Mediapolis Year End Results

RNS Number : 3143C

Clear Leisure PLC

15 April 2013

 



15 April 2013

Clear Leisure Plc

("Clear Leisure" or "the Company")

YEAR END RESULTS OF SUBSIDIARY

The Company is pleased to announce that Mediapolis SA ("Mediapolis"), its 69.45 per cent. owned real estate subsidiary, has today published its audited consolidated results for the year ended 31 December 2012.

Mediapolis has recorded net assets of EUR 27 million, with a loss of EUR 0.5 million, due mainly to mortgage interest payments of EUR 0.3 million.

A recent appraisal of the land has been conducted by Coldwell and Banker (http://www.coldwellbanker.it) and as at 10 April 2013, the land asset was valued at EUR 47 million. However, due to the current nature of the real estate market in Italy, the Board of Mediapolis has reduced this valuation by 25 per cent. to EUR 35million. This figure has been applied to Mediapolis' audited balance sheet.

Regarding the holiday properties owned by Mediapolis in Porto Cervo, Sardinia, a similar reduction in the book valuation has been applied. This has lowered the asset's value by 39 per cent., bringing the balance sheet value in line with the outstanding mortgage on the asset. In absolute terms the new valuation, for the purposes of Mediapolis' audited balance sheet, will be EUR 5 million, down from the original investment cost of EUR 8.3 million.

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For further information please contact:

Clear Leisure Plc                                                                                                [phone]

Alfredo Villa, CEO

Westhouse Securities                                                                              [phone]

Antonio Bossi

Jonathan Haines

Leander PR                                                                                               [phone]

Christian Taylor-Wilkinson

About Clear Leisure Plc

Clear Leisure Plc (AIM: CLP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy but also other European countries. The Company may be either a passive or active investor and Clear Leisure's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions. For further information, please visit, www.clearleisure.com

 

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