TIDMAPT
RNS Number : 1138G
AXA Property Trust Ld
27 February 2015
To: Company Announcements
Date: 27 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 2014. 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 2014
-- Total return on Net Asset Value ("NAV") was 3.62% after the
Sterling currency NAV increased to GBP52.25 million on a pro-forma
basis before deduction of share redemptions paid
-- Euro currency NAV decreased by 1.13% to EUR67.33 million
-- Profits were 3.42 pence per share
-- No dividends were paid during the period
-- During the period, shares were redeemed for a total consideration of GBP2 million
As at 31 December 2014
-- NAV per share was 56.55 pence (30 June 2014: 54.5 pence)
-- Share price(1) was 42.63 pence per share (30 June 2014: 41.50 pence)
-- Gearing(2) was 37.3% (gross) and 30.9% (net) (30 June 2014: 39.2% and 34.6%)
Performance Summary
Six months Year ended
ended 31 30 June 2014 % change
December
2014
------------------------------------------------- ---------- ------------- ----------
Net Asset Value ("NAV") (GBP000s) 50,254 50,428 (0.35%)
------------------------------------------------- ---------- ------------- ----------
NAV per share 56.55p 54.50p 3.76%
------------------------------------------------- ---------- ------------- ----------
Profit /(losses) per share 3.42p (2.44p) n/a
------------------------------------------------- ---------- ------------- ----------
Share redemptions paid GBP2.0m GBP4.1m n/a
------------------------------------------------- ---------- ------------- ----------
Share price1 42.63p 41.50p 2.72%
------------------------------------------------- ---------- ------------- ----------
Share price discount to NAV 24.6% 23.9% n/a
------------------------------------------------- ---------- ------------- ----------
Gearing (gross)2 37.3% 39.2% n/a
------------------------------------------------- ---------- ------------- ----------
Total assets less current liabilities (GBP000s)3 71,755 82,438 (12.96%)
------------------------------------------------- ---------- ------------- ----------
The December 2014 NAV is presented after deduction of GBP2.0m of
redemption payments. If these are added back, the movement compared
to June 2014 would be an increase of 3.62%.
Total return Six months Six months
ended 31 ended 31
December December
2014 2013
------------------------------------------ ---------- ----------
NAV Total Return(4) 3.62% (7.3%)
------------------------------------------ ---------- ----------
Share price Total Return
------------------------------------------ ---------- ----------
- AXA Property Trust 4.23% 1.7%
------------------------------------------ ---------- ----------
- FTSE All Share Index (0.40%) 11.3%
------------------------------------------ ---------- ----------
- FTSE Real Estate Investment Trust Index 12.26% 12.4%
------------------------------------------ ---------- ----------
S-ource: AXA Investment Managers UK Limited and Datastream
(1) Mid market share price (source: Datastream).
(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.
During the six months to 31 December 2014, AXA Property Trust
Limited (the "Company") sold two holdings at Würzburg and Köthen
and returned to Shareholders proceeds of GBP2 million (in addition
to the GBP4.1m redeemed in March and April 2014). Progress has also
been made in enhancing the value of the remaining properties, and
the Investment Manager's report details some of these. Sale
negotiations are well advanced on two further assets. However
conclusion of transactions in both the occupational markets and the
investor markets continues to take time.
Results
The Company and its subsidiaries (together the "Group") made a
total net profit after tax of GBP3.04 million for the six months to
31 December 2014. Excluding the GBP1.82m revaluation profit on
investment properties, the Group made a profit of GBP1.22 million.
The Net Asset Value ("NAV") of the Company at 31 December 2014 was
GBP50.25 million (30 June 2014: GBP50.43 million), a decrease of
GBP0.18 million (0.35%) since 30 June 2014. On a pro forma basis
and before the deduction of share redemptions paid of GBP2 million,
the NAV increased by GBP1.83 million (3.6%).
The Company's net property yield on current market valuation
(after acquisition and operating costs) as at 31 December 2014 was
8.02% (30 June 2014: 7.53%). 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 2014 was 42.63 pence (30 June 2014: 41.50
pence), representing a discount of 24.6% to the Company's NAV at 31
December 2014 (30 June 2014: 23.9%). At the date of the report, the
mid-market price of the Company's shares on the London Stock
Exchange had increased by 0.3% to 42.75 pence.
Return of Capital to Shareholders
Following Shareholders' agreement to the Board's proposal of the
Compulsory Redemption mechanism at the EGM on 27 February 2014,
amounts representing the unallocated cash of the Company were
distributed to Shareholders in return for the redemption of shares
on a pro-rata basis. No dividends were declared during the period
and the dividend policy remains unchanged. The Company returned
GBP2.0m to Shareholders by means of a capital redemption on 30
October 2014.
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 Credit
Foncier. Further repayments are made as assets are sold under the
disposal programme. At 31 December 2014 the total bank debt stood
at GBP29.42 million (EUR37.91 million) (before capitalised debt
issue costs) with an LTV of 43.3%. The loan is due to mature on 1
July 2016.
Prospects
Commercial property markets in Europe are beginning to improve
gradually, but there remain well recognised macro uncertainties.
With two more property sales close to agreement, subject to
successful closure, a further capital distribution should be
possible by early Summer. The Manager is bringing to a head
significant value enhancements at the two larger holdings in
Bavaria and full marketing for sale (already prepared) is expected
to commence in late Spring. The two holdings in Italy are also
likely to be brought to the market within the second quarter of the
year. While the Manager and Board are fairly confident of a good
outcome in the sales of the German assets, those of the Italian
assets and of the small warehouse in the Netherlands, are less
certain.
Charles Hunter
Chairman
27 February 2015
Investment Manager's Report
Investment Manager
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 EUR607 billion of assets under management
and over 2,300 employees, operating in 21 countries as at 30
September 2014.
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 Real Estate"). AXA Real Estate is a
specialist in European real estate investment management with
approximately EUR53 billion of real estate assets under management
and over 500 staff, operating in 23 countries as at 31 December
2014.
Source: AXA Investment Managers UK Limited
Fund Manager
Martin McGuire has headed the AXA Property Trust Fund Management
team since December 2007. He is a Chartered Surveyor and Senior
European Fund Manager at AXA Real Estate. He has over 30 years'
experience in commercial property with a significant proportion of
this in Continental European property. Mr McGuire lived for five
years in Brussels where he worked for Jones Lang Wootton. In 1985
he joined Standard Life and led their expansion into the
Continental European markets where he managed the investment and
development programme over many years taking the exposure to in
excess of EUR1.5 billion and was Fund Manager of the Standard Life
Investments' EUR800 million European Property Growth Fund. Latterly
he was Investment Director at Standard Life Investments and managed
the GBP2 billion Unit Linked Life Fund. He holds a degree in Land
Economy from the University of Aberdeen and also an Investment
Management Certificate. He is resident in the United Kingdom.
Market Outlook
Italian Industrial
The Industrial segment in the last quarter of the year has been
once again characterised by renegotiations of existing contracts,
with most letting activity concentrated in the regions of Lombardy
and Emilia Romagna. Activity in Q4 2014 lost a bit of momentum,
recording a lower take up compared to the previous quarter, at
35,000 sqm vs. 45,000 sqm in Q3 2014. Although weak in Q4, strong
portfolio deals earlier in 2014 helped boost the year-end logistics
investment volume to EUR341m, significantly higher than in 2013
(EUR112m). Re-pricing strategies remain commonplace, with landlords
more flexible in considering lower headline rents on the back of
longer leases. With Grade 'A' space most sought after, availability
in northern Italy has been decreasing over the year, particularly
in light of the scarcity of new speculative developments in the
pipeline. Leasing out lower quality space remains challenging
nevertheless, in the longer term - provided that current credit
conditions improve - Grade 'B' and 'C' space is expected to attract
demand from owner occupiers who can benefit from the good
availability of space and the decreasing property values.
Netherlands Logistics
In the Netherlands, the industrial market is continuing to
benefit from the country's economic recovery, due to its central
location along the European logistics corridor. The Central and
East Brabant and Limburg regions, which are focused on European
distribution and high-tech sectors, continue to benefit from
cheaper rents and good accessibility to the rest of Europe.
Occupiers are actively looking to relocate to more modern
facilities with good accessibility, but overall demand growth looks
set to remain weak over the next few quarters, given the current
uncertainty in the Eurozone. While prime rents along the European
corridor have recorded strong increases in 2014 (up 7.1% in
Rotterdam), this has not been the case in markets focused on
national distribution where net effective rents for modern space
are currently under downward pressure. The Dutch industrial
investment market has recorded a 32% increase in 2014 to EUR1.2bn.
Anticipated improving demand and stronger rental value growth
prospects compared to other European markets are expected to lead
to further yield falls in 2015.
German Retail
Retail sales in Germany have been increasing in recent months,
culminating in retail sales in December 2014 climbing 4%
year-on-year. One of the main reasons behind the rise in retail
sales in December was the positive effect of falling oil prices,
leading to spending on other items. As this is likely to remain the
case over coming months, there could be further strength from the
German consumer. In 2014, almost EUR9.2bn was invested in German
retail property, EUR500m or 6%, more than in the previous year.
Compared to 2013, investors have significantly increased their
investment into retail warehouses and retail parks located in
secondary locations, a reflection of their higher risk tolerance.
Prime rents have been flat over the last quarter, with the
exception of Munich, which saw a EUR10/sqm/month increase to
EUR390/sqm/month.
Asset Management Update
The sale of the remaining assets is progressing. The asset in
Altenstadt-Lindheim, Germany has been actively marketed following
the agreement with the tenant Tegut to a lease extension to 2028.
This is now under formal offer at EUR4.2m.
At Kraichtal, also in Germany, a significant upgrade to the unit
together with an extension of floor space has been agreed with the
principal tenant REWE, with an accompanying increase in rent and
lease term, thereby improving the sale prospects of this asset for
which marketing is ongoing.
At Agnadello, in Italy, notice was not given to operate the
tenant break option at 30 June 2015. The next break option is 30
June 2018 on twelve months notice and payment of a penalty. This
allows the disposal process to commence.
Two assets in Germany, Würzburg and Köthen, had been brought to
market. The sale of Würzburg completed at the end of August for
GBP4.3 million (EUR5.4 million), while the sale of the asset at
Köthen completed on 31 October for a sale price of EUR2.2m.
Property Portfolio at 31 December 2014
Net yield
Investment name Country Sector on valuation % of total
(1,2) assets
------------------------------- ---------------- ----------- ------------- ------------
Phönix Center, Fürth Germany Retail 6.6% 26.7%
------------------------------- ---------------- ----------- ------------- ------------
Rothenburg ob der Tauber Germany Retail 8.4% 18.9%
------------------------------- ---------------- ----------- ------------- ------------
Curno, Bergamo Italy Leisure 7.6% 16.0%
------------------------------- ---------------- ----------- ------------- ------------
Bergamina, Agnadello Italy Industrial 8.5% 12.6%
------------------------------- ---------------- ----------- ------------- ------------
Smakterweg, Venray The Netherlands Industrial 10.2% 7.5%
------------------------------- ---------------- ----------- ------------- ------------
Am Birkfeld, Dasing Germany Industrial 8.1% 8.5%
------------------------------- ---------------- ----------- ------------- ------------
Eppinger Strasse, Kraichtal Germany Retail 5.8% 5.6%
------------------------------- ---------------- ----------- ------------- ------------
Die Weidenbach, Lindheim -
Altenstadt Germany Retail 7.1% 4.2%
------------------------------- ---------------- ----------- ------------- ------------
Total property portfolio 8.0% 100.00%
-------------------------------------------------------------- ------------- ------------
(1) Net yield on valuation is based on the current market
valuation after deduction of property-specific acquisition costs
and operating costs.
(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 2014 by Market Value
Germany 64%
----------------- ----
Italy 29%
----------------- ----
The Netherlands 7%
----------------- ----
Sector Analysis at 31 December 2014 by Market Value
Retail 55%
------------ ----
Industrial 29%
------------ ----
Leisure 16%
------------ ----
Source: AXA Real Estate Investment Managers UK Limited
Covenant Strength Analysis at 31 December 2014
(based on rental income)
Grade A 35.6% Creditreform:<199; D&B:A
1
--------- ------ --------------------------------
Grade B 26.6% Creditreform:200-249; D&B:B,C,D
1,2
--------- ------ --------------------------------
Grade C 37.4% Creditreform:>250; D&B: D
+ 3,4
--------- ------ --------------------------------
Vacant 0.4%
--------- ------ --------------------------------
The Company's tenant covenant profile is strong, with 35.6% of
tenants rated Grade A, indicating a high credit rating score.
Rental income from Grade A covenants has a weighted unexpired lease
length of 8.1 years. The average rent-weighted unexpired lease
length for the investment portfolio as at 31 December 2014 was 6.0
years. Vacant space in the portfolio on 31 December 2014, measured
using estimated market rent, represented 0.4% of the total gross
rental income.
Average unexpired lease length profile weighted by rental
income
31 December 2014 30 December 2013
--------- ----------------- -----------------
Years Years
--------- ----------------- -----------------
Grade A 8.1 7.2
--------- ----------------- -----------------
Grade B 4.0 2.4
--------- ----------------- -----------------
Grade C 5.5 5.2
--------- ----------------- -----------------
Average 6.0 5.3
--------- ----------------- -----------------
Source: AXA Real Estate Investment Managers UK Limited
Lease expiry profile weighted by rental income
% of income (31 % of income (31
December 2014) December 2013)
------- ---------------- ----------------
Vacant 0.4% 5.7%
------- ---------------- ----------------
<1 4.3% 6.0%
------- ---------------- ----------------
<2 3.9% 20.0%
------- ---------------- ----------------
<3 20.2% 5.0%
------- ---------------- ----------------
<4 13.7% 17.0%
------- ---------------- ----------------
<5 11.1% 4.0%
------- ---------------- ----------------
5-10 16.3% 24.0%
------- ---------------- ----------------
10-15 30.1% 19.0%
------- ---------------- ----------------
15+ 0% 0%
------- ---------------- ----------------
Source: AXA Real Estate Investment Managers UK Limited
Financing and Hedging Arrangements
At 31 December 2014 the Group held GBP29.42 million (EUR37.91
million) of debt (before capitalised debt issue costs) relating to
the main facility which was 99.76% hedged by interest rate swaps at
2.795% plus a margin of 2.4%.
Fund Gearing(1) 31 December 2014 30 June 2014
--------------------------------- ---------------- ------------
Property portfolio (GBP million) 77.77 82.64
--------------------------------- ---------------- ------------
Borrowings (GBP million) 28.99 32.39
--------------------------------- ---------------- ------------
Total gross gearing 37.3% 39.2%
--------------------------------- ---------------- ------------
Total net gearing 30.9% 34.6%
--------------------------------- ---------------- ------------
(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 over property portfolio at fair value including the JV asset
at Agnadello.
Gross LTV Covenants(2) 31 December 2014 30 June 2014 Maximum
----------------------- ---------------- ------------ -------
Main loan facility 43.3% 45.1% 60.0%
----------------------- ---------------- ------------ -------
(2) Gross LTV is calculated as debt over property portfolio at
fair value.
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.
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,
particularly in Germany, with lease re-gears and extensions being
negotiated with existing tenants where possible and new lettings
secured, all to improve the level of income and marketability of
individual assets. Following the lease extensions that were secured
at Altenstadt-Lindheim and at Kraichtal both assets were brought to
the market. Exclusivity has been granted to a prospective purchaser
for the property at Altenstadt-Lindheim, while the marketing for
the asset at Kraichtal is ongoing and has also commenced for the
property at Dasing. Savills has been appointed for the marketing of
Fürth and Rothenburg.
A disposal strategy is being prepared for the Italian properties
at Agnadello and Curno.
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.
Alphons Spaninks joined AXA Real Estate 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 EUR2bn 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 Real Estate, 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.
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.
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
27 February 2015 27 February 2015
Condensed Half Year Consolidated Income Statement
(unaudited)
For the six months ended 31 December 2014
Six months
Six months ended ended
31 December 2014 31 December 2013
Notes GBP000s GBP000s
----------------------------------------- ------- ----------------- -----------------
Gross rental income 3 2,737 4,176
Service charge income 270 445
Property operating expenses (810) (1,100)
----------------------------------------- ------- ----------------- -----------------
Net rental and related income 2,197 3,521
----------------------------------------- ------- ----------------- -----------------
Valuation profit/(loss) on investment
properties 6 1,823 (3,293)
Loss on disposal of a subsidiary and
investment properties - (359)
General and administrative expenses 4 (970) (1,544)
----------------------------------------- ------- ----------------- -----------------
Operating profit/(loss) 3,050 (1,675)
----------------------------------------- ------- ----------------- -----------------
Net foreign exchange loss (277) (191)
Net gain/(loss) on financial instruments 12 394 (622)
Share in profit/(loss) of a joint
venture 8 1,356 (141)
Net finance cost (1,117) (1,464)
Profit/(loss) before tax 3,406 (4,093)
Income tax expense (366) (63)
----------------------------------------- ------- ----------------- -----------------
Profit/(loss) for the period 3,040 (4,156)
----------------------------------------- ------- ----------------- -----------------
Basic and diluted loss per ordinary
share (pence) 3.42 (4.16)
----------------------------------------- ------- ----------------- -----------------
Condensed Half Year Consolidated Statement of Profit or Loss and
Other Comprehensive Income
(unaudited)
For the six months ended 31 December 2014
Six months
ended Six months
31 December ended
2014 31 December 2013
GBP000s GBP000s
------------------------------------------------ ------------ -----------------
Profit/(loss) for the period 3,040 (4,156)
Other comprehensive income
Items that will be reclassified subsequently
to profit and loss:
Effective portion of changes in fair
value of cashflow hedges 132 1,134
Foreign exchange translation loss (1,345) (1,280)
------------------------------------------------- ------------ -----------------
Total items that may or may not be reclassified
subsequently to profit or loss (1,213) (146)
------------------------------------------------- ------------ -----------------
Total comprehensive income/(loss) for
the period 1,827 (4,302)
------------------------------------------------- ------------ -----------------
Condensed Half Year Consolidated Statement of Changes in
Equity
(unaudited)
For the six months ended 31 December 2014
Foreign
Revaluation Hedging Revenue Distributable currency
reserve reserve reserve reserve reserve Total
Notes GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
-------------------------------- -------- ------------- --------- --------- --------------- --------- ---------
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 - (533) - - 3,040
Other comprehensive income/(loss) - 132 - - (1,346) (1,214)
------------------------------------------ ------------- --------- --------- --------------- --------- ---------
Total comprehensive income/(loss)
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
------------------------------------------ ------------- --------- --------- --------------- --------- ---------
For the six months ended 31 December 2013
Foreign
Revaluation Hedging Revenue Distributable currency
reserve reserve reserve reserve reserve Total
Notes GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
-------------------------------- -------- ------------- --------- --------- --------------- --------- ---------
Balance at 1 July 2013 (48,267) (5,622) 4,592 92,948 15,570 59,221
Net loss for the period (4,056) - (100) - - (4,156)
Other comprehensive income/(loss) 1,134 - - (1,280) (146)
------------------------------------------ ------------- --------- --------- --------------- --------- ---------
Total comprehensive loss
for the period (4,056) 1,134 (100) - (1,280) (4,302)
------------------------------------------ ------------- --------- --------- --------------- --------- ---------
Balance at 31 December
2013 (52,323) (4,488) 4,492 92,948 14,290 54,919
------------------------------------------ ------------- --------- --------- --------------- --------- ---------
The accompanying notes form an integral part of these condensed
half year financial statements.
Condensed Half Year Consolidated Statement of Financial
Position
(unaudited)
As at 31 December 2014
31 December
2014 30 June 2014
Notes GBP000s GBP000s
--------------------------------- ------- ----------- -------------
Non-current assets
Investment properties 6 47,908 67,351
Investment in joint venture 8 10,034 9,543
Deferred tax assets 116 26
Current assets
Cash and cash equivalents 4,691 3,008
Trade and other receivables 9 1,434 1,870
Investment properties held
for sale 6/7 19,419 6,326
--------------------------------- ------- ----------- -------------
Total assets 83,602 88,124
--------------------------------- ------- ----------- -------------
Current liabilities
Trade and other payables 10 1,725 2,100
Current portion of long-term
loans 11 10,122 3,586
Non-current liabilities
Deferred tax liability 169 269
Provisions 1,156 1,156
Long-term loans 11 18,864 28,802
Derivative financial instruments 12 1,312 1,783
--------------------------------- ------- ----------- -------------
Total liabilities 33,348 37,696
Net assets 50,254 50,428
--------------------------------- ------- ----------- -------------
Share capital - -
Reserves 50,254 50,428
Total equity 50,254 50,428
--------------------------------- ------- ----------- -------------
Number of ordinary shares 88,865,954 92,534,848
Net asset value per ordinary
share (pence) 56.55 54.50
--------------------------------- ------- ----------- -------------
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
27 February 2015 27 February 2015
Condensed Half Year Consolidated Statement of Cash Flows
(unaudited)
For the six months ended 31 December 2014
Six months Six months
ended ended
31 December 31 December
2014 2013
Notes GBP000s GBP000s
-------------------------------------------- ------- ------------ ------------
Operating activities
Profit/(loss) before tax 3,405 (4,093)
Adjustments for:
Profit/(loss) on valuation and disposals
of a subsidiary and investment properties 6 (1,823) 3,297
Shares in profit/(losses) of joint
venture 8 (1,356) 141
Gain/(loss) on financial instruments 12 (394) 622
Increase/(decrease) in trade and other
receivables 441 (200)
Increase in provisions - (22)
Increase in trade and other payables (552) (538)
Net finance cost 1,117 1,464
Net foreign exchange loss 277 191
-------------------------------------------- ------- ------------ ------------
Net cash generated from operations 1,115 862
Interest income received 81 161
Interest paid (486) (1,285)
Tax paid 68 (99)
-------------------------------------------- ------- ------------ ------------
Net cash inflow/(outflow) from operating
activities 778 (361)
Investing activities
Capital expenditure on completed investment
properties 6 (20) (8)
Proceeds from disposals of a subsidiary
and investment properties 5,820 9,757
Net cash inflow from investing activities 5,800 9,749
-------------------------------------------- ------- ------------ ------------
Financing activities
Redemption of shares 5 (2,000) -
Finance costs - -
Crédit Agricole loan facility
repaid 11 (2,781) (10,114)
-------------------------------------------- ------- ------------ ------------
Net cash outflow from financing activities (4,781) (10,114)
-------------------------------------------- ------- ------------ ------------
Effect of exchange rate fluctuations (114) 428
-------------------------------------------- ------- ------------ ------------
Increase/(decrease) in cash and cash
equivalents 1,683 (298)
-------------------------------------------- ------- ------------ ------------
Cash and cash equivalents at start
of the period 3,008 3,694
-------------------------------------------- ------- ------------ ------------
Cash and cash equivalents at the period
end 4,691 3,396
-------------------------------------------- ------- ------------ ------------
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 the six month
period ended 31 December 2014 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 2014, 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 2014. 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 10. The conclusion
remains unchanged from the consolidated financial statements for
the year ended 30 June 2014.
(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. The
costs of running the Group have become a disproportionate charge on
distributable income.
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. The Directors estimate
that the wind-down costs will be approximately GBP253,208
(EUR316,216). 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 2014
amounted to GBP2.74 million (2013: GBP4.18 million). The Group
leases out all of its investment property under operating
leases.
Minimum Lease Payments (based on leases in place at 31 December
2014)
31 December 2014 30 June 2014
----------- ----------------- --------------
Rental income Rental income
(GBP000s) (GBP000s)
----------- ----------------- --------------
0-1 year 6,839 7,705
----------- ----------------- --------------
1-5 years 20,736 20,794
----------- ----------------- --------------
5+ years 14,918 15,257
----------- ----------------- --------------
4. General and administrative expenses
Six months Six months
ended ended
31 December 31 December
2014 2013
GBP000s GBP000s
---------------------------- ------------ ------------
Administration fees (153) (214)
General expenses (320) (654)
Audit fees (98) (108)
Legal and professional fees (95) (219)
Directors' fees (46) (47)
Insurance fees (19) (19)
Liquidation costs - (21)
Sponsor's fees (13) (18)
Investment management fees (226) (259)
Performance fee - (15)
---------------------------- ------------ ------------
Total (970) (1,544)
---------------------------- ------------ ------------
5. Share capital redemptions
The Company returned GBP1,999,547 (30 June 2014: GBP4,099,860)
on 30 October 2014 to Shareholders by means of a capital
redemption. The number of ordinary shares was reduced by 3,668,894
to 88,865,954 (30 June 2014: 92,534,848).
6. Investment properties
31 December
2014 30 June 2014
GBP000s GBP000s
------------------------------------------- ----------- --------------
Fair value of investment properties at
beginning of year 67,351 78,130
Capital expenditure during the period/year 20 611
Disposals during the period/year (5,956) -
Fair value adjustments 1,823 (2,242)
Foreign exchange translation (1,070) (2,822)
Investment properties transferred to held
for sale (14,260) (6,326)
------------------------------------------- ----------- --------------
Fair value of investment properties at
the end of the period/year 47,908 67,351
------------------------------------------- ----------- --------------
Investment properties classified held
for sale 19,419 6,326
------------------------------------------- ----------- --------------
Total investment properties 67,327 73,677
------------------------------------------- ----------- --------------
All investment properties are carried at fair value.
7. Investment properties held for sale
As at 31 December 2014, the Group held four investment
properties (2014: one investment property) for sale.
These are Dasing, Altenstadt-Lindheim and Kraichtal in Germany
and Smakterweg in the Netherlands.
8. Investment in joint venture
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.
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 30 June 2014
2014 GBP000s
GBP000s
--------------------------------------------- ----------- ------------
Non-current assets 19,556 17,937
Current assets 685 1,635
Non-current liabilities (7,343) (8,473)
Current liabilities (9,005) (9,829)
--------------------------------------------- ----------- ------------
Net assets (100%) 3,893 1,270
--------------------------------------------- ----------- ------------
Group's share of net assets (50%) 50% 50%
--------------------------------------------- ----------- ------------
Group's share of net assets 1,947 635
Loan balances due to joint venture partners 8,087 8,908
--------------------------------------------- ----------- ------------
Carrying amount of interest in joint venture 10,034 9,543
--------------------------------------------- ----------- ------------
Summarised Consolidated Income Statement
Six months Six months
ended 31 December ended 31 December
2014 2013
GBP000s GBP000s
---------------------------------------------- ------------------ ------------------
Net rental and related income 782 1,022
Valuation profits/(losses) on investment
property 2,216 (678)
Total administrative and other expenses (93) (154)
Other income 2 6
Financial expenses (308) (418)
---------------------------------------------- ------------------ ------------------
Profit/(loss) before tax 2,599 (222)
---------------------------------------------- ------------------ ------------------
Income tax expense 113 (60)
---------------------------------------------- ------------------ ------------------
Profit/(loss) for the period 2,712 (282)
---------------------------------------------- ------------------ ------------------
Group's share of profit/(loss) for the period 1,356 (141)
---------------------------------------------- ------------------ ------------------
Summarised Consolidated Statement of Comprehensive Income
Six months Six months
ended ended
31 December 31 December
2014 2014
GBP000s GBP000s
------------------------------------------ ------------ ------------
Profit for the period 2,712 (282)
------------------------------------------ ------------ ------------
Total comprehensive income for the period 2,712 (282)
------------------------------------------ ------------ ------------
Group's share of comprehensive income for
the period 1,356 (141)
------------------------------------------ ------------ ------------
9. Trade and other receivables
31 December
2014 30 June 2014
GBP000s GBP000s
-------------------------------------- ----------- -------------
Tax receivable (witholding, corporate
and income) 593 588
Investment property sold receivable 14 14
Other receivables 106 234
VAT receivable 172 330
Rent receivable 252 37
Accrued income 231 611
Prepayments 66 568
Total 1,434 1,870
-------------------------------------- ----------- -------------
The carrying values 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
2014 30 June 2014
GBP000s GBP000s
-------------------------------------------- ----------- -------------
Investment manager's fee 145 215
Property manager's fee 26 43
Other 376 633
Tax payable (income, transfer, capital and
other) 575 416
Interest payable on loan facility 248 224
Legal and professional fees 64 108
VAT payable 20 -
Audit fee 83 156
Administration and Company Secretarial fees 136 123
Rent prepaid 45 166
Directors' fees 7 10
Sponsor's fees - 6
-------------------------------------------- ----------- -------------
Total 1,725 2,100
-------------------------------------------- ----------- -------------
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 2014 was EUR37.91 million (GBP29.42
million) (30 June 2014: EUR41.49 million (GBP33.22 million)) before
capitalised debt issue costs. The decrease was the result of the
partial loan repayments following the asset disposals during the
period.
Four assets were classified in current assets as held for sale
as at 31 December 2014, and the related bank loans totalling
GBP10.12 million (EUR13.04million) have been classified as a
current liability.
12. Financial risk management
The table below summarises the amounts recognised in the
Consolidated Income Statement in relation to derivative financial
instruments.
Six months Six months
ended ended
31 December 31 December
2014 2013
GBP000s GBP000s
------------------------------------------------ ------------ ------------
Hedging reserve recycled to consolidated
income statement 132 (247)
Current year fair value movement of ineffective
hedges 262 (375)
------------------------------------------------ ------------ ------------
Total 394 (622)
------------------------------------------------ ------------ ------------
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 and have
remained unchanged for the period under review.
Credit risk
Credit risk refers to the risk that a 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 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
The Group may encounter liquidity risk when realising assets or
otherwise raising funds to meet financial commitments. Investments
in property are relatively illiquid, however, the Group seeks to
mitigate this risk by investing in desirable properties in strong
locations.
The Group regularly prepares forecasts which enable operating
cash flow requirements to be anticipated to ensure that sufficient
liquidity is available to meet foreseeable needs, while maintaining
sufficient working capital and planning returns of capital to
shareholders in the short to medium term.
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 2014, the Group
had interest rate swaps with a notional contract amount of GBP29.35
million (EUR37.82 million) (30 June 2014: GBP32.43 million
(EUR40.50 million)).
All interest rate swap contracts exchanging floating rate
interest amounts for fixed rate interest amounts for fixed 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% EUR37.82 million
Foreign currency risk
The Company's subsidiaries 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 risk management
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 2014 GBP000s GBP000s GBP000s
----------------------------------- -------- -------- --------
Liabilities measured at fair value
Interest rate swaps and caps - 1,312 -
Total - 1,312 -
----------------------------------- -------- -------- --------
Level 1 Level 2 Level 3
30 June 2014 GBP000s GBP000s GBP000s
----------------------------------- -------- -------- --------
Liabilities measured at fair value
Interest rate swaps and caps - 1,783 -
Total - 1,783 -
----------------------------------- -------- -------- --------
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 or 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 they conform with the investment policy of
the Company until Mr Spaninks's 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 GBP nil (2013:
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 period in respect of Northern Trust
administration fees was GBP72,500 (2013: GBP102,500) of which
GBP36,250 (2013: GBP51,250) remained payable at the period 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 GBP0.23
million (2013: GBP0.26 million) were expensed to the Consolidated
Income Statement. Following the various asset disposals,
transaction fees of 35 bps were paid on the gross sales price;
totalling GBP0.03 million on all sales during the period (2013:
nil).
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.
Property Trust Luxembourg 1 S.à.r.l and Property Trust
Luxembourg 2 S.à.r.l, the direct parent companies of Keyser Center
N.V., have provided a guarantee in respect of the payment of rent
by Chiquita Fruit Bar Belgium BVBA should this tenant become
insolvent for with a maximum liability of EUR0.05 million per annum
until 1 July 2015. The obligations of the two companies in respect
of both the warranties and the guarantee are split in the
proportions 0.05% and 99.95% respectively.
15 Subsequent events
These financial statements were approved for issuance by the
Board on 27 February 2015. Subsequent events have been evaluated
until this date.
There are no subsequent events to note.
Corporate Information
Directors (All non-executive)
C. J. Hunter (Chairman)
G. J. Farrell
S. C. Monier
S. J. Lawson
A Spaninks
Registered Office
P.O. Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 2JA
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
Oriel Securities Limited
150 Cheapside
London EC2V 6ET
United Kingdom
Administrator, Secretary and Registrar
Northern Trust International Fund
Administration Services (Guernsey) Limited
PO 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
GY1 1WR
Channel Islands
This information is provided by RNS
The company news service from the London Stock Exchange
END
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