trust Full Year -28-
January 30 2015 - 2:01AM
UK Regulatory
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Invista European RE Spanish PropCo S.L. Spain 100% 100%
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Invista European Real Estate Bel-Air Holdings
S.à r.l. Luxembourg 100% 100%
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Invista European Bel-Air France S.A.S. France 100% 100%
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Compagnie Francesca S.à r.l. France 100% 100%
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Fonciere Vauclusienne Fova S.à r.l. France 100% 100%
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Malabar Societe de Manutention Logistique et
d'Affretement Barlantier (Malabar) S.à r.l. France 100% 100%
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Compagnie d'Entrepots et de Magasine Generaux
d'Amiens (Cemga) S.à r.l. France 100% 100%
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Les Merisiers S.N.C. France 100% 100%
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Mirasud S.à r.l. France 100% 100%
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Nelson S.C.I. France 100% 100%
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Compagnie frigorifique et immobilere de Normandie
(Cofrinor) S.à r.l. France 100% 100%
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Montowest S.à r.l. France 100% 100%
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Pole Logistique Vauclusien (Poloval) S.à r.l. France 100% 100%
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Societe du Pole Nord S.A.S. France 100% 100%
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Compagnie Vauclusienne de Distribution (Covadis)
S.à r.l. France (4) - 100%
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DBA Czech s.r.o. Czech Republic (2) - 100%
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Hades Logistics B.V. The Netherlands 100% 100%
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Atena Logistics B.V. The Netherlands 100% 100%
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Financiere, Immobiliere et Agricole S.A. Belgium 100% 100%
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KP Image House S.A. Belgium 100% 100%
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KP HH S.A. Belgium 100% 100%
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Demeter B.V. The Netherlands 100% 100%
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Girona Logistics S.L. Spain 100% 100%
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(1) Entity liquidated
(2) Entity sold
(3) New subsidiary incorporated after restructuring as a result of new refinancing arrangement
(4) Entity merged into respective holding company
Glossary
Adjusted gross assets is the aggregate value of all of the
assets of the Group, including net distributable but undistributed
income, less current liabilities of the Group (excluding from
current liabilities any proportion of monies borrowed for
investment whether or not treated under accounting rules as current
liabilities), as shown in the consolidated accounts of the
Group.
Articles are the articles of association of the Company as
amended and restated on 29 December 2009.
Earnings per share (EPS) is the profit after taxation divided by
the weighted average number of shares in issue during the
period.
Net equivalent yield is the time weighted average yield between
the Net initial yield and the Reversionary yield.
Estimated rental value (ERV) is the Group's external valuers'
reasonable opinion as to the open market rent which, on the date of
valuation, could reasonably be expected to be obtained on a new
letting or rent review of a property.
Gearing is the Group's net debt as a percentage of adjusted net
assets.
Gross rental income or gross rent is the annualised rental
income receivable in the period, prior to payment of
non-recoverable expenditure such as ground rents and property
outgoings.
Gross initial yield (GIY) is the Gross rent expressed as a
percentage of the net valuation of property portfolio.
Group is Invista European Real Estate Trust SICAF and its
subsidiaries.
Listing rules are rules made by the UK Listing Authority under
section 73A of the UK Financial Services and Markets Act 2000.
Net asset value (NAV) are shareholders' funds, plus the surplus
of the open market value over the book value of both development
and trading properties, adjusted to add back deferred tax.
Net initial yield (NIY) is the Net rental income expressed as a
percentage of the gross valuation of property portfolio.
Net rental income or net rent is the annualised rental income
receivable in the period after payment of non-recoverable
expenditure items such as ground rents and property outgoings.
Potential rent is the rent achievable if all the remaining
vacant space is let at the estimated rental value and added to the
current Gross rental income.
Prospectus is the prospectus of the Company dated 16 November
2009.
Regulated market is a market referred to in article 1, point 13
of the Council Directive 93/22 EEC on investment services in the
securities field, as amended.
Reversionary yield is the anticipated yield, which the Net
initial yield will rise to once the rent reaches the estimated
rental value.
Invista European Real Estate Trust SICAF Annual report and
separate financial statements 2014
SEPARATE INCOME STATEMENT
For the year ended 30 September 2014
Notes 30 Sep 14 30 Sep 13
EUR000 EUR000
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Investment management fees 6 (333) (343)
Professional fees 7 (1,050) (832)
Administrative fees 8 (330) (623)
Directors' fees 21 (157) (182)
Other expenses 22 (134) (175)
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Total expenses (2,004) (2,155)
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Losses before net financing cost
and tax (2,004) (2,155)
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Finance income 9 3,301 6,422
Finance expense 10 (7,622) (6,418)
Net change in fair value of financial
instruments 23 10,313 11,367
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Net finance costs 5,992 11,371
Shares and intercompany loan
impairments 11,27 (23,013) (43,606)
Loss for the year before tax (19,025) (34,390)
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