Asset DisposalThe disposal of part of the care home business for €300m, we estimate, values the assets at c.30% discount to the last reported book value.
Financing CostsHigher financing costs and increased payouts to minorities have led to a 7% decline in EBT per share year on year.
Interest CostsDespite the generation of liquidity, the terms on which these transactions have been effected, and rising interest costs as debt is re-financed, will offset what is historically high rental growth.