To
Company Announcements
Date 30
August 2018
Company AXA Property Trust Limited
Subject Net Asset Value
30 June 2018 (Unaudited)
UNAUDITED FINANCIAL STATEMENTS AS AT
30 JUNE 2018
In the announcement issued 9 August
2018 and the subsequent shareholder circular dated
10 August 2018, the Directors
confirmed that in view of the proposals to place the Company into
voluntary liquidation on or around 7
September 2018 (“the Proposals”), there is currently no
intention to prepare Financial Statements of the Company or updated
NAV for the financial year ended 30 June
2018 or subsequent years, pending approval of the
Proposals.
Whilst it is still the intention to cease the release of audited
financial statements for the period ending 30 June 2018 and for future periods should the
Proposals be approved, the Directors are nonetheless pleased to
provide the following unaudited financial information for the
period ending 30 June 2018.
NET ASSET VALUE
The Company’s unaudited Consolidated Net Asset Value as at
30 June 2018 was £10.69 million and
the NAV per share was 45.68 pence per
share.
|
Unaudited |
Unaudited |
Unaudited |
|
6
months ended |
6
months ended |
12
months ended |
|
31-Dec-17 |
30-Jun-18 |
30-Jun-18 |
|
£million |
£million |
£million |
| Opening Net Asset
Value
|
15.67 |
14.91 |
15.67 |
| Net
(loss) after tax |
(0.99) |
(3.96) |
(4.95) |
| Foreign
exchange translation gains/(loss) |
0.23 |
(0.26) |
(0.02) |
| Closing Net Asset
Value |
14.91 |
10.69 |
10.69 |
NET LOSS
Total net loss was £4.95 million for the twelve months to
30 June 2018:
|
Unaudited |
Unaudited |
Unaudited |
|
6
months ended |
6
months ended |
12
months ended |
|
31
December 2017 |
30
June 2018 |
30
June 2018 |
|
£million |
£million |
£million |
| Gross rental
income |
0.66 |
0.65 |
1.31 |
| Property operating
expenses |
(0.17) |
0.03 |
(0.14) |
| Net rental and
related Income |
0.49 |
0.68 |
1.17 |
|
|
|
|
| Valuation loss on
investment properties |
(0.71) |
(3.82) |
(4.53) |
| General and
administrative expenses |
(0.32) |
(0.43) |
(0.74) |
| Revenue
loss |
(0.53) |
(3.57) |
(4.10) |
|
|
|
|
| Loss before
tax |
(0.54) |
(3.70) |
(4.24) |
|
|
|
|
| Tax expenses |
(0.45) |
(0.26) |
(0.71) |
| Total
profit |
(0.99) |
(3.96) |
(4.95) |
* the difference between Revenue Loss
and Loss before Tax comprises net finance costs and the Company’s
share in the loss attributable to the Agnadello joint venture.
CONSOLIDATED PERFORMANCE SUMMARY
|
Audited |
Unaudited |
|
|
|
Year
ended |
Year
ended |
|
|
|
30 June
2017 |
30 June
2018 |
Quarterly Movement |
|
Pence
per share |
Pence
per share |
Pence per share /(%) |
| Net Asset Value per
share |
66.94 |
45.68 |
-21.26 |
(31.8)% |
| Share price
(mid-market) |
61.25 |
39.60 |
-21.65 |
(35.3)% |
| Share price discount
to Net Asset
Value |
8.5% |
13.3% |
4.8 percentage points |
As stated in the Circular dated 10th
August 2018 should the Proposals be approved, no further
financial statements of the Company or updated NAV will be prepared
for the financial year ended 30 June
2018 or subsequent years.
MATERIAL EVENTS
Except for those noted above, and in particular Notice of the
EGM which was distributed to shareholders on 10 August 2018, the Board of the Company is not
aware of any significant event or transaction which occurred
between 30 June 2018 and the date of
the publication of this Statement which would have a material
impact on the financial position of the Company.
Company website:
http://www.axapropertytrust.com
All Enquiries:
Real Estate Adviser
AXA Real Estate Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: +44 (0)20 7003 2345
Email: broker.services@axa-im.com
Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London EC2V 6ET
Tel: +44 (0)20 7710 7600
Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: +44 (0)1481 745324