On 13 September 2011, GAP Developments plc published their 2011 Half-year results revealing a loss for the period of €688,562. Total revenue amounted to €3.2 million but this was offset by cost of sales amounting to €3.6 million and administrative expenses totalling €696,693. The Directors explained that during the first half of 2011, the Company continued to market the project aggressively both locally and abroad which resulted in some sales at prices around the targeted range.
During the first six months of 2011, the South Block of Fort Cambridge was completed whilst the blocks East 1 and 2 were fully constructed and in an advanced stage of finishing. Construction of blocks East 3,4 and 5 and the West blocks is currently between the 12th and 17th floor. From the total of 340 apartments, as at 30 June 2011, 62 units were completed and 220 units were in shell form. The Directors confirmed that all construction works are expected to be completed by the end of 2011.
The 2011 Interim Report also confirms the fresh injection by shareholders announced in the 2010 Annual Report. Shareholders injected a further €7.3 million into the Company by way of shareholders’ loans thereby raising the total of such loans to €18.5 million. On the other hand, during the period under review, GAP Developments plc bought back and subsequently cancelled a total of €716,045 (nominal) of its outstanding 7% bonds.
The total net debt of GAP Developments plc as at 30 June 2011 increased to €90.5 million following the additional loans provided by shareholders. Compared to equity of €7.9 million, the Company’s gearing ratio increased from 9.87 times as at 31 December 2010 to 11.4 times as at 30 June 2011.
Download a copy of the 2011 GAP Developments plc Interim Report