Page 1. Grainger Trust plc

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Page 1. Grainger Trust plc"

Transcription

1 Page 1 Grainger Trust plc

2 Contents Page No Grainger - an introduction 3-7 The market in which we operate 8-11 Grainger s core business regulated Other parts of Grainger s business Equity release Property and asset management Development and trading Grainger Europe REITs 28 Financials Outlook 34 Page 2

3 Grainger An Introduction Grainger is the largest quoted residential property owner in the UK with a portfolio of over 12,000 homes The core business is the letting of tenanted houses and the subsequent trade on vacancy We are also involved in residential development, regeneration, asset management and have started to invest in Continental Europe Page 3

4 Business Objective To capture reversionary surpluses through trading activities and to use our skills and experience in the residential market to achieve superior returns in residential investment asset and property management, development and trading Page 4

5 Group Structure diagram Grainger Trust plc Tenanted Residential Development and Trading Sales and Acquisitions Equity Release Asset and Property Management Urban and Rural Regeneration Residential Development Grainger Europe Page 5

6 Group History 1750 m Acquisition of balance of BPT 24.3m Acquisition of City North Group 61m 1400 Gross Property Assets Floated on stock market 18 m Acquisition of CHAPS and Atlantic Metropolitan 75m Acquisition of Frincon Holdings Limited 61m Acquisition of 50% of BPT 54m Founded in Newcastle upon Tyne in 1912 Gross property and investment assets at 31 March 2006: 1.76 billion (last revaluation September 2005) Page 6

7 Share Price /5/ GRAINGER TRUST FTSE MID PRICE INDEX FTSE ALL SHARE REAL ESTATE - PRICE INDEX Source: DATASTREAM Page 7

8 Grainger Long Term Growth NAV per share pence (shown pre IFRS) Dividends 3 per share p Year NAV per share pence Dividends per share 0 Page 8 10 year compound per annum growth rates: NAV per share 22.5% Dividends per share 14%

9 UK residential market relative attractiveness Residential out performance over all periods All Property Residential Relative Total Return Total Return Return To end 2004 (% pa) (% pa) (% pa) 3 years years years years Residential investment market the same size as the UK commercial sector Investible residential stock (excluding owner occupied, housing association and student/senior housing stock) estimated at 475 billion Residential assets demonstrate relative attractive risk/return Average Volatility of Return per Total Return Return Unit of Risk ( ) ( ) ( ) (% pa) (% pa) (% pa) Commercial Real Estate Residential Real Estate Page 9 Source: IPD, ODPM, DTZ Research, FPD Savills

10 UK Residential Capital Growth Short term supported by good affordability and low unemployment Long term supported by:- Shortage of supply Planning constraints Increasing number of households (immigration, population growth, increased life expectancy, smaller households) Page 10

11 UK Residential Housing Market House price inflation ( HPI ) in short to medium-term supported by: Good affordability Low unemployment Increased use and availability of fixed rate mortgage debt promotes stability * % UK Affordability Index 1974 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 Source: Capital Economics *Percentage of earnings paid by a new borrower on first year mortgage Page 11

12 Grainger Core Business Core business is regulated property 7,800 units, value 949m, 60% of residential portfolio Features Tenant has right of tenure Net rental yield sub market (2-3%) Purchased at a discount (73% of vacant possession value) Sold when vacancy arises High demand on sale (low average value, un-modernised) Page 12

13 Grainger Core Business Average age of tenants c.72 Current vacancy rate c.9% per annum Return comes from rental yield and from profit on sale On above assumptions and with 4% pa house price inflation, produces ungeared return of c. 9.3% No more regulateds created post 1988, but still able to acquire replacement properties Page 13

14 Grainger Core Business Cashflow per annum from sales m With 0% HPI With 4% HPI (assumes no replacement of regulated Stock) Years High level of cashflow generation m Vacant possession value 1,303 Investment value 949 Page 14 Reversionary surplus 354

15 Grainger Equity Release Equity release enables elderly home owners to realise the value of the equity in their homes through either a life term mortgage or a home reversion Grainger offers home reversion products through its own brand name (Bridgewater) and through a distribution agreement with Norwich Union (part of Aviva the UK s largest insurer) Home reversion property acquired for c.50% of vacant possession value Tenant has security of tenure and lives rent free Page 15

16 Equity Release economic characteristics No rental income but high profit on sale Ungeared return with 4% house price inflation c.9.7% m Vacant possession value 372 Investment value 204 Reversionary surplus 168 Page 16

17 Grainger Property and asset management As well as own portfolio of over 12,000 units Grainger manages 1,400 properties for third parties National network of six offices in key market areas with local agent support Produces useful source of additional income using existing management infrastructure Page 17

18 Grainger Fund management In process of setting up fund structure seeded with 200m of Grainger s market rented portfolio Grainger will retain c.20% stake Grainger will receive asset and property management fees to improve ROCE. Page 18

19 Grainger Fund management Shillington Old School, Clapham, London Investment value: 10.1m 1 Current rent: 621,000 p.a. Gross yield: 6.1% A detached former Victorian school currently arranged to provide 7 studio flats, 36 one bedroom flats and 6 two bedroom flats. The building also comprises a number of guest rooms, gym, small management office, toilets, shower, ancillary areas and 36 car parking spaces Great Sutton Street & 6 Berry Street, Clerkenwell, London Investment value: 8.3m 1 Current rent: 510,000 p.a. Gross yield: 6.1% Victorian warehouse, refurbished and converted to provide 2 studios, 5 one bedroom, 14 two bedroom and 5 three bedroom flats together with 2 live/work units and 8 car parking spaces Page 19

20 Grainger Fund management Kempshott Park, Basingstoke Investment value: 4.6m 1 Current rent: 278,000 p.a. Gross yield: 6.0% Purpose built block developed in 2005 by Grainger. Comprises 2 retail units and 25 flats Pelham Court and Waverley Court, Horsham, Sussex Investment value: 9.0m 1 Current rent: 558,000 p.a. Gross yield: 6.2% Purpose-built block of 81 flats and garages. Refurbishment programme for individual flats and extensive landscaping and car parking scheme proposed Page 20

21 Grainger - Development and Trading Division Activities centred on:- Residential development principally apartment blocks in London Land and regeneration purchase of green and brownfield land sites Page 21

22 Development and Trading Objective is to use knowledge and experience of UK residential market to produce superior returns Asset value c. 90m, producing operating profits 10-15m pa. Page 22

23 Grainger Europe Long term reversionary portfolios in Western Europe (particularly Germany) Opportunistic residential developments in Central Europe Page 23

24 Grainger Europe Why German residential? Potential for rental growth Attractive financing environment gives yield spread Low unit pricing relative to other European markets Low level of home ownership (42% cf EU average 59%) Opportunities for experienced professional landlord Page 24

25 Grainger Europe Residential Portfolio 1,406 units Recklinghausen Herten Hamm! Hamburg! Hannover Herne Oer-! Erckenschwick Düsseldorf! Frankfurt Gelsenkirchen 547 units Mannheim! Karlsruhe! Stuttgart!! München Berlin! Dresden! 379 units Portfolio Overview 2,332 units (plus 66 commercial units and 3 acres of land) 168,000 sq. metres 136m cost Approximate owner occupied value 191m 9.0m gross rent 7.0m net rent Between 13-16% under market rent 26.3m subsidised loan at 0.5% per annum All units completed by end March, payment of 48.5m deferred to June Page 25

26 Grainger Europe Portfolio Analysis Portfolio Analysis m m Vacant Residential Gross Purchase Purchase Gross Net Possession Location Units Sq. Metre Rent Price Price psm Yield Yield psm Metro Ruhr 1,406 95, % 4.5% c. 1,100 Baden-Wuerttemberg , , % 5.2% c Berlin , % 6.7% c , , % 5.0% 1,150 Page 26

27 Grainger Europe Tallinn Acquisition price: 5.96m No of units to be built : 800 Total development Costs: 36.5m GT share of JV 45% ( 2.7m investment) Business plan is to develop apartments over 4-5 years Return expectation 22-25% pa Zizkov, Prague Acquisition of 4.2 hectare site for 6.5m (our share 5.3m). Business plan is to develop retail/residential scheme over 3-4 years Page 27

28 REITs Draft legislation will exclude trading properties from ring fenced regime. Gearing calculation excludes trading income. Conversion highly unlikely. Future opportunities for Grainger from creation of externally managed residential REITs. Page 28

29 Summary Profit and Loss Account Six months ended 31 March March 2005 m m Tenanted residential Development and trading Europe Operating contributions Administrative expenses (6.1) (4.2) Goodwill written off (6.1) - Valuation gains on assets Fair value movements - financial assets and derivatives Earnings before interest and tax Net interest payable (27.6) (22.3) Joint ventures (0.7) - Profit before tax Page 29

30 Cashflow Page March March 2005 m m Income Net rents, other income 5 6 Property sales Working capital movements (7) (25) Interest, tax, dividends (37) (35) Net operating income Loan movements Available for property spend Tenanted residential acquisitions (UK) (43) (56) Tenanted residential acquisitions (Germany) (67) - Development and trading (11) (16) Purchase of subsidiaries, joint ventures and associates (48) - Other - (8) (169) (80) Cash movement 15 (2)

31 Market Value Balance Sheet 31 March September 2005 m m Properties Tenanted residential 1,591 1,473 Development and trading Total properties 1,684 1,597 Cash,investment, other Total assets 1,834 1,693 Debt (1,041) (914) Deferred taxation (86) (101) Net current liabilities (112) (64) Net assets Gearing 163% 140% Loan to value ratio 55% 53% No revaluation of property at 31 March 2006 Page 31

32 Asset Values Regulated Home Reversion Other tenanted property Cost Market Value Vacant possession value m Vacant possession value 2,177 Investment value 1,592 Page 32 Reversionary surplus 585 (figures include share of Joint Venture's)

33 Net asset value 31 March 2006 pence per share m NAV NNNAV Traditional NAV measures do not adequately account for reversionary surplus in the portfolio (difference between vacant possession and investment value) standing at 585m or some 451p per share. If we calculate net present value of that surplus then NNNAV becomes:- Grainger NAV (pence per share) HPI per annum Discount rate 5.6% 8.6% 0% % % Page 33

34 Outlook Continued focus on long term residential market including home reversion Introduce third party equity into market rented fund Building on European acquisitions Development and trading division focus on residential development and urban/rural regeneration. Page 34

Grainger Trust plc. Preliminary Announcement of Results for the year ended 30 September 2005. 6 December 2005

Grainger Trust plc. Preliminary Announcement of Results for the year ended 30 September 2005. 6 December 2005 Grainger Trust plc Preliminary Announcement of Results for the year ended 30 September 2005 6 December 2005 Page 1 Contents Highlights Summary Profit and Loss Account Market Value Balance Sheet NAV Movements

More information

grainger grainger trust plc annual report and accounts 2006

grainger grainger trust plc annual report and accounts 2006 grainger grainger trust plc annual report and accounts 2006 2 Strategy and operations 4 regulated tenancies 6 market tenancies 8 equity release 10 property and asset management 12 14 development europe

More information

Grainger Strategy Update 28 January 2016

Grainger Strategy Update 28 January 2016 Grainger Objective A strategy to deliver improved shareholder returns Grow rents Simplify and focus Build on our heritage 2 Strategy review process The strategy review process Bottom up review of every

More information

WE HAVE A DIVERSE PORTFOLIO

WE HAVE A DIVERSE PORTFOLIO 33 WE HAVE A DIVERSE PORTFOLIO Core At the heart of our business are 7,300 regulated properties worth 1bn. These are tenanted assets which are bought at a discount to the vacant possession value, so have

More information

MEASURING OUR PERFORMANCE

MEASURING OUR PERFORMANCE MEASURING OUR PERFORMANCE Our objective is to provide above average long-term returns to shareholders through the execution of our strategy. In order to measure the effectiveness of the different strands

More information

Preliminary results for the year ended 30 September 2013. 7 November 2013

Preliminary results for the year ended 30 September 2013. 7 November 2013 Preliminary results for the year ended 30 September 2013 7 November 2013 Executive Directors Andrew Cunningham, Chief Executive Mark Greenwood, Finance Director Nick Jopling, Executive Director, Property

More information

Page 69. Sutton Living Business Plan and Loan Agreement. Mary Morrissey, Strategic Director of Environment, Housing and Regeneration

Page 69. Sutton Living Business Plan and Loan Agreement. Mary Morrissey, Strategic Director of Environment, Housing and Regeneration Page 69 Agenda Item 5b Report to: Opportunity Sutton Limited Sub- Committee Date: 4 August 2015 Report title: Report from: Ward/Areas affected: Chair of Committee/Lead Member: Author(s)/Contact Number(s):

More information

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND GROUP INTERIM MANAGEMENT REPORT SECOND QUARTER OF 2008 JUNE 30, 2008 FRANCONOFURT AG FRANKFURT AM MAIN FRANCONOFURT AG, FRANKFURT AM MAIN CONSOLIDATED INTERIM

More information

Press Release. Third quarter valuation and business update

Press Release. Third quarter valuation and business update Press Release 31 January 2013 Third quarter valuation and business update In today s Interim Management Statement, the Directors of Great Portland Estates plc ( GPE or Group ) announce an update on trading,

More information

CGI of Longbridge Town Centre, Birmingham INVESTOR PRESENTATION

CGI of Longbridge Town Centre, Birmingham INVESTOR PRESENTATION CGI of Longbridge Town Centre, Birmingham INVESTOR PRESENTATION OCTOBER 2012 Agenda 1. About St. Modwen Properties PLC 2. Portfolio 3. Finances 4. Glossary of defined terms 2 About St. Modwen Properties

More information

Policy Response Buy to Let Tax Relief

Policy Response Buy to Let Tax Relief Savills World Research Policy Response Buy to Let Tax Relief Autumn 215 savills.co.uk/research In his May budget the Chancellor announced a limit on mortgage interest relief for buy to let investors in

More information

Preliminary Results Presentation June 2011

Preliminary Results Presentation June 2011 Preliminary Results Presentation June 2011 Michael Knight Chairman Nigel Godefroy Group Chief Executive Natasha Gadsdon Finance Director Year of progress Air South West Disposed reducing overall risk to

More information

Annual results 2014. Net valuation gain on the investment portfolio reaches 53.9 million (against 27.9 million at the end of 2013)

Annual results 2014. Net valuation gain on the investment portfolio reaches 53.9 million (against 27.9 million at the end of 2013) Press Release Regulated Information 2 March 2015 Annual results 2014 Profit for the year of 49.4 million (+ 25.1 million against 2013) 117.4% increase of committed annualised rent income to 22.6 million

More information

VGP enters into a 50/50 joint venture with Allianz Real Estate. Annual results 2015

VGP enters into a 50/50 joint venture with Allianz Real Estate. Annual results 2015 Press Release Regulated Information UNDER EMBARGO UNTIL 1 MARCH 2016 AT 7h00 1 March 2016 VGP enters into a 50/50 joint venture with Allianz Real Estate Annual results 2015 1 VGP enters into 50/50 joint

More information

Understanding Irish Real Estate Investment Trusts. For Financial Advisor Use Only

Understanding Irish Real Estate Investment Trusts. For Financial Advisor Use Only Understanding Irish Real Estate Investment Trusts For Financial Advisor Use Only What is a Real Estate Investment Trust (REIT)? A REIT is a public listed company which has as its main activity the ownership

More information

Equity per share (NOK) 147 123 131 Equity ratio 39 % 38 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 184 152 165

Equity per share (NOK) 147 123 131 Equity ratio 39 % 38 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 184 152 165 REPORT FOR Q2 AND THE FIRST 6 MONTHS OF 2015 KEY FIGURES Amounts in NOK million Q2 2015 Q2 2014 30.06.15 30.06.14 2014 Net rental income 501 450 1 005 904 1 883 Fair value adjustments in investment properties

More information

3 rd HSBC (T)rinkaus (R)eal (E)state (C)onference. February 27, 2008

3 rd HSBC (T)rinkaus (R)eal (E)state (C)onference. February 27, 2008 3 rd HSBC (T)rinkaus (R)eal (E)state (C)onference February 27, 2008 Deutsche Wohnen: Highly focussed and with > 50,000 residential units clear no. 2 listed residential player in Germany The portfolio of

More information

Capital & Counties Properties PLC Interim Results July

Capital & Counties Properties PLC Interim Results July Capital & Counties Properties PLC Interim Results 2016 26 July 2016 This presentation includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks,

More information

Equity per share (NOK) 135 123 131 Equity ratio 37 % 39 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 170 153 165

Equity per share (NOK) 135 123 131 Equity ratio 37 % 39 % 36 % Non-current net asset value per share (NOK) (EPRA NNNAV) 2) 170 153 165 REPORT Q1/2015 KEY FIGURES Amounts in NOK million Q1 2015 Q1 2014 31.12.14 Net rental income 503 454 1 883 Fair value adjustments in investment properties and interest rate derivatives 1 294-9 281 Profit

More information

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY AND ITS SUBSIDIARIES

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY AND ITS SUBSIDIARIES THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY AND ITS SUBSIDIARIES FOR RELEASE 7.00 AM 1 December 2015 THE CARDIFF PROPERTY PLC (The group, including Campmoss, specialises in property investment and development

More information

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 DENSITRON TECHNOLOGIES PLC PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 Densitron Technologies plc ( Densitron or the Company or the Group ), the designer, developer and distributor

More information

Key themes. Solid NAV growth - 8.3% increase in adjusted, fully diluted NAV per share - Driven by development activity, rental growth and yields

Key themes. Solid NAV growth - 8.3% increase in adjusted, fully diluted NAV per share - Driven by development activity, rental growth and yields Key themes Strong progress against strategy Completion of USAF and strong fund performance over first six months Deepened pipeline in London and high quality University markets Capital Cities JV fully

More information

Grainger plc. ( Grainger, the Group or the Company ) Half year results for the six months ended 31 March 2016

Grainger plc. ( Grainger, the Group or the Company ) Half year results for the six months ended 31 March 2016 19 May Grainger plc ( Grainger, the Group or the Company ) Half year results for the six months ended 31 March Strong performance during a transformational period and significant progress against strategic

More information

Deutsche Wohnen AG.» Investor Presentation. September 2010

Deutsche Wohnen AG.» Investor Presentation. September 2010 Deutsche Wohnen AG» Investor Presentation September 21 1 » Agenda 1 2 3 4 Introduction to Deutsche Wohnen Portfolio Overview and Operations Financial Highlights Guidance and Strategic Objectives 2 » 1

More information

We are investors in UK property and our focus is on actively managing, financing and developing prime commercial property to

We are investors in UK property and our focus is on actively managing, financing and developing prime commercial property to We are investors in UK property and our focus is on actively managing, financing and developing prime commercial property to Investor Roadshow create the environment in which modern business can thrive.

More information

CPI PROPERTY GROUP continues in successful business operations, expansion plans and refinancing of existing projects

CPI PROPERTY GROUP continues in successful business operations, expansion plans and refinancing of existing projects CPI PROPERTY GROUP continues in successful business operations, expansion plans and refinancing of existing projects Corporate highlights Annual General Meeting of 28 May 2015 The Annual General Meeting

More information

notes to the financial statements

notes to the financial statements SHAFTESBURY PLC ANNUAL REPORT for the year ended 30 September 1. General information General information The consolidated financial statements of the Group for the year ended 30 September which comprise

More information

INCOME APPROACH Gross Income Estimate - $198,000 Vacancy and Rent Loss - $9,900

INCOME APPROACH Gross Income Estimate - $198,000 Vacancy and Rent Loss - $9,900 INCOME APPROACH The Income Approach considers the return on Investment and is similar to the method that investors typically use to make their investment decisions. It is most directly applicable to income

More information

Real Estate Investment Trusts

Real Estate Investment Trusts Real Estate Investment Trusts What are REITs? 1. REITs or Real Estate Investment Trusts to give them their full title are now common to many economies with a developed property market. Generally they are

More information

We believe our approach will enable Grainger to become one of Europe s leading quoted integrated residential property companies.

We believe our approach will enable Grainger to become one of Europe s leading quoted integrated residential property companies. ANNUAL REPORT AND ACCOUNTS 2007 The future of residential property Grainger specialises in owning, developing, managing, selling and delivering sustainable value from residential property. We are the largest

More information

Results 2007. Analyst & Investor Conference / Conference call March 27, 2008

Results 2007. Analyst & Investor Conference / Conference call March 27, 2008 Results 2007 Analyst & Investor Conference / Conference call March 27, 2008 Agenda Highlights 2007 Results 2007 Outlook and guidance 2008 Shareholder structure / Share price 2 2007 a challenging Year Peak

More information

Current Market Environment. Swiss Finance & Property Investment AG. Portfolio. Finances. Summary 2015. 2016 Outlook. Slide 2

Current Market Environment. Swiss Finance & Property Investment AG. Portfolio. Finances. Summary 2015. 2016 Outlook. Slide 2 Current Market Environment Swiss Finance & Property Investment AG Portfolio Finances Summary 2015 2016 Outlook Slide 2 Economic situation Private consumption is becoming the driving force of economic growth

More information

2012 Year End Results Roadshow Presentation

2012 Year End Results Roadshow Presentation 2012 Year End Results Roadshow Presentation March 2013 Casino, Ile de France Overview SEGRO is a leading European Industrial REIT with AUM of 5.3bn (SEGRO share: 4.7bn) Portfolio concentrated in the most

More information

6 months to 28 Feb months to 29 Feb Exceptional items & goodwill amortisation 73 (9) (137) (70) (130)

6 months to 28 Feb months to 29 Feb Exceptional items & goodwill amortisation 73 (9) (137) (70) (130) Group Profit and Loss Account 6 months to 28 Feb 2005 6 months to 29 Feb 2004 12 months to 31 Aug 2004 Note Before exceptional items & goodwill Exceptional items & goodwill Total Before exceptional items

More information

HELICAL ANNUAL RESULTS TO 31 MARCH 2016. www.helical.co.uk. @Helical_Bar_plc

HELICAL ANNUAL RESULTS TO 31 MARCH 2016. www.helical.co.uk. @Helical_Bar_plc HELICAL ANNUAL RESULTS TO 31 MARCH 2016 www.helical.co.uk @Helical_Bar_plc 1 AGENDA One Two Three Four Five Highlights Gerald Kaye Financials Tim Murphy Portfolio Matthew Bonning-Snook and Duncan Walker

More information

ALM in UK Life. DRAFT 12 January 2011 V1

ALM in UK Life. DRAFT 12 January 2011 V1 ALM in UK Life WP & Annuity strategy t John Lister DRAFT 12 January 2011 V1 1 ALM in UK Life Summary Asset and Liability management is at the core of what we do This combined with the quality of our credit

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

More information

2008 annual results. Presentation on 18 February 2009

2008 annual results. Presentation on 18 February 2009 2008 annual results Presentation on 18 February 2009 1 2008: Continued growth Sustained business activity Lettings up by 9% in a market down 14%, including the pre-letting of two buildings under construction

More information

1st quarter 2015 Oslo, 30 April 2015

1st quarter 2015 Oslo, 30 April 2015 1st quarter 2015 Oslo, 30 April 2015 Agenda Highlights Financial update Markets and operations Closing remarks Olav Line Svein Hov Skjelle Olav Line Olav Line Q&A session 2 Revenue growth and increasing

More information

The Interpretation of Financial Statements. Why use ratio analysis. Limitations. Chapter 16

The Interpretation of Financial Statements. Why use ratio analysis. Limitations. Chapter 16 The Interpretation of Financial Statements Chapter 16 1 Luby & O Donoghue (2005) Why use ratio analysis Provides framework Comparison to previous years Trends identified Identify areas of concern Targets

More information

DEVELOPMENT SECURITIES PLC ANNOUNCES INTERIM RESULTS. Development pipeline increased to 1 billion and share buyback plan announced

DEVELOPMENT SECURITIES PLC ANNOUNCES INTERIM RESULTS. Development pipeline increased to 1 billion and share buyback plan announced 14 September 2000 DEVELOPMENT SECURITIES PLC ANNOUNCES INTERIM RESULTS Development pipeline increased to 1 billion and share buyback plan announced Development Securities PLC announced today a further

More information

This guide is aimed to help you consider the right choices before adding new or further buy to let property to your investment portfolio.

This guide is aimed to help you consider the right choices before adding new or further buy to let property to your investment portfolio. Buy to Let Guide It has now become common for a buy to let property to form part of an individual s investment portfolio. Property has always been easy to understand in that it is tangible and therefore

More information

Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS

Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS This guide to financial reporting is designed to help investors and other users of our financial statements to

More information

Excellence in Real Estate Investment and Asset Management

Excellence in Real Estate Investment and Asset Management Next Generation Real Estate Excellence in Real Estate Investment and Asset Management Initiative Immobilien Aktie 2007 - Frankfurt am Main 25./ 26.10.2007 Focused and Integrated Business Model Sales HY

More information

2011 Full Year Results. 21 February 2012

2011 Full Year Results. 21 February 2012 2011 Full Year Results 21 February 2012 0 Headlines Strong operating results due to portfolio quality and operational focus Further momentum to come from mainly pre-let development programme Reduction

More information

Institute of Certified Bookkeepers

Institute of Certified Bookkeepers Making you count Institute of Certified Bookkeepers Level IV Module 2 Drafting Financial Statements Topic 1 The Regulatory Framework Explain the purpose of Financial Statements, the legal framework that

More information

Savills plc. Results for the year ended 31 December 2015

Savills plc. Results for the year ended 31 December 2015 Savills plc Results for the year ended 31 December 215 1 March 216 1 Disclaimer: Forward-looking statements These slides contain certain forward-looking statements including the Group s financial condition,

More information

THE ARLA REVIEW & INDEX

THE ARLA REVIEW & INDEX THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second

More information

Grainger plc. ( Grainger, the Group or the Company ) Preliminary Results for the year ended 30 September 2015

Grainger plc. ( Grainger, the Group or the Company ) Preliminary Results for the year ended 30 September 2015 19 November Grainger plc ( Grainger, the Group or the Company ) Preliminary Results for the year ended 30 September GRAINGER REPORTS SOLID PROGRESS AND KEY MILESTONES IN DELIVERING STRATEGY Grainger plc,

More information

First Property Group plc. Commercial Investment Real Estate Investing through the cycles

First Property Group plc. Commercial Investment Real Estate Investing through the cycles First Property Group plc Commercial Investment Real Estate Investing through the cycles Table of Contents Liquidity: Property vs. Equities vs. Bonds Costs of Buying Commercial Property The Need for Yield

More information

Press Release Corporate News Vienna, 18 March 2015

Press Release Corporate News Vienna, 18 March 2015 Press Release Corporate News Vienna, 18 March 2015 IMMOFINANZ with stable operating performance in the first three quarters, Net profit reduced New share buyback program resolved KEY FIGURES (in MEUR)

More information

Deferred Payments. Information for people moving into residential care who own a property

Deferred Payments. Information for people moving into residential care who own a property Deferred Payments Information for people moving into residential care who own a property Deferred Payments The Deferred Payment Scheme is designed to help you if you have been assessed as having to pay

More information

GPE development successes and rental growth deliver portfolio valuation uplift of 10.5% in H1

GPE development successes and rental growth deliver portfolio valuation uplift of 10.5% in H1 Press Release 11 November GPE development successes and rental growth deliver portfolio valuation uplift of 10.5% in H1 The Directors of Great Portland Estates plc announce the results for the Group for

More information

ApEx 2. Investment and Risk

ApEx 2. Investment and Risk ApEx 2 Investment and Risk 1 Summary of Learning Outcomes AES1/200504 Financial Services Skills Council 2004 16 2 LEARNING OUTCOME H1 INTEGRATED LEARNING OUTCOME FOR THE APPROPRIATE EXAMINATIONS STANDARDS

More information

Paper F7 (INT) Financial Reporting (International) Wednesday 5 June 2013. Fundamentals Level Skills Module

Paper F7 (INT) Financial Reporting (International) Wednesday 5 June 2013. Fundamentals Level Skills Module Fundamentals Level Skills Module Financial Reporting (International) Wednesday 5 June 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted.

More information

Financial Review +0.3 % -14 % The Group s adjusted net asset value. The Group s underlying earnings ADJUSTED NAV. HK$39,627m UNDERLYING EARNINGS

Financial Review +0.3 % -14 % The Group s adjusted net asset value. The Group s underlying earnings ADJUSTED NAV. HK$39,627m UNDERLYING EARNINGS Performance and Outlook Financial Review The financial details outlined in this chapter provide an overview of the Group s consolidated results and financial capital as categorised by the International

More information

AMP NZ Office Trust operating profit up 8.4 percent for first quarter

AMP NZ Office Trust operating profit up 8.4 percent for first quarter News release AMP NZ Office Trust operating profit up 8.4 percent for first quarter New Zealand s largest listed investor in prime commercial office property, AMP NZ Office Trust (ANZO), has reported an

More information

Peer-to-Peer Commercial Property Lending

Peer-to-Peer Commercial Property Lending Peer-to-Peer Commercial Property Lending Why Commercial Real Estate Debt is the Perfect Partner for P2P Lending Retail Industrial Office INTRODUCTION Peer-to-Peer Lending, also known as Loan Based Crowdfunding,

More information

Company Roadshow Presentation HAMBORNER REIT AG. Preliminary figures 2012 February 2013

Company Roadshow Presentation HAMBORNER REIT AG. Preliminary figures 2012 February 2013 Company Roadshow Presentation HAMBORNER REIT AG Preliminary figures 2012 February 2013 HAMBORNER REIT AG key investment highlights Creating sustainable shareholder value Strong asset and portfolio management

More information

Valuation Report on Prudential Annuities Limited as at 31 December 2003. The investigation relates to 31 December 2003.

Valuation Report on Prudential Annuities Limited as at 31 December 2003. The investigation relates to 31 December 2003. PRUDENTIAL ANNUITIES LIMITED Returns for the year ended 31 December 2003 SCHEDULE 4 Valuation Report on Prudential Annuities Limited as at 31 December 2003 1. Date of investigation The investigation relates

More information

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing

More information

Invesco Property Income Trust Limited

Invesco Property Income Trust Limited Invesco Property Income Trust Limited Half-Yearly Financial Report for the Six Months to 30 September 2009 KEY FACTS Invesco Property Income Trust Limited ( the Company ) is a closed-ended investment company

More information

Risk Management Metrics Subgroup. Embedded Value Definition

Risk Management Metrics Subgroup. Embedded Value Definition Risk Management Metrics Subgroup Embedded Value Definition DRAFT 2 June 20, 2001-1- 01/13/03 DRAFT 2 EMBEDDED VALUE DEFINTION Table of Contents 1 Background and Purpose... 3 2 Definitions... 3 Adjusted

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Oakburn. Annual Report 2011-2012

Oakburn. Annual Report 2011-2012 Oakburn Annual Report 2011 2012 Directors Report If the macro economic climate in 2010 was tough, it proved no easier in 2011 and indeed showed greater instability in Europe. Against this the German economy

More information

Annual report and Accounts 2015 Leading the market Simplifying the business

Annual report and Accounts 2015 Leading the market Simplifying the business Annual report and Accounts Leading the market Simplifying the business contents Directors report Strategic report 1 / Our objective and strategy 1 / Financial Highlights 2 / Chairman s statement 4 / Chief

More information

Great Hall, Bay Campus, Swansea University

Great Hall, Bay Campus, Swansea University Great Hall, Bay Campus, Swansea University Half Year Results Annoucement To 2016 St. Modwen Properties PLC Half Year Results Annoucement Date of issue: 5 th July 2016 ST. MODWEN PROPERTIES PLC ( St. Modwen,

More information

If Alfred s endowment was payable in five years time what sum should be payable to make both of equal value?

If Alfred s endowment was payable in five years time what sum should be payable to make both of equal value? FUTURE VALUE OF A SINGLE SUM Question 1 Alfred and George are brothers. They have both been given an endowment of 5,000 by Great Uncle Edward. George will receive his money immediately whilst Alfred must

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

JPMC Crossrail Tour 8 January 2013

JPMC Crossrail Tour 8 January 2013 JPMC Crossrail Tour 8 January 2013 Agenda 1. GPE Update Toby Courtauld 2. Crossrail Overview - Toby Courtauld 3. The Hanover Square Estate History Ben Chambers The site today Mashood Ashraf Outlook - Neil

More information

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements.

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements. Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United

More information

Deutsche Wohnen AG. Investor Presentation. December 2011

Deutsche Wohnen AG. Investor Presentation. December 2011 Deutsche Wohnen AG Investor Presentation December 2011 1 » Summary of investment highlights German residential: a resilient investment class Quality portfolio focused on attractive German Metropolitan

More information

EUROCASTLE INVESTMENT LIMITED. 2011 Investor Presentation

EUROCASTLE INVESTMENT LIMITED. 2011 Investor Presentation EUROCASTLE INVESTMENT LIMITED 2011 Investor Presentation Forward Looking Statements This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate

More information

HomeBuy? What. www.southwesthomes.org.uk. South West Homes

HomeBuy? What. www.southwesthomes.org.uk. South West Homes South West Homes What is HomeBuy? HomeBuy is a name the Government has given to a suite of housing options available to people who wish to purchase a home but cannot do so without financial assistance,

More information

Derwent London plc ( Derwent London / the Group )

Derwent London plc ( Derwent London / the Group ) 17 November 2011 Derwent London plc ( Derwent London / the Group ) INTERIM MANAGEMENT STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011 Continued strong letting progress and further rental growth during

More information

Badger BC. Investments Ltd. Business Plan 2014 2017. A wholly owned subsidiary of Broxbourne Borough Council

Badger BC. Investments Ltd. Business Plan 2014 2017. A wholly owned subsidiary of Broxbourne Borough Council Badger BC Investments Ltd Business Plan 2014 2017 A wholly owned subsidiary of Broxbourne Borough Council Contents Summary 3 Governance and management structure 4 Rights, obligations and decision making

More information

Consolidated Financial Results for Six Months Ended September 30, 2007

Consolidated Financial Results for Six Months Ended September 30, 2007 Consolidated Financial Results for Six Months Ended September 30, 2007 SOHGO SECURITY SERVICES CO., LTD (URL http://ir.alsok.co.jp/english) (Code No.:2331, TSE 1 st Sec.) Representative: Atsushi Murai,

More information

Property Data Report

Property Data Report Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform

More information

Asset Based Income Streams

Asset Based Income Streams AGENDA ITEM 5 Asset Based Income Streams Report of the Select Committee Policy Committee 22 July 2014 FOREWORD On behalf of the Select Committee I am pleased to present this report. The Council s long

More information

DRAFT V5. PFSC 16/05/2014 Appendix 1. Outline Plan to deliver the County Council s investment property Strategy

DRAFT V5. PFSC 16/05/2014 Appendix 1. Outline Plan to deliver the County Council s investment property Strategy PFSC 16/05/2014 Appendix 1 Outline Plan to deliver the County Council s investment property Strategy 1. Strategic Drivers 1.1 The County Council s property investment strategy sets out how its property

More information

Akelius Fastigheter AB. Interim report January to September 2010

Akelius Fastigheter AB. Interim report January to September 2010 Akelius Fastigheter AB Interim report January to September 2010 Akelius Fastigheter AB Registered company number: 556156-0383 Interim Report January to September 2010 Rental income amounted to SEK 1,832

More information

JUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619

JUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619 MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53465619 Assets attributable to: Common shares * 10548403 Ordinary shares 850838 Zero Dividend Preference shares 42066378 SHARES Net Asset Value Market Price

More information

INVESTOR AND ANALYST PRESENTATION. Six months ended 31 March 2015. INVESTOR AND ANALYST PRESENTATION Six months ended 31 March 2015

INVESTOR AND ANALYST PRESENTATION. Six months ended 31 March 2015. INVESTOR AND ANALYST PRESENTATION Six months ended 31 March 2015 INVESTOR AND ANALYST PRESENTATION Six months ended 31 March 2015 INVESTOR AND ANALYST PRESENTATION Six months ended 31 March 2015 Agenda 2 Introduction Results and finance Portfolio review Summary and

More information

Intermediary Data Capture Form. October 2014. Version 2 04.15/DW/65074JAV

Intermediary Data Capture Form. October 2014. Version 2 04.15/DW/65074JAV Intermediary Data Capture Form October 2014 Version 2 1 14 04.15/DW/65074JAV Submission details. Version 2 What level of advice is being provided Advised Non advised Is the Application being submitted

More information

ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m

ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m 1 November 2007 0 DISCLAIMER NOT FOR DISTRIBUTION OR RELEASE IN THE UNITES STATES OR TO U.S. PERSONS This presentation

More information

file:///c:/users/el/downloads/draftannouncement404380.html

file:///c:/users/el/downloads/draftannouncement404380.html Page 1 of 5 28 July 2015 Marechale Capital plc ("Marechale" or the "Company") Consolidated Financial Statements for the year ended 31 March 2015. Marechale is pleased to announce its final results for

More information

Assura plc Interim Condensed Consolidated Accounts for the 6 months ended 30 September 2015. Another period of significant growth

Assura plc Interim Condensed Consolidated Accounts for the 6 months ended 30 September 2015. Another period of significant growth Interim Results 2015 Released: 19 November 2015 RNS Number: Assura PLC 19 November 2015 Assura plc Interim Condensed Consolidated Accounts for the 6 months ended 30 September 2015 Another period of significant

More information

VVO still the most recognised and attractive

VVO still the most recognised and attractive Interim Report 1 January - 30 June 2012 VVO still the most recognised and attractive A recent reputation survey indicates that VVO is clearly the most recognised rental housing business among residents,

More information

Real Estate Investment Trusts (REITs): Tax Policy Rationale

Real Estate Investment Trusts (REITs): Tax Policy Rationale 2013 Number 2 Real Estate Investment Trusts (REITs): Tax Policy Rationale 69 Real Estate Investment Trusts (REITs): Tax Policy Rationale Deirdre Donaghy Business Tax Team, Fiscal Policy Division, Department

More information

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008 Interim Consolidated Financial Statements March 31, and Interim Consolidated Balance Sheets (in thousands of dollars) Assets March 31, December 31, Income-producing properties (note 3) 172,404 174,135

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

Balance Sheet. Assets. Current Assets Total ( )...4

Balance Sheet. Assets. Current Assets Total ( )...4 Balance Sheet Assets + Cash and Short-Term Investments... 1 + Cash...162 + Short-Term Investments...193 + Receivables Total... 2 + Receivables Trade...151 + Income Tax Refund...161 + Receivables Current

More information

Standard Life plc. Solvency II and capital insight session

Standard Life plc. Solvency II and capital insight session Standard Life plc Solvency II and capital insight session This presentation may contain certain forward-looking statements with respect to certain of Standard Life's plans and its current goals and expectations

More information

Half year results 2015

Half year results 2015 Bovis Homes Group PLC Agenda Half year results 215 17 August 215 www.bovishomesgroup.co.uk Highlights Financials Strategy Summary The Fairways, Leamington Spa Frame 1 Growth strategy on track Strong investment

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012 Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2014 CONSOLIDATED FINANCIAL STATEMENTS 2014 Declaration of the Members of the Board of Directors Board of Directors Report Independent auditors report of comprehensive income

More information

A guide to INVESTMENT TRUSTS. We ve been investing successfully since 1888. We re on the right course to invest for generations.

A guide to INVESTMENT TRUSTS. We ve been investing successfully since 1888. We re on the right course to invest for generations. A guide to INVESTMENT TRUSTS We ve been investing successfully since 1888. We re on the right course to invest for generations. 2 A guide to Investment Trusts Contents 3 Investment Trusts explained 4 Differences

More information

Income Statement +4% Revenue 3,406 3,272. Operating profit 530 478 Interest (25) (49) +11% Profit before tax 505 429 Taxation (141) (127)

Income Statement +4% Revenue 3,406 3,272. Operating profit 530 478 Interest (25) (49) +11% Profit before tax 505 429 Taxation (141) (127) Introduction Income Statement Revenue 3,406 3,272 Operating profit 530 478 Interest (25) (49) +4% +11% Profit before tax 505 429 Taxation (141) (127) Profit after tax 364 302 EPS 188.5p 156.0p Income Statement

More information

asset classes Understanding Equities Property Bonds Cash

asset classes Understanding Equities Property Bonds Cash NEWSLETTER Understanding asset classes High return Property FIND OUT MORE Equities FIND OUT MORE Bonds FIND OUT MORE Cash FIND OUT MORE Low risk High risk Asset classes are building blocks of any investment.

More information