CLS Holdings HOME OUR COMPANY OUR PROPERTIES INVESTOR RELATIONS MEDIA CENTRE CONTACTS Media Centre » Press Centre » Regulatory News » Email News Alerts » Media Contacts Press Centre CLS Holdings plc – 2015 Half Year Results 12.08.2015 AN ACTIVE AND SUCCESSFUL PERIOD CLS is a FTSE 250 property investment company with a £1.4 billion portfolio in the UK, Germany, France and Sweden offering geographical diversification with local presence and knowledge. FINANCIAL HIGHLIGHTS EPRA net assets per share: up 7.9% to 1,914.3 pence (31 December 2014: 1,774.1 pence) Profit after tax: up 10.6% to £68.6 million (2014: £62.0 million) EPRA earnings per share: up 12.3% to 41.9 pence (2014: 37.3 pence) Operating cash flow up 13.3% to £24.7 million (2014: £21.8 million) driven by a healthy arbitrage between net initial yield and cost of debt Property portfolio value, including properties held for sale, £1,365.9 million (31 December 2014: £1,310.1 million), up 4.0% in local currencies Weighted average cost of debt brought down to 3.46% (31 December 2014: 3.64%) Interest cover remains comfortable at 3.1 times (2014: 3.6 times) Proposed distribution to shareholders: up 5.1% to £5.7 million by way of tender offer buy-back: 1 in 162 at 2,190 pence, equivalent to 13.52 pence per share OPERATIONAL HIGHLIGHTS Investment Property Portfolio: Three acquisitions in the period in Bracknell, Vauxhall and Munich for £42.3 million New income of £3.5 million in six months from completed developments Vacancy rate remains low at 3.4% (31 December 2014: 3.0%) despite the release of 4,421 sqm of new space from development portfolio Developments: Strong rental growth at 405 Kennington Road, SE11 made it more profitable to re-let the space as refurbished offices than to implement our planning consent to change its use to residential Completed developments at Spring Mews, SE11 and 138 Fetter Lane, EC4 virtually fully let and trading very successfully At Vauxhall Square, agreement with a specialist student operator to build and manage the 454 room student building expected to complete in the autumn, with development to start on site early next year Key Financing: £97 million refinancing of Spring Gardens fixed for 6 years at 2.80% €36.5 million refinancing of Bochum fixed for 7 years at 1.74% €24 million acquisition financing of Schellerdamm fixed for 7 years at 1.91% In July, €17.2 million acquisition financing of Tangentis fixed for 7 years at 1.44% Sten Mortstedt, Executive Chairman of CLS, commented: “We have continued to make good progress in what has been an active first half. Our core business is performing well and we are seeing the benefits of an improving economy in the UK and Germany. “With high occupancy levels and a low cost of debt, the Group remains well positioned to generate cash. Our strong operations, a solid balance sheet and a high level of liquid resources, together with our flexible and opportunistic business approach, will enable us to benefit from the challenges and opportunities which lie ahead.” -ENDS- For further information, please contact: CLS Holdings plc www.clsholdings.com +44 (0)20 7582 7766 Sten Mortstedt, Executive Chairman Henry Klotz, Executive Vice Chairman Fredrik Widlund, Chief Executive Officer John Whiteley, Chief Financial Officer Liberum Capital Limited +44 (0)20 3100 2222 Tom Fyson Panmure Gordon (UK) Limited +44 (0)20 7886 2500 Mark Taylor Russell Cook Kinmont Limited +44 (0)20 7087 9100 Jonathan Gray Smithfield Consultants (Financial PR) +44 (0)20 7360 4900 Alex Simmons CLS will be presenting to analysts at 8.30am on Wednesday, 12 August 2015, at Smithfield Consultants, 10 Aldersgate Street, London, EC1A 4HJ. Conference call dial in numbers as follows: Participant telephone number +44 (0)20 34271908 Confirmation code 8398120 Please dial in at least 5 minutes prior to the start of the meeting and quote the above confirmation code when prompted. Back to Press centre list © 2021 CLS Holdings plc delivered by global3digital Email Alerts Site Map Disclaimer Accessibility