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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
First Property Group Plc | LSE:FPO | London | Ordinary Share | GB0004109889 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.00 | 18.50 | 19.50 | 19.00 | 19.00 | 19.00 | 82,466 | 07:34:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 7.25M | 1.92M | 0.0173 | 10.98 | 21.07M |
TIDMFPO
RNS Number : 9978G
First Property Group PLC
26 November 2015
Date: 26 November 2015 On behalf First Property Group plc ("First of: Property" or "the Group") Embargoed: 0700hrs
First Property Group plc
Interim Results for the six months to 30 September 2015
First Property Group plc (AIM: FPO), the property fund manager and investor, today announces its interim results for the six months to 30 September 2015.
Financial Highlights:
Unaudited Unaudited Percentage Audited Six months Six months change Year to to to 30 September 30 September 31 March 2015 2014 2015 ---------------------------- -------------- -------------- ----------- ---------- Income Statement: ---------------------------- -------------- -------------- ----------- ---------- Statutory profit GBP5.93m GBP5.42m +9.4% GBP8.08m before tax Diluted earnings per share 4.13p 4.07p +1.5% 6.93p Dividend per share 0.385p 0.35p +10.0% 1.35p Average EUR/ GBP rate used 1.386 1.250 -10.9% 1.285 ---------------------------- -------------- -------------- ----------- ---------- Balance Sheet at period end: ---------------------------- -------------- -------------- ----------- ---------- Net assets GBP32.06m GBP26.62m GBP31.02m Net assets per share 27.14p 22.72p 26.30p Adjusted net assets per share* 40.29p 26.15p 35.75p Cash Balances GBP14.20m GBP12.05m GBP12.24m Period-end EUR/ GBP rate 1.357 1.283 1.382 ---------------------------- -------------- -------------- ----------- ---------- Group Property Portfolio at period end: ---------------------------- -------------- -------------- ----------- ---------- Group Properties** GBP125.9m GBP63.1m GBP126.9m at book value Group Properties** GBP145.3m GBP72.5m GBP142.0m at market value Gross Debt secured GBP108.3m GBP50.7m GBP107.8m against Group Properties LTV% 74.5% 69.9% 75.9% ---------------------------- -------------- -------------- ----------- ---------- Total assets under GBP283m GBP333m management: GBP327m ---------------------------- -------------- -------------- ----------- ---------- Poland 53.8% 66.9% 64.7% United Kingdom 43.6% 30.5% 33.1% Romania 2.6% 2.6% 2.2% ---------------------------- -------------- -------------- ----------- ---------- * Calculated according to EPRA triple net valuation methodology, which includes adjustments for fair values of i) financial instruments, ii) debt, and iii) deferred taxes. ** Excludes the Group's non-controlling interests in four other FPAM managed funds.
Operational Highlights and Explanatory Notes:
-- Interim dividend increased by 10% to 0.385 pence per share.
-- The contribution to Group profit before tax and unallocated central overhead costs from Group
Properties increased to GBP5.22 million (2014: GBP2.97 million) largely due to the contribution made by the
properties acquired in Poland and Romania by the Group and FOP between July and December 2014.
-- The contribution to Group profit before tax and unallocated central overhead costs from fund
management decreased to GBP1.19 million (2014: GBP2.90 million) due to both reduced performance fees
earned by Fprop PDR and the expiry of our fund management contract with USS. Fund management
fee income, excluding performance fees, is currently being earned at the rate of some GBP1.3 million per
annum but should grow from here as we continue to invest the SIPS mandate and as we win new
contracts.
-- Excluding the fair value adjustment, the impact of a weaker Euro versus Sterling resulted in profit
before tax being cGBP512,000 lower.
Commenting on the results, Ben Habib, Chief Executive of First Property Group, said:
"I am very pleased by the continued good progress made by the Group.
"We are now reaping the rewards of the investments made by Fprop Opportunities plc and ourselves over the last two years, which contributed some GBP5.2 million to Group profit before tax in the first half.
"We intend to continue to invest in high income generating property, most likely in Poland and ideally in partnerships with third parties. We are currently working on several such opportunities.
"The visibility of our earnings into 2016 and beyond is good and I look to the future with confidence."
A briefing for analysts will be held at 10:30hrs today at the headquarters of First Property Group plc, 32 St James's Street, London, SW1A 1HD. Participants can also attend by telephone on +44 (20) 7984 7578 (pin 617692). 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 audio call will subsequently be posted on the company website, www.fprop.com.
For further information please contact:
First Property Group plc Tel: 020 7340 0270 Ben Habib (Chief Executive www.fprop.com & Chief Investment Officer) George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development) Arden Partners Tel: 020 7614 5900 Chris Hardie/ Ben Cryer Redleaf Communications Tel: 020 7382 4747 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:
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 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 interim results for the six months ended 30 September 2015.
Revenue earned by the Group amounted to GBP10.95 million (2014: GBP7.79 million) yielding a profit before tax of GBP5.93 million (2014: GBP5.42 million). The increase in revenue and profit before tax is largely attributable to the contribution made to earnings by Group Properties, which benefitted from a full contribution during the period from the six properties it acquired in Poland and Romania between July and December 2014.
Diluted earnings per share were 4.13 pence (2014: 4.07 pence).
The Group ended the period with net assets of GBP32.06 million (2014: GBP26.62 million). Its cash balance was GBP14.20 million (2014: GBP12.05 million), of which GBP3.26 million (2014: GBP4.28 million) was held by Fprop Opportunities plc (76.2% owned by the Group) and GBP461,000 (2014: GBP481,000) was held by Corp Sp z o,o. (90% owned by the Group), the property management company for Blue Tower in Warsaw.
Dividend
The Directors have resolved to increase the interim dividend by 10% to 0.385 pence per share (2014: 0.35 pence per share) which will be paid on 31 December 2015 to shareholders on the register at 4 December 2015, with an ex-dividend date of 3 December 2015.
Review of Operations:
Property Fund Management - (First Property Asset Management Ltd or FPAM)
As at 30 September 2015 aggregate assets under management, calculated by reference to independent third party property valuations, stood at GBP283 million (2014: GBP333 million), including some GBP145.3 million (2014: GBP72.5 million) of properties held by the Group and FOP. Of these 53.8% were located in Poland, 43.6% in the UK and 2.6% in Romania. Fees are levied by FPAM by reference to the value of funds under management excluding cash.
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Revenue earned by this division reduced to GBP1.85 million (2014: GBP3.55 million), resulting in a profit before tax and unallocated central overhead costs of GBP1.19 million (2014: GBP2.90 million). This represents 18.5% (2014: 49.4%) of Group profit before tax and unallocated central overhead costs. The reduction in revenue and profit before tax of this division is attributable to a reduction in performance fees earned by Fprop PDR with GBP0.86 million earned during the period (2014: GBP1.9 million), and the wind down and subsequent expiry in August of our fund management contract with USS, which yielded GBP301,000 in fee income during the period (2014: GBP908,000).
A synopsis of each of the funds managed by the Group as at 30 September 2015 is set out below:
Fund Country Established Fund Assets % of Assets of investment expiry under total under management assets management at market under at market value management value at at 30 September 30 September 2015 2014 ------------- --------------- ------------ -------- -------------- ------------ -------------- SAM Property UK Aug 2004 Rolling * * * Company Ltd (SAM) Regional Poland Aug 2004 Aug GBP6.3m 2.2% GBP6.7m Property 2020 Trading Ltd (RPT) 5(th) Poland Dec 2004 Dec GBP7.8m 2.8% GBP8.5m Property 2017 Trading Ltd (5PT) USS Fprop Poland Aug 2005 Aug Nil - GBP140.7m Managed 2015 Property Portfolio LP UK Pension UK Feb 2010 Feb GBP95.1m 33.7% GBP93.4m Property 2017 Portfolio LP (UK PPP) Fprop UK Oct 2013 May Nil (commitment - GBP11.2m PDR LP 2018 of GBP42m) SIPS UK Jan 2015 Jan GBP28.0m 9.9% Nil Property 2025 (commitment Nominee of GBP125m) Ltd ---------- --- --------- ------ ---------------- ------ ---------- Sub Total GBP137.2m 48.6% GBP260.5m ---------------------------------- ---------------- ------ ---------- Fprop Poland Oct 2010 Oct GBP55.5m 19.6% GBP48.8m Opportunities 2020 plc (FOP) Group Poland n/a n/a GBP89.8m 31.8% GBP23.7m Properties & Romania (excluding FOP) --------------- ----------- --------- ------ ---------- ------ --------- Sub Total GBP145.3m 51.4% GBP72.5m ----------------------------------------------- ---------- ------ --------- Total GBP282.5m 100% GBP333.0m ------ ---------- ----- ----------
* Not subject to recent revaluation
Fprop PDR completed the sale of its last remaining property in July, resulting in the Group earning a performance fee of GBP1.87 million, of which GBP0.86 million was recognised during the period (2014: GBP1.9 million), with the balance having already been recognised in the prior period. This fund ceased making new investments in 2014.
We are making reasonable progress in investing the new SIPS mandate, awarded to us in January. At 30 September the value of the properties acquired stood at GBP28 million. Since the period end we have exchanged contracts and completed the purchase of a further GBP11 million of commercial property on its behalf, and we have a further GBP32 million of property under offer.
Fund management fee income, excluding performance fees, is currently being earned at a rate of some GBP1.3 million per annum. We expect this rate to increase as we continue to invest the SIPS fund and win more fund management contracts.
Group Properties
Group Properties comprise eleven commercial properties held by the Group, including five held by FOP (in which the Group is a 76.2% shareholder), and non-controlling interests in four of the seven funds managed by FPAM, as set out in the tables below. It is the Group's policy to carry its investments at the lower of cost or market value for accounting purposes, and to recognise dividends when received.
Directly Held Properties at 30 September 2015:
Property No. Book Market Contribution Contribution / Country of properties value value to Group to Group profit profit before before tax period tax period to 30 to 30 September September 2015 2014 ---------------- --------------- ---------- ---------- ------------- ------------- Poland 3 GBP69.9m GBP82.4m GBP2.79m GBP0.72m Romania 3 GBP5.2m GBP7.4m GBP0.45m GBP1.31m* FOP (Poland 5 GBP50.8m GBP55.5m GBP1.72m GBP0.80m - consolidated undertaking). ---------------- --------------- ---------- ---------- ------------- ------------- Total 11 GBP125.9m GBP145.3m GBP4.96m GBP2.83m ---------------- --------------- ---------- ---------- ------------- ------------- * Includes GBP1.123m of negative goodwill arising from the refinancing of the subsidiary.
Non-controlling interests in funds managed by FPAM at 30 September 2015:
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 30 September 30 September 2015 2014 ----------- ---------- ------------ ------------- -------------- -------------- Interest in associates 5(th) 37.8% GBP530,000 GBP1,038,000 GBP59,000 GBP81,000 Property Trading Ltd (5PT) Regional 28.6% GBP145,000 GBP193,000 GBP6,000 GBP26,000 Property Trading Ltd (RPT) ----------- ---------- ------------ ------------- -------------- -------------- Share of results GBP675,000 GBP1,231,000 GBP65,000 GBP107,000 in associates Investments UK Pension 0.9% GBP903,000 GBP903,000 GBP29,000 GBP30,000 Property Portfolio LP (UK PPP) Fprop 5% GBP13,000 GBP13,000 GBP163,000 Nil PDR LP ----------- ----- ----------- ----------- ----------- ---------- Sub Total GBP916,000 GBP916,000 GBP192,000 GBP30,000 ------------------ ----------- ----------- ----------- ---------- Total GBP1,591,000 GBP2,147,000 GBP257,000 GBP137,000 ------ ------------- ------------- ----------- -----------
Revenue from Group Properties amounted to GBP9.10 million (2014: GBP4.24 million), generating a profit before tax and unallocated central overhead costs of GBP5.22 million (2014: GBP2.97 million). This represents 81.5% (2014: 50.6%) of Group profit before tax and unallocated central overhead costs.
The increase in profit before tax earned by Group Properties resulted mainly from a full period contribution from the six properties acquired by the Group and FOP in Poland and Romania between July and December 2014, which amounted to GBP2.69 million (2014: GBP162,000).
Commercial Property Markets Outlook
Poland:
GDP growth in Poland is forecast to be 3.5% in both 2015 and 2016.
In October's general election, the incumbent Civic Platform Party (PO) was ousted by the conservative (but apparently less business friendly) Law and Justice Party (PiS), to form Poland's first non-coalition government since the fall of Communism. It has pledged to use all available monetary and fiscal policy tools to boost GDP growth towards 5%-6% per annum but has suggested the introduction of new taxes on retailers and banks. It is also expected to cut interest rates by 0.5% to 1% in the first quarter of 2016.
The Polish Zloty/Euro exchange rate remains relatively stable at around PLN 4.1-4.3, as it has been for several years. However, the Sterling/Euro rate has weakened by some 20 per cent since 2013.
Rents for offices in Warsaw have fallen in recent years due to the large development pipeline but appear to have now stabilised. Rents and occupancy levels for other asset classes remain broadly stable.
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Investment demand is mainly from German, US and UK investors and is focused on prime properties of large lot sizes. The transaction volume for 2015 is expected to exceed EUR3 billion, a level similar to that of 2014.
United Kingdom:
GDP is now 5.9% above the pre-crisis peak reached in the first quarter of 2008 and the rate of GDP growth is forecast to average 2-3% over the next couple of years.
The growth in the economy is likely to continue the trend of increased occupational demand and increasing rents.
Investor demand remains buoyant, although there is a growing market expectation that yield stabilisation is approaching, with future gains expected from rental growth. According to IPD the average net initial yield for all commercial property is now back to its 2007 peak of 4.9%, with the implied equivalent yield (after taking into account reversionary rent levels) at 5.9%.
The temporary extension to Permitted Development Rights for the automatic conversion of offices to residential use has been made permanent, although we still await details of the terms on which this extension has taken place.
Current Trading and Prospects
I am very pleased by the continued good progress made by the Group.
We are now reaping the rewards of the investments made by Fprop Opportunities plc and ourselves over the last two years, which contributed some GBP5.2 million to Group profit before tax in the first half.
We intend to continue to invest in high income generating property, most likely in Poland and ideally in partnership with third parties. We are currently working on several such opportunities.
The visibility of our earnings into 2016 and beyond is good and I look to the future with confidence.
Ben Habib
Chief Executive
26 November 2015
CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months to 30 September 2015
Notes Six months Six months Year to to to 31 March 30 Sept 30 Sept 2015 2015 2014 (unaudited) (audited) (unaudited) Total results Total results Total GBP'000 GBP'000 results GBP'000 Revenue 2 10,947 7,785 18,523 ------------------------------ ------ ------------- ------------------ --------------- Cost of sales (1,773) (910) (3,156) Gross profit 9,174 6,875 15,367 Recognition of negative goodwill on refinancing of subsidiary - 1,123 1,123 Recognition of negative goodwill on the acquisition of subsidiaries - - 716 Fair value adjustment to investment properties 556 (89) (876) Operating expenses (2,609) (1,726) (6,925) Operating profit 2 7,121 6,183 9,405 Share of results in associates 65 107 185 Distribution income 192 30 694 Interest income 69 35 145 Interest expense (1,518) (934) (2,346) Profit before tax 2 5,929 5,421 8,083 Tax credit /(charge) 3 (661) (433) 328 ------------------------------ ------ ------------- ------------------ --------------- Profit for the period 5,268 4,988 8,411 Attributable to: Owners of the parent 4,888 4,792 8,172 Non-controlling interest 380 196 239 5,268 4,988 8,411 Earnings per Ordinary 1p share -basic 4 4.28p 4.24p 7.21p -diluted 4 4.13p 4.07p 6.93p ------------------------------ ------ ------------- ------------------ ---------------
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
for the six months to 30 September 2015
Notes Six months Six months Year to to 30 to 31 March Sept 2015 30 Sept 2015 2014 unaudited unaudited audited ----------------------------------- ------- ----------- ----------- ---------- GBP'000 GBP'000 GBP'000 ----------------------------------- ------- ----------- ----------- ---------- Profit for the period 5,268 4,988 8,411 -------------------------------------------- ----------- ----------- ---------- Other comprehensive income Exchange difference on retranslation of foreign subsidiaries (3,161) (1,091) 272 Revaluation of available-for-sale financial assets 13 43 37 Taxation - - - Total comprehensive income for the period 2,120 3,940 8,720 -------------------------------------------- ----------- ----------- ---------- Total comprehensive income for the period: 2,130 4,007 8,505 Owners of the parent (10) (67) Non-controlling interest -------------------------------------------- ----------- ----------- 215 ------------------------------------------- ----------- ----------- ---------- 2,120 3,940 8,720 ------------------------------------------- ----------- ----------- ----------
CONDENSED CONSOLIDATED BALANCE SHEET
as at 30 September 2015
Notes As at As at As at 30 Sept 30 Sept 31 March 2015 2014 (unaudited) 2015 (audited) (unaudited) GBP'000 GBP'000 GBP'000 ------------------------------ ------ ------------- ------------------ ---------------- Non-current assets Goodwill 153 153 153 Investment properties 5 112,956 51,026 114,262 Property, plant and equipment 162 53 43 Interest in associates 6a 675 707 671 Other financial assets 6b 916 2,400 1,531 Other receivables 7 228 349 283 Deferred tax assets 4,100 846 3,803 ------------------------------ ------ ------------- ------------------ ---------------- Total non-current assets 119,190 55,534 120,746 Current assets Inventories - land and buildings 12,958 12,170 12,639 Current tax assets 52 55 236 Trade and other receivables 7 5,378 3,565 5,744 Cash and cash equivalents 14,202 12,048 12,240 ------------------------------ ------ ------------- ------------------ ---------------- Total current assets 32,590 27,838 30,859 Current liabilities Trade and other payables 8 (6,398) (2,894) (8,134) Financial liabilities 9 (6,101) (2,172) (11,788) Current tax liabilities (162) (242) (108) ------------------------------ ------ ------------- ------------------ ---------------- Total current liabilities (12,661) (5,308) (20,030) ------------------------------ ------ ------------- ------------------ ---------------- Net current assets 19,929 22,530 10,829 ------------------------------ ------ ------------- ------------------ ---------------- Total assets less current liabilities 139,119 78,064 131,575 ------------------------------ ------ ------------- ------------------ ---------------- Non-current liabilities
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Financial liabilities 9 (104,061) (50,486) (97,925) Deferred tax liabilities (3,003) (962) (2,631) Net assets 32,055 26,616 31,019 ------------------------------ ------ ------------- ------------------ ---------------- Equity Called up share capital 1,149 1,149 1,149 Share premium 5,508 5,503 5,505 Foreign Exchange Translation Reserve (3,389) (1,742) (618) Investment revaluation reserve (36) (43) (49) Share-based payment reserve 218 218 203 Retained earnings 27,547 20,718 23,735 ------------------------------ ------ ------------- ------------------ ---------------- Equity attributable to the owners of the parent 30,997 25,803 29,925 Non-controlling interest 1,058 813 1,094 ------------------------------ ------ ------------- ------------------ ---------------- Total equity 32,055 26,616 31,019 ------------------------------ ------ ------------- ------------------ ---------------- Net assets per share 4 27.14p 22.72p 26.30p ------------------------------ ------ ------------- ------------------ ----------------
CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
for the six months to 30 September 2015
Share Share Retained TOTAL capital premium Share Foreign Investment Earnings Non-controlling Based Exchange Purchase/Sale Revaluation Interest Payment Translation of own Shares Reserve Reserve Reserve 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 Fair value (or revaluation) gains on available- for- sale financial - - - (828) - - 4,988 (263) 3,897 assets to profit or loss - - - - - 43 - - 43 Share based payments - - 15 - - - - - 15 Non-controlling interest - - - - - - (196) 196 - Treasury shares - 5 - - 101 - - - 106 Dividends paid - - - - - - (892) (15) (907) At 30 Sept 2014 1,149 5,503 218 (1,742) (209) (43) 20,927 813 26,616 ------------------ -------- -------- -------- ------------ -------------- ------------ --------- ---------------- -------- Profit for the period - - - 828 - - 3,423 263 4,514 Fair value (or revaluation) gains on available- for- sale financial assets to profit or loss - - - - - (6) - - (6) Movement on foreign exchange - - - 296 - - - (24) 272 Share based payments - - (15) - - - - - (15) Non-controlling interest - - - - - - (43) 43 - Treasury Shares - 2 - - 36 - - - 38 Dividends paid - - - - - - (399) (1) (400) ------------------ -------- -------- -------- ------------ -------------- ------------ --------- ---------------- -------- At 1 April 2015 1,149 5,505 203 (618) (173) (49) 23,908 1,094 31,019 ------------------ -------- -------- -------- ------------ -------------- ------------ --------- ---------------- -------- Profit for the period Fair value (or revaluation) gains on available- for- sale financial - - - - 5,268 - 5,268 assets to profit - or loss - - - - 13 - - 13 Movement on foreign exchange - - - (2,771) - - - (390) (3,161) Share based payments - - 15 - - - - - 15 Non-controlling interest - - - - - - (380) 380 - Treasury shares - 3 - - 66 - - - 69 Dividends paid - - - - - - (1,142) (26) (1,168) ------------------ -------- -------- -------- ------------ -------------- ------------ --------- ---------------- -------- At 30 Sept 2015 1,149 5,508 218 (3,389) (107) (36) 27,654 1,058 32,055 ------------------ -------- -------- -------- ------------ -------------- ------------ --------- ---------------- --------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
for the six months to 30 September 2015
Six months to Six months to 30 Sept 2014 (unaudited) Year to 30 Sept 2015 (unaudited) 31 March 2015 (audited) GBP'000 GBP'000 GBP'000 -------------------------------------------------------------- ------- --------------------------- --------------------------------------- --------------- Cash flows from operating activities Notes Operating profit 7,121 6,183 9,405 Adjustments for: Depreciation of investment property, and property, plant & equipment 815 17 384 Fair value adjustment to investment properties (556) 89 876 Negative goodwill - (1,123) (1,839) Share based payments 15 15 - (Increase)/decrease in inventories (141) (70) (258) (Increase)/decrease in trade and other receivables 307 664 (486) Increase/(decrease) in trade and other payables (1,230) (2,406) 577 Other non-cash adjustments 43 26 84 Cash generated from operations 6,374 3,395 8,743 Income taxes paid (357) (322) (826) ----------------------------------------------------------------------- --------------------------- --------------------------------------- ---------------
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Net cash flow from operating activities 6,017 3,073 7,917 ----------------------------------------------------------------------- --------------------------- --------------------------------------- --------------- Cash flow from investing activities Purchase of investments - (651) (353) Capital expenditure on investment properties (1,009) (38) (383) Proceeds from partial disposal of available-for-sale assets 627 - 565 Purchase of property, plant and equipment (125) (6) (14) Cash paid on control/acquisition of new subsidiaries - (218) (4,638) Cash and cash equivalents received on control/acquisition of new subsidiaries - 437 3,055 Dividends from associates 62 75 189 Distributions received 192 30 694 Interest received 69 35 145 ----------------------------------------------------------------------- --------------------------- --------------------------------------- --------------- Net cash flow from /(used in) investing activities (184) (336) (740) ----------------------------------------------------------------------- --------------------------- --------------------------------------- --------------- Cash flow from financing activities Net repayment of shareholder loans in subsidiaries (48) (245) (293) Interest paid (1,462) (905) (2,266) Proceeds from bank loan 7,813 3,491 3,547 Repayment of finance lease/bank loans (9,015) (3,357) (5,776) Sale of shares held in Treasury 69 106 144 Dividends paid (1,142) (892) (1,291) Dividends paid to non-controlling interest (26) (15) (16) ----------------------------------------------------------------------- --------------------------- --------------------------------------- --------------- Net cash flow (used in) financing activities of continuing operations (3,811) (1,817) (5,951) Net increase in cash and cash equivalents 2,022 920 1,226 ----------------------------------------------------------------------- --------------------------- --------------------------------------- --------------- Cash and cash equivalents at the beginning of period 12,240 11,279 11,279 ----------------------------------------------------------------------- --------------------------- --------------------------------------- --------------- Currency translation gains/(losses) on cash and cash equivalents (60) (151) (265) ----------------------------------------------------------------------- --------------------------- --------------------------------------- --------------- Cash and cash equivalents at the end of the period 14,202 12,048 12,240 ----------------------------------------------------------------------- --------------------------- --------------------------------------- ---------------
NOTES TO THE CONDENSED CONSOLIDATED RESULTS
for the six months ended 30 September 2015
1. Basis of Preparation -- These interim condensed consolidated financial statements for the six months ended 30
September 2015 have not been audited or reviewed and do not constitute statutory accounts
within the meaning of section 435 of the Companies Act 2006. They have been prepared in
accordance with the Group's accounting policies as set out in the Group's latest annual financial
statements for the year ended 31 March 2015 and are in compliance with IAS 34 "Interim
Financial Reporting". 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).
-- The comparative figures for the financial year ended 31 March 2015 are not the statutory accounts for the financial year but are abridged 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 interim financial statements were approved by a committee of the Board on 25 November 2015.
2. Segmental Analysis
Segment reporting six months to 30 September 2015
The parent holding company costs and related listing costs are shown separately under unallocated central costs.
Property fund Group properties Group fund Unallocated central TOTAL management properties ("FOP") overheads GBP'000 GBP'000 GBP000 GBP'000 GBP'000 External revenue 1,845 6,099 3,003 - 10,947 1,845 6,099 3,003 - 10,947 Depreciation and amortisation (13) (747) (55) - (815) --------------------- --------------------- ----------------- -------------------- --------------------- -------- Operating profit Existing operations 1,188 3,952 2,471 (490) 7,121 Share of results in associates - 65 - - 65 Dividend income - 192 - - 192 Interest income - 14 45 10 69 Interest expense - (721) (797) - (1,518) --------------------- --------------------- ----------------- -------------------- --------------------- -------- Profit/(loss) before tax 1,188 3,502 1,719 (480) 5,929 --------------------- --------------------- ----------------- -------------------- --------------------- -------- Analysed as: Before performance fees and related items: 324 4,324 1,242 (480) 5,410 Performance fees 864 - - - 864 Realised foreign currency loss - (105) (79) - (184) Depreciation - (717) - - (717) Fair value adjustments to investment properties - - 556 - 556 Staff incentives - - - - - Profit/(loss) before tax 1,188 3,502 1,719 (480) 5,929 --------------------- --------------------- ----------------- -------------------- --------------------- --------
Revenue for the six months to 30 September 2015 from continuing operations consists of revenue arising in the United Kingdom 14% (2014: 34%) and Central and Eastern Europe 86% (2014: 66%) and all relates solely to the Group's principal activities.
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Segment reporting six months to 30 September 2014
Property fund Group properties Group fund Unallocated central TOTAL management properties ("FOP") overheads GBP'000 GBP'000 GBP000 GBP'000 GBP'000 External revenue 3,550 1,582 2,653 - 7,785 3,550 1,582 2,653 - 7,785 Depreciation and amortisation (14) (3) - - (17) --------------------- --------------------- ----------------- -------------------- --------------------- -------- Operating profit -existing operations 2,903 2,218 1,525 (463) 6,183 -share of results in associates - 107 - - 107 -dividend income - 30 - - 30 -interest income - 7 13 15 35 -interest expense - (192) (742) - (934) --------------------- --------------------- ----------------- -------------------- --------------------- -------- Profit/(loss) before tax 2,903 2,170 796 (448) 5,421 --------------------- --------------------- ----------------- -------------------- --------------------- -------- Analysed as: Before performance fees and related items: 792 1,047 1,085 (448) 2,476 Performance fees 2,111 - - - 2,111 Realised foreign currency loss - - (200) - (200) Recognition of negative goodwill on refinancing of subsidiary - 1,123 - - 1,123 Fair value adjustments to investment properties - - (89) - (89) Staff incentives - - - - - Profit/(loss) before tax 2,903 2,170 796 (448) 5,421 --------------------- --------------------- ----------------- -------------------- --------------------- --------
Segment reporting year to 31 March 2015
Property fund management Group properties Group Unallocated central TOTAL fund properties ("FOP") overheads ---------------------------------- ----------------- ------------------------ ------------------------ -------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------- -------- ----------------- ------------------------ ------------------------ -------- External revenue -Existing operations 6,140 2,968 5,217 - 14,325 -Sale of inventory - - - - - -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 expense - (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 Recognition of negative goodwill on refinancing of subsidiary - 1,123 - - 1,123 Recognition of 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 gain/(loss) - (138) (285) - (423) Profit/(loss) before tax 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 ----------------------------------- ------ --------- --------- -------- ----------
Assets, liabilities and costs that relate to Group central activities (including free cash) have not been allocated to business segments.
3. Tax Expense
The tax credit / (charge) is based on a combination of actual current and deferred tax charged at an effective rate that is expected to apply to the profits for the full year.
Sept 2015 Sept 2014 March 2015 ---------- ---------- ---------- ----------- Current tax (588) (339) (525) Deferred tax (73) (94) 853 ---------- ---------- ---------- ----------- Total (661) (433) 328 ---------- ---------- ---------- ----------- 4. Earnings/NAV per share
The basic earnings per ordinary share is calculated on the profit on ordinary activities after taxation and after non-controlling interests on the weighted average number of ordinary shares in issue, during the period.
Figures in the table below have been used in the calculations.
Six months Six months Year ended ended ended 30 Sept 30 Sept 2014 31 March 2015 2015 --------------------- ------------ -------------- ------------ Basic - pence per Share 4.28p 4.24p 7.21p Diluted - pence per Share 4.13p 4.07p 6.93p --------------------- ------------ -------------- ------------ Number Number Number --------------------- ------------ -------------- ------------ Weighted average number of ordinary shares in issue for basic 114,177,240 112,953,380 113,348,847 Share options 4,450,000 5,050,000 4,850,000 --------------------- ------------ -------------- ------------ Total for diluted 118,627,240 118,003,380 118,198,847 --------------------- ------------ -------------- ------------ GBP'000 GBP'000 GBP'000 --------------------- ------------ -------------- ------------ Basic earnings 4,888 4,792 8,172 Diluted earnings assuming full dilution 4,895 4,807 8,187 --------------------- ------------ -------------- ------------ Six months Six months Year ended ended ended 30 Sept 30 Sept 2014 31 March 2015 2015 ------------------- ----------- -------------- ---------- Net assets per
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