AXA Property Trust Net Asset Value(s)
November 26 2014 - 4:59AM
UK Regulatory
TIDMAPT
To: Company Announcements
Date: 26 November 2014
Company: AXA Property Trust Limited
Subject: Net Asset Value 30 September 2014 (Unaudited)
CORPORATE SUMMARY
The Company's unaudited Consolidated Net Asset Value at 30 September 2014 was
GBP51.47 million (55.62 pence per share), an increase of GBP1.04 million (1.12 pence
per share) since 30 June 2014 when the NAV was GBP50.43 million (54.50 pence per
share).
The Company and its subsidiaries made a profit after tax of GBP2.09 million (2.26
pence per share) in the three month period to 30 September 2014.
CONSOLIDATED PERFORMANCE SUMMARY
Audited Unaudited
12 months ended 3 months ended
30 June 2014 30 September 2014 Quarterly Movement
Pence per share Pence per share Pence per share /(%)
Net Asset Value per 54.50 55.62 1.12 (2.1%)
share
Losses / Earnings per -2.44 2.26 4.70
share
Share price (mid market) 41.50 40.40 -1.10 (-2.7%)
Share price discount to 23.9% 27.4% 3.5 percentage points
Net Asset
Value
Total return Audited Unaudited
12 months ended 3 months ended
30 June 2014 30 September 2014
Net Asset Value Total Return1 (7.92%) 2.06%
Share Price Total Return
- AXA Property Trust 14.3% -1.2%
- FTSE All Share Index 13.1% -1.0%
- FTSE Real Estate Investment Trust Index 23.9% 2.0%
Source: Datastream; AXA Real Estate
1On a pro-forma basis which includes adjustments to add back any prior NAV
deductions for share redemptions.
Total net profit was GBP2.09 million (2.26 pence per share) for the three months
to 30 September 2014, including GBP0.37 million of "revenue" profit (excluding
capital items such as revaluation of property) and GBP1.72 million "capital" gain
analysed as follows:
Audited Unaudited
12 months ended 3 months ended
30 June 2014 30 September 2014
GBPmillion GBPmillion
Net property income 6.10 1.37
Net foreign exchange losses (0.06) (0.14)
Investment Manager's fees (0.88) (0.12)
Other income and expenses (1.86) (0.31)
Net finance costs (2.11) (0.43)
Current tax - -
Revenue profit 1.19 0.37
Unrealised (losses) / gains on revaluation of investment (2.24) 1.82
properties
Net losses on disposal of investment properties (0.47) -
(Losses) / gains on financial instruments (hedging (0.31) 0.21
interest rate and currency exposures)
Share in profit of a joint venture 0.17 0.16
Finance costs (0.45) (0.28)
Net foreign exchange losses (0.09) (0.10)
Deferred tax (0.19) (0.09)
Capital (loss) / gain (3.58) 1.72
Total net (loss) / profit (2.39) 2.09
NET ASSET VALUE
The Company's unaudited Consolidated Net Asset Value per share as at 30
September 2014 was 55.62 pence (54.50 pence as at 30 June 2014), an increase of
1.12 pence.
The Net Asset Value attributable to the Ordinary Shares is calculated under
International Financial Reporting Standards. It includes all current year
income after the deduction of dividends paid prior to 30 September 2014.
The GBP1.04 million decrease in Net Asset Value over the quarter ended 30
September 2014 can be analysed as follows:
Audited Unaudited
12 months ended 3 months ended
30 June 2014 30 September 2014
GBPmillion GBPmillion
Opening Net Asset Value 59.22 50.43
Share redemption (4.10) -
Net (loss) / profit after tax (2.39) 2.09
Other comprehensive loss (2.30) (1.05)
Closing Net Asset Value 50.43 51.47
In Sterling terms the property valuation decreased by GBP4.57 million (5.5%) to GBP
78.07 million (including the effects of valuation movements, capital
expenditure, disposals and foreign exchange movements). On a like-for-like
basis the Euro valuation of the property portfolio increased by EUR2.28m
(2.27%) to EUR100.19 million for the quarter. The GBP/EUR foreign exchange rate
applied to the Company's Euro investments in its subsidiary companies at 30
September 2014 was 1.283 (30 June 2014: 1.249).
SHARE PRICE AND DISCOUNT TO NET ASSET VALUE
As at close of business on 30 September 2014, the mid market price of the
Company's shares on the London Stock Exchange was 40.40 pence, representing a
discount of 27.4% on the Company's Net Asset Value at 30 September 2014.
As at close of business on 24 November 2014, the mid market price of the
Company's shares was 41.38 pence, representing a discount of 25.6% on the
Company's Net Asset Value at 30 September 2014.
FUND GEARING
Audited Unaudited
30 30
June 2014 September 2014 Movement
GBPmillion /% GBPmillion /% GBPmillion /%
Property portfolio * 82.64 78.07 -4.57 (5.5%)
Borrowings (net of 32.39 30.08 -2.31 (7.1%)
capitalised issue costs)
Total gross gearing 39.2% 38.5% -0.7 percentage points
Total net gearing 34.6% 30.6% -4.0 percentage points
*Portfolio value based on the Company's independent valuation
Fund net gearing decreased by 4.0 percentage points over the quarter to 30.6%
as at 30 September 2014.
Fund gearing is included to provide an indication of the overall indebtedness
of the Company and does not relate to any covenant terms in the Company's loan
facilities. Gross gearing is calculated as debt over property portfolio at fair
value. Net gearing is calculated as debt less cash over property portfolio at
fair value.
Company website:
http://www.axapropertytrust.com
All Enquiries:
Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: +44 (0)20 7003 2345
Email: broker.services@axa-im.com
Broker
Oriel Securities Limited
Neil Winward / Mark Bloomfield / Matthew Marshall
Tel: +44 (0)20 7710 7600
Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: +44 (0)1481 745324
Fax: +44 (0)1481 745085
END
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