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Eurocastle Releases Third Quarter 2024 Interim Management Results
Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Hannah Crocker
Tel: +44 1481 723450
Eurocastle Releases Third Quarter 2024 Interim Management Results
Guernsey, 18 December 2024 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) (“Eurocastle” or the “Company”) today has released its interim management statement for the quarter ended 30 September 2024.
As at 30 September 2024, pro forma for the closing in October of the Company's first investment under its New Investment Strategy and assuming no appeal is made by the German tax authorities in relation to the German tax matter, the Company's assets comprise:
BUSINESS UPDATES
Income Statement for the Quarter ended 30 September 2024 and the First Nine Months of 2024 (unaudited)
Balance Sheet and Adjusted NAV Reconciliation as at 30 September 2024 and as at 31 December 2023
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 ).
Terms not otherwise defined in this announcement shall have the meaning given to them in the Circular.
ABOUT EUROCASTLE
Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. 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”, “endeavour”, “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.
In light of the Realisation Plan announced in 2019, the Adjusted NAV as at 30 September 2024 reflects additional reserves for future costs and potential liabilities, which have not been accounted for under the IFRS NAV. No commitments for these future costs and potential liabilities existed as at 30 September 2024.
Per share calculations for Eurocastle throughout this document are based on 1,001,555 shares, unless otherwise stated.
Adjusts to reflect i) Eurocastle investing a further €5.2 million in October 2024 under the New Investment Strategy for the new Luxembourg fund to close on its first acquisition and ii) a reversal of the Additional Reserve related to the Legacy German Tax Matter in the event the tax authorities decide not to appeal the recent judgment by the German fiscal court, or the Company prevails on any such appeal.
Reflects corporate cash net of accrued liabilities and other assets.
Reserves that were put in place when the Company realised the majority of its investment assets in 2019 in order for the Company to continue in operation and fund its future costs and potential liabilities. These reserves are not accounted for under IFRS.
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