Final Results - Part 1
Alpha Pyrenees Trust Limited
18 March 2008
18 March 2008
ALPHA PYRENEES TRUST LIMITED
('ALPHA PYRENEES TRUST'; OR THE 'TRUST')
ALPHA PYRENEES TRUST POSTS RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007:
NET ADJUSTED PROFIT AFTER INTEREST AND TAX UP 78% TO £8.0 MILLION (6.3p per
share)
NET ASSET VALUE PER SHARE (ADJUSTED) UP 9.3% TO 100.1p
DIVIDEND EXPECTED TO RISE BY 17% TO 7p FOR 2008, PAID QUARTERLY
STRONG BALANCE SHEET WITH NET GEARING OF UNDER 60%
Alpha Pyrenees Trust Limited, the property company investing in commercial real
estate in France and Spain, today posts its results covering the year from 1
January 2007 to 31 December 2007.
The Trust announced an adjusted profit after interest and tax of £8 million and
a further dividend of 1.5p per share in respect of its fourth quarter, making a
total of 6p per share for the year to 31 December 2007. It is the Board's
current intention to further increase the dividend by 17% to 7p per share in
respect of the year to 31 December 2008 payable quarterly.
Highlights of the period to 31 December 2007 include:
• Dividend up 20% to 6p per share
• EPS (adjusted) up 70% to 6.3p per share
• NAV (adjusted) up 9.3% to 100.1p per share compared to 31 December 2006
• Portfolio yielding 7.0% on current valuation
• 80% of portfolio income comes from Grade A tenants
• Leases are subject to annual indexation
• Total borrowings of £180m and a portfolio value of £274m (66% overall loan
to value).
• Net gearing (after cash) is under 60%
• All debt fixed at weighted average interest rate of 5.2% p.a. to
maturities between 2013 (9% of debt) and 2015 (91%)
Dick Kingston, Chairman of Alpha Pyrenees Trust, commented:
'The Board intends to pay a further dividend of 1.5p per share making a
total dividend of 6p per share for the period to 31 December 2007. It is also
the current intention of the Board to pay a dividend of 7p per share in respect
of the year to 31 December 2008 which will be payable quarterly. In the light of
the current uncertainty in the banking markets, the Trust has adopted a more
defensive financial position and the Trust's overall net gearing (taking
into account cash) is currently under 60%. This leaves the Trust well positioned
to take advantage of value-enhancing opportunities as they arise.'
Paul Cable, Fund Manager, Alpha Real Capital, commented:
'The Trust owns a diversified portfolio of quality-tenanted properties in
France and Spain totaling £274 million (€372 million) which yields 7%. All
the Trust's leases are subject to annual indexation and continue to show
healthy levels of rental increase. There are a number of asset management
opportunities to further enhance rental income and the Trust has the resources
to take advantage of these opportunities.'
Contact:
Dick Kingston
Chairman, Alpha Pyrenees Trust
01481 735540
Paul Cable
Fund Manager, Alpha Real Capital
020 7591 1635
Neither this announcement nor any copy of it may be taken or distributed into
the United States of America or distributed or published, directly or
indirectly, in the United States of America. Any failure to comply with this
restriction may constitute a violation of US securities law. The securities
referred to herein have not been and will not be registered under the US
Securities Act of 1933, as amended (the 'Securities Act'), and may
not be offered or sold in the United States to or for the benefit of US persons
unless they are registered under the Securities Act or pursuant to an available
exemption there from. No public offering of securities is being made in the
United States. The distribution of this announcement and information contained
herein may be restricted by law in other jurisdictions and therefore persons
into whose possession this announcement or information contained herein comes
should inform themselves about and observe any such restrictions.
NOTES:
ABOUT ALPHA PYRENEES TRUST
The Trust is a Guernsey registered closed-ended investment company investing in
French and Spanish commercial real estate.
Investment Strategy
The Trust's strategy is to invest in a diversified portfolio of properties
in France and Spain, focusing on commercial property in the office, industrial,
logistics, and retail sectors.
Alpha Real Capital believes that there will be capital growth opportunities in
the portfolio through income growth and active asset management.
For more information on Alpha Pyrenees please visit www.alphapyreneestrust.com
Directors
The Directors of the Company, all of whom are non-executive, are responsible for
the implementation of the investment policy of the Company and the overall
supervision of the Group's activities. The Board consists of:
Dick Kingston (Chairman)
Christopher Bennett
David Jeffreys
Phillip Rose
Serena Tremlett
Dick Kingston was an executive director of Slough Estates Plc (now SEGRO Plc),
one of the largest London Stock Exchange listed property companies. He was
responsible for Group Finance at Slough Estates Plc for nine years, and chairman
of their continental European real estate activities. He was a non-executive
director of Mersey Docks and Harbour Company and is a qualified Chartered
Accountant.
ABOUT ALPHA REAL CAPITAL
Alpha Real Capital is a co-investing international real estate fund manager with
operations in the French and Spanish real estate markets. Alpha Real Capital was
established by Sir John Beckwith and Phillip Rose and is jointly owned by them,
members of the Alpha management team and Michael Spencer.
Alpha Real Capital is the Investment Manager to Alpha Pyrenees Trust. Alpha Real
Capital's European Funds Director, Paul Cable, is Fund Manager, Alpha Pyrenees
Trust.
For more information on Alpha Real Capital please visit www.alpharealcapital.com
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Alpha Pyrenees Trust Limited
Results for the year ended 31 December 2007
Trust summary and objective
Objective
Alpha Pyrenees Trust Limited ('the Trust' or 'the Company' or 'Alpha Pyrenees')
typically invests in commercial property in France and Spain with
inflation-indexed rents that will provide an income return to investors as well
as the potential for capital growth.
Dividends
Dividends are paid quarterly and the Company's objective is to pay a total of 7
pence per share each year from 2008 onwards.
Listing
The Trust is a closed-ended Guernsey registered investment company. Its shares
are listed on the Official List of the UK Listing Authority and traded on the
London Stock Exchange.
Management
The Trust's Investment Manager is Alpha Real Capital LLP ('the Investment
Manager'). Control of the Trust rests with the non-executive Guernsey-based
Board of Directors.
ISA/PEP/SIPP status
The Trust's shares are eligible for Individual Savings Accounts (ISAs), Personal
Equity Plans (PEPs) and Self Invested Personal Pensions (SIPPs).
Financial highlights
Year ending Half year ending Period 15 November
2005 to 31 December
31 December 2007 30 June 2007 2006
Net asset value (adjusted) (£'000)* 127,085 124,680 116,750
Net asset value per ordinary share 100.1p 97.8p 91.6p
(adjusted)*
Net asset value per ordinary share 97.1p 95.1p 90.3p
Dividend per share (proposed and paid) 6.0p 3.0p 5.0p
Earnings per share (adjusted - 6.3p 2.5p 3.7p
basic & diluted)**
Earnings per share (basic & diluted) 4.7p 7.4p (1.7p)
*
The net asset value and net asset value per ordinary share have been adjusted
for the fair value mark-to-market revaluation of the currency swap and interest
rate swap derivatives and the deferred tax provisions; full analysis is given in
note 11 to the accounts.
**
The adjusted earnings per share includes adjustments for the effect of the fair
value mark-to-market revaluation of the currency swap and interest rate swap
derivatives and the deferred tax provisions and rental guarantee income; full
analysis is given in note 10 to the accounts.
Chairman's Statement
Objectives
The Trust invests in higher-yielding properties in France and Spain, focusing on
commercial property in the office, industrial, logistics, and retail sectors.
Alpha Real Capital LLP is the Investment Manager to the Trust.
The Trust seeks to provide shareholders with a regular, secure dividend stream
whilst also having the potential for capital growth from a combination of rent
increases (our leases are typically indexed to increase in line with inflation)
and active asset management.
The Trust seeks to diversify risk by investing in a geographic spread of
properties across different property sectors with a variety of tenants.
Investment activity
The Board is pleased with the substantial progress the Trust has made to date.
With recent acquisitions the portfolio has grown to approximately 260,000 square
metres (approximately 2.77 million square feet) as shown in the table below.
Further details of these acquisitions are provided in the Property Review and
the individual property profiles.
The total cost of the portfolio to date is approximately £268 million (€364
million) including all acquisition costs and the valuation of these assets is
currently approximately £274 million (€372 million). The annualised rent roll of
£19 million per annum (€26 million per annum) provides the Trust with an average
yield of 7.0% at current valuation.
Many of the tenants in the Trust's properties are well known companies belonging
to groups with strong covenants such as Credit Lyonnais, Alcatel-Lucent,
Carrefour, Aldi, GlaxoSmithKline, La Poste, MediaMarkt, Saint Gobain, BNP
Paribas, Konica Minolta, UPS, and Vinci Group. Prime tenants also include
government or quasi-government bodies and together the rent from such tenants
accounts for 80% of the Trust's income.
Results and dividend
Results for the period show an adjusted profit after interest and tax of £8
million (note 10). The adjusted EPS is 6.3 pence per share (note 10), an
increase of 70% on the prior period reflecting the progress made in acquiring
properties on attractive yields.
Against the background of the acquisitions made to date, the Board intends to
pay a dividend of 1.5p per share in respect of its fourth quarter (1 October to
31 December 2007) giving a total dividend of 6p per share in respect of the year
to 31 December 2007. This dividend will be payable to the shareholders on the
register as of 26 March 2008 and will be paid on 21 April 2008.
The Group has borrowed a further £88 million (€120 million) during the year
bringing total bank debt to £180 million (€244 million) against the current
value of mortgaged properties of £259 million (€352 million). The overall net
gearing (taking into account cash) is under 60%.
It is the Board's current intention to pay a dividend of 7 pence in respect of
the year to 31 December 2008.
Revaluation and Net Asset Value
Investment properties held at 31 December 2007 are shown in the balance sheet at
an independent valuation of £272 million (€369 million). Development property of
£2 million (€3 million) is shown at cost.
The adjusted net asset value per ordinary share is up to 100.1p (note 11); this
compares to 91.6p as at 31 December 2006, an increase of 8.5p for the year or
9.3%. This demonstrates the relative strength of the French market and the
quality of the Trust's portfolio.
Portfolio Summary
Country Property Sqm Description Valuation £m Valuation €m
France Villarceaux-Nozay 77,180 Business park 104.6 142.0
France Aubervilliers 8,750 Offices 19.5 26.4
France Goussainville 20,500 Warehouse and offices 16.7 22.7
France St Cyr L'Ecole 6,340 Offices 13.2 17.9
France Champs sur Marne 5,930 Offices 13.6 18.5
France Athis Mons 23,280 Logistics with 10.5 14.3
offices
France Aubergenville 27,700 Logistics 9.9 13.4
France Evreux 14,130 Logistics with 9.0 12.2
offices
France Mulhouse* 5,250 Offices 8.1 11.0
France Gennevilliers 3,330 Offices with light 8.1 11.0
industrial
France Roissy-en-France 7,800 Offices and warehouse 7.5 10.2
France Nimes 3,100 Offices and retail 6.5 8.8
France Ivry-sur-Seine 7,420 Warehouse and offices 6.1 8.3
France Vitry-sur-Seine 5,180 Warehouse and offices 4.6 6.3
France Fresnes 6,540 Warehouse and offices 4.9 6.7
Spain Cordoba 16,880 Retail park 16.9 22.9
Spain Zaragoza 9,520 Warehouses 5.7 7.8
Spain Ecija 5,950 Shopping centre 4.7 6.4
Spain Alcala de Guadaira 5,700 Shopping centre 4.1 5.5
Total 260,480 274.2 372.3
* Part of the Mulhouse property represents a development of a new office
building which is expected to be completed in July 2008; the table above
includes this development property at cost.
Finance
In the light of the current uncertainty in the banking markets, the Trust has
adopted a more conservative policy and the portfolio benefits from a 66% loan to
value ; the overall net gearing (taking into account cash) is under 60%. The
Trust continues to place great emphasis on the safety of its financing with all
interest rates having been fixed on all borrowings, and a robust safety margin
is being maintained with regard to bank loan covenants.
As noted above, the Trust has total borrowings of £180 million (€244 million) as
at 31 December 2007 under its facilities with Barclays Bank plc and all loans
are secured on its properties. Interest rates on all borrowings have been fixed
to February 2015 (February 2013 for Spanish borrowings) at a weighted average
rate of 5.2%.
The key financing covenants are that the loan to value of mortgaged property
does not exceed 87.5% (85% in relation to the Alcatel property) and that the
interest cover ratio does not fall below 110%; the next loan to value testing
date is December 2011 for the French facility (annually for the Alcatel
property) and February 2010 for the Spanish facility. The Trust is comfortably
performing against these requirements and is well within its loan covenant
ratios.
Currency hedge instruments are in place that significantly protect the
conversion of the shareholders' original equity back to Sterling together with
the anticipated dividend on that equity. The hedges total €163 million and were
fixed at an average rate of €1.49 to the pound.
Share Buy Back
The Trust commenced a share buy back programme of its ordinary shares on 20
December 2007 and completed this programme on 17 January 2008. The total cost of
the 10 million ordinary shares purchased was £8.2 million and these shares have
been cancelled. During the reporting period the Trust acquired 500,000 shares
with the remainder being purchased in January 2008. The number of shares
repurchased represented 7.8% of the issued share capital prior to the
commencement of the programme.
Market outlook
The Trust continues to see attractive opportunities for investing, particularly
in the French property market where conditions remain favourable with strong
tenant demand, low vacancy rates and continuing signs of rental growth.
Uncertainty in financial markets has led to an investor preference for a more
cautious approach to gearing by property companies. In response to the
continuing uncertainty in financial markets, the Trust has adopted a more
defensive financial position and its net gearing is currently below 60%. This
leaves the Trust well positioned to take advantage of value enhancing
opportunities that may arise.
Summary
• The Trust is well positioned to deliver a strong flow of cash dividends to
its investors from its high-yielding, quality-tenanted property portfolio:
• The Trust owns a diversified freehold portfolio of properties totalling
£274 million (€372 million) which yields 7.0%.
• All the Trust's leases are subject to annual index-linked rent reviews
which continue to show healthy levels of increase. The Trust's property
markets continue to enjoy low vacancy and rising rents.
• Over 80% of the Trust's rental income comes from grade A tenants with an
excellent capacity to pay.
• The Trust's average lease length is over 4.6 years.
• All debt fixed at weighted average interest of 5.2% p.a. to maturities
between 2013 (9% of debt) and 2015 (91%).
• Net gearing is below 60% and the Trust has robust loan to value covenants
at 85% or higher.
The Board accordingly confirms it is its intention to pay a dividend of 7 pence
in respect of the current year to 31 December 2008.
Dick Kingston
Chairman
17 March 2008
Property review
Investment highlights
The Trust has completed nineteen acquisitions to date in France and Spain
involving a cost of approximately £268 million (€364 million) including
acquisition costs. The valuation of this portfolio as at 31 December 2007 showed
a total of approximately £274 million (€372 million) demonstrating that all
acquisition costs have been more than absorbed through increases in value. Of
particular note in this regard, the properties that were purchased at Roissy en
France and Goussainville were acquired at a total cost of approximately £21.4
million (€29 million) and valued soon after at year end at £24.2 million (€32.9
million). The Trust's portfolio produced an average yield on current valuation
of 7.0% on an annualised income of approximately £19 million (€26 million) per
annum as at 31 December 2007.
Of the total portfolio 63% by value was the subject of indexation as at 1
January 2008. An average 5% increase was implemented on those leases. This
increased the annualised income to £19.7 million (€26.75 million) and produces
an average yield on current valuation of 7.2%. This excludes the estimated
rental value of vacancy that is not covered by guarantee which is approximately
£663,227 (€900,000) per annum.
The Trust now owns approximately 260,000 square metres (approximately 2.77
million square feet) of commercial real estate and has continued its investment
policy of identifying properties that are well let, well located and offer good
value. The average value of the portfolio to date is approximately £1,050
(€1,430) per square metre (equivalent to £98 per square foot) and the average
rent is £76 (€103) per square metre per annum (equivalent to £7 per square foot)
and this is for a portfolio that has 64% exposure to the French office and
business park sector. The reinstatement cost of these buildings has been
assessed at £198.2 million (€269 million) representing 72% of current value.
Of the total property portfolio, 89% is invested in France and 11% in Spain in
terms of capital value. The Trust has achieved diversification across the
sectors with 64% in offices and business park property, 27% in warehouses and 9%
in retail. The Trust has a significant geographical diversification with assets
in Paris (Ile-de-France), Normandy, Nimes, Mulhouse, Seville, Cordoba and
Zaragoza.
The portfolio benefits from strong credit tenants with 80% of its stabilised
rent roll secured by leases to Grade A tenants (large international/national
companies or public sector).
The portfolio also enjoys high levels of occupancy with rental income comprising
93% of the potential total income and income from rental guarantees in excess of
twelve months' duration comprising 4% of the potential total income. As at 31
December 2007 the weighted average lease length of the portfolio is 4.6 years.
Portfolio review
As reported in the Interim Report for the period to 30 June 2007 the Trust had
completed the acquisition of fifteen properties and agreed the acquisition of
two properties for a total cost of approximately £246.9 million (€335 million).
Since that date the Trust has completed the acquisitions of the two properties
at Mulhouse and Aubervilliers, and acquired a further two properties for a
combined cost of approximately £21.4 million (€29 million) and has increased its
exposure to warehouses in the Ile-de-France.
On 5 July 2007 the Trust completed the acquisition of the modern office building
in Mulhouse, in the Alsace region of Eastern France. Mulhouse is close to the
German and Swiss borders, approximately 115 kilometres to the south of
Strasbourg. The property is located within a development zone about half a
kilometre south east of the city centre and close to transportation links. The
acquisition price was approximately £8.9 million (€12.1 million) for the 5,250
square metre building in two phases and tenants include BNP Paribas and Societe
d'Equipement de la Region Mulhousienne (the local development agency) on leases
expiring in 2014. The investment will provide a yield of 7%.
On 21 September 2007 Alpha Pyrenees completed the acquisition of the modern
office building in Aubervilliers, Ile-de-France. The property is located in the
'Seine-Saint-Denis' department which adjoins Paris and is situated to the south
of Aubervilliers in an urban development zone comprising residential, offices,
light industrial and retail space. Transportation links are good with road
access via the A86 motorway and the boulevard Peripherique linking Paris to
Aubervilliers. The acquisition price was approximately £19.2 million (€26
million) for the 8,750 square metre building which is fully income producing
with 72% of the income coming from international metal distribution company
Klockner Distribution Industrielle (KDI) on an indexed lease until December 2013
without a break. KDI is a subsidiary of Klockner & Co AG which is represented in
fourteen countries worldwide and generated sales of £4.1 billion (€5.5 billion)
in 2006 The investment provides an initial yield of 7%.
On 14 December 2007 the Trust completed the acquisition of two mixed use
properties totalling 28,300 square metres in Roissy en France and Goussainville,
in the 'Val d'Oise' department, Ile-de-France.
The Roissy en France property is situated within the Paris Nord II area. This
area incorporates campus style offices, light industrial and a shopping centre.
Communications are very good with road access via the A1 motorway which links
Paris to Lille and serves Roissy-Charles de Gaulle airport situated 5km away.
Roissy-Charles de Gaulle is France's main international airport and was Europe's
number one airport in terms of cargo traffic in 2006. The acquisition price was
£7.3 million (€9.9 million) and the property totals an area of approximately
7,800 square metres comprising offices, warehousing and logistics with good car
parking facilities. The property is let to Konica Minolta (38% of income) on an
indexed lease expiring in December 2011 and pharmaceutical distributor, OCP (62%
of income) on an indexed lease expiring in June 2014.
The Goussainville property is situated in the Parc GIP Charles de Gaulle area.
This area incorporates offices, retail and warehouses. There are good
communications with road access via the RN17 which links to the A1 and A104
motorways linking Paris and Lille and serving Roissy-Charles de Gaulle airport
situated 10km away. The acquisition price was £12.5 million (€17 million) and
the property totals an area of approximately 20,500 square metres comprising
offices and warehousing with good external and internal car parking facilities.
The property is 76% let on indexed leases and four major tenants, Maintenance
part (subsidiary of UPS), Tekelec Temex, Alpheios and Oakley Europe account for
two thirds of the current income. The property has approximately 27% of the
total area vacant and includes an undeveloped site and therefore offers the
opportunity to considerably increase income through active asset management, as
discussed further in the asset management section below.
These two investments provide an initial yield of 7.1% on current income with
the prospect of enhanced income returns once the vacant space at Goussainville
has been let.
Asset management continues to be a key focus and we set out below a case study
for the Alcatel-Lucent sale and leaseback transaction demonstrating what has
been achieved over the last twelve months.
Alcatel-Lucent, Villarceaux-Nozay - Case Study
In December 2006 the Trust acquired from Alcatel-Lucent a site totalling 36
hectares housing business park space containing campus style offices together
with research and development space, ancillary accommodation and car parking.
The acquisition was made in partnership with IPGL who took a 23% interest. This
interest was acquired from IPGL on 15 February 2007 and the site became wholly
owned by the Trust.
The acquisition price paid to Alcatel-Lucent was £91.7 million (€124.5 million)
payable as €110.5 million in December 2006 and £10.3 million (€14 million)
deferred consideration on completion of building works. Alcatel-Lucent signed a
lease for 12 years with a fixed period of 9 years at an initial rent of
approximately £6.3 million (€8.5 million) per annum rising to £7.1 million (€9.6
million) per annum on the earlier of the completion of the new buildings or 1
January 2008. Upon acquisition the property produced a rental yield of 7.3% on
cost and the rent is subject to annual indexation.
The Trust partnered with Alcatel-Lucent in the creation of additional
accommodation which would allow an increase in the personnel on site from 1,500
to over 3,000 at completion thereby creating one of Alcatel-Lucent's principal
business centres worldwide providing some 77,180 sqm of accommodation together
with over 2000 car parking spaces.
To achieve this a major redevelopment of the site was undertaken over a twelve
month period consisting of the following:
• Renovation and restructuring of 28,000 sqm of existing space principally
in the Copernic and Newton buildings to create offices and laboratories
involving a total investment of £13.3 million (€18 million). This work was
completed on programme and the properties were handed over to Alcatel-Lucent on
27 June 2007.
• A further £13.3 million (€18 million) of new construction work was also
undertaken consisting of:
o Huygens building: 7,600 sqm of office space
o New restaurant facility for the entire business park
o New Security Lodge
o Installation of a new access control system
o Renovation of existing parking areas and the creation of additional
parking areas.
The cost of completion of the construction works was covered by bank guarantees
and the deferred payment and the new buildings were completed on programme and
handed over to Alcatel-Lucent on 20 November 2007. At this time the deferred
consideration was paid to Alcatel-Lucent and the revised rent became payable.
The rent was indexed as from 1 January 2008 and now stands at £7.4 million (€10
million) per annum representing a 5% increase and the property was valued at 31
December 2007 at £104.6 million (€142 million), an increase of £12.9 million
(€17.5 million) over acquisition price.
Asset management initiatives
Other asset management initiatives during 2007 included:
At Evreux, the tenant GlaxoSmithKline has increased its commitment to the
property through substantial investment in creating a new 'stock picking' system
over ground and mezzanine levels. To improve management efficiency a number of
service contracts have been devolved to be managed directly by the tenant at
their request and this reflects our close working relationship with the tenants.
At Champs sur Marne the principal tenant, Credit Lyonnais, has increased its
commitment to the property by investing in separating out some of the building's
M&E services at their own expense during 2007.
At Ivry-sur-Seine, the remaining vacant space was leased to Distripaq for
expansion of their existing operations and they now occupy a total of 1,630 sqm.
We are currently investigating the installation of additional car parking spaces
on an under-utilised area of the site. Such spaces will increase the rental
income.
At Nimes the extension and modification works to the staff restaurant have been
completed and the Conseil General du Gard is now paying an additional rent to
reflect these works.
At Mulhouse, development of the 1,915 square metre Phase II office building has
reached roof level with all windows and doors installed and is on programme for
completion in July 2008. This space is covered by a two year rent guarantee from
completion and marketing of the space is being actively pursued.
The Goussainville property is the Trust's most recent purchase and offers a
number of opportunities for active asset management.
- The 20,500 sqm mixed warehouse and office complex is currently being
re-branded as 'alpha Park' to refresh the marketing of the vacant space.
- 50% of the vacant space should be readily relettable, increasing the
yield on cost to around 8%. The space is being actively marketed and initial
discussions are underway with interested parties.
- The remaining vacant space, comprising pure office units and a mixed
unit will also be leased up over time, further improving the yield.
- In addition there is an undeveloped site adjoining the property in the
Trust's ownership and we are in discussions with the local authority regarding
the development rights where a turnkey development project could be undertaken.
As reported at the Interim, at Connecta Retail Park in Cordoba the 4,550 square
metre MediaMarkt anchor store is trading strongly and is a major influence on
the number of visitors and the sales performance of the park. The influence of
this store is demonstrated by the current works being undertaken to improve the
entrance and exit to the park from the main road and to implement a new
circulation system in the car park to improve access and traffic flow at peak
times. The 1,030 square metres Hogaria store opened in August 2007 and VisionLab
opened their 200 square metre unit in September 2007.
Strong attention continues to be given to ensuring service charges are spent
effectively, the annual level of property costs is controlled and additional
sources of income are identified.
Market overview
France
The current news on the French economy remains broadly encouraging. The national
measure of industrial confidence remains consistent with solid industrial
production growth and the average annual growth rate in consumer spending on
manufactured goods has remained strong and broadly in line with the average
rates witnessed throughout 2007. In line with other major euro-zone economies
there are signs of a growth in inflation.
The Budget for 2008 included tax cuts amounting to €9 billion which are expected
to boost the economy.
Despite pressure from other major euro-zone countries on France to reduce
government expenditure and bring their finances into balance, government policy
is likely to remain supportive and this is likely to help the French economy to
outgrow many of its neighbours this year. GDP growth is forecast to grow at 2%
for 2008 (1.9% in 2007).
Nearly 90% of the Trust's portfolio is in France and 58 % is in Ile de France
offices and business park space.
Paris remains one of Europe's most dynamic office markets. Annual take up of 2.7
million square metres was recorded in the Paris Ile de France office market
during 2007. While this is slightly lower than the record figure in 2006 (2.9
million square metres) this is still one of the highest totals ever recorded.
Take-up in the fourth quarter was 675,000 square metres which shows no
significant slowing in activity despite the increase in economic uncertainty
resulting from turmoil in the banking markets.
The Ile de France market continues to be a solid market with a strong level of
demand from small and medium sized occupiers and a positive net absorption
estimated to be 530,000 square metres in 2007. This strength is expected to help
letting activity remain high in 2008 with forecasts of between 2.4 million and
2.6 million square metres. The vacancy rate in the Paris region remains low at
4.9%.
The French industrial market is one of the most mature in Europe and France's
position between the Iberian peninsula and the rest of continental Europe and as
a gateway to the United Kingdom means that it is a strategic location for
pan-European as well as domestic distribution. Currently the Paris region is one
of the most significant logistics hubs with nearly a third of all logistics
stock in France. Occupier demand is likely to remain strong and combined with a
balanced supply is likely to put some upward pressure on rents.
Spain
The Spanish economy ended 2007 on a high note recording a 0.8% increase in GDP
over the final quarter and an increase of 3.5% over the year, well ahead of
other major euro-zone economies. However, the outlook for the Spanish economy is
more uncertain with household spending, annual investment spending and
construction investment growth all decreasing towards the end of 2007. Against
this government spending growth remained healthy and net trade made a
contribution to growth. GDP growth is anticipated to slow to 1.8% in 2008.
Retailers benefited from strong consumer demand overall during 2007. This may
moderate over the coming year but the retail warehouse sector continues to
expand due to its popularity with consumers and retailers alike resulting from
lower cost accommodation and the accessibility of these parks.
Zaragoza, to the west of Barcelona, is emerging as a key centre for logistics
activity, due to excellent communications and direct connections to the central
region and elsewhere.
Demand remains buoyant and with controlled supply, rents in the Spanish
warehouse market should experience further rental growth.
Outlook
The current turmoil in the banking markets has introduced a greater degree of
uncertainty with regard to investment markets generally. Despite this and
general increases in banking margins, finance remains available at attractive
long term fixed interest rates as swap rates have decreased from their high in
mid 2007.
The Trust has adopted a prudent policy towards lower levels of borrowing within
the portfolio at present and has the resources to take advantage of value
enhancing opportunities as they arise.
Paul Cable
For and on behalf of the Investment Manager
17 March 2007
Directors
Dick Kingston (aged 60)
Chairman
Dick Kingston was, until December 2006, an executive director of Slough Estates
Plc (now SEGRO Plc), one of the largest London Stock Exchange listed property
companies. He was chairman of their continental European real estate activities
and previously was responsible for Group Finance for nine years. He was a
non-executive director of Mersey Docks and Harbour Company and is a qualified
Chartered Accountant.
Christopher Bennett (aged 42)
Director
Christopher Bennett is Managing Director of Dominion Real Estate Limited, a
Jersey based fund administration business and is a Chartered Surveyor.
Previously he held senior positions in real estate finance with Royal Bank of
Scotland International and Mutual Finance Limited.
David Jeffreys (aged 48)
Director
David Jeffreys qualified as a Chartered Accountant with Deloitte Haskins and
Sells. He was Managing Director of Abacus Fund Managers (Guernsey) Limited
between 1993 and 2004. Currently he carries out a number of consultancy
assignments as well as being a director of a number of investment funds.
Phillip Rose (aged 48)
Director
Phillip Rose has 25 years experience in the real estate, funds management and
banking industries in Europe, the USA and Australasia. He has been the Head of
Real Estate for ABN AMRO Bank, Chief Operating Officer of European shopping
centre investor and developer TrizecHahn Europe, Managing Director of Lend Lease
Global Investment and Executive Manager of listed fund General Property Trust.
Phillip is currently CEO of Alpha Real Capital LLP, a non executive director of
Great Portland Estates Plc and a member of the Management Committee of the
Hermes Property Unit Trust.
Serena Tremlett (aged 43)
Director
Serena Tremlett is company secretary of Assura Group Limited, a company listed
on the London Stock Exchange investing in primary healthcare property, pharmacy
and related medical businesses. She was previously the Head of Guernsey Property
Funds at Mourant Guernsey Limited where she sat on the board of a number of
property and other investment funds.
Directors' report
The Directors present their report and financial statements of the Company and
the Group for the year ended 31 December 2007.
Status
The Company was founded on 29 November 2005. Its shares are listed on the
Official List of the UK Listing Authority and are traded on the London Stock
Exchange.
On 13 February 2007 the company reclassified its listing on the Official List
from that of a property investment company listed under Chapter 15 of the
Listing Rules of the UK Listing Authority ('UKLA') to that of an overseas
company listed under Chapter 14 of the UKLA Listing Rules. Shareholders approved
the re-classification at an Extraordinary General meeting held on 5 February
2007.
The company is a closed-ended Guernsey registered investment company.
Principal activities
During the year the Company carried on business as a property investment
company, investing in commercial property in France and Spain.
Business review
A review of the business during the year is contained in the Chairman's
statement.
Results and dividend
The results for the year are set out in the financial statements.
The Company has declared and paid interim dividends of 3 pence per share for the
half year ended 30 June 2007 and has paid a further 1.5 pence per share in
January 2008 for the quarter ended 30 September 2007. The Company proposes to
declare a dividend of 1.5 pence per share in respect of the final quarter of the
year (payable 21 April 2008). This brings the total dividend in respect of the
financial year ended 31 December 2007 to 6 pence per share (2006: 5 pence per
share)
Directors
The directors, all of whom were non-executive, who served during the year, are
detailed below:
Appointed
Dick Kingston - Chairman 16 Nov 2005
Christopher Bennett 16 Nov 2005
David Jeffreys 16 Nov 2005
Phillip Rose 16 Nov 2005
Serena Tremlett 16 Nov 2005
At each annual general meeting of the Company, one third by number of the
directors shall retire from office in accordance with the Articles of
Association.
By virtue of his position as CEO of the Investment Manager, Phillip Rose in his
capacity as a Director is subject to annual re-election by the Shareholders.
A retiring director shall be eligible for reappointment.
No director shall be required to vacate his office at any time by reason of the
fact that he has attained any specific age.
The biographies of the Directors are detailed above.
The Board considers that there is a balance of skills and experience within the
Board and each of the Directors contributes effectively.
Directors' interests
The following Directors had interests in the shares of the Company at 31
December:
Number of ordinary shares Number of ordinary shares
2007 2006
Dick Kingston 5,000 5,000
Christopher Bennett - -
David Jeffreys 5,000 5,000
Phillip Rose 375,000 250,000
Serena Tremlett 5,000 5,000
There have been no changes in the Directors' interests since the year end.
Directors' remuneration
During the year the directors received the following emoluments in the form of
fees from Group companies:
Year ending 15 November 2005 to
31 December 2007 31 December 2006
£ £
Dick Kingston 30,000 33,780
Christopher Bennett 20,000 22,520
David Jeffreys 20,000 22,520
Phillip Rose 20,000 22,520
Serena Tremlett 20,000 25,407
Total 110,000 126,747
The company's Articles of Association limit the aggregate fees payable to the
Directors at £200,000 per annum.
Directors' and officers' liability insurance cover is in place in respect of the
Directors.
There are no service contracts in existence between the Company and any
Directors, but each of the Directors was appointed by a letter of appointment
which sets out the main terms of his appointment.
Substantial shareholding
Shareholders with holdings of more than 3 per cent of the issued ordinary shares
of the Company as at 10 March 2008 were as follows:
Name of investor No. of ordinary % held
shares
INVESCO Asset Management Limited 22,795,790 19.4%
Antler Property Corporation plc 7,000,000 5.96%
MassMutual Financial 6,020,287 5.12%
Jupiter Asset Management Limited 5,574,717 4.74%
Rathbone Investment Management Limited 5,565,550 4.74%
Legal and General Investment Management Limited 5,540,177 4.72%
(UK)
UBS Global Asset Management Limited 4,467,235 3.80%
Rensburg Sheppards Investment Management Limited 4,046,560 3.44%
Share buy-back
On 20 December 2007 the Company, pursuant to its authority granted by the
shareholders, purchased 500,000 shares for cancellation at an average price of
80 pence per share. In January 2008, the Company purchased a further 9,500,000
shares at an average price of 82 pence per share for cancellation.
Management
The Investment Manager provides investment advisory services to the Company and
property advisory, property management and monitoring services to those members
of the Group which acquire properties, in each case in accordance with the
investment objective and investment policy and restrictions of the Group.
Directors' responsibility statement
Company law requires the directors to prepare Financial Statements for each
financial year, which give a true and fair view of the state of affairs of the
Company and of the Group at the end of the year and of the profit or loss of the
Company and the Group for that year.
In preparing those Financial Statements, the directors are required to:
(1) select suitable accounting policies and then apply them consistently;
(2) make judgements and estimates that are reasonable and prudent;
(3) state whether applicable accounting standards have been followed, subject
to any material departures disclosed and explained in the Financial Statements;
(4) prepare the Financial Statements on the going concern basis unless it is
appropriate to assume that the Company and Group will not continue in business.
The Directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the
Company and of the Group and to enable them to ensure that the financial
statements comply with the Companies (Guernsey) Law, 1994. They are also
responsible for safeguarding the assets of the Company and Group and hence for
taking reasonable steps for the prevention and detection of fraud and other
irregularities.
The Directors confirm that they have complied with the above requirements in
preparing the Financial Statements.
Corporate Governance
A statement of Corporate Governance is included below.
Going Concern
After making enquiries, and bearing in mind the nature of the Company's business
and assets, the Directors consider that the Company has adequate resources to
continue in operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the accounts.
Annual General Meeting
The AGM will be held in Guernsey on 30 April 2008.
Auditors
BDO Novus Limited has expressed their willingness to continue in office as
auditors and a resolution to reappoint them will be proposed at the forthcoming
Annual General Meeting.
By order of the Board,
David Jeffreys Serena Tremlett
Director Director
Corporate governance
Guernsey does not have its own corporate governance regime and, as a Guernsey
registered company, the Company is not required to comply with the Combined Code
on Corporate Governance, issued by the Financial Reporting Council. However it
is the Company's policy to comply with best practice on good corporate
governance including taking measures to ensure the Company complies with the
Combined Code to the extent appropriate. The Board's arrangements in respect of
corporate governance are explained in the paragraphs that follow:
Role of the Board
The Board has determined that its role is to consider and determine the
following principal matters which it considers are of strategic importance to
the Company:
1) Review the overall objectives for the Company and set the Company's
strategy for fulfilling those objectives within an appropriate risk framework;
2) Consider any shifts in strategy that it considers may be appropriate in
light of market conditions;
3) Review the capital structure of the Company including consideration of
any appropriate use of gearing both for the Company and in any joint ventures in
which the Company may invest from time to time;
4) Appoint the Investment Manager, Administrator and other appropriately
skilled service providers and monitor their effectiveness through regular
reports and meetings;
5) Review key elements of the Company's performance including Net Asset
Value and payment of dividends.
Board Decisions
At board meetings, the Board ensures that all the strategic matters are
considered and resolved by the Board. Certain issues associated with
implementing the Company's strategy are delegated either to the Investment
Manager or the Administrator. Such delegation is over minor incidental matters
and the Board continually monitors the services provided by these independent
agents. The Board considers there are implementation matters that are
significant enough to be of strategic importance and should be reserved solely
for the Board (e.g. all acquisitions, all disposals, significant capital
expenditure, leasing and decisions affecting the Company's financial gearing).
Board Meetings
The Board meets at least quarterly and as required from time to time to consider
specific issues reserved for decision by the Board including all potential
acquisitions.
At the Board's quarterly meetings it considers papers circulated in advance
including reports provided by the Investment Manager and the Administrator. The
Investment Manager's report comments on:
• The French and Spanish property markets including recommendations for
any changes in strategy that the Investment Manager considers may be
appropriate;
• Performance of the Group's portfolio and key asset management
initiatives;
• Transactional activity undertaken over the previous quarter and being
contemplated for the future;
• The Group's financial position including relationships with bankers and
lenders.
The Administrator provides the compliance report.
These reports enable the Board to assess the success with which the Group's
property strategy and other associated matters are being implemented and also
consider any relevant risks and to consider how they should be properly managed.
The Board also considers reports provided from time to time by its various
service providers reviewing their internal controls.
In between its regular quarterly meetings, the Board has also met on a number of
occasions during the year to approve all transactions and for other matters.
Committees of the Board
The Board has operated an Audit Committee throughout the year under review and
on 21 February 2007 constituted a Remuneration Committee and a Nomination
Committee.
The Audit Committee
The Audit Committee is chaired by Dick Kingston and comprises David Jeffreys and
Serena Tremlett. The Audit Committee meets not less than twice a year and if
required meetings can also be attended by the Investment Manager, the
Administrator and the Independent Auditors.
The Audit Committee is responsible for reviewing the half-year and annual
Financial Statements before their submission to the Board. In addition, the
Audit Committee is specifically charged under its terms of reference to advise
the Board on the terms and scope of the appointment of the auditors (including
remuneration), the independence and objectivity of the auditors, and reviewing
with the auditors the results and effectiveness of the audit.
Members of the Audit Committee may also, from time to time, meet with the
Company's valuer to discuss the scope and conclusions of their work.
The Remuneration Committee
The Remuneration Committee, chaired by David Jeffreys, comprises the full Board
and is required to consider the terms and remuneration of the Company's
directors and employees.
The Nomination Committee
The Nomination Committee, chaired by Serena Tremlett, comprises the full Board
and is convened for the purpose of considering the appointment of additional
directors as and when considered appropriate.
The table below shows the attendance at Board and other Committee meetings
during the year to 31 December 2007:
Director Board Audit Remuneration Nomination
committee Committee Committee
Dick Kingston 11 3 1 1
Christopher Bennett 14 - 1 1
David Jeffreys 17 3 1 1
Phillip Rose 13 - 1 1
Serena Tremlett 15 3 1 1
No. of meetings during the 19 3 1 1
year
Investment management agreement
The Company has entered into an agreement with the Investment Manager. This sets
out the Investment Manager's key responsibilities which include proposing a
property investment strategy to the Board, identifying property investments to
recommend for acquisition and arranging appropriate lending facilities to
facilitate the transaction. The Investment Manager is also responsible to the
Board for all issues relating to property asset management.
Shareholder relations
Shareholder communications are a high priority of the Board. Members of the
Investment Manager's Investment Committee make themselves available at all
reasonable times to meet with key shareholders and sector analysts. Feedback
from these sessions is provided by the Investment Manager at the quarterly Board
meetings.
In addition, the Board is also kept fully appraised of all market commentary on
the Company by the Investment Manager and other professional advisors including
its brokers.
Through this process the Board seeks to monitor investor relations and to ensure
that the Company's communication programme is effective.
The Chairman and the Investment Manager will be available at the Annual General
Meeting to answer any questions that shareholders attending may wish to raise.
Independent auditors' report
To the members of Alpha Pyrenees Trust Limited
We have audited the Group and parent company financial statements ('the
Financial Statements') of Alpha Pyrenees Trust Limited for the year ended 31
December 2007, which comprise the Consolidated and Company Income Statement,
Consolidated and Company Balance Sheet, Consolidated and Company Cash Flow
Statement, Consolidated and Company Statement of Changes in Equity and the
related notes 1 to 25. These Financial Statements have been prepared under
International Financial Reporting Standards in accordance with the accounting
policies as set out below.
This report is made solely to the Company's members, as a body, in accordance
with Section 64 of the Companies (Guernsey) Law, 1994. Our audit work is
undertaken so that we might state to the Company's members those matters we are
required to state to them in an auditors' 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 and the Company's members as a body, for our audit
work, for this report, or for the opinions we have formed.
Respective responsibilities of the directors and auditors
As described in the Directors' Responsibility Statement within the Directors'
Report, the Company's directors are responsible for the preparation of the
Financial Statements in accordance with applicable law and International
Financial Reporting Standards ('IFRS').
Our responsibility is to audit the Financial Statements in accordance with the
relevant legal and regulatory requirements and International Standards on
Auditing (UK and Ireland).
We report to you our opinion as to whether the Financial Statements give a true
and fair view and are properly prepared in accordance with the Companies
(Guernsey) Law, 1994. We also report to you if, in our opinion, the Directors'
Report is not consistent with the Financial Statements, if the Company has not
kept proper accounting records, if we have not received all the information and
explanations we require for our audit, or if the information specified by law is
not disclosed.
We read the other information included in the Annual Report and consider whether
it is consistent with the audited Financial Statements. This other information
comprises only the Trust Summary and Objective, Financial Highlights, Chairman's
Statement, Property Review, Directors, Directors' Report and Corporate
Governance. We consider the implications for our report if we become aware of
any apparent misstatements or material inconsistencies with the Financial
Statements. Our responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing
(UK and Ireland) issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and
disclosures in the Financial Statements. It also includes an assessment of the
significant estimates and judgements made by the Directors in the preparation of
the Financial Statements, and of whether the accounting policies are appropriate
to the Company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the Financial Statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the Financial Statements.
Opinion
In our opinion:
• The Group Financial Statements give a true and fair view, in accordance
with IFRS, of the state of the Group's affairs at 31 December 2007 and of its
profit for the year then ended.
• The Parent Company Financial Statements give a true and fair view, in
accordance with IFRS, of the state of the Company's affairs at 31 December 2007
and of its profit for the year then ended.
• The Financial Statements have been properly prepared in accordance with
the Companies (Guernsey) Law, 1994.
BDO Novus Limited
Chartered Accountants
Elizabeth House, St Peter Port, Guernsey
17 March 2007
Consolidated income statement
For the year ended 31 December For the period 16 November
2007 2005 to 31 December 2006
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Income
Revenue 3 16,109 - 16,109 2,816 - 2,816
Net change in gains/ 13 - 12,231 12,231 - (5,250) (5,250)
(losses) on revaluation
of investment
properties
Total income 16,109 12,231 28,340 2,816 (5,250) (2,434)
Expenses
Property operating (2,954) - (2,954) (501) - (501)
expenses
Administration costs 6 (3,137) (783) (3,920) (2,002) (269) (2,271)
Total operating (6,091) (783) (6,874) (2,503) (269) (2,772)
expenses
Operating profit 10,018 11,448 21,466 313 (5,519) (5,206)
Finance income 4 2,628 754 3,382 4,324 - 4,324
Finance costs 7 (4,929) (8,251) (13,180) (165) (1,668) (1,833)
Net profit/ (loss) 7,717 3,951 11,668 4,472 (7,187) (2,715)
before taxation
Taxation 8 - (5,623) (5,623) - - -
Profit (loss) for the 7,717 (1,672) 6,045 4,472 (7,187) (2,715)
period year/period
Attributable to
Equity holders of 7,717 (1,672) 6,045 4,499 (6,607) (2,108)
the parent
Minority interest - - - (27) (580) (607)
Earnings per share
- basic & diluted 10 4.7p (1.7p)
The total column of this statement represents the Group's income statement,
prepared in accordance with IFRS. The revenue and capital columns are supplied
as supplementary information permitted under IFRS. All items in the above
statement derive from continuing operations.
The accompanying notes are an integral part of this statement.
Consolidated balance sheet
As at 31 December 2007 Notes 2007 2006
£'000 £'000
Non-current assets
Investment properties 13 270,946 176,509
Development properties 14 2,441 -
Finance leases - 368
Financial assets at fair value through profit or 16 813 -
loss
Property, plant and equipment 17 21
274,217 176,898
Current assets
Trade and other receivables 17 17,623 27,084
Cash and cash equivalents 34,430 18,575
52,053 45,659
Total assets 326,270 222,557
Current liabilities
Trade and other payables 18 (8,061) (17,798)
Bank borrowings 19 (1,073) (124)
(9,134) (17,922)
Total assets less current liabilities 317,136 204,511
Non-current liabilities
Financial liabilities at fair value through profit 16 (9,919) (1,668)
or loss
Bank borrowings 19 (176,033) (81,808)
Rent deposits (2,292) (1,285)
Deferred taxation 8 (5,623) -
(193,867) (84,761)
Total liabilities (203,001) (102,683)
Net assets 123,269 119,874
Equity
Share capital 20 - -
Share premium account 21 2,500 2,500
Special reserve 21 118,251 119,362
Warrant reserve 21 130 130
Translation reserve 21 7,941 (1,614)
Capital reserve 21 (8,279) (6,607)
Revenue reserve 21 2,726 1,311
Equity attributable to the equity holders of the 123,269 115,082
parent
Minority interest - 4,792
Total equity 123,269 119,874
Net asset value per share 11 97.1p 90.3p
Net asset value per share (adjusted) 11 100.1p 91.6p
The Financial Statements were approved by the board of directors and authorised
for issue on 17 March 2008. The accompanying notes are an integral part of this
statement.
David Jeffreys Serena Tremlett
Director Director
Consolidated cash flow statement
Notes For the year ended For the period
31 December 2007 from
16 November 2005
to 31 December
2006
£'000 £'000
Operating activities
Profit/(loss) for the year/period 6,045 (2,715)
Adjustments for :
Net change in gains/losses on revaluation of (12,231) 5,250
investment properties
Deferred taxation 5,623 -
Finance income (3,882) (4,324)
Finance costs 13,180 1,833
Operating cash flows before movements in working 8,735 44
capital
Movements in working capital:
Increase in operating trade and other (7,799) (2,696)
receivables
Increase in operating trade and other payables 4,297 1,902
Cash generated from operations 5,233 (750)
Interest received 1,628 4,324
Swap interest received 779 -
Bank loan interest paid and costs (4,840) -
Taxation - -
Cash flows from operating activities 2,800 3,574
Investing activities
Purchase of investment properties and capital (60,474) (185,711)
expenditure
Development of property (2,233) -
Cash flows from Investing activities (62,707) (185,711)
Financing activities
Proceeds from issue of ordinary share capital - 127,500
Issue costs - (5,408)
Increase in borrowings 79,961 81,808
Dividends paid (7,013) (3,188)
Cash flows from financing activities 72,948 200,712
Net increase in cash and cash equivalents 13,041 18,575
Cash and cash equivalents at beginning of year/ 18,575 -
period
Exchange translation movement 2,814 -
Cash and cash equivalents at end of year/period 34,430 18,575
The accompanying notes are an integral part of this statement.
This information is provided by RNS
The company news service from the London Stock Exchange
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