Full year results

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \nRNS Number : 6923K SPDI Secure Property Dev&Inv PLC 27 June 2014  \n \n\n27 June 2014\nSECURE PROPERTY Development & Investment\n(\"SPDI\" or \"the Company\")\nFull year results show good operational performance and continued progress with strategy of portfolio diversification\n- $17 million of capital raised to fund growth strategy -\nSECURE PROPERTY Development & Investments Ltd (LSE:SPDI), a South Eastern European focused property and investment company, today announces its full year results for the year ended 31 December 2013. \nFinancial highlights:\n§ The Company turned to positive EBITDA in 2013 of $0.3 million (2012: loss of $1.2 million).\n§ Net Asset Value increased by 54% to $52.2 million (2012: $33.9 million).\n§ Net Rental Income increased by 33% to $2.8 million (2012: $2.1 million) as a result of improved occupancy at Terminal Brovary, the Group's key income producing asset in Kyiv, Ukraine.\n§ Cost stabilisation in operating expenses was generated through improved operational efficiencies, including continued streamlining and consolidation of third party advisors, as well as the initiation and implementation of tendering procedures and other cost monitoring and internal controls for operating processes. $17 million of capital was raised in 2013, adding momentum to the Company's recovery and funding its ambitions for growth.\n§ Banking debt reduced by 9% to $15 million (2012: 16.4 million).\n \nOperational highlights:\n§ Occupancy at Terminal Brovary increased to 100% at the year end, from 84% as at 31 December 2012, following the signing of new leases along with a 33% increase in net rental income in comparison to the prior year.\n§ During 2013, the Company finalised the negotiations with the European Bank for Reconstruction and Development on rescheduling the amortisation plan of the Brovary construction loan. Signatures are pending on the final documents.\n§ In its push to further improve Corporate Governance, SPDI attracted Ned Goodman as a senior advisor to its Board. Ned Goodman is a well-respected and experienced international investor with a strong track record in both the real estate sector and the South East Europe markets. He is the founder of the Dundee Group of Companies in Canada, and President and CEO of the Dundee Corporation, an independent publicly traded Canadian asset ...

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