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«Grosvenor, the privately-owned international property group, reported improved results and an even stronger balance sheet in 2009, despite the difficult conditions in the property market. Total return was -2.8% compared with -4.1% the previous year and Grosvenor had cash and undrawn committed bank facilities of £964m at the year end, up from £523m in 2008.
The Group reported revenue profit of £62.2m compared with a loss of £76.7m the previous year. Revenue profit includes rental income and profits from trading and development activities but not investment property revaluation gains and losses which are included in the pretax loss figures. The pretax results showed a reduced loss of £235.8m compared with £593.9m in 2008.
Mark Preston, Group Chief Executive, said:
“Our improved results in 2009, coupled with action taken to grow our financial capacity, puts us in a good position to take advantage of opportunities and to withstand further economic shocks should they occur.”
“Strategic priorities for the future are to invest more in Asia; reinvest in our core London holdings; and work with the growing pool of international capital seeking a home in property via our fund management business.”
“We do not expect 2010 to be an easy year but our business is in good shape, we are confident about the future and are re-investing in our selected markets when we consider it justified.”
Currency movements had a negative impact on values in 2009. This, together with weaknesses in some international property markets, resulted in a 10.4% fall in net asset value from £2.84bn to £2.54bn. Shareholders’ equity of £2.4bn was down from £2.6bn in 2008 returning to broadly the same level as in 2006. The value of total assets, including those managed on behalf of third party investors, fell by 18% from £12.4bn to £10.2bn». (CS della Società)
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