Orava Residential Real Estate Investment Trust plc STOCK EXCHANGE RELEASE 5 MARCH 2015 AT 10.30 p.m.
FIGURES ANNOUNCED IN THE FINANCIAL STATEMENT BULLETIN SPECIFIED FURTHER IN THE FINANCIAL STATEMENTS
The figures published by Orava Residential Real Estate Investment Trust plc (Orava Residential REIT) in its financial statements bulletin on 11 February 2015 were specified further in the financial statements published on 26 February 2015. This was mainly due to the further specification of the reported shares in company loans allocated to housing company shares owned by the company. The total impact of the changes was approximately EUR 200,000, and it was reflected in the income statement, statement of financial position and some financial key figures. The statement of comprehensive income, statement of financial position and financial key figures in accordance with the consolidated financial statements are presented below. Consolidated statement of comprehensive income 1 January -31 December 2014 (figures published in the financial statement bulletin on 11 February 2015 in brackets)
EUR 1,000 1 Jan - 31 Dec 1 Jan - 31 Dec
2014 2013
Revenue
Income from ordinary operations 6,532 (6,532) 3,153
Gains frm disposals and changes
in the fair value of apartments 8,794 (9,050) 6,529
Total revenue 15,327 (15,583) 9,682
Maintenance expenses -2,831 (-2,836) -1,452
Expenses from rental operations -350 (-349) -97
Administrative expenses -1,379 (-1,379) -696
Other operating income and expenses -862 (-862) 2
Total expenses -5,422 (-5,426) -2,243
Operating Profit 9,905 (10,157) 7,439
Finance expenses (net) -1,361 (-1,401) -639
Profit before taxes 8,545 (8,757) 6,801
Direct taxes -94 (-94) -48
Profit/loss for the period 8,451 (8,663) 6,753
Profit/loss for the period attributable
to the owners of the parent company 8,451 (8,663) 6,753
Earnings per share calculated from the profit
attributable to the owners of the parent company
Earnings per share, EUR 1.83 (1.87) 3.19
Other comprehensive income items
Items that may in the future be reclassified
to profit or loss
Derivatives – interest rate swaps -270 (-270) 183
Items that are not reclassified to
profit or loss 0 (0) 0
Comprehensive profit/loss for
the period 8,181 (8,393) 6,936
Comprehensive profit/loss for the period
attributable to
the owners of the parent company 8,181 (8,393) 6,936
non-controlling interests 0 (0) 0
Consolidated statement of financial position 31 December 2014 (figures published in the financial statement bulletin on 11 February 2015 in brackets)
EUR 1,000 31 Dec 2014 31 Dec 2013
ASSETS
Non-current assets
Fair value of investment properties 130,668 (130,556) 79,190
Current assets
Trade and other receivables 4,070 (4,214) 203
Cash and cash equivalents 1,990 (1,990) 9,134
6,059 (6,203) 9,336
TOTAL ASSETS 136,728 (136,760) 88,526
Equity attributable to the owners of the parent company
Share capital 50,337 (50,337) 43,144
Share issue 7,526 (7,526) 0
Share premium account 2,260 (2,260) 0
Hedge reserve -493 (-493) -224
Retained earnings 1,780 (1,819) 106
Profit for the period 8,451 (8,663) 6,753
Total equity 69,860 (70,113) 49,780
Liabilities
Non-current liabilities
Interest bearing liabilities 58,059 (57,697) 35,592
Other non-current liabilities 478 (478) 205
Total non-current liabilities 58,538 (58,176) 35,797
Current liabilities
Interest-bearing liabilities, borrowings 1,931 (1,664) 1,730
Trade payables and other current
liabilities 5,906 (6,314) 995
Derivaties 493 (493) 224
Total current liabilities 8,330 (8,471) 2,949
Total liabilities 66,868 (66,647) 38,746
TOTAL EQUITY AND LIABILITIES 136,728 (136,760) 88,526
Financial indicators for the Group (figures published in the financial statement bulletin on 11 February 2015 in brackets)
1 Jan - 31 Dec 2014 1 Jan - 31 Dec 2013
Revenue, EUR 1,000 15,327 (15,583) 9,682
Operating profit, EUR 1,000 9,905 (10,157) 7,439
Financial result for the period,
EUR 1,000 8,451 (8,663) 6,753
Comprehensive profit for the perid,
EUR 1,000 8,181 (8,393) 6,936
Earnings per share, EUR 1.83 (1.87) 3.19
Maximum divideds to be paid during
the financial period per share, EUR 1.20 (1.20) 1.12
Dividends/Comprehensive profit ratio, % 87.8% (85.6%) 69.6%
Return on equity, % p.a.(ROE) 14.7% (15.1%) 33.4%
Total return per share, % p.a. 13.9% (14.3%) 14.9%
Weighted average number of shares
adjusted for share issues 4,622,183 (4,913,570) 2,117,600
31 Dec 2014 31 Dec 2013
Balance sheet total, EUR 1, 136,728 (136,760) 88,526
Equity/assets ratio, % 51.1% (51.3%) 56.3%
Loan to Value ratio, % 43.9% (43.5%) 42.2%
Net asset value per share, EUR, NAV 13.52 (13.57) 11.54
Adjusted net asset per share, EUR, NAV 12.02 (12.07) -
Net gearing, % 83.0% (81.8%) 56.6%
Number of shares 31 Dec 5,206,123 (5,206,123) 4,314,394
Adjuste number of shares 31 Dec 5,810,611 (5,810,611) -
Market capitalisation 31 Dec, EUR 1,000 53,362 (53,362) 44,345
1 Jan - 31 Dec 2014 1 Jan - 31 Dec 2013
Economic occupancy rate, %, (EUR) 89.4% (89.4%) 93.8%
Operational occupancy rate, %, (m2) 88.7% (-) 92.5%
Tenant turnover/month 2.1% (2.1%) 2.3%
Gross rental yield for fair value, % 6.7% (6.7%) 8.0%
Net rental yield for fair value, % 4.0% (4.0%) 4.5%
EPRA Earnings, EUR 1,000 1,972 (1,968) 908
EPRA Earnings per share, EUR 0.43 (0.40) 0.43
EPRA Net Asset Value, EUR 1,000 70,353 (70,606) 50,004
EPRA Net Asset Value per share, EUR 12.11 (12.15) 11.59
EPRA Net Initial Yield (NIY), % 4.0% (4.0%) 3.9%
EPRA Vacancy Rate 10.6% (10.6%) 6.2%
The consolidated financial statements are available in their entirety in the 2014 annual report included as an appendix.
Orava Residential Real Estate Investment Trust plc
Pekka Peiponen
CEO
Additional information
Pekka Peiponen, CEO, tel. +358 10 420 3104
Veli Matti Salmenkylä, CFO, tel. +358 10 420 3102
