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Oak Fund Services (Guernsey) Limited
Attn: Mark Woodall
Tel: +44 1481 723450
Eurocastle Releases First Quarter 2020 Interim Management Statement and
Announces Annual General Meeting on 17 June 2020
Guernsey, 15 May 2020 - Eurocastle Investment Limited (euronext amsterdam:ECT) today has released its interim management statement for the quarter ended 31 March 2020.
Q1 2020 BUSINESS HIGHLIGHTS
Adjusted Net Asset Value ("NAV")1 of EUR12.5 million, or EUR6.78 per share2, down EUR1.54 per share vs. EUR8.32 per share at 31 December 2019 due to:
- Valuation declines reflecting the estimated potential impact of COVID-19: - EUR1.62 per share decrease (21%) in the valuation of the remaining three real estate fund investments.
- EUR0.08 per share decrease (13%) in the valuation of the remaining three NPL and other loan interests.
- Positive reserve movements of EUR0.16 per share.
FY 2019 Q1 CASH Movement Q1 FV Movement Q1 2020 EUR million EUR per share EUR million EUR per share EUR million EUR per share EUR million EUR per share Real Estate Funds 13.9 7.52 (1.1) (0.58) (3.0) (1.62) 9.9 5.32 Italian NPLs & Other Loans 1.2 0.67 (0.0) (0.03) (0.2) (0.08) 1.0 0.56 Net Corporate Cash3 0.2 0.13 1.1 0.61 0.3 0.16 1.6 0.90 Adjusted NAV 15.4 8.32 - - (2.9) (1.54) 12.5 6.78
CASH & MARKET OUTLOOK
- The Company received EUR1.1 million from its investments in the quarter, the majority of which related to Real Estate Fund Investment I. The Directors have elected to retain these cash proceeds in the Company until there is greater certainty regarding the full impact of COVID-19 on the Italian economy. - The cash received in the quarter, along with the cash set aside for reserves, leaves the Company well-capitalised and in a strong position to weather the uncertainty that COVID-19 has created.