1.15m. About Sirius Real Estate. Contents. Key portfolio statistics IFC IBC. About Sirius Real Estate
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1 Sirius Real Estate Limited Interim Report
2 About Sirius Real Estate Sirius Real Estate Limited develops mixed use commercial sites in Germany into innovative Business Parks, offering flexible workspace and services to suit small and medium sized enterprises. Key portfolio statistics Total number of properties: 38 Total portfolio split: Other 13% Storage 36% Total lettable space (sqm): 1.15m Office 23% Production 28% Contents IFC IBC About Sirius Real Estate Highlights Our progress Board of Directors Chairman s statement Independent review report Unaudited consolidated statement of comprehensive income Unaudited consolidated statement of financial position Unaudited consolidated statement of changes in equity Unaudited consolidated statement of cash flows Notes forming part of the financial statements Shareholder information and corporate details
3 business review financial statements Highlights Results highlights Gross annualised rent roll Recurring PBT Average rent per sqm 44.4m 41.5m m* 1.2m Sept Mar m 0.9m 4.18 Property portfolio 492.0m 505.5m 30 Sept Mar 11 Adjusted NAV per share 72.85c 66.63c 31 Mar Sept 11 LTV across the portfolio 61.0% 60.2% 30 Sept Mar m Property portfolio revalued by DTZ c 61.0% Operational highlights Average monthly sales enquiries Move-outs New lettings ,275 sqm 65,153 sqm Compared to September 2010: 73,966 sqm At 5.18 per sqm representing an improved return on investment % increase in average monthly sales enquiries. Occupancy rate 77% 73% 2010 Land disposals 2.5m With capacity to make further disposals in a profitable and timely manner. Cost savings 1.0m On track to deliver 1m of cost savings. 77% Management structure Good progress on agreeing new management structure. Smartspace Good demand for highly flexible Smartspace solutions. * Excluding property revaluation, change in fair value derivative instruments and costs incurred for advice relating to the asset management agreement. Sirius Real Estate Limited Interim Report 1
4 Our progress Increasing occupancy, revenue, efficiency. The Company is trading broadly in line with expectations and remains focused on increasing occupancy, revenues and efficiency across the portfolio. Solid lettings performance We are starting to see some significantly improved returns from creating the unique Sirius product. E read more in the Chairman s statement on page 6 Focus on retention The team has been focusing on tenant retention with an encouraging reflection of this emphasis shown in the results. E read more in the Chairman s statement on page 6 Continued cost reduction The Company s programme of cost reduction and cost recovery has continued into the current financial year. for more information, news and investor relations, visit us online at E read more in the Chairman s statement on page 6 2 Sirius Real Estate Limited Interim Report
5 business review financial statements Average rate per sqm achieved on new lettings 27,878 13, ,766 Net lettings (sqm) Despite the challenging economic background we are seeing a much improved rate from new lettings The increase in net lettings represents a solid improvement and contributes to the increased occupancy rate. 37,275 73, ,691 Fewer move-outs (sqm) Munich Neuaubing In July, the Company extended a 34,200 sqm lease with an existing multinational tenant at our Munich Neuaubing site for ten years, which over the lease will generate 44.7m of income (inclusive of service charge). Cost benefits have come despite the well documented increases in electricity and heating costs throughout Germany this year. The main benefits have come from optimising and controlling our facility management and utilities suppliers combined with the use of significantly improved cost allocation tools. The improved optimisation and transparency to tenants makes the recovery of service charge costs an easier process and we expect this will continue into the future. Overall, we expect to make further savings of approximately 1m in the current financial year. Sirius Real Estate Limited Interim Report 3
6 Board of Directors Introducing the Board Chairman s introduction I would like to welcome the new Directors to the Board. The Company has maintained the correct Board composition to retain its current tax, residency and regulatory structure and also has greater representation from key shareholders on the Board. Collectively their wealth of experience is proving extremely useful in this period of transition for Sirius. Robert Sinclair Chairman 11 Apr Feb May 15 Jul 26 Jul 12 Aug 15 Nov Robert Sinclair Christopher Fish Richard Kingston Walter Hens Wessel Hamman Ian Clarke Rolf Elgeti Shelagh Mason Eitan Milgram Charles Parkinson Amanda Spring Length of appointment Change of responsibility Justin Schaefer Robert Sinclair Non-executive Chairman Robert Sinclair is managing director of the Guernsey-based Artemis Group and a director of a number of investment fund management companies and investment funds associated with clients of that group. He is chairman of Schroder Oriental Income Fund Limited and is a director of ING UK Real Estate Income Trust Limited. Robert is a Fellow of the Institute of Chartered Accountants in England and Wales. 4 Sirius Real Estate Limited Interim Report
7 business review financial statements Walter Hens Non-executive Director Walter Hens has over 38 years experience in the European real estate sector, including 20 years with SEGRO plc where he most recently held the positions of European managing director and group executive director. Walter was responsible for Segro s European operations from 2003 to 2007, during which time the company built up a major pan-european portfolio, including a number of major acquisitions in Germany. Walter is a Fellow of the Royal Institute of Chartered Surveyors. Wessel Hamman Non-executive Director Wessel Hamman was appointed a Director of the Company on 17 May. Wessel is a partner and chief executive of Clearance Capital LLP, a specialist European real estate securities investor and advisor to the Karoo Investment Fund S.C.A. SICAV-SIF. Wessel is a Chartered Accountant by training and spent eleven years in the investment banking industry before co-founding Clearance Capital in Ian Clarke Non-executive Director Ian Clarke has over 20 years experience in the finance industry in Guernsey including wealth management, the administration of international trusts, corporate entities and regulated funds. Most recently the managing director of a fund administrator in Guernsey, he has sat on the boards of several funds, some of which have been listed on recognised Stock Exchanges. Rolf Elgeti Non-executive Director Rolf Elgeti is currently chief executive officer of TAG Immobilien AG, a German listed real estate group with ca 2bn of assets under management. He is also non executive chairman of Treveria plc, a German retail focused real estate company and member of the supervisory board of Estavis AG, a German listed real estate company specialised in residential property investments in Germany. He graduated with an MBA from the University of Mannheim, Germany, and received an MBA from ESSEC, Paris, in Shelagh Mason Non-executive Director Shelagh Mason is a resident of Guernsey. She is an English property solicitor with over 25 years experience in commercial property. She is currently a partner in Spicer and Partners Guernsey LLP specialising in English commercial property. She holds numerous positions on boards as non-executive director, as well as being a past Chairman of the Guernsey Branch of the Institute of Directors and a member of the Chamber of Commerce and the Guernsey International Legal Association. Charles Parkinson Non-executive Director Charles Parkinson is the Minister of the Treasury & Resources Department for the States of Guernsey. After graduating from Cambridge he qualified as a Chartered Accountant and was then called to the Bar in London. He was an executive in the Corporate Finance division of Morgan Grenfell (now Deutsche Bank) before returning to Guernsey. He holds several non-executive directorships in investment and property companies, as well as chairing AIM-listed Eastern European Property Fund. Amanda Spring Non-executive Director Amanda Spring is based in Budapest, Hungary and has a wealth of experience in the multi-let sector having previously been director of Central Europe at TeeslandiOG and prior to that having responsibility for the asset management of their mainland Europe funds. Prior to this she was managing director of DTZ s Moscow office. Justin Schaefer Non-executive Director Justin Schaefer is an investment analyst at Weiss Asset Management, where he has worked since Prior to Weiss, Justin graduated from the Massachusetts Institute of Technology in Cambridge, MA. Sirius Real Estate Limited Interim Report 5
8 Chairman s statement Robert Sinclair Chairman Summary EE The Company s focus is on increasing rental income and reducing the cost base of the business. EE The move-outs in the period of 37,275 sqm were significantly lower than the 73,966 sqm experienced for the same period last year. EE The Board is in process of determining the optimum management structure for the Company going forward. E E The Company has delivered a satisfactory trading performance for the six months of this financial year and is on track to meet management expectations for the full year. Introduction I am pleased to announce the Group s half yearly results for the. In a difficult trading environment, the Company has made good progress. Our rent roll is continuing to increase, reflecting demand from the SME market for our unique mix of commercial, office and light engineering space. At the same time, the Company has remained focused on renewing existing leases with key tenants, which is reflected in our improved retention rates. The programme of cost reduction and better cost recovery from service charges continues and the Company expects to benefit by a further 1m of cost reductions in this financial year. This has been achieved despite the substantial increases in electricity and heating costs experienced throughout Germany. Good progress has also been made on the future management structure and the Company will in due course make an announcement on long-term plans for the management team. Results For the period under review, gross income was 22.1m (2010: 22.0m). The improvement in total income is despite the loss of 345k of surrender premiums which were received in the same period last year. The property portfolio, consisting of 38 properties, had an annualised gross rent roll of 44.4m (: 41.5m) over a total lettable area of 1.15m sqm. Recurring profit before tax for the period was 0.9m (2010: 1.2m), excluding property revaluation, change in fair value derivative instruments and the one off impact of the 0.4m costs incurred for advice relating to the asset management contract. Good progress has been made on reducing the irrecoverable service charge costs through a combination of optimising contracts and improving allocation, 6 Sirius Real Estate Limited Interim Report
9 business review financial statements The Company saw a 10% increase in the total number of enquiries for the period compared to twelve months ago. therefore bad debts relating to unpaid service charges are expected to be much lower than previous years although there will be an impact from the increased cost of utilities. Capital expenditure during the six months to was 4.8m, which was mainly related to creating new space for letting and dealing with the associated regulatory requirements. We expect capex investment in the second half to be much lower. The adjusted EPS, which excludes: property revaluation; related deferred tax and non controlling interest; and change in fair value on derivative financial instruments, was 0.27c as at (2010: (0.11c)). Net Asset Value (NAV) DTZ Zadelhoff Tie Leung GmbH have valued the portfolio at 492.0m (: 505.5m). The adjusted NAV per share, which excludes deferred tax and change in fair value adjustment on financial derivative instruments, was 66.63c as at (: 72.85c). The reduction in valuation is not reflective of the Company s performance as both income and cost recoveries are moving in a positive direction. Our valuers have indicated that the reduction is due to their perception of market conditions. Dividend The Company s focus is on increasing rental income and reducing the cost base of the business so that the Company can return to paying dividends in due course. We will continue to review this policy and expect to reinstate a progressive dividend once it is prudent to do so. Finance As at the Company s borrowings, excluding capitalised loan costs, totalled 300.0m (: 304.3m), representing an LTV of 61.0% (: 60.2%). Both banking facilities are operating within covenants and the facility with the Royal Bank of Scotland matures in October As at, the Company had cash reserves of 13m, which is down from 24m at the same point last year. The reduction in cash balances stems primarily from debt amortisation and required capital expenditure. The Board is in the process of finalising a plan to ensure that the Company has sufficient operating cash flow to service its borrowings and cover future capital expenditure requirements. This is likely to include further asset management activities to optimise the portfolio and some strategic asset disposals of carefully selected assets enabling a consolidation of the business and the creation of a new financial and operational base upon which the Company would seek to grow. Asset management The Sirius brand is now well established amongst the German business park sector and is widely known amongst the German SME market for providing truly flexible workspace throughout the country. As yet, the political and economic turmoil across Europe has yet to result in a slowdown in demand for our product and the manager has continued to see a high level of enquiries for new space in the Company s portfolio. Sales enquiries are exceeding 1,000 per month in the majority of months, and the Company saw a 10% increase in the total number of enquiries for the period compared to twelve months ago. The Company signed 65,153 sqm of new leases compared with move outs of 37,275 sqm. This compares to 87,078 sqm of new leases and 73,966 sqm of move outs in the same period last year. On a sqm basis, net lettings of 27,878 sqm versus 13,112 sqm represents a solid improvement. However, further success has been achieved in the rental rate in the period of 5.18 per sqm compared to 4.16 per sqm last year. Despite the challenging Sirius Real Estate Limited Interim Report 7
10 Chairman s statement continued Asset management continued economic background the Company is starting to see some significantly improved returns from creating the unique Sirius product. As a result, occupancy was 77% as at, compared with 73% as at and 76% as at. It is worth noting that the new lettings signed in the period will underpin the next period. This is because there has been a longer than expected lag between signing and moving in. These will come through in the second half of the financial year but will be offset, somewhat, by the move out of Siemens (13,161 sqm) which took place post the half year in October. The improved lettings rate is reflected in the average rental value of the portfolio improving to 4.18 psm (: 4.13 psm). A key focus for the Asset Management team has been on tenant retention and in particular retaining the Company s largest tenants. In July, the Company extended a 34,200 sqm lease with an existing multinational tenant at our Munich Neuaubing site for ten years at an average rate of 4.46 psm, which over the lease will generate 44.7m of income (inclusive of service charge). Additionally, the move outs in the period of 37,275 sqm were significantly lower than the 73,966 sqm experienced for the same period last year. This is an encouraging reflection of the emphasis the team has placed on retention. The programme of cost reduction and cost recovery has continued into the current financial year. This benefit has come despite the well documented increases in electricity and heating costs throughout Germany this year. The main benefits have come from optimising and controlling our facility management and utilities suppliers combined with the use of significantly improved cost allocation tools. The improved optimisation and transparency to tenants makes the recovery of service charge costs an easier process and we expect this will continue into the future to have a positive effect on the bottom line. Overall, we anticipate making further savings of approximately 1m in the current financial year. In September, the Company sold a parcel of land at the Bremen Brinkmann site and sold part of one of the sites in Bonn. These two disposals will generate close to 2.5m of proceeds and around 600,000 of profit, which will be reported in the second half of this financial year. These properties are currently generating 115,000 of annual income. Approximately 2m of the proceeds will be used to repay the loans outstanding at these sites. Asset management contract As previously announced, the Board is in the process of determining the optimum management structure for the Company going forward. The Board has been in discussions with various parties including PCSREAM, the current Asset Manager. As a result of these discussions, the Board will in due course be making an announcement confirming the long-term management structure of the business. Board changes On 15 July, Dick Kingston stood down from the Board. His significant real estate experience was invaluable to the Company and on behalf of the Board I would like to thank him for his contributions. My appointment as Chairman followed once Dick stepped down. Subsequently, on 26 July, the Company was pleased to announce the appointments of Ian Clarke, Rolf Elgeti, Shelagh Mason, Eitan Milgram, Charles Parkinson and Amanda Spring as Non executive Directors. On 15 November, Justin Schaefer was also appointed as Non executive Director, replacing Eitan Milgram. With the new Directors to the Board, the Company has retained a good balance of independent Directors plus greater representation from key shareholders. Their wealth of experience is proving extremely useful in this period of transition for Sirius. Outlook The Company has delivered a satisfactory trading performance for the first six months of this financial year and is on track to meet management expectations for the full year. Given the wider market environment, this reflects well on the business and its ability to adapt to the needs of tenants. The Board is focused on finalising the future management structure together with a new strategic plan to create a long-term financial and operational platform on which to grow the business in the current market environment. The Board is confident that Sirius can, with time, deliver significant returns to shareholders. Robert Sinclair Chairman 8 Sirius Real Estate Limited Interim Report
11 business review financial statements Independent review report to the members of Sirius Real Estate Limited Introduction We have been engaged by the Company to review the unaudited set of financial statements in the Interim Report for the, which comprises the unaudited consolidated statement of comprehensive income, unaudited consolidated statement of financial position, unaudited consolidated statement of changes in equity, unaudited consolidated statement of cash flows and the related explanatory notes. We have read the other information contained in the Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the set of financial statements. This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. Directors responsibilities The Interim Report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the Interim Report in accordance with the AIM Rules. As disclosed in note 2(a), the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards ( IFRSs ) as adopted by the EU. The unaudited set of financial statements included in this interim report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the unaudited set of financial statements in the Interim Report for the is not prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRS as adopted by the EU and the AIM Rules. KPMG Channel Islands Limited Chartered Accountants Guernsey 2 December Our responsibility Our responsibility is to express to the Company a conclusion on the unaudited set of financial statements in the Interim Report based on our review. Sirius Real Estate Limited Interim Report 9
12 Unaudited consolidated statement of comprehensive income for the Notes (Audited) twelve months ended Rental income 4 22,078 22,012 45,568 Direct costs 5 (9,858) (10,274) (22,922) Net rental income 12,220 11,738 22,646 Deficit on revaluation of investment properties 10 (19,387) (1,710) (367) Administrative expenses 5 (1,729) (1,985) (4,141) Other operating expenses 5 (1,099) (1,026) (2,175) Operating (loss)/profit (9,995) 7,017 15,963 Finance income Finance expense 6 (8,917) (8,981) (17,832) Change in fair value of derivative financial instruments (4,201) (1,500) 5,184 (Loss)/profit before tax (23,031) (3,400) 3,441 Taxation 7 (177) (234) (711) (Loss)/profit for the period (23,208) (3,634) 2,730 (Loss)/profit attributable to: Owners of the Company (22,929) (3,908) 2,519 Non controlling interest (279) Loss for the period (23,208) (3,634) 2,730 Earnings per share Basic and diluted, for comprehensive income for the period attributable to ordinary equity holders of the Parent Company 8 (7.59)c (1.29)c 0.83c The notes on pages 13 to 20 form an integral part of these financial statements. 10 Sirius Real Estate Limited Interim Report
13 business review financial statements Unaudited consolidated statement of financial position as at Notes (Audited) Non current assets Investment properties , , ,500 Plant and equipment 3,349 4,903 4,679 Total non current assets 495, , ,179 Current assets Trade and other receivables 6,775 8,292 7,272 Prepayments Derivative financial instruments Cash and cash equivalents 11 12,613 28,650 23,583 Total current assets 19,896 37,421 31,253 Total assets 515, , ,432 Current liabilities Trade and other payables 12 (14,580) (15,290) (17,162) Interest bearing loans and borrowings 13 (7,842) (7,383) (7,669) Current tax liabilities (67) (564) (707) Derivative financial instruments 14 (13,505) (15,963) (9,444) Total current liabilities (35,994) (39,200) (34,982) Non current liabilities Interest bearing loans and borrowings 13 (290,576) (299,001) (294,546) Deferred tax liabilities 7 (1,863) (1,687) (1,924) Total non current liabilities (292,439) (300,688) (296,470) Total liabilities (328,433) (339,888) (331,452) Net assets 186, , ,980 Equity Issued share capital 15 Other distributable reserve 300, , ,111 Retained earnings (114,079) (97,577) (91,150) Total equity attributable to the equity holders of the Parent Company 186, , ,961 Non controlling interests 740 1,082 1,019 Total equity 186, , ,980 The notes on pages 13 to 20 form an integral part of these financial statements. The financial statements on pages 10 to 20 were approved by the Board of Directors on 2 December and were signed on its behalf by: Charles Parkinson Director Sirius Real Estate Limited Interim Report 11
14 Unaudited consolidated statement of changes in equity for the Issued share capital Other distributable reserve Retained earnings Total equity attributable to the equity holders of the Parent Company Non controlling interests Total equity As at 31 March ,111 (93,669) 206, ,250 Loss for the period (3,908) (3,908) 274 (3,634) As at 300,111 (97,577) 202,534 1, ,616 Profit for the period 6,427 6,427 (63) 6,364 As at 300,111 (91,150) 208,961 1, ,980 Loss for the period (22,929) (22,929) (279) (23,208) As at 300,111 (114,079) 186, ,772 The notes on pages 13 to 20 form an integral part of these financial statements. Unaudited consolidated statement of cash flows for the (Audited) twelve months ended Operating activities (Loss)/profit before tax (23,031) (3,400) 3,441 Adjustments for: Deficit on revaluation of investment properties 19,387 1, Change in fair value of derivative financial instruments 4,201 1,500 (5,184) Depreciation Finance income (82) (64) (126) Finance expense 8,917 8,981 17,832 Cash flows from operations before changes in working capital 9,810 9,141 17,211 Changes in working capital Decrease in trade and other receivables 248 3,401 4,665 (Decrease)/increase in trade and other payables (2,461) (848) 3,080 Taxation paid (877) (33) (121) Cash flows from operating activities 6,720 11,661 24,835 Investing activities Development expenditure (4,829) (5,611) (9,303) Purchase of plant and equipment (276) (563) (901) Proceeds on disposal of plant and equipment 56 Interest received Cash flows used in investing activities (5,023) (6,110) (10,022) Financing activities Proceeds from loans 1,990 2,490 Repayment of loans (4,334) (3,900) (9,121) Finance charges paid (8,333) (8,392) (18,000) Cash flows from financing activities (12,667) (10,302) (24,631) Decrease in cash and cash equivalents (10,970) (4,751) (9,818) Cash and cash equivalents at the beginning of the period 23,583 33,401 33,401 Cash and cash equivalents at the end of the period 12,613 28,650 23,583 The notes on pages 13 to 20 form an integral part of these financial statements. 12 Sirius Real Estate Limited Interim Report
15 business review financial statements Notes forming part of the financial statements for the 1. General information Sirius Real Estate Limited (the Company ) is a company incorporated and domiciled in Guernsey whose shares are publicly traded on AIM. The consolidated financial statements of Sirius Real Estate Limited comprise the Company and its subsidiaries (together referred to as the Group ). The principal activity of the Group is investment in and development of commercial property to provide flexible workspace in Germany. The consolidated financial statements of the Group as at and for the year ended are available upon request from the Company s registered office at PO Box 119, Martello Court, Admiral Park, St. Peter Port, Guernsey GY1 3HB, Channel Islands or at real estate.com. The Company acts as the investment holding company of the Group. 2. Significant accounting policies (a) Basis of preparation The consolidated financial statements have been prepared on a historical cost basis, except for investment properties, investment properties under construction and derivative financial instruments which have been measured at fair value. The consolidated financial statements are presented in euros and all values are rounded to the nearest thousand ( ) except where otherwise indicated. The consolidated financial statements of the Group for the year ended have been prepared in accordance with IFRSs adopted for use in the EU ( Adopted IFRSs ), and The Companies (Guernsey) Law, The interim set of financial statements included in this Interim Report has been prepared in accordance with the recognition and measurement requirements of Adopted IFRSs. The interim set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Company s published consolidated financial statements for the year ended. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended. These financial statements have been prepared on a going concern basis as it is the view of the Directors that this is the most appropriate basis of preparation to adopt having considered the issues identified below: Asset management agreement On 3 May, the Company announced that it was in discussion with the Asset Manager with the objective of agreeing new management arrangements following termination of the existing arrangement as part of a review to ensure shareholders receive the best value and quality of service. The Board has been in discussions with various parties including PCSREAM, the current Asset Manager. Financial The Group incurred a net loss of 23,208,000 during the period ended (: 3,634,000). The Directors have prepared cash flow forecasts for a period greater than twelve months from the date of approval of the half-yearly results. These forecasts show that the Group will require additional financing in October The Board is in the process of finalising a plan to ensure that the Company has sufficient operating cash flow to service its borrowings and cover future capital expenditure requirements. This is likely to include further asset management activities to optimise the portfolio and some strategic asset disposals of carefully selected assets enabling a consolidation of the business and the creation of a new financial and operational base upon which the Company would seek to grow. Based on the reasons outlined above, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. Sirius Real Estate Limited Interim Report 13
16 Notes forming part of the financial statements continued for the 2. Significant accounting policies continued (b) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intra group balances and transactions and any unrealised income and expenses and profits and losses arising from intra group transactions are eliminated in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Non controlling interests represent the portion of profit or loss and net assets not held by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Parent Company shareholders equity. (c) Significant accounting policies The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended. 3. Operating segments Segment information is presented in respect of the Group s operating segments. The operating segments are based on the Group s management and internal reporting structure. Segment results and assets include items directly attributable to a segment as well as those that can be allocated to a segment on a reasonable basis. Management considers that there is only one geographical segment which is Germany, and one business segment which is investment in commercial property. 4. Revenue (Audited) twelve months ended Rental income from investment properties 22,078 22,012 45, Operating profit/(loss) The following items have been charged or credited in arriving at operating profit/(loss): Direct costs (Audited) twelve months ended Service charge income (15,088) (12,431) (24,995) Property costs 22,503 20,432 43,292 Irrecoverable property costs 7,415 8,001 18,297 Property management fee ,559 Asset management fee 1,518 1,476 2,974 Development fee Direct costs 9,858 10,274 22, Sirius Real Estate Limited Interim Report
17 business review financial statements 5. Operating profit/(loss) continued Administrative expenses (Audited) twelve months ended Audit fee Legal and professional fees 936 1,251 2,598 Other administration costs Non recurring costs Administrative expenses 1,729 1,985 4,141 Other operating expenses (Audited) twelve months ended Directors fees Bank fees Depreciation Marketing and other expenses Other operating expenses 1,099 1,026 2,175 The Group has no full time employees and the Board of Directors consists of nine Non executive Directors. The employees working for the Group are all employed by Principle Capital Sirius Real Estate Asset Management Ltd, the Asset Manager or Sirius Facilities GmbH, the German operating company of the Asset Manager. 6. Finance income and expense (Audited) twelve months ended Bank interest income Finance income Bank interest expense (8,380) (8,447) (16,760) Amortisation of capitalised finance costs (537) (534) (1,072) Finance expense (8,917) (8,981) (17,832) Net finance expense (8,835) (8,917) (17,706) 7. Taxation Consolidated statement of comprehensive income (Audited) twelve months ended Current income tax Current income tax charge (178) 292 (583) Adjustments in respect of prior period (60)* (116) 167 (238) 176 (416) Deferred tax Relating to origination and reversal of temporary differences (295) Income tax (credit)/charge reported in the statement of comprehensive income (177) 234 (711) Sirius Real Estate Limited Interim Report 15
18 Notes forming part of the financial statements continued for the 7. Taxation continued Deferred income tax liability (Audited) twelve months ended Opening balance 1,924 1,629 1,629 Revaluation of investment properties to fair value (61) Balance as at period end 1,863 1,687 1,924 * This relates to refunds of prior year tax which have not been included in the March accrual. Management does not recognise deferred tax assets in respect of revaluation losses as they may not be used to offset taxable profits elsewhere in the Group. 8. Earnings per share The calculation of the basic, diluted and adjusted earnings per share is based on the following data: (Audited) twelve months ended Earnings (Loss)/profit for the period attributable to the equity holders of the parent (22,929) (3,908) 2,519 Basic and diluted earnings (22,929) (3,908) 2,519 Add back revaluation deficits (net of related tax) 19,196 1, Add back change in fair value of derivative financial instruments 4,201 1,500 (5,184) Add back non recurring costs Adjusted earnings 829 (338) (1,845) Number of shares Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share 302,223, ,223, ,223,176 Weighted average number of ordinary shares for the purpose of adjusted earnings per share 302,223, ,223, ,223,176 Basic and diluted earnings per share (7.59)c (1.29)c 0.83c Adjusted earnings per share 0.27c (0.11)c (0.61)c The number of shares has been adjusted for the 25,576,824 shares held by the Company as treasury shares. The Directors have chosen to disclose adjusted earnings per share in order to provide a better indication of the Group s underlying business performance; accordingly it excludes the effect of non recurring costs, deferred tax and the revaluation deficits on the investment properties and derivative instruments. As there are no share options in issue, the diluted earnings per share is identical to the basic earnings per share. 16 Sirius Real Estate Limited Interim Report
19 business review financial statements 9. Net assets per share (Audited) Net assets Net assets for the purpose of assets per share (assets attributable to the equity holders of the parent) 186, , ,961 Deferred tax arising on revaluation of properties 1,863 1,685 1,921 Derivative financial instruments 13,480 15,963 9,279 Adjusted net assets attributable to equity holders of the parent 201, , ,161 Number of shares Number of ordinary shares for the purpose of net assets per share 302,223, ,223, ,223,176 Net assets per share 61.55c 67.01c 69.14c Adjusted net assets per share 66.63c 72.85c 72.85c The number of shares has been adjusted for the 25,576,824 shares held by the Company as treasury shares. 10. Investment properties (Audited) Opening balance 505, , ,010 Additions 5,847 2,880 5,857 Revaluation of investment properties to fair value (19,387) (1,710) (367) Balance as at period end 491, , ,500 The fair value of the Group s investment properties at has been arrived at on the basis of a valuation carried out at that date by DTZ Zadelhoff Tie Leung GmbH, an independent valuer. The value of each of the properties has been assessed in accordance with the RICS Valuation Standards on the basis of market value. Market value was primarily derived using a ten year discounted cash flow model supported by comparable evidence. The discounted cash flow calculation is a valuation of rental income considering non recoverable costs and applying a discount rate for the current income risk over a ten year period. After ten years a determining residual value (exit scenario) is calculated. A cap rate is applied to the more uncertain future income, discounted to a present value. On 14 September an agreement was made to dispose of some land at the Brinkmann site for 1,073,670. The sale is conditional on the purchaser acquiring an adjacent piece of land from the local authority and this is expected to take place at the latest by 28 March On 29 September an agreement was made to dispose of two buildings at the Königswinter site for 1,450,000. Due to the process that needs to be followed, legal title on the deal is expected to transfer on 2 January Cash and cash equivalents (Audited) Cash at banks and in hand 12,613 28,650 23,583 Balance as at period end 12,613 28,650 23,583 The fair value of cash is 12,612,510 (: 23,583,498). As at 5,281,934 (: 6,717,701) of cash is held in blocked accounts. Of this 142,077 (: 1,370,898) is under control of lenders who release this to the Group upon request to be used for capital expenditure on properties. 1,958,257 (: 1,941,435) relates to deposits received from tenants and 15,585 (: 15,546) is cash held on escrow as requested by a supplier and an amount of 3,166,015 (: 3,389,822) relates to amounts reserved for future bank loan interest and amortisation payments. Sirius Real Estate Limited Interim Report 17
20 Notes forming part of the financial statements continued for the 12. Trade and other payables (Audited) Trade payables 3,785 4,559 5,665 Accrued expenses 5,267 3,571 3,991 Accrued interest 1,154 2,416 1,107 Other payables 3,976 3,411 6,283 Related party payables 398 1, Balance as at period end 14,580 15,290 17, Interest bearing loans and borrowings Effective interest rate % Maturity 30 September 30 September 2010 (Audited) 31 March Current ABN Amro Loan October ,186 2,030 2,156 Berlin Hannoversche Hypothekenbank AG fixed rate facility March ,325 1,271 1,290 Berlin Hannoversche Hypothekenbank AG hedged floating rate facility Berlin Hannoversche Hypothekenbank AG capped floating rate facility Hedged floating 31 March December ,135 3,894 4,012 Capped floating 31 December ,323 1,251 1,286 Capitalised finance charges on all loans (1,127) (1,063) (1,075) 7,842 7,383 7,669 Non current ABN Amro Loan October ,116 93,414 91,217 Berlin Hannoversche Hypothekenbank AG fixed rate facility March ,990 49,787 49,661 Berlin Hannoversche Hypothekenbank AG hedged floating rate facility Berlin Hannoversche Hypothekenbank AG capped floating rate facility Hedged floating 31 March December , , ,108 Capped floating 31 December ,925 42,248 41,605 Capitalised finance charges on all loans (456) (1,584) (1,045) 290, , ,546 Total 298, , ,215 The Group has pledged 34 investment properties to secure related interest bearing debt facilities granted to the Group. The 34 properties had a combined valuation of 453,660,000 as at (: 465,310,000). 18 Sirius Real Estate Limited Interim Report
21 business review financial statements 13. Interest bearing loans and borrowings continued ABN Amro Bank N.V. This facility had 100,951,940 drawn down, of which 8,649,346 has been amortised to date, resulting in a liability of 92,302,594 as at. The interest is fixed at a weighted average interest rate of 5.85% per annum. The final repayment date is 15 October This loan is secured over 16 property assets and is subject to various covenants with which the Group has complied. Berlin Hannoversche Hypothekenbank AG Facilities of 226,500,000 have been granted by Berlin Hannoversche Hypothekenbank AG. To date 18,801,981 has been amortised, resulting in a liability of 207,698,019 at September. The facility is split into three portfolios: Portfolio I is split with either an interest rate of 1.18 margin over three months EURIBOR fixed by a SWAP at 4.42%, or a fixed rate of 5.46%. The latest drawdown has a fixed rate of 2.81% for the loan facility. Portfolio II has an interest rate of 1.08 margin over three months EURIBOR fixed by a SWAP at 4.95% and Portfolio III is at a floating rate capped at 5.98%. This facility is secured over 18 property assets and is subject to various covenants with which the Group has complied. 14. Financial instruments Fair values Set out below is a comparison by category of carrying amounts and fair values of all the Group s financial instruments that are carried in the financial statements: Carrying amount Fair value Carrying amount Fair value (Audited) Carrying amount Financial assets Cash 12,613 12,613 28,650 28,650 23,583 23,583 Derivative financial instruments Trade receivables 3,661 3,661 3,464 3,464 5,577 5,577 Financial liabilities Trade payables 3,785 3,785 4,559 4,559 5,665 5,665 Derivative financial instruments 13,505 13,505 15,963 15,963 9,444 9,444 Interest bearing loans and borrowings: Floating rate borrowings hedged* 115, , , , , ,120 Floating rate borrowings capped** 42,248 42,248 43,499 43,499 42,891 42,891 Fixed rate borrowings 142, , , , , ,616 * The Group holds interest rate swap contracts designed to manage the interest rate and liquidity risk of expected cash flows of borrowing for the Group s variable rate facility with Berlin Hannoversche Hypothekenbank AG. The swap contracts mature between March 2013 and June ** The Group holds interest rate caps designed to manage the interest rate and liquidity risk of expected cash flows of borrowing for the Group s variable rate facility with Berlin Hannoversche Hypothekenbank AG. The cap contracts mature at December 2013, the same time as the loans. Fair value Sirius Real Estate Limited Interim Report 19
22 Notes forming part of the financial statements continued for the 15. Issued share capital Number Share capital Authorised Ordinary shares of no par value Unlimited As at Unlimited Issued and fully paid Ordinary shares of no par value 327,800,000 Share brought back and held in treasury (25,576,824) As at 302,223,176 Holders of the ordinary shares are entitled to receive dividends and other distributions and to attend and vote at any general meeting. The Company holds 25,576,824 of its own shares, which continue to be held as treasury. No share buybacks were made in the period. 16. Dividends In order to sustain investment in the Group s portfolio whilst also ensuring cash resources are preserved, the Board has proposed to not pay a dividend in the period ended. 17. Capital commitments As at the Group had contracted capital expenditure on existing properties of 1,160,737. These were committed but not yet provided for. 18. Carried interest Marba Holland B.V. is a joint venture between a subsidiary of Principle Capital Holdings S.A., Frank and Kevin Oppenheim and certain other individuals. Marba Holland B.V. has a right to carried interest. In any year Marba Holland B.V. is not entitled to any carried interest unless the Group s net asset value per ordinary share exceeds the performance hurdle applicable to that financial year. For the period ended September the performance hurdle applicable is calculated as 10% of the higher of: the average of the net asset values per ordinary share at the end of 31 March 2010 and ; and the net asset value per ordinary share at the end of. If the hurdle is achieved then Marba Holland B.V. will be entitled to 20% of the amount by which the performance hurdle is exceeded by the Group in respect of that financial period. The carried interest will also be payable on the occurrence of certain other events, such as a takeover or liquidation of the Group. No amount has been provided as at as the minimum hurdle rate required has not been achieved. 20 Sirius Real Estate Limited Interim Report
23 Shareholder information and corporate details Directors Robert Sinclair (Non-executive Chairman) Walter Hens (Non-executive Director) Wessel Hamman (Non-executive Director) Ian Clarke (Non-executive Director) Rolf Elgeti (Non-executive Director) Shelagh Mason (Non-executive Director) Charles Parkinson (Non-executive Director) Amanda Spring (Non-executive Director) Justin Schaefer (Non-executive Director) Registered office PO Box 119 Martello Court Admiral Park St. Peter Port Guernsey GY1 3HB Channel Islands Registered number Incorporated in Guernsey under The Companies (Guernsey) Laws, 2008, as amended, under number Company secretary and administrator Intertrust Fund Services (Guernsey) Limited PO Box 119 Martello Court Admiral Park St. Peter Port Guernsey GY1 3HB Channel Islands Asset manager Principal Capital Sirius Real Estate Asset Management Limited St James s House 23 King Street London SW1Y 6QY Nominated adviser and broker Peel Hunt LLP Moor House 120 London Wall London EC2Y 5ET Property valuers DTZ Zadelhoff Tie Leung GmbH Eschersheimer Landstrasse Frankfurt am Main Germany Auditors KPMG Channel Islands Limited 20 New Street St. Peter Port Guernsey GY1 4AN Channel Islands Guernsey solicitors Carey Olsen PO Box 98 7 New Street St. Peter Port Guernsey GY1 4BZ Channel Islands UK solicitors Norton Rose LLP 3 More London Riverside London SE1 2AQ
24 Sirius Real Estate Ltd PO Box 119 Martello Court Admiral Park St. Peter Port Guernsey GY1 3HB Channel Islands
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