Eurocastle Releases Third Quarter 2021 Interim Management Statement
11 Novembro 2021 - 4:00AM
Eurocastle Releases Third Quarter 2021 Interim Management Statement
Contact:
Oak Fund Services (Guernsey) LimitedCompany
AdministratorAttn: Tracy LewisTel: +44 1481
723450
Eurocastle
Releases Third
Quarter 2021
Interim Management Statement
Guernsey, 11 November 2021 – Eurocastle
Investment Limited (Euronext Amsterdam: ECT) today has released its
interim management statement for the quarter ended 30 September
2021.
Q3
2021 BUSINESS
HIGHLIGHTS
- Adjusted
Net Asset Value (“NAV”)1 of €18.1
million, or €9.76 per share22, up €0.16 per share vs. €9.60 per
share at 30 June 2021 due to valuation increases:
- €0.11 per share increase (3%) in the valuation of the remaining
three real estate fund investments.
- €0.05 per share increase (7%) in the valuation of the remaining
three NPL and other loan interests.
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Q2
2021
NAV |
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Q3
Cash
Movement |
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Q3 FV
Movement |
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Q3
2021 NAV |
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€ million |
€ per share |
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€ million |
€ per share |
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€ million |
€ per share |
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€ million |
€ per share |
Real Estate
Funds |
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6.4 |
3.47 |
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(1.2) |
(0.67) |
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0.2 |
0.11 |
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5.4 |
2.91 |
Italian NPLs &
Other Loans |
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1.6 |
0.88 |
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(0.4) |
(0.23) |
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0.1 |
0.05 |
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1.3 |
0.70 |
Net Corporate
Cash3 |
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9.7 |
5.25 |
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1.7 |
0.90 |
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- |
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11.4 |
6.15 |
Adjusted NAV |
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17.8 |
9.60 |
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- |
- |
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0.3 |
0.16 |
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18.1 |
9.76 |
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CASH &
CORPORATE OUTLOOK
- The Company received €1.7 million from its investments in the
quarter comprising (i) €0.2 million from Real Estate Fund
Investment II (~13% of its Q2’21 NAV), (ii) €1.0 million from Real
Estate Fund Investment V (~22% of its Q2’21 NAV) and (iii) €0.4
million from the disposal of the assets of one of the NPL pools
(~27% of its Q2’21 NAV).
- The Company’s remaining assets now comprise:
- Interests in two fully developed, luxury residential real
estate redevelopment funds in Rome where the apartments in Real
Estate Fund Investment II (“REFI II”) are now all
sold or under contract to be sold and less
than 10% of the units in
Real Estate Fund Investment V (“REFI V”) remain to be sold.
- Residual minority interests in two predominantly secured NPL
pools where the Company’s stakes are under contract to be sold once
the underlying portfolio level financing of each is repaid.
- Net corporate cash of €11.4 million, comprising corporate cash
net of liabilities and additional reserves.
- The Company has received a preliminary tax audit report
relating to a legacy German property investment. The potential
liability arising from this audit was disclosed as a contingent
liability in the Company’s 2020 annual report and had already been
fully reflected in the Adjusted NAV as part of the additional
reserves established in December 2019. Based on the preliminary
report, the Company anticipates that it will receive revised tax
assessments before the end of the year. The Company intends to
appeal this finding through the German tax courts and, having taken
independent advice, considers it probable that the courts will
decide the matter in the Company’s favour. However, the board
intends to pay any amount assessed while pursuing the appeals
process in order to prevent further interest accruing against the
Company. On payment of the assessed amount the Company expects to
recognise a tax asset.
- The strategic
options for the Company remain under ongoing review by the Board,
with the outcome of the review anticipated to be announced to
shareholders before the end of 2021.
NOTICE:
This announcement contains inside information
for the purposes of the Market Abuse Regulation 596/2014.
ADDITIONAL INFORMATION
For investment portfolio information, please
refer to the Company’s most recent Financial Report, which is
available on the Company’s website (www.eurocastleinv.com).
ABOUT EUROCASTLE
Eurocastle Investment Limited (“Eurocastle” or
the “Company”) is a publicly traded closed-ended investment
company, focused on Italian performing and non-performing loans,
Italian loan servicing platforms and other real estate related
assets in Italy. On 18 November 2019, the Company announced a plan
to realise the majority of its assets with the aim of accelerating
the return of value to shareholders. The Company will not currently
seek material new investments from the proceeds of the realisation
but will continue to support its existing investments to the extent
required in order to optimise returns and distribute cash to
shareholders when available (the “Realisation Plan”). For more
information regarding Eurocastle Investment Limited and to be added
to our email distribution list, please visit
www.eurocastleinv.com.
FORWARD LOOKING STATEMENTS
This release contains statements that constitute
forward-looking statements. Such forward-looking statements may
relate to, among other things, future commitments to sell real
estate and achievement of disposal targets, availability of
investment and divestment opportunities, timing or certainty of
completion of acquisitions and disposals, the operating performance
of our investments and financing needs. Forward-looking statements
are generally identifiable by use of forward-looking terminology
such as “may”, “will”, “should”, “potential”, “intend”, “expect”,
“endeavor”, “seek”, “anticipate”, “estimate”, “overestimate”,
“underestimate”, “believe”, “could”, “project”, “predict”,
"project", “continue”, “plan”, “forecast” or other similar words or
expressions. Forward-looking statements are based on certain
assumptions, discuss future expectations, describe future plans and
strategies, contain projections of results of operations or of
financial condition or state other forward-looking information. The
Company’s ability to predict results or the actual effect of future
plans or strategies is limited. Although the Company believes that
the expectations reflected in such forward-looking statements are
based on reasonable assumptions, its actual results and performance
may differ materially from those set forth in the forward-looking
statements. These forward-looking statements are subject to risks,
uncertainties and other factors that may cause the Company’s actual
results in future periods to differ materially from forecasted
results or stated expectations including the risks regarding
Eurocastle’s ability to declare dividends or achieve its targets
regarding asset disposals or asset performance.
1 In light of the Realisation Plan announced on 18 November
2019, the Adjusted NAV reflects additional reserves for future
costs and potential liabilities of €14.9 million, or €8.05 per
share, which have not been accounted for under the IFRS NAV. The
IFRS NAV as at 30 September 2021 is €33.1 million, or €17.81 per
share. 2 Per share calculations for Eurocastle throughout this
document are based on 1,857,535 shares.3 Reflects corporate cash
net of liabilities and additional reserves.
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