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APT Axa Property Trust Limited

31.75
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Axa Property Trust Limited LSE:APT London Ordinary Share GG00BHXH0C87 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 31.75 31.00 32.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

AXA Property Trust Net Asset Value 30 June 2017 (Unaudited)

29/08/2017 1:23pm

UK Regulatory


 
TIDMAPT 
 
To:                    Company Announcements 
Date:                29 August 2017 
Company:         AXA Property Trust Limited 
Subject:            Net Asset Value 30 June 2017 (Unaudited) 
 
CAPITAL REDEMPTION 
 
  * During the Financial year ending 30 June 2017 the Company returned GBP24.0 
    million capital to Shareholders by means of two capital redemptions: GBP18.4 
    million on 17 February 2017 and GBP5.6 million on 23 June 2017, bringing the 
    total capital returned to Shareholders to GBP48.1 million. 
 
CORPORATE SUMMARY 
 
  * The Company's unaudited Consolidated Net Asset Value as at 30 June 2017 was 
    GBP15.83 million and the NAV per share was 67.65 pence. This reflects a 
    slight increase of 0.98 pence per share compared to 31 March 2017 when the 
    NAV per share was 66.67 pence (consolidated Net Asset Value was GBP21.21 
    million) and a decrease of 1.28 pence per share compared to 31 December 
    2016 (consolidated Net Asset Value was GBP39.69 million). 
 
  * The Company and its subsidiaries made a net loss after tax of GBP1.36 million 
    for the twelve month period ended 30 June 2017 and a loss of GBP0.75 million 
    in the three month period ended 30 June 2017. 
 
MANAGED WIND-DOWN STATUS 
 
  * During the year disposals of all but one of AXA Property Trust Limited's 
    properties were completed for aggregated sales proceeds of EUR52.67 million 
 
  * The sales completed over the past 12 months leave one asset to be disposed 
    of. Despite ongoing marketing, this last sale has been difficult to realise 
    and although interest is being followed up, it is considered a sale may not 
    now materialise until the first half of 2018. 
 
PORTFOLIO UPDATE 
 
The sole remaining asset comprises the cinema investment in Curno, Italy. 
 
   Investment name       Country       Sector     Percentage of 
                                                    portfolio 
 
   Curno, Bergamo         Italy        Leisure        100% 
 
Despite the challenging liquidity constraints, the tenant remains committed to 
the location and cash flow generation is strong, with rents. There are 
currently no unforeseen expenditure requirements. 
 
MARKET UPDATE 
 
Eurozone GDP growth accelerated by a seasonally adjusted 0.6% 
quarter-on-quarter (q-o-q) in Q1 2017, the fastest rate of growth in two years. 
Household consumption and fixed investment were the main drivers, whereas 
imports offset exports, with the net result that the external sector provided a 
neutral contribution to growth. Among the major Eurozone economies, Spain 
remained the strongest performer, with GDP growth reaching 0.8%, followed by 
Germany (0.6%), France (0.5%) and Italy (0.4%). In contrast, GDP growth in the 
UK slowed to 0.2% in Q1 2017, its weakest quarter since Q1 2016, partly in 
response to a rise in inflation and a weakening of growth in the large services 
sector. Having increased to 2% in February 2017, harmonised CPI in the Eurozone 
had moderated to 1.3% in June, largely because energy prices rises decelerated. 
Harmonised CPI in the UK declined from 2.9% in May to 2.6% in June. Growth 
appears to have picked up further momentum in the Eurozone in Q2, according to 
recent data and surveys that point to rising output and greater confidence. 
 
Despite stronger momentum in the first half of the year, Eurozone GDP is 
forecast to grow at around the same rate in 2017 as in 2016 (1.8%). Higher 
inflation and political uncertainty - notably as a result of Article 50 being 
triggered by the UK government in March 2017 and elections during the year in 
the Netherlands, France, the UK, Germany and, potentially, Italy - are expected 
to affect spending by both businesses and households. Consumer spending is 
expected to remain a key driver of economic growth but, in the absence of 
strong wage growth, higher inflation (forecast to be 1.6% in 2017, after 0.2% 
in 2016) is projected to have an overall negative impact on growth. However, 
exports are expected to increase, reflecting a strengthening and broadening of 
the global recovery. Although there is still considerable disparity in 
conditions, some convergence between GDP growth rates in Eurozone countries is 
expected. While still low by historical standards, long-term government bond 
yields are forecast to rise modestly in 2017, in a continuation of the pattern 
seen in the final quarter of 2016. However, increased volatility is expected 
throughout 2017, given the wider geo-political risks and the uncertain outlook 
for asset-purchase tapering and interest rate normalisation. 
 
Italy's GDP growth accelerated from 0.3% quarter-on-quarter (q-o-q) in Q4 2016 
to 0.4% in Q1 2017. Growth was driven by an acceleration in inventory building 
and household spending, with the latter boosted by a rise in employment; the 
unemployment rate stood at 11.3% in May 2017, after peaking at 13% in November 
2014. However, fixed investment and net exports contributed negatively to 
growth. 
 
Italy's economy faces some severe headwinds and underlying growth momentum is 
weak; AXA IM's forecast is for GDP growth of 1.2% in 2017 as a whole, after 1% 
in 2016, one of the weakest growth rates in the Eurozone. A key risk is Italy's 
fragile banking sector. In June, the European Commission approved the use of 
Italian public funds for a precautionary recapitalisation of Monte dei Paschi 
di Siena and the liquidation of two failing regional banks. While these plans 
will remove bad loans, improve confidence and increase consolidation in Italy's 
banking sector, they will also increase public debt, and there is a risk that 
other regional banks may yet need aid. There is also a risk that continued 
political uncertainty and the government's narrow agenda will constrain 
economic growth. General elections are required by early 2018. Matteo Renzi won 
back control of the ruling Democratic Party (PD) in an April 2017 primary and 
the PD and populist Five Star Movement (M5S) are currently leading national 
polls. However, while Forza Italia (FI) and the Northern League (LN) are 
currently trailing far behind, their popularity has increased according to 
recent polls and candidates from FI and LN won several key municipal elections 
in June. 
 
CONSOLIDATED PERFORMANCE SUMMARY 
 
                                  Audited        Unaudited 
 
                                 Year ended    30 June 2017      Quarterly 
                                30 June 2016                     Movement 
 
                                 Pence per       Pence per    Pence per share 
                                  share          share            /(%) 
 
Net Asset Value per share          67.20           67.65       0.45    0.67% 
 
Share price (mid-market)           55.13           61.25       6.12   11.10% 
 
Share price discount to Net        18.0%           9.5%       -8.5 percentage 
Asset Value                                                       points 
 
 
 
Total annual return               Audited        Unaudited 
 
                                 Year ended     Year ended 
                                30 June 2016   30 June 2017 
 
Net Asset Value Total Return       11.2%           2.9% 
 
Share Price Total Return 
 
- AXA Property Trust               29.6%           23.0% 
 
- FTSE All Share Index              2.2%           18.1% 
 
- FTSE Real Estate Investment      -8.3%           9.2% 
Trust Index 
 
Source: AXA Investment Managers UK Limited and Stifel 
Nicolaus Europe Limited. 
 
Total net loss was GBP1.35 million (-2.82 pence per share) for the twelve months 
to 30 June 2017, analysed as follows: 
 
                                    Unaudited        Unaudited        Unaudited 
 
                                  6 months ended   6 months ended  12 months ended 
 
                                 31 December 2016   30 June 2017    30 June 2017 
 
                                     GBPmillion         GBPmillion        GBPmillion 
 
Net rental and related income          1.39             0.65            2.04 
 
Valuation loss on investment          (0.68)           (0.40)          (1.07) 
properties 
 
Loss on disposal of a subsidiary      (0.65)           (0.58)          (1.23) 
and investment properties 
 
General and administrative            (0.41)           (0.44)          (0.85) 
expenses 
 
Operating loss                        (0.34)           (0.77)          (1.11) 
 
Net foreign exchange gain              0.29            (0.31)          (0.03) 
 
Net gain on financial instrument       0.06            (0.04)           0.02 
 
Share in profit of a joint             0.05            (0.01)           0.04 
venture 
 
Net finance cost                      (0.19)            0.02           (0.17) 
 
Loss before tax                       (0.13)           (1.12)          (1.25) 
 
Income tax expenses                   (0.20)            0.10           (0.10) 
 
Loss for the period                   (0.34)           (1.02)          (1.35) 
 
The Company will be releasing further details in its audited Annual Report and 
Financial Statements for the year ended 30 June 2017. 
 
NET ASSET VALUE 
 
The Company's unaudited Consolidated Net Asset Value as at 30 June 2017 was GBP 
15.83 million and the NAV per share was 67.65 pence per share. This reflects an 
slight increase of 0.98 pence per share compared to 31 March 2017 when the NAV 
per share was 66.67 pence per share (consolidated Net Asset Value was GBP21.21 
million) and a decrease of 1.28 pence per share compared to 31 December 2016 
(consolidated Net Asset Value was 39.69 million). 
 
The Net Asset Value attributable to the Ordinary Shares is calculated under 
International Financial Reporting Standards. It includes all current year 
income after the deduction of dividends and capital return paid prior to 30 
June 2017. 
 
The variation of Net Asset Value over the 6-month period ended 30 June 2017 can 
be analysed as follows: 
 
                                                                         Unaudited        Unaudited        Unaudited 
 
                                                                       6 months ended   6 months ended  12 months ended 
 
                                                                      31 December 2016   30 June 2017    30 June 2017 
 
                                                                          GBPmillion         GBPmillion        GBPmillion 
 
Opening Net Asset Value                                                    38.69            39.69            38.69 
 
 
   Net (loss) / profit after tax                                           (0.34)           (1.02)          (1.35) 
 
   Unrealised movement on                                                    -                -                - 
derivatives 
 
   Share Redemption                                                          -             (24.00)          (24.00) 
 
   Foreign exchange translation gains                                       1.33             1.17            2.50 
 
Closing Net Asset Value                                                    39.69            15.83            15.83 
 
On a like-for-like basis the Euro valuation of the property portfolio decreased 
by 1.4% to EUR14.0 million for the quarter compared to previous quarter (EUR14.2 
million) and by 3% compared to 31 December 2017 (EUR14.5 million). 
 
GBP/EUR foreign exchange rate applied to the Company's Euro investments in its 
subsidiary companies at 30 June 2017 was 1.1389 (1.1689 at 31 March 2017 and 
1.1680 at 31 December 2016). 
 
FUND GEARING 
 
The bank loan from CA-CIB Crédit Agricole and Crédit foncier was fully repaid 
in December 2016 prior to the loan maturity, using sales proceeds from 
Agnadello transaction. As at 30 June 2017 the Company has no outstanding bank 
loan. 
 
MATERIAL EVENTS 
 
Except for those noted above, the Board of the Company is not aware of any 
significant event or transaction which occurred between 30 June 2017 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 
 
 
 
END 
 

(END) Dow Jones Newswires

August 29, 2017 08:23 ET (12:23 GMT)

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