Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Engel East Europe NV (KBE)

  Print      Mail a friend

Thursday 18 August, 2011

Engel East Europe NV

Half Yearly Report

RNS Number : 6035M
Engel East Europe N.V.
18 August 2011

Engel East Europe N.V.


Results for the six months period ended 30 June 2011


18 August 2011 - Engel East Europe N.V. ('Engel' or 'the Company') the AIM-listed Central and Eastern European property developer (EEE: L), announces results for the six months period ended 30 June 2011.


Financial Summary

6 months ended

(figures in €'000)

30 June

30 June (*)

Year ended




Net assets 




NAV/share (€)








Revaluation of investment property




Write-down of inventory




Gross profit/(loss)




Operating loss




Net financing costs




Loss before tax




Loss after tax




Loss per share (€)




 (*) Restated implementation of new IFRS standard.


Although the markets remain tough, in certain jurisdictions the government's financial support and subsidies for the development and acquisition of small apartments. In general in the countries we operate in, we are noticing a modest but cautious and steady return of the banks in providing small to medium size mortgage funding to borrowers that can demonstrate a stable and ongoing income.

 Gad Raveh, CEO of Engel East Europe N.V.



Engel East Europe N.V.

Assaf Vardimon

Tel: +31 (0) 20 778 4141

Libertas Capital Corporate Finance Limited

Sandy Jamieson

Tel: +44 (0) 20 7569 9650

Management Statement 

There have been no material events or transactions by the Group during the reporting period impacting the Group's financial position which remains weak. 

 The Company believes that following the acquisition of a controlling interest in Engel Recourses and Development Ltd. by GBES Ltd, the financial position of the Group will improve and the Company will be able to continue to develop its assets and to expand to new horizons.


Financial Position

Given the current conditions in the real estate market in the countries where the Group operates, management has considered project by project whether the Group will be able to generate sufficient cash flow from sales of housing units and other assets, including investment properties, in order to repay its financial obligations as these fall due. 

In respect of project loans totaling EUR 12,247 thousands (which are in breach of repayment as of 30 June 2011 - see also note 9 in the condensed consolidated interim financial statements), management considers it is unlikely that the projects will generate sufficient cash inflows to repay all obligations which fall due within one year. The Group is discussing possible solutions with the financing banks, including extension of the loans, as well as potential sales of the projects.

At 30 June 2011, the Group has current liabilities totaling EUR 49,746 thousands, which exceeds its current assets amounting to EUR 44,044 thousands.

Whilst in the past financing banks have agreed to prolong existing loan facilities, there is no assurance that these banks will be prepared to extend existing loan facilities beyond currently committed maturity dates. In the event that a bank is not willing to extend a project loan, it has the option to call in its security. In most cases these loans are secured by the underlying project company's assets only. Loans granted by the financing banks to the projects are non-recourse loans, except for:

·      The bank loans which finance the project in Gyor Hungary (an Arces subsidiary, which is in liquidation) in the amount of EUR 12,648 thousands (the Company's share is EUR 6,324 thousands), are additionally guaranteed by Arces International B.V., a jointly controlled entity.  The Company has disputed the validity of this guarantee with the bank.

·      ENMAN B.V, a jointly controlled entity, has provided guarantees for interest payments and costs overruns, to the bank which finances the "Ingatlan" project in Budapest, Hungary. 

In all other cases, the exposure is limited to the value of the specific securities pledged in each project.

As of 30 June 2011, the Group is in breach of certain bank loan agreements totaling EUR 12,247 thousands.

As of the date of the approval of the condensed consolidated interim financial statements, the financial condition of the Company remains weak and it is not able to meet its obligations to its employees and service providers as they fall due.

Management believes that the above mentioned conditions indicate the existence of material uncertainties which cast significant doubt on the Company's ability to continue as a going concern.

In order to manage its financial situation the Company has requested Engel Resources and Development Ltd., the parent company of the Company's immediate parent company, Engel General Developers Ltd., ("ERD") to provide additional financial assistance to fund the Company's immediate liabilities.

During the reporting period ERD provided several bridge loans in the total amount of approximately EUR 0.9 million. After the reporting period the Company received additional loans from ERD in the total amount of EUR 0.55 million.

The management is also examining other solutions to fund the Company's immediate liabilities and to resolve its financial situation.


Trading Performance

During the period, the total number of units sold and handed over was 24 (6 months ended 30 June 2010: 122).

The revenues decreased by 82 per cent to €1.9 million (6 months ended 30 June 2010: €10.2 million).

Approximately 42 per cent of the loss before tax for the period is attributable to the financial costs of the Marina Dorcol project in Serbia.



Further to the announcement issued on 13 July 2011 regarding the approval of the district court in Israel of the purchase of Engel Recourses and Development Ltd. by GBES Ltd.,  the Company future plans are to continue to develop and improve the Company's current projects portfolio.

The Company plans to continue to focus on investing in the stable markets of The Czech Republic and Poland.



This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t