Audited Interim Results


 

TIDMATE 
 
RNS Number : 8737Z 
Agua Terra Limited 
29 September 2009 
 
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NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF 
SOUTH AFRICA OR JAPAN 
 
 
29 September 2009 
 
 
AGUA TERRA LIMITED 
(the "Company") 
 
 
AUDITED INTERIM FINANCIAL STATEMENTS 
 
 
 
 
Agua Terra Limited (LSE: ATE), the first development company dedicated 
exclusively to high quality mixed-use leisure real estate projects in Southeast 
Europe to be quoted on AIM, is pleased to announce its results for the  period 3 
July 2008 to 30 June 2009 and provide an update on operational progress. 
 
 
Operational highlights 
 
 
  *  October 2008: The Mykonos Azure sites were acquired shortly after listing for EUR8 
  million without recourse to borrowing 
 
 
 
  *  March 2009: Planning permit was received for the Agrari site of Mykonos Azure 
 
 
 
  *  May 2009:  CBRE valued Mykonos Azure at EUR10 million, an uplift of 25% over the 
  acquisition price 
 
 
 
  *  July 2009: First two conditional villa sales booked; 
 
-   Notarial pre-contracts signed for total sales consideration of EUR3 million 
-   Realising a sales price of just over EUR10,000 per m2 
-   Equates to a projected sales margin on the transaction of 46% 
-   Notarial contracts will be entered into by parties once financing packages 
and planning




   approval are obtained.


 
 
Commenting on the Annual Results, Lord Balfour, Chairman said: 
"Aqua Terra's near-term concentration on Mykonos, coupled with the forecast 
cashflow position and resilient pricing should enable the Company to remain 
value accretive. Our strong project pipeline should allow any additional capital 
raised to be used immediately to acquire additional land for development use. 
The promising launch of Mykonos Azure in July 2009 has encouraged Aqua Terra's 
Board to explore all available funding options and ensure the continued growth 
of the Company through the acquisition of further carefully selected sites." 
 
 
Markos Kashiouris, Chief Executive, said: 
"We are pleased to report the profitable completion of the first year of our 
operations. Since admission to AIM in October 2008 Agua Terra has been value 
accretive marked by an increase in the value of its land holdings and the 
booking of the first two sales at Mykonos Azure in June 2009. We look forward to 
continuing the strong progress made by exploring the capital raising 
opportunities available to us in the near term." 
 
 
Copies of the Accounts will be sent to shareholders shortly via electronic mail. 
An electronic copy of the Accounts is available on the Company's website at 
www.agua-terra.com. Printed copies of the Accounts are also available, free of 
charge, for one month from the date hereof from the Company's registered office, 
197 Main Street, Road Town, Tortola, British Virgin Islands. 
 
 
 
 
 
Click on, or paste the following link into your web browser, to view the 
associated PDF document. 
 
 
 
http://www.rns-pdf.londonstockexchange.com/rns/8737Z_1-2009-9-29.pdf 
 
 
 
- end - 
 
 
  Enquiries to: 
 
 
Agua Terra 
Markos Kashiouris, Chief ExecutiveTel: +44 (0) 20 7581 1423 
 
 
Fairfax I.S. PLC 
James King / Rachel ReesTel: +44 (0) 20 7598 5368 
 
 
 
 
Notes to Editors 
 
 
Agua Terra Limited 
 
 
Agua Terra Limited (LSE: ATE) is the first development company dedicated 
exclusively to high quality mixed-use leisure real estate projects in Southeast 
Europe to be quoted on AIM. The Company, whose shares were admitted to trading 
on AIM in October 2008, aims to establish itself as a leading developer and 
operator of high quality mixed-use leisure real estate projects in Greece and 
Cyprus. The Company's initial focus is on development opportunities within 
Greece and intends to expand into Cyprus within the next two years, when 
circumstances allow. 
 
 
Agua Terra has recently launched its first project, "Mykonos Azure" on Mykonos 
island, Greece. Sales are currently underway and first deliveries are expected 
in 2010. 
 
 
Agua Terra was founded by Markos Kashiouris, Peter Economides and Yiannis 
Panayi, the principal shareholders of the company, who control Aqua Sol Hotels 
Public Company Limited, Sol Terra Developers Limited and Totalserve Management 
Limited, some of the leading hotel, real estate development and financial 
services and advisory companies in the eastern Mediterranean. The principal 
shareholders have collectively over 50 years' experience in real estate and have 
completed or advised on over $3 billion of real estate projects. They possess 
extensive local knowledge and contacts, as well as relationships with an 
international network of operators, architects and designers, marketing and 
branding companies and financial institutions. The principal shareholders also 
control Terra Sotheby's International Realty, the licencee of Sotheby's 
International Realty in the eastern Mediterranean. 
 
 
Agua Terra Limited is incorporated in the BVI and has local offices in the 
United Kingdom,  Greece and  Cyprus. 
 
 
www.agua-terra.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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