(MET.L) Metro Baltic Horizons PLC Buy/Sell

RNS Number : 9472Z
  Metro Baltic Horizons PLC
  30 September 2009
   

Metro Baltic Horizons Plc

Interim Results

      

Metro Baltic Horizons Plc Interim Report for the six months ended 30 June 2009 is available from the Company's website, www.metrobaltichorizons.com

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

RNS Number : 8872Z
  Metro Baltic Horizons PLC
  30 September 2009
   

Metro Baltic Horizons plc (MET.L)

Interim results for the six months ended 30 June 2009

Metro Baltic Horizons plc ("MBH" or the "Company"), the property investment company focused on prime office, retail and residential development opportunities in St Petersburg, Russia and the cities of Riga, Latvia and Tallinn, Estonia announces its unaudited interim results for six months ended 30 June 2009.

Highlights
 
·                     Net asset value per share (NAV) after deferred tax liabilities declined by 27% to EUR0.50 (31 December 2008: EUR0.69)
 
·                     Total gross property portfolio valued at EUR39.1 million (31 December 2008: EUR42.5 million) 
 
·                     At the period end, the Group held a total of EUR19.8 million of bank and other borrowings all held at asset level 
 
·                     Development of Metro Plaza in Tallinn completed on schedule in January 2009 and launched in February 2009. Currently 75% of the lettable space under lease with an additional 5% under advanced negotiation 
 
·                     Massive correction in property markets still ongoing with significant falls being seen in rental levels and capital values throughout the region but the Latvian market in particular  is amongst the worst performing property markets globally 
 
·                     Macroeconomic environment and outlook remains bleak with record falls in GDP in Estonia and Latvia. Credit and investment markets in the region remain closed 
 
·                     Preservation of shareholder value remains a priority but external factors present significant challenges and there remains a risk of further value diminution
 
 

Robin James, Chairman of MBH, commented:

"The Company is facing a macro environment that is unprecedented in terms of the depth, breadth and speed of contraction. Despite having a well structured investment portfolio in prime city locations, the almost total absence of credit and buyers of property assets has had a negative impact on shareholder value. The Company has made operational progress in its portfolio over the period but the collapse of the property market, deteriorating economic conditions and the absence of credit in the markets in which we operate, make the outlook for the Company very challenging and prospects uncertain. The Board, together with the Investment Manager, have worked hard to cut costs and refocus the Company's business and investment strategy to reflect the very difficult environment which we now face. Although property values have continued to fall in 2009, we will make every effort to restore shareholder value in 2010 and beyond when markets move into eventual recovery"

For further information, please contact:
    
 Metro GroupJames Kenny                           jkenny@metro.eeMart Habakuk 
                      mart.habakuk@metro.eewww.metrocapital.ee 
 Fairfax I.S. PLC (Nominated Adviser and JamesBroker)King/Andrew CoxTel: +44
 (0) 20 7598 5368www.fairfaxplc.com 
    
Notes to Editors 

Metro Baltic Horizons (ticker code: MET.L) is a property investment company targeting development opportunities in the cities of St Petersburg, Russia and Riga and Tallinn, the capitals of Latvia and Estonia respectively.

The Company's Investment Manager is a member of the Metro Capital Management Group, an experienced property asset manager and developer with offices in Tallinn, Riga and St Petersburg. It has a team of 18 experienced professionals managing a portfolio of 21 projects across the region where it has been active since 2001. 
      Chairman's Statement

Introduction

The Company's results for the period ended 30 June 2009 are as follows. As was hightlighted in our 2008 annual report and accounts issued in June, the dramatic continued deterioration in the local, regional and global property markets and the macro-economic and credit environments in which we operate, have fundamentally changed the outlook and prospects for the Company. The extent of the decline in Estonia and Latvia in particular, is without parallel in a European context and brings major challenges to our continuing operations. 

Results

In the six months ended 30 June 2009, the Company's net asset value after tax decreased by 27% to EUR0.50 (31 Dec 2008: EUR0.69) and, before deferred tax, decreased by 23% to EUR0.65 (31 Dec 2008: EUR0.84). 

During the period the Company recorded a loss of EUR4.8 million, principally due to changes in the value of its property portfolio.

At 30 June the Company had a total of EUR19.8 million in bank and other borrowings, and of which, circa EUR13.3 million related to the Company's now completed Metro Plaza development in Tallinn.

Valuation

At 30 June 2009, the Company's gross property portfolio was valued EUR39.1 million. However, as the Company only holds an 80% economic interest in two of its four assets, this should be taken into account in calculating the underlying asset value per share. It is also noted that the valuations prepared for the Company by external valuers partly utilised the discounted cash flow based valuation methodology which does not necessarily reflect the lack of credit and buyers of property assets in the current market. Furthermore, the widely used comparable transaction method of valuation is also potentially unrepresentative in the current climate due to the lack of meaningful secondary property market activity in the target markets. Further details are contained in the Investment Manager's report below.

Finance

The Board continues to review all strategic and financing alternatives available to the Company. As previously reported, one financing initiative undertaken in the period was the drawing of a circa EUR1.45m short-term (18 month) mezzanine loan facility as a result principally of the very limited availability to the Company of traditional bank credit. This loan carries a semi-annual coupon of 10% (20% per annum) and is secured over the Company's St Petersburg property. It is expected that this loan facility may be increased up to EUR2.5m (without additional security being pledged) in the coming months to part finance the working capital requirements of the Group. Other strategic investment, debt, mezzanine and equity placement scenarios remain under consideration reflecting the Company's very tight working capital position.In this respect, it is possible that an issue of additional equity may be pursued by the Company over the coming months.

Following the passing of enabling resolutions at the Company's recent AGM, the Investment Manager has agreed to accrue up to 100% of its management fees (paid quarterly) from time to time. As was explained in the Company's 2008 annual report and accounts, any accrual will be made solely at the Company's discretion and any fees so accrued may be converted into new ordinary shares in the Company based on a historical 30 day average closing price of the Company. Your Board believe that this concession agreed with the Investment Manager is a major benefit for the Company, given that annual management fees which are calculated on the basis of the gross assets of the Company are the largest component of the Company's operating expenses.

Outlook

As I stated in my letter of 29 June 2009, the scale and extent of the corporate and financial market turmoil we have seen in the last year is without precedent. Massive deleveraging is in progress and one of the obvious effects is the virtual disappearance of credit flows and equity capital. The impacts on small, open economies like Estonia and Latvia, in particular, which had experienced a long period of high economic growth, fuelled by the widespread availability of cheap credit, have been dramatic.

The challenges facing the Company are considerable given that the markets in which we operate continue to decline and show few, if any, signs of recovery. While there is some evidence that Russia has begun a cautious recovery, the position in the Baltics is considerably less hopeful. In Latvia for example, unemployment reached 17.4% at the end of June, the second highest rate in EU, and the economy contracted by a massive 18.9% year-on-year. Against this backdrop and broader international weakness, it is clear that the financial return objectives of the Company as stated at the time of Admission to trading on the Alternative Investment Market are no longer realistic. This is due not only to the fall in capital value of the Company's property portfolio but also to the unavailability of credit to fund development. While we remain satisfied with the location, profile and nature of the assets assembled and the manner in which we have both funded and are developing the portfolio, shareholder value has been significantly impacted by factors outside of the Company's control. As such, we have taken steps to refine our operating cost structure and portfolio strategy. The Board also recognises that in common with many comparable companies, there remains a significant disconnect between the Company's underlying asset value and its share price. If this position continues it may be appropriate in time to consider the Company's future listing strategy.

We are living in difficult times and while the outlook for the Group is much less positive than last year, we remain fully focused on preserving and restoring the value of the Company's portfolio for the benefit of all shareholders. 

Robin James

Chairman

30 September 2009

Investment Manager's Report

The Company's portfolio currently comprises four assets located in St Petersburg, Riga and Tallinn. 

Bolshaya Pushkarskaya, St Petersburg, Russia

This property comprises a privatised, freehold site of 0.72 hectares on a prominent street in the centre of St Petersburg. The site runs parallel to Bolshoi Prospekt, one of St Petersburg's main shopping and business streets, and is about 3 kms from the Winter Palace. There are six buildings on the site, of which it is intended that one will be retained and the others demolished for full redevelopment as part of a mixed office/retail scheme of circa 22,000 sq m of net rentable area with 300 underground parking spaces. 

Since the acquisition of the property, considerable work has been done, and continues on, the design and planning for the redevelopment of the site. Many of the attendant approvals necessary for the redevelopment of the site have been received including sketch design and critically, the approval of St Petersburg's Historical Monuments Agency. 

The first half of 2009 saw a continuation in the trend seen in St Petersburg in 2008, with a dramatic decline in lease and take up rates in all segments of the property market, but in particular of class A office and retail space. As a result, due to the continued weakness in the local and broader Russian macro-economic environment and the continued unavailability of construction finance, it is deemed prudent to take a multi-phased approach to the site's development. It is also now proposed that the initial development focus for Bolshaya Pushkarskaya will be on predominantly class B standard offices as there is estimated to be greatest depth of demand and lease rate resilience in this market segment. In this context, planning has now been received for the redevelopment of circa 5,000m2 of existing space and the construction of 3,000m2 of new space above and adjacent to the redeveloped area and which combined should deliver circa 5,000m2 of net rentable office space, 900m2 of retail space and 600m2 of storage/industrial space. Although limited, financing options to fund the redevelopment of the site continue to be investigated and subject, inter alia, to market conditions, finance and the receipt of the requisite building permit, construction could commence in H2 2010.

At 30 June 2009, Bolshaya Pushkarskaya 10 was valued by GVA Sawyer at EUR15 million on an open market basis. 

Krasta 99, Riga, Latvia

This asset (80% owned by the Company) is a prominently located land plot of 1.7 hectares situated approximately 5 kms from Riga Old Town at the intersection of a major inner city highway (Krasta Street) and the new Riga South Bridge which opened in 2009. Planning permission has been granted for the construction of approximately 40,000 sq m of net rentable office space in three towers together with approximately 1000 on-site and underground parking spaces. However, as previously reported the dramatic collapse in the Riga property market and the Latvian economy as a whole has meant that the development of Krasta 99 is under review. Although substantially all the planning and project documentation has been completed it is unlikely that further capital or operating expenditure can be justified on the project at this time.

The Krasta project currently has short-term bank loans outstanding of EUR2.6 million (at Euribor plus 4.5% with a 15 year amortisation schedule) and no cash flow. As previously reported, the Company's Latvian subsidiary which was established to hold the Krasta 99 asset remains in breach of certain loan covenants contained in the non-recourse loan provided by SEB/Danske Bank. A default notice was issued due to non-payment of interest and subsequently alternative debt servicing/repayment proposals were offered by the Company to the lenders and these remain under consideration. The Krasta 99 loan is secured solely on the Krasta 99 asset and any loan impairment or default will not have any impact on the other assets or borrowings of the Company. In addition, consideration is still being given to possibly utilising certain legal protection provisions available under Latvian law which provide scope for companies to address short term liquidity and creditor issues through a court approved process.

At 30 June 2009, Krasta 99 was valued by Colliers at EUR3.5 million (100%) which represents a decline of some 75% in an 18 month period, broadly in line with the general market decline in land prices.

Metro Plaza, Viru Square, Tallinn, Estonia

This asset on acquisition comprised a run-down historic building on a 2,200 sq m land plot located on a high profile square on the very edge of Tallinn Old Town, an area that historically commanded some of the highest rents in the city. Construction commenced in Q4 2007 and was completed on schedule and on budget in January 2009. The project now comprises 8,900 sq m of gross retail and office floor space (7,300 sq m net area), as well as underground parking for 78 cars. 

At present, long term lease agreements have been signed for 75% of the total rentable area and a further 5%  is under advanced lease negotiation. In addition, earlier in 2009 a lease had been signed covering a total of 27% of the total lettable area with a leading retailer in the region who subsequently filed for bankruptcy before the commencement of the lease. The rental levels so far achieved are amongst the highest of any mixed scheme in Tallinn which positively reflects the quality of Metro Plaza's location, specification and finish. The main tenants in Metro Plaza are Trigon Capital (30% of total leased area), Regus (15%), Sampo Life (7%) and Hansaworld (7%). Although there have been several opportunities to let out the remaining space in Metro Plaza at lower rental levels, in order to maximise the cashflow and future capital value of the building, we have determined to secure higher rents from quality tenants with strong lease provisions. Although a further circa EUR1.0m will be required to be invested to complete the fit out of the unleased and some central areas, at current lease levels the project will turn cash flow positive in Q1 2010. It is also expected that once fully let and after rent holidays and other initial lease incentives expire, net operating income for Metro Plaza will stabilise at circa EUR1.6 million per annum.

To date the project has been financed by equity and a EUR14.3 million 10 year non-recourse senior loan facility of which EUR13.3 million was drawn at period end and a short term mezzanine facility in the amount of EUR0.92 million at period end. The senior loan amortizes over 20 years and is based on an interest charge of Euribor plus 1% (currently 2.66%). The estimated total gross development cost (acquisition, construction and finance) for Metro Plaza is approximately EUR25 million.

The current objective for Metro Plaza is to secure high quality tenants at premium lease rates for the remaining lettable space and hence maximize the future cashflow and valuation of the asset.

At June 30 2009, Metro Plaza was valued by Colliers at EUR16.2 million on an open market basis. 

Pirita Road, Tallinn, Estonia

This asset (owned 80% by the Company) is a 1.3 hectare site located approximately 3km from the city centre, adjacent to the President's Castle and overlooking the Bay of Tallinn. The site is zoned for residential development. 

Following an architectural tender in 2008, Koko, one of the leading Estonian architectural practices, was appointed to design a scheme for the site. Initially, it had been thought that due to the prime location of the site that it would be most suitable for an elite/luxury residential development comprising a nine storey luxury apartment building (circa 7,000 sq m saleable area) and a boutique spa hotel (3,000 sq m). Although considerable work has been done on the proposed residential development design including receipt of City planning and heritage protection committee approvals, the current market reality is that the demand for such a high end development has virtually disappeared and a reconfiguration of the design is now being considered.

With second hand apartments reported to have fallen by approximately 60% over the last two years and in some areas of Tallinn are being offered at circa a 30% discount to current construction cost, it is expected that construction on the Pirita site may be postponed for some considerable time. As previously reported, efforts were being made to introduce an equity partner in to the Pirita project but these efforts have been unsuccessful as investor interest in early stage Baltic residential development is currently negligible.

As at 30 June 2009, the Pirita site was valued by Colliers at EUR4.4 million on an open market basis. 

Economic overview and property market outlook

In the first half of 2009, the Russian economy continued to decelerate with GDP dropping by approximately 11% year-on-year. Declines were experienced in many key indicators including industrial production, retail sales, residential construction and real wages. The gradual Rouble devaluation undertaken in late 2008/early 2009 and the $280bn support package for the Russian financial markets/banks did restore some stability, but structural issues including Russia's oil dependency remain. There is some evidence of a fragile recovery and it is expected that this will be confirmed by a 1.5% rise in GDP in Q3 2009 compared to Q2. Furthermore a forecast debt to GDP ratio of 16% at end 2012 would place Russia at the lowest level amongst G20 nations and leave it potentially well placed to resume positive economic growth.

The commercial property market in Russia has continued to decline in 2009 as evidenced by 94% year on year drop in investment in Q2. Foreign investors have deserted Russia attracted by lower risk, higher yields now available in many Western European markets. In H1 2009 foreign investment in the Russian commercial property market dropped to 4% of total, down from 72% in 2008. Within Russia itself there is also a noticeable shift way from regional investment markets to the more mature markets of Moscow and St Petersburg. In the St Petersburg office market where the Company is active, there has been a marked increase in vacancy rates which is currently 31% in the Class A segment compared to 18% in Class B. Although there was positive absorption for Class A and Class B space combined in Q2 2009, rental rates remain under pressure and have now declined some 40% from 2007 levels.

After 7/8 years of consistent economic growth, the Baltics are now in the midst of a very deep recession which started in 2008. The recession was exacerbated by the international financial crisis but stemmed initially from the closing off of foreign credit and steep declines in domestic spending and consumption. The most extreme correction in the Baltics has been in Latvia which saw both the nationalisation of the largest domestically owned bank, Parex Bank, and a EUR7.5 bn IMF lead bailout. Latvia's economy is currently expected to decline by a massive 17% in 2009 compared to 13% in Estonia and meaningful recovery cannot be predicted with any confidence.

Unsurprisingly against this backdrop, the Baltic property markets have been in virtual freefall. Prime yields have gapped out by 60-70% from 2007 levels and are now estimated at 10%+. Rents too have fallen dramatically, with for example, Class A rents dropping by 22% in Riga and by 18% in Tallinn in 2008 and by a further circa 25%  and 22 % respectively in 2009 to date. At these rental and capitalisation levels there is no commercial justification for commencing any new construction. Land prices too have been decimated as credit and buyers disappeared and falls of 70-80% in land values have been seen in the region.

Metro Capital Management AS                                                                                                      Metro Frontier Limited

30 September 2009
      
Consolidated Income Statement
For the six months ended 30 June 2009
 
    
                                 Note  Unaudited30 June 2009  Unaudited30 June
                                                       Group              2008
                                                     EUR'000             Group
                                                                       EUR'000
                                                                              
 Gross rental income                                     409               319
 Service charge expense                                (358)             (260)
                                                     _______           _______
 Net Rental and related income                            51                59
                                                                              
 Changes in value of investment                      (4,737)           (3,482)
 property
 Administrative expenses                               (381)             (894)
 Net foreign exchange gain                              (20)                98
 (loss)
                                                     _______           _______
 Net operating loss before                           (5,087)           (4,219)
 financing income
                                                                              
 Financial income                                      (637)              (72)
                                                     _______           _______
 Loss for the period before tax                      (5,724)           (4,291)
                                                                              
 Tax charge                                              445               483
                                                     _______           _______
 Loss for the period                                 (5,279)           (3,808)
                                                                              
 Minority interest in the loss                           464               254
 for the period
                                                     _______           _______
 Loss attributable to ordinary                       (4,815)           (3,554)
 shareholders 
                                                      ======            ======
                                                                              
                                                                              
 Basic loss per share (cents)       3                 (18.4)            (13.6)
                                                                              
 Diluted loss per share (cents)     3                 (18.4)            (13.6)
                                                                              
 
 
 
 
 
 
Consolidated Statement of Changes in Equity
For the 6 months ended 30 June 2009
 
    
                                        Share Capital         Distributable  Revaluation Reserve      Retained Earnings     Minority Interest   Total 
                                              EUR'000               Reserve               EUR'000               EUR'000               EUR'000  EUR'000
                                                                   EUR'000 
 As at 1 January 2008                             262                36,186                 2,388                 6,288                   193   45,317
                                                                                                                                                      
 Revaluation of Land &                                                                       (57)                                                 (57)
 Buildings
 Loss for the period                                                                                            (3,554)                 (254)  (3,808)
 Foreign exchange gains or                                                                                        (168)                          (168)
 losses
                                               ______             _________             _________               _______               _______   ______
 As at 30 June 2008 Unaudited                     262                36,186                 2,331                 2,566                  (61)   41,284
                                                                                                                                                      
                                                                                                                                                      
 As at 1 January 2009                             262                36,186                     -              (18,436)               (2,363)   15,649
                                                                                                                                                      
 Minority loan converted to                                                                                                             1,600    1,600
 equity in subsidiaries
 Loss for the period                                                                                            (4,815)                 (464)  (5,279)
                                               ______              ________              ________               _______               _______  _______
 As at 30 June 2009 Unaudited                     262                36,186                     -              (23,251)               (1,227)   11,970
                                                                                                                                                      
                                                                                                                                                      
                                                                                                                                                      
                                                                                                                                                      
                                                                                                                                                      
 
 
Consolidated Balance Sheet
For the six months ended 30 June 2009
 
    
                              Note      Unaudited30 June  Unaudited30 June 2008
                                                    2009                  Group
                                                   Group                EUR'000
                                                 EUR'000
                                                                               
                                                                               
                                                                               
 ASSETS                                                                        
                                                                               
 Non current assets                                                            
 Land & investment property                       39,132                 64,760
 Other Assets                                         10                      4
                                                  ______                 ______
                                                  39,142                 64,764
                                                                               
 CURRENT ASSETS                                                                
                                                                               
 Other current assets                                146                     16
 Trade and other receivables                         547                    669
 Cash and cash equivalents                         1,078                  3,613
                                                 _______                _______
                                                   1,771                  4,298
                                                 _______                _______
 TOTAL ASSETS                                     40,913                 69,062
                                                  ======                 ======
                                                                               
                                                                               

Consolidated Balance Sheet
For the six months ended 30 June 2009
 
    
                                 Note      Unaudited30 June  Unaudited30 June 2008 Group
                                         2009 Group EUR'000                      EUR'000
 EQUITY                                                                                 
 Issued capital                                         262                          262
 Distributed reserves                                36,186                       36,186
 Revaluation reserve                                      -                        2,331
 Retained earnings                                 (23,251)                        2,566
                                                    _______                      _______
 Total equity attributable to                        13,197                       41,345
 ordinary shareholders
 Minority Interest                                    1,227                           61
                                                    _______                      _______
 TOTAL EQUITY                                        11,970                       41,284
                                                                                        
 LIABILITIES                                                                            
 Non-current liabilities                                                                
 Bank loans                                          13,142                        9,845
 Other loans                                          3,470                        3,255
 Deferred tax liabilities                             3,749                        8,207
                                                    _______                      _______
 Total Non Current Liabilities                       20,361                       21,307
                                                                                        
 CURRENT LIABILITIES                                                                    
 Trade and other payables                             1,926                        2,691
 Bank Loans                                           6,656                        3,780
                                                    _______                      _______
 Total Current Liabilities                            8,582                        6,471
                                                                                        
 TOTAL LIABILITIES                                   28,943                       27,778
                                                    _______                      _______
 TOTAL EQUITY AND LIABILITIES                        40,913                       69,062
                                                     ======                       ======
                                                                                        
                                                                                        
 Net asset value per ordinary       4                  50.4                        157.8
 share - basic (cents)
 Net asset value per ordinary       4                  50.4                        157.8
 share - diluted (cents)
            
Consolidated Cash Flow Statement
For the six months ended 30 June 2009
 
    
                                 Note      Unaudited30 June  Unaudited30 June 2008
                                                       2009                  Group
                                                      Group                EUR'000
                                                    EUR'000
                                                                                  
 Cash flows from operating                                                        
 activities
                                                                                  
 Cash generated from operations     5                    77                  (166)
                                                    _______                _______
 Net cash generated from                                 77                  (166)
 operating activities
                                                                                  
 Cash flows from investing                                                        
 activities
                                                                                  
 Capital Expenditure on                             (2,666)                (2,699)
 Investment Property
 Acquisition of Investment                             (38)                  (561)
 Property
 Interest received                                       10                     88
                                                    _______                _______
 Net cash generated from                            (2,694)                (3,172)
 investing activities
                                                                                  
 Cash flows from financing                                                        
 activities
                                                                                  
 Interest paid                                        (392)                  (623)
 Repayments of borrowings                                 -                  (720)
 Bank borrowing                                       2,644                  4,914
 Other borrowing                                        511                      1
                                                    _______                _______
 Net cash generated from                              2,763                  3,572
 financing activities
                                                    _______                _______
 Net (decrease)/increase in                             146                    234
 cash and cash equivalents
                                                                                  
 Cash and cash equivalents at                           967                  3,411
 the beginning of the period
 Exchange gains/(losses) on                            (35)                   (32)
 cash and cash equivalents
                                                    _______                _______
 Cash and cash equivalents at                         1,078                  3,613
 the end of the period
                                                     ======                 ======
 

Notes to the consolidated financial statements

For the period ended 30 June 2009

1.          General Information

Metro Baltic Horizon plc (The "Company") is a company incorporated and domiciled in the Isle of Man on 18 September 2006 for the purposes of investing in and developing property in the Baltic States and in the St. Petersburg area of Russia.

The interim report of the Company for the period to 30 June 2009 comprises the Company and its subsidiaries (together referred to as the "Group")

The Company's registered address is IOMA House, Hope Street, Douglas, Isle of Man.

The Company was admitted to the AIM of the London Stock Exchange and commenced operations on the 11 December 2006.

The functional currency of the consolidated financial statements is the Euro and consequently the Company is reporting in Euro.

2.         Basis of preparation
            

The Interim Financial Statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

The Interim Financial Statements do not include all the information and disclosures required in Annual Financial Statements, and should be read in conjunction with the Group's Annual Financial Statements for the year ended 31 December 2008. 

Significant accounting policies

The same accounting policies, presentation and methods of computation are followed in these Condensed Financial Statements as those followed in the preparation of the Group's Annual Financial Statements for the year ended 31 December 2008.

3.         Earnings per share

                Basic earnings per share

The calculation of basic earnings per share at 30 June 2009 was based on the loss attributable to shareholders of EUR (4,815) k and a weighted average number of ordinary shares outstanding during the period ended 30 June 2009 of 26,200,270.

      
                                                     Unaudited       Unaudited
                                                       30 June         30 June
                                                          2009            2008
                                                         Group           Group
                                                       EUR'000         EUR'000
                                                                              
 Basic earnings per share                                                     
                                                                              
 Profit attributable to ordinary shareholders          (4,815)         (3,553)
                                                                              
 Weighted average number of ordinary shares in      26,200,270      26,200,270
 issue during the period
                                                                              
 Basic earnings per share (expressed as cents           (18.4)          (13.6)
 per share)
                                                                              
                                                                              
  Diluted earnings per share
                                                                              
 Weighted average number of ordinary shares in issue    26,200,270  26,200,270
 during the period
 Adjustments required to weighted average number of                           
 Ordinary shares                                                 -           -
                                                         _________   _________
 Diluted weighted average number of ordinary shares     26,200,270  26,200,270
 Diluted earnings per share (expressed as cents per         (18.4)      (13.6)
 share)
  

4. Net Asset Value per share
    
                                                       Unaudited    30 June           Unaudited30
                                                           2009    Group     June2008GroupEUR'000
                                                                    EUR'000
  
 Net Asset Value attributable to ordinary                           13,195                 41,346
 shareholders       
  
 Deferred tax                                                         3,749                 8,207
                                                                     ______                ______
                                                                                                 
 Net Asset Value excluding deferred tax                             16,944                 49,554
                                                                     =====                  =====
                                                                                                 
 Net Asset Value per share (cents per share)                         50.4                   157.8
                                                                                                 
 Diluted Net Asset Value per share (cents per share)                  50.4                  157.8
      
                                                                                                 
 Net Asset Value excluding deferred tax (cents per                    64.7                  189.1
 share)       
        

5. Notes to the cash flow statement

            
                                        Unaudited30 June2009  Unaudited30 June
                                                       Group         2008Group
                                                     EUR'000           EUR'000
 Cash generated from operations
                                                                              
 Operating profit for the period                     (5,085)           (4,202)
 Adjustment for:                                            
                                                                              
 Changes in Creditors                                    129               710
 Changes in Debtors                                      317             (158)
 Revaluation of Land and Buildings                     4,716             3,482
 Depreciation                                             _                  2
                                                      ______            ______
 Cash flow from operations                                77             (166)
                                                       =====             =====

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

RNS Number : 1979Y Metro Baltic Horizons PLC 28 August 2009

METRO BALTIC HORIZONS PLC

Result of Annual General Meeting

Metro Baltic Horizons Plc are pleased to announce that at its AGM held on 28 August 2009 all resolutions proposed were passed.

--ENDS--

Further information, please contact:

Cynthia Edwards Tel: +44 (0) 1624 681381

IOMA Fund & Investment Management Ltd

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

RAGSEAFSASUSEIA

RNS Number : 1176W Metro Baltic Horizons PLC 22 July 2009

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying
issuer of existing shares to which voting rights METRO BALTIC
are attached: HORIZONS PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):

3. Full name of person(s) subject to the O?MCM Holding

notification obligation:

4. Full name of shareholder(s) (if different from Euroclear Nominees Limited 3.):

5. Date of the transaction and date on which the 10 July 2009

threshold is crossed or reached:

6. Date on which issuer notified: 22 July 2009
7. Threshold(s) that is/are crossed or reached: 3%, 4%, 5%

8. Notified details: A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting
of of of shares rights rights
Shares Voting
Rights
Direct Direct Indirect Direct Indirect
EUR 0.01 1,377,943 1,377,943 0 5.26% 0
IM00B1G4ZQ34 704,859 704,859

B: Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
Nominal Delta

Total (A+B+C)

Number of voting rights Percentage of voting rights
1,377,943 5.26%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name: Mart Habakuk

15. Contact telephone number: +372 6191830

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

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