![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Trafford 'a2' | LSE:BC84 | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 136.65 | 0 | 01:00:00 |
TIDMBC84
RNS Number : 6828Q
Trafford Centre Finance Ld
01 March 2016
1 March 2016
The Trafford Centre Finance Limited ("the Company")
ANNUAL FINANCIAL REPORT
The Trafford Centre Finance Limited has today published its Annual Report for the year ended 31 December 2015 ("Annual Report"). The Annual Report will shortly be available for download at intugroup.co.uk
In accordance with DTR 6.3.5, the following information is extracted from the company's Annual Report and in unedited full text.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
The directors present their report and the audited financial statements for the year ended 31 December 2015.
The Trafford Centre Finance Limited is incorporated and registered in the Cayman Islands. The company's registered office is 89 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands KY1-9007.
PRINCIPAL ACTIVITY
The principal activity of the company is the provision of financing to The Trafford Centre Limited. This is funded by the issue of loan notes.
BUSINESS REVIEW
The company's results and financial position for the year ended 31 December 2015 are set out in full in the income statement, balance sheet, statement of changes in equity, statement of cash flows and the notes to the financial statements.
The company receives interest on the provision of financing to The Trafford Centre Limited at rates equal to those paid on its external debt plus additional interest of 0.01% per annum. Any financing related fees incurred by the company are also charged on to The Trafford Centre Limited.
The company's profit before taxation was GBP10,000 (2014 GBP33,000) with net assets increasing to GBP835,000 (2014 GBP825,000).
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. The directors expect that the present level of activity will continue for the foreseeable future.
The company's financial risk management objectives and policies are set out in note 10 as is the company's exposure to price, credit, liquidity and cash flow risk.
CAPITAL MANAGEMENT
The directors consider the capital of the company to be the ordinary share capital of GBP2. The company's ultimate parent company is intu properties plc. Management of this capital is performed at a group level.
DIRECTORS
The directors who held office during the year and until the date of this report are given below:
Raulin Amy
Michael Butterworth (resigned 31 December 2015)
David Fischel
Matthew Roberts
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The directors are required to prepare financial statements for each financial year. The directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable International Financial Reporting Standards (IFRSs) as adopted by the European Union have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements provide a true and fair view of the company's results and financial position. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the directors, whose names are listed on page 1, confirm that, to the best of
their knowledge:
a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company; and
b) the Directors' Report includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that it faces.
KEY RISKS AND UNCERTAINTIES
As the company's principal activity is to provide financing to The Trafford Centre Limited, the company's key risks and uncertainties are those faced by The Trafford Centre Limited to the extent that they impact that company's ability to meet its obligations to the company including those related to the terms of the company's borrowings which are secured on the assets of The Trafford Centre Limited. The key risks and uncertainties facing the company are set out below:
Risk & Impact Mitigation Change 2015 commentary ----------------- --------------------------------------------------------------- --------- ------------------------------------------------------------ Property ----------------------------------------------------------------------------------------------------------------------------------------------------------- Macro-economic Likelihood and severity Weakness in * Prime asset - of potential impact the macro-economic are unchanged during environment 2015 with continued could undermine * Covenant headroom monitored and stress-tested strong demand for rental income assets and stable levels and rental levels property values, * Lobbying on key policies, for example business rate * Valuation increase continues to support LTV headroom reducing return s on investment and covenant * Tenant administrations at relatively low levels headroom ------------------- ------------------------------------------------------------- --------- ------------------------------------------------------------ Retail environment - Likelihood and severity Failure to * Active management of tenant mix of potential impact react to changes are unchanged during in the retail 2015 with intu's strategy environment * Regular monitoring of tenant strength and diversity continuing to deliver could undermine strong footfall numbers intu Trafford and maintained occupancy Centre's ability * 'Tell intu' customer feedback programme helps * Digital investment to improve relevance as shopping to attract identify changes in customer preferences habits change customers and tenants * Work closely with retailers * Digital strategy that embraces technology and digital customer engagement. This enables intu to engage in and support multi-channel retailing, and to take the opportunities offered by e-commerce ------------------- ------------------------------------------------------------- --------- ------------------------------------------------------------ Operations ----------------------------------------------------------------------------------------------------------------------------------------------------------- Health and Likelihood and severity safety * Strong business process and procedures, supported by - of potential impact Accidents regular training and exercises have not changed significantly or system during 2015 failure * intu has been accredited with OHSAS 18801 leading * Annual audits of operational standards carried out certification, demonstrating the implementation of to financial internally and by external consultants consistent H&S management process and procedures
March 01, 2016 11:00 ET (16:00 GMT)
Significant balances outstanding between the company and related companies are shown below:
Amounts owed from 2015 2014 GBP000 GBP000 The Trafford Centre Limited 792,133 807,676 ======= ======= Amounts owed to 2015 2014 GBP000 GBP000 intu Trafford Centre Group (UK) Limited 75 - Liberty International Group Treasury Limited - 47 ======= =======
---------------------------------------------------------ENDS-------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UGUMWWUPQGAG
(END) Dow Jones Newswires
March 01, 2016 11:00 ET (16:00 GMT)
1 Year Trafford 'a2' Chart |
1 Month Trafford 'a2' Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions