Invesco Prop Inc Annual Financial Report -6-
2014年11月29日 - 1:15AM
ＲＮＳを含む英国規制内ニュース （英語）
at fair value in accordance with the relevant IFRS.
The properties classified as held for sale are those that were being marketed
for sale at the period end. The Directors assessed the sale of these properties
as highly probable as at the reporting date. As the result the properties were
classified as assets held for sale and valued at fair value or net realisable
value or net realisable value, being the expected selling price, as per offers
received.
Valuation of derivatives
All derivatives are measured at fair value. Fair values of the Group's
derivatives are determined by reference to observable market prices and so
valued using quoted prices obtained from financial institutions. The pricing
methodology does not entail material subjectivity because the methodologies
utilised do not include significant judgement and unobservable inputs but
actively quoted prices. The ultimate realisable value and fair value at any
period end date will fluctuate depending upon market movements principally in
interest rates and foreign exchange rates. The ultimate realisable value at the
value date of the derivative contracts may materially differ from the fair
value at the period end.
Details of the fair value estimation for derivatives have been provided in
notes 1(i) and 23 to these financial statements.
(c) Principal Activity
The principal activity of the Company and its subsidiaries (together the
`Group') was investment in investment properties and is now the realisation of
the investments held.
(d) Basis of Consolidation
The consolidated financial statements include the financial statements of the
Company and its subsidiary undertakings made up to Statement of Financial
Position (SoFP) date.
Subsidiaries are consolidated from the date on which control is transferred to
the Group and cease to be consolidated from the date on which control is
transferred out of the Group.
(e) Segmental Reporting
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are different
from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that is
subject to risks and returns which are different from those segments operating
in other economic environments.
2. Interest receivable and other income
YEAR YEAR
ENDED ENDED
31 MARCH 31 MARCH
2014 2013
GBP'000 GBP'000
Interest receivable 3 5
Other income 13 702
16 707
3. Profit/(loss) before finance costs and tax
Profit/(loss) before finance costs and tax is stated after charging:
YEAR ENDED YEAR ENDED
31 MARCH 2014 31 MARCH 2013
REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Directors' fees 123 - 123 125 - 125
Fees payable to the Company's 92 - 92 92 - 92
Auditor for the audit of the
financial statements - Current
period
Fees payable to the Company's 116 - 116 111 - 111
Auditor for the audit of the
Company's subsidiaries
pursuant to legislation -
Current period
Total audit fees - Current 208 - 208 203 - 203
period
Other fees payable to the
Company's Auditor:
Tax services 80 - 80 67 - 67
Corporate finance services - - - 18 - 18
Total non-audit fees 80 - 80 85 - 85
4. Stated capital
2014 2013
GBP'000 GBP'000
Authorised:
153,000,000 ordinary shares of no par value - -
Allotted, called-up and fully paid:
153,000,000 ordinary shares of no par value 101,368 101,368
5. Net asset value per ordinary share
(a) The net asset value per ordinary share and the net asset values
attributable at the year end calculated in accordance with the Articles of
Association were as follows:
2014 2013
NET ASSET NET ASSETS NET ASSET NET ASSETS
VALUE ATTRIBUTABLE VALUE ATTRIBUTABLE
GBP'000 GBP'000
Ordinary shares (24.6)p (37,674) (22.9)p (34,988)
Net asset value per ordinary share is based on net assets at the year end and
153,000,000 ordinary shares, being the number of ordinary shares in issue at
the year end.
(b) Reconciliation of consolidated NAV per share to adjusted NAV:
2014 2013
PENCE PENCE
PER SHARE GBP'000 PER SHARE GBP'000
Consolidated NAV per accounts (24.6) (37,674) (22.9) (34,988)
Adjustments:
Deferred tax liability 4.2 6,409 8.3 12,761
Interest Rate Swaps 0.9 1,474 3.1 4,670
Adjusted NAV (19.5)p (29,791) (11.5)p (17,557)
The adjusted NAV is per the European Public Real Estate Association (`EPRA')
measure, published in August 2011. The EPRA NAV per share excludes the fair
value adjustments for debt and interest rate derivatives, deferred taxation on
revaluations, capital allowances and goodwill.
6. Related party transactions
No director has an interest in any transactions which are or were unusual in
their nature or significant to the nature of the Group. The Directors of the
Group received fees for their services. Further details are provided in the
Report of the Directors.
On 31 March 2008, the Company entered into an agreement with Invesco Limited
(`Invesco'), the parent company of the Investment Manager, under which Invesco
agreed to provide a credit facility of up to GBP10 million at 8% per annum. The
facility agreement was amended on 31 March 2011, extending the termination date
to 28 September 2014. No further interest will accrue on amounts outstanding
and no further draw downs are available. At the year end GBP2 million had been
drawn down and GBP0.3 million of interest was accrued (2013: GBP2 million drawn
down and GBP0.3 million accrued).
On 17 June 2013 the Company's Luxembourg subsidiaries entered into agreements
with IREM, an Invesco group company, for the provision of administration and
company secretarial services. Fees payable to IREM amounted in aggregate to up
to GBP165,326 (plus VAT if applicable) to be adjusted annually by reference to
inflation.
As disclosed in the Report of the Directors, Mr. Angus Spencer-Nairn retired on
31 December 2009 as the Senior Partner of Rawlinson & Hunter Jersey, which owns
R&H Fund Services (Jersey) Limited (`R&H'), the Company Secretary and
Administrator appointed on 30 March 2007. Mr. Spencer-Nairn retired as a
director of R&H on 1 January 2010. R&H were paid fees of GBP65,000 (2013: GBP
60,000) and out of pocket expenses.
7. Subsequent Events
Three of the assets classified as held for sale were sold post financial year
end providing net proceeds of GBP13.9 million which was applied to debt
reduction, and a further asset, Le Verdun has exchanged contracts to complete
in December 2014 for q5.0 million. The Company also repaid GBP7.5 million and GBP12
million of bank borrowings from proceeds of sales completed prior to the
reporting date.
The cross currency swaps have been settled subsequent to the year end. The
liability of GBP7.761 million owed on closing has been transferred, with the
agreement of the lending bank, to the loan balance. In addition the remaining
sterling interest rate swaps expired in September 2014.
On 14 October 2014 the lending bank granted a three-month extension to the
facility beyond 28 September 2014, and has agreed with the Company proposals
for: (a) the sale of the remaining property assets by 31 December 2014; (b) a
creditor standstill during the sales process; (c) provision to be made for
trade and other unsecured liabilities, actual and expected, to be met; and (d)
loan amounts outstanding following such provision and the repayment of the net
sales proceeds to be treated as no longer owed by the Group. This would allow
the Company and its subsidiaries to wind up solvently.
.
The audited Annual Financial Report will be posted to shareholders shortly.
Copies may be obtained during normal business hours from the Company's
Registered Office, Ordnance House, 31 Pier Road, St Helier, Jersey, JE4 8PW and
will be available shortly from Invesco Perpetual on the following website:
www.invescoperpetual.co.uk/investmenttrusts
The Annual General Meeting will be held on 24 February 2015 at 12 noon at
Ordnance House, 31 Pier Road, St Helier, Jersey, JE4 8PW.
By Order of the Board
R&H Fund Services (Jersey) Limited
Company Secretary
18 July 2013
Enquiries to:
Invesco Asset Management Limited
Angus Pottinger
020 3753 1000
Rory Morrison,
020 7543 3581
END
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