TIDMFPO
RNS Number : 6798A
First Property Group PLC
09 June 2016
Date: 9 June 2016
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 2016
First Property Group plc (AIM: FPO), the property fund manager
and investor, today announces its preliminary results for the
twelve months ended 31 March 2016.
Financial Summary:
Unaudited Audited Percentage
year to year change
31 March to
2016 31 March
2015
------------------------------ ----------- ----------- -----------
Income Statement:
------------------------------ ----------- ----------- -----------
Revenue GBP21.96m GBP18.52m +18.6%
Statutory profit before
tax GBP7.35m GBP8.08m -9.0%
Non-recurring income GBP1.29m GBP3.99m
Diluted earnings per
share 4.28p 6.93p -38.2%
Total dividend per
share 1.50p 1.35p +11.1%
Average EUR/ GBP rate 1.363 1.285 -6.1%
------------------------------ ----------- ----------- -----------
Balance Sheet at year-end:
------------------------------ ----------- ----------- -----------
Net assets GBP34.09m GBP31.02m +9.9%
Net assets per share 27.75p 26.30p +5.5%
Adjusted net assets
per share* 43.01p 35.75p +20.3%
Cash balances GBP8.98m GBP12.24m -26.6%
Period-end EUR/ GBP
rate 1.261 1.382 +8.8%
------------------------------ ----------- ----------- -----------
Group Direct Property Portfolio at year-end:
(excludes the Group's non-controlling interests
in six other FPAM managed funds)
---------------------------------------------------------------------
Book value GBP134.53m GBP126.90m +6.0%
Market value GBP156.92m GBP142.04m +10.5%
Gross debt (non-recourse
to Group) GBP114.82m GBP107.78m +6.5%
LTV% 73.17% 75.88%
Total Assets Under
Management: GBP353m GBP327m +8.0%
------------------------------ ----------- ----------- -----------
Poland 51% 65%
United Kingdom 44% 33%
Romania 5% 2%
------------------------------ ----------- ----------- -----------
* Calculated according to EPRA triple net
valuation methodology, which includes
adjustments for fair values of i) financial
instruments, ii) debt, and iii) deferred
taxes.
Highlights:
-- Total assets under management grew by 8% to GBP353 million, despite major fund expiry;
-- UK PPP fund life extended by five years to February 2022;
-- Two new investment companies established which invested
EUR24.08 million in a shopping centre in Swinoujście, in Poland and
EUR10.31 million in nine Lidl supermarkets in Romania
respectively;
-- Good cash generation - Group cash balances decreased by
GBP3.26 million but would have increased by some 15.4% to GBP14.13
million had the loan of EUR6.5 million (GBP5.15 million) made to
Fprop Romanian Supermarkets Ltd been included. This loan was repaid
after the year-end;
-- Improved earnings visibility - 94.8% of revenue now of a recurring nature (2015: 81.8%);
-- Total annualised fund management fees of GBP1.68 million at
the year-end (2015: GBP1.35 million), with a weighted average
unexpired fund management contract term of 6 years, 6 months (2015:
2 years, 10 months);
-- Final dividend increased to 1.115 pence per share (2015: 1
penny per share), an increase of 11.5%, which together with the
interim dividend of 0.385 pence per share (2015: 0.35 pence per
share) equates to a dividend for the year of 1.50 pence per share
(2015: 1.35 pence per share);
-- The impact of a weaker Euro versus Sterling during the year
resulted in profit before tax being some GBP671,000 lower than if
translated at last year's rate;
-- Funds under management once again ranked No.1 versus MSCI's
Investment Property Databank (IPD) Central & Eastern Europe
(CEE) Benchmark, now for the ten years from 2005 to 31 December
2015, and for the annualised periods from 2005 to the end of each
of the years between 31 December 2008 and 31 December 2015.
Commenting on the results, Ben Habib, Chief Executive of First
Property Group, said:
The Group is trading well across the board and the number and
value of assets under management is increasing.
In the financial year just ended the Group benefitted from a
full year of contributions from the investments made by it and
Fprop Opportunities plc in the previous financial year, all of
which have yielded income at or above our expectations at the time
of their purchase and are, without exception, valued at levels
exceeding their acquisition prices. The recurring nature of these
earnings should enable us to build on the impressive increase in
adjusted net assets, which together with dividend payments has
averaged 21% per annum since 1 April 2008, the onset of the credit
crunch.
The markets in which we operate are generally buoyant and offer
interesting investment opportunities which we hope to capitalise on
in due course.
A briefing for analysts will be held at 10.30hrs today at the
Group's headquarters, 32 St James's Street, London, SW1A 1HD. A
conference call facility will also be available on +44 (20) 3364
5721, passcode: 811985. 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)
Ben Cryer (Corporate Finance)
Redleaf Communications Tel:+ 44 (20) 7382
(PR) 4747
Henry Columbine / Rebecca firstproperty@redleafpr.com
Sanders-Hewett /
Susie Hudson
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 on behalf of third parties in property;
o Management fees are levied by reference to the value of
properties under management;
o Performance fees are levied where appropriate, usually payable
upon realisation of profits above an agreed hurdle.
-- Group Properties - principal investments by the Group to earn
a return on its own capital, usually in partnership with third
parties.
FPAM funds rank No.1 versus MSCI's Investment Property Databank
(IPD) Central & Eastern Europe (CEE) Benchmark for the ten
years from the commencement of its operations in Poland in 2005 to
31 December 2015, and for the annualised periods from 2005 to the
end of each of the years between 31 December 2008 and 31 December
2015.
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 2016.
Revenue earned by the Group increased to GBP21.96 million (2015:
GBP18.52 million) yielding a profit before tax of GBP7.35 million
(2015: GBP8.08 million). The decrease in profit before tax is
principally attributable to the reduction in the contribution made
by Fprop PDR which has now wound down its activities. This
reduction was, to a material extent, offset by the increased
contribution made by Group Properties.
Diluted earnings per share were 4.28 pence (2015: 6.93 pence),
the decrease being principally due to a one off deferred tax credit
of GBP992,000 relating to acquisitions in 2015.
The Group ended the period with reported net assets of GBP34.09
million (2015: GBP31.02 million). It is the accounting policy of
the Group to carry its direct properties and interests in
associates at the lower of cost or market value. The net assets of
the Group when adjusted to their market value less any deferred tax
liabilities, stood at GBP51.03 million (2015: GBP42.41 million).
The increase in net assets is attributable mainly to higher
property values and a stronger Euro versus Sterling at the
year-end.
Group cash balances stood at GBP8.98 million (2015: GBP12.24
million) at the year-end but would have been some GBP14.13million
had the loan of EUR6.5 million (GBP5.15 million) made to Fprop
Romanian Supermarkets Ltd been included. This loan was repaid after
the year-end. Of the cash balances at year-end, GBP4.76 million
(2015: GBP3.26 million) was held by Fprop Opportunities plc (FOP,
76.2% owned by the Group) and GBP635,000 (2015: GBP573,000) was
held by Corp Sp. z o.o. (the property management company for Blue
Tower in Warsaw, 90% owned by the Group).
Dividend
The Directors have resolved to recommend increasing the final
dividend to 1.115 pence per share (2015: 1 penny per share), an
increase of 11.5%, which together with the interim dividend of
0.385 pence per share (2015: 0.35 pence per share) equates to a
dividend for the year of 1.50 pence per share (2015: 1.35 pence per
share).
The proposed final dividend will be paid on 30 September 2016 to
shareholders on the register at 2 September 2016, and is subject to
shareholder approval at the forth coming annual general
meeting.
REVIEW OF OPERATIONS
Key Points
The year just ended marked a period of financial consolidation
for the Group during which the visibility of its earnings has
increased, with some 94.8% (2015: 81.8%) of revenue now of a
recurring nature. This increase in the level of recurring earnings
is primarily the result of a full year of contributions from the
investments made by the Group and Fprop Opportunities plc
(FOP).
The average EUR/ GBP rate during the year was 6.1% lower at
EUR1.363 (2015: EUR1.285). This resulted in Group profit before tax
being GBP671,000 lower than if translated at last year's rate.
PROPERTY FUND MANAGEMENT (First Property Asset Management Ltd or
FPAM)
As at 31 March 2016 aggregate assets under management,
calculated by reference to independent third party valuations,
stood at GBP353 million (2015: GBP327 million), including some
GBP156 million (2015: GBP142 million) of properties owned directly
by the Group. Of these, 51% (2015: 65%) were located in Poland, 44%
(2015: 33%) in the UK, and 5% (2015: 2%) in Romania.
The reconciliation of movement in funds under management during
the year is shown below:
Funds managed Group Properties Totals
for third parties (including
(including funds FOP)
in which the Group
is a minority
shareholder)
---------------- ----------------------------------- ------------------- -----------------
UK CEE Total No. All No. AUM No.
GBPm. GBPm. GBPm. of CEE of GBPm. of
prop's GBPm. prop's prop's
---------------- ------- ------- ------- -------- -------- --------- ------- --------
As at
1 April
2015 108.3 76.8 185.1 44 142.0 11 327.1 55
---------------- ------- ------- ------- -------- -------- --------- ------- --------
Purchases 49.1 - 49.1 10 - - 49.1 10
Sales (3.6) - (3.6) (1) - - (3.6) (1)
New fund
mandates - 26.9 26.9 10 - - 26.9 10
Expiring
fund
mandate - (62.9) (62.9) (13) - - (62.9) (13)
Property
Depreciation - - - - (1.5) - (1.5) -
Property
Revaluation 0.9 (0.6) 0.3 - 2.8 - 3.1 -
FX Revaluation - 1.3 1.3 - 13.6 - 14.9 -
As at
31 March
2016 154.7 41.5 196.2 50 156.9 11 353.1 61
---------------- ------- ------- ------- -------- -------- --------- ------- --------
Fund management fees are levied monthly by FPAM by reference to
the value of funds under management excluding cash and cash
commitments, with the exception of Fprop PDR (which levies
performance fees on realised profits only).
Revenue earned by this division amounted to GBP2.90 million
(2015: GBP6.14 million), resulting in a profit before unallocated
central overheads and tax of GBP1.38 million (2015: GBP4.44
million) and representing 14% (2015: 40%) of Group profit before
unallocated central overheads and tax.
The decline in revenue was principally the result of lower fees
earned from the following funds:
1. Fprop PDR - from which we earned performance fees of GBP0.9
million (2015: GBP3.37 million). We have sold all eight investments
made by this fund and we do not expect to earn further fees from
it.
2. USS Fprop Managed Property Portfolio - from which we earned
fees of GBP301,000 (2015: GBP1.54 million) prior to the expiry of
the fund management contract in August 2015.
At the year-end FPAM's fund management fee income, excluding
performance fees, was being earned at an annualised rate of GBP1.68
million (2015: GBP1.35 million), with a weighted average unexpired
fund management contract term of 6 years, 6 months (2015: 2 years,
10 months).
First Property Asset Management Ltd (FPAM) now manages nine
(2015: eight) closed-end funds and joint venture investments. A
brief synopsis of the value of assets and maturity of each of these
vehicles is set out below:
Fund Country Fund Assets % of total Assets
of investment expiry under assets under
management under management
at market management at market
value value
at 31 at 31
March March
2016 2015
---------------- ---------------- ---------- ------------- ------------ ------------
GBPm. GBPm.
---------------- ---------------- ---------- ------------- ------------ ------------
Sam Property UK Rolling * * *
Company
Ltd (SAM)
Regional
Property
Trading
Ltd (RPT) Poland Aug 2020 6.83 1.9% 6.21
5(th)
Property
Trading
Ltd (5PT) Poland Dec 2017 7.77 2.2% 7.68
UK Pension
Property
Portfolio
LP (UK
PPP) UK Feb 2022 94.93 27.0% 94.35
-
Fprop (commitment
PDR LP UK May 2018 of GBP42m) - 3.61
SIPS Property 59.80
Nominee (commitment
Ltd UK Jan 2025 of GBP125m) 16.9% 10.33
NEW -
Fprop
Romanian
Supermarkets
Ltd Romania Jan 2026 8.17 2.3% -
NEW -
Fprop
Galeria
Corso
Ltd Poland Mar 2026 18.68 5.3% -
EXPIRING
- USS
Contract Poland Aug 2015 - - 62.9
---------------- ---------------- ---------- ------------- ------------ ------------
Sub Total 196.18 55.6% 185.08
---------------------------------------------- ------------- ------------ ------------
Fprop
Opportunities
plc (FOP) Poland Oct 2020 61.46 17.4% 54.44
Group
properties
(excluding Poland
FOP) & Romania n/a 95.47 27.0% 87.6
---------------- ---------------- ---------- ------------- ------------ ------------
Sub Total 156.93 44.4% 142.04
---------------------------------------------- ------------- ------------ ------------
Total 353.11 100% 327.12
---------------------------------------------- ------------- ------------ ------------
* Not subject to recent revaluation
Independent Fund Performance Analysis:
Our investments in Poland and Romania once again ranked No.1
against MSCI's Investment Property Databank (IPD) Central &
Eastern Europe (CEE) Benchmark, now for the ten years from the
commencement of our operations in Poland in 2005 to 31 December
2015, and for the annualised periods from 2005 to the end of each
of the years between 31 December 2008 and 31 December 2015.
We were also:
-- awarded "Best fund manager" by Alternative Investment Awards
and by Acquisition International; and
-- shortlisted for awards by Pensions Age, Property Week and Property Investor Europe.
GROUP PROPERTIES
Group Properties comprise eleven commercial properties held
directly by the Group (including five held by FOP (in which the
Group is a 76.2% shareholder), and non-controlling interests in six
of the nine funds and joint ventures managed by FPAM, as set out in
the tables below. It is the Group's policy to carry its direct
properties and interest in associates at the lower of cost or
market value for accounting purposes and to recognise dividends
when received.
1. Directly held Properties at 31 March 2016:
Property No. Book Market Contribution Contribution
/ Country of properties value value to Group to Group
profit profit
before before
tax - tax -
year to year to
31 March 31 March
2016 2015
----------------- --------------- ------- ------- ------------- -------------
GBPm. GBPm. GBPm. GBPm.
Poland 3 74.6 86.9 5.7 2.7
Romania 3 5.5 8.5 0.9 0.6
FOP (Poland
- consolidated
undertaking). 5 54.4 61.5 3.3 1.5
----------------- --------------- ------- ------- ------------- -------------
Total 11 134.5 156.9 9.9 4.8
----------------- --------------- ------- ------- ------------- -------------
2. Non-controlling interests in funds and joint ventures managed by FPAM at 31 March 2016:
Fund % owned Book Current Group's Group's
by value market share share
First of First value of pre-tax of pre-tax
Property Property's of holdings profits profits
Group share earned earned
in by fund by fund
fund 31 March 31 March
2016 2015
--------------- ---------- ------------ ------------- ------------ ------------
GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---------- ------------ ------------- ------------ ------------
Interest in associates
5(th)
Property
Trading
Ltd (5PT) 37.8% 563 923 121 153
Regional
Property
Trading
Ltd (RPT) 28.6% 159 219 20 32
Fprop
Romanian
Supermarkets
Ltd 24.1% 737 802 12 Nil
Fprop
Galeria
Corso
Ltd 28.2% 1,585 1,607 17 Nil
--------------- ---------- ------------ ------------- ------------ ------------
Share of results
in associates 3,044 3,551 170 185
--------------------------- ------------ ------------- ------------ ------------
Investments
UK Pension
Property
Portfolio
LP (UK
PPP) 0.9% 900 900 60 64
Fprop
PDR LP 4.9% 13 13 163 630
------------ ----- ---- ---- ---- ----
Sub Total 913 913 223 694
------------------- ---- ---- ---- ----
Total 3,957 4,464 393 879
------- ------ ------ ---- ----
Revenue from Group Properties, including FOP, amounted to
GBP19.06 million (2015: GBP12.38 million), generating a profit
before unallocated central overheads and tax of GBP8.85 million
(2015: GBP6.57 million) and representing 87% (2015: 60%) of Group
profit before unallocated central overheads and tax. The increase
in revenue and profit before tax prior to the deduction of
unallocated central overhead costs was primarily attributable to a
full year of income from investments made by the Group and FOP.
The contribution to Group earnings by the eleven directly held
properties is detailed below:
Year to Year to
31 March 2016 31 March 2015
EURm. EURm.
--------------------- --------------- ---------------
Net operating
income (NOI) 19.74 11.08
Interest expense
on bank loans
/ finance leases (3.59) (2.70)
--------------------- --------------- ---------------
NOI after interest
expense 16.15 8.38
Current tax (1.25) (0.56)
Debt amortisation (7.11) (4.14)
Capital expenditure (1.94) (0.71)
--------------------- --------------- ---------------
Free cash 5.85 2.97
--------------------- --------------- ---------------
Market value
of properties EUR197.92 EUR196.33
Average yield 9.97% 5.64%*
on market value
Bank loans/ finance
leases outstanding EUR144.82 EUR148.97
Loan to value
(LTV) 73.17% 75.88%
Weighted average 4 yrs, 1 mth 4 yrs, 9mths
unexpired lease
term (WAULT)
Vacancy rate 2.4% 4.1%
--------------------- --------------- ---------------
* reflects partial contributions to NOI from the six
acquisitions not held for the full year.
The loans secured against these properties are each held in
separate non-recourse special purpose vehicles.
In order to mitigate potential interest rate rises we have fixed
the interest rate on a proportion of the loans. A one percentage
point increase from current market interest rates would increase
the annual interest bill by GBP663,000 per annum. The current
weighted average borrowing cost is 2.96% (2015: 3.10%)
The income return from our six minority shareholdings in funds
managed by FPAM contributed GBP393,000 to Group profit before tax
prior to the deduction of unallocated central overheads,
representing 3.8% of the contribution by Group Properties. This
should increase as we benefit from a full period contribution from
the two new investments in Fprop Romanian Supermarkets Ltd and
Fprop Galeria Corso Ltd, which were established in the second half
of the year.
Commercial property markets outlook
Poland:
GDP is forecast to grow by 3.9% in 2016 and 3.5% in 2017,
maintaining its status as one of Europe's fastest growing
economies. Inflation is beginning to trend upwards and is expected
to turn positive later this year. Government debt as a percentage
of GDP remains relatively low at some 52%.
The election of a new populist government in October 2015 has,
however, resulted in increased fiscal risks which have led to
increased volatility in the price of Polish government bonds and
the Zloty and the downgrading of the country's credit rating by
S&P from A- to BBB+.
Rent levels for office property in Warsaw and other main cities
have generally softened over the past couple of years, as the pace
of new development has increased. Capital values for prime property
have increased but for good secondary property, of the sort we
favour, values remain largely unchanged from their credit crunch
lows, yielding some 2% per annum more than equivalent property in
Western Europe. Transaction volumes in 2016 are expected to exceed
the EUR4 billion recorded in 2015, which was the second highest
year on record in Poland and the highest since the onset of the
credit crunch.
Romania:
GDP is forecast to grow by 4.2% in 2016 and 3.7% in 2017, as the
economy recovers from the credit crunch. Average net wages grew by
some 20% in 2015 and private consumption is accelerating, aided by
cuts in VAT from 24% to 20%, and from 24% to 9% on food sales.
Inflation is not expected to turn positive until 2017. Government
debt as a percentage of GDP is low at 38%, the fifth lowest in the
EU. Anti-corruption measures are being implemented with zeal - in
2015 the former Prime Minister Victor Ponta was forced to resign,
five other ministers were indicted, as were twenty one members of
the combined Houses of Parliament, and the Bucharest Mayor.
Such an economic and political backdrop should provide a
favourable environment for property investment.
Occupier demand for commercial property is improving as the
economy recovers and rent levels are broadly stable, subject to
location. Transaction data in the investment market is thin but
rising. Generally the mismatch between buyer and seller
expectations which has been prevalent through the credit crunch
still persists. However the banking market is improving and
commercial property investment volumes in 2016 are expected to
exceed those of 2015.
United Kingdom:
GDP growth slowed to 2.1% per annum in the first quarter and is
forecast to grow at just over 2% per annum for the next few years,
a figure which could be higher but for the continued scale of
fiscal tightening required to eliminate the budget deficit.
Occupier demand for commercial property continues to gradually
improve, particularly in the South East. Yields for well let
investment property are at post credit crunch lows and we are of
the view that in general there is little room for further yield
compression, but rather that future gains are more likely to come
from rental growth. Transaction levels for investment property have
declined in recent months. Attractive investment opportunities are
hard to find and tend to require active management in order to add
value.
Current Trading and Prospects
The Group is trading well across the board and the number and
value of assets under management is increasing.
In the financial year just ended the Group benefitted from a
full year of contributions from the investments made by it and
Fprop Opportunities plc in the previous financial year, all of
which have yielded income at or above our expectations at the time
of their purchase and are, without exception, valued at levels
exceeding their acquisition prices. The recurring nature of these
earnings should enable us to build on the impressive increase in
adjusted net assets, which together with dividend payments has
averaged 21% per annum since 1 April 2008, the onset of the credit
crunch.
The markets in which we operate are generally buoyant and
offering interesting investment opportunities which we hope to
capitalise on in due course.
Ben Habib
Chief Executive
9 June 2016
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2016
Notes Year ended Year ended
31 March 31 March
2016 (unaudited) 2015
Total (audited)
results
Total
results
GBP'000 GBP'000
-------------------------------- ------ ------------------- ---------------------
Revenue - existing operations 21,955 14,325
- business acquisitions - 4,198
-------------------------------- ------ ------------------- ---------------------
21,955 18,523
-------------------------------- ------ ------------------- ---------------------
Cost of sales (4,255) (3,156)
-------------------------------- ------ ------------------- ---------------------
Gross profit 17,700 15,367
Recognition of negative
goodwill on refinancing
of subsidiary - 1,123
Recognition of negative
goodwill on acquisition
of subsidiaries - 716
Fair value adjustment
to investment properties 462 (876)
Operating expenses (8,404) (6,925)
-------------------------------- ------ ------------------- ---------------------
Operating profit 9,758 9,405
-------------------------------- ------ ------------------- ---------------------
Share of results in associates 170 185
Distribution income 223 694
Interest income 4 126 145
Interest expense 4 (2,931) (2,346)
-------------------------------- ------ ------------------- ---------------------
Profit before tax 7,346 8,083
Tax (charge)/ credit 5 (1,687) 328
-------------------------------- ------ ------------------- ---------------------
Profit for the year 5,659 8,411
-------------------------------- ------ ------------------- ---------------------
Attributable to:
Owners of the parent 5,008 8,172
Non-controlling interest 651 239
-------------------------------- ------ ------------------- ---------------------
5,659 8,411
-------------------------------- ------ ------------------- ---------------------
Earnings per share:
Basic 6 4.37p 7.21p
Diluted 6 4.28p 6.93p
-------------------------------- ------ ------------------- ---------------------
All operations are continuing.
CONSOLIDATED SEPARATE STATEMENT
OF OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2016
Year ended Year ended
31 March 31 March
2016 2015
(unaudited) (audited)
Total Total
results results
GBP'000 GBP'000
----------------------------------- --- ------------- -----------
Profit for the year 5,659 8,411
---------------------------------------- ------------- -----------
Other comprehensive income
Exchange differences
on retranslation of foreign
subsidiaries (1,346) 272
Revaluation of available-for-sale
financial assets 11 37
Taxation - -
----------------------------------- --- ------------- -----------
Total comprehensive income
for the year 4,324 8,720
Total comprehensive income
for the year attributable
to:
Owners of the parent 3,486 8,505
Non-controlling interest 838 215
4,324 8,720
--------------------------------------- ------------- -----------
CONSOLIDATED BALANCE SHEET
As at 31 March 2016
Notes As at As at
31 March 31 March
2016 2015
(unaudited) (audited)
GBP'000 GBP'000
Non-current assets
Goodwill 7 153 153
Investment properties 8 120,718 114,262
Property, plant and equipment 186 43
Interest in associates 9(a) 3,044 671
Other financial assets 9(b) 914 1,531
Other receivables 11 186 283
Deferred tax assets 3,016 3,803
------------------------------- ------ ------------- -----------
Total non-current assets 128,217 120,746
------------------------------- ------ ------------- -----------
Current assets
Inventories - land and
buildings 10 13,894 12,639
Current tax assets 56 236
Trade and other receivables 11 10,128 5,744
Cash and cash equivalents 8,975 12,240
------------------------------- ------ ------------- -----------
Total current assets 33,053 30,859
------------------------------- ------ ------------- -----------
Current liabilities
Trade and other payables 12 (7,938) (8,134)
Financial liabilities 13 (7,668) (11,788)
Current tax liabilities (200) (108)
------------------------------- ------ ------------- -----------
Total current liabilities (15,806) (20,030)
------------------------------- ------ ------------- -----------
Net current assets 17,247 10,829
------------------------------- ------ ------------- -----------
Total assets less current
liabilities 145,464 131,575
------------------------------- ------ ------------- -----------
Non-current liabilities:
Financial liabilities 13 (108,992) (97,925)
Deferred tax liabilities (2,382) (2,631)
Net assets 34,090 31,019
------------------------------- ------ ------------- -----------
Equity
Called up share capital 1,166 1,149
Share premium 5,773 5,505
Foreign exchange translation
reserve (2,151) (618)
Revaluation reserve (38) (49)
Share-based payment reserve 203 203
Retained earnings 27,231 23,735
------------------------------- ------ ------------- -----------
Equity attributable to
the owners of the parent 32,184 29,925
Non-controlling interest 1,906 1,094
------------------------------- ------ ------------- -----------
Total equity 34,090 31,019
------------------------------- ------ ------------- -----------
Net assets per share 6 27.75p 26.30p
------------------------------- ------ ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2016
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
2015 1,149 5,505 203 (618) (173) (49) 23,908 1,094 31,019
Profit
for the
period - - - - - - 5,659 - 5,659
Fair
value
(or revaluation)
gains
on
available-for-sale
financial
assets
to profit
or loss - - - - - 11 - - 11
Movement
on foreign
exchange - - - (1,533) - - - 187 (1,346)
Sale
of treasury
shares - 10 - - 70 - - - 80
New shares
issued 17 258 - - - - - - 275
Non-controlling
interest - - - - - - (651) 651 -
Dividends
paid - - - - - - (1,582) (26) (1,608)
-------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
At 31
March
2016 1,166 5,773 203 (2,151) (103) (38) 27,334 1,906 34,090
-------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
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
Fair
value
(or revaluation)
gains
on
available-for-sale
financial
assets
to profit
or loss - - - - - 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
-------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2016
2016 2015
Notes Group Group
GBP'000 GBP'000
----------------------------------- ------ --------- ---------
Cash flows from operating
activities
----------------------------------- ------ --------- ---------
Operating profit 9,758 9,405
Adjustments for:
Depreciation of investment
property and property
plant & equipment 1,704 384
Fair value adjustment
on investment properties (462) 876
Negative goodwill - (1,839)
(Increase)/decrease in
inventories (291) (258)
Decrease/(increase) in
trade and other receivables 903 (486)
Increase/(decrease) in
trade and other payables (356) 577
Other non-cash adjustments 460 84
Cash generated from operations 11,716 8,743
Taxes paid (922) (826)
----------------------------------- ------ --------- ---------
Net cash flow from operating
activities 10,794 7,917
----------------------------------- ------ --------- ---------
Cash flow from/ (used
in) investing activities
----------------------------------- ------ --------- ---------
Purchase of investments 9(b) - (353)
Capital expenditure on
investment properties 8 (1,216) (383)
Proceeds from partial
disposal of available-for-sale
assets 9(b) 628 565
Purchase of property,
plant & equipment (197) (14)
Cash paid on control/
acquisitions of new subsidiaries - (4,638)
Cash and cash equivalents
received on control/
acquisitions of new subsidiaries - 3,055
Investment in shares
of new associates 9(a) (2,293) -
Interest received 4 126 145
Dividends from associates 9(a) 90 189
Distributions received 223 694
Net cash flow from/ (used
in) investing activities (2,639) (740)
----------------------------------- ------ --------- ---------
Cash flow from/ (used
in) financing activities
Net repayment of shareholder
loan in subsidiary (95) (293)
Proceeds from bank loan 8,993 3,547
Repayment of bank loans (9,341) (4,574)
Short term loan to an (4,729) -
associate
Repayment of finance
lease (2,446) (1,202)
Sale of shares held in
treasury 80 144
Proceeds from the issue 275 -
of share capital
Interest paid (2,825) (2,266)
Dividends paid (1,582) (1,291)
Dividends paid to non-controlling
interest (26) (16)
----------------------------------- ------ --------- ---------
Net cash flow from/ (used
in) financing activities (11,696) (5,951)
----------------------------------- ------ --------- ---------
Net (decrease)/ increase
in cash and cash equivalents (3,541) 1,226
----------------------------------- ------ --------- ---------
Cash and cash equivalents
at the beginning of the
year 12,240 11,279
----------------------------------- ------ --------- ---------
Currency translation
gains/ (losses) on cash
and cash equivalents 276 (265)
----------------------------------- ------ --------- ---------
Cash and cash equivalents
at the year-end 8,975 12,240
----------------------------------- ------ --------- ---------
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 2016. These are consistent with the policies applied
for the year ended 31 March 2015. 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 2015 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 8 June 2016.
2. Revenue
Revenue from continuing operations consists of revenue arising
in the United Kingdom 10% (2015: 20%), Poland 82% (2015: 74%) and
Romania 8% (2015: 6%). All revenue relates solely to the Group's
principal activities.
3. Segment reporting 2016
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
-------------------- ------------ ---------------- ------------ ------------ ----------
Total revenue 2,895 12,894 6,166 - 21,955
-------------------- ------------ ---------------- ------------ ------------ ----------
Depreciation
and amortisation (31) (1,535) (138) - (1,704)
-------------------- ------------ ---------------- ------------ ------------ ----------
Operating
profit 1,384 7,316 3,962 (2,904) 9,758
-------------------- ------------ ---------------- ------------ ------------ ----------
Share of results
in associates - 170 - - 170
-------------------- ------------ ---------------- ------------ ------------ ----------
Distribution
income - 223 - - 223
-------------------- ------------ ---------------- ------------ ------------ ----------
Interest income - 101 5 20 126
-------------------- ------------ ---------------- ------------ ------------ ----------
Interest payable - (1,424) (1,507) - (2,931)
-------------------- ------------ ---------------- ------------ ------------ ----------
Profit/ (loss)
before tax 1,384 6,386 2,460 (2,884) 7,346
-------------------- ------------ ---------------- ------------ ------------ ----------
Analysed as:
-------------------- ------------ ---------------- ------------ ------------ ----------
Before performance
fees and related
items 783 8,268 2,321 (899) 10,473
-------------------- ------------ ---------------- ------------ ------------ ----------
Fair value
adjustment
to investment
properties - - 462 - 462
-------------------- ------------ ---------------- ------------ ------------ ----------
Depreciation - (1,450) - - (1,450)
-------------------- ------------ ---------------- ------------ ------------ ----------
Provision (49) (17) (17) (663) (746)
-------------------- ------------ ---------------- ------------ ------------ ----------
Performance
and related
fees 1,131 - - - 1,131
-------------------- ------------ ---------------- ------------ ------------ ----------
Staff incentives (481) (169) (164) (1,610) (2,424)
-------------------- ------------ ---------------- ------------ ------------ ----------
Realised foreign
currency loss - (246) (142) 288 (100)
-------------------- ------------ ---------------- ------------ ------------ ----------
Total 1,384 6,386 2,460 (2,884) 7,346
-------------------- ------------ ---------------- ------------ ------------ ----------
Assets - Group 497 88,670 62,283 6,776 158,226
-------------------- ------------ ---------------- ------------ ------------ ----------
Share of net
assets of
associates - 3,352 - (308) 3,044
-------------------- ------------ ---------------- ------------ ------------ ----------
Liabilities (249) (76,454) (48,132) (2,345) (127,180)
-------------------- ------------ ---------------- ------------ ------------ ----------
Net assets 248 15,568 14,151 4,123 34,090
-------------------- ------------ ---------------- ------------ ------------ ----------
Additions
to
non-current
assets
-------------------- ------------ ---------------- ------------ ------------ ----------
Property,
plant and
equipment 197 - - - 197
-------------------- ------------ ---------------- ------------ ------------ ----------
Investment
properties - 968 248 - 1,216
-------------------- ------------ ---------------- ------------ ------------ ----------
Inventories - 291 - - 291
-------------------- ------------ ---------------- ------------ ------------ ----------
Investments - - - - -
-------------------- ------------ ---------------- ------------ ------------ ----------
Interest in
associates - 2,293 - - 2,293
-------------------- ------------ ---------------- ------------ ------------ ----------
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) (360) (6) - (384)
-------------------- ------------ ---------------- ------------ ------------ ----------
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
on refinancing
of subsidiary - 1,123 - - 1,123
-------------------- ------------ ---------------- ------------ ------------ ----------
Negative goodwill
on acquisition
of subsidiaries - 716 - - 716
-------------------- ------------ ---------------- ------------ ------------ ----------
Fair value
adjustment
to investment
properties - - (876) - (876)
-------------------- ------------ ---------------- ------------ ------------ ----------
Depreciation - (357) - - (357)
-------------------- ------------ ---------------- ------------ ------------ ----------
Performance
fees 3,365 - - - 3,365
-------------------- ------------ ---------------- ------------ ------------ ----------
Staff incentives (535) (194) (184) (1,955) (2,868)
-------------------- ------------ ---------------- ------------ ------------ ----------
Realised foreign
currency loss - (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
-------------------- ------------ ---------------- ------------ ------------ ----------
Share of net
assets of
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 8 - - - 8
-------------------- ------------ ---------------- ------------ ------------ ----------
Investment
properties - 66,909 8,864 - 75,773
-------------------- ------------ ---------------- ------------ ------------ ----------
Inventories - 258 - - 258
-------------------- ------------ ---------------- ------------ ------------ ----------
Investments - 353 - - 353
-------------------- ------------ ---------------- ------------ ------------ ----------
Interest in - - - - -
associates
-------------------- ------------ ---------------- ------------ ------------ ----------
4. Interest income
2016 2015
Group Group
GBP'000 GBP'000
--------------------------------- --------- ---------
Interest income - bank deposits 36 63
Interest income - other 90 82
Total interest income 126 145
--------------------------------- --------- ---------
2016 2015
Group Group
GBP'000 GBP'000
----------------------------- --------- ---------
Interest expense - property
loans (2,254) (1,730)
Interest expense - bank and
other (106) (80)
Finance charges on finance
leases (571) (536)
----------------------------- --------- ---------
Total interest expense (2,931) (2,346)
----------------------------- --------- ---------
5. Tax expense
2016 2015
GBP'000 GBP'000
---------------------------- --------- ---------
Analysis of tax charge for
the year
Current tax (1,203) (525)
Deferred tax (484) 853
Total tax charge for the
year (1,687) 328
---------------------------- --------- ---------
The tax charge includes actual current and deferred tax for
continuing operations.
As in prior years, brought forward and current UK tax losses
have not been recognised as a deferred tax asset due to
insufficient foreseeable taxable income being earned in the UK. As
a result of this treatment the effective tax rate for the Group has
increased to 23% (2015: -4.1%), which is higher than both the main
stream corporation tax rates of 19% in Poland and 16% in
Romania.
The deferred tax credit in the prior year was largely
attributable to three acquisitions made during that year, amounting
to GBP992,000. This was 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
2016 2015
Basic earnings per share 4.37p 7.21p
Diluted earnings per share 4.28p 6.93p
GBP'000 GBP'000
Basic earnings 5,008 8,172
Diluted earnings assuming
full dilution 5,016 8,187
The following numbers of shares have been used to calculate both
the basic and diluted earnings per share:
2016 2015
Number Number
--------------------------------- ------------ ------------
Weighted average number
of Ordinary shares in issue
(used for basic earnings
per share calculation) 114,543,523 113,348,847
--------------------------------- ------------ ------------
Number of share options 2,700,000 4,850,000
--------------------------------- ------------ ------------
Total number of Ordinary
shares used in the diluted
earnings per share calculation 117,243,523 118,198,847
--------------------------------- ------------ ------------
The following earnings have been used to calculate both the
basic and diluted earnings per share:
2016 2015
GBP'000 GBP'000
---------------------------------- --------- ---------
Basic earnings per share
Basic earnings 5,008 8,172
---------------------------------- --------- ---------
Diluted earnings per share
Basic earnings 5,008 8,172
Notional interest on share
options assumed to be exercised 8 15
---------------------------------- --------- ---------
Diluted earnings 5,016 8,187
---------------------------------- --------- ---------
2016 2015
Net assets per share 27.75p 26.30p
Adjusted net assets per share 43.01p 35.75p
------------------------------- ------- -------
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 115,967,111 113,792,541
Net assets per share GBP'000 GBP'000
--------------------------------- ------------ ------------
Net assets excluding non
controlling interest 32,184 29,925
Number Number
Adjusted net assets per share
Number of shares in issue
at year-end 115,967,111 113,792,541
Number of share options assumed
to be exercised 2,700,000 4,850,000
--------------------------------- ------------ ------------
Total 118,667,111 118,642,541
--------------------------------- ------------ ------------
GBP'000 GBP'000
Adjusted net assets per share
Net assets excluding non
controlling interest 32,184 29,925
Investment properties at
fair value net of deferred
tax 16,338 11,018
Inventories at fair value
net of deferred tax 1,795 1,248
Other items 716 222
------------------------------- -------- --------
Total 51,033 42,413
------------------------------- -------- --------
7. Goodwill
2016 2015
Group Group
GBP'000 GBP'000
------------- --------- ---------
At 1 April 153 153
Additions - -
At 31 March 153 153
------------- --------- ---------
The Directors have carried out an annual impairment test and
concluded that no impairment write down is necessary because the
estimated recoverable amount was higher than the value stated.
8. Investment properties
2016 2015
Group Group
GBP'000 GBP'000
------------------------------ --------- ---------
Investment properties
At 1 April 114,262 48,759
Business acquisitions - 75,390
Capital expenditure 1,216 383
Depreciation (1,654) (357)
Fair value adjustment 462 (876)
Foreign exchange translation 6,432 (9,037)
------------------------------ --------- ---------
At 31 March 120,718 114,262
------------------------------ --------- ---------
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 EUR177.73 million
(2015: EUR176.73 million), the Sterling equivalent at closing
foreign exchange rates being GBP140.91 million (2015: GBP127.86
million). On acquisition of the Gdynia Podolska property 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.
9. Investment in associates and other financial assets and investments
The Group has the following investments:
2016 2015
Group Group
GBP'000 GBP'000
---------------------------- --------- ---------
a) Associates
At 1 April 671 675
Additions 2,293 -
Disposals - -
Share of associates profit
after tax 170 185
Dividends received (90) (189)
---------------------------- --------- ---------
At 31 March 3,044 671
---------------------------- --------- ---------
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:
2016 2015
Group Group
GBP'000 GBP'000
----------------------------------- --------- ---------
Investments in associates
5(th) Property Trading Ltd 871 827
Regional Property Trading
Ltd 159 152
Fprop Romanian Supermarkets 737 -
Ltd
Fprop Galeria Corso Ltd 1,585 -
----------------------------------- --------- ---------
3,352 979
----------------------------------- --------- ---------
Less: Share of profit after
tax withheld on sale of property
to 5(th) Property Trading
Ltd in 2007 (308) (308)
----------------------------------- --------- ---------
3,044 671
----------------------------------- --------- ---------
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 to GBP3,551,159
(2015: GBP1,175,000).
2016 2015
Group Group
GBP'000 GBP'000
------------------------------- --------- ---------
b) Other financial assets
and investments
At 1 April 1,531 1,706
Additions - 353
Disposals (628) (565)
Increase in fair value during
the year 11 37
------------------------------- --------- ---------
At 31 March 914 1,531
------------------------------- --------- ---------
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
2016 2015
Group Group
GBP'000 GBP'000
------------------------------ --------- ---------
Group properties for resale
at cost
At 1 April 12,639 12,304
Purchases - -
Capital expenditure 291 258
Disposals - -
Foreign exchange translation 964 77
------------------------------ --------- ---------
At 31 March 13,894 12,639
------------------------------ --------- ---------
The Group's total interest in Blue Tower (an office block in
Warsaw) is 48.2% with a fair value of GBP16.01 million (2015:
GBP14.18 million), and is shown at cost under inventories.
11. Trade and other receivables
2016 2015
Group Group
GBP'000 GBP'000
-------------------------------- --------- ---------
Current assets
Trade receivables 2,589 2,304
Less provision for impairment
of receivables (905) (649)
-------------------------------- --------- ---------
Trade receivables net 1,684 1,655
Other receivables 7,554 3,147
Prepayments and accrued income 890 942
-------------------------------- --------- ---------
10,128 5,744
-------------------------------- --------- ---------
Other receivables include a short term loan
to an associate for EUR6.5m (GBP5.15m) which
was repaid after the year end in May 2016.
Non-current assets
-------------------------------- --------- ---------
Other receivables 186 283
-------------------------------- --------- ---------
12. Trade and other payables
2016 2015
Group Group
GBP'000 GBP'000
----------------------------- --------- ---------
Current liabilities
Trade payables 2,189 2,605
Other taxation and social
security 575 580
Other payables and accruals 5,163 4,938
Deferred income 11 11
----------------------------- --------- ---------
7,938 8,134
----------------------------- --------- ---------
13. Financial liabilities
2016 2015
Group Group
GBP'000 GBP'000
------------------------------------ --------- ---------
Current liabilities
Loans repayable by subsidiary 1,841 -
(FOP) to third party shareholders
Bank loan 3,014 9,382
Finance leases 2,813 2,406
------------------------------------ --------- ---------
7,668 11,788
------------------------------------ --------- ---------
Non-current liabilities
Loans repayable by subsidiary
(FOP) to third party shareholders - 1,936
Bank loans 62,038 50,610
Finance leases 46,954 45,379
------------------------------------ --------- ---------
108,992 97,925
------------------------------------ --------- ---------
2016 2015
Group Group
GBP'000 GBP'000
------------------------------- --------- ---------
Total obligations under bank
loans and finance leases
Repayable within one year 7,668 11,788
Repayable within one and five
years 93,150 57,928
Repayable after five years 15,842 39,997
------------------------------- --------- ---------
116,660 109,713
------------------------------- --------- ---------
Loans repayable by FOP to third party shareholders are unsecured
and repayable on demand.
Eight bank loans and three finance leases all denominated in
Euros totalling GBP114,819,000 (2015: GBP107,777,000) 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 32 St
James's Street, London, SW1A 1HD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSEEDAFMSELM
(END) Dow Jones Newswires
June 09, 2016 02:00 ET (06:00 GMT)
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