- ATLANTIC 1 FUND
- unit value Euro 539.482
- 49.61% increase in unit value since the start date of operations (1 June 2006) to 31 December 2012
- distribution of gross earnings of Euro 12.00 per unit was resolved, and a partial repayment pro quota of Euro 3.28, with coupon detachment on 4 March 2013 and payment on 7 March 2013
- Possibility of taking advantage of a grace period assessed
Rome, 14 February 2013 – The Board of Directors of IDeA FIMIT sgr, today approved the Management Report of the Atlantic 1 Fund at 31 December 2012.
The total net asset value (NAV) of the Atlantic 1 Fund, net of profit and partial pro quota refunds distributed in 2012, fell from Euro 296,803,263 at 31 December 2011 to Euro 281,350,818 at 31 December 2012.
The unit value fell from Euro 569.112 at 31 December 2011 to Euro 539.482 at 31 December 2012, representing a decrease of 5.2%. From the contribution date, 1 June 2006 (Euro 500.000), to 31 December 2012 the unit value, taking into account the profit (equal to Euro 160.75) and the refunds (Euro 34.33) carried out up to 31 December 2012, has increased by 46.91%.
The Internal Revenue Rate, calculated on the initial value of the Fund, the outgoing cash flows and the NAV at 31 December 2012, is 7.01%.
With regard to profit, the Fund will distribute a total amount of Euro 6,258,240, corresponding to Euro 12.00 for each of the 521,520 units in circulation and it will refund Euro 3.28 gross for every unit, equal to a total amount of Euro 1,710,586.
All together the profit which was distributed for the financial year 2012, equal to Euro 21.25 per unit, corresponds to a return of 12.10%, with respect to the market value at 28 December 2012 (Euro 175.60).
The result for the period was a loss of Euro 7,113,340, mainly due to the effect of capital losses from valuation.
The coupon will be detached on 4 March 2013 with payment on 7 March 2013.
At the time this Management Report is approved, the SGR will also make a partial pro-quota refund of Euro 3.28, with coupon detachment and payment on the same dates as those for the distribution of profit.
As far as the assets are concerned, real estate assets amount to Euro 631,770,000 and cash to Euro 12,824,662, while other assets total Euro 12,852,748, of which the most significant item is receivables from tenants for Euro 11,496,051.
Liabilities, totalling Euro 376,096,592, are mainly represented by mortgages equal to Euro 355,596,609.
At 31 December 2012, the financial lever used by the Fund is equal to 57.67% of the market value of the real estate assets at the same date. It is to be noted that this percentage is below the maximum level permitted by current legislation (60% of the value of properties, property rights and equity investments in property companies, plus a further 20% of the value of other assets).
At 31 December 2012, the real estate portfolio of the Atlantic 1 Fund is almost entirely let, with an occupation rate of 98.6%.
Lastly, taking into account the present situation of the real estate and credit market and the economic outlook, the Company believes that it will be difficult to reach the target of completing the disposal process for the Fund's assets by 31 December 2013, the expiry date of the Fund itself.
In 2013, therefore, the Company intends to continue management and disposal of assets, although it will consider taking advantage of, in the interests of the participants, the Grace Period contemplated by articles 2 and 26 of the Fund Management Regulations; should this be decided, the market will be informed immediately.
For further information and details, please consult the Management Report at 31 December 2012, available at the head offices of IDeA FIMIT sgr, Borsa Italiana S.p.A. and the custodian bank State Street Bank S.p.A., while it is also published in full at the websites www.ideafimit.it and www.fondoatlantic1.it.
Press release issued under the terms of Arts 102 ff. of CONSOB Ruling No.11971/99.