Invesco Prop Inc Annual Financial Report -4-
2014年11月29日 - 1:15AM
RNSを含む英国規制内ニュース (英語)
Investment properties are analysed after deduction of obligations under finance
leases of GBP7.6 million.
* Properties sold or contracted to be sold since the year end.
LEASE EXPIRY PROFILE
2014 2013
ANNUAL % OF ANNUAL % OF
INCOME ANNUAL INCOME ANNUAL
PERIOD OF LEASE GBP'000 INCOME GBP'000 INCOME
0-3 yrs 8,135 69.0 10,854 63.0
3-7 yrs 3,112 26.0 4,641 27.0
7-10 yrs 340 3.0 1,094 6.4
10-15 yrs 0 0.0 536 3.1
15-20 yrs 278 2.0 93 0.5
> 20 yrs 1 0.0 1 0.0
CURRENT ANNUAL INCOME FROM PROPERTIES 11,866 100.0 17,219 100.0
Annual income is derived from leases in place at 31 March 2014 and so will
differ from total annual income received by the Group for the year ended 31
March 2014.
SECTOR WEIGHTINGS OF PORTFOLIO BY GEOGRAPHIC AREA
AS AT 31 MARCH 2014
% OF PORTFOLIO
SECTOR UK FRANCE BELGIUM SPAIN GERMANY TOTAL
Industrial 13.21 12.60 - 2.90 - 28.71
Offices 23.01 29.95 4.87 - 13.46 71.29
Total 36.22 42.55 4.87 2.90 13.46 100.00
AS AT 31 MARCH 2013
% OF PORTFOLIO
SECTOR UK FRANCE BELGIUM SPAIN GERMANY TOTAL
Industrial 28.40 12.10 - 2.00 - 42.50
Offices 10.80 29.80 7.30 - 9.60 57.50
Total 39.20 41.90 7.30 2.00 9.60 100.00
.
DIRECTORS' RESPONSIBILITIES STATEMENT
in respect of the preparation of the annual financial report
The Directors are responsible for preparing the financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have elected to prepare group
financial statements in accordance with International Financial Reporting
Standards (`IFRS') as adopted by the European Union. The financial statements
are required by law to give a true and fair view of the state of affairs of the
Group and of the profit or loss of the Group for that period.
International Accounting Standard 1 requires that financial statements present
fairly for each financial period the Group's financial position, financial
performance and cash flows. This requires the faithful representation of the
effects of transactions, other events and conditions in accordance with the
definitions and recognition criteria for assets, liabilities, income and
expenses set out in the International Accounting Standards Board's `Framework
for the preparation and presentation of financial statements'. In virtually all
circumstances, a fair presentation will be achieved by compliance with all
applicable IFRS. However, directors are also required to:
* properly select and apply accounting policies;
* present information, including accounting policies, in a manner that provides
relevant, reliable, comparable information;
* provide additional disclosures when compliance with the specific requirements
in IFRS are insufficient to enable users to understand the impact of particular
transactions, other events and conditions on the entity's financial position
and financial performance; and
* make an assessment of the Company's ability to continue as a going concern.
The Directors, to the best of their knowledge, state that:
* the financial statements, prepared in accordance with IFRS as adopted by the
European Union, give a true and fair view of the assets, liabilities, financial
position and results of the Group;
* this annual report includes a fair review of the development and performance
of the business and the position of the Group together with a description of
the principal risks and uncertainties that it faces; and
* they consider that this annual financial report, taken as a whole, is fair,
balanced and understandable and provides the information necessary for
shareholders to assess the Group's performance, business model and strategy.
The Directors are responsible for keeping proper accounting records that
disclose with reasonable accuracy at any time the financial position of the
Group and enable them to ensure that the financial statements comply with the
Companies (Jersey) Law 1991. They are also responsible for safeguarding the
assets of the Group, and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Signed on behalf of the Board of Directors
Richard Barnes
Chairman
27 November 2014
.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2014
2014 2013
REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL
NOTES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Rental income 14,934 - 14,934 17,634 - 17,634
Service charge income 3,779 - 3,779 4,018 - 4,018
Interest receivable 2 16 - 16 707 - 707
and other income
Realised gains on - - - - 183 183
swaps
Unrealised gain on - 333 333 - 289 289
swaps
Losses on investment
properties
Unrealised loss on - (9,914) (9,914) - (9,200) (9,200)
revaluation of
properties
Lease incentive - (187) (187) - (177) (177)
Realised loss on - (280) (280) - - -
disposal of
properties
Total income 18,729 (10,048) 8,681 22,359 (8,905) 13,454
Expenses
Management fees (903) (124) (1,027) (930) (127) (1,057)
Property expenses (7,381) - (7,381) (7,033) - (7,033)
Professional fees (1,719) - (1,719) (2,258) - (2,258)
Goodwill impairment - - - - (5,897) (5,897)
Total expenses (10,003) (124) (10,127) (10,221) (6,024) (16,245)
Profit/(loss) before 3 8,726 (10,172) (1,446) 12,138 (14,929) (2,791)
finance costs and tax
Finance costs (7,653) (1,044) (8,697) (7,617) (1,040) (8,657)
Profit/(loss) before 1,073 (11,216) (10,143) 4,521 (15,969) (11,448)
tax
Tax (charge)/credit (602) 2,889 2,287 (69) 543 474
Profit/(loss) for the 471 (8,327) (7,856) 4,452 (15,426) (10,974)
year attributable to
equity shareholders
Other comprehensive
income/(expenses)
Items that will not
be reclassified
subsequently to
profit or loss
Exchange differences (1,306) (89)
on translating
foreign operations
Items that may be
reclassified
subsequently to
profit or loss
Unrealised gain on 1,807 -
revaluation of cross
currency swaps
Unrealised gain on 4,670 1,418
revaluation of
interest rate swaps
6,477 1,329
Total comprehensive (2,685) (9,645)
expenses
Loss per ordinary
share
- basic and (5.1)p (7.2)p
diluted
The total column of this statement represents the Group's consolidated
statement of comprehensive income. The supplementary revenue and capital
columns are presented for information in accordance with the Statement of
Recommended Practice issued by the Association of Investment Companies. All
items in the above statement derive from continuing operations. No operations
were acquired or discontinued in the year.
The accompanying notes are an integral part of these financial statements.
.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2014
STATED
CAPITAL OTHER TRANSLATION CAPITAL REVENUE
RESERVE RESERVE RESERVE RESERVE RESERVE TOTAL
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March 101,368 (6,088) 1,855 (184,449) 61,971 (25,343)
2012
(Loss)/profit for the - - - (15,426) 4,452 (10,974)
year
Other comprehensive
income:
Exchange differences - - (89) - - (89)
on translating foreign
operations
Unrealised gain on - 1,418 - - - 1,418
revaluation of interest
rate swaps
Balance at 31 March 101,368 (4,670) 1,766 (199,874) 66,422 (34,988)
2013
Loss for the year - - - (8,327) 471 (7,856)
Other comprehensive
income:
Exchange differences - - (1,306) - - (1,306)
on translating foreign
operations
Unrealised gain on - - 1,807 - - 1,807
revaluation of cross
currency swaps
Unrealised gain on - 4,670 - - - 4,670
revaluation of interest
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