To:
Company Announcements
Date:
26 February 2015
Company: AXA
Property Trust Limited
Subject:
Half Year Report
AXA Property Trust Limited
AXA Property Trust Limited has today, in accordance with DTR
6.3.5, released its Half Year Report and Condensed Consolidated
Financial Statements for the six months ended 31 December 2015. The Half Year Report and
Condensed Consolidated Financial Statements will shortly be
available from the
Company's website retail.axa-im.co.uk/axa-property-trust
Key Financial Information
For the six months ended 31 December
2015
- Sterling currency Net Asset Value (“NAV”) increased to £60.24
million on a pro-forma basis before deduction of share redemptions
paid (£47.14 million after deduction of redemption paid).
- Profit was 1.65 pence per
share
- No dividends were paid relating to the period
- Redemptions of shares paid during the period were £5.2 million
(2014: £3.8 million)
As at 31 December 2015
- NAV was 62.06 pence per share
(30 June 2015: 57.61 pence)
- Share price1 was 54.50
pence per share (30 June 2015:
44.75 pence)
- Gearing2 was 37.1% (gross) and 28.2% (net)
(30 June 2015: 35.7% and 31.1%)
Performance Summary
|
Six month ended 31
December 2015 |
Six month ended 30
June 2015 |
% change |
NAV per share |
62.06p |
57.61p |
7.73% |
Gains per share |
1.65p |
8.63p |
n/a |
Share redemptions paid |
£5.2m |
£3.8m |
n/a |
Share price1 |
54.50p |
44.75p |
21.79% |
Share price discount to NAV |
12.2% |
22.3% |
n/a |
Gearing (gross)2 |
37.1% |
35.7% |
n/a |
Total assets less current
liabilities (£000s)3 |
64,706 |
66,910 |
(3.29%) |
Total return |
Six
month period
31 December 2015 |
Six
month period
30 December 2014 |
NAV Total
Return4 |
(4.5)% |
3.6% |
Share price Total
Return |
|
|
- AXA Property
Trust |
24.5% |
4.2% |
- FTSE All Share
Index |
-2.0% |
(0.4%) |
- FTSE Real Estate
Investment Trust Index |
3.9% |
12.3% |
Source: AXA Investment Managers UK Limited and Stifel Nicolaus
Europe Limited.
1 Mid market share price (source: Stifel Nicolaus
Europe Limited).
2 Gearing is calculated as overall debt, either gross
or net of cash held by the Group over property portfolio at fair
value.
3 Includes bank debt classified as a current
liability.
4 On a pro-forma basis which includes adjustments to
add back any prior NAV deductions from share redemptions.
Past performance is not a guide to future performance. The value
of investments can go down as well as up.
You may not get back the original amount invested.
Chairman’s Statement
The Investment Manager has continued its steady progress in the
disposal of the holdings of AXA Property Trust Limited (the
“Company”). The shopping centre at Fuerth Bavaria was sold for € 34
million some 36% in excess of valuation at the time of the
commencement of the Company’s disposal strategy in 2013. The
industrial property at Venray Netherlands was sold in December 2015 for €6.6m, some 23 % below the 2013
valuation, after an extensive and lengthy marketing process with
little serious interest.
Results
The Company and its subsidiaries (together the “Group”) made a
total net profit after tax of £1.3 million for the period to
31 December 2015. The Net Asset Value
(“NAV”) per share of the Company at 31
December 2015 was 62.06 pence
(30 June 2015: 57.61 pence), an increase 7.7% compared to
30 June 2015.
The Company's net property yield on current market valuation
(after acquisition and operating costs) as at 31 December 2015 was 8.8% (30 June 2015: 9.0%). A detailed yield analysis is
included in the Investment Manager’s Report.
The mid-market price of the Company’s shares on the London Stock
Exchange on 31 December was 54.50
pence (30 June 2015:
44.75 pence), representing a
discount of 12.2% to the Company’s NAV at 30
June 2015 (30 June 2015:
22.3%).
Return of Capital to Shareholders
No dividends were declared during the period and the dividend
policy remains unchanged.
During the period. the Company returned £5.2 million to
Shareholders by means of a capital redemption on 30 July 2015. An additional post closing capital
redemption of £11.0 million was paid to investors on 6 January 2016.
Bank Finance and Deleveraging
The Group continues to comply with the 60% loan-to-value (“LTV”)
covenant of the main loan facility with Crédit Agricole and Crédit
Foncier. Further repayments are made as assets are sold under the
disposal programme. At 31 December
2015 the total bank debt stood at £14.76 million (€31.07
million) (before capitalised debt issue costs) with an LTV of
50.7%. The loan is due to mature on 1 July
2016.
Prospects
Following the sale of the industrial property at Dasing Bavaria,
due to complete by April, the Company’s remaining holdings will
consist of the shopping centre at Rothenburg, also in Bavaria, a
multiplex cinema complex outside Bergamo Lombardy and a 50% share
in a distribution warehouse east of Milan.
While no real estate transaction is certain until it is done,
the Board and Manager are quite confident of a good disposal of the
German property. The two Italian properties are intrinsically sound
but their disposal is much less certain in context of the sub
sector property markets in Italy.
Nevertheless we remain certain that a steady, persistent and
targeted marketing process is worthwhile and in the Company’s
interest, rather than a “forced sale” approach.
Charles Hunter
Chairman
26 February 2016
Investment Manager’s Report
AXA Investment Managers UK Limited (the “Investment Manager”,
“AXA IM”) is the UK subsidiary of AXA Investment Managers, a
dedicated asset manager within the AXA Group. AXA Investment
Managers is an innovative and fast-growing multi-expertise
investment manager with €669 billion of assets under management and
over 2,500 employees, at 30 September
2015.
AXA Real Estate Investment Managers UK Limited (the “Real Estate
Adviser”) is part of the real estate management arm of AXA
Investment Managers S.A. (“AXA IM Real Assets”). AXA IM Real Assets
offers a 360° view of real asset markets, investing in both equity
and debt, across different geographies and sectors, and via private
and listed instruments with over €62 billion of assets under
management and about 600 staff, operating in 23 countries as at
31 December 2015.
Source: AXA Investment Managers UK Limited
Fund Manager
Ian Chappell was appointed as the
Fund Manager for AXA Property Trust in November 2015. He has very broad experience
across Europe's real estate
markets, having worked through several market cycles over the past
20 years and transacting and managing real estate assets covering
core, core plus and value added strategies.
Ian graduated from Nottingham Trent
University in 1991 and also holds a Master of Arts from the
University of Newcastle Upon Tyne
(1992). He was elected as Member of the Royal Institution of
Chartered Surveyors in 1993. Ian is also a member of AXA IM Real
Assets' Executive Committee.
Market Outlook
German Retail
The German seasonally-adjusted harmonised unemployment rate
remained steady at 4.5% in November, staying at its lowest level
since 1981 for the fourth consecutive month. This also fed through
into German consumer strength. Q4 2015 saw a repeatedly solid
development in German real retail sales, up 2.3% in November 2015 compared to November 2014. Retail take-up in the last
quarter of 2015 was the strongest of the year with 150,700 sqm.
Over the year lease contracts for 525,700 sqm were closed, 10%
below last year’s take-up. At the same time the absolute number of
contracts increased to the highest level in five years. Prime rents
in Munich’s prime pitch, the most expansive of the German markets,
have remained stable over the fourth quarter at €360/sq m/month
and remained also unchanged over the year according to JLL.
High Street rents in 2015 saw an increase of 6.7% in Berlin and 1.8% in Hamburg and remained stable in the other top
German retail markets.
Overall, in 2015 German retail investment volume doubled
according to CBRE to around €18.1bn, with especially large
portfolio disposals causing substantial investment turnover.
International investors dominated the German retail investment
market. Net prime yields are still in decline, with both shopping
centres and retail parks reporting yield compression. Prime high
street yields fell by 10bps in all German markets in Q4 2015 with
the exception of Munich where they
remained stable at 3.5%. The strongest decline over the year
was registered in Hamburg
(30bps).
German Logistics
The high demand from the industrial sector, a continuation of
the trend to outsource as well as the strong dynamics in the
e-commerce sector led to another positive year in the German
logistics market. As a result take-up in Germany was reported as the highest level ever
recorded, 5% above the previous record figures of 2011. Overall
letting transactions of 6.1m sq m in the German warehouse and
logistics market were closed in 2015.
Large-scale lettings drove the market with the largest five
lettings accounting for more than 10% of the overall take-up. By
far the most active individual tenant was BMW who leased 400,000 sq
m of space in three different locations. Sector wise, the Transport
and Logistics sector was the most active (38%), while the retail
sector accounted for 29%, closely followed by the production sector
(28%). Take-up in the Top-5 markets increased by 20% in comparison
to 2014, but there were large disparities within individual
markets. While Dusseldorf,
Berlin and Hamburg all recorded strong improvements of
above 25%, Munich’s performance was 15% short of the 2014
figures.
Even though demand is persistently strong, prime rents
registered among the major five logistics hubs (Berlin, Dusseldorf, Frankfurt, Hamburg and Munich) remained largely stable in 2015. The
only increases were recorded in Munich, where prime rents increased by 3.8% to
€6.75/sq m/month and Berlin, which
saw rental growth of 4.3% up to €4.80 sq m/month.
A total of €4.1bn was invested into German logistics in 2015,
exceeding the volume observed in 2014 by 4%. It was mostly foreign
investors that invested into the German logistics market,
generating 63% of the overall transaction volume. According to
Colliers, prime yields in the top 7 German markets stood at 5.4% in
Q4 2015, down 100 basis points from Q4 2014.
Italian Logistics
The Italian market is continuing to benefit from the country’s
economic recovery and its central location along the European
logistics corridor. It is especially the north of Italy, (Lombardy and Emilia
Romagna), which are facing strong industrial take-up. Q4
prime rents remained stable QoQ and grew by 4.2% YoY in
Milan, while remaining stable in
Rome. As at Q4 2015, prime rents
stand at €52.00/sq m/year in Rome
and at 50/sq m/year in Milan.
Investments into the logistics sector improved reaching a yearly
volume of €399 million, up 4% YoY according to CBRE. Q4 2015
saw another fall in prime yields, declining by 25bps in
Milan and by 35bps in Rome, reaching a level of 6.9% in both
Milan and Rome according to JLL. Yields are thus down
60bps and 110bps in Milan and
Rome respectively, reflecting
increased demand from international investors.
Asset Management Update
During the quarter two assets were sold:
- Fuerth was sold in November
2015
- Venray was sold in December
2015
As at the end of the quarter, all assets, with the exception of
Rothenburg were on the market available for sale.
Property Portfolio at 31 December
2015
Investment name |
Country |
Sector |
Net Yield on
valuation1 |
% of total Property
Portfolio 2 |
Rothenburg ob der
Tauber |
Germany |
Retail |
8.34% |
38.40% |
Curno, Bergamo |
Italy |
Leisure |
9.05% |
27.80% |
Bergamina,
Agnadello |
Italy |
Industrial |
9.79% |
20.85% |
Am Birkfeld,
Dasing |
Germany |
Industrial |
8.66% |
12.95% |
1 Net yield on valuation is gross rental income over
valuation
2 Source - external independent valuers to the
Company, Knight Frank LLP.
Details of all properties in the portfolio are available on the
Company’s website http://retail.axa-im.co.uk/axa-property-trust,
under - Portfolio - Our Presence.
Source: AXA Real Estate Investment Managers UK Limited
Geographical Analysis at 31 December
2015 by Fair Value
Sector Analysis at 31 December
2015 by Fair Value
Retail |
38% |
Industrial |
34% |
Leisure |
28% |
Source: AXA Real Estate Investment Managers UK Limited
Covenant Strength Analysis at 31 December
2015
(based on rental income)
Grade A |
28.7% |
Creditreform:<199; D&B:A
1 |
Grade B |
61.0% |
Creditreform:200-249; D&B:B,C,D
1,2 |
Grade C |
6.9% |
Creditreform:>250; D&B: D +
3,4 |
Vacant |
3.4% |
|
Average unexpired lease length profile (weighted by rental
income)
|
31 December 2015 |
31 December 2014 |
|
Years |
Years |
Grade A |
9.2 |
8.1 |
Grade B |
9.4 |
4.0 |
Grade C |
2.9 |
5.5 |
Average |
8.8 |
6.0 |
The Company’s tenant covenant profile is strong, with 28.7% of
tenants rated Grade A, indicating a high credit rating score.
Rental income from Grade A covenants has a weighted unexpired lease
length of 9.2 years. The average rent-weighted unexpired lease
length for the investment portfolio as at 31
December 2015 was 8.8 years. Vacant space in the portfolio
on 31 December 2015, measured using
estimated market rent, represented 3.4% of the total gross rental
income.
Lease expiry profile weighted by rental income
|
% of income (31
December 2015) |
% of income (31
December 2014) |
Vacant |
3.4% |
0.4% |
<1 |
1.0% |
4.3% |
<2 |
6.7% |
3.9% |
<3 |
3.3% |
20.2% |
<4 |
22.2% |
13.7% |
<5 |
1.2% |
11.1% |
5-10 |
34.6% |
16.3% |
10-15 |
0.0% |
31.1% |
15+ |
27.7% |
0% |
Source: AXA Real Estate Investment Managers UK Limited
Fund Gearing1 |
31 December 2015 |
30 June 2015 |
Property portfolio (£
million) |
42.42 |
67.69 |
Borrowings (£ million) |
15.72 |
24.16 |
Total gross gearing |
37.1% |
35.7% |
Total net gearing |
28.2% |
31.1 % |
1 Fund gearing is included to provide an indication
of the overall indebtedness of the Group and does not relate to any
covenant terms in the Group’s loan facilities. Gross gearing is
calculated as debt over property portfolio at fair value including
the JV asset at Agnadello. Net gearing is calculated as debt less
cash (net of cash allocated to post-quarter distribution and other
commitments) over property portfolio at fair value including the JV
asset at Agnadello.
Gross LTV Covenants2 |
31 December 2015 |
30 June 2015 |
Maximum |
Main loan facility |
50.7% |
41.0% |
60.0% |
2 Gross LTV is calculated as debt over property
portfolio at fair value (bank valuation).
The Group has remained in compliance with the loan covenants on
both facilities. As assets are sold the related allocated loan
amounts will be repaid, as required under the main loan facility
agreement. There are no other scheduled repayments prior to
maturity under the agreement.
Of the £21.6 million cash held by the Group including the cash
in the Agnadello JV at 31 December
2015, £3.2 million was held in bank accounts pledged to the
financing banks.
Interest Cover
Ratio3 at 31 December 2015 |
Historic |
Minimum |
Projected |
Minimum |
Main loan facility
covenant |
334% |
200% |
258% |
185.0% |
3 Interest Cover Ratio is calculated as net financing
expense payable as a percentage of gross rental income less
movement in arrears. Net rental income headroom is based on
projected interest cover.
At 31 December 2015, the Group had
taken on £15.76 million (€21.38 million) of debt (before
considering debt issue costs and minority intrests) relating to the
main facility which was 100% hedged by interest rate swaps at
2.795% plus a margin of 2.4%
Portfolio Outlook
The implementation of the orderly wind down of the portfolio
agreed by Shareholders at the EGM in April
2013 is progressing.
The preparation for sale of the remaining assets continues, with
lease re-gears and extensions being negotiated with existing
tenants where possible all to improve the level of income and
marketability of individual assets. All the assets are now being
brought to market except Rothenburg that will be on the Market
during the first quarter of the calendar year. The Company sold two
assets during the half financial year: Fuerth in Germany and Venray in the Netherland.
The Manager continues to work closely with the Board on all
aspects of the strategy for the portfolio in order to ensure a
timely return of capital to Shareholders.
Board of Directors
Charles Hunter (chairman) has
over 30 years of experience in property investment, principally in
UK commercial property. He was Head of Property Investment of
Insight Investment (formerly Clerical Medical Investment Group) for
some nine years and before that Property Director of the investment
management subsidiaries of The National Mutual of Australasia group
in the United Kingdom. He is
currently a director of Care South and he was on the Supervisory
Board of Schroder Exempt Property Unit Trust until its conversion
to a PAIF in 2012. Mr Hunter is a Fellow of the Royal
Institution of Chartered Surveyors and a member of the Investment
Property Forum. He is resident in the United Kingdom.
Stuart Lawson is a Fellow of the
Association of Chartered Certified Accountants. He joined Northern
Trust in 1988 working in Fund Administration and Trust client
accounting before being appointed Head of Finance for the office in
1996 where he established a Risk Management Department. In 2005 he
was appointed Chief Administration Officer for Guernsey with local responsibility for
finance, risk, compliance, corporate services and communication,
and in 2007 he assumed responsibility for Real Estate and
Infrastructure Fund Administration services for the EMEA region. He
is currently head of Regulatory and Market Change in Guernsey, is a Director of a number of client
entities and Chairman of Northern Trust (Guernsey) Limited. He has 30 years of
experience in the Financial Services Industry and is resident in
Guernsey.
Stéphane Monier has over 20 years of investment experience
(including asset allocation, fixed income and foreign exchange). Mr
Monier is currently Chief Investment Officer at Lombard Odier
Europe SA. He is responsible for the investment process and the
performance for private clients’ portfolios in Europe. Mr Monier joined the Lombard Odier
group in 2009 on the institutional side (Lombard Odier Investment
Managers or LOIM). He was initially Global Head of Fixed Income and
Currencies for LOIM and then promoted to Deputy Global Chief
Investment Officer. Prior to joining LOIM, Mr Monier was Global
Head of Fixed Income and Currencies at Fortis Investments from 2006
to 2009 and he also occupied the very same position at the Abu
Dhabi Investment Authority from 1998 to 2006. Prior to Abu Dhabi, Mr Monier spent seven years in JP
Morgan Investment Management as a Fixed Income Manager both in
London and Paris from 1991 to 1998. Mr Monier has a
Masters Degree in Science from Agrotech (Paris) and a Masters Degree in International
Finance from HEC Graduate School of Business (Jouy?-?en?-?Josas)
(France). He is also a CFA
charterholder. He is resident in the United Kingdom.
Gavin Farrell is qualified as a
Solicitor of the Supreme Court of England and Wales, a French Avocat and an Advocate of the
Royal Court of Guernsey. He is a
Partner at Mourant Ozannes, Advocates & Notaries Public in
Guernsey, having worked previously
at Simmons and Simmons, both in Paris and London, and specialises in international and
structured finance and collective investment schemes. Mr Farrell
holds a number of directorships in investment and captive insurance
companies. He is resident in Guernsey.
Alphons Spaninks joined AXA IM Real Assets in 2005 and currently
holds the position as Local Head of Transactions & Asset
Management, based in Amsterdam. Mr
Spaninks was promoted to Regional Head Benelux and Nordics in 2008,
responsible for Assets under Management of over €2bn and managing a
team of professionals in Stockholm
and Brussels. After a full
integration of the AXA Belgium real estate platform into AXA Real
Estate, his focus is on the Dutch market again since mid 2014. He
has over 20 years of experience in commercial functions within
various real estate companies. Prior to joining AXA IM Real Assets,
Mr Spaninks worked for AZL Vastgoed as Director of Asset
Management. Prior to that, he was Regional Director at MOG, a Dutch
Property Management company where he began his career as a Property
Manager. Mr Spaninks holds a Masters of Science Degree in Building
from the Technical University of Eindhoven and a Masters Degree in
Real Estate from ASRE (Amsterdam)
and is a member of Royal Institution of Chartered Surveyors. He is
resident in the Netherlands.
Directors’ Responsibility Statement
We confirm that to the best of our knowledge:
- the Condensed Half Year Consolidated Financial Statements have
been prepared in accordance with International Accounting Standard
34 Interim Financial Reporting;
- this Half Year Report provides a fair review of the information
required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the Condensed
Half Year Consolidated Financial Statements; and a description of
the principal risks and uncertainties for the remaining six months
of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could materially affect
the financial position or performance of the entity.
By order of the Board
Charles Hunter
Stuart Lawson
Chairman
Director
26 February
2016
26 February 2016
Condensed Half Year Consolidated Income Statement
For the six months ended 31 December
2015 (unaudited)
|
|
|
|
Six
month
period ended
31 December 2015 |
Six
month
period ended
31 December 2015 |
|
|
|
Notes |
£000s |
£000s |
|
|
|
|
|
|
|
Gross
rental income |
3 |
2
392 |
2
737 |
|
Service
charge income |
|
283 |
270 |
|
Property
operating expenses |
|
(755) |
(810) |
Net
rental and related income |
|
1
920 |
2
197 |
|
|
|
|
|
|
|
Valuation
profit on investment properties |
6 |
1
318 |
1
823 |
|
Gain on
disposals of a subsidiary and investment properties |
|
1
058 |
|
|
Impairment
gain |
|
37 |
- |
|
General
and administrative expenses |
4 |
(2
380) |
(970) |
|
|
|
|
|
|
Operating profit |
|
1
953 |
3
050 |
|
|
|
|
|
|
|
Net
foreign exchange loss |
|
(326) |
(277) |
|
Net gain
on financial instruments |
12 |
403 |
394 |
|
Share in
(losses)/profit of a joint venture |
|
(311) |
1
356 |
|
Net
finance cost |
|
(519) |
(1
117) |
|
|
|
|
|
|
Profit/(loss) before tax |
|
1
200 |
3
406 |
|
|
|
|
|
|
Income
tax |
|
109 |
(366) |
|
|
|
|
|
|
Profit
for the period |
|
1
309 |
3
039 |
|
|
|
|
|
|
Basic and
diluted loss per ordinary share (pence) |
|
1.65 |
3.42 |
|
|
|
|
|
|
|
The accompanying notes below form an integral part of these
condensed half year financial statements
Condensed Half Year Consolidated Statement of Comprehensive
Income
For the six months ended 31 December
2015 (unaudited)
|
|
|
|
Six
month |
Six
month |
|
|
|
|
period
ended |
period
ended |
|
|
|
|
31
December 2015 |
31
December 2014 |
|
|
|
Notes |
£000s |
£000s |
|
|
|
|
|
|
Profit for
the year |
|
1
309 |
3
040 |
Other
comprehensive income |
|
|
|
Hedging
reserve recycled to profit or loss |
|
527 |
132 |
Foreign
exchange translation gain/(loss) |
|
1
136 |
(1
345) |
Total
items that are or may be reclassified to profit or loss |
1
663 |
(1
213) |
|
|
|
|
|
|
Total
comprehensive income for the period |
|
2
972 |
1
827 |
Condensed Half Year Consolidated Statement of Changes in
Equity
For the six months ended 31 December
2015 (unaudited)
|
|
Revaluation reserve |
Hedging reserve |
Revenue
reserve |
Distributable reserve |
Foreign
currency reserve |
Total |
|
Notes |
£000s |
£000s |
£000s |
£000s |
£000s |
£000s |
|
|
|
|
|
|
|
|
Balance at
1 July 2015 |
|
(44
800) |
(4
338) |
6
478 |
85
049 |
6
978 |
49
367 |
Share
redemption |
|
|
|
- |
(5
197) |
- |
(5
197) |
Net profit
for the period |
|
1
409 |
- |
(100) |
- |
- |
1
309 |
Other
comprehensive income |
|
- |
527 |
- |
- |
1
136 |
1
663 |
Total
comprehensive income for the period |
1
409 |
527 |
(100) |
- |
1
136 |
2
972 |
|
|
|
|
|
|
|
|
Balance at 31 December
2015 |
|
(43
391) |
(3
811) |
6
378 |
79
852 |
8
114 |
47
142 |
|
|
|
|
|
|
|
|
|
For the six months ended 31 December
2014 (unaudited)
|
|
Revaluation reserve |
Hedging
reserve |
Revenue
reserve |
Distributable reserve |
Foreign
currency reserve |
Total |
|
Notes |
£000s |
£000s |
£000s |
£000s |
£000s |
£000s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 July
2014 |
|
(50
641) |
(4
618) |
4
576 |
88
848 |
12
263 |
50
428 |
Share redemption |
|
- |
- |
- |
(2
000) |
- |
(2
000) |
Net profit for the
period |
|
3
573 |
- |
(534) |
- |
- |
3
039 |
Other comprehensive
income |
|
- |
132 |
- |
- |
(1
345) |
(1
213) |
Total
comprehensive income for the period |
3
573 |
132 |
(534) |
- |
(1
345) |
1
826 |
|
|
|
|
|
|
|
|
Balance at 31 December
2014 |
|
(47
068) |
(4
486) |
4
042 |
86
848 |
10
918 |
50
254 |
The accompanying notes below form an integral part of these
condensed half year financial statements
Condensed Half Year Consolidated Statement of Financial
Position
As at 31 December 2015
(unaudited)
|
|
|
31
December 2015 |
30 June
2015 |
|
|
Notes |
£000s |
£000s |
Non-current assets |
|
|
|
|
Investment
properties |
6 |
21
851 |
23
886 |
|
Deferred tax
assets |
|
22 |
86 |
|
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash
equivalents |
|
21
543 |
8
078 |
|
Trade and other
receivables |
9 |
1
939 |
888 |
|
Investment properties
held for sale |
6/7 |
11
792 |
34
892 |
|
Investment in joint
venture held for sale |
8 |
8
961 |
9
053 |
|
|
|
|
|
Total
assets |
|
66
108 |
76
883 |
|
|
|
|
|
Current
liabilities |
|
|
|
|
Trade and other
payables |
10 |
1
402 |
1
582 |
|
Current portion of
long-term loans |
|
- |
7
971 |
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
Deferred tax
liability |
|
626 |
596 |
|
Provisions |
|
904 |
367 |
|
Long-term loans |
11 |
15
717 |
16
189 |
|
Derivative financial
instruments |
12 |
317 |
811 |
|
|
|
|
|
Total
liabilities |
|
18
966 |
27
516 |
|
|
|
|
|
Net
assets |
|
47
142 |
49
367 |
|
|
|
|
|
|
Share capital |
|
- |
- |
|
Reserves |
|
47
142 |
49
367 |
|
|
|
|
|
Total
equity |
|
47
142 |
49
367 |
|
|
|
|
|
Number of
ordinary shares |
|
75 959
574 |
85 684
658 |
|
|
|
|
|
Net asset
value per ordinary share (pence) |
|
62.06 |
57.61 |
The accompanying notes below form an integral part of these
condensed half year financial statements
By order of the Board
Charles
Hunter
Stuart Lawson
Chairman
Director
26 February
2016
26 February 2016
Condensed Half Year Consolidated Statement of Cash Flows
For the six months ended 31 December
2015 (unaudited)
|
|
|
Six
month
period ended |
Six
month period ended |
|
|
|
31
December 2015 |
31
December 2014 |
|
|
Notes |
£000s |
£000s |
|
|
|
|
|
Operating
activities |
|
|
|
|
Profit before tax |
|
1
200 |
3
405 |
|
Adjustments for: |
|
|
|
|
Profit on valuation
and disposals of a subsidiary and investment properties |
6 |
(2
376) |
(1
823) |
|
Shares in
profits/(losses) of joint venture |
8 |
311 |
(1
356) |
|
Gain on financial
instruments |
12 |
(403) |
(394) |
|
(Decrease)/Increase in
trade and other receivables |
|
(1
013) |
441 |
|
Decrease in
provisions |
|
537 |
- |
|
Increase in trade and
other payables |
|
(432) |
(552) |
|
Net finance cost |
|
519 |
1
117 |
|
Net foreign exchange
loss |
|
326 |
277 |
Net cash
generated from operations (used in)/generated from |
(1
331) |
1
115 |
|
|
|
|
|
|
Interest
income received |
|
132 |
81 |
|
Interest
paid |
|
(696) |
(486) |
|
Tax
received |
|
370 |
68 |
|
|
|
|
|
Net cash
(outflow)/inflow from operating activities |
(1
525) |
778 |
|
|
|
|
|
Investing
activities |
|
|
|
|
Capital
expenditure on completed investment properties |
6 |
- |
(20) |
|
Proceeds
from disposals of a subsidiary and investment properties |
|
29
938 |
5
820 |
Net cash
inflow from investing activities |
29
938 |
5
800 |
|
|
|
|
|
Financing
activities |
|
|
|
|
Redemption
of shares |
5 |
(5
197) |
(2
000) |
|
Bank loan
facility repaid |
11 |
(9
666) |
(2
781) |
|
|
|
|
|
Net cash
outflow from financing activities |
(14
863) |
(4
781) |
|
|
|
|
|
|
Effects of
exchange rate fluctuations |
(85) |
(114) |
Increase
in cash and cash equivalents |
13
465 |
1
683 |
|
|
|
|
|
|
Cash and
cash equivalents at start of the period |
|
8
078 |
3
008 |
Cash and
cash equivalents at the period end |
21
543 |
4
691 |
|
|
|
|
|
|
The accompanying notes form an integral part of these condensed
half year financial statements.
Notes to the Condensed Half Year Consolidated Financial
Statements
1. Operations
AXA Property Trust Limited (the "Company") is a limited
liability, closed-ended investment company incorporated in
Guernsey. The Company invests in
commercial properties in Europe
which are held through its subsidiaries. The Condensed Half Year
Consolidated Financial Statements of the Company for six month
ended 31 December 2015 comprise the
financial statements of the Company and its subsidiaries (together
referred to as the "Group").
2. Significant accounting policies
(a) Statement of compliance
The Condensed Half Year Consolidated Financial Statements have
been prepared in accordance with the Disclosure Transparency Rules
of the Financial Conduct Authority and with IAS 34, ‘Interim
Financial Reporting’. They do not include all the information
required for the full annual financial statements and should be
read in conjunction with the consolidated financial statements of
the Group for the year ended 30 June
2015, which were prepared under full International Financial
Reporting Standard (“IFRS”) requirements as issued by the
International Accounting Standards Board.
(b) Basis of preparation
The same accounting policies and methods of computation have
been applied to the Condensed Half Year Consolidated Financial
Statements as in the Annual Report and Consolidated Financial
Statements for the year ended 30 June
2015. The presentation of the Condensed Half Year
consolidated Financial Statements is consistent with the Annual
Report and Consolidated Financial Statements.
(c) Determination and presentation of operating
segments
The Board has considered the requirements of IFRS 8, ‘Operating
Segments’. The Board is of the view that the Company is engaged in
a single segment of business, being investment in properties in
Europe. Geographic and Sector
analyses of the segment are included in the Investment Manager’s
Report on page 5. The conclusion remains unchanged from the
consolidated financial statements for the year ended 30 June 2015.
(d) Going concern
The discount control provisions established when the Company was
launched required a continuation vote to be proposed to
Shareholders at the Company's Annual General Meeting in 2015. As a
result of the large discount to Net Asset Value at which shares
were trading there was little chance of raising new capital. After
extensive shareholder consultation, the Board resolved not to seek
continuation of the Company in 2015 and proposed to Shareholders
that the Company enter into a managed wind-down. This proposal was
approved at an EGM held on 26 April
2013.
The Condensed Half Year Consolidated Financial Statements have
been prepared on a non-going concern basis reflecting the orderly
wind-down of the Group. Accordingly, the going concern basis of
accounting is not considered appropriate. All assets and
liabilities continue to be measured in accordance with IFRS. The
Board recognises that the timely disposal of properties is
uncertain and continues to keep under review the most appropriate
course of action with regard to these assets over the coming months
with the aim of maximising shareholder return whilst taking account
of the target exit date of December
2015. As at December 2015 the
completion of all sales is foreseen in the course of 2016.
The Directors estimate that the wind-down costs will be
approximately £252,950 (30 June 2015:
£194,272). The Board believes that the Group has sufficient funds
available to meet its wind-down costs, day-to-day running costs and
amounts due in terms of its loan facilities.
3. Gross rental income
Gross rental income for the six months ended 31 December 2015 amounted to £2.39 million
(31 December 2014: £2.74 million).
The Group leases out all of its investment property under operating
leases and are usually structured in accordance with local
practices in Germany, Italy and The
Netherlands. All leases benefit from indexation.
Minimum Lease Payments (based on leases in place at 31 December 2014)
|
31 December 2015 |
30 June 2015 |
|
Rental income
(£000s) |
Rental income
(£000s) |
0-1
year |
5,098 |
8,589 |
1-5
years |
16,226 |
23,909 |
5+ years |
23,854 |
15,401 |
4. General and administrative
expenses
|
|
|
Six
month period ended |
Six
month period ended |
|
|
|
31
December 2015 |
31
December 2014 |
|
|
|
£000s |
£000s |
Administration fees |
|
(136) |
(153) |
General
expenses |
|
|
(605) |
(320) |
Audit
fees |
|
|
(86) |
(98) |
Legal and
professional fees |
(78) |
(95) |
Directors'
fees |
|
|
(45) |
(46) |
Insurance
fees |
|
|
(18) |
(19) |
Liquidation costs |
|
|
(59) |
- |
Sponsor's
fees |
|
|
(639) |
(13) |
Investment
management fees |
(235) |
(226) |
Performance fee |
|
|
(479) |
- |
Total |
|
|
(2
380) |
(970) |
|
|
|
|
|
|
The general expenses include the fees in relation to the
disposals of the period (broker, transaction fees).
5. Share capital redemptions
The company returned £5,197,083 on 30
July 2015 to Shareholder by means of a capital redemption
reaching £13.1m cumulated capital return to shareholders as at
31 December 2015. The number of
ordinary shares was reduced by 9,725,084 to 75,959,574
(30 June 2015: 85,684,658).
6. Investment properties
|
|
|
|
|
|
31
December 2015 |
30 June
2015 |
|
|
|
|
|
|
£000s |
£000s |
Fair value
of investment properties at beginning of period/year |
23
886 |
67
351 |
Capital
expenditure during the period/year |
- |
19 |
Disposals
during the period/year |
|
|
|
(29
149) |
(10
503) |
Fair value
adjustments |
|
|
|
|
1
318 |
4
431 |
Foreign
exchange translation |
|
|
|
2
697 |
(8
846) |
Investment
properties transferred to held for sale |
23
099 |
(28
566) |
Fair value
of investment properties at the end of the period/year |
21
851 |
23
886 |
|
|
|
|
|
|
|
|
Investment
properties classified held for sale |
11
792 |
34
892 |
|
|
|
|
|
|
|
|
Total
investment properties |
|
|
|
33
643 |
58
778 |
All investment properties are carried at fair value.
7. Investment properties held for
sale
As at 31 December 2015, the Group
classified the Curno property as held for sale (31 December 2014: 4 properties).
8. Joint venture held for sale
The Group holds a 50% joint venture interest in the equity of
the Italian joint venture Property Trust Agnadello S.r.l. which
holds a logistics warehouse in Agnadello, Italy. The remaining 50% equity interest is
held by European Added Value Fund S.à r.l., a subsidiary
of European Added Value Fund Limited.
The Group’s interest in Property Trust Agnadello S.r.l. is
accounted for using the equity method in the consolidated financial
statements, which approximates the lower of its carrying amount and
its fair value less cost to sell.
The following table summarises the financial information of
Property Trust Agnadello S.r.l. which also reconciles the
summarised financial information to the carrying amount of the
Group’s interest in the joint venture:
Summarised Consolidated Statement of Financial Position
|
|
|
31
December 2015 |
30 June
2015 |
|
|
|
£000s |
£000s |
Current assets |
|
|
18
266 |
18
469 |
Current
liabilities |
|
|
(14
916) |
(14
637) |
Net assets
(100%) |
|
3
350 |
3
832 |
Group's
share of net assets (50%) |
50% |
50% |
Group's
share of net assets |
1
675 |
1
916 |
Loan
balances due to joint venture partners |
7
286 |
7
137 |
Carrying
amount of interest in joint venture |
8
961 |
9
053 |
Summarised Consolidated Income Statement
|
|
|
Six
month
period ended
31 December 2015 |
Six
month
period ended
31 December 2014 |
|
|
|
£000s |
£000s |
Net rental
and related income |
699 |
782 |
Valuation
(loss)/profit on investment property |
(864) |
2
216 |
Total
administrative and other expenses |
(79) |
(93) |
Other
income |
|
|
- |
2 |
Financial
expenses |
|
|
(238) |
(308) |
(Loss)/Profit before tax |
|
(482) |
2
599 |
Income tax
(expense)/Income |
|
(140) |
113 |
Profit/(loss) for the period |
(622) |
2
712 |
Group's
share of profit/(loss) for the period |
(311) |
1
356 |
|
|
|
|
|
|
|
Summarised Consolidated Statement of Comprehensive Income
|
|
|
Six
month
period ended
31 December 2015 |
Six
month
period ended
31 December 2014 |
|
|
|
£000s |
£000s |
(Loss)/profit for the
period |
|
|
(622) |
2
712 |
Total
comprehensive income for the period |
(622) |
2
712 |
Group's
share of comprehensive income for the period |
(311) |
1
356 |
9. Trade and other receivables
|
|
|
31
December 2015 |
30 June
2015 |
|
|
|
£000s |
£000s |
Tax
receivable (withholding, corporate and income) |
416 |
505 |
Investment
property sold receivable |
- |
13 |
Other
receivables |
|
|
1
004 |
92 |
VAT
receivable |
|
|
282 |
67 |
Rent
receivable |
|
|
- |
45 |
Accrued
income |
|
|
193 |
140 |
Prepayments |
|
|
44 |
26 |
Total |
|
|
1
939 |
888 |
|
|
|
|
|
|
|
The carrying value of trade and other receivables are considered
to be approximately equal to their fair value. Rent receivable is
non-interest bearing and typically due within 30 days.
10. Trade and other
payables
|
|
|
31
December 2015 |
30 June
2015 |
|
|
|
£000s |
£000s |
Investment
manager's fee |
158 |
196 |
Property
manager's fee |
|
27 |
21 |
Tax
payable (income, transfer, capital and other) |
754 |
581 |
Interest
payable on loan facility |
103 |
148 |
Legal and
professional fees |
43 |
56 |
VAT payable |
|
|
- |
35 |
Audit fee |
|
|
97 |
151 |
Administration and Company Secretarial fees |
103 |
70 |
Directors' fees |
|
|
7 |
6 |
Sponsor's fees |
|
|
13 |
6 |
Rent
prepaid and other payables |
97 |
312 |
Total |
|
|
1
402 |
1
582 |
|
|
|
|
|
|
Trade and other payables are non-interest bearing and are
normally settled on 30-day terms.
The carrying values of trade and other payables are considered
to be approximately equal to their fair value.
11. Long-term loans
The main loan facility is with Crédit Agricole Corporate and
Investment Bank (“Crédit Agricole”) and Crédit Foncier de
France (“Crédit Foncier”).
The outstanding balance of the main loan (including current
portion) as at 31 December 2015 was
€21.34 million (£15.71 million) (30 June
2015: €34.50 million (£24.16 million) (before capitalised
debt issue costs) as a result of the partial loan repayments
following the various asset disposals during the period.
12. Financial risk
management
The table below summarises the amounts recognised in the
Consolidated Income Statement in relation to derivative financial
instruments.
|
|
|
|
Sixth
month |
Sixth
month |
|
|
|
|
period
ended |
period
ended |
|
|
|
|
31
December 2015 |
31
December 2014 |
|
|
|
|
£000s |
£000s |
Hedging
reserve recycled to consolidated income statement |
527 |
132 |
Current
year fair value movement of ineffective hedges |
(124) |
262 |
Total gain
recognised in the Consolidated Income Statement |
403 |
394 |
The Group is exposed to various types of risk that are
associated with financial instruments. The Group's financial
instruments comprise bank deposits, cash, derivative financial
instruments, receivables, loans and payables that arise directly
from its operations. The carrying value of financial assets and
liabilities approximate the fair value.
The main risks arising from the Group's financial instruments
are market risk, credit risk, liquidity risk, interest risk and
currency risk. The Board review and agree policies for
managing its risk exposure. These policies are summarised
below.
Market Price Risk
Property and property related assets are inherently difficult to
value due to the individual nature of each property. As a result,
valuations are subject to uncertainty. There is no assurance that
the estimates resulting from the valuation process will reflect the
actual sales price even where a sale occurs shortly after the
valuation date. Rental income and the market value for properties
are generally affected by overall conditions in the local economy,
such as growth in Gross Domestic Product (“GDP”), employment
trends, inflation and changes in interest rates. Changes in GDP may
also impact employment levels, which in turn may impact the demand
for premises. Furthermore, movements in interest rates may affect
the cost of financing for real estate companies.
Both rental income and property values may be affected by other
factors specific to the real estate market, such as competition
from other property owners, the perceptions of prospective tenants
of the attractiveness, convenience and safety of properties, the
inability to collect rents because of the bankruptcy or the
insolvency of tenants, the periodic need to renovate, repair and
release space and the costs thereof, the costs of maintenance and
insurance, and increased operating costs. The Investment Manager
addresses market risk through a selective investment process,
credit evaluations of tenants, ongoing monitoring of tenants and
through effective management of the properties.
Credit risk
Credit risk refers to the risk that counterparty will default on
its contractual obligations resulting in financial loss to the
Group. The Group has adopted a policy of only dealing with
creditworthy counterparties and obtaining sufficient collateral
where appropriate as a means of mitigating the risk of financial
loss from defaults. The Group’s and Company’s exposure and the
credit-ratings of its counterparties are continuously monitored and
the aggregate value of transactions concluded is spread amongst
approved counterparties.
The credit risk on liquid funds and derivative financial
instruments is limited because the counterparties are banks with
high credit-ratings assigned by international credit-ratings
agencies.
Cash and cash equivalents and trade and other receivables
presented in the Consolidated Statement of Financial Position are
subject to credit risk with maturities within one year.
Liquidity risk
Liquidity risk is the risk that the Company will encounter in
realising assets or otherwise raising funds to meet financial
commitments in a reasonable timeframe or at a reasonable price.
The Group invests the majority of its assets in investment
properties which are relatively illiquid, however, the Group has
mitigated this risk by investing in desirable properties in strong
locations. The Group prepares forecasts in advance which enables
the Group's operating cash flow requirements to be anticipated and
ensures that sufficient liquidity is available to meet foreseeable
needs and to invest any surplus cash assets safely and profitably.
The Group also monitors the cash position in all subsidiaries to
ensure that any working capital needs are addressed as early as
possible.
The Company has continued to suspend the payment of dividends to
prudently manage cash during the wind-down phase.
Interest rate risk
Floating rate financial assets comprise the cash balances which
bear interest at rates based on bank base rates. The Group is
exposed to cash flow risk as the Group borrows funds under the loan
facility with Crédit Agricole and Crédit Foncier at floating
interest rates. The Group manages this risk by using interest rate
swaps and caps denominated in Euro. At 31 December 2015, the
Group had interest rate swaps with a notional contract amount of
£16.9 million (€22.9 million) (30 June 2015: £24.44 million
(€34.50 million).
All interest rate swap contracts exchanging floating rate
interest amounts for fixed rate interest amounts are designated as
cash flow hedges in order to reduce the Group’s cash flow exposure
resulting from variable interest rates on borrowings. The interest
rate swaps and the interest payments on the loan occur
simultaneously and the amount deferred in equity is recognised in
profit or loss over the loan period.
The Group has entered into interest rate swaps and caps for the
period of the main loan facility, effective from 1 July 2011 to 1 July 2016, to eliminate
floating interest rate risk. Details of the hedging contracts are
below:
|
Counterparty |
Contract
Rate |
Notional
Amount |
Interest Rate
Swaps |
Crédit
Agricole |
2.795% |
€22.90
million |
Foreign currency risk
The European subsidiaries will invest in properties using
currencies other than Sterling, the Company's functional and
presentational currency, and the Consolidated Statement of
Financial Position may be significantly affected by movements in
the exchange rates of such currencies against Sterling. The Group
will review and manage currency exposure in accordance with its
hedging strategy.
The table below analyses financial instruments carried at fair
value, by valuation method. The different levels have been defined
as follows:
Level 1: quoted (unadjusted)
prices in active markets for identical assets or liabilities;
Level 2: inputs other than quoted
prices included within Level 1 that are observable for asset or
liability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices);
Level 3: inputs for the asset or
liability that are not based on observable market data
(unobservable inputs).
|
|
|
Level
1 |
Level
2 |
Level
3 |
31
December 2015 |
£000s |
£000s |
£000s |
Liabilities measured at fair value |
|
|
|
Interest
rate swaps and caps |
- |
317 |
- |
Total |
|
|
- |
317 |
- |
|
|
|
|
|
|
|
|
|
Level
1 |
Level
2 |
Level
3 |
30 June
2015 |
|
£000s |
£000s |
£000s |
Liabilities measured at fair value |
|
|
|
Interest
rate swaps and caps |
- |
811 |
- |
Total |
|
|
- |
811 |
- |
|
|
|
|
|
|
|
The Group uses derivative financial instruments to hedge its
exposure to interest rate risks arising from financing activities.
In accordance with its treasury policy, the Group does not hold or
issue derivative financial instruments for trading purposes.
However, derivatives that do not qualify for hedge accounting are
accounted for as trading instruments.
Derivative financial instruments are recognised initially at
cost which is also deemed to be fair value. Subsequent to initial
recognition, derivative financial instruments are stated at fair
value. The gain loss on remeasurement to fair value is recognised
immediately in profit or loss. However, where derivatives qualify
for hedge accounting, recognition of any resultant gain or loss
depends on the nature of the item being hedged.
The fair value of interest rate swaps is the estimated amount
that the Group would receive or pay to terminate the swap at the
Consolidated Statement of Financial Position date, taking into
account current interest rates and the current creditworthiness of
the swap counterparties.
13. Related party transactions
The Directors are responsible for the determination of the
Company's investment objective and policy and have overall
responsibility for the Group's activities including the review of
investment activity and performance.
Mr Hunter, Chairman of the Company and Mr Spaninks, a Director
of the Company, formed the majority of the Directors of its
subsidiaries, Property Trust Luxembourg 1 S.à r.l., Property Trust
Luxembourg 2 S.à r.l. and Property Trust Luxembourg 3 S.à r.l. and
were able to control the investment policy of the Luxembourg subsidiaries to ensure it conforms
with the investment policy of the Company until Mr Spaninks
resignation from the Boards of Property Trust Luxembourg 1 S.à
r.l., Property Trust Luxembourg 2 S.à r.l. and Property Trust
Luxembourg 3 S.à r.l. on 11 October
2013.
Mr Farrell, a Director of the Company, is also a Partner in
Mourant Ozannes, the Guernsey
legal advisers to the Company. The total charge to the Consolidated
Income Statement during the period in respect of Mourant Ozannes
legal fees was nil (2014: nil).
Mr Lawson, a Director of the Company, was a Director of the
Administrator and Secretary, Northern Trust International Fund
Administration Services (Guernsey)
Limited until 13 December 2013, when
Mr Lawson became a Director of Northern Trust (Guernsey) Limited, the Company’s bankers and
member of the same group as the Administrator and Secretary. The
total charge to the Consolidated Income Statement during the year
in respect of Northern Trust administration fees was £72,500
(31 December 2014: £72,500) of which
£nil (31 December 2014: £36,250)
remained payable at the year end.
Under the Investment Management Agreement, fees are payable to
the Investment Manager, Real Estate Adviser and other entities
within the AXA Group. These entities are involved in the planning
and direction of the Company and Group, as well as controlling
aspects of their day to day activity, subject to the overall
supervision of the Directors. During the period, fees of £0.24
million (31 December 2014: £0.23
million) were expensed to the Consolidated Income Statement.
Following the two asset disposals, transaction fees of 35 bps on
the gross sales price were expensed; totaling £0.14 million on all
sales (31 December 2014: £0.03
million). During the period, a provision for the performance fee
was increased by £0.48 million The amount had been provided under
the terms of the Investment Management Agreement.
All the above transactions were undertaken at arm’s-length.
14. Commitments
Guarantees
The Company has provided mortgages over the properties in favour
of the lenders, Crédit Agricole and Crédit Foncier, as security for
the main loan facility.
15 Subsequent events
These financial statements were approved for issuance by the
Board on 26 February 2016. Subsequent
events have been evaluated until this date.
Capital redemption
A capital redemption of £11.0 million was approved by the
directors with a redemption date of 6
January 2016.
Corporate Information
Directors (All non-executive)
C. J. Hunter (Chairman)
G. J. Farrell
S. C. Monier
S. J. Lawson
A Spaninks
Registered Office
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Channel Islands
Investment Manager
AXA Investment Managers UK Limited
7 Newgate Street
London EC1A 7NX
United Kingdom
Real Estate Adviser
AXA Real Estate Investment Managers UK Limited
155 Bishopsgate
London EC2M 3XJ
United Kingdom
Sponsor and Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London EC2V 6ET
United Kingdom
Administrator and Secretary
Northern Trust International Fund
Administration Services (Guernsey)
Limited
P.O. Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Channel Islands
Registrar
Computershare Investor Services (Guernsey) Limited
3rd Floor
Natwest House
Le Truchot
St Peter Port
Guernsey
GY1 1WD
Channel Islands
Independent Auditor
KPMG Channel Islands Limited
Glategny Court, Glategny Esplanade
St Peter Port
Guernsey
GY1 1WR
Channel Islands