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First Property Group PLC

Preliminary Results

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RNS Number : 3005B
First Property Group PLC
06 June 2019
 

Date:                      6 June 2019                                     

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 2019

 

First Property Group plc (AIM: FPO), the property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its preliminary results for the twelve months ended 31 March 2019. These results were materially affected by the deconsolidation of Fprop Opportunities plc (FOP) from the accounts of the Group, which took effect on 12 October 2018.

 

Operational Highlights:

 

·      Sales of shares in FOP reducing the Group's interest in it to 40% and requiring its deconsolidation;

·      Re-leasing of two thirds of the 10,000 m2 office space vacated (in February 2018) in Chałubińskiego 8 (CH8, previously known as Oxford Tower);

·      Establishment of two new funds: Fprop Phoenix Ltd and Fprop Cluj Ltd;

·      Total assets under management up 12.8% to £706 million (2018: £626 million);

·      Third party assets under management up 34.5% to £611 million (2018: £454 million).

 

Financial Highlights:

 

·      Group profit before tax reduced by 10% to £8.31 million (2018: £9.23 million), mainly due to the reduction in income resulting from the vacancy created in CH8;

·      Net contribution to profit before tax from non-recurring items of £2.78 million (2018: £1.32 million);

·      Threefold increase in contribution to profit before tax from the fund management division of £3.03 million (2018: £1.00 million);

·      Main effects of deconsolidation of FOP:

-       Turnover of the Group post 12 October 2018 reduced by £4.12 million;

-       Group profit before tax post 12 October 2018 reduced by £1.17 million;

-       Book cost of Group Properties reduced by £63.91 million;

-       Borrowings reduced by £49.12 million;

-       Group cash balances reduced by £2.03 million;

·      Adjusted NAV per share increased by 8.31% to 57.48 pence (2018: 53.07 pence);

·      Final dividend increased by 3.39% to 1.22 pence per share (2018: 1.18 pence per share);

·      Total dividend for the year increased by 3.75% to 1.66 pence per share (2018: 1.60 pence per share);

 

 

Financial Summary:

 

 

Unaudited year to

31 March 2019

Audited

year to

31 March 2018

Percentage

change

Income Statement:

Statutory profit before tax

£8.31m

£9.23m

-9.97%

Diluted earnings per share

4.85p

5.70p

-14.91%

Total dividend per share

1.66p

1.60p

+3.75%

Average £/€ rate

0.881

0.881

-

 

 

 

 

Balance Sheet at year end:

Net debt

£56.94m

£102.31m

-44.35%

Gearing ratio at market value %

50.44%

65.40%

 

Gearing ratio at book value %

59.09%

71.82%

 

Net assets per share

41.46p

40.29p

+2.90%

Adjusted net assets per share (EPRA basis)

57.48p

53.07p

+8.31%

Cash balances

£9.74m

£15.32m

-36.42%

Year end £/€ rate

0.862

0.877

 

 

 

 

 

 

 

 

 

Group Wholly Owned Property Portfolio at year end:

(EXCLUDES the Group's non-controlling interests in eleven FPAM managed funds)

Book value

£82.14m

£84.10m*

-2.33%

Market value

£94.61m

£96.88m*

-2.34%

Gross debt (all non-recourse to Group)

£66.68m

£68.16m*

-2.17%

LTV at book value %

81.18%

81.04%*

 

LTV at market value %

70.43%

70.35%*

 

Weighted average unexpired lease term

2.75 yrs

3.75 yrs

 

 

 

 

 

*For comparative purposes 2018 excludes FOP

 

Total Assets Under Management: 

£706m

£626m

+12.78%

United Kingdom

58.9%

62.3%

 

Poland

38.9%

35.8%

 

Romania

2.2%

1.9%

 

Weighted average unexpired fund life

5.75 yrs

6.41 yrs

 

 

 

 

 

         

 

Commenting on the results, Ben Habib, Chief Executive of First Property Group, said:

 

"The year just ended was another one of substantial operational and financial progress.

 

The growth of our fund management division continued apace with third party assets under management increasing by some 35% to £611 million.

 

Both our divisions are trading well. The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we expect to continue to capitalise."

 

 

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 (0)330 336 9401 passcode 158092. A copy of the accompanying investor presentation can be accessed simultaneously at http://www.fprop.com/media-news/presentations/. An audio recording of the call will subsequently be posted on the company website, www.fprop.com/audio/.

 

 

For further information please contact:

 

First Property Group plc  

Tel: +44 (20) 7340 0270

Ben Habib (Chief Executive Officer)

George Digby (Group Finance Director)

Jeremy Barkes (Director, Business Development)

www.fprop.com

[email protected]

 

 

Arden Partners (NOMAD & Broker)

Tel: + 44 (20) 7614 5900

John Llewelyn-Lloyd (Director, Corporate Finance)

Ben Cryer (Corporate Finance)

 

 

 

Newgate Communications (PR)

Tel:+ 44 (20) 3757 6880

Robin Tozer / Tom Carnegie / Fiona Norman

[email protected]

 

Notes to Investors and Editors:

 

First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. It has grown its adjusted net assets, together with dividends paid, by some 24% on an annualised basis since 2006.

 

Its focus is on higher yielding commercial property with sustainable cash flows. The company is flexible and takes an active approach to asset management. 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. FPAM currently manages thirteen funds which are invested across the United Kingdom, Poland and Romania.

 

·      Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. Investments include nine directly held properties in Poland and Romania, and non-controlling interests in eleven of the thirteen funds managed by FPAM.

 

Listed on AIM the Company has offices in London, Warsaw and Bucharest. Around one third of the shares in the Company are owned by management and their families. Further information about the Company and its products can be found at: www.fprop.com.

 

 

 

 

CHIEF EXECUTIVE'S STATEMENT

               

Financial Performance

 

I am pleased to report final results for the twelve months ended 31 March 2019. The complexion of these results is different to those of prior years due to a change in the accounting treatment of Fprop Opportunities plc (FOP), resulting from sales of shares in it by the Group. With effect from 12 October 2018, the date when the Group's shareholding reduced from majority to associate status, the results of FOP were deconsolidated from that of the Group. The main effects of this are summarised below and explained in detail in the Finance Director's report.

 

Profit before tax decreased by 10% to £8.31 million (2018: £9.23 million) mainly due to the reduction in income resulting from the vacancy created by Citi leaving Chałubińskiego 8 (CH8) immediately prior to the start of the financial year.

 

Diluted earnings per share decreased by 14.9% to 4.85 pence (2018: 5.70 pence), a greater decrease than profit before tax due to a higher tax charge.

 

The main effects of deconsolidation of FOP were:

 

-       Turnover of the Group post 12 October 2018 reduced by £4.12 million;

-       Group profit before tax post 12 October 2018 reduced by £1.17 million;

-       Book cost of Group Properties reduced by £63.91 million;

-       Borrowings reduced by £49.12 million;

-       Group cash balances reduced by £2.03 million.

 

The profit before tax was largely unaffected by foreign exchange rate movements.

 

The net contribution to profit before tax from non-recurring items was £2.78 million (2018: £1.32 million). A breakdown of these is provided in the Finance Director's Review.

 

The Group ended the year with reduced net assets excluding the non-controlling interests of £46.17 million (2018: £46.74 million). The net assets of the Group when adjusted to their market value less any deferred tax liabilities increased by 3.98% to £65.51 million (2018: £63.00 million).

 

Group cash at the year-end amounted to £9.74 million (2018: £15.32 million). The reduction in cash was mainly due to the deconsolidation of FOP (2018: £2.17 million) and the purchase by the Group of 4,775,000 of its own Ordinary Shares, which are now held in Treasury, for a total consideration of £2.20 million.

 

Dividend

 

The Directors have resolved to increase the final dividend to 1.22 pence per share (2018: 1.18 pence per share), an increase of 3.4%, which together with the interim dividend of 0.44 pence per share (2018: 0.42 pence per share), equates to a dividend for the year of 1.66 pence per share (2018: 1.60 pence per share), an increase of 3.75%.

 

The proposed final dividend will be paid on 27 September 2019 to shareholders on the register at 23 August 2019, and is subject to shareholder approval at the forthcoming annual general meeting on 9 September 2019.

 

The full year's dividend is covered 2.98 times (2018: 3.64).

 

 

REVIEW OF OPERATIONS

 

PROPERTY FUND MANAGEMENT (First Property Asset Management Ltd or FPAM)

 

As at 31 March 2019 aggregate assets under management amounted to £706 million (2018: £626 million), an increase of 12.8% from the prior year. Of this, £611 million (2018: £454 million) was managed on behalf of third-party clients, an increase of 34.5% from the prior year. A further £85.35 million of equity commitments is still available for investment in funds managed on behalf of third parties. 

 

 

 

 

 

 

The reconciliation of movement in funds under management during the year is shown below:

 

 

Funds managed for third parties (including funds in which the Group is a minority shareholder)

 

Group Properties (including FOP)

 

Totals

 

UK

£m.

CEE

£m.

Total

£m.

No. of prop's

All CEE

£m.

No. of prop's

AUM

£m.

No. of prop's

As at

31 March 2018

389.90

64.46

454.36

68

171.34

10

625.70

78

Purchases:

 

 

 

 

 

 

 

 

 -Existing funds

32.04

-

32.04

2

-

-

32.04

2

 -New funds

-

69.78

69.78

5

-

-

69.78

5

Property sales

-

(5.57)

(5.57)

(5)

-

-

(5.57)

(5)

Transfer to Group Properties

-

(5.31)

(5.31)

(4)

5.31

4

-

-

Transfer from Group Properties

-

74.46

74.46

5

(74.46)

(5)

-

-

Capital expenditure

0.87

0.95

1.82

-

1.54

-

3.36

-

Property depreciation and write down

-

(0.38)

(0.38)

-

(5.17)

-

(5.55)

-

Property revaluation

(6.86)

(0.41)

(7.27)

-

(1.12)

-

(8.39)

-

FX revaluation

-

(2.86)

(2.86)

-

(2.83)

-

(5.69)

-

As at

31 March 2019

415.95

195.12

611.07

71

94.61

9

705.68

80

                         

 

Fund management fees are levied monthly by FPAM by reference to the value of funds under management excluding cash and cash commitments. The effect of any increase (or decrease) in fund management fee income associated with increased (or decreased) funds under management is not realised in full until the financial year following investment (or sale), because of the timing of draw down (or sale) during the year.

 

In the case of Fprop Offices LP, the Group is entitled to a share of total profits in lieu of fund management fees and to receive annual payments on account equivalent to 10% of total cumulative income profits and realised capital gains. Under its accounting policy the Group will not recognise unrealised property revaluations above the properties' original cost. These payments are adjusted annually, if necessary, for any overpayments made in previous years up to a maximum of total past cumulative payments received. In the year just ended the Group recognised £961,000 (2018: Nil), the maximum that could be subject to clawback. Future entitlements to payment in respect of this fund are being earned at an annualised rate of £950,000 per annum before property revaluations, and thus act as a buffer against possible refund liabilities in the future.  

 

Revenue earned by this division amounted to £4.96 million (2018: £2.92 million), resulting in a profit before unallocated central overheads and tax of £3.03 million (2018: £1.00 million), representing 36.5% of Group profit before unallocated central overheads and tax (2018: 10.9%). The increase in revenue and profit earned by this division included performance related fees of £500,000 in respect of Fprop Romanian Supermarkets Ltd and £79,000 in respect of Fprop Cluj Ltd.

 

At the year-end FPAM's fund management fee revenue, excluding any eligible profit share from Fprop Offices LP, was being earned at an annualised rate of £3.34 million (2018: £2.60 million), an increase of some 28% from the prior year.

 

First Property Asset Management Ltd (FPAM) now manages thirteen property investment funds, having established two new funds during the year. The weighted average unexpired fund management contract term at the year-end was 5 years, 9 months (2018: 6 years, 5 months).

 

 

 

A brief synopsis of the value of assets and maturity of each of the funds managed by FPAM is set out below:

 

Fund

Country of investment

Fund expiry

Assets under management at market value at 31 March 2019

% of total assets under management

Assets under management at market value at 31 March 2018

Fund management division

 

 

£m.

 

£m.

SAM & DHOW

UK

Rolling

*

*

*

RPT & EAS

Poland

Aug 2020

***

***

5.31

5PT

Poland

Dec 2022

7.90

1.12

7.63

UK PPP

UK

Feb 2022

87.22

12.36

93.53

OFFICES

UK

Jun 2024

146.60

20.77

114.35

SIPS

UK

Jan 2025

163.13

23.12

165.74

FOP**

Poland

Oct 2025

71.84

10.18

-

FRS

Romania

Jan 2026

1.01

0.14

6.69

FGC

Poland

Mar 2026

21.59

3.06

21.84

SPEC OPPS

UK

Jan 2027

19.00

2.69

16.28

FKR

Poland

Mar 2027

23.00

3.26

22.99

FCL

Romania

Jun 2028

7.67

1.09

-

FPL

Poland

Jun 2028

62.11

8.80

-

Sub Total

 

 

611.07

86.59

454.36

 

Group properties division

 

 

 

 

 

RPT & EAS

Poland

Aug 2020

5.34

0.76

***

FOP**

Poland

Oct 2025

**

**

74.46

Wholly owned by the Group

Poland

n/a

82.52

11.69

91.72

Wholly owned by the Group

Romania

n/a

6.75

0.96

5.16

Sub Total

 

 

94.61

13.41

171.34

 

 

 

 

 

 

Total

 

 

705.68

100.00

625.70

 

* Not subject to recent revaluation;

** With effect from 12 October 2018 FOP was accounted for as an associate;

***With effect from 1 August 2018 RPT and E&S were transferred to Group Properties.

 

 

GROUP PROPERTIES

 

At 31 March 2019 Group Properties comprised:

 

1.     Nine (2018: ten) wholly owned commercial properties in Poland and Romania accounted for under the cost model as set out in the table below.

 

Property / Country

No. of properties

Book value

Market value

Contribution to Group profit before tax - year to
31 March 2019

Contribution to Group profit before tax - year to
31 March 2018

 

 

£m.

£m.

£m.

£m.

Poland

3

72.85

82.52

2.3

6.9

Romania

2

4.04

6.75

0.2

0.6

RPT/E&S

(all in Poland)

4

5.25

5.34

(0.1)

**

FOP

(all in Poland)

*

*

*

2.2

3.4

Total

9

82.14

94.61

4.6

10.9

             

 

* With effect from 12 October 2018 FOP was accounted for as an associate, following its deconsolidation;

 

 

2.     Non-controlling interests in eleven of the thirteen funds managed by FPAM accounted for under the cost model as set out in the table below.

 

Fund

% owned by

First Property

Group

Book value of First Property's share in

fund

Current market value of holdings

Group's share

of post-tax profits/(losses) earned by fund

31 March 2019

Group's share

of post-tax profits/(losses) earned by fund

31 March 2018

 

 

£'000

£'000

£'000

£'000

Interest in associates

 

 

 

 

5PT

980

1,098

54

113

RPT/E&S

**

**

***(9)

(93)

FRS

150

247

116

539

FGC

2,089

2,350

302

270

FKR

1,308

1,791

156

121

FCL

458

458

17

-

FPL

2,049

10,006

1,051

-

FOP

40.0%

10,020

10,020

(87)

*

Share of results in associates

17,054

25,970

1,600

950

 

 

 

 

**With effect from 1 August 2018 RPT and E&S were transferred to Group Properties;

***Representing the Group's 28.6% share of the loss from its associate share in RPT/E&S prior to its consolidation into the accounts of the Group on 1 August.

 

Investments

 

 

 

 

 

UKPPP

0.9%

828

828

59

63

SPEC OPPS

4.0%

777

777

45

-

OFFICES

1.6%

1,934

1,934

169

-

Sub Total

 

3,539

3,539

273

63

                   

 

Total

 

     20,593

     29,509

     1,873

1,013

 

Group Properties generated a profit before unallocated central overheads and tax of £7.99 million (2018: £11.18 million), representing 72.5% (2018: 91.76 %) of Group profit before unallocated central overheads and tax. The reduction in profit was mainly due to a lower contribution from CH8.

 

The loans secured against our Group 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 (47%) of these loans. A one percentage point increase in interest rates would increase the annual interest bill by £485,000 per annum (2018: £610,000). The current weighted average borrowing cost is 2.15% (2018: 2.34%).

 

Chałubińskiego 8 (CH8, previously known as Oxford Tower), Poland

 

In February 2018, immediately prior to the start of the year under review, Citi vacated some 10,000 m2 of office space in CH8, resulting in the net operating income generated by this investment reducing by €2.89 million. We have since re-leased some 7,000 m2 of this space, the benefits of which should be experienced by the Group in the current and next year. Negotiations with interested parties are continuing for the remaining vacant space.

 

Office Building in Gdynia, Poland

 

The Group has, since its acquisition, been depreciating the holding value of the office block in Gdynia at a rate of £1.74 million (€1.97 million) per annum to take account of its over rented nature. In view of the shortening lease on this property, the Directors resolved to further write down the property during the year by an amount of £3.02 million (€3.50 million). It is anticipated that the original rate of depreciation will not change in future periods.

 

Associates and Investments

 

The contribution to Group profit before tax prior to the deduction of unallocated central overheads from our eleven minority shareholdings in funds managed by FPAM increased by 68% to £1.60 million (2018: £0.95 million). This increase was mainly attributable to Fprop Phoenix Ltd which contributed £1.05 million (2018: nil).

 

The contribution from associates and investments represented 23.45% of the total contribution by Group properties (2018: 9.06%).

 

Regional Property Trading Ltd (RPT) and E and S Estates Ltd (E&S)

 

On 1 August 2018 the Group acquired full ownership of RPT and 77% of E and S, which jointly own four properties in Poland, at a cost of £527,000. With effect from 1 August 2018 the results of RPT and E&S were consolidated into those of the Group.

 

Commercial Property Markets Outlook

 

Poland:

 

Poland's economy continues to expand at a faster rate than its western European neighbours, as it has done since its entry into the EU in 2004. It recorded GDP growth of 5.1% in 2018 and is forecast to grow by 4.2% in 2019.

 

Transaction volumes for commercial property reached €7.2 billion in 2018, an all-time high. The banking market remains healthy and yields for good secondary property, of the sort we favour, remain attractive at around 7.5% per annum or more. Rents have remained broadly stable for several years.

 

Romania:

 

GDP growth moderated in 2018 to 4.1% (from 7% in 2017). It is forecast to grow by 3.3% in 2019 and 3.1% in 2020. Wage-led private consumption growth continues to be the key driver.

 

International investment in commercial property remains steady with transaction volumes in 2018 broadly unchanged from 2017 at around €900 million.

 

United Kingdom:

 

GDP in the UK is growing at around 1.8% on an annualised basis.

 

The total return from all commercial property in 2018 was 6.3%. The total return from offices was 7.9% whilst the retail sector posted its first negative total return since 2012 of -1.8%.

 

Occupier and investor demand is generally strong for office property but has generally softened for retail property, as evidenced by the valuation movements referenced above. Yields are generally reasonable for investment property.

 

 

Current Trading and Prospects

 

The year just ended was another one of substantial operational and financial progress.   

 

The growth of our fund management division continued apace with third party assets under management increasing by some 35% to £611 million.

 

Both our divisions are trading well. The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we expect to continue to capitalise.

 

 

Ben Habib

Chief Executive

6 June 2019

 

 

 

FINANCE DIRECTOR'S REVIEW

The financial results for the year ending 31 March 2019 were significantly influenced by the deconsolidation of FOP in October 2018, which has subsequently been accounted for as an associate. A summary of the main financial effects of this deconsolidation are set out in the Chief Executive's Statement.

 

The Group produced a profit before tax of £8.31 million, a reduction of 10.0% compared to last year's record £9.23 million. This reduction was mainly a result of the reduction in income of €2.89 million being earned from the Group's investment in CH8 following the 10,000 m2 vacancy created by Citi Group when it left the property in February 2018, immediately prior to the start of the year under review.

 

Total Group Net assets (excluding the non-controlling interest) decreased by 1.2% to £46.17 million (2018: £46.74 million).

 

The annualised growth in adjusted net assets together with dividends paid to shareholders over the last five years equates to 23.6% (2018: 25.0%) per annum. 

 

 

INCOME STATEMENT

 

Revenue and Gross Profit

 

A review of the operating and financial performance of the results of the two trading divisions for the year are included in the Chief Executive's Statement.

 

Operating Expenses

 

Operating expenses increased by 1.8%, mainly due to an increase in headcount in Poland to 41 at 31 March 2019 (2018: 29). 

 

Investment Property Write Down

 

The Directors have reviewed the residual value of the Group property located in Gdynia and in addition to the depreciation charged within operating expenses of £1.74 million  (2018: £1.74 million), they have concluded, after due consideration, to apply a further write down of £3.02 million (2018: £nil) to reflect its expected market value when the current lease terminates in 2020, given that the property is substantially over rented.

 

Share of Results in Associates

 

The contribution for the year of £1.60 million (2018: £0.95 million) comprises the Group's share of post-tax profits from seven investments including the post deconsolidation share of post-tax profits from FOP. This includes a first contribution of £1.05 million from the Group's investment in Fprop Phoenix Ltd that is the UK holding company to Eximius Business Park in Krakow, Poland (formerly known as Krakow Business Park).  

 

Investment Income (from other financial assets and investments)

 

The increase from £63,000 to £273,000 represents a full year contribution from the Group's investments in Fprop Offices LP and Fprop UK Special Opportunities LP.

 

Financing Costs

 

The Group's finance costs show a reduction on last year from £3.06 million to £2.18 million as a result of the deconsolidation of FOP's borrowings of £49.12 million. All bank loans and finance leases are denominated in Euro and all are used to finance properties valued in Euro.

 

Net Contribution to Group Profit Before Tax from Non-recurring Items

 

These comprised a total £2.78 million (2018: £1.32 million) of which the main items were:

 

-       the gain on loss of control of FOP - £4.83 million;

-       the contribution from Fprop Phoenix Ltd of £1.05 million;

-       less the write down of the property in Gdynia of £3.02 million;

-       less the fair value impairment of £0.73 million.

 

 

 

 

Current Tax

 

The current tax charge of £1.28 million (2018: £1.38 million) decreased partly as a result of the deconsolidation of FOP but was adversely affected by an under provision in UK corporation tax last year of £0.13 million. The charge includes Polish and Romanian corporation tax where the headline rates remain at 19% and 16% respectively. Unused trading tax losses in the UK of £6.35 million are available to be carried forward and utilised wherever possible.

 

Deferred Tax

 

An increased deferred tax charge of £659,000 (2018: £90,000) has arisen mainly through a reduction in the deferred tax assets recognition in relation to the Euro bank loans, resulting from different respective year-end foreign exchange rates.

 

Earnings per Share

 

Basic earnings per share decreased 14.9% from 5.82p to 4.95p per share, a larger decrease than the 10.0% decrease in the profit before tax for the year due to a higher total effective tax charge.

 

 

BALANCE SHEET

 

Deconsolidation of FOP

 

The net assets of FOP at deconsolidation at 12 October 2018 amounted to £13.63 million at cost of which £7.60 million was attributable to the non-controlling interest. The remaining 40.03% interest in FOP was held in the balance sheet at £10.02 million on 31 March 2019, following a mark up to fair value of £4.22 million.

 

Investment Properties and Property Held Under Inventory (all held at cost)

 

The book value of the Group's nine wholly owned properties (excluding FOP) is £82.14 million (2018: £84.10 million) compared to fair value of £94.61 million (2018: £96.88 million).

 

Capital Expenditure (investment and trade properties)

 

Capital expenditure of £1.54 million (2018: £2.61 million) mostly comprised office fit-outs for new tenants in CH 8.

 

Business Acquisitions

 

With effect from 1 August 2018, following the Group acquiring full ownership of Regional Property Trading Ltd and 77% of E and S Estates Ltd for a combined aggregate cost of £527,000, the combined net assets of £841,000 (including the non-controlling interest) have been consolidated in the results of the Group.

 

Borrowings

 

All bank and finance lease borrowings are denominated in Euro and decreased from €134.16 million (£117.62 million) to €77.37 million (£66.68 million) after the deconsolidation of FOP and scheduled bank loan repayments of €7.25 million.  On an adjusted NAV basis, the Group had a gearing ratio of 50.6%. Bank deposits of £1.39 million have been made in respect of four bank loans to redress Debt Service Cover Ratio (DSCR) covenant shortfalls of which £1.03 million are held in prepayments.

 

Non-controlling Interests

 

The deconsolidation of FOP resulted in a reduction in non-controlling interests (NCI) of £6.08 million from £6.19 million at 31 March 2018 to £114,000 at 31 March 2019. The remaining NCI represents the 10% interest in Corp Sp. z o. o., (the property management company to Blue Tower, Warsaw), not owned by the Group and the 23% of E and S Estates Ltd (acquired during the year), also not owned by the Group.

 

Foreign Exchange Translation Reserve

 

Due to both Sterling and Euro closing rate strength against the Polish Zloty there has been a £2.13 million reduction in this reserve during the year to a deficit of £0.73 million. There was also a foreign exchange profit of £721,000 recycled to the income statement on the disposal of FOP which was included in the mark up to fair value of FOP to £4.22 million.

 

 

 

 

Treasury Shares

 

First Property Group plc purchased 4,775,000 Ordinary Shares in itself in April 2018, at a price of 46 pence per share or £2.20 million. This purchase resulted in a reduction of equal quantum in the Group's net assets.

 

 

CASH and CASHFLOW

 

Cash

 

Cash levels decreased from £15.32 million to £9.74 million. This reduction arose largely as a result of:

-       The deconsolidation of FOP's cash of some £2.03 million; and

-       The share buy-back, referred to above, at a price of some £2.20 million.

 

 

 

 

 

 

 

CONSOLIDATED INCOME STATEMENT

for the year ended 31 March 2019

 

 

Notes

Year ended

31 March 2019 (unaudited)

Total results

Year ended

31 March 2018  

(audited)

Total results

 

 

£'000

£'000

 

 

 

 

Revenue

3

20,437

25,460

Cost of sales

 

(4,491)

(6,030)

Gross profit

 

 

15,946

19,430

Profit on the sale of 'FOP' shares

 

64

1,112

Gain on loss of control of subsidiary

8

4,827

-

Impairment of goodwill on acquisition of subsidiary

6

(27)

-

Loss on disposal of subsidiary

7

(5)

-

Write down/ Impairment loss to investment property

11

(2,984)

(183)

Operating expenses

 

(9,320)

(9,158)

Operating profit

 

8,501

11,201

Share of results in associates

12

1,600

950

Investment income

 

273

63

Interest income

4

114

82

Interest expense

4

(2,180)

(3,063)

Profit before tax

 

8,308

9,233

Tax charge

5

(1,943)

(1,473)

Profit for the year

 

6,365

7,760

 

 

 

 

Attributable to:

 

 

 

Owners of the parent

 

5,514

6,755

Non-controlling interests

 

851

1,005

 

 

6,365

7,760

 

Earnings per share:

 

 

 

 

Basic

9

4.95p

5.82p

Diluted

9

4.85p

5.70p

 

 

 

 

All operations are continuing.

 

 

 

 

 

CONSOLIDATED SEPARATE STATEMENT

OF OTHER COMPREHENSIVE INCOME

for the year ended 31 March 2019

 

 

 

Year ended

31 March 2019

(unaudited)

Total results

Year ended

31 March 2018

(audited)

Total results

 

 

£'000

£'000

 

 

 

 

Profit for the year

 

6,365

7,760

Other comprehensive income

 

 

 

Exchange differences on retranslation of foreign subsidiaries

 

(1,784)

1,590

Foreign exchange profit recycled to the income statement on disposal

 

(721)

-

Net gain/(loss) on financial assets at fair value through other comprehensive income

 

29

(3)

Taxation

 

-

-

Total comprehensive income for the year

 

3,889

9,347

 

 

 

 

Total comprehensive income for the year attributable to:

 

 

 

 

Owners of the parent

 

3,414

8,131

Non-controlling interests

 

475

1,216

 

 

3,889

9,347

 

 

All operations are continuing.

 

 

CONSOLIDATED BALANCE SHEET

As at 31 March 2019

 

 

Notes

As at

31 March 2019

(unaudited)

£'000

As at

31 March 2018

(audited)

£'000

 

 

 

 

Non-current assets

 

 

 

Goodwill

10

153

153

Investment properties

11

67,348

132,180

Property, plant and equipment

 

58

66

Investment in associates

12a)

17,054

4,725

Other financial assets

12b)

3,539

4,517

Other receivables

14

1,312

1,766

Deferred tax assets

16

2,779

4,518

Total non-current assets

 

92,243

147,925

 

 

 

 

Current assets

 

 

 

Inventories - land and buildings

13

14,817

15,586

Current tax assets

 

28

100

Trade and other receivables

14

5,918

5,154

Cash and cash equivalents

 

9,738

15,315

Total current assets

 

30,501

36,155

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

15

(7,078)

(8,298)

Financial liabilities

17

(6,329)

(8,319)

Current tax liabilities

 

(80)

(230)

Total current liabilities

 

(13,487)

(16,847)

Net current assets

 

17,014

19,308

Total assets less current liabilities

 

109,257

167,233

 

 

 

 

Non-current liabilities:

 

 

 

Financial liabilities

17

(60,348)

(110,768)

Deferred tax liabilities

16

(2,623)

(3,543)

Net assets

 

46,286

52,922

 

 

 

 

Equity

 

 

 

Called up share capital

 

1,166

1,166

Share premium

 

5,791

5,789

Share-based payment reserve

 

179

203

Foreign exchange translation reserve

 

(731)

1,398

Investment revaluation reserve

 

(41)

(70)

Retained earnings

 

39,808

38,249

Equity attributable to the owners of the parent

 

46,172

46,735

Non-controlling interests

 

114

6,187

Total equity

 

46,286

52,922

 

 

 

 

Net assets per share

9

41.46p

40.29p

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2019

 

 

 

 

Group

Share capital

 

 

 

 

£'000

Share premium

 

 

 

 

£'000

Share-based payment reserve

 

 

£'000

Foreign exchange translation reserve

 

 

£'000

Purchase of own shares

 

 

 

£'000

Investment revaluation

reserve

 

 

 

£'000

Retained earnings

 

 

 

 

£'000

Non-controlling interests

 

 

 

£'000

Total

 

 

 

 

 

£'000

At 1 April

2018

1,166

5,789

203

1,398

(95)

(70)

38,344

6,187

52,922

Profit for the year

-

-

-

-

-

-

6,365

-

6,365

Net gain/(loss) on financial assets at fair value through other comprehensive income

-

-

-

-

-

29

-

-

29

Change in proportion held by NCI (FOP)

-

-

-

-

-

-

-

978

978

Change in proportion held by NCI (EAS)

-

-

-

-

-

-

-

95

95

Deconsolidation of FOP

-

-

-

-

-

-

-

(7,598)

(7,598)

Movement on foreign exchange

-

-

-

(1,408)

-

-

-

(376)

(1,784)

Foreign exchange profit recycled to the income statement

-

-

-

(721)

-

-

-

-

(721)

Sale of treasury shares

-

2

-

-

10

-

-

-

12

Purchase of treasury shares

-

-

-

-

(2,201)

-

-

-

(2,201)

Exercise of Share Options

-

-

(24)

-

38

-

-

-

14

New shares issued

-

-

-

-

-

-

-

-

-

Non-controlling interests

-

-

-

-

-

-

(851)

851

-

Dividends

paid

-

-

-

-

-

-

(1,802)

(23)

(1,825)

At 31 March 2019

1,166

5,791

179

(731)

(2,248)

(41)

42,056

114

46,286

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2018

 

 

Group

Share capital

 

 

 

 

£'000

Share premium

 

 

 

 

£'000

Share-based payment reserve

 

 

£'000

Foreign exchange translation reserve

 

 

£'000

Purchase of own shares

 

 

 

£'000

Investment revaluation

reserve

 

 

 

£'000

Retained earnings

 

 

 

 

£'000

Non-controlling interests

 

 

 

£'000

Total

 

 

 

 

 

£'000

At 1 April

2017

1,166

5,781

203

19

(99)

(67)

33,410

3,015

43,428

Profit for the year

-

-

-

-

-

-

7,760

-

7,760

Net gain/(loss) on financial assets at fair value through other comprehensive income

-

-

-

-

-

(3)

-

-

(3)

Change in proportion held by NCI

-

-

-

-

-

-

-

2,000

2,000

Movement on foreign exchange

-

-

-

1,379

-

-

-

211

1,590

Sale of treasury shares

-

8

-

-

4

-

-

-

12

New shares issued

-

-

-

-

-

-

-

-

-

Non-controlling interests

-

-

-

-

-

-

(1,005)

1,005

-

Dividends

paid

-

-

-

-

-

-

(1,821)

(44)

(1,865)

At 31 March 2018

1,166

5,789

203

1,398

(95)

(70)

38,344

6,187

52,922

 

CONSOLIDATED CASH FLOW STATEMENT 

for the year ended 31 March 2019

 

 

2019

2018

 

 

Group

£'000

Group

£'000

Cash flows from operating activities

 

 

 

Operating profit

 

8,501

11,201

Adjustments for:

 

 

 

Depreciation/write down of investment property and property, plant & equipment

 

5,167

2,272

Profit on the sale of FOP shares

 

(64)

(1,112)

Gain on loss of control of subsidiary

 

(4,827)

-

Impairment loss on an investment property

 

(32)

183

Impairment of goodwill on acquisition of subsidiary

 

27

-

Loss on disposal of subsidiary

 

5

-

(Increase)/decrease in inventories

 

96

(107)

Decrease/(increase) in trade and other receivables

 

(1,285)

240

(Decrease)/increase in trade and other payables

 

(187)

(1,746)

Other non-cash adjustments

 

599

263

Cash generated from operations

 

8,000

11,194

Taxes paid

 

(1,268)

(1,407)

Net cash flow from operating activities

 

6,732

9,787

 

 

 

 

Cash flow from/(used in) investing activities

 

 

 

Capital expenditure on investment properties

 

(1,531)

(2,375)

Proceeds from partial disposal of other financial assets held at fair value through other comprehensive income

 

549

633

Purchase of property, plant & equipment

 

(36)

(19)

Proceeds from the sale of 'FOP' shares

 

2,630

3,112

Cash paid on acquisitions of new subsidiaries

 

(527)

-

Cash and cash equivalents received on acquisitions of new subsidiaries

 

421

-

Cash disposed following deconsolidation of subsidiaries

 

(2,046)

-

Investment in shares of new associates

 

(527)

(122)

Payment of Rights Issue in 5PT

 

(138)

-

Investment in funds

 

(468)

(3,623)

Proceeds from funds

 

569

-

Interest received

 

114

82

Dividends from associates

 

590

61

Distributions received

 

273

68

Net cash flow used in investing activities

 

(127)

(2,183)

 

 

 

 

Cash flow from/(used in) financing activities

 

 

 

Net repayment of shareholder loan in subsidiary

 

(121)

(1,841)

Proceeds from bank loan

 

-

3,994

Repayment of bank loans

 

(3,179)

(3,498)

Repayment from the sale of FOP shareholder loan

 

326

1,157

Repayment of finance lease

 

(3,065)

(3,403)

Sale of shares held in treasury

 

12

12

Purchase of new treasury shares

 

(2,201)

-

Exercise of share options

 

47

-

Interest paid

 

(2,180)

(2,915)

Dividends paid

 

(1,802)

(1,821)

Dividends paid to non-controlling interests

 

(23)

(44)

Net cash flow used in financing activities

 

(12,186)

(8,359)

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

 

(5,581)

(755)

Cash and cash equivalents at the beginning of the year

 

15,315

15,946

Currency translation gains on cash and cash equivalents

 

4

124

Cash and cash equivalents at the year end

 

9,738

15,315

 

 

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 2019. The policies have been consistently applied to all years presented unless otherwise stated below. 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 2018 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.

 

New standards impacting the Group which have been adopted in the preliminary financial statements for the year ended 31 March 2019, and which have given rise to changes in the Group's accounting policies are:

 

IFRS 9 Financial Instruments

 

The Group has adopted IFRS 9 with effect from 1 April 2018. IFRS 9 replaces the provisions of IAS 39 that relates to the recognition, classification and measurement of financial assets and financial liabilities, impairment of financial assets and hedge accounting.

 

The Group has assessed whether it intends to hold its financial assets to collect the contractual cash flows, or whether it intends to sell them before maturity and has classified its financial instruments into the appropriate IFRS 9 categories.

 

While some accounting policies have been amended on adoption of the standard there have been no adjustments required to the Group's income statement or balance sheet.

 

Financial Asset

Classification - IAS 39

Classification - IFRS 9

Measurement

 

 

 

 

Trade receivables

Loans and receivables

Financial assets at amortised cost

Amortised cost

Cash and cash equivalents

Amortised cost

Financial assets at amortised costs

Amortised cost

Other investments

Available for sale

Financial assets at fair value through other comprehensive income

Fair value, with changes recognised in other comprehensive income

 

IFRS 15 Revenue from Contracts with Customers

 

The Standard introduces a five-step model for recognising revenue, which consists of identifying the contract with the customer, identifying the relevant performance obligations, determining the amount of consideration to be received under the contract, allocating the consideration to each performance obligation, and earning the revenue as the performance obligation is satisfied.

 

The standard is applicable to asset management fee income, service charge income, proceeds from the sale of investment properties and performance related fee income, but not rental income arising from the Group's leases with tenants.

 

The Group has undertaken a comprehensive review of its contracts and concluded that there is no impact on the way in which the Group recognises its revenues. IFRS 15 constrains the amount of revenue that is recognised when estimating variable consideration. As such the Group has considered constraining the amount of revenue that is recognised in relation to performance related fees that are subject to future reversal so as to reduce the risk of such reversal occurring. In the Directors' judgement no such reduction was considered necessary in the current year as there is a built-in cushion in future years to absorb the negative effects of future downward property revaluations that may cause such reversal. For the previous year, no such income was recognised and therefore no comparative restatements are necessary in this respect.

 

The Group has applied IFRS 15 retrospectively and concluded that no adjustment is necessary to the opening profit and loss reserve as at 1 April 2018 and that no comparative information need be restated.

 

The Group did not apply any of the practical expedients available under the full retrospective method.

Revenue

 

Revenue recognition is on an accruals basis in the income statement when it can be reliably measured, but depends on the type of revenue concerned, and excludes VAT.

 

Rental income is recognised over the term of the lease on a straight- line basis and is adjusted for lease incentives such as rent-free periods and fit out contributions such that their cost is apportioned evenly over the full lease term.

 

Turnover rents and other such contingent rents are recorded as revenue in the periods to which they relate.

 

Service charge income is recognised in the period in which it is earned according to the terms of the individual lease agreement.

 

Income from the sale of properties is recognised generally on unconditional exchange of contracts when the significant risks and rewards of ownership are transferred to the buyer and there are no significant outstanding obligations between exchange of contract and completion.

 

Asset management and administration fees are recognised in the income statement as they are earned.

 

Performance related fees are recognised when the performance period has ended and the performance calculation can be performed with reasonable certainty. In cases where performance related revenue is subject to potential future reversal the Directors will apply their judgement to the amount of revenue recognised in the income statement such that in their judgement there is a high probability that this revenue will not reverse in subsequent years. They will ignore all unrealised upward property revaluations above original cost (including acquisition costs) used to determine the total entitlement but include any downward revaluation below total original historic acquisition and subsequent capitalised property costs.

 

Transaction fees are recognised once the relevant transaction has completed.

 

All revenue is classified in the revenue line of the income statement except for revenue from the sale of property which is netted off against costs and shown under profit on sale of property.

 

Interest income and expense recognised on an accruals basis.

 

These preliminary financial statements were approved by the Board of Directors on 5 June 2019.

 

 

2.             Revenue

 

Revenue from continuing operations consists of revenue arising in the United Kingdom 11% (2018: 8%), Poland 82% (2018: 87%) and Romania 7% (2018: 5%). All revenue relates solely to the Group's principal activities.
 

3.             Segment Reporting 2019

 

 

Fund Management Division

Group Properties Division

 

 

Property fund management

Group properties and other co-investments

Group fund properties "FOP"

Unallocated central overheads

Total

 

£'000

£'000

£'000

£'000

£'000

Rental income

-

9,658

3,272

-

12,930

Service charge income

-

1,748

798

-

2,546

Asset management fees

3,420

-

-

-

3,420

Performance related fee income

1,541

-

-

-

1,541

Total revenue

4,961

11,406

4,070

-

20,437

 

 

 

 

 

 

Depreciation and amortisation

(37)

(1,991)

(200)

-

(2,228)

 

 

 

 

 

 

Operating profit

3,031

2,048

6,136

(2,714)

8,501

Share of results in associates

-

1,687

(87)

-

1,600

Investment income

-

273

-

-

273

Interest income

-

78

31

5

114

Interest payable

-

(1,387)

(793)

-

(2,180)

Profit/(loss) before tax

3,031

2,699

5,287

(2,709)

8,308

 

Analysed as:

Underlying profit/(loss) before tax before adjusting for the following items:

1,981

7,467

2,058

(1,012)

10,494

Write down, Impairment (losses)/reversals

-

(3,043)

32

-

(3,011)

Group's share of revaluation losses on associates

-

-

(764)

-

(764)

Profit on the sale of 'FOP' shares

-

64

-

-

64

Gain on loss of control of subsidiary (note 12)

-

606

4,221

-

4,827

Depreciation on investment property

-

(1,740)

-

-

(1,740)

Performance related fee income

1,541

-

-

-

1,541

Staff incentives

(476)

(190)

(212)

(1,669)

(2,547)

Realised foreign currency (losses)/gains

(15)

(465)

(48)

(28)

(556)

Total

3,031

2,699

5,287

(2,709)

8,308

 

Assets - Group

1,630

98,118

-

5,942

105,690

Share of net assets of associates

-

17,362

-

(308)

17,054

Liabilities

(398)

(74,254)

-

(1,806)

(76,458)

Net assets

1,232

41,226

-

3,828

46,286

 

Additions to non-current assets

Property, plant and equipment

-

35

-

-

35

Investment properties

-

1,116

415

-

1,531

Trading stock

-

11

-

-

11

Investment in associates

-

1,663

11,509

-

13,172

 

Segment Reporting 2018

 

Fund Management Division

Group Properties Division

 

 

Property fund management

Group properties and other co-investments

Group fund properties "FOP"

Unallocated central overheads

Total

 

£'000

£'000

£'000

£'000

£'000

Rental income

-

12,132

6,177

-

18,309

Service charge income

-

2,498

1,733

-

4,231

Asset management fees

2,731

-

-

-

2,731

Performance related fee income

189

-

-

-

189

Total revenue

2,920

14,630

7,910

-

25,460

 

 

 

 

 

 

Depreciation and amortisation

(40)

(1,983)

(249)

-

(2,272)

 

 

 

 

 

 

Operating profit

1,004

9,404

3,749

(2,956)

11,201

Share of results in associates

-

950

-

-

950

Investment income

-

63

-

-

63

Interest income

-

53

20

9

82

Interest payable

-

(1,455)

(1,608)

-

(3,063)

Profit/(loss) before tax

1,004

9,015

2,161

(2,947)

9,233

 

Analysed as:

Underlying profit/(loss) before tax before adjusting for the following items:

1,329

9,975

2,843

(941)

13,206

Impairment losses

-

(193)

(183)

-

(376)

Profit on the sale of 'FOP' shares

-

1,112

-

-

1,112

FPG's share in associate's profit from the sale of investment properties

-

397

-

-

397

Depreciation on investment property

-

(1,739)

-

-

(1,739)

Performance related fee income

189

-

-

-

189

Staff incentives

(538)

(214)

(213)

(1,915)

(2,880)

Realised foreign currency (losses)/gains

24

(323)

(286)

(91)

(676)

Total

1,004

9,015

2,161

(2,947)

9,233

 

Assets - Group

1,362

100,072

68,147

9,774

179,355

Share of net assets of associates

-

5,033

-

(308)

4,725

Liabilities

(204)

(75,337)

(53,562)

(2,055)

(131,158)

Net assets

1,158

29,768

14,585

7,411

52,922

 

Additions to non-current assets

Property, plant and equipment

19

-

-

-

19

Investment properties

-

371

2,004

-

2,375

Trading stock

-

232

-

-

232

Investment in associates

-

122

-

-

122

 

 

 

4.             Interest Income

 

 

2019

2018

 

Group

£'000

Group

£'000

Interest income - bank deposits

18

28

Interest income - other

96

54

Total interest income

114

82

 

 

 

2019

2018

 

Group

£'000

Group

£'000

Interest expense - property loans

(1,571)

(2,078)

Interest expense - bank and other

(49)

(142)

Finance charges on finance leases

(560)

(843)

Total interest expense

(2,180)

(3,063)

 

 

5.             Tax Expense

 

 

2019

£'000

2018

£'000

Analysis of tax charge for the year

 

 

Current tax

(1,284)

(1,383)

Deferred tax

(659)

(90)

Total tax charge for the year

(1,943)

(1,473)

 

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.

 

 

 

6.             Business Acquisitions

 

These entities were consolidated into the accounts of the Group with effect 1 August 2018, following the Group acquiring full ownership of RPT and 77% of E&S. The net assets of the companies acquired were as follows:

 

E and S Estates Ltd

Regional Property Trading Ltd

E and S

Sp. z o. o.

Total

Acquisitions of net assets acquired at Fair Value

£'000

£'000

£'000

£'000

Cash

67

54

300

421

Trade Receivables

-

-

31

31

Bad Debt Provision

-

-

(17)

(17)

Other Debtors

-

-

95

95

Deferred Tax Asset

-

-

59

59

Share in Subsidiary

4

4

-

8

Investment Property

-

-

5,406

5,406

Intercompany Loans

142

134

(276)

-

Dividend Payable/Receivable

684

684

(1,368)

-

Trade and Other Payables

(3)

(4)

(195)

(202)

Tax Liabilities

(1)

-

(499)

(500)

Financial Liabilities

-

(2)

(4,485)

(4,487)

Goodwill on acquisition

18

9

-

27

Total net assets acquired before NCI

911

879

(949)

841

Non-controlling interest share of net assets

(95)

-

-

(95)

Total net assets acquired

816

879

(949)

746

 

 

 

 

 

 

 

 

 

 

Note(i)

 

 

 

 

Cash paid on buyout of investors (current year)

(226)

(301)

-

(527)

Less: cash acquired

67

54

300

421

Net cash acquired

(159)

(247)

300

(106)

 

 

 

 

 

Note(ii)

 

 

 

 

Cash paid on original purchase (prior years)

122

48

7

177

Share of Post Acquisition Profits to 31 July 2018

(since original purchase)

29

206

-

235

Less impairment to 31 July 2018

(40)

(153)

-

(193)

 

111

101

7

219

Cash paid on buyout of investors (current year)

226

301

-

527

Total consideration

337

402

7

746

 

 

 

 

 

 

The goodwill on acquisition of £27,000 which has come about as a result of a premium being paid for the shares has been impaired and written off the income statement given the uncertainty over future lettings at two of the four properties.
 

 

7.             Disposal of Subsidiary

On 5 June 2018 the First Property Group plc sold its 100% ownership of Scaup Sp. z o. o. to Fprop Phoenix Ltd for consideration £18,858. Fprop Phoenix Ltd is an associate of the Group.

Disposal of net assets

 

Net Assets

£'000

Financial Assets - Shares in KBP entities

 

900

Cash

 

16

Trade Receivables

 

9

VAT

 

31

Prepayments

 

214

Other Debtors

 

39,496

Deferred Tax Asset

 

39

Intercompany Loans

 

(986)

Trade Payables

 

(243)

Other Payables

 

(39,445)

Other Tax Liabilities

 

(7)

Total net assets disposed

 

24

 

 

 

Sale proceeds

 

19

Loss on disposal of subsidiary

 

(5)

 

 

 

 

 

 

 

8.             Disposal of Subsidiaries (following change of status from subsidiary to associate)

 

With effect from 12 October 2018, and following disposals of its shareholding in Fprop Opportunities plc (FOP), a fund which it manages and which is fully invested in five commercial properties in Poland; the Group's share in FOP reduced to 44.3%. The Directors judged that, in their opinion and after considering all the relevant facts and circumstances, the Group could no longer exercise control over FOP and therefore required that FOP be deconsolidated from the Group's accounts. The Group are accounting for its remaining share of the profits of FOP as an associate undertaking. The Group has continued to sell down its shareholding in FOP and currently owns 40.03%.

 

Summary of Net Assets disposed of following the deconsolidation of FOP from the Group accounts:

 

 

Fprop Opportunities plc

Fprop Opportunity Lublin Ltd

Lublin Zana

Sp. z o. o.

Fprop Opportunity Ostrowiec Ltd

Galeria Ostrowiec Sp. z o. o.

Fprop Ostrowiec Sp. z o. o.

 

 

£'000

£'000

£'000

£'000

£'000

£'000

Investment property (at cost)

 

-

-

10,832

-

23,210

-

Trade and other debtors

 

-

-

43

-

308

-

Deferred tax asset

 

-

-

1

-

577

-

Bank

 

291

-

613

16

568

1

Total current assets

 

291

-

11,489

16

24,663

1

Trade and other payables

 

(2)

(53)

(4)

(156)

-

Bank loans and finance leases

 

-

-

(8,493)

-

(19,019)

-

Shareholder loans

 

(2,829)

-

-

-

-

-

Deferred tax liability

 

-

-

(1)

(165)

(708)

-

Provision

 

(1)

-

-

-

(28)

-

Total current liabilities

 

(2,832)

(53)

(8,848)

(169)

(19,911)

-

Total net assets

 

(2,541)

(53)

2,641

(153)

4,752

1

 

 

 

 

 

 

Fprop Zinga Ltd

 

Zinga Fprop Poland

Sp. z o. o.

 

Zinga

Fprop

Sp. z o. o.

 

Zinga Poland

Sp. z o. o.

 

Fprop Opportunity

Lodz Ltd

 

Fprop Lodz

Sp. z o. o.

 

 

 

£'000

£'000

£'000

£'000

£'000

£'000

 

Investment property (at cost)

 

-

9,856

-

-

-

15,631

 

Trade and other debtors

 

-

269

-

-

-

158

 

Deferred tax asset

 

-

274

81

-

-

269

 

Bank

 

27

161

3

-

4

129

 

Total current assets

 

27

10,560

84

-

4

16,187

 

Trade and other payables

 

(5)

(214)

-

(14)

(84)

 

Bank loans and finance leases

 

-

(6,947)

-

-

-

(11,426)

 

Shareholder loans

 

-

-

-

-

-

-

 

Deferred tax liability

 

(21)

-

(166)

-

(9)

(338)

 

Provision

 

-

(1)

-

-

-

-

 

Total current liabilities

 

(26)

(7,162)

(166)

-

(23)

(11,848)

 

Total net assets

 

1

3,398

(82)

-

(19)

4,339

 

 

 

 

 

 

 

 

 

 

 

Fprop Opportunities

Lodz II Ltd

Fprop Opportunities Krasnystaw Ltd

Fprop Krasnystaw Sp. z o.o.

Total

 

 

 

 

 

£'000

£'000

£'000

£'000

Investment property (at cost)

 

 

 

 

-

-

4,378

63,907

Trade and other debtors

 

 

 

 

-

-

61

839

Deferred tax asset

 

 

 

 

-

-

107

1,309

Bank

 

 

 

 

-

6

211

2,030

Total current assets

 

 

 

 

-

6

4,757

68,085

Trade and other payables

 

 

 

 

(4)

(4)

(81)

(975)

Bank loans and finance leases

 

 

 

 

-

-

(3,234)

(49,119)

Shareholder loans

 

 

 

 

-

-

-

(2,829)

Deferred tax liability

 

 

 

 

-

(6)

(82)

(1,496)

Provision

 

 

 

 

-

-

(3)

(33)

Total current liabilities

 

 

 

 

(4)

(10)

(3,400)

(54,452)

Total net assets

 

 

 

 

(4)

(4)

1,357

13,633

Non-controlling interest disposed

 

 

(7,598)

Uplift to fair value

 

 

3,500

Accumulated foreign exchange profits

 

 

721

Gain following the loss of control recognised in the income statement

 

 

4,221

Fair value of Shares in FOP retained by the Group at 12 October 2018

 

 

10,256

Value of the Shareholder loan due from FOP retained by the Group

 

 

1,253

Cost of shares subsequently sold following deconsolidation

 

 

 

(982)

Shareholder loan subsequently sold following deconsolidation

 

 

 

(110)

Shareholder loan repayments received following deconsolidation

 

 

 

(310)

Share of post-tax profit to 31 March 2019 following deconsolidation

 

 

 

677

Group's share of the associate's revaluation losses

 

 

 

(764)

Cost of associate as at 31 March 2019

 

 

 

10,020

 

 

 

 

 

Gain on loss of control of subsidiary

Sale proceeds 

 

 

 

1,487

Fair value of shares retained

 

 

 

10,256

Less:

 

 

 

 

Net assets of subsidiary

 

13,633

 

 

NCI prior to loss of control

 

(6,717)

 

 

 

 

 

 

(6,916)

Gain on loss of control of subsidiary

 

 

 

4,827

 

 

 

 

 

Represented by:

Profit on sale of shares

 

 

 

   606

Uplift to fair value

 

3,500

 

 

Accumulated foreign exchange profits

 

721

 

 

 

 

 

 

4,221

Gain on loss of control of subsidiary

 

 

 

4,827

                               
 

 

 

9.             Earnings/NAV per Share

 

 

2019

2018

Basic earnings per share

4.95p

5.82p

Diluted earnings per share

4.85p

5.70p

 

 

 

 

£'000

£'000

Basic earnings

5,514

6,755

Diluted earnings assuming full dilution

5,522

6,763

 

The following numbers of shares have been used to calculate both the basic and diluted earnings per share:

 

 

2019

Number

2018

Number

Weighted average number of Ordinary shares in issue

(used for basic earnings per share calculation)

111,353,468

116,004,730

Number of share options

2,610,000

2,700,000

Total number of Ordinary shares used in the diluted earnings per share calculation

113,963,468

118,704,730

 

The following earnings have been used to calculate both the basic and diluted earnings per share:

 

 

2019

£'000

2018

£'000

Basic earnings per share

 

 

Basic earnings 

5,514

6,755

 

 

 

Diluted earnings per share

 

 

Basic earnings

5,514

6,755

Notional interest on share options assumed to be exercised

8

8

Diluted earnings

5,522

6,763

 

 

2019

2018

Net assets per share

41.46p

40.29p

Adjusted net assets per share

57.48p

53.07p

 

The following numbers have been used to calculate both the net assets and adjusted net assets per share:

 

For net assets per share

£'000

£'000

Net assets excluding non-controlling interests

46,172

46,735

 

£'000

£'000

For adjusted net assets per share

 

 

Net assets excluding non-controlling interests

46,172

46,735

Investment properties at fair value net of deferred tax

4,664

10,272

Inventories at fair value net of deferred tax

5,416

4,582

Other items

9,256

1,409

Total

65,508

62,998

       

 

 

Number

Number

Number of shares in issue at year end

111,354,001

116,016,546

 

Number

Number

Number of shares in issue at year end

111,354,001

116,016,546

Number of share options assumed to be exercised

2,610,000

2,700,000

Total

113,964,001

118,716,546

 

 

 

 

10.          Goodwill

 

 

2019

2018

 

Group

£'000

Group

£'000

At 1 April

153

153

At 31 March

153

153

 

The Directors have carried out an annual impairment test and concluded that no impairment was necessary because the estimated value in use was higher than the value stated.

 

 

11.          Investment Properties

 

 

 

2019

2018

 

Group

£'000

Group

£'000

Investment properties

 

 

At 1 April

132,180

128,428

Capital expenditure

1,531

2,375

Additions

5,406

-

Disposal

(63,907)

-

Depreciation

(2,111)

(2,204)

Write down/impairment loss to investment property

(2,984)

(183)

Foreign exchange translation

(2,767)

3,764

At 31 March

67,348

132,180

 

Investment properties owned by the Group are stated at cost less depreciation and accumulated impairment losses. The properties were valued at the Group's financial year end at €84.84 million (2018: €171.20 million), the Sterling equivalent at closing foreign exchange rates being £73.18 million (2018: £150.10 million).

 

On acquisition of the Gdynia property the Directors took the decision to depreciate the property over the lease term which expires in 2020. In the Directors' 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.

 

The property additions represent the four properties held by E and S Estates Sp. z o. o. the Polish entity owned jointly by RPT and E&S Ltd, both of which were acquired through a step-acquisition on 1 August 2018.

 

The property disposals represent the deconsolidation of FOP from the Group which took effect on 12 October 2018. FOP, which consisted of five commercial properties in Poland is now treated as an associate.

 

 

 

 

12.          Investment in Associates and Other Financial Assets and Investments

 

The Group has the following investments:

 

 

2019

2018

 

Group

£'000

Group

£'000

a) Associates

 

 

At 1 April

4,725

4,347

Additions

13,172

122

Disposals

(1,304)

-

Shareholder loan repayments

(549)

(633)

Share of associates' profit after tax

2,364

1,143

Share of associates' revaluation losses

(764)

(193)

Dividends received

(590)

(61)

At 31 March

17,054

4,725

 

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:

 

 

2019

2018

 

Group

£'000

Group

£'000

Investment in associates

 

 

5th Property Trading Ltd

1,288

1,029

Regional Property Trading Ltd

**

105

E and S Estates Ltd

**

116

Fprop Romanian Supermarkets Ltd

150

624

Fprop Galeria Corso Ltd

2,089

1,920

Fprop Krakow Ltd

1,308

1,239

Fprop Cluj Ltd

458

***

Fprop Phoenix Ltd

2,049

***

Fprop Opportunities plc

10,020

*

 

17,362

5,033

Less: Share of profit after tax withheld on sale of property to 5th Property Trading Ltd in 2007

(308)

(308)

 

17,054

4,725

 

*Fprop Opportunities plc, a fund which is invested in five commercial properties in Poland was deconsolidated from the main Group on 12 October 2018 and is now accounted for as an associate.

**With effect from 1 August 2018 RPT and E&S were consolidated into Group Properties.

***New funds established during the year.

 

If the Group had adopted the alternative fair value model for accounting for investment properties, the carrying value of the investments in associates would have increased to £25.97 million (2018: £5.74 million).

 

 

2019

2018

 

 

Group

£'000

Group

£'000

b) Other financial assets and investments

 

 

At 1 April

4,517

897

Additions

468

3,623

Disposals

(900)

-

Repayments

(569)

-

Increase /(Decrease) in fair value during the year

23

(3)

At 31 March

3,539

4,517

 

The Group holds three unlisted investments in funds managed by it. All are held at fair value. All of the assets have been designated at fair value through OCI upon the adoption of IFRS 9. 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 to the fair value of their net assets.

 

 

 

13.          Inventories - Land and Buildings

 

 

 

 

2019

2018

 

 

Group

£'000

Group

£'000

Group properties for resale at cost

 

 

At 1 April

15,586

15,115

Capital expenditure

11

232

Disposal/write off

(30)

-

Depreciation

(77)

(125)

Foreign exchange translation

(673)

364

At 31 March

14,817

15,586

 

The Group's total interest in Blue Tower (an office block in Warsaw) is 48.2% of the building. The fair value of this interest is £21.50 million (€24.95 million) up from £21.24 million (€24.23 million) in 2018 but is stated at cost as above.

 

 

14.          Trade and Other Receivables

 

 

2019

2018

 

Group

£'000

Group

£'000

Current assets

 

 

Trade receivables

1,408

2,070

Less provision for impairment of receivables

(297)

(640)

Trade receivables net

1,111

1,430

Other receivables

2,836

2,462

Prepayments and accrued income

1,971

1,262

 

5,918

5,154

 

 

 

 

Non-current assets

 

 

Other receivables

1,312

1,766

 

Other receivables, under non-current assets, relates to the deferred consideration from the sale of an investment property located in Romania. This has been discounted to reflect its current value.     

 

15.          Trade and Other Payables

 

 

2019

2018

 

Group

£'000

Group

£'000

Current liabilities

 

 

Trade payables

2,798

3,405

Other taxation and social security

855

946

Other payables and accruals

3,235

3,425

Deferred income

190

522

 

7,078

8,298

 

 

 

 

16.          Deferred Tax

 

Deferred tax assets and liabilities are attributable to the following items:

 

2019

2019

2019

2018

2018

2018

 

Group net assets £'000

Group assets £'000

Group liabilities £'000

Group net assets £'000

Group assets £'000

Group liabilities £'000

Accrued interest payable

(919)

120

(1,039)

(1,082)

551

(1,633)

Accrued income

(5)

-

(5)

(4)

-

(4)

Foreign bank loan

1,108

1,108

-

1,678

2,121

(443)

Investment properties and inventories

(146)

1,425

(1,571)

99

1,534

(1,435)

Other temporary differences

118

126

(8)

284

312

(28)

 

156

2,779

(2,623)

975

4,518

(3,543)

 

17.          Financial Liabilities

 

 

2019

Group

£'000

2018

Group

£'000

Current liabilities

 

 

Loans repayable by subsidiary (FOP) to third party shareholders

-

1,464

Bank loan

3,780

3,411

Finance leases

2,549

3,444

 

6,329

8,319

 

 

 

Non-current liabilities

 

 

Bank loans

35,783

65,719

Finance leases

24,565

45,049

 

60,348

110,768

 

 

2019

Group

£'000

2018

Group

£'000

Total obligations under bank loans and finance leases

 

 

Repayable within one year

6,329

8,319

Repayable within one and five years

54,073

96,087

Repayable after five years

6,275

14,681

 

66,677

119,087

 

Six bank loans and one finance lease all denominated in Euros totalling £66.68 million (2018: £117.62 million), included within financial liabilities, are secured against investment properties owned by the Group and one property owned by the Group shown under inventories. These bank loans and finance lease 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
FR FAMMTMBIMTBL

Quick facts: First Property Group PLC

Price: £0.42

Market: AIM
Market Cap: £46.67 m
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