TIDMABL
RNS Number : 5086D
Ablon Group Limited
17 May 2012
FOR RELEASE AT 17 May 2012
ABLON GROUP LIMITED
INTERIM MANAGEMENT STATEMENT
For the period from 1 January 2012 to 17 May 2012
ABLON Group Limited ("ABLON" or "the Company" and, together with
its subsidiaries, the "Group"), a leading real estate owner and
developer in Central Europe, today announces its Interim Management
Statement for the period from 1 January 2012 to 17 May 2012.
Alex Borrelli, Chairman of ABLON, commented:
"The countries and segments in which the Group earns its income
are experiencing continuing difficult market conditions.
Nevertheless stable operational income continues to support
activities, with only a small decrease in occupancy and rental
income level in the Budapest office sector due to lease
expiries.
While the Group looks forward to potential positive changes on
the credit market that should stimulate future construction
activity, ABLON is also aiming to extend expiring loans beyond the
usual one year term.
The current restructuring of Volksbank Group, ABLON's major
lender (currently providing 57% of bank loans) and a significant
shareholder (with a 24.31% shareholding) influenced negotiations on
prolongation, leaving five loans with the Company expired. However,
the directors are confident of agreeing a prolongation of these
loans with Volksbank's new management."
Portfolio summary
Rental activities
Project Project Completed Annualized Occupancy Valuation External Loan Cross
Type Area Gross rate loan expiry(4) Collater-alised
Rent
-------------- -------------
(EUR million (%) as (EUR million) as at
p.a.) at as at
as at
-------------- -------------
(sq. 17-May-12 31-Dec-11 17-May-12 31-Dec-11 31-Dec-11 17-May-12
m)
Budapest
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
BC. 99 -
yielding Office 17,300 2.4 2.4 90% 89% 28.5 11.2 30-Sep-15 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
BC. 99 -
development Office - - - - 10.7
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Forgach Office - - - - 3.1
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ----------
Erzsebet Office - - - - 4.0
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Hightech Park
- yielding Office 2,600 0.1 0.1 43% 43% 2.6 0.6 30-Sep-15 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Hightech Park
-
development Office 15.6 4.8 31-Mar-12 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Fogarasi Office 2,700 0.0 0.4 0% 100% 2.8 1.4 30-Sep-15 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
M3 Office 18,000 0.5 0.5 18% 18% 21.0 11.9 31-Mar-19 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
BC. 91 Office 6,600 0.5 0.7 52% 67% 9.8 10.0 25-Oct-12 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
BC. 30(1) Office 12,900 1.4 1.6 67% 71% 24.6 21.6 25-Oct-12 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Buy-Way
Dunakeszi Retail 21,600 1.1 1.1 68% 64% 17.7 12.2 30-Sep-17 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Buy-Way
Soroksar Retail 11,500 0.4 0.4 64% 64% 9.8 7.1 30-Sep-17 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Zoldvaros Residential - - - - 5.7 - - No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Gateway Office 35,900 5.8 5.6 93% 92% 75.2 31.6 30-Sep-18 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Europeum Retail 6,500 1.4 1.4 92% 94% 25.5 36.0 31-Dec-22 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Hotel 12,600 - - N/A N/A 28.8
---------------------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Airport City
-
yielding(1) Storage 19,600 1.1 1.0 75% 69% 14.7 8.1 30-Apr-13 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Airport City
-
development Storage - - - - 7.1
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Hold Hotel - - - - 6.9 3.7 30-Sep-12(1) Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Katona Hotel - - - - 6.2 2.5 31-Dec-11 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Nap Hotel - - - - 3.6 2.3 31-Dec-11 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Rosslyn Hotel - - - - 7.8 - - No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Newage Office - - - - 4.6 0.9 31-Dec-14 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Rakoczi Retail 800 - - - - 0.9 - - No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Total Budapest 168,600 14.7 15.2 69% 70% 337 166
----------------------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Prague
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Palmovka Office 4,500 0.8 0.7 98% 95% 7.4 5.9 25-Oct-12 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Meteor -
yielding(1) Office 14,000 1.9 1.9 90% 89% 24.2 12.2 30-Jun-17 Yes
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Meteor -
development Office - - - - 3
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
VIVA
Residence(2) Residential 14,900 - - - - 8.6 3.9 31-May-12 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
May House Office - - - - 2.3 0.9 31-Dec-12 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Kolben Mixed - - - - 21.4 5.8 30-Sep-12 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Ritka Residential - - - - 6.8 5.3 31-Mar-12 No
----------------
Total Prague 33,400 2.7 2.6 92% 90% 74 34
----------------------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Bucharest
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Mogosaia Residential - - - - 6.9 4.7 31-Dec-11 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Timisoara Av. Residential - - - - 14.6 17.0 31-Dec-11 No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Pipera 3H Mixed - - - - 3.4 - - No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Pipera 4H Mixed - - - - 10.4 - - No
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Airport City Mixed - - - - 8.6 - - No
Otopeni
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Vlad Tepes Office - - - - 2.6 - - No
----------------
Total Bucharest - - - - 47 22 -
----------------------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Poland
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
K.B.P. - Mixed - - - - 19.0 No
Warsaw
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Wislinka - Residential - - - - 7.2 No
Gdansk
-------------- ------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Salomea - Office - - - - 5.7 No
Warsaw
----------------
Total Poland - - - - 32 0
----------------------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
Total Group 202,000 17.4 17.8 72% 73% 490 222
----------------------------- ---------- ---------- ---------- ---------- ---------- ---------- --------- ------------- ----------------
(1) Offices and storages in own use are included in the
annualised rental income of BC 30, Meteor and Airport City,
contributing to a total annualised gross rent of EUR0.3 million
p.a. as at 17.05.2012 (31.12.2012: EUR0.3 million)
(2) The valuation of Viva is at 31 December 2011 when there were
88 apartments on stock, as at 17 May 2012 there are 81 apartments
on stock following consequent sales.
(3) The valuations are based on appraisal reports conducted by
GVA Robertson. The values are based on the comparable market prices
approach for the future development sites and discounted cash flow
method for the yielding properties.
(4) Expired loans total EUR31.8 million, of which interest
accumulated since 31 December 2011 amount to EUR1.0 million.
Summary for yielding Completed Annualized Occupancy rate Valuation
rental properties Area Gross Rent
(EUR million (%) as at (EUR
p.a.) as at million)
(sq. m) 17-May 31-Dec-11 17-May-12 31-Dec-11 31-Dec-11
12
---------------------- ---------- ----------
Budapest office 96,000 10.7 11.3 68% 72% 164.5
---------------------- ---------- ------- ---------- ---------- ---------- ----------
Budapest retail 40,400 2.9 2.9 69% 68% 53.0
---------------------- ---------- ------- ---------- ---------- ---------- ----------
Budapest storage 19,600 1.1 1.0 75% 69% 14.7
---------------------- ---------- ------- ---------- ---------- ---------- ----------
Prague office 18,500 2.7 2.6 92% 90% 31.6
Total yielding 174,500 17.4 17.8 72% 73% 263.8
---------------------- ---------- ------- ---------- ---------- ---------- ----------
Residential activities
Summary Number of apartments
of residential
property
sales
-----------------
At handover Sold On stock
-----------------
2012 2011 2010 2009 17-May-12
up till
17 May
----------------- ------------ --------- ----- ----- ----- ----------
Viva Residences 162 7 20 46 8 81
----------------- ------------ --------- ----- ----- ----- ----------
Hotel activities
Unaudited results for the three months of operations ended 31
March 2012 show a EUR0.3 million segment loss for the Marriott
Courtyard Hotel, Budapest (EUR0.3 million segment loss for the same
period in 2011).
For further information, please contact:
ABLON Group Limited
Kristof Skwarek Tel. +36 1 225 6600
Arden Partners plc
Adrian Trimmings / Justine Waldisberg Tel. +44 (0)20 7614 5900
ING Wholesale Banking (Joint Corporate Broker)
Nathalie Bachich de Recina Tel. +44 (0)20 7767 8362
Newgate Threadneedle (Financial PR)
Graham Herring Tel. +44 (0) 20 7653 9858
Terry Garrett Tel. +44 (0) 20 7653 9845
NOTES TO EDITORS
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its
subsidiaries (together the "ABLON Group") has properties at 34
locations, of which there are 15 completed projects, one project in
the construction phase and 23 development projects in Budapest,
Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a
diversified mix of office, residential, retail, logistics and hotel
developments valued at EUR484 million by external independent
appraiser (GVA), as at 31 December 2011. The ABLON Group had, as at
31 December 2011, 202,000 square metres of existing and income
generating office, residential, hotel, retail and logistics assets
(at 15 locations) in Budapest and Prague, with a significant
development land bank comprising a further 1,236,300 square metres
(at 24 locations) in Budapest, Prague, Bucharest, Warsaw and
Gdansk. ABLON's shares are traded on the Main Market of the London
Stock Exchange under the ticker 'ABL'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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