Minerva plc
Preliminary results presentation
For the year ended 30 June 2009
Programme
   g
              Salmaan Hasan
              Chief Executive             1
Tim Garnham
                       ...
Introduction and strategy
                       gy

 1
Salmaan Hasan
Chief Executive




                            2
Our strategy for delivering future value

 Extend/restructure funding arrangements
 E t d/ t t         f di              t...
Our strategy for delivering future value

 Extend/restructure funding arrangements
 •   Successfully concluded bank discus...
Our strategy for delivering future value

 Further sales of high-end residential properties
                  high end
 • ...
Financial review

  2
Ivan Ezekiel
Finance Director




                   6
Income statement
Year ended 30 June 2009
                                                                                 ...
Balance sheet summary
                    y
At 30 June 2009
                                                              ...
Reconciliation of total shareholders’ equity
                                       q y
At 30 June 2009

                 ...
Property portfolio
At 30 June 2009
                                                                                       ...
Successful refinancings
                     g
Refinanced, extended or restructured loan facilities in excess of £750 mill...
Debt overview
At 30 June 2009
                                                30 June 2009   30 June 2008
Group borrowings...
Development finance
        p
    Financings in place

    The Walbrook,
        Walbrook                          St Boto...
Site finance
 Financings in place


 Ram Brewery,                                                 Odeon Kensington,       ...
Other facilities
 Financings in place


 Wigmore Street,                             Bishopbriggs,                        ...
Debt maturity
             y
 At 30 June 2009



                 55
% of
borrowings 50                                   ...
Financing summary
        g       y
Loan refinancings and extensions put in place
No scheduled loan maturities in financia...
Development review
      p

 3
Tim Garnham
Group Development Director




                             18
Development review
      p




                     The Croydon Estate




                                          19
City assets
   y




    St Botolphs



                  The Walbrook   20
City assets
   y
City of London: Market overview

Worst of the downturn is now over with Quarter 1 2009 appearing to mark ...
City assets
City Schemes with over 200 000 sq ft available to let
                       200,000

               1,500,000...
City assets
City Vacancy Rate - 1989 to 2013

      20

      18

      16

      14

      12

  %   10

       8

      ...
City assets
   y
The Walbrook, London EC4
445,000 sq.ft. of lettable space
   Offices – 410,000 sq.ft.
   Retail – 35,000 ...
City assets
   y
St Botolphs, London EC3
560,000 sq.ft. of lettable space
84,000 sq.ft. pre-let to Lockton International a...
High-end residential assets
  g




     Lancaster Gate




                      Odeon Kensington
                       ...
High-end residential assets
  g
London market overview

The ultra prime residential market has shown more resilience to th...
High-end residential assets
  g
Lancaster Gate, London W2

Acquired th f
A   i d the former Thi tl Hotel in July 2006
    ...
High-end residential assets
  g
Odeon Kensington, London W8

Minerva acquired the cinema in 2005
Site area – 0.86 acres
Pl...
Mixed-use assets




   Ram Brewery     The Croydon Estate   30
Mixed-use assets
Ram Brewery, London SW18
The Ram Brewery site was acquired:
      In August 2006, Buckhold Road and Ram B...
Mixed-use assets
 The Croydon Estate, Croydon

The planning consent for the Park Place development
project lapsed earlier ...
Summary and outlook
      y

 4
Salmaan Hasan
Chief Executive




                      33
Summary
Sound funding platform put in place
High quality property portfolio, located in London
Good progress on all develo...
Appendix
 pp




           35
Appendix
The Walbrook
The Walbrook is a high quality new office headquarters building in the heart of
The City of London. ...
Appendix
St Botolphs

The St Botolphs project originally consisted of two buildings, St
Botolphs House and Ambassador Hous...
Appendix
Lancaster Gate

The purchase of 75-89 Lancaster Gate, London W2 for £67.2 million was
made in July 2006
         ...
Appendix
Ram Brewery

The original development comprises three individual sites: The
Ram Brewery, Capital Studios and 20-3...
Appendix
The Croydon Estate

Minerva’s Croydon Estate comprises approximately 6.1               Minerva is currently conce...
Important notice
  p
This presentation may contain certain “forward-looking” statements. By their nature,
forward looking
...
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Q3 2009 Earning Report of Minerva plc

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Q3 2009 Earning Report of Minerva plc

  1. 1. Minerva plc Preliminary results presentation For the year ended 30 June 2009
  2. 2. Programme g Salmaan Hasan Chief Executive 1 Tim Garnham Introduction Group and strategy Development Director Ivan Ezekiel 2 Finance Director Financial review 3 Development review 4 Summary and outlook 1
  3. 3. Introduction and strategy gy 1 Salmaan Hasan Chief Executive 2
  4. 4. Our strategy for delivering future value Extend/restructure funding arrangements E t d/ t t f di t Complete our key developments on time and on budget Lease office developments - on the ‘right’ terms right Further sales of high-end residential properties Selective disposals of non core assets non-core Obtain planning permission for sites in development pipeline 3
  5. 5. Our strategy for delivering future value Extend/restructure funding arrangements • Successfully concluded bank discussions • Strengthened financial platform in place • Key financial covenants deferred or removed • No scheduled loan maturities in current or next financial year Complete our key developments on time and on budget • Development finance in place for the delivery of The Walbrook, St Botolphs and Lancaster Gate • Developments are on ti D l t time and on b d t d budget Lease office developments - on the ‘right’ terms • Pre-leasing to Lockton s g ed a S Botolphs e eas g o oc o signed at St o o p s • Discussions with potential tenants continue • Funding in place allows Group to negotiate ‘right’ terms 4
  6. 6. Our strategy for delivering future value Further sales of high-end residential properties high end • Lancaster Gate scheme partially de-risked through pre-sales • Achieve further sales Selective disposals of non-core assets • Selective disposals being considered Obtain planning permission for sites in development pipeline de elopment • Preparing for inquiry at Ram Brewery • Enhanced planning sought for Lancaster Gate 5
  7. 7. Financial review 2 Ivan Ezekiel Finance Director 6
  8. 8. Income statement Year ended 30 June 2009 Year ended 30 June 30 June 2009 2008 £m £m Net property income 5.2. 6.8. Net finance costs* (3.1) (8.7) Administrative expenses (6.9) (8.2) Other income 0.3. 1.6. (4.5) (8.5) Loss on sale of investment properties (0.1) (0 1) -. Movement on revaluation of investment property (281.9) (256.4) Impairment of owner occupied property (2.7) -. Share of joint venture results -. (4.3) (4 3) Loss before tax (289.2) (269.2) Deferred tax credit 2.2. 37.3. Loss for the year (287.0) (231.9) ∗ After adjusting for capitalised finance costs of £32.2 million (2008: £22.4 million) 7
  9. 9. Balance sheet summary y At 30 June 2009 30 June 30 June 2009 2008 £m £m Investment properties 502.4. 589.7. Trading properties 181.6. 181 6 133.8. 133 8 Cash 82.3. 117.4. Borrowings (720.9) (526.7) Derivative financial instruments (53.6) 12.7. Deferred consideration on Ram Brewery site acquisitions (10.1) (12.4) Other net creditors, including development accruals (28.1) (12.0) Total shareholders’ (deficit)/equity (46.4) 302.5. Basic net (liability)/asset value per share (28.8)p 187.7p Diluted EPRA net asset value per share * 47.1p 239.8p ∗ Diluted EPRA net asset value, in accordance with the definition set out by EPRA, incorporates the valuation of the total property portfolio of the Group, including trading properties, before taxation and adds back the post-tax fair value on derivative financial instruments. 8
  10. 10. Reconciliation of total shareholders’ equity q y At 30 June 2009 Pence £m £ per share At 30 June 2008 - Basic 302.5. 187.7. Valuation movement - investment and owner occupied p p y p property ( (284.6) ) ( (176.6) ) Valuation movement - derivative financial instruments† (61.6) (38.2) Other movements (2.7) (1.7) At 30 June 2009 - Basic (46.4) (46 4) (28.8) (28 8) Group’s estimated pre-tax share of trading properties revaluation surplus 69.2. 42.9. Fair value deficit of derivative financial instruments* 53.2. 33.0. At 30 June 2009 – Diluted EPRA 76.0. 47.1. † The movement in valuation of derivative financial instruments through both the income statement and reserves, after adjusting for related tax and minority interest. ∗ Net of tax and minority interest. 9
  11. 11. Property portfolio At 30 June 2009 Revaluation Valuation Movement 30 June 2009 Movement Investment properties £m £m %† The Walbrook, London Th W lb k L d EC4 (113.5) (113 ) 126.5 126 St Botolphs, London EC3 (74.1) 117.3 Croydon Estate, London Borough of Croydon (37.4) 63.3 Ram Brewery, London SW18● (23.0) 95.0 Westerhill Road, Glasgow (10.8) 53.9 42-48 Wigmore Street, London W1* (15.1) 27.8 Others Oth # (8.0) (8 0) 31.0 31 0 (281.9) 514.8 (35.4) Trading properties Lancaster Gate, London W2 (16.5) 220.9 Odeon Kensington, London W8 (21.2) 71.3 (37.7) 292.2 (11.4) Total (319.6) 807.0 (28.4) † The percentage valuation movement is calculated after adjusting for acquisitions and expenditure in the year. ● Includes Church Row, Wandsworth. * Excludes owner occupied part of property, valued at £6.1m at 30 June 2009 (30 June 2008: £11.5m). CBRE valued complete site with leases in place at £35.5m. # Excludes properties valued at £2.7m which were disposed during the year. 10
  12. 12. Successful refinancings g Refinanced, extended or restructured loan facilities in excess of £750 million This represents a key milestone and provides added security to the Group Revised commercial terms agreed for two development loan facilities financing City of London office developments No scheduled loan maturities in the current or next financial year Key financial loan covenants have been deferred or removed No NW or LTV covenants are due to be tested during the current or next financial year, other than for two loan facilities totalling circa £44 million† LTV = Loan to value NW = Net worth † The covenants are not scheduled to be tested until 2010, but based on the valuation at 30 June 2009 are in compliance. 11
  13. 13. Debt overview At 30 June 2009 30 June 2009 30 June 2008 Group borrowings £m £m Balance b/f B l 526.6 26 6 331.2 331 2 Development drawdowns 215.0 310.6 Loan repayments/reductions (18.8) (109.7) Loan amortisations (1.9) (2.0) Other - (3.5) Balance c/f 720.9 526.6 Net debt Borrowings 720.9 526.6 Cash (82.3) (117.4) Net debt 638.6 409.2 Proportion of property portfolio at valuation Borrowings 89% 59% Net debt 79% 46% 12
  14. 14. Development finance p Financings in place The Walbrook, Walbrook St Botolphs, Botolphs Lancaster Gate Gate, London EC4 London EC3 London W2 £275m facility £295m facility £215m facility Provides development finance Provides development finance Provides development finance PC scheduled for December 2009 Lockton pre-leasing in place Equity previously invested to shell and core specifications repatriated through financing Post-PC interest-covered by cash Post-PC interest-covered by Initial pre-sales achieved for in and available facilities; backed by available facilities; backed by excess of £100m of future additional security additional security revenue Leasing milestones Leasing milestones Milestone deposits received LTV test 24 months after PC LTV and interest cover test in mid- No ongoing LTV 2012 No NWC No NWC No NWC LTV = Loan to value NWC = Net worth covenant 13
  15. 15. Site finance Financings in place Ram Brewery, Odeon Kensington, Croydon Estate, London SW18 London W8 Croydon £83.3m facility £23m facility £44.1m facilities Finances site acquisitions, Financed site acquisition and pre- Two site facilities in place including Church Row development activities Loan extended to August 2011 Loan extended to August 2011 Allders dep’t store facility - £25m – Extended to Dec 2011 – No NWC or ongoing LTV No NWC or ongoing LTV No NWC or ongoing LTV Croydon Plaza facility - £19.125m – Extended to Sept 2012 – NWC* and LTV* LTV = Loan to value NWC = Net worth covenant 14 ∗ The covenants are not scheduled to be tested until 2010, but based on the valuation at 30 June 2009 would be in compliance.
  16. 16. Other facilities Financings in place Wigmore Street, Bishopbriggs, Leinster House City peripherals, London W1 Glasgow Hotel, London W2 London EC4 £24.5m facility £49.2m facility £13m facility £9.4m facility Finances investment Finances investment Finances investment Finances investment Loan extended to January Loan matures in 2025 Loan extended to April 2012 Loan matures in November 2013 2013 No NWC; LTV* No NWC or ongoing LTV No NWC or ongoing LTV No NWC or ongoing LTV LTV = Loan to value NWC = Net worth covenant ∗ The covenant is not scheduled to be tested until 2010, but based on the valuation at 30 June 2009, would be in compliance. 15
  17. 17. Debt maturity y At 30 June 2009 55 % of borrowings 50 At 30 June 2009 45 At 30 June 2009 40 post refinancings* 35 30 25 20 15 10 5 0 Pre June Pre June Pre June Pre June Pre June Post June 2010 2011 2012 2013 2014 2014 * Represents the loan position at 30 June 2009, amended only for the extension amendments agreed since that date. 16
  18. 18. Financing summary g y Loan refinancings and extensions put in place No scheduled loan maturities in financial years 2010 and 2011 Negotiations with banks successfully concluded to defer/remove key financial loan covenants Sufficient facilities in place to complete the developments Majority f f di is hedged M j it of funding i h d d Good relationships with key banks 17
  19. 19. Development review p 3 Tim Garnham Group Development Director 18
  20. 20. Development review p The Croydon Estate 19
  21. 21. City assets y St Botolphs The Walbrook 20
  22. 22. City assets y City of London: Market overview Worst of the downturn is now over with Quarter 1 2009 appearing to mark the low point for demand Quarter 2 – 37.5% increase in take-up to just over 1 million sq.ft. Quarter 3 – similar quarter on quarter rise expected thanks to deals at Watermark Place (495,000 sq.ft. – Nomura) and Trinity Tower (186,000 sq.ft. – News International) The Walbrook and St Botolphs are now two of a handful of new available buildings p g capable of meeting tenant requirements greater than 200,000 sq.ft. in the City market until end of 2011 Lack of new supply go g forward ac o e supp y going o a d Commentators are predicting that rental levels and rent free periods are stabilising with forecasts for rental growth starting within the next 12 months Source: Knight Frank 21
  23. 23. City assets City Schemes with over 200 000 sq ft available to let 200,000 1,500,000 Drapers 1,250,000 Gardens ble Sq availab 1,000,000 The Walbrook q.ft. 750,000 , Cannon Ropemaker One Place 500,000 New Change 250,000 200 Heron St Botolphs The Shard Aldersgate Tower 0 2009 2010 2011 2012 Source: Knight Frank 22
  24. 24. City assets City Vacancy Rate - 1989 to 2013 20 18 16 14 12 % 10 8 6 4 2 0 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 Source: Knight Frank 23
  25. 25. City assets y The Walbrook, London EC4 445,000 sq.ft. of lettable space Offices – 410,000 sq.ft. Retail – 35,000 sq.ft. Cladding installation almost complete Major mechanical and electrical plant installed and undergoing commissioning Practical completion December 2009 – on programme and within budget Good tenant interest 24
  26. 26. City assets y St Botolphs, London EC3 560,000 sq.ft. of lettable space 84,000 sq.ft. pre-let to Lockton International at £45.00 per sq.ft. Cladding underway Improving tenant interest Construction on programme for Practical Completion Summer 2010 25
  27. 27. High-end residential assets g Lancaster Gate Odeon Kensington 26
  28. 28. High-end residential assets g London market overview The ultra prime residential market has shown more resilience to the downturn ultra-prime than other sectors through lack of supply, although it has been impacted by the economic downturn With reduced stock levels agents are reporting serious interest in certain properties at early 2007 levels, with an uplift in transaction levels having been witnessed recently The Th continued weakness in sterling makes UK property very good value t ti d k i t li k t d l to overseas investors. The impact of this will depend on how long exchange rates remain at existing levels, the availability of funding and general confidence Despite economic conditions, a good level of interest continues for the apartments we are developing although at the current time we are not actively marketing Source: Savills 27
  29. 29. High-end residential assets g Lancaster Gate, London W2 Acquired th f A i d the former Thi tl Hotel in July 2006 Thistle H t l i J l Planning consent was granted in July 2007 for 181,000 sq.ft. of residential accommodation. This permission was subsequently altered to p q y provide 74 p private apartments and p 11 affordable residential units The scheme faces south over Hyde Park and offers significant value compared to other areas surrounding the park Construction commenced in Autumn 2007, with the first phase of completion due December 2010 Solid demand f th apartments with significant potential S lid d d for the t t ith i ifi t t ti l for price growth Contracts exchanged for the sale of 27% of the scheme for in excess of £100 million of future revenue 28
  30. 30. High-end residential assets g Odeon Kensington, London W8 Minerva acquired the cinema in 2005 Site area – 0.86 acres Planning consent granted for: circa 100,000 sq.ft. of private residential accommodation; - 35 apartments - 5 town houses a basement car park a multi-screen cinema affordable housing to be provided off-site Currently being held pending marketing for sale 29
  31. 31. Mixed-use assets Ram Brewery The Croydon Estate 30
  32. 32. Mixed-use assets Ram Brewery, London SW18 The Ram Brewery site was acquired: In August 2006, Buckhold Road and Ram Brewery sites were acquired, with a combined area of 6.5 acres, for £69 million In June 2007, the Capital Studios site, which lies adjacent to the Ram Brewery, was acquired f £14.5 for £1 million The scheme is for a combined total area in excess of 1 million sq.ft. of accommodation, comprising over 1,000 flats and 200,000 sq.ft. of retail, restaurant and commercial space. The S106 is currently being negotiated A resolution to grant planning consent was granted in December 2008 for a residential led mixed use scheme residential-led mixed-use scheme, using as its signature the existing heritage buildings and two tall buildings of 32 and 42 stories. This decision was called in by the Secretary of State and an inquiry will be held in November this year A number of parties have expressed interest in becoming involved in the scheme through a joint venture route In July 2008 contracts were exchanged for the acquisition 2008, of 1-9 Church Row for £8 million with completion in November 2009 31
  33. 33. Mixed-use assets The Croydon Estate, Croydon The planning consent for the Park Place development project lapsed earlier this year Minerva is currently concentrating on generating income in the short to medium term from existing p p g properties, by , y offering competitive terms Minerva is able to turn its attention to the future development opportunities without the legacy of the original Park Place scheme Croydon Council has launched its new “Imagine Croydon” initiative as part of its drive for the regeneration of the town centre A master plan approach will focus the intensification of development by significantly increasing the commercial and residential fl id ti l floor space i th t in the town centre t Minerva, as one of the major landowners, welcomes the opportunity to review the future of its own sites with Croydon Council 32
  34. 34. Summary and outlook y 4 Salmaan Hasan Chief Executive 33
  35. 35. Summary Sound funding platform put in place High quality property portfolio, located in London Good progress on all developments under construction Focus on leasing properties on ‘right’ terms into a recovering market with limited supply pp y Inherent development pipeline for the future 34
  36. 36. Appendix pp 35
  37. 37. Appendix The Walbrook The Walbrook is a high quality new office headquarters building in the heart of The City of London. Funding has been secured for the redevelopment of this 1.6 acre prime freehold site and Minerva is on track to complete construction of this new landmark building – comprising some 445,000 sq.ft. of office and retail accommodation – in December 2009. Internationally renowned architects Foster & Partners have designed the new building with a principal entrance to the offices set for The Walbrook just south of the Mansion House. The project, which comprises the redevelopment of three existing Minerva properties – St.Swithin’s House, Granite House and Walbrook House – is equidistant from Bank and Cannon Street stations. The scheme will provide some 410,000 sq.ft. of air-conditioned offices p q incorporating trading floors. Retail and restaurant accommodation amounting to 35,000 sq.ft. will be located along the 50 metre Cannon Street frontage directly opposite the main entrance to Cannon Street station. The scheme includes: • 410,000 sq.ft. of offices suitable for major occupier(s) • Prime landmark status • 35,000 sq.ft. of retail and restaurant accommodation directly opposite Cannon Street station • Excellent public transport facilities p p The new building will occupy virtually the entire side of a City street and is one of largest sites in the central City area. 36
  38. 38. Appendix St Botolphs The St Botolphs project originally consisted of two buildings, St Botolphs House and Ambassador House. The scheme stands on an island site of 1.25 acres on the eastern side of the City of London. Two key planning consents were achieved for two office buildings designed by internationally renowned architect g g y y Grimshaw. The first scheme comprised a 14 storey office building of some 560,000 sq.ft. of office and retail accommodation. Subsequently in 2004, a second planning permission was achieved for a landmark tower amounting to some 1 million sq.ft. of office and retail accommodation sq ft accommodation. Following extensive investigation it was concluded by the Group to proceed with the 14 storey building, St Botolphs, which will provide flexible modern accommodation. The new building will offer regular floor plates, generally averaging approximately 37,000 sq.ft. around a central atrium. Finance was agreed for the redevelopment of the site to create a new building subject to a p g j pre-letting of p of the office g part accommodation. The pre-letting was achieved early in 2008 where some 84,000 sq.ft. was pre-let to Lockton International at £45.00 per sq ft with an option for them to lease a further 40,000 sq.ft. Construction of the scheme is well underway with practical completion expected in the Summer of 2010. 37
  39. 39. Appendix Lancaster Gate The purchase of 75-89 Lancaster Gate, London W2 for £67.2 million was made in July 2006 2006. In July 2007, planning consent was achieved for 181,000 sq.ft. of residential accommodation and subsequently altered to create 74 private residential units and 11 affordable residential units. Construction commended in Autumn 2007 with an anticipated first phase of handover in December 2010 2010. The first release of apartments were all taken up with contracts exchanged for 27% of the scheme for in excess of £100 million of future revenue. This prestigious project represents the longest contiguous terrace overlooking H d P k and t l ki Hyde Park d together with gardens, underground parking, th ith d d d ki fitness facilities and swimming pool will create a landmark residential scheme in London’s West End. A site and construction loan facility is in place. Odeon Kensington Minerva bought the Odeon Cinema in High Street Kensington, London W8, for £24 million in 2005. This property is located opposite the f illi i 2005 Thi t i l t d it th former Commonwealth Institute and just south of Holland Park. A planning permission was achieved for circa 100,000 sq.ft. of private residential accommodation together with a basement car park, multi-screen cinema and off site affordable housing off-site housing. A site loan facility is in place. 38
  40. 40. Appendix Ram Brewery The original development comprises three individual sites: The Ram Brewery, Capital Studios and 20-30 Buckhold Road, London SW18. The acquisition price for the sites totals £83.5 million. To finance these acquisitions, a project loan facility has been put in place. A resolution to grant planning permission was granted in December 2008 for a residential-led mixed-use scheme in excess of 1 million sq.ft. of accommodation, comprising approximately 1,000 apartments and 200,000 sq.ft. of retail, restaurant and office space. p The S106 is currently being negotiated. The Secretary of State has recently called in Wandsworth Councils decision to approve the scheme and an inquiry will be held later this year year. Since 30 June 2008, contracts were exchanged to acquire 1-9 Church Row, adjacent to the Capital Studios site for £8 million. 39
  41. 41. Appendix The Croydon Estate Minerva’s Croydon Estate comprises approximately 6.1 Minerva is currently concentrating on generating income acres essentially divided into two large land holdings within in the short to medium term from existing properties by properties, the town centre. The existing buildings comprise offering competitive terms. This flexible approach is approximately 1 million sq ft of offices dating from the appealing to the current Croydon leasing market, is 1960’s and 1970’s, one of the UK’s largest department attracting incoming tenants and will contribute towards stores, additional retail shops and leisure accommodation. the estate running costs. Croydon Council has launched its new “Imagine Croydon” initiative as part of its drive for the regeneration of the town centre. This will form the initial consultation for the emerging Local Development Framework (LDF), the first stage of which i called th C t f hi h is ll d the Core St t Strategy and which i d hi h is scheduled to be concluded by the end of 2010. This master plan approach will provide the vision and development plans for the intensification of the activities within the town centre incorporating significant increases in the commercial and p g g residential population with high quality public realm and enhanced transport facilities. Minerva, as one of the major landowners, welcomes the opportunity to review the future of its own sites with Croydon Council. Any future developments will need to reflect the changed economic climate for the viability and funding of large town centre projects. This approach will assist to focus attention on those opportunities which can be sold off separately or developed with p p y p partners in a more manageable and phased way. 40
  42. 42. Important notice p This presentation may contain certain “forward-looking” statements. By their nature, forward looking forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of Minerva speak only as of the date they are made and no representation or warranty is g y y given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Minerva does not undertake to update forward-looking statements to reflect any changes in Minerva’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Information contained in this presentation relating to the Company or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance. Nothing in this presentation should be construed as a profit forecast. With reference to any financial information which appears in this p y pp presentation, p , please refer to the Preliminary Announcement released on 5 October 2009 for further details. 41

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