- ATLANTIC 2 – BERENICE FUND
- unit value Euro 376.486
- 79.35% increase in unit value from starting date of operations (14 July 2005) to 31 December 2012
- partial reimbursement of Euro 16.50 per unit resolved, with coupon detachment on 18 February 2013 and payment on 21 February 2013
Rome, 30 January 2013 – The Board of Directors of IDeA FIMIT sgr, today approved the Management Report of the Atlantic 2 -Berenice Fund at 31 December 2012.
The total Net Asset Value (NAV) of the Atlantic 2 – Berenice Fund fell from Euro 242,369,608 at 31 December 2011 to Euro 225,892,506 at 31 December 2012.
The value of each investment unit of the Fund went down from Euro 403.947 at 31 December 2011 to Euro 376.486 at 31 December 2012, representing a decrease of 6.8%.
From the contribution date, 14 July 2005, to the date of this Management Report, the Fund's NAV decreased from Euro 300,001,500 to Euro 225,892,506 (Euro 242,369,608 at 31 December 2011). The unit value fell from Euro 500.000 to Euro 376.486 (Euro 403.947 at 31 December 2011) with a percentage decrease of 24.70% (6.8% compared to 31 December 2011); considering the distributions of profit issued until 31 December 2012, for a total of Euro 343.09 per unit, representing 68.61% of the initial unit value (Euro 500), and the partial refunds totalling Euro 177.17 per unit (35.43% of the initial value), the increase in value since the contribution date is equal to 79.35% (80.21% at 31 December 2011).
The Internal Rate of Return, calculated on the basis of the initial value, of the outgoing cash flows (earnings distributed and partial pro-quota refunds made) and of the amount of the NAV at 31 December 2012, is 12.50%.
The result for the period is a loss of Euro 2,581,033, mainly due to the effect of capital losses from valuation.
The profit available for distribution at 31 December 2012 is equal to Euro 22,627,728.52, but in consideration of the sluggish trend of the Italian real estate market, it was decided prudentially to maintain enough available cash in the Fund for the loan payment falling due on 31 December 2013, equal to Euro 53,136,499.13. In consideration of the above, the Board of Directors considered it opportune to keep enough cash in the Fund to pay the forthcoming commitments and, in respect of the provisions of the Fund Management Regulations, it resolved not to distribute any of its profit and to provide for the partial refund of Euro 16.50 gross for each of the 600,003 units, amounting to a total of Euro 9,900,049.50.
The partial pro quota refund will take place with coupon detachment on 18 February 2013 and payment on 21 February 2013, according to the calender prescribed by the regulations of Borsa Italiana S.p.A.
As far as the assets are concerned, real estate assets amount to Euro 396,650,000 and cash to Euro 63,127,239, while other assets total Euro 8,942,783, of which the most significant item is receivables from tenants for Euro 6,740,379.
Liabilities, which total Euro 242,827,516, consist of Euro 231,111,952 for loans received and other liabilities amounting to Euro 11,715,564.
At 31 December 2012, the financial lever used by the Fund is equal to 58.27% of the market value of the real estate assets at the same date.
At 31 December 2012, the total gross surface of the properties in the portfolio amounts to 291,745 sq.m, of which 210,609 sq.m are rented. Therefore, 72.19% of the Fund's total real estate assets produce income.
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., the custodian bank State Street Bank S.p.A. and published in full at the websites www.ideafimit.it and www.fondoatlantic2-berenice.it.
Press release issued under the terms of Art. 102 and subsequent of CONSOB Ruling 11971/99.