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Treveria : TRV – annual report

Treveria has published its results for 2013. Excluding deferred tax, the net asset value of Treveria fell from €0.232 to €0.080 over the year to the end of December 2013. Part of this fall is accounted for by distributions made to shareholders of 3.25 cents and 1.25 cents in March and November 2013. The bulk of the fall though relates to the deconsolidation of Silos D, F &K. The silos are special purpose vehicles set up to hold properties, each has its own borrowing arrangements. Silo D is now subject to an orderly disposal arrangement. Teveria gets 1.8% of cash proceeds and still holds the equity in the portfolio so presumably gets any surplus after the debt is repaid. Silos F&K are subject to a restructuring agreement reached with Hypothekenbank Frankfurt. Here the cash proceeds share is 1%.

These accounts are very out of date but, helpfully, Treveria has disclosed that it had €15.4m of unrestricted cash at 31 May 2014.

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