Business
Final Results - Replacement
Final Results - Replacement.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n RNS Number : 2479N Sirius Real Estate Limited 08 June 2010 \n \n\nThe following amendment has been made to the Final Results announcement released on 8 June 2010 at 07.00 under RNS No 2035N: the annualised rent roll for 2009 shown in the Financial Highlights has been changed from €43.7m to €42.0m. All other details remain unchanged. The full amended text is shown below\n \n \n8 June 2010\n \nSirius Real Estate Limited\n \nFinal Results\nFor the year ended 31 March 2010\n \nSirius Real Estate Limited (the \"Group\", the \"Company\" or \"Sirius\"), the real estate company with a portfolio of 38 large mixed-use commercial sites in Germany, which have been significantly upgraded into modern, flexible workspaces, today reports its final results for the year ended 31 March 2010. \n \nHighlights\n \nFinancial highlights\n \n· Property portfolio revalued at €500.0m (31 March 2009: €500.4m)\n· Gross rental income of €44.0m (2009: €43.7m)\n· Current annualised rent roll of €41.9m (2009: €42.0m)\n· PBT from recurring revenues was €0.8m¹ (2009: €5.5m), reflecting higher net interest and increased investment in efficiency measures, but excluding exceptional costs of €1.5m\n· Adjusted NAV per share 73.63c (31 March 2009: 83.49c)\n· Occupancy of 71.4%, increased from 68.5% as at 1 January 2010 (31 March 2009: 74.0%)\n· Average rent per sqm of €4.25 (31 March 2009: €4.15)\n· Operating within banking covenants\n· LTV across the portfolio as at 31 March 2010 of 62.2% (31 March 2009: 54.8%)\n· Cash balance of €33.4m (31 March 2009: €29.7m)\n \n¹ Excluding property revaluation, exceptional costs, change in fair value of derivative financial instruments and non controlling interest.\n \nOperating\n \n· Completed initial development phase, focus now on increasing occupancy and efficiency across the portfolio\n· Restructured German operating company\no Reduced headcount \no Doubled sales team to 40\no R...