TIDMFPO
RNS Number : 8390P
First Property Group PLC
11 June 2015
Date: 11 June 2015
On Behalf of: First Property Group plc ("First Property", "the Company" or "the Group")
Embargoed: 0700hrs
First Property Group plc
Preliminary Results for the twelve months to 31 March 2015
First Property Group plc (AIM: FPO), the property fund manager
and investor, today announces its preliminary results for the
twelve months ended 31 March 2015.
Financial highlights:
Unaudited Audited Percentage
Year to Year to change
31 March 31 March
2015 2014
------------------------------------- ----------- ---------- -----------
Profit before tax GBP8.08m GBP6.60m +22.4%
===================================== =========== ========== ===========
Diluted earnings per share 6.93p 4.53p +53.0%
===================================== =========== ========== ===========
Total dividend per share 1.35p 1.12p +20.5%
===================================== =========== ========== ===========
Profit before unallocated central
overheads and tax by segment:
------------------------------------- ----------- ---------- -----------
Property fund management (FPAM) GBP4.44m GBP2.63m +68.8%
===================================== =========== ========== ===========
Group Properties* GBP6.57m GBP6.32m +4.0%
------------------------------------- ----------- ---------- -----------
Average EUR/GBP rate used 1.285 1.188 -8.2%
===================================== =========== ========== ===========
Net assets GBP31.02m GBP23.46m +32.2%
===================================== =========== ========== ===========
Cash Balances GBP12.24m GBP11.28m +8.5%
===================================== =========== ========== ===========
Group Properties* at market value GBP142.04m GBP69.08m
===================================== =========== ========== ===========
Group Properties*at book value GBP126.90m GBP61.06m
===================================== =========== ========== ===========
Gross Debt secured against Group
Properties GBP107.78m GBP49.33m
===================================== =========== ========== ===========
LTV % 75.89% 71.41%
===================================== =========== ========== ===========
Net assets per share 26.30p 20.00p +31.5%
===================================== =========== ========== ===========
Adjusted net assets per share** 35.75p 24.80p +44.2%
===================================== =========== ========== ===========
Year-end EUR/GBP rate used 1.382 1.210 -14.2%
===================================== =========== ========== ===========
Assets under management (including
Group Properties) GBP327m GBP357m -8.4%
===================================== =========== ========== ===========
Poland 65% 69%
===================================== =========== ========== ===========
UK 33% 28%
===================================== =========== ========== ===========
Romania 2% 3%
------------------------------------- ----------- ---------- -----------
* Excludes the Group's non-controlling interests in four other FPAM managed funds.
** Calculated according to EPRA triple net valuation
methodology, which includes fair values of i) financial instruments
ii) debt and iii) deferred taxes.
Operational Highlights (and explanatory notes):
-- The increase in profit before tax to GBP8.08 million (2014:
GBP6.60 million) was largely attributable to the contribution made
to earnings by:
o Fund Management - The performance fee earned by the Group of
GBP3.2 million (2014: nil) on profits realised by Fprop PDR.
o Group Properties:
i. The purchase by the Group and FOP of six properties in Poland
and Romania during the year which made a contribution to the
Group's profit before unallocated overheads and tax of GBP2.27
million (2014: nil). These acquisitions also resulted in GBP1.84
million of negative goodwill, a non-cash item which has been
credited to the Income Statement; and
ii. The full year contribution to profit before unallocated
overheads and tax from the additional properties purchased by the
Group and FOP in the previous year of GBP1.83 million (2014:
GBP676,000).
-- Final dividend increased to 1 penny per share (2014: 0.79
pence per share), an increase of 27%, which together with the
interim dividend of 0.35 pence (2014: 0.33 pence) equates to a
dividend for the year of 1.35 pence per share (2014: 1.12 pence per
share).
-- New fund established in January 2015 on behalf of
Shipbuilding Industry Pension Scheme (SIPS) with a commitment of
GBP125 million for an initial term of ten years targeting
investments in the United Kingdom. The Group's UK efforts are now
concentrated on investing this.
-- Funds under management in Central and Eastern Europe (CEE)
once again rated by Investment Property Databank (IPD) as the best
performing versus the IPD CEE universe, now for the annualised
periods from 2005 to the end of each of the years between
31December 2008 and 31 December 2014.
-- The impact of a weaker Euro versus Sterling during the year
resulted in profit before tax being some GBP258,000 lower than it
would otherwise have been.
Commenting on the results, Ben Habib, Chief Executive of First
Property Group, said:
"The financial year just ended has been transformational for the
Group principally because of the six investments made by it and FOP
in Poland and Romania, which should yield recurring profit before
unallocated overheads and tax of just over GBP6 million per annum.
These earnings will more than replace the fee income we used to
earn from the USS fund which expires in August 2015 and which at
its peak amounted to some GBP3 million per annum.
"The Group's future earnings are substantially underpinned, its
balance sheet is strong, the economies in which we operate are
growing, we have investment mandates which will result in the
Group's earnings growing and we are working on new interesting
transactions. I therefore look to the future with excitement and
confidence."
A briefing for analysts will be held at 10.00hrs today at the
Group's headquarters, 35 Old Queen Street, London, SW1H 9JA. A
conference call facility will also be available on +44 (20) 7984
7578, passcode: 540877. A copy of the accompanying investor
presentation can be accessed simultaneously at
http://www.fprop.com/plc-results/81/88/. A recorded copy of the
call will subsequently be posted on the Company website,
www.fprop.com.
For further information please contact:
First Property Group plc Tel: +44 (20) 7340
0270
Ben Habib (Chief Executive www.fprop.com
Officer) investor.relations@fprop.com
George Digby (Group Finance
Director)
Jeremy Barkes (Director,
Business Development)
Arden Partners (NOMAD & Tel: + 44 (20) 7614
Broker) 5900
Chris Hardie (Director,
Corporate Finance)
Michael McNeilly (Corporate
Finance)
Redleaf Polhill (PR) Tel:+ 44 (20) 382
4734
Richard Gotla / Henry Columbine firstproperty@redleafpr.com
Notes to investors and editors:
First Property Group plc is a property fund manager and investor
with operations in the United Kingdom and Central Europe. Its
earnings are derived from:
-- Fund management - via its FCA regulated and AIFMD approved
subsidiary, First Property Asset Management Ltd (FPAM), which earns
fees from investing for third parties in property in the UK and
Central Europe;
-- Group Properties - principal investments by the Group, currently comprising:
o Six directly owned properties in Poland and Romania;
o Five properties in Poland held by Fprop Opportunities plc
(FOP), an FPAM managed fund in which the Group is a 76.2%
shareholder;
o Non-controlling interests in four other funds managed by
FPAM.
FPAM funds have ranked No.1 versus the Investment Property
Databank (IPD) Central & Eastern Europe (CEE) universe for the
annualised periods from the commencement of its operations in
Poland in 2005 to the end of each of the years between 31 December
2008 and 31 December 2014.
First Property Asset Management Limited is authorised and
regulated by the Financial Conduct Authority. Further information
about the Company and its products can be found at:
www.fprop.com.
CHIEF EXECUTIVE'S STATEMENT
Financial results
I am pleased to report final results for the twelve months ended
31 March 2015.
Revenue earned by the Group increased to GBP18.52 million (2014:
GBP18.05 million) yielding a profit before tax of GBP8.08 million
(2014: GBP6.60 million). The increase in profit before tax is
principally attributable to the contribution to earnings made
by:
-- Fund Management - the performance fee earned by the Group of
GBP3.2 million (2014: nil) on profits realised by Fprop PDR.
-- Group Properties:
i. The purchase by the Group and FOP of six properties in Poland
and Romania during the year which made a contribution to the
Group's profit before unallocated overheads and tax of GBP2.27
million (2014: nil). These acquisitions also resulted in GBP1.84
million of negative goodwill, a non-cash item which has been
credited to the Income Statement; and
ii. The full year contribution to profit before unallocated
overheads and tax from the additional properties purchased by the
Group and FOP in the previous year of GBP1.83 million (2014:
GBP676,000).
Diluted earnings per share were 6.93 pence (2014: 4.53
pence).
The Group ended the period with net assets of GBP31.02 million
(2014: GBP23.46 million).
Its cash balances increased to GBP12.24 million (2014: GBP11.28
million) despite having made some GBP80 million of new, leveraged
property investments. Of this cash, GBP3.26 million (2014: GBP4.14
million) was held by Fprop Opportunities plc (FOP), which is 76.2%
owned by the Group and GBP573,000 (2014: GBP528,000) was held by
Corp SA (90% owned by the Group), the property management company
for Blue Tower in Warsaw.
Dividend
The Directors have resolved to recommend increasing the final
dividend to 1 penny per share (2014: 0.79 pence per share), an
increase of 27%, which together with the interim dividend of 0.35
pence per share (2014: 0.33 pence per share) equates to a dividend
for the year of 1.35 pence per share (2014: 1.12 pence per share).
The substantial increase in the final dividend results from the
material increase in the Group's underlying recurring earnings and
the Directors' confidence in the sustainability of these.
The proposed final dividend will be paid on 30 September 2015 to
shareholders on the register at 21 August 2015, and is subject to
shareholder approval at the forth coming annual general
meeting.
REVIEW OF OPERATIONS
Key Points
The annualised earnings before unallocated overheads and tax of
just over GBP6 million which the Group expects to earn from the six
properties acquired by it and FOP during the year, more than
replaces the fee income we used to earn from the USS fund which
expires in August 2015 and which, at its peak, amounted to some
GBP3 million per annum.
When the earnings from the six new property investments are
combined with the Group and FOP's existing investments, the
annualised recurring contribution to the Group's profit before
unallocated overheads and tax will amount to some GBP9.5
million.
Our development activity in the United Kingdom, via Fprop PDR,
made a contribution to the Group of GBP3.86 million and yielded
investors in that fund a total return of GBP16.6 million on equity
deployed of GBP30.35 million, translating into a net return on
equity of 53% and an IRR of 98% per annum. Fprop PDR is likely to
make a further contribution to profit before unallocated central
overheads and tax of some GBP1 million for the year to 31 March
2016, resulting from transactions concluded last year. However, the
Permitted Development Rights legislation is due to expire in May
2016 and we do not therefore expect any further transactions to be
undertaken by Fprop PDR, unless the legislation is extended in some
way.
The Group's UK efforts are now concentrated on investing the
GBP125 million fund management mandate awarded to us by SIPS.
PROPERTY FUND MANAGEMENT (First Property Asset Management Ltd or
FPAM)
As at 31 March 2015 aggregate assets under management,
calculated by reference to independent third party valuations,
stood at GBP327 million (2014: GBP357 million), including some
GBP142 million (2014: GBP69 million) of properties held by the
Group. Of these, 33% were located in the UK, 65% in Poland and 2%
in Romania. With the exception of Fprop PDR, fees are levied by
FPAM by reference to funds under management excluding cash and cash
commitments.
Revenue earned by this division amounted to GBP6.14 million
(2014: GBP4.27 million), resulting in a profit before unallocated
central overheads and tax of GBP4.44 million (2014: GBP2.63
million) and representing 40% (2014: 29%) of Group profit before
unallocated central overheads and tax.
Revenue from the USS fund reduced to GBP1.54 million (2014:
GBP2.5 million) as a result of disposals by the fund. Following the
expiry of the USS fund management contract FPAM's fund management
fee income, excluding performance fees, will amount to some GBP1.35
million per annum.
First Property Asset Management Ltd (FPAM) now manages eight
closed-end funds, having established one new fund during the year
under review. A brief synopsis of the value of assets and maturity
of each of these funds is set out below:
Fund Country Established Fund Assets % of total
of investment Expiry under assets
management under
at market management
value
--------------------- ---------------- ------------- ---------- ----------------- ------------
SAM Property UK Aug-2004 Rolling * *
Company
Ltd (SAM)
--------------------- ---------------- ------------- ---------- ----------------- ------------
Regional
Property
Trading
Ltd (RPT) Poland Aug-2004 Aug-2020 GBP6.21m 1.9%
--------------------- ---------------- ------------- ---------- ----------------- ------------
5(th) Property
Trading
Ltd (5PT) Poland Dec-2004 Dec-2017 GBP7.68m 2.4%
--------------------- ---------------- ------------- ---------- ----------------- ------------
USS Fprop
Managed
Property
Portfolio
LP Poland Aug-2005 Aug-2015 GBP62.91m 19.2%
--------------------- ---------------- ------------- ---------- ----------------- ------------
UK Pension
Property
Portfolio
LP (UK
PPP) UK Feb-2010 Feb-2017 GBP94.35m 28.8%
--------------------- ---------------- ------------- ---------- ----------------- ------------
GBP3.61
Fprop PDR m* (commitment
LP UK Oct-2013 May-2018 of GBP42m) 1.1%
--------------------- ---------------- ------------- ---------- ----------------- ------------
SIPS Property GBP10.33m
Nominee (commitment
Ltd UK Jan-2015 Jan-2025 of GBP125m) 3.2%
--------------------- ---------------- ------------- ---------- ----------------- ------------
Sub total GBP185.09m 56.6%
------------------------------------------------------------------ ----------------- ------------
Fprop Opportunities
plc (FOP) Poland Oct-2010 Oct-2020 GBP54.44m 16.6%
--------------------- ---------------- ------------- ---------- ----------------- ------------
Group Properties
(excluding Poland
FOP) & Romania n/a n/a GBP87.60m 26.8%
--------------------- ---------------- ------------- ---------- ----------------- ------------
Sub total GBP142.04m 43.4%
------------------------------------------------------------------ ----------------- ------------
Total GBP327.13m 100%
================================================================== ================= ============
*Not subject to recent revaluation
Independent fund performance analysis:
Our investments in Central and Eastern Europe (CEE) have once
again been ranked No.1 by Investment Property Databank (IPD)
against the IPD CEE universe, now for the annualised periods from
the commencement of FPAM's operations in Poland in 2005 to the end
of each of the years between 31 December 2008 and 31 December
2014.
New business:
Poland - we are in preliminary discussions with potential
investors to establish a new fund targeting minimum rates of return
on equity invested of 15% per annum.
TOTAL GROUP PROPERTIES
The Group increased its property holdings (including those held
by FOP) from five to eleven during the year under review, as set
out below:
Property No. of Book value Market Contribution
properties value to Group
profit
before
tax and
overheads
---------------- ------------ ----------- ----------- ----------------
Continuing
---------------- ------------ ----------- ----------- ----------------
Blue Tower 1 GBP12.64m GBP14.18m GBP1,461,000
---------------- ------------ ----------- ----------- ----------------
FOP 4 GBP42.76m GBP45.76m GBP1,135,000
---------------- ------------ ----------- ----------- ----------------
Sub total 5 GBP55.40m GBP59.94m GBP2,596,000
---------------- ------------ ----------- ----------- ----------------
New investments
during the
year
---------------- ------------ ----------- ----------- ----------------
Poland 2 GBP58.00m GBP66.19m GBP1,263,000(1)
---------------- ------------ ----------- ----------- ----------------
Romania 3 GBP5.08m GBP7.23m GBP634,000(2)
---------------- ------------ ----------- ----------- ----------------
FOP 1 GBP8.42m GBP8.68m GBP369,000(3)
---------------- ------------ ----------- ----------- ----------------
Sub total 6 GBP71.50m GBP82.10m GBP2,266,000
---------------- ------------ ----------- ----------- ----------------
Total 11 GBP126.90m GBP142.04m GBP4,862,000
================ ============ =========== =========== ================
(1) The contribution to Group profit from its two new property
investments in Poland was for the period from 15 December 2014 to
31 March 2015.
(2) The contribution to Group profit from its three new property
investments in Romania was for the period from 27 July 2014 to 31
March 2015.
(3) The contribution to FOP's profit (which is consolidated into
the accounts of the Group) from its one new property investment in
Poland was for the period from 19 September 2014 to 31 March
2015.
It is the Group's policy to carry its investments at the lower
of cost or market value for accounting purposes.
Other Property Interests:
Group Properties also comprises non-controlling interests in
four other funds managed by FPAM, as set out in the table
below.
Non controlling interest in funds managed by FPAM at 31 March
2015:
Fund % owned Book value Current Group's
by of First market share
First Property's value of pre-tax
Property share of holdings profit
Group in earned
fund by fund
FY2015
-------------------- ---------- ------------- ------------- ------------
Investments
-------------------- ---------- ------------- ------------- ------------
UK Pension 0.9% GBP893,000 GBP893,000 GBP64,000
Property Portfolio
LP (UK PPP)
-------------------- ---------- ------------- ------------- ------------
Fprop PDR LP 4.9% GBP638,000 GBP638,000 GBP630,000
-------------------- ---------- ------------- ------------- ------------
Interest in
associates
-------------------- ---------- ------------- ------------- ------------
5(th) Property 37.8% GBP519,000 GBP998,000 GBP153,000
Trading Ltd
(5PT)
-------------------- ---------- ------------- ------------- ------------
Regional Property 25.8% GBP152,000 GBP177,000 GBP32,000
Trading Ltd
(RPT)
-------------------- ---------- ------------- ------------- ------------
Share of results GBP671,000 GBP1,175,000 GBP185,000
in associates
-------------------- ---------- ------------- ------------- ------------
Total GBP2,202,000 GBP2,706,000 GBP879,000
==================== ========== ============= ============= ============
Revenue from Group Properties, including FOP, amounted to
GBP12.38 million (2014: GBP13.78 million), generating a profit
before unallocated central overheads and tax of GBP6.57 million
(2014: GBP6.32 million) and representing 60% (2014: 71%) of Group
profit before unallocated central overheads and tax.
The reduction in revenue was attributable to the Group ceasing
its development activities in the UK, which were instead carried
out by Fprop PDR.
The increase in profit before unallocated central overheads and
tax was attributable to:
i. The purchase by the Group and FOP of six properties in Poland
and Romania during the year which made a contribution to the
Group's profit before unallocated overheads and tax of GBP2.27
million (2014: nil). These acquisitions also resulted in GBP1.84
million of negative goodwill, a non-cash item which has been
credited to the Income Statement; and
ii. The full year contribution to profit before unallocated
overheads and tax from the additional properties purchased by the
Group and FOP in the previous year of GBP1.83 million (2014:
GBP676,000).
Commercial property markets outlook
Poland:
GDP growth in Poland, Europe's sixth largest economy,
accelerated to 3.4% in 2014 and is forecast to grow by the same
amount in 2015 and 2016. Rent levels for commercial property are
generally sustainable, subject to location. Capital values remain
largely unchanged from their credit crunch lows and yield some 2-3%
more than equivalent property in Western Europe. In addition,
Poland's banking sector is well capitalised and keen to lend
against property at record low interest rates.
Poland is a tangential beneficiary of the quantitative easing
taking place in the euro zone, which has boosted economic activity
in Germany and by association Poland; some 40% of Poland's trade is
with Germany. QE has also, amongst other things, suppressed euro
interest rates and the value of the euro (the currency in which
most Polish commercial property transacts and in which rents are
paid), translating into reduced capital values for non-euro based
investors. Given this confluence of circumstances, we believe the
business case for property investment in Poland to be highly
compelling.
United Kingdom:
The UK was the fastest growing major advanced economy in 2014,
growing at 2.8%, and is forecast by the OBR to grow by 2.5% in
2015. Consumer confidence is at a twelve year high and occupier
demand for commercial property is growing across the board. This is
slowly manifesting itself in increasing property values and rising
rents. Investment demand, including from international investors,
continues to spread into the regions.
We expect the newly elected Government to continue its efforts
to loosen the planning system to enable higher rates of new
development. We shall be looking out in particular for any news of
its intention to extend Permitted Development Rights (PDR) beyond
its current scheduled expiry in May 2016.
Current Trading and Prospects
The financial year just ended has been transformational for the
Group principally because of the six investments made by it and FOP
in Poland and Romania, which should yield recurring profit before
unallocated overheads and tax of just over GBP6 million per annum.
These earnings will more than replace the fee income we used to
earn from the USS fund which expires in August 2015 and which at
its peak amounted to some GBP3 million per annum.
The Group's future earnings are substantially underpinned, its
balance sheet is strong, the economies in which we operate are
growing, we have investment mandates which will result in the
Group's earnings growing and we are working on new interesting
transactions. I therefore look to the future with excitement and
confidence.
Ben Habib
Chief Executive
11 June 2015
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2015
Notes Year ended Year ended
31 March 31 March
2015 (unaudited) 2014
Total (audited)
results
Total
results
GBP'000 GBP'000
-------------------------------- ------ ------------------- ---------------------
Revenue - existing operations 14,325 17,004
- business acquisitions 4,198 1,041
-------------------------------- ------ ------------------- ---------------------
18,523 18,045
-------------------------------- ------ ------------------- ---------------------
Cost of sales (3,156) (5,800)
-------------------------------- ------ ------------------- ---------------------
Gross profit 15,367 12,245
Recognition of negative 1,123 -
goodwill on refinancing
of subsidiary
Recognition of negative 716 -
goodwill on acquisition
of subsidiaries
Fair value adjustment (876) -
to investment properties
Operating expenses (6,925) (5,019)
-------------------------------- ------ ------------------- ---------------------
Operating profit 9,405 7,226
-------------------------------- ------ ------------------- ---------------------
Share of results in associates 185 190
Distribution income 694 63
Re-classification of
profit - 35
Loss on disposal of asset
held for resale - (7)
Interest income 145 148
Interest expense (2,346) (1,057)
-------------------------------- ------ ------------------- ---------------------
Profit before tax 8,083 6,598
Tax credit/(charge) 5 328 (962)
-------------------------------- ------ ------------------- ---------------------
Profit for the year 8,411 5,636
-------------------------------- ------ ------------------- ---------------------
Attributable to:
Owners of the parent 8,172 5,281
Non-controlling interest 239 355
8,411 5,636
Earnings per share:
Basic 6 7.21p 4.75p
Diluted 6 6.93p 4.53p
-------------------------------- ------ ------------------- ---------------------
All operations are continuing.
CONSOLIDATED SEPARATE STATEMENT
OF OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2015
Year ended Year ended
31 March 31 March
2015 2014
(unaudited) (audited)
Total Total
results results
GBP'000 GBP'000
----------------------------------- --- ------------- -----------
Profit for the year 8,411 5,636
---------------------------------------- ------------- -----------
Other comprehensive income
Exchange differences
on retranslation of foreign
subsidiaries 272 (128)
Re-classification of
profit - (35)
Revaluation of available-for-sale 37 -
financial assets
Taxation - -
----------------------------------- --- ------------- -----------
Total comprehensive income
for the year 8,720 5,473
Total comprehensive income
for the year attributable
to:
Owners of the parent 8,505 5,327
Non-controlling interest 215 146
8,720 5,473
--------------------------------------- ------------- -----------
CONSOLIDATED BALANCE SHEETS
As at 31 March 2015
Notes As at As at
31 March 31 March
2015 2014
(unaudited) (audited)
GBP'000 GBP'000
Non-current assets
Goodwill 7 153 153
Investment properties 8 114,262 48,759
Property, plant and equipment 43 65
9
Interest in associates (a) 671 675
9
Other financial assets (b) 1,531 1,706
Other receivables 11 283 400
Deferred tax assets 3,803 839
------------------------------- ------ ------------- -----------
Total non-current assets 120,746 52,597
------------------------------- ------ ------------- -----------
Current assets
Inventories - land and
buildings 10 12,639 12,304
Current tax assets 236 76
Trade and other receivables 11 5,744 4,135
Cash and cash equivalents 12,240 11,279
------------------------------- ------ ------------- -----------
Total current assets 30,859 27,794
------------------------------- ------ ------------- -----------
Current liabilities
Trade and other payables 12 (8,134) (4,224)
Financial liabilities 13 (11,788) (4,349)
Current tax liabilities (108) (247)
------------------------------- ------ ------------- -----------
Total current liabilities (20,030) (8,820)
------------------------------- ------ ------------- -----------
Net current assets 10,829 18,974
------------------------------- ------ ------------- -----------
Total assets less current
liabilities 131,575 71,571
------------------------------- ------ ------------- -----------
Non-current liabilities:
Deferred tax liabilities (2,631) (897)
Financial liabilities 13 (97,925) (47,212)
Net assets 31,019 23,462
------------------------------- ------ ------------- -----------
Equity
Called up share capital 1,149 1,149
Share premium 5,505 5,498
Foreign exchange translation
reserve (618) (914)
Revaluation reserve (49) (86)
Share-based payment reserve 203 203
Retained earnings 23,735 16,717
------------------------------- ------ ------------- -----------
Equity attributable to
the owners of the parent 29,925 22,567
Non-controlling interest 1,094 895
------------------------------- ------ ------------- -----------
Total equity 31,019 23,462
------------------------------- ------ ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2015
Group Share Share Share-based Foreign Purchase Investment Retained Non-controlling Total
capital premium payment exchange of own revaluation earnings interest
reserve translation shares reserve
reserve
GBP'000 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
At 1
April
2014 1,149 5,498 203 (914) (310) (86) 17,027 895 23,462
Profit
for the
period - - - - - - 8,411 - 8,411
Net change
in available
for sale
financial
assets - - - - - 37 - - 37
Movement
on foreign
exchange - - - 296 - - - (24) 272
Sale
of treasury
shares - 7 - - 137 - - - 144
Non-controlling
interest - - - - - - (239) 239 -
Dividends
paid - - - - - - (1,291) (16) (1,307)
----------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
At 31
March
2015 1,149 5,505 203 (618) (173) (49) 23,908 1,094 31,019
----------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
At 1
April
2013 1,149 5,492 203 (995) (603) (51) 12,947 401 18,543
Profit
for the
period - - - - - - 5,636 - 5,636
Net change
in available
for sale
financial
assets - - - - - (35) - - (35)
Movement
on foreign
exchange - - - 81 - - - (209) (128)
Sale
of treasury
shares - 6 - - 293 - - - 299
Non-controlling
interest - - - - - - (355) 355 -
Decrease
in
non-controlling
interest
(acquisition
of CORP) - - - - - - - (63) (63)
Increase
in
non-controlling
interest
(FOP) - - - - - - - 507 507
Dividends
paid - - - - - - (1,201) (96) (1,297)
----------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
At 31
March
2014 1,149 5,498 203 (914) (310) (86) 17,027 895 23,462
----------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
CONSOLIDATED CASH FLOW STATEMENTS
for the year ended 31 March 2015
2015 2014
Notes Group Group
GBP'000 GBP'000
----------------------------------- ------ --------- ---------
Cash flows from operating
activities
----------------------------------- ------ --------- ---------
Operating profit 9,405 7,226
Adjustments for:
Depreciation of investment
property, plant & equipment 387 31
Fair value adjustment 876 -
on investment properties
Negative goodwill (1,839) -
Share based payments - -
(Increase)/decrease in
inventories (258) (4,474)
(Increase)/decrease in
trade and other receivables (486) (2,604)
Increase/(decrease) in
trade and other payables 577 1,547
Other non-cash adjustments 81 203
----------------------------------- ------ --------- ---------
Cash generated from operations 8,743 1,929
Taxes paid (826) (552)
----------------------------------- ------ --------- ---------
Net cash flow from operating
activities 7,917 1,377
----------------------------------- ------ --------- ---------
Cash flow from/(used
in) investing activities
----------------------------------- ------ --------- ---------
Purchase of investments (353) (849)
Proceeds from investments 565 -
Proceeds from sale of
financial assets - 28
Capital expenditure investment
properties (383) (46)
Proceeds from sale of
shares in associates - 23
Cash paid on acquisitions
of new subsidiaries 4 (4,638) (4,415)
Cash and cash equivalents
received on acquisitions
of new subsidiaries 4 3,055 786
Purchase of non-controlling
interest - (126)
Purchase of investment
property - (555)
Purchase of property,
plant & equipment (14) (60)
Interest received 145 148
Dividends from associates 189 107
Distributions received 694 63
----------------------------------- ------ --------- ---------
Net cash flow from investing
activities (740) (4,896)
----------------------------------- ------ --------- ---------
Cash flow (used in)/from
financing activities
Proceeds from issue of
shares to non-controlling
interest - 507
Proceeds from non-controlling
interest shareholder
loan in subsidiary - 1,206
Repayment of shareholder
loan in subsidiary (293) (107)
Proceeds from bank loan 3,547 3,136
Repayment of bank loan (4,574) (387)
Repayment of finance
lease (1,202) (463)
Sale of shares held in
Treasury 144 299
Interest paid (2,266) (1,029)
Dividends paid (1,291) (1,201)
Dividends paid to non-controlling
interest (16) (96)
----------------------------------- ------ --------- ---------
Net cash flow (used in)/from
financing activities (5,951) 1,865
----------------------------------- ------ --------- ---------
Net increase in cash
and cash equivalents 1,226 (1,654)
----------------------------------- ------ --------- ---------
Cash and cash equivalents
at the beginning of the
year 11,279 12,979
----------------------------------- ------ --------- ---------
Currency translation
gains/(losses) on cash
and cash equivalents (265) (46)
----------------------------------- ------ --------- ---------
Cash and cash equivalents
at the year-end 12,240 11,279
----------------------------------- ------ --------- ---------
1. Basis of preparation
-- These preliminary financial statements have not been audited
and are derived from the statutory accounts within the meaning of
section 434 of the Companies Act 2006. They have been prepared in
accordance with the Group's accounting policies that will be
applied in the Group's annual financial statements for the year
ended 31 March 2015. These are consistent with the policies applied
for the year ended 31 March 2014. These accounting policies are
drawn up in accordance with International Accounting Standards
(IAS) and International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board and as
adopted by the European Union (EU). Whilst the financial
information included in this preliminary statement has been
prepared in accordance with IFRS, this announcement does not itself
contain sufficient information to fully comply with IFRS. The
comparative figures for the financial year ended 31 March 2014 are
not the statutory accounts for the financial year but are derived
from those accounts prepared under IFRS which have been reported on
by the Group's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified, did not
include references to any matter to which the auditors drew
attention by way of emphasis without qualifying their report and
did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
-- These preliminary financial statements were approved by the
Board of Directors on 10 June 2015.
2. Revenue
Revenue from continuing operations consists of revenue arising
in the United Kingdom 20% (2014: 53%), Poland 74% (2014: 47%) and
Romania 6% (2014: nil). All revenue relates solely to the Group's
principal activities.
3. Segment reporting 2015
Property Group Group Unallocated Total
fund properties fund central
management and other properties overheads
co-investments "FOP"
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- ------------ ---------------- ------------ ------------ ----------
External revenue
- Existing
operations
- Sale of
inventory 6,140 2,968 5,217 - 14,325
- Business - - - - -
acquisitions - 3,479 719 - 4,198
-------------------- ------------ ---------------- ------------ ------------ ----------
Total 6,140 6,447 5,936 - 18,523
-------------------- ------------ ---------------- ------------ ------------ ----------
Depreciation
and amortisation 18 363 6 - 387
-------------------- ------------ ---------------- ------------ ------------ ----------
Operating
Profit 4,435 5,454 2,454 (2,938) 9,405
-------------------- ------------ ---------------- ------------ ------------ ----------
Share of results
in associates - 185 - - 185
-------------------- ------------ ---------------- ------------ ------------ ----------
Distribution
income - 694 - - 694
-------------------- ------------ ---------------- ------------ ------------ ----------
Interest income - 36 89 20 145
-------------------- ------------ ---------------- ------------ ------------ ----------
Interest payable - (730) (1,616) - (2,346)
-------------------- ------------ ---------------- ------------ ------------ ----------
Profit/(loss)
before tax 4,435 5,639 927 (2,918) 8,083
-------------------- ------------ ---------------- ------------ ------------ ----------
Analysed as:
-------------------- ------------ ---------------- ------------ ------------ ----------
Before performance
fees and related
items 1,605 4,489 2,272 (963) 7,403
-------------------- ------------ ---------------- ------------ ------------ ----------
Negative goodwill
Felix - 1,123 - - 1,123
-------------------- ------------ ---------------- ------------ ------------ ----------
Negative goodwill
Gdynia Podolska
and Corktree - 716 - - 716
-------------------- ------------ ---------------- ------------ ------------ ----------
Fair value
adjustment - - (876) - (876)
-------------------- ------------ ---------------- ------------ ------------ ----------
Depreciation - (357) - - (357)
-------------------- ------------ ---------------- ------------ ------------ ----------
Performance
fees 3,365 - - - 3,365
-------------------- ------------ ---------------- ------------ ------------ ----------
Staff incentives (535) (194) (184) (1,955) (2,868)
-------------------- ------------ ---------------- ------------ ------------ ----------
Realised foreign
currency gain - (138) (285) - (423)
-------------------- ------------ ---------------- ------------ ------------ ----------
Total 4,435 5,639 927 (2,918) 8,083
-------------------- ------------ ---------------- ------------ ------------ ----------
Assets - Group 1,633 84,478 58,522 6,301 150,934
-------------------- ------------ ---------------- ------------ ------------ ----------
Assets- associates - 979 - (308) 671
-------------------- ------------ ---------------- ------------ ------------ ----------
Liabilities (289) (72,437) (45,666) (2,194) (120,586)
-------------------- ------------ ---------------- ------------ ------------ ----------
Net assets 1,344 13,020 12,856 3,799 31,019
-------------------- ------------ ---------------- ------------ ------------ ----------
Additions
to
non-current
assets
-------------------- ------------ ---------------- ------------ ------------ ----------
Property,
plant and
equipment 14 - - - 14
-------------------- ------------ ---------------- ------------ ------------ ----------
Investment
properties - 66,909 8,864 - 75,773
-------------------- ------------ ---------------- ------------ ------------ ----------
Investments - 353 - - 353
-------------------- ------------ ---------------- ------------ ------------ ----------
Interest in - - - - -
associates
-------------------- ------------ ---------------- ------------ ------------ ----------
Segment reporting 2014
Property Group Group Unallocated Total
fund properties fund central
management and other properties overheads
co-investments "FOP"
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- ------------ ---------------- ------------ ------------ ---------
External revenue
- Existing
operations 4,268 2,440 2,246 - 8,954
- Sale of
inventory - 8,050 - - 8,050
- Business
acquisitions - - 1,041 - 1,041
-------------------- ------------ ---------------- ------------ ------------ ---------
Total 4,268 10,490 3,287 - 18,045
-------------------- ------------ ---------------- ------------ ------------ ---------
Depreciation
and amortisation (21) (7) (3) - (31)
-------------------- ------------ ---------------- ------------ ------------ ---------
Operating
Profit
- Existing
operations 2,630 5,010 1,388 (2,413) 6,615
- Business
acquisitions - - 611 - 611
-------------------- ------------ ---------------- ------------ ------------ ---------
Total 2,630 5,010 1,999 (2,413) 7,226
-------------------- ------------ ---------------- ------------ ------------ ---------
Share of results
in associates - 190 - - 190
-------------------- ------------ ---------------- ------------ ------------ ---------
Profit on
disposal of
asset held
for resale - - - 28 28
-------------------- ------------ ---------------- ------------ ------------ ---------
Dividend income - 63 - - 63
-------------------- ------------ ---------------- ------------ ------------ ---------
Interest income - 76 40 32 148
-------------------- ------------ ---------------- ------------ ------------ ---------
Interest payable - (251) (806) - (1,057)
-------------------- ------------ ---------------- ------------ ------------ ---------
Profit/(loss)
before tax 2,630 5,088 1,233 (2,353) 6,598
-------------------- ------------ ---------------- ------------ ------------ ---------
Analysed as:
-------------------- ------------ ---------------- ------------ ------------ ---------
Before performance
fees and related
items 2,592 5,157 1,288 (830) 8,207
-------------------- ------------ ---------------- ------------ ------------ ---------
Performance
fees 451 - - - 451
-------------------- ------------ ---------------- ------------ ------------ ---------
Staff incentives (413) (69) (55) (1,523) (2,060)
-------------------- ------------ ---------------- ------------ ------------ ---------
Realised foreign - - - - -
currency gain
-------------------- ------------ ---------------- ------------ ------------ ---------
Total 2,630 5,088 1,233 (2,353) 6,598
-------------------- ------------ ---------------- ------------ ------------ ---------
Assets - Group 1,241 16,983 54,890 6,602 79,716
-------------------- ------------ ---------------- ------------ ------------ ---------
Assets- associates - 983 - (308) 675
-------------------- ------------ ---------------- ------------ ------------ ---------
Liabilities (884) (10,935) (43,587) (1,523) (56,929)
-------------------- ------------ ---------------- ------------ ------------ ---------
Net assets 357 7,031 11,303 4,771 23,462
-------------------- ------------ ---------------- ------------ ------------ ---------
Additions
to
non-current
assets
-------------------- ------------ ---------------- ------------ ------------ ---------
Property,
plant and
equipment 41 19 - - 60
-------------------- ------------ ---------------- ------------ ------------ ---------
Investment
properties - - 28,717 - 28,717
-------------------- ------------ ---------------- ------------ ------------ ---------
Investments - 849 - - 849
-------------------- ------------ ---------------- ------------ ------------ ---------
Interest in - - - - -
associates
-------------------- ------------ ---------------- ------------ ------------ ---------
Interest income from the cash that is 100% controlled is not
allocated to a separate segment, because cash is managed centrally,
and is netted off against unallocated central overheads. Head
office costs and overheads that are common to all segments are
shown separately under unallocated central overheads. Assets,
liabilities and costs which relate to Group central activities have
not been allocated to business segments.
The geographic location of physical non-current assets is UK
GBP2,229,000 (2014: GBP2,424,000), Poland GBP109,568,000 (2014:
GBP48,934,000) and Romania GBP5,080,000 (2014: GBPNil).
4. Business acquisitions
The Group directly made three acquisitions:
- On 27 July 2014 the Group took control of Felix Development
SRL. Felix owns three properties located in Romania; and
- On 15 December 2014 the Group acquired a beneficial interest
in the entire issued share capital in Corktree Sp z.o.o and Gdynia
Podolska Sp. z.o.o. for EUR2.65m and EUR2.25m respectively. Both
Corktree's and Gdynia Podolska's main assets are office buildings
in Poland.
The Group's subsidiary Fprop Opportunities plc (FOP) made one
further acquisition during the year. On 19 September 2014 it
acquired all the share capital in Zinga Poland Sp. z.o.o for
EUR378,000. Zinga's main asset is an office block in Warsaw,
Central Poland.
Following all four purchases a total of GBP1.84m of negative
goodwill was generated.
Felix Zinga Gydnia Corktree 31 March
Podolska 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- --------- ---------- --------- ---------
Acquisitions of
net assets acquired
at fair value
Cash 437 310 1,501 807 3,055
Trade and other
receivables 102 438 1,029 1,048 2,617
Share in subsidiary - - - 19 19
Investment property 5,547 8,846 33,137 27,860 75,390
Trade and other
payables (369) (204) (389) (972) (1,934)
Tax liabilities (53) (52) (52) 99 (58)
Financial liabilities (3,566) (9,013) (32,204) (26,401) (71,184)
Tenant deposits (440) (29) (885) (74) (1,428)
Fair value of goodwill (1,123) (2) (392) (322) (1,839)
Foreign exchange - - - - -
reserve
Total purchase price
paid in cash 535 294 1,745 2,064 4,638
---------------------------- --------- --------- ---------- --------- ---------
(4,638)
Cash paid on acquisitions (535) (294) (1,745) (2,064) 3,055
Cash and cash equivalents
acquired on purchases 437 310 1,501 807
---------------------------- --------- --------- ---------- --------- ---------
Acquisitions net
of cash and cash
equivalents acquired (98) 16 (244) (1,257) (1,583)
---------------------------- --------- --------- ---------- --------- ---------
5. Tax expense
2015 2014
GBP'000 GBP'000
---------------------------- --------- ---------
Analysis of tax charge for
the year
Current tax (525) (761)
Deferred tax 853 (201)
Total tax charge for the
year 328 (962)
---------------------------- --------- ---------
The tax charge includes actual current and deferred tax for
continuing operations.
Brought forward tax losses, have been utilised and partially
offset against profits arising in the UK. These tax losses were not
previously recognised as a deferred tax asset due to insufficient
foreseeable taxable income being earned in the UK.
As a result of the above the effective tax rate for the Group is
-4.1% (2014:15%).
The deferred tax credit is largely attributable to the
acquisitions of Corktree and Gdynia Podolska during the year. This
has been created as a result of the nil value paid for the deferred
tax asset on acquisition. The deferred tax asset has been
restricted to two years worth of profits.
6. Earnings/NAV per share
2015 2014
---------------------------- -------- --------
Basic earnings per share 7.21p 4.75p
Diluted earnings per share 6.93p 4.53p
GBP'000 GBP'000
---------------------------- -------- --------
Basic earnings 8,172 5,281
Diluted earnings assuming
full dilution 8,187 5,298
The following numbers of shares have been used to calculate both
the basic and diluted earnings per share:
2015 2014
Number Number
--------------------------------- ------------ ------------
Weighted average number
of Ordinary shares in issue
(used for basic earnings
per share calculation) 113,348,847 111,265,093
--------------------------------- ------------ ------------
Number of share options
assumed to be exercised 4,850,000 5,750,000
--------------------------------- ------------ ------------
Total number of ordinary
shares used in the diluted
earnings per share calculation 118,198,847 117,015,093
--------------------------------- ------------ ------------
The following earnings have been used to calculate both the
basic and diluted earnings per share:
2015 2014
GBP'000 GBP'000
---------------------------------- --------- ---------
Basic earnings per share
Basic earnings 8,172 5,281
---------------------------------- --------- ---------
Diluted earnings per share
Basic earnings 8,172 5,281
Notional interest on share
options assumed to be exercised 15 17
---------------------------------- --------- ---------
Diluted earnings 8,187 5,298
---------------------------------- --------- ---------
2015 2014
--------------------------------- ------------ ------------
Net assets per share 26.30p 20.00p
Adjusted Net assets per share 35.75p 24.80p
The following numbers have been used to calculate
both the net assets and adjusted net assets
per share:
Net assets per share Number Number
--------------------------------- ------------ ------------
Number of shares in issue
at year end 113,792,541 112,952,158
GBP'000 GBP'000
--------------------------------- ------------ ------------
Net assets excluding non
controlling interest 29,925 22,567
Adjusted net assets per share Number Number
Number of shares in issue
at year end 113,792,541 112,952,158
Number of share options assumed
to be exercised 4,850,000 5,750,000
Total 118,642,541 118,702,158
Adjusted net assets per share GBP'000 GBP'000
Net assets excluding non
controlling interest 29,925 22,567
Adjustments for market value
of assets and debt 12,488 6,869
Total 42,413 29,436
7. Goodwill
2015 2014
Group Group
GBP'000 GBP'000
------------- --------- ---------
At 1 April 153 114
Additions - 39
At 31 March 153 153
------------- --------- ---------
8. Investment properties
Investment properties owned by the Group, and indirectly via FOP
are stated at cost less depreciation and accumulated impairment
losses. The properties were valued by CBRE, Polish Properties and
BNP Paribas at the Group's financial year-end at EUR176.73 million
(2014: EUR63.96 million), the Sterling equivalent at closing
foreign exchange rates being GBP127.86 million (2014: GBP52.88
million). On acquisition of the Gdynia Podolska property during the
year the Directors took the decision to depreciate the property
over the lease term. In the Director's opinion the property's
estimated residual value at the end of the period of ownership will
be lower than the carrying value. No other property has been
depreciated as the estimated residual value is expected to be
higher than the carrying value.
2015 2014
Group Group
GBP'000 GBP'000
------------------------------ --------- ---------
Investment properties
At 1 April 48,759 20,349
Business acquisitions 75,390 28,116
Capital expenditure 383 46
Purchase additions - 555
Depreciation (357) -
Fair value adjustment (876) -
Foreign exchange translation (9,037) (307)
------------------------------ --------- ---------
At 31 March 114,262 48,759
------------------------------ --------- ---------
9. Investment in associates and other financial assets
The Group has the following investments:
2015 2014
Group Group
GBP'000 GBP'000
---------------------------- --------- ---------
a) Associates
At 1 April 675 615
Disposals - (23)
Share of associates profit
after tax 185 190
Dividends received (189) (107)
---------------------------- --------- ---------
At 31 March 671 675
---------------------------- --------- ---------
The Group's investments in associated companies is held at cost
plus its share of post-acquisition profits assuming the adoption of
the cost model for accounting for investment properties under IAS40
and comprises the following:
2015 2014
Group Group
GBP'000 GBP'000
----------------------------------- --------- ---------
Investments in associates
5(th) Property Trading Ltd 827 863
Regional Property Trading
Ltd 152 120
----------------------------------- --------- ---------
979 983
----------------------------------- --------- ---------
Less: Share of profit after
tax withheld on sale of property
to 5(th) Property Trading
Ltd in 2007 (308) (308)
----------------------------------- --------- ---------
671 675
----------------------------------- --------- ---------
If the Group had adopted the alternative fair value model for
accounting for investment properties, the carrying value of the
investment in associates would have increased by GBP504,000 (2014:
GBP775,000) to GBP1,175,000 (2014: GBP1,450,000).
2015 2014
Group Group
GBP'000 GBP'000
------------------------------- --------- ---------
b) Other financial assets
and investments
At 1 April 1,706 892
Additions 353 849
Disposals (565) (35)
Increase in fair value during 37 -
the year
------------------------------- --------- ---------
At 31 March 1,531 1,706
------------------------------- --------- ---------
The Group holds two unlisted investments in funds managed by it.
Both are held at fair value. All of the assets have been classified
as available for sale. In the Directors' view the fair value has
been estimated to be not materially different from their carrying
value. Fair value has been arrived at by applying the Group's
percentage holding in the investments of the fair value of their
net assets.
10. Inventories - land and buildings
2015 2014
Group Group
GBP'000 GBP'000
------------------------------- --------- ---------
Group properties for resale
at cost
At 1 April 12,304 8,591
Purchases - 4,428
Capital expenditure 258 46
Disposals - -
Foreign exchange translation 77 (761)
------------------------------- --------- ---------
At 31 March 12,639 12,304
------------------------------- --------- ---------
11. Trade and other receivables
2015 2014
Group Group
GBP'000 GBP'000
-------------------------------- --------- ---------
Current assets
Trade receivables 1,655 3,305
Other receivables 3,147 502
Prepayments and accrued income 942 328
-------------------------------- --------- ---------
5,744 4,135
-------------------------------- --------- ---------
Non-current assets
-------------------------------- --------- ---------
Other receivables 283 400
-------------------------------- --------- ---------
12. Trade and other payables
2015 2014
Group Group
GBP'000 GBP'000
----------------------------- --------- ---------
Current liabilities
Trade payables 2,605 1,139
Other taxation and social
security 580 289
Other payables and accruals 4,938 2,780
Deferred income 11 16
----------------------------- --------- ---------
8,134 4,224
----------------------------- --------- ---------
13. Financial liabilities
2015 2014
GBP'000 GBP'000
------------------------------------ --------- ---------
Current liabilities
Bank loan 9,382 3,840
Finance leases 2,406 509
------------------------------------ --------- ---------
11,788 4,349
------------------------------------ --------- ---------
Non-current liabilities
Loans repayable by subsidiary
(FOP) to third party shareholders 1,936 2,229
Bank loans 50,610 32,322
Finance leases 45,379 12,661
------------------------------------ --------- ---------
97,925 47,212
------------------------------------ --------- ---------
2015 2014
GBP'000 GBP'000
------------------------------- --------- ---------
Total obligations under bank
loans and finance leases
Repayable within one year 11,788 4,349
Repayable within one and five
years 57,928 35,106
Repayable after five years 39,997 12,106
------------------------------- --------- ---------
109,713 51,561
------------------------------- --------- ---------
Loans repayable by FOP to third party shareholders are repayable
in October 2020.
Seven bank loans and three finance leases (all denominated in
foreign currencies) totalling GBP107,777,000 (2014: GBP49,332,000)
included within financial liabilities are secured against
investment properties owned by the Group and Fprop Opportunities
plc (FOP) and the property owned by the Group shown under
inventories. These bank loans and finance leases are otherwise
non-recourse to the Group's assets.
The preliminary results are being circulated to all shareholders
and can be downloaded from the Company's web-site (www.fprop.com).
Further copies can be obtained from the registered office at 35 Old
Queen Street, London, SW1H 9JA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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