TIDMCRF
RNS Number : 8170R
Ciref PLC
07 May 2009
Ciref Plc ("CIREF" or "the Group")
INTERIM RESULTS FOR SIX MONTHS ENDED 31 MARCH 2009
SALIENT FEATURES
* Net loss of GBP26.17m (2008: GBP0.12m profit) after an aggregate deficit on
property valuations of GBP16.04m and a loss on valuation of interest rate
swaps of GBP7.13m (both non-cash items).
* Profit from core operations declined by 17% to GBP2.10m (2008: GBP2.53m).
* Net loss per share of 35.89p (2008: 0.18p profit).
* Earnings per share based on underlying profit from core operations of 2.89p
(2008: 3.71p).
* Strong cash management, with 18p or 23.2% of NAV per share in cash.
* Proposed interim dividend of 1.74p per share (2008: 3.30p), consistent with the
Group's target dividend payment ratio.
* Trinity Walk Wakefield development placed into administration.
* Acquisition of joint venture partner share in West Orchards Shopping Centre,
Coventry.
* Acquisition of 50% of Byron Place Shopping Centre, Seaham
Gavin Tipper, chairman, commented:
"The period under review has again been characterised by turbulence in world
financial markets and a continued decline in the UK and European property
markets. Against this backdrop, CIREF has been managed conservatively and
remains financially sound, despite significant write-downs in asset values,
substantial mark to market losses on interest rate swaps, and the forced
administration of Trinity Walk Wakefield. CIREF's core operating earnings were
marginally lower than those in the comparable period last year.
The Group will continue to be managed conservatively with a focus on protecting
existing assets. The market is presenting a number of attractive investment
opportunities and these will be assessed in accordance with Group strategy,
subject to available financing and maintaining its sound financial health. "
For further information please contact:
Ciref Plc + 27 (0)21 683 3829
Gavin Tipper - Chairman
www.ciref.je
POWERSCOURT
Elizabeth Rous +44 (0)207 250
1446
www.powerscourtmedia.com
SINGER CAPITAL MARKETS LIMITED
Nicholas How/Richard Savage +44 (0)203 205 7500
www.singercm.com
About Ciref Plc
1. CIREF is a property investment and development company
incorporated on 28 September 2005 under the laws of Jersey which immediately
after incorporation acquired the assets of Corovest International Real Estate
Fund. It invests in commercial real estate primarily in the UK and Europe, with
a focus on retail and commercial assets. CIREF's current investments are in the
UK, Europe, the Channel Islands and the British Virgin Islands and it will
continue to source value-enhancing opportunities in the these markets.
2. As at 31 March 2009 the portfolio consisted of 27 investments,
including:
- Two large integrated town centre developments;
- A supermarket and home depot centre in Switzerland;
- A portfolio of 27 Kwik-Fit properties located throughout the UK;
- Office buildings in Jersey and London;
- Four UK shopping centres;
- 22 UK petrol filling stations; and
- Four German portfolios which consist of inter alia, shopping
centres, supermarkets, petrol stations and a medical centre.
3. The strategy of the Group comprises four distinct yet
complementary elements: stable income investments; major development projects;
value-enhancing projects and investments in property collective investment
vehicles. The resources of the Group are intended to be allocated across all
four elements with the aim of providing shareholders with a balanced exposure to
lower risk, income-generating assets and assets that have the potential to
provide a higher capital return.
4. The CIREF Group has an experienced board of eight non-executive
directors. Five of the directors are connected to the Investment Manager.
5. Further information on CIREF can be found at www.ciref.je
CHAIRMAN'S STATEMENT
The period under review has again been characterised by turbulence in world
financial markets.
The UK IPD all property index for the six months to 31 March 2009 declined by
19.7% and the European listed property index fell by 45.6%.
A consequence of this was that banks in the UK looked to significantly reduce
their exposure to the property sector. This resulted in a dramatic reduction in
new lending and in some cases extended to an aggressive de-leveraging of loan
books as facilities were called up and borrowers were forced to reduce debt by
injecting cash, where loan covenants had been triggered by the declining
property values.
The resultant upheaval had a significant impact on real estate equities and a
flurry of rights issues were launched and concluded during the first quarter of
2009.
The Group incurred a charge of GBP16.04m on asset impairments as a result of
market conditions, with the write-off on Trinity Walk Wakefield comprising
GBP6.65m of this.
UK interest rates declined materially during the period with the consequence
that losses were incurred on the interest rate swaps the company holds to hedge
its cash flow exposure to the loans on certain of its investments.
CIREF was conservatively managed during the period with a strong emphasis on
preserving cash and remains financially sound despite the significant
write-downs in asset values, the substantial mark to market losses on interest
rate swaps, and the forced administration of Trinity Walk Wakefield. CIREF's
core operating earnings were only slightly lower than those in the comparable
period last year.
Operations
At an operating level, the Company produced profit from core operations of
GBP2.10m (2008: GBP2.53m).
Net earnings were however affected by asset impairments, the write-off of the
Trinity Walk Wakefield investment, and substantial losses on interest rate swap
valuations which in aggregate resulted in a net loss of GBP28.27m or 38.78p per
share.
Dividends
The Board of Directors has resolved to declare a dividend of 1.74p per share.
This equates to 4.5% of net asset value pro-rated for the half-year period, and
is consistent with the Group's dividend target payment ratio.
The dividend will be offered to the shareholders as a scrip dividend, with the
ability to elect to receive a cash dividend alternative. Further details
surrounding the terms of the scrip dividend will be set out in the Circular and
Form of Election which will be sent to all shareholders in due course.
Prospects
Expectations in the UK markets are that the worst of the decline in asset prices
has passed. In Europe, the general consensus is that there may be further
declines until a floor is reached.
There is, however, a view that the substantial intervention by governments and
central banks around the world (with stimulus packages, interest rate cuts and
quantitative easing) will lead to increased inflation in time. This should be
positive for property while interest rates remain low.
The Group will continue to be managed conservatively with a focus
on protecting existing assets. The market is presenting a number of attractive
investment opportunities and these will be assessed in accordance with Group
strategy, subject to available financing and maintaining its sound financial
health.
Gavin Tipper
Chairman
INVESTMENT MANAGER'S REVIEW
CIREF was incorporated on the 28 September 2005 under the laws of Jersey and
admitted to trading on AIM on 26 May 2006.
The Group has investments in commercial and retail properties in the UK,
Switzerland, Germany, the Channel Islands and the British Virgin Islands, which
provide sustainable occupancy rates and income flows, together with
opportunities for development and significant value enhancement.
CIREF has an investment management agreement with Corovest Fund Managers Limited
("CFM"), a British Virgin Islands registered and regulated Fund Manager. Under
the agreement with the Group, CFM is responsible for the investment and
management of the Group's assets.
Group Strategy
The Group's strategy is to provide investors with strong investment returns and
a balanced exposure to lower risk income-generating assets and opportunities
that will provide a higher capital return.
This is achieved by acquiring property investments that are selected on the
basis of four distinct yet complementary criteria:
Stable income investments
Part of the resources of the Group are applied to investment in properties that
provide a stable, predictable and low risk income stream and which have limited,
if any, associated development opportunities. The Group will typically only
invest in such properties where there are opportunities to enhance the value of
the investment, for example where the properties are under-rented and where rent
reviews are due, or where yield compression is expected.
Major development projects
The investments that fall into this category provide an opportunity for
considerable redevelopment in which the future post-redevelopment income is
expected to be underpinned by pre-letting major parts of the development to
businesses with strong rental covenants on a long-term basis and from existing
tenants occupying the properties.
These are multi-year projects which generally require high levels of funding and
which may be delayed in difficult markets to reduce risk.
These investments provide the Group with exposure to potentially high return
projects but without being overly speculative in nature.
Value enhancing projects
The projects that fall into this category are smaller properties which can be
converted on a relatively low risk basis to provide premium commercial space.
These projects may also include an element of residential or mixed use
development to enhance the returns.
Investments in property collective investment vehicles
The Group will explore opportunities to invest in property securities when the
value is considered to be superior to that of physical property.
The investments will often be of a strategic nature in which shareholding can be
used to unlock value in underlying property assets.
Portfolio Details
The Group's portfolio consisted of twenty-seven investments at 31 March 2009 in
a range of fixed and listed property assets located within the UK, Switzerland,
Germany, the Channel Islands and the British Virgin Islands.
Details are set out below.
+-------------------------------+----------+-------------------------+-------------+--------+
| |
+-------------------------------+
| NAME |CATEGORY | USE TYPE |VALUE(GBPM) | % |
| | | | | OWNED |
+-------------------------------+----------+-------------------------+-------------+--------+
| NAME |CATEGORY | USE TYPE |VALUE(GBPM) | % |
| | | | | OWNED |
+-------------------------------+----------+-------------------------+-------------+--------+
| DELAMERE PLACE, CREWE | MDP | RETAIL CENTRE | 27.40 |90.78* |
+-------------------------------+----------+-------------------------+-------------+--------+
| FRIARS WALK, NEWPORT | MDP | RETAIL CENTRE | 25.97 |80.95* |
+-------------------------------+----------+-------------------------+-------------+--------+
| BIRCHWOOD SHOPPING CENTRE, | SII/MDP | RETAIL CENTRE | 37.00 | 33.30 |
| WARRINGTON | | | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| WEST ORCHARDS SHOPPING | SII/MDP | RETAIL CENTRE | 53.00 | 81.07 |
| CENTRE, COVENTRY | | | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| TYS OFFICE DEVELOPMENT, BVI | MDP | OFFICES | 0.54### | 15.00 |
+-------------------------------+----------+-------------------------+-------------+--------+
| HOUNDSHILL, BLACKPOOL | SII | RETAIL CENTRE | 120.00 |70.68* |
+-------------------------------+----------+-------------------------+-------------+--------+
| KWIK-FIT PORTFOLIO, UK | SII | MOTOR & ANCILLARY | 11.74 | 84.23 |
+-------------------------------+----------+-------------------------+-------------+--------+
| NEWINGTON HOUSE LTD, | SII | OFFICE | 10.16 | 76.73 |
| SOUTHWARK | | | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| CO-OP SWITZERLAND | SII | SUPERMARKET & HOME | 18.35# | 80.46 |
| | | DEPOT | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| 26 THE ESPLANADE, ST HELIER, | SII | OFFICES | 22.35 | 50.00 |
| JERSEY | | | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| MALTHURST PORTFOLIO | SII | MOTOR & ANCILLARY | 22.95 | 84.00 |
+-------------------------------+----------+-------------------------+-------------+--------+
| GERMAN PORTFOLIO 1 | SII | RETAIL CENTRES | 19.70## | 91.62 |
+-------------------------------+----------+-------------------------+-------------+--------+
| GERMAN PORTFOLIO 2 | SII | RETAIL CENTRES | 10.13## | 54.56 |
+-------------------------------+----------+-------------------------+-------------+--------+
| GERMAN PORTFOLIO 3 | SII | RETAIL CENTRES | 5.01## | 91.62 |
+-------------------------------+----------+-------------------------+-------------+--------+
| GERMAN PORTFOLIO 4 | SII | RETAIL CENTRES | 30.83## |91.62* |
+-------------------------------+----------+-------------------------+-------------+--------+
| CHURCHILL COURT, CRAWLEY | SII/VEP | OFFICES | 23.45 |50.00* |
+-------------------------------+----------+-------------------------+-------------+--------+
| PEARL HOUSE, SWANSEA | VEP | RETAIL & RESIDENTIAL | 2.30 | 50.00 |
+-------------------------------+----------+-------------------------+-------------+--------+
| 15-17 THE SQUARE, PETERSFIELD | VEP | RESIDENTIAL | 0.91 | 60.42 |
+-------------------------------+----------+-------------------------+-------------+--------+
| 98-100 MAIN STREET, BANSTEAD | SII | RETAIL | 0.99 | 71.43 |
+-------------------------------+----------+-------------------------+-------------+--------+
| 7-11 HIGH STREET, REIGATE | VEP | RETAIL & OFFICES, | 2.61 | 61.36 |
| | | RESIDENTIAL | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| REGAL WALK, MARGATE | VEP | RETAIL CENTRE | 10.00 | 25.00 |
+-------------------------------+----------+-------------------------+-------------+--------+
| STREATHAM RETAIL PARADE & | VEP | OFFICE, RETAIL & | 6.55 |100.00 |
| WENTWORTH HOUSE | | RESIDENTIAL | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| KWIK-FIT STAFFORD DEVELOPMENT | VEP | DEVELOPMENT PROPERTY | 3.81 |84.23* |
+-------------------------------+----------+-------------------------+-------------+--------+
| STOCKPORT REDEVELOPMENT | VEP | DEVELOPMENT PROPERTY | 0.91 |84.23* |
+-------------------------------+----------+-------------------------+-------------+--------+
| MODUS ALPHA PROPERTY FUND | PCIV | UNLISTED PROPERTY | 0.15 | 1.04 |
| | | COMPANY | | |
+-------------------------------+----------+-------------------------+-------------+--------+
| WICHFORD PLC | PCIV | LISTED PROPERTY COMPANY | 2.09 | 7.10 |
+-------------------------------+----------+-------------------------+-------------+--------+
| APN EUROPEAN PROPERTY GROUP | PCIV | LISTED PROPERTY COMPANY | 0.29 | 2.44 |
+-------------------------------+----------+-------------------------+-------------+--------+
* % ownership of the group which owns 50% of the property
#Functional currency is Swiss Franc (CHF), converted at an interim closing rate
of 1.63CHF:1GBP
##Functional currency is EURO, converted at an interim closing rate of 1.08
EURO:1GBP
### Functional currency is USD, converted at an interim closing rate of 1.43
USD:1GBP
Key:
MDP - Major Development ProjectSII - Stable Income Investment
VEP - Value Enhancing ProjectPCIV - Property Collective Investment Vehicle
Market Overview
The global credit crisis which started in mid 2007 continued to be the major
driving force on international real estate markets during 2008/2009.
During the six months to end March 2009, UK and European property share prices
continued their dramatic declines. The EPRA (European listed property) index
fell 45.6%. Physical property fared a little better with the IPD All Property
Monthly Index for the six months to end March 2009 falling 19.7%.
Both the UK and Europe are in severe recession with deflation the major concern
for policy makers.
Central banks have reduced interest rates to unprecedented levels and, together
with stimulus packages and other measures such as quantitative easing, this is
resulting in some confidence returning to financial markets and at least one
respected property analyst has called the bottom of the market in the UK.
The investment manager is being cautious in its outlook and, although in
agreement with the view that the worst may be over, it expects any recovery to
be slow and prolonged.
Acquisitions
The Group reached agreement on the following acquisitions during the period
under review:
United Kingdom
50% of Byron Place Shopping Centre, Seaham
Agreement was reached with the Modus Property Group to acquire a 50% stake in
Byron Place Shopping Centre, Seaham. The investment comprises a circa 42.000ft²
ASDA Food Store as well as a further 15 units totalling 73,000ft² of additional
retail space arranged along a straight enclosed mall. Completion occurred on 27
April 2009.
Europe
Bremen - Lindenhof
The acquisition of a recently developed shopping centre in Bremen, Germany for a
purchase price of EUR 7.7m is at an advanced stage. The centre is anchored by an
Aldi supermarket and several other multi-national tenants, all on ten year
leases, accounting for approximately 65% of the total rental income. The
consideration will be funded by senior debt (provided by a local German bank),
vendor finance and equity. Agreement on the terms and completion of this
acquisition is expected before the end of June 2009.
Update on Development Projects & Major Retail Schemes
The Company announced on 16 December 2008 that its joint venture development
partner Modus Property Group "Modus" was in discussions with its bankers
regarding its working capital facilities.
Modus has informed the Company that it is not in a position to provide any
further funding for its joint ventures with CIREF. These joint ventures
comprised:
* Trinity Walk, Wakefield
* Houndshill Shopping Centre, Blackpool
* West Orchards Shopping Centre, Coventry
* Birchwood Shopping Centre, Warrington
* Delamere Place, Crewe
* Friars Walk, Newport
An update on each scheme is provided below:
Trinity Walk, Wakefield
The bank providing the development finance, Anglo Irish Asset Finance plc
("Anglo"), demanded an additional equity contribution in November 2008. As
Modus were not in a position to contribute, a public sector grant of GBP7.0m was
secured from the Wakefield District Council and additional equity of GBP3.8m
each was raised from CIREF and the Contractor. On this basis the Modus interest
would have been diluted to 0.1%.
While the legal documentation to reflect the new grant and equity terms was
being been drawn up, Anglo Irish Bank Plc ("Anglo") was nationalised.
Notification was then received from Dublin that notwithstanding the GBP14.6m of
new capital agreed in principle, an additional GBP20m of equity was required or
the loan would not be granted. The exceptionally tight deadline imposed by the
bank meant the only option was to put Trinity Walk Wakefield Limited into
voluntary administration.
The Group is working with the administrators and the development partners,
including Wakefield City Council, in order to find a solution which will allow
the development of the Trinity Walk Retail Centre to continue.
The Group has written off its investment in Trinity Walk Wakefield Limited,
GBP6.65m at an attributable level, equivalent to a reduction of 9.02p in NAV per
share.
Houndshill Shopping Centre, Blackpool
Discussions are taking place with the funding bank to restructure the debt as it
now exceeds the open market value of the centre. CIREF is committed to
providing additional equity if a sensible solution can be reached. In this event
it is likely that Modus will be diluted to a notional interest.
Provision has been made in the accounts to reflect the investment at a zero net
value.
West Orchards, Coventry
Following the decision by Modus not to provide any further funding, Ciref
Coventry Limited has increased its ownership to 99.78%. CIREF owns 81.25% of
Ciref Coventry Limited.
This 210,000 sq ft shopping centre, anchored by a 100,000 sq ft Debenhams
department store, continues to trade well with only 3.0% of the lettable area
vacant.
The development of the new Severn Trent Water Business Centre on a site near
West Orchards is expected to boost retailing in the Coventry City Centre. The
new building comprises 170,000 sq ft of offices and will house 1,700 Severn
Trent staff which are being relocated from other West Midlands locations. It is
expected to open in early 2010.
Birchwood Shopping Centre, Warrington
Negotiations with the proposed anchor for the redevelopment of the secondary end
of the centre are at an advanced stage. The development will commence once the
threshold pre-let level has been reached. Discussions will be held with Modus
and other minority shareholders with respect to the financing of this extension.
Those shareholders that do not participate will be diluted.
Delamere Place, Crewe
A redesign of the original scheme is being undertaken to simplify the
development. Further updates will be given on timing when an agreed redesign has
been finalised. Equity funding will be raised from existing shareholders with
those not participating having to dilute.
The centre in its current form continues to trade well. Vacancies account for
2.7% of rentable area.
Friars Walk, Newport
Discussions are being held with the Newport City Council with the intention of
raising an element of public sector funding for this project.
Modus's investment in the project going forward is under discussion.
Interest Rate Swaps
The Group has incurred significant mark to market losses on its interest rate
swaps. This is as a result of the application of IFRS and despite the fact that
much of the Group's borrowings are of high quality and could not be replaced in
the current market at the rates that have been secured.
Strategy
The Group will remain opportunistic in its investment decision-making.
In the short term, the Group intends to ensure that its portfolio is managed as
defensively as possible. Principally, this will be achieved through:
* Maximising cash generation and minimising outflows;
* Ensuring loan facilities are extended well ahead of expiry dates;
* Maintaining a very close watch on all debt facilities to ensure any potential
covenant stresses are identified well in advance and rectified before triggered;
and
* Delaying capital expenditure projects where possible.
The focus for the European portfolio in the next half year will continue to be
on consolidation and value-enhancing asset management opportunities. With this
in mind, it is intended that all short term leases will be extended. Having
extended all leases expiring in 2008/2009, the Investment Manager is currently
in discussions with the tenants whose leases are scheduled to expire in 2010.
The Group is well placed to withstand any prolonged recession in the UK
and Europe and will be on the lookout for opportunities that present themselves
in this environment.
FINANCIAL REVIEW
Interim period
The 2009 interim results reflect an operating gain of 2.89p per share, as shown
below.
Other than the one-off write-off of the Trinity Walk Wakefield investment, a
large part of the significant asset and swap impairments is unrealised.
+-----------------------------------------------------+------------+----+--------------+
| | 31 March | | 31 March |
| | 2009 | | 2008 |
+-----------------------------------------------------+------------+----+--------------+
| | Total | | Total |
+-----------------------------------------------------+------------+----+--------------+
| | GBP'000 | | GBP'000 |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| Underlying profit from core operations attributable | 2,104 | | 2,532 |
| to ordinary shareholders | | | |
+-----------------------------------------------------+------------+----+--------------+
| Minority interest | (400) | | 290 |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| Underlying profit from core operations | | | |
+-----------------------------------------------------+------------+----+--------------+
| attributable to Equity holders of the parent | 1,704 | | 2,822 |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| Net fair value losses on investment property | (6,549) | | (2,660) |
+-----------------------------------------------------+------------+----+--------------+
| Movement in the fair value of derivatives | (5,058) | | (398) |
+-----------------------------------------------------+------------+----+--------------+
| Profit on sale of investment property | - | | 1,138 |
+-----------------------------------------------------+------------+----+--------------+
| Profit on sale of joint venture | - | | 975 |
+-----------------------------------------------------+------------+----+--------------+
| Impairment of investments | (10,071) | | (322) |
+-----------------------------------------------------+------------+----+--------------+
| Fair value losses on investment property and | | | |
| derivatives | | | |
+-----------------------------------------------------+------------+----+--------------+
| included in equity accounted losses | (12,634) | | (2,071) |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| Loss for the year after tax | (32,608) | | (516) |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| Attributable to: | | | |
+-----------------------------------------------------+------------+----+--------------+
| Equity holders of the parent | (26,166) | | 121 |
+-----------------------------------------------------+------------+----+--------------+
| Minority interest | (6,442) | | (637) |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| (Loss)/earnings per share (pence) | (35.89) | | 0.18 |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| | | | |
+-----------------------------------------------------+------------+----+--------------+
| Earnings per share from core operations | | | |
+-----------------------------------------------------+------------+----+--------------+
| Adjusted earnings | 2,104 | | 2,532 |
+-----------------------------------------------------+------------+----+--------------+
| Weighted average number of ordinary shares | 72,908 | | 68,206 |
+-----------------------------------------------------+------------+----+--------------+
| Earnings per share from core operations | 2.89 | | 3.71 |
+-----------------------------------------------------+------------+----+--------------+
Commercial Property Price Risk
The Directors draw attention to the risks associated with commercial property
investments. Although over the long term property is considered a low risk
asset, investors must be aware that significant short and medium term risk
factors are inherent in the asset class.
Investments in property are relatively illiquid and usually more difficult to
realise than listed equities or bonds and this restricts the Group's ability to
realise value in cash in the short term.
The property valuations on which these results are based have been prepared in a
period of market uncertainty. The current turmoil in the world's financial
markets has resulted in commercial and residential properties selling in much
reduced quantities with virtually no market activity in some areas. Many vendors
are choosing not to go to the market until conditions improve. Many purchasers
are choosing not to buy now in the expectation that market conditions will
continue to deteriorate and they will be able to purchase more favourably in the
future. Other transactions are failing due to the current difficulty in funding
acquisitions.
The lack of market activity and the resulting lack of market evidence means that
it is generally not possible to value properties with as high a degree of
certainty as would be the case in a more stable market with a good level of
market evidence.
Estimates of fair value of investment properties
The best evidence of fair value is current prices in an active market for
similar lease and other contracts. In the absence of such information, the Group
determines the amount within a range of reasonable estimates. The Group
considers information from a variety of sources including:
-Independent valuers;
-Current prices in an active market for properties of a different nature,
condition or location, adjusted for those differences;
-Recent prices from similar properties in less active markets, with adjustments
to reflect any changes in economic conditions;
-Discounted cash flow projections based on reliable estimates of future cash
flows, derived from the terms of any existing lease and from external evidence
such as current market rents for similar properties in the same location and
condition, and using discount rates that reflect current market assessments.
The consolidated financial statements are prepared in accordance with
International Financial Reporting Standards ("IFRS") and interpretations adopted
by the International Accounting Standards Board ("IASB"). The accounting
policies have been applied consistently by the Group. The abridged consolidated
financial statements are contained in the following pages.
Ciref Plc
Consolidated Income Statement
For the 6 months ended 31 March 2009
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | Unaudited | | Unaudited | | Audited |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | 31 March | | 31 March | | 30 |
| | | 2009 | | 2008 | | September |
| | | | | | | 2008 |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | Total | | Total | | Total |
+---------------------------------------+-------+------------+--+------------+---+------------+
| |Notes | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Income | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Gross rental income | | 4,758 | | 3,721 | | 7,579 |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Other income | 4 | 500 | | 1,610 | | 1,206 |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Net fair value losses on investment | | (6,549) | | (1,523) | | (10,090) |
| property | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Total investment (loss)/income | | (1,291) | | 3,808 | | (1,305) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Expenses | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Administrative expenses | | (209) | | (244) | | (424) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Property operating expenses | | (1,500) | | (1,210) | | (2,480) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Total expenses | | (1,709) | | (1,454) | | (2,904) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Operating (loss)/profit | | (3,000) | | 2,354 | | (4,209) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Finance income | 5 | 2,560 | | 3,814 | | 6,467 |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Finance cost | 6 | (4,694) | | (4,029) | | (7,359) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Losses from financial assets and | 7 | (15,129) | | (965) | | (2,821) |
| liabilities | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Equity accounted losses | | (12,334) | | (1,649) | | (26,968) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Loss before tax | | (32,597) | | (475) | | (34,890) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Taxation | | (11) | | (41) | | (84) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Loss after tax | | (32,608) | | (516) | | (34,974) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Attributable to: | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Equity holders of the parent | | (26,166) | | 121 | | (28,043) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Minority interest | | (6,442) | | (637) | | (6,931) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Loss after tax | | (32,608) | | (516) | | (34,974) |
+---------------------------------------+-------+------------+--+------------+---+------------+
| | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
| Basic and fully diluted | 10 | (35.89) | | 0.18 | | (39.69) |
| (loss)/earnings per share (pence) | | | | | | |
+---------------------------------------+-------+------------+--+------------+---+------------+
Ciref Plc
Consolidated Balance Sheet
As at 31 March 2009
+---------------------------------------+-------+-------------+-------------+-------------+
| | | Unaudited | Audited |
+---------------------------------------+-------+---------------------------+-------------+
| | | 31 March | 31 March | 30 |
| | | | | September |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | 2009 | 2008 | 2008 |
+---------------------------------------+-------+-------------+-------------+-------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Assets | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Non-current assets | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Investment property | 8 | 169,379 | 125,833 | 106,636 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Long-term receivables | | 48,136 | 61,301 | 52,894 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Other investments | | 4,459 | 13,055 | 735 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Investments in joint ventures | | 4,214 | 14,975 | 13,003 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Investments in associates | | 2,154 | 7 | 6,859 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | 228,342 | 215,171 | 180,127 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Current assets | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Trade and other receivables | | 11,732 | 10,586 | 8,828 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Cash and cash equivalents | | 13,227 | 30,684 | 17,940 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Total current assets | | 24,959 | 41,270 | 26,768 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Total assets | | 253,301 | 256,441 | 206,895 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Equity and liabilities | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Capital and reserves | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Share capital | | 737 | 739 | 727 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Share premium | | 104,031 | 104,815 | 103,294 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Treasury shares | | (61) | - | - |
+---------------------------------------+-------+-------------+-------------+-------------+
| Retained earnings | | (54,896) | 4,148 | (26,816) |
+---------------------------------------+-------+-------------+-------------+-------------+
| Non-distributable reserves | | 7,134 | 1,900 | 1,769 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Total equity attributable to equity | | 56,945 | 111,602 | 78,974 |
| shareholders | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Minority interest | | 4,390 | 13,882 | 9,588 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Total equity | | 61,335 | 125,484 | 88,562 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Non-current liabilities | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Loans and borrowings | 9 | 178,141 | 118,995 | 107,737 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Current liabilities | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Loans and borrowings | 9 | 3,546 | 4,435 | 3,425 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Trade and other payables | | 10,279 | 7,527 | 7,171 |
+---------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+-------------+
| Total current liabilities | | 13,825 | 11,962 | 10,596 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Total liabilities | | 191,966 | 130,957 | 118,333 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Total equity and liabilities | | 253,301 | 256,441 | 206,895 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Net asset value per share (pence) | | 77.42 | 151.04 | 108.65 |
+---------------------------------------+-------+-------------+-------------+-------------+
| Number of ordinary shares in issue | | 73,556,610 | 73,889,002 | 72,685,751 |
+---------------------------------------+-------+-------------+-------------+-------------+
Ciref Plc
Consolidated statement of changes in equity
For the 6 months ended 31 March 2009
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | Share | Share | Treasury | Retained | Non-distributable | Total | Minority | Total |
| | capital | premium | shares | earnings | reserve | equity | interest | equity |
| | | | | | | attributable | | |
| | | | | | | to equity | | |
| | | | | | | shareholders | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Group | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Balance at 1 October | 549 | 76,579 | - | 5,328 | 139 | 82,595 | 3,026 | 85,621 |
| 2007 | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Reclassification of | - | - | - | - | - | - | 11,968 | 11,968 |
| minority shareholder | | | | | | | | |
| loans | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Balance at 1 October | 549 | 76,579 | - | 5,328 | 139 | 82,595 | 14,994 | 97,589 |
| 2007 - restated | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Net income for the | - | - | - | 121 | - | 121 | (637) | (516) |
| period | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Foreign currency | - | - | - | - | 1,761 | 1,761 | - | 1,761 |
| translation | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Total recognised | - | - | - | 121 | 1,761 | 1,882 | (637) | 1,245 |
| income for the period | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Shares issued | 197 | 30,510 | - | - | - | 30,707 | - | 30,707 |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Shares issued to | - | - | - | - | - | - | 103 | 103 |
| minorities | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Share issue costs | - | (1,247) | - | - | - | (1,247) | - | (1,247) |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Redemption of issued | (7) | (1,027) | - | - | - | (1,034) | - | (1,034) |
| shares | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dividend paid to | - | - | - | (1,746) | - | (1,746) | - | (1,746) |
| equity stakeholders | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dilution of minority | - | - | - | 445 | - | 445 | (447) | (2) |
| interest | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Decrease in minority | - | - | - | - | - | - | (131) | (131) |
| shareholders loans | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Balance at 31 March | 739 | 104,815 | - | 4,148 | 1,900 | 111,602 | 13,882 | 125,484 |
| 2008 | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Net income for the | - | - | | (28,164) | - | (28,164) | (6,294) | (34,458) |
| period | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Foreign currency | - | - | | - | (131) | (131) | 133 | 2 |
| translation | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Total recognised | | | | (28,164) | (131) | (28,295) | (6,161) | (34,456) |
| income for the period | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Shares issued to | - | - | - | - | - | - | 853 | 853 |
| minorities | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Redemption of issued | (12) | (1,521) | - | - | - | (1,533) | - | (1,533) |
| shares | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dividend paid to | - | - | - | (2,367) | - | (2,367) | - | (2,367) |
| equity stakeholders | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dividends paid to | - | - | - | - | - | - | (66) | (66) |
| minorities | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dilution of minority | - | - | - | (433) | - | (433) | 329 | (104) |
| interest | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| De-recognition of | - | - | - | - | - | - | 1,346 | 1,346 |
| subsidiary | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Decrease in minority | - | - | - | - | - | - | (595) | (595) |
| shareholders loans | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Balance at 30 | 727 | 103,294 | - | (26,816) | 1,769 | 78,974 | 9,588 | 88,562 |
| September 2008 | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Net income for the | - | - | - | (26,166) | - | (26,166) | (6,442) | (32,608) |
| period | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Foreign currency | - | - | - | - | 2,356 | 2,356 | 216 | 2,572 |
| translation | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Total recognised | - | - | - | (26,166) | 2,356 | (23,810) | (6,226) | (30,036) |
| income for the period | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Shares issued | 10 | 737 | - | - | - | 747 | - | 747 |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Share of minority | - | - | - | - | 3,009 | 3,009 | 694 | 3,703 |
| share premium in | | | | | | | | |
| subsidiary | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Shares in treasury | - | - | (61) | - | - | (61) | - | (61) |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dividend paid to | - | - | - | (1,824) | - | (1,824) | - | (1,824) |
| equity stakeholders | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dividend paid to | - | - | - | - | - | - | (20) | (20) |
| minorities | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Dilution of minority | - | - | - | (90) | - | (90) | 75 | (15) |
| interest | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Increase in minority | - | - | - | - | - | - | 279 | 279 |
| shareholder loans | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
| Balance at 31 March | 737 | 104,031 | (61) | (54,896) | 7,134 | 56,945 | 4,390 | 61,335 |
| 2009 | | | | | | | | |
+------------------------+---------+-----------+----------+-----------+-------------------+--------------+----------+-----------+
Ciref Plc
Consolidated statement of cash flows
For the 6 months ended 31 March 2009
+----------------------------------------+-------+------------+------------+------------+
| | | Unaudited | Audited |
+----------------------------------------+-------+-------------------------+------------+
| | | 31 March | 31 March | 30 |
| | | | | September |
+----------------------------------------+-------+------------+------------+------------+
| | | 2009 | 2008 | 2008 |
+----------------------------------------+-------+------------+------------+------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------+------------+------------+------------+
| Cash flows from operating activities | | | | |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Loss before tax | | (32,598) | (475) | (34,890) |
+----------------------------------------+-------+------------+------------+------------+
| Adjusted for: | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Reversal of provision against loans to | | - | (975) | (294) |
| joint ventures | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Negative goodwill | | - | - | (26) |
+----------------------------------------+-------+------------+------------+------------+
| Net fair value losses on investment | 8 | 6,549 | 1,523 | 10,090 |
| property | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Realised gain from sale of subsidiary | | - | - | (10) |
+----------------------------------------+-------+------------+------------+------------+
| Losses from financial assets and | 7 | 15,129 | 965 | 2,821 |
| liabilities | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Equity accounted losses from | | 12,335 | 1,649 | 26,968 |
| associates | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Exchange rate losses/(gains) | | 21 | - | (9) |
+----------------------------------------+-------+------------+------------+------------+
| Finance income | 5 | (2,560) | (3,814) | (6,467) |
+----------------------------------------+-------+------------+------------+------------+
| Finance expense | 6 | 4,694 | 4,029 | 7,359 |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Cash generated by operations | | 3,570 | 2,902 | 5,542 |
+----------------------------------------+-------+------------+------------+------------+
| Changes in working capital | | (1,015) | (260) | 806 |
+----------------------------------------+-------+------------+------------+------------+
| Cash generated by operations | | 2,555 | 2,642 | 6,348 |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Interest paid | | (4,231) | (2,820) | (8,656) |
+----------------------------------------+-------+------------+------------+------------+
| Taxation paid | | (11) | (41) | (84) |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Net cash utilised in operating | | (1,687) | (219) | (2,392) |
| activities | | | | |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Cash flows from investing activities | | | | |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Dividend income | | 302 | 330 | 559 |
+----------------------------------------+-------+------------+------------+------------+
| Interest income | | 2,346 | 1,873 | 7,560 |
+----------------------------------------+-------+------------+------------+------------+
| Purchase of investment properties | 8 | (16) | (4,235) | (3,970) |
+----------------------------------------+-------+------------+------------+------------+
| Sale of investment properties | 8 | - | 5,092 | 4,717 |
+----------------------------------------+-------+------------+------------+------------+
| Investment in associates and joint | | (1,716) | (4,775) | (18,565) |
| ventures | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Sale of investments in subsidiaries | | - | - | 318 |
+----------------------------------------+-------+------------+------------+------------+
| Increase in loans to joint ventures & | | (352) | (645) | (5,642) |
| associates | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Increase in loans to related parties | | (871) | (419) | (2,030) |
+----------------------------------------+-------+------------+------------+------------+
| Purchases of financial assets | | - | (7,572) | - |
+----------------------------------------+-------+------------+------------+------------+
| Acquisition of minority interest | | - | - | (209) |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Net cash utilised in investing | | (307) | (10,351) | (17,262) |
| activities | | | | |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Cash flows from financing activities | | | | |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Repayment of borrowings | | (1,436) | (2,397) | (1,346) |
+----------------------------------------+-------+------------+------------+------------+
| Proceeds from borrowings | | | 2,245 | 2,157 |
+----------------------------------------+-------+------------+------------+------------+
| Dividends paid to equity shareholders | | (1,342) | (1,746) | (4,113) |
+----------------------------------------+-------+------------+------------+------------+
| Dividends paid to minorities | | (20) | - | (66) |
+----------------------------------------+-------+------------+------------+------------+
| Proceeds from issue of share capital | | - | 28,426 | 26,892 |
+----------------------------------------+-------+------------+------------+------------+
| Acquisition of treasury shares | | (380) | - | - |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Net cash from financing activities | | (3,178) | 26,528 | 23,524 |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Net (decrease)/increase in cash | | (5,172) | 15,958 | 3,870 |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Effect of exchange rate fluctuations | | 246 | 12 | (644) |
| on cash held | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Increase in cash on acquisition of | | 213 | - | - |
| group undertakings | | | | |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Net cash at the beginning of the | | 17,940 | 14,714 | 14,714 |
| period | | | | |
+----------------------------------------+-------+------------+------------+------------+
| | | | | |
+----------------------------------------+-------+------------+------------+------------+
| Net cash at the end of the period | | 13,227 | 30,684 | 17,940 |
+----------------------------------------+-------+------------+------------+------------+
Ciref Plc
Notes to the Financial Statements
For the 6 months ended 31 March 2009
1. Basis of preparation
The consolidated financial statements are presented in Great British Pounds,
which is the presentation currency of the Group and rounded to the nearest
thousand pounds. They are prepared using the historical cost basis except for
investment property and financial instruments at fair value through profit or
loss.
The preparation of financial statements in conformity with IFRS requires the use
of accounting estimates. It also requires management to exercise its judgement
in the process of applying the Group's accounting policies. The estimates and
assumptions relating to the fair value of investment properties have a
significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
2.Accounting policies
The interim results have been prepared using accounting policies consistent with
those set out in the consolidated financial statements for the year ended 30
September 2008.
3.Taxation
The group is exempt from all forms of taxation in Jersey, including income,
capital gains and withholding taxes. In jurisdictions other than Jersey, foreign
taxes will, in some cases, be withheld at source on dividends and interest
received by the Group. Other than Germany and Switzerland capital gains derived
by the Group in such jurisdictions generally will be exempt from foreign income
or withholding taxes at source.
Income tax expense
The Group invests in UK property and therefore is liable to income tax in the UK
on the net rental profits. The current rate of UK income tax for a non-resident
company is 22%. Based on current UK law, certain joint ventures in the Group
will be subject to UK capital gains tax, or corporation tax on capital gains, on
the realisation of UK investment property gains.
The Group invests in Swiss property and therefore is liable to cantonal and
federal taxes in Switzerland. The rates depend largely on the canton in which
the property is situated and the property values. The effective rate of tax
ranges from 22% to 25%.
The Group also invests in German properties held either in corporates or
partnerships. The effective rate of tax ranges from 18.463% to 25% and the rate
of capital gains tax on any future disposal ranges from 15.825% to 20%.
Provision has been made for deferred capital gains tax in UK joint ventures,
where taxable temporary differences arise.
4. Other income
+-----------------------------------------------+-------------+------------+-------------+
| | Unaudited | Audited |
+-----------------------------------------------+--------------------------+-------------+
| | Six months ended | Year ended |
+-----------------------------------------------+--------------------------+-------------+
| | 31 March | 31 March | 30 |
| | | | September |
+-----------------------------------------------+-------------+------------+-------------+
| | 2009 | 2008 | 2008 |
+-----------------------------------------------+-------------+------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------------+-------------+------------+-------------+
| | | | |
+-----------------------------------------------+-------------+------------+-------------+
| Profit on sale of subsidiary | - | - | 10 |
+-----------------------------------------------+-------------+------------+-------------+
| Negative goodwill | - | 26 | 26 |
+-----------------------------------------------+-------------+------------+-------------+
| Foreign exchange gain | - | - | 9 |
+-----------------------------------------------+-------------+------------+-------------+
| Reversal of provision against loans to joint | - | 975 | 294 |
| ventures | | | |
+-----------------------------------------------+-------------+------------+-------------+
| Other property income | 500 | 609 | 867 |
+-----------------------------------------------+-------------+------------+-------------+
| | | | |
+-----------------------------------------------+-------------+------------+-------------+
| | 500 | 1,610 | 1,206 |
+-----------------------------------------------+-------------+------------+-------------+
5. Finance income
+------------------------------------------------+--------------+------------+--------------+
| | Unaudited | Audited |
+------------------------------------------------+---------------------------+--------------+
| | Six months ended | Year ended |
+------------------------------------------------+---------------------------+--------------+
| | 31 March | 31 March | 30 September |
+------------------------------------------------+--------------+------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+--------------+------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| The following table details the interest | | | |
| income earned by the Group during the period: | | | |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Interest income on bank deposits | 621 | 1,333 | 2,184 |
+------------------------------------------------+--------------+------------+--------------+
| Interest received from related parties | 1,637 | 2,151 | 3,724 |
+------------------------------------------------+--------------+------------+--------------+
| Total interest income | 2,258 | 3,484 | 5,908 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| | Unaudited | Audited |
+------------------------------------------------+---------------------------+--------------+
| | Six months ended | Year ended |
+------------------------------------------------+---------------------------+--------------+
| | 31 March | 31 March | 30 September |
+------------------------------------------------+--------------+------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+--------------+------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| The following table details the dividend | | | |
| income earned by the Group during the period: | | | |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Dividends received from equity securities | | | |
| designated at fair value | | | |
+------------------------------------------------+--------------+------------+--------------+
| through profit or loss | 302 | 330 | 559 |
+------------------------------------------------+--------------+------------+--------------+
| Total dividend income | 302 | 330 | 559 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Total finance income | 2,560 | 3,814 | 6,467 |
+------------------------------------------------+--------------+------------+--------------+
6. Finance expense
+------------------------------------------------+--------------+------------+--------------+
| | Unaudited | Audited |
+------------------------------------------------+---------------------------+--------------+
| | Six months ended | Year ended |
+------------------------------------------------+---------------------------+--------------+
| | 31 March | 31 March | 30 September |
+------------------------------------------------+--------------+------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+--------------+------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| The following table details the interest | | | |
| expense at amortised cost incurred by the | | | |
| Group during the period: | | | |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Interest expense on financial liabilities | 3,724 | 2,985 | 5,793 |
+------------------------------------------------+--------------+------------+--------------+
| Interest paid to related parties | 970 | 1,204 | 1,738 |
+------------------------------------------------+--------------+------------+--------------+
| Interest capitalised to investment property | - | (160) | (172) |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Total finance expense | 4,694 | 4,029 | 7,359 |
+------------------------------------------------+--------------+------------+--------------+
7. Losses from financial assets and liabilities
+------------------------------------------------+--------------+--------------+--------------+
| | Unaudited | Audited |
+------------------------------------------------+-----------------------------+--------------+
| | Six months ended | Year ended |
+------------------------------------------------+-----------------------------+--------------+
| | 31 March | 31 March | 30 September |
+------------------------------------------------+--------------+--------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+--------------+--------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------------+--------------+--------------+--------------+
| Fair value through profit or loss | | | |
+------------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------------+--------------+--------------+--------------+
| Equity investments - realised | (9,673) | - | (2,058) |
+------------------------------------------------+--------------+--------------+--------------+
| - unrealised | (398) | (322) | 48 |
+------------------------------------------------+--------------+--------------+--------------+
| Derivative financial instruments | (5,058) | (642) | (811) |
+------------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------------+--------------+--------------+--------------+
| Net loss from financial assets and liabilities | | | |
| | | | |
+ +--------------+--------------+--------------+
| | (15,129) | (964) | (2,821) |
+------------------------------------------------+--------------+--------------+--------------+
8.Investment property
The book cost of properties as at 31 March 2009 was GBP163,956,283 (2008:
GBP121,295,822). The carrying amount of investment property as at 30 September
2008 is the fair value of the property as determined by a registered independent
appraiser. The carrying amount of investment property as at 31 March 2009 is the
fair value of the property as determined by directors' valuations. The
directors' valuations consider the rental status of each property and current
market yields. The Group is also exposed to the risk associated with investment
property held within joint venture and associate entities, which are equity
accounted.
Investment property comprises a number of commercial and retail properties that
are leased to third parties.All investment properties are income generating.
Investment property under development is held via joint venture entities, which
are equity accounted.
Property operating expenses in the income statement relate solely to income
generating properties.
+------------------------------------------------+--------------+------------+--------------+
| | Unaudited | Audited |
+------------------------------------------------+---------------------------+--------------+
| | Six months ended | Year ended |
+------------------------------------------------+---------------------------+--------------+
| | 31 March | 31 March | 30 September |
+------------------------------------------------+--------------+------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+--------------+------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Opening balance | 106,636 | 121,815 | 121,815 |
+------------------------------------------------+--------------+------------+--------------+
| Properties acquired during the period | - | 2,733 | 2,453 |
+------------------------------------------------+--------------+------------+--------------+
| Capitalised interest | - | 160 | 172 |
+------------------------------------------------+--------------+------------+--------------+
| Capitalised expenditure | 16 | 1,372 | 1,517 |
+------------------------------------------------+--------------+------------+--------------+
| Impact of acquisition of subsidiaries* | 60,579 | - | - |
+------------------------------------------------+--------------+------------+--------------+
| Impact of disposal of subsidiaries | - | - | (10,629) |
+------------------------------------------------+--------------+------------+--------------+
| Reclassification of investment property | - | - | (637) |
+------------------------------------------------+--------------+------------+--------------+
| Sale of properties during the period | - | (5,092) | (4,717) |
+------------------------------------------------+--------------+------------+--------------+
| Change in fair value due to foreign currency | 8,697 | 6,368 | 6,752 |
| translation | | | |
+------------------------------------------------+--------------+------------+--------------+
| Net loss from fair value adjustment | (6,549) | (1,523) | (10,090) |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Closing balance | 169,379 | 125,833 | 106,636 |
+------------------------------------------------+--------------+------------+--------------+
* Acquisition of additional 49.78% of Modus Corovest Coventry Limited.
9.Loans and borrowing
This note provides information about the contractual terms of the Group's loans
and borrowings, which are measured at amortised cost.
Terms and debt repayment schedule
9.1Secured
The terms and conditions of outstanding loans were as follows:
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | Unaudited | Audited |
+--------------------------+------------+----------+----------+---------------------+-----------+
| | | | | Six months ended | Year |
| | | | | | ended |
+--------------------------+------------+----------+----------+---------------------+-----------+
| | | | | 31 March | 31 March | 30 |
| | | | | | | September |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | 2009 | 2008 | 2008 |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | Loan | | Year | | | |
| | | | of | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Property | interest |Currency |maturity | | | |
| | rate | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Gibson Properties | 6.37%* | GBP | 2029 | 11,348 | 11,348 | 11,348 |
| Limited | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Newington House Limited | LIBOR + | GBP | 2010 | 6,936 | 7,066 | 7,010 |
| | 1.25% | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Ciref Reigate Limited | Base + | GBP | 2010 | 2,980 | 2,980 | 2,980 |
| | 1.35% | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Ciref Margate Limited | 5.83%* | GBP | 2021 | - | 10,000 | - |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Kalihora Holdings | 2.87%* | GBP | 2010 | 12,317 | 10,365 | 10,155 |
| Limited | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Ciref Streatham Limited | LIBOR + | GBP | 2010 | 3,078 | 3,078 | 3,078 |
| | 1.25% | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Ciref Malthurst Limited | LIBOR + | GBP | 2022 | 18,750 | 20,000 | 20,000 |
| | 0.95% | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Ciref Coventry Limited | 6.29%* | GBP | 2027 | 56,476 | - | - |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Ciref Berlin 1 Limited | EURIBOR | EUR | 2022 | 17,708 | 15,231 | 15,148 |
| | +1.2% | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Ciref German Portfolio | EURIBOR | EUR | 2022 | 3,716 | 3,196 | 3,179 |
| Limited | +1.2% | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Inkstone | 5.75%* | EUR | 2022 | 3,947 | 3,452 | 3.405 |
| Grundstucksverwaltung | | | | | | |
| Limited & Co. KG | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Inkstone Zwei | 5.91%* | EUR | 2022 | 4,419 | 3,900 | 3,830 |
| Grundstucksverwaltung | | | | | | |
| Limited & Co. KG | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Total bank loans | | | | 141,675 | 90,616 | 80,133 |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Loans secured by cash | 7.00%* | | 2012 | 5,915 | 7,915 | 5,915 |
| deposits | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Corovest Mezzanine | 7.10%* - | | 2011 | 28,000 | 24,000 | 24,000 |
| Capital Limited | 10% | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| | | | | | | |
+--------------------------+------------+----------+----------+----------+----------+-----------+
| Total secured loans | | | | 175,590 | 122,531 | 110,048 |
+--------------------------+------------+----------+----------+----------+----------+-----------+
All bank loans are secured over investment property, and bear interest at the
specified interest rates.
* Fixed rates
9.2Unsecured
+------------------------------------------------+--+------+------------+--------------+
| | Unaudited | Audited |
+------------------------------------------------+----------------------+--------------+
| | Six months ended | Year ended |
+------------------------------------------------+----------------------+--------------+
| | 31 | 31 March | 30 September |
| | March | | |
+------------------------------------------------+---------+------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+---------+------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+---------+------------+--------------+
| | | | |
+------------------------------------------------+---------+------------+--------------+
| Minority shareholder loans | 657 | 568 | 561 |
+------------------------------------------------+---------+------------+--------------+
| Derivatives (Refer to Note 11) | 5,440 | 331 | 553 |
+------------------------------------------------+---------+------------+--------------+
| | | | |
+------------------------------------------------+---------+------------+--------------+
| Total Unsecured loans | 6,097 | 899 | 1,114 |
+------------------------------------------------+---------+------------+--------------+
| | | | |
+------------------------------------------------+---------+------------+--------------+
| The shareholder loans are unsecured, bear | | | |
| interest at between 5.5% and 7.5% and mature | | | |
| in September 2015. | | | |
+---------------------------------------------------+------+------------+--------------+
| | | | |
+------------------------------------------------+---------+------------+--------------+
| Non-current liabilities | | | |
+------------------------------------------------+---------+------------+--------------+
| Secured bank loans | 170,581 | 117,766 | 106,623 |
+------------------------------------------------+---------+------------+--------------+
| Minority shareholder loans | 642 | 899 | 561 |
+------------------------------------------------+---------+------------+--------------+
| Derivatives | | 330 | 553 |
+------------------------------------------------+---------+------------+--------------+
| Total non-current loans and borrowings | 171,223 | 118,995 | 107,737 |
+------------------------------------------------+---------+------------+--------------+
| The maturity of non-current borrowings are as | | | |
| follows: | | | |
+------------------------------------------------+---------+------------+--------------+
| | | | |
+------------------------------------------------+---------+------------+--------------+
| Between 1 year and 5 years | 65,774 | 52,316 | 51,917 |
+------------------------------------------------+---------+------------+--------------+
| More than 5 years | 112,367 | 66,679 | 55,820 |
+------------------------------------------------+---------+------------+--------------+
| | | | |
+------------------------------------------------+---------+------------+--------------+
| | 178,141 | 118,995 | 107,737 |
+------------------------------------------------+---------+------------+--------------+
| Current liabilities | | | |
+------------------------------------------------+---------+------------+--------------+
| Current portion of secured bank loans | 3,546 | 4,435 | 3,425 |
+------------------------------------------------+---------+------------+--------------+
| Total current loans and borrowings | 3,546 | 4,435 | 3,425 |
+------------------------------------------------+---------+------------+--------------+
| Total loans and borrowings | 181,687 | 123,430 | 111,162 |
+------------------------------------------------+--+------+------------+--------------+
Exposure to credit, interest rate and currency risks arise in the normal course
of the Group's business. Derivative financial instruments are used to reduce
exposure to fluctuations in interest rates (Refer note 11).
10. Basic and fully diluted earnings/(loss) per share
+------------------------------------------------+--------------+------------+--------------+
| | Unaudited | Audited |
+------------------------------------------------+---------------------------+--------------+
| | Six months ended | Year ended |
+------------------------------------------------+---------------------------+--------------+
| | 31 March | 31 March | 30 September |
+------------------------------------------------+--------------+------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------+--------------+------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Net (loss)/profit attributable to shareholders | (26,166) | 121 | (28,043) |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Weighted average number of ordinary shares | 72,908 | 68,206 | 70,650 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| Number of ordinary shares ('000) | | | |
+------------------------------------------------+--------------+------------+--------------+
| Issued | 73,664 | 74,605 | 74,605 |
+------------------------------------------------+--------------+------------+--------------+
| Redeemed | - | (716) | (1,919) |
+------------------------------------------------+--------------+------------+--------------+
| Treasury | (107) | - | - |
+------------------------------------------------+--------------+------------+--------------+
| Net in issue | 73,557 | 73,889 | 72,686 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| - Weighted average | 72,908 | 68,206 | 70,650 |
+------------------------------------------------+--------------+------------+--------------+
| | | | |
+------------------------------------------------+--------------+------------+--------------+
| (Loss)/Earnings per share (pence) | | | |
+------------------------------------------------+--------------+------------+--------------+
| - Basic and diluted | (35.89) | 0.18 | (39.69) |
+------------------------------------------------+--------------+------------+--------------+
The company has no instruments in issue that would dilute earnings per share,
therefore diluted earnings per share is equal to basic earnings per share.
11 Interest rate risk
The Group uses interest rate swaps to hedge exposure to the variability in cash
flows on floating rate debt, such as secured bank loans, caused by the movements
in the market rates of interest. The table below represent details regarding the
interest rate swaps within the Group:
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| | | | | | Unaudited | Audited |
+------------------------+----------+----------+----------+----------+---------------------+-----------+
| | | | | | Six months ended | Year |
| | | | | | | ended |
+------------------------+----------+----------+----------+----------+---------------------+-----------+
| | | | | | Fair Value |
+------------------------+----------+----------+----------+----------+---------------------------------+
| Company | Nominal | Fixed |Currency | Year of | 31 March | 31 March | 30 |
| | | interest | |maturity | | | September |
+------------------------+----------+----------+ + +----------+----------+-----------+
| | loan | rate | | | 2009 | 2008 | 2008 |
| | hedged | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| | GBP'000 | | | | GBP'000 | GBP'000 | GBP'000 |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Subsidiaries | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Ciref Malthurst | 20,000 | 5.17% | GBP | 2022 | (3,093) | (214) | (501) |
| Limited | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Ciref Reigate Limited | 2,000 | 4.81% | GBP | 2010 | (137) | 10 | (26) |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Newington House | 7,119 | 4.69% | GBP | 2010 | (319) | 141 | 106 |
| Limited | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Ciref Berlin 1 Limited | 9,365 | 4.61% | EUR | 2014 | (934) | (117) | (26) |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Ciref Berlin 1 Limited | 8,342 | 4.20% | EUR | 2014 | (662) | 49 | 125 |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Ciref German Portfolio | 3,716 | 4.20% | EUR | 2014 | (295) | 22 | 56 |
| Limited | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| | 50,542 | | | | (5,440) | (109) | (266) |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Held in joint ventures | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Ciref Jersey Limited | 18,500 | 5.48% | GBP | 2027 | (4,441) | (1,289) | (2,252) |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Ciref Jersey Limited | 1,800 | 4.80% | GBP | 2027 | (302) | (33) | (66) |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Premium Portfolio | 5,163 | 4.13% | EUR | 2014 | (417) | - | 439 |
| Limited & Co. KG | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Premium Portfolio | 16,934 | 4.23% | EUR | 2014 | (1,472) | - | 169 |
| Limited & Co. KG | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| Churchill Court | 18,563 | 5.08% | GBP | 2018 | (2,250) | - | (108) |
| Limited | | | | | | | |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
| | 60,960 | | | | (8,882) | (1,322) | (1,818) |
+------------------------+----------+----------+----------+----------+----------+----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFFRERIRIIA
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