Half Yearly Report

RNS Number : 2911W

Alpha Pyrenees Trust Limited

18 August 2015

 



18 August 2015

ALPHA PYRENEES TRUST LIMITED
("ALPHA PYRENEES TRUST" OR THE "TRUST" OR THE "COMPANY")

ALPHA PYRENEES TRUST POSTS RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015:

9,835 SQUARE METRES OF NEW LEASES AND LEASE EXTENSIONS

NET ASSET VALUE 2.4p PER SHARE (ADJUSTED); NET ASSET VALUE 0.0p PER SHARE

Alpha Pyrenees Trust Limited, the property company investing primarily in commercial real estate in France, today posts its results for the period from 1 January to 30 June 2015.

The Trust announced an adjusted loss of £2.2 million for the period, representing an adjusted loss per share of 1.9p. The Trust does not propose to pay dividends.

Dick Kingston, Chairman of Alpha Pyrenees Trust, commented:

"Given the current economic environment and the maturation of the Group's bank borrowings on 15 October 2015, the Board has agreed with its lender to pursue a consensual and orderly realisation of its investment property. Results for the period show an adjusted loss of £2.2 million representing 1.9 pence loss per share. The Group's results have been impacted by the loss of revenue from properties disposed of during the prior year, the proceeds from which have been used to fund capital expenditure, primarily on the Alcatel property, rather than repaying borrowings." 

Paul Cable, Fund Manager, Alpha Real Capital LLP, commented:

"The Investment Manager has been focused on agreeing the operational framework with Barclays to achieve an orderly realisation of the Trust's investment property and formal marketing of the majority of the Trust's properties has commenced with the aim of applying the proceeds from asset sales to support the settlement of the bank borrowings. As part of this process, a sale of the retail centre at Cordoba, was achieved, at valuation, shortly after the period end. To further the realisation process and with the aim to maximise proceeds, the Investment Manager will also continue to concentrate on active asset management and property management and most notable within the 9,835 square metres of new leases and lease extensions in the period was a new 9 year lease with the existing tenant on 5,230 square metres at the Trust's Fresnes property."

Contact:

Dick Kingston
Chairman, Alpha Pyrenees Trust Limited
01481 231100

Paul Cable
Fund Manager, Alpha Real Capital LLP
020 7391 4700

For more information on the Trust please visit www.alphapyreneestrust.com.

For more information on the Trust's Investment Manager please visit www.alpharealcapital.com.

FORWARD-LOOKING STATEMENTS

These results contain forward-looking statements which are inherently subject to risks and uncertainties because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Forward-looking statements are based on the Board's current view and information known to them at the date of this statement. The Board does not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in these results should be construed as a profit forecast.

About the Trust

Alpha Pyrenees Trust Limited ("the Trust" or "the Company") primarily invests in higher-yielding properties in France, particularly in the Ile-de-France region around Paris, focusing on commercial property in the office, industrial, logistics and retail sectors let to tenants with strong covenants.

The Trust seeks to diversify risk by investing in a portfolio of properties spread across different property sectors with a variety of tenants.

Dividends

The Trust does not propose to pay dividends.

Listing

The Trust is a closed-ended Guernsey registered investment company which has been declared under the relevant legislation to be an Authorised Closed-Ended Collective Investment Scheme. 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/SIPP status

The Trust's shares are eligible for Individual Savings Accounts (ISAs) and Self Invested Personal Pensions (SIPPs).

Website

www.alphapyreneestrust.com

Financial highlights

	Half year ended 30 June 2015	Year ended 31 December 2014	Half year ended 30 June 2014
Net asset value (adjusted) (£'000)*	2,873	7,018	14,089
Net asset value per ordinary share (adjusted)*	2.4p	6.0p	12.0p
Net asset value per ordinary share	0.0p	2.5p	5.3p
Losses per share (adjusted - basic & diluted)**	(1.9)p	(3.3)p	(1.3)p
Losses per share (basic & diluted)	(2.4)p	(9.8)p	(8.5)p

*The net asset value and net asset value per ordinary share have been adjusted for the fair value movement on revaluation of the interest rate swap derivatives (up to maturity in February 2015) and 50% of the deferred tax provisions; full analysis is given in note 9 to the accounts.

**The adjusted losses per share include adjustments for the effect of the fair value mark-to-market revaluation of the properties, gains and losses on disposal of investment properties and investment properties held for sale, interest rate swap derivatives (up to maturity in February 2015), deferred tax provisions, capital element of investment manager's fee and foreign exchange gains and losses. A full analysis is given in note 8 to the accounts.

Chairman's Statement

The Investment Manager is focused on achieving an orderly realisation of the Trust's investment property in a consensual manner in accordance with the operational framework that has been agreed with Barclays Bank PLC ("Barclays") and on applying asset sales proceeds to support the settlement of the bank borrowings which now mature on 15 October 2015. To this end, a unit was sold to one of the tenants at the Trust's Ecija property and a sale of the retail centre at Cordoba, Spain was achieved shortly after the period end. To further this process the Investment Manager has continued to focus on active asset management within the existing portfolio with particular emphasis on the extension of lease terms and the letting of vacant units. The Board is pleased to note the further progress achieved on this front. Since 1 January 2015 new leases or lease extensions have been achieved on a total of 9,835 square metres within the portfolio. Further detail on asset management progress appears in the Property Review section.

Results and dividend

Results for the period show an adjusted loss of £2.2 million representing 1.9 pence loss per share (six months to 30 June 2014: adjusted loss of £1.6 million representing 1.3 pence loss per share) (note 8). The Group's results have been impacted by the loss of revenue from properties disposed of during the prior year, the proceeds from which have been used to fund capital expenditure, primarily on the Alcatel property, rather than repaying borrowings.

The challenging business climate has created an environment where the corporate decision making process has been extended in general and hence the leasing environment is characterised by longer periods to complete new leasing agreements. The Trust currently has vacant space with an estimated annual rental value of approximately £3.4 million (€4.8 million) and against this backdrop it remains difficult to predict the timing and level of re-leasing that will be achieved.

The Trust does not propose to pay dividends.

Revaluation and Net Asset Value

Investment properties are included in the balance sheet at an independent valuation of £190.1 million (€269.4 million) providing an average gross valuation yield across the portfolio of 8.3% as at 30 June 2015. The portfolio valuation has decreased by 0.6% compared to 31 December 2014 on a like-for-like basis taking into account the asset sales that completed in the period. The next revaluation will take place as at 31 December 2015.

As at 30 June 2015 the portfolio totalled approximately 249,930 square metres (approximately 2.7 million square feet) and many of the tenants are well known companies belonging to large groups with strong covenants such as: Alcatel-Lucent, Aviva, BNP Paribas, Etanco, Furnotel, Klöckner Group, La Poste, OCP and Vinci Group. Grade A tenants also include government or quasi-government bodies and, together, the rent from such tenants accounts for 88% of the Trust's rental income.

The weighted average lease length within the portfolio at 30 June 2015 is 10.1 years to expiry and 6.5 years to the next break.

As at 30 June 2015, the adjusted net asset value per ordinary share is 2.4p (31 December 2014: 6.0p per share) (note 9). The decrease in the period is primarily due to the revaluation of investment properties combined with the loss incurred in the period and adverse foreign exchange effects.

Going concern

Given the current economic environment and the maturation of the Group's bank borrowings on 15 October 2015, the Board has agreed with the Group's lender to pursue a consensual and orderly realisation of the Group's investment properties. Hence, at this time, the condensed financial statements are not prepared on a going concern basis. The Directors do not consider any adjustments are required as a result of this basis of preparation on the expectation of an orderly disposal of the Group's investment properties.

Finance

It was announced on 8 May 2015 that the Trust's loan facilities with Barclays had been extended to 15 October 2015. The current interest rates will continue to apply to the facilities during the extension period.

As at 30 June 2015, the Trust had total borrowings of £191.6 million (€271.5 million) under its facilities with Barclays:

·      £170.1 million (€241.1 million) have interest rates that are fixed to maturity at a weighted average rate of 5.26% per annum.

·      £20.5 million (€29.0 million) have interest rates charged at a margin of 10% above three month Euribor.

·      £1.0 million (€1.4 million) have interest rates charged at a margin of 2.65% above three month Euribor.

·      2% arrangement fees (per annum pro-rated), charged on all borrowings from 10 February 2015, are deferred to the new maturity date and will be payable to the extent that the Trust has sufficient cash funds at that time. As at June 2015, the Board consider it probable, based on cash flow forecasts, that there will be insufficient cash funds to settle this amount and hence this represents a contingent liability of €2.1 million (£1.5 million).

There is no loan to value ("LTV") covenant test on any of the Trust's properties. Interest cover ratio ("ICR") covenant on the senior borrowings is set at 115% - the Trust's weighted average ICR over the six months to 30 June 2015 was 136%.

As at 30 June 2015, the Trust holds cash of £9.9 million.

The Trust has the support of its lender for an orderly realisation of its investment property. To further this endeavour, the Trust has entered into a formal agreement with Barclays under which the operational framework has been developed to achieve this realisation in a consensual manner and formal marketing of the majority of the Trust's properties has commenced. The Trust will also continue to consider refinancing options including the potential refinancing of assets by third party lenders. Further updates on progress will be made in due course.

Market outlook

·      Overall leasing activity in the French and Spanish markets has been subdued over the period reflecting economic conditions and against this backdrop the Trust has achieved lease extensions and new leases on 9,835 square metres since 1 January 2015.

·      Take-up in our principal occupational markets has been adversely affected by the difficult business climate. However, in the Paris region (Ile-de-France), where 84% of the Trust's portfolio is situated, office vacancy remains at relatively low levels and significant oversupply appears unlikely in the medium term.

·      Valuation yields have been broadly stable but are vulnerable for properties that have substantial vacancy.

Summary

·      The Trust owns a diversified freehold portfolio of properties totalling £190.1 million (€269.4 million) with an average gross valuation yield of 8.3% at the June valuation.

·      88% of the Trust's rental income derives from Grade A tenants with a strong capacity to pay.

·      The weighted average lease length within the portfolio is 10.1 years to expiry and 6.5 years to the next break.

·      The Trust will continue to seek the support of its lender in an orderly realisation of its investment property. The Trust will provide further updates in due course.

Dick Kingston
Chairman
17 August 2015

Property review

Portfolio overview

As at 30 June 2015, the Trust owned a portfolio of thirteen properties in France and four properties in Spain totalling approximately 249,930 square metres (approximately 2.7 million square feet) of commercial real estate. The properties are generally well let, well located and offer good value accommodation to occupiers. Of the total property portfolio, 92% was invested in France and 8% in Spain in terms of capital value.

The valuation of the portfolio as at 30 June 2015 was approximately £190.1 million (€269.4 million) based on an average valuation yield of 8.3% with the French portfolio having an average valuation yield of 8.2% and the Spanish portfolio 9.1% respectively. Taking into account the sale of one of the units at Ecija the portfolio as a whole showed a valuation decrease of 0.6% on a Euro like-for-like basis compared to 31 December 2014. This consisted of a decrease of 0.6% in the French portfolio and a decrease of 0.9% in the Spanish portfolio.  The average capital value of the portfolio is approximately £761 (€1,078) per square metre (equivalent to £71 per square foot) and the average rental value is approximately £67 (€95) per square metre per annum (equivalent to £6.2 per square foot). Of the overall portfolio, 84% by value is located within the Ile-de-France region around Paris. The portfolio has 70% exposure to the French office and business park sector of which 64% of the total portfolio is in the Ile-de-France region. The reinstatement cost of the portfolio buildings has been assessed at £214 million (€303 million) representing approximately 112% of current value.

As at 30 June 2015, the Trust's portfolio is diversified across business sectors with 70% in offices and business park property, 22% in warehouses and 8% in retail.

The portfolio benefits from strong credit tenants with 88% of its current rent roll secured by leases to Grade A tenants (large international/national companies or public sector). Examples of those categorised as Grade A are given in the Chairman's Statement.

The portfolio has an overall level of average occupancy of 80% measured by rental income as a percentage of potential total income with vacancy representing 20%.

The weighted average lease length within the portfolio is 10.1 years to expiry and 6.5 years to the next break.

Property sales

The Investment Manager has been focused on agreeing the operational framework with Barclays to achieve an orderly realisation of the Trust's investment property in a consensual manner and formal marketing of the majority of the Trust's properties has commenced with the aim of realising equity in asset sales to support the settlement of the bank borrowings as they mature.

We are pleased to report the following progress in this regard:

Ecija - Existing tenant, Burger King, have purchased their 245 square metre restaurant unit for €187,500.

Cordoba - After the end of the half year, the Trust has sold the Connecta Retail Park investment in Córdoba for €15.3 million which represents its 30 June 2015 valuation. The property totals approximately 16,880 square metres and is located on the Avenida de Cadiz, the main access route from the A4 motorway to the city centre. Tenants on the Connecta Retail Park include MediaMarkt, Sprinter, Dia, Norauto, McDonalds and VisionLab. The purchaser is a private investment company. The sale forms part of the orderly realisation process and the net proceeds from this sale have been used to reduce the Trust's borrowings with Barclays.

Asset management review

The Investment Manager maintains close contact with the Trust's tenants to understand their needs and wherever possible to produce solutions which deliver value to both the tenants and investors. We constantly seek to maintain and, where possible, improve the income from each of the Trust's assets and look for opportunities to create income through value-adding refurbishment, extension and reconfiguration.

Over the period we have continued to concentrate on active asset management and property management initiatives to secure the Trust's income and we are pleased to report a number of achievements since 1 January 2015 in the following areas:

·      extending the lease maturity profile of the property portfolio through lease extensions and

·      letting of vacant units.

The Investment Manager remains vigilant to ensure service charges are controlled, the annual level of property costs is closely monitored and additional sources of income are identified.

Since 1 January 2015, new leases and lease extensions totalling approximately 9,835 square metres have been achieved representing 4% of the Trust's current portfolio by area as detailed below.

FRANCE

Goussainville - A new 3/6/9 year lease from January 2015 was signed with JAG Diffusion, a cleaning company, on 180 square metres of office space; and BCS extended their lease on 640 square metre of office space until November 2018.

Fresnes - A new fixed 9 year lease from June 2015 was signed with existing tenant DPD (formerly known as Exapaq) on the 5,230 square metre warehouse unit; a new 3/6/9 year lease from April 2015 was signed with existing tenant, Anteos on 730 square metres of warehouse space; and a new 3/6/9 year lease from April 2015 was signed with LBF CREA, a public relations and exhibition company, on 245 square metres of vacant office and warehouse space.

Mulhouse - A new fixed 9 year lease from October 2015 was signed with Credit Mutuel, a major French bank, on 215 square metres of vacant ground floor space for a branch unit; and a 3 year lease extension to August 2018 was signed with existing tenant UFCV on 315 square metres of office space.

SPAIN

Cordoba - Juguetilandia extended their lease on a 1,030 square metre retail unit until January 2016; and Dia extended their lease on a 1,200 square metre supermarket unit until September 2016.

Ecija - A new 1 year lease from March 2015 was signed with Daniela Pistol on a 50 square metre retail unit.

Market overview

France

The French economy grew only marginally in 2014 with gross domestic product increasing by 0.4% for the year however, in the first quarter of 2015 the growth in GDP had increased to 0.6%. In May 2015, manufacturing output was 1.4% higher year-on-year and the unemployment rate for mainland France in the first quarter of 2015 stood at 10.0%. In May 2015, household spending had increased by 1.8% year-on-year and inflation increased with the growth rate of the Consumer Prices Index standing at 0.3% per annum at the end of June 2015.

Due to the lack of large deals closed in the period, the property investment market has witnessed a slowdown in investment volumes in the first six months of 2015. Approximately €7.0 billion was invested in commercial real estate in the period in France meaning that volumes have reduced by 40% year-on-year compared to the same period in 2014. However, there is a good demand for property investment and a substantial pipeline of transactions being negotiated in France, leading to an expectation that volumes will increase significantly in the second half of 2015. Traditional French investors represented approximately 53% by volume of the market, with the next largest group being North American investors (16%) followed by Middle Eastern investors (8%). Office investment remained the highest volume sector and accounted for €4.9 billion representing 72% of the total investment in France. Logistics and industrial investment totalled €0.4 billion and retail investment reached €1.5 billion.

Of the Trust's total property portfolio, 92% is in France, 84% is in the Ile-de-France and 64% is in Ile-de-France office and business park space as at 30 June 2015.

The Economy of Ile-de-France

Paris and the surrounding region, better known as Ile-de-France, accounts for about a fifth of the French population but contributes nearly one third of French GDP. It is one of the main players in the global economy and is the largest European region by GDP. By population the Ile-de-France metropolis ranks twentieth globally, but ranked by GDP it is the fifth major metropolis in the world after the metropolitan areas of Tokyo, Greater New York, Los Angeles and Osaka.

In Europe, the only city that can compare to Paris is London and, taking the wider metropolitan areas, these two regions can be considered broadly similar in GDP terms. However it should be noted that the GDP of these two metropolitan areas far exceeds those of all other European cities, whether considering the Dutch Randstad, the conurbations Rhine-Ruhr and Rhine-Main, Brussels or Berlin.

With over 5.3 million jobs, Ile-de-France holds a prominent place in the national economy and many national and international companies have their headquarters in the region because of its high quality as a business location. The Ile-de-France has the world's third largest concentration of Fortune 500 head offices.

The Ile-de-France economy remains extremely diverse compared to other cities of its size with a large industrial base and one of the most important agricultural areas in France as well as being a pre-eminent global tourist destination.

Its economy is more diversified than London (with its emphasis on financial markets) or Los Angeles (film and entertainment) and Paris is not overly dependent on any one sector. Even categorizing Ile-de-France as predominantly a services-based economy, its industrial base which accounts for 16% of the region's GDP, remains very important as the region is a major European production centre, which has preserved its competitiveness by increasing its proportion of investment in research and development where it ranks as Europe's number one region for R&D expenditure and personnel. All of these activities are supported by an integrated freight and transport network.

The return to modest economic growth has not resulted in a simultaneous increase in office take-up and occupiers remain cautious and negotiations with tenants tend to be long and drawn out. Some companies have been reluctant to commit to new premises and many have postponed plans to move, instead opting to renegotiate leases with existing landlords. In the first half of 2015, office take-up in the Ile-de-France reached 0.9 million square metres down 22% year-on-year compared to 2014. The average office rent in Ile-de-France has remained broadly stable at €296 per square metre per annum and the office vacancy rate for the Paris region has remained at 7.2%. National take-up in the logistics sector in the period reached approximately 1.5 million square metres, which was 22% higher than the level for 2014 and the best performance since 2008.

Spain

There have been eight consecutive quarters of growth in the Spanish economy and this has resulted in an increase in gross domestic product of 3.1% year-on-year at the end of June 2015. The increase in economic activity combined with the government's efforts to reform the labour market have resulted in a 2.1% decrease in unemployment at the end of the second quarter 2015 compared to a year earlier and the unemployment rate now stands at 22.4%. The near term outlook for the Spanish economy shows continuing signs of improvement.

Rental indexation

On an annual basis, the INSEE Construction Cost Index, applicable to the Trust's leases in France, turned negative and stood at -0.97% for Q1 2015, the latest published annual indexation base. The Spanish Consumer Price Index, applicable to the Trust's leases in Spain, was running at an annualised rate of 0.1% at the end of June 2015 having been -1.4% as at the end of January 2015.

Paul Cable
For and on behalf of the Investment Manager
17 August 2015

Principal risks and uncertainties

The principal risks and uncertainties facing the Group can be outlined as follows:

·      The Group's existing borrowing facilities with Barclays Bank PLC terminate on 15 October 2015. In order to enable repayment of the bank borrowings and protect shareholder value the Group has agreed with its lender to pursue an orderly realisation of its investment property. Hence, at this time, the accounts are not prepared on a going concern basis.

·      Rental income and the fair value of investment properties are affected, together with other factors, by general economic conditions and/or by the political and economic climate of the jurisdictions in which the Group's investment properties are located.

·      Although the Trust has a substantial natural hedge through the fact that its borrowings are denominated in the same currency as the majority of its assets, the net assets of the Group are exposed to movements in the euro exchange rate.

The Board believes that the above principal risks and uncertainties would be equally applicable to the remaining six month period of the current financial year.

Statement of Directors' Responsibilities

The Directors confirm that to the best of their knowledge:

·      the condensed financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union; and

·      the half year report meets the requirements of an interim management report, and includes a fair review of the information required by:

a)        DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six month period of the financial year; and their impact on the interim condensed financial statements; and a description of the principal risks and uncertainties of the remaining six months of the year; and

b)        DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six month period of the current financial year and that have materially affected the financial position or performance of the Company during the period.

The Directors of Alpha Pyrenees Trust Limited are listed below and have been Directors throughout the period.

By order of the Board

Dick Kingston
Chairman
17 August 2015

Independent review report

To Alpha Pyrenees Trust Limited

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half year report for the six months ended 30 June 2015 which comprise the condensed consolidated statement of comprehensive income, condensed consolidated balance sheet, condensed consolidated cash flow statement, condensed consolidated statement of changes in equity and related notes 1 to 19. We have read the other information contained in the half year financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The half year financial report is the responsibility of, and has been approved by, the Directors.  The Directors are responsible for preparing the half year financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority. 

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union.  The condensed set of financial statements included in this half year financial report have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed consolidated set of financial statements in the half year report based on our review.  This report, including the conclusion, has been prepared for, and only for, the Company for the purpose of the Disclosure and Transparency Rules of the Financial Conduct Authority and for no other purpose.  No person is entitled to rely on this report unless such a person is entitled to rely on this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated set of financial statements in the half year financial report for the six months to 30 June 2015 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Emphasis of matter - going concern

In forming our conclusion on the half year financial report, which is not qualified, we have considered the adequacy of the disclosure made in notes 2 and 15 to the financial statements which explain that the financial statements have not been prepared on a going concern basis.  As it is the intention of the Board to effect an orderly disposal of the Group's investment properties, seeking the continued support of its lender whilst doing so, the condensed consolidated financial statements have not been prepared on a going concern basis. The directors do not consider any adjustments are required as a result of this basis of preparation on the expectation of an orderly disposal of the group's investment properties.

BDO Limited

Chartered Accountants

Place du Pré

Rue du Pré

St Peter Port

Guernsey

17 August 2015

Condensed consolidated statement of comprehensive income

		For the six months ended 30 June 2015 (unaudited)			For the six months ended 30 June 2014 (unaudited)
	Notes	Revenue £'000	Capital £'000	Total £'000	Revenue  £'000	Capital £'000	Total £'000
Income
Revenue	3	8,426	-	8,426	9,908	-	9,908
Property operating expenses		(2,944)	-	(2,944)	(2,905)	-	(2,905)
Net rental income		5,482	-	5,482	7,003	-	7,003
(Loss)/gain on disposal of investment properties		-	(21)	(21)	-	300	300
Expenses
Losses on revaluation of investment properties	10, 11	-	(1,002)	(1,002)	-	(10,298)	(10,298)
Investment  Manager's fee		(771)	(331)	(1,102)	(862)	(369)	(1,231)
Other administration costs		(597)	-	(597)	(660)	-	(660)
Operating profit/(loss)		4,114	(1,354)	2,760	5,481	(10,367)	(4,886)
Finance income	4	2	888	890	3	3,715	3,718
Finance costs	5	(6,326)	(157)	(6,483)	(7,035)	(1,612)	(8,647)
Loss before taxation		(2,210)	(623)	(2,833)	(1,551)	(8,264)	(9,815)
Taxation	7	-	(11)	(11)	-	(194)	(194)
Loss for the period		(2,210)	(634)	(2,844)	(1,551)	(8,458)	(10,009)
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods:
Foreign exchange (losses)/gains on translation of foreign operations (translation reserve)		-	(53)	(53)	-	1,267	1,267
Other comprehensive (expense)/income for the period		-	(53)	(53)	-	1,267	1,267
Total comprehensive expense for the period		(2,210)	(687)	(2,897)	(1,551)	(7,191)	(8,742)
Loss per share  - basic & diluted	8			(2.4)p			(8.5)p
Adjusted loss per share  - basic & diluted	8			(1.9)p			(1.3)p

All items in the above statement derive from continuing operations.

The accompanying notes are an integral part of the financial statements.

Condensed consolidated balance sheet

	Notes	30 June 2015 (unaudited) £'000	31 December 2014 (audited) £'000
Non-current assets
Investment properties	10	21,821	89,543
Current assets
Investment properties held for sale	11	168,282	122,637
Trade and other receivables	12	3,784	6,100
Cash and cash equivalents	14	9,884	12,425
		181,950	141,162
Total assets		203,771	230,705
Current liabilities
Trade and other payables	13	(3,815)	(6,032)
Financial liabilities at fair value through profit or loss	16	-	(948)
Bank borrowings	15	(192,928)	(212,858)
Rent deposits		(730)	(730)
		(197,473)	(220,568)
Total assets less current liabilities		6,298	10,137
Non-current liabilities
Rent deposits		(610)	(952)
Deferred taxation	7	(5,630)	(6,230)
		(6,240)	(7,182)
Total liabilities		(203,713)	(227,750)
Net assets		58	2,955
Equity
Share capital	17	-	-
Special reserve		113,131	113,131
Translation reserve		22,219	22,272
Capital reserve		(130,505)	(129,871)
Revenue reserve		(4,787)	(2,577)
Total equity		58	2,955
Net asset value per share	9	0.0p	2.5p
Net asset value per share (adjusted)	9	2.4p	6.0p

The interim condensed financial statements were approved by the Board of Directors and authorised for issue on 17 August 2015.

David Jeffreys                                                                                                        Serena Tremlett

Director                                                                                                                   Director

The accompanying notes are an integral part of the financial statements.

Condensed consolidated cash flow statement

	For the six months ended 30 June 2015 (unaudited) £'000	For the six months ended 30 June 2014 (unaudited) £'000
Operating activities
Loss for the period	(2,844)	(10,009)
Adjustments for :
Loss/(gain) on disposal of investment properties	21	(300)
Losses on revaluation of investment properties	1,002	10,298
Deferred taxation	11	194
Finance income	(890)	(3,718)
Finance costs	6,483	8,647
Operating cash flows before movements in working capital	3,783	5,112
Movements in working capital:
Increase in operating trade and other receivables	2,118	(923)
Increase in operating trade and other payables	(1,871)	1,844
Cash generated from operations	4,030	6,033
Interest received	2	7
Cash flows from operating activities	4,032	6,040
Investing activities
Proceeds from disposal of investment properties	123	5,752
Capital expenditure	(168)	(119)
Transfer from cash pooling account	1,213	-
Cash flows from investing activities	1,168	5,633
Financing activities
Loan arrangement costs	-	(119)
Bank loan interest paid and costs	(5,354)	(5,301)
Cash flows used in financing activities	(5,354)	(5,420)
(Decrease)/increase in cash and cash equivalents	(154)	6,253
Cash and cash equivalents at beginning of period	4,659	5,923
Exchange translation movement	(1,174)	(333)
Cash and cash equivalents at end of period (note 14)	3,331	11,843

The accompanying notes are an integral part of the financial statements.

Condensed consolidated statement of changes in equity

For the six months ended 30 June 2014 (unaudited)	Share capital £'000	Special reserve £'000	Translation reserve £'000	Capital reserve £'000	Revenue reserve £'000	Total reserves £'000
At 1 January 2014	-	113,131	22,728	(122,146)	1,261	14,974
Loss for the period	-	-	-	(8,458)	(1,551)	(10,009)
Other comprehensive income	-	-	1,267	-	-	1,267
Total comprehensive income/(expense) for the period	-	-	1,267	(8,458)	(1,551)	(8,742)
At 30 June 2014	-	113,131	23,995	(130,604)	(290)	6,232

For the six months ended 30 June 2015 (unaudited)	Share capital £'000	Special reserve £'000	Translation reserve £'000	Capital reserve £'000	Revenue reserve £'000	Total reserves £'000
At 1 January 2015	-	113,131	22,272	(129,871)	(2,577)	2,955
Loss for the period	-	-	-	(634)	(2,210)	(2,844)
Other comprehensive expense	-	-	(53)	-	-	(53)
Total comprehensive expense for the period	-	-	(53)	(634)	(2,210)	(2,897)
At 30 June 2015	-	113,131	22,219	(130,505)	(4,787)	58

The accompanying notes are an integral part of the financial statements.

Notes to the condensed financial statements

1. General information

The Company is a limited liability, closed-ended investment company incorporated in Guernsey, which has been declared under the relevant legislation to be an Authorised Closed-Ended Collective Investment Scheme. The Group comprises the Company and its subsidiaries. The Group invests in commercial property in France and Spain with inflation-indexed rents that can provide an income return to investors as well as potential for capital growth. These financial statements are presented in pounds Sterling as this is the currency in which funds are raised and in which the investors are seeking a return. The Company's functional currency is Sterling and the subsidiaries' currency is Euros. The presentation currency of the Group is Sterling. The period-end exchange rate used is £1:€1.417 (December 2014: £1:€1.278) and the average rate for the period used is £1:€1.364 (June 2014: £1:€1.217).

2. Significant accounting policies

The unaudited condensed financial statements included in the half year report for the six months ended 30 June 2015, have been prepared in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority and International Accounting Standard (IAS) 34, 'Interim Financial Reporting' as adopted by the European Union. The condensed financial statements should be read in conjunction with the Group's annual report and financial statements for the year ended 31 December 2014, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and are available on the Company's website (www.alphapyreneestrust.com).

The accounting policies adopted and methods of computation followed in these condensed financial statements are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2014.

The Directors considered all relevant new standards, amendments and interpretations to existing standards effective for the half year report for the six months ended 30 June 2015 and determined that they have no impact on the annual consolidated financial statements of the Group or the interim condensed financial statements of the Group.

The preparation of the interim condensed financial statements requires Directors to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the interim condensed financial statements. If in the future such estimates and assumptions, which are based on the Directors' best judgement at the date of the interim condensed financial statements, deviate from actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.

Going concern

Given the current economic environment and the maturation of the Group's bank borrowings on 15 October 2015, the Board has agreed with the Group's lender to pursue a consensual and orderly realisation of the Group's investment properties. Hence, at this time, the condensed financial statements are not prepared on a going concern basis. The Directors do not consider any adjustments are required as a result of this basis of preparation on the expectation of an orderly disposal of the Group's investment properties.

3. Revenue

	1 January 2015 to 30 June 2015 £'000	1 January 2014 to 30 June 2014 £'000
Rental income	6,510	7,960
Service charge income	1,916	1,948
Total	8,426	9,908

4. Finance income

	1 January 2015 to 30 June 2015 £'000	1 January 2014 to 30 June 2014 £'000
Bank interest income	2	3
Gains on financial liabilities at fair value through profit or loss (note 6)	888	3,715
Total	890	3,718

5. Finance costs

	1 January 2015 to 30 June 2015 £'000	1 January 2014 to 30 June 2014 £'000
Interest on bank borrowings	5,975	6,339
Loan fee amortisation	334	673
Foreign exchange loss	157	1,612
Other charges	17	23
Total	6,483	8,647

6. Gains and losses on financial assets and liabilities at fair value through profit or loss

	1 January 2015 to 30 June 2015 £'000	1 January 2014 to 30 June 2014 £'000
Change in unrealised gains and losses on financial assets and liabilities held at fair value through profit or loss
Interest rate swap	888	3,715
Gains on financial assets and liabilities held at fair value through profit or loss	888	3,715
Disclosed as:
Finance income (note 4)	888	3,715
Gains on financial assets and liabilities held at fair value through profit or loss	888	3,715

7. Taxation

The Company is exempt from Guernsey taxation on income derived outside Guernsey and bank interest earned in Guernsey. A fixed annual fee of £1,200 is payable to the States of Guernsey in respect of this exemption.  No charge to Guernsey taxation arises on capital gains.

Deferred taxation is applicable since the Group is currently liable to French income tax at 33.33% and Spanish income tax at 30% arising on the activities of the Group's operations in France and Spain.

8. Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

	1 January 2015 to 30 June 2015	1 January 2014 to 30 June 2014
Losses after tax per statement of comprehensive income (£'000)	(2,844)	(10,009)
Basic and diluted losses per share	(2.4)p	(8.5)p
Losses after tax per statement of comprehensive income (£'000)	(2,844)	(10,009)
Losses/(gains) on disposal of investment properties	21	(300)
Revaluation losses on investment properties	1,002	10,298
Mark to market of interest rate swaps	(888)	(3,715)
Investment Manager's fee (capital)	331	369
Deferred taxation	11	194
Foreign exchange losses	157	1,612
Adjusted losses (£'000)	(2,210)	(1,551)
Adjusted losses per share	(1.9)p	(1.3)p
Weighted average number of ordinary shares (000's)	117,627	117,627

The adjusted earnings are presented to provide what the Directors believe is a more appropriate assessment of the operational income accruing to the Group's activities. Hence, the Group adjusts basic earnings for income and costs which are not of a recurrent nature or which may be more of a capital nature.

9. Net asset value per share

	30 June 2015	31 December 2014
Net asset value  (£'000)	58	2,955
Net asset value per share	0.0p	2.5p
Net asset value  (£'000)	58	2,955
Interest rate swaps	-	948
Deferred taxation*	2,815	3,115
Adjusted net asset value	2,873	7,018
Net asset value per share (adjusted)	2.4p	6.0p
Number of ordinary shares (000's)	117,627	117,627

*The net asset value and net asset value per ordinary share have been adjusted by 50% of the deferred tax provision. An asset realisation could potentially include the sale of an SPV with latent deferred tax liabilities for which a potential purchaser would expect some form of discount from the purchase price of the related property.

The adjusted net assets are presented to provide what the Directors believe is a more relevant assessment of the Group's net asset position. The Directors have determined that certain fair value and accounting adjustments may not be realisable in the longer term.

10. Investment properties

	30 June 2015 £'000	31 December 2014 £'000
Fair value of investment properties at 1 January	89,543	236,920
Subsequent capital expenditure after acquisition	28	244
Disposals	(144)	(8,484)
Movement in rent incentives/initial costs	(34)	3,927
Fair value adjustment in the period/year	(1,074)	(11,771)
Effect of foreign exchange	(8,739)	(14,352)
Transfer to investment properties held for sale	(57,759)	(116,941)
Fair value of investment properties at 30 June/31 December	21,821	89,543

The fair value of the Group's investment properties at 31 December 2014 and 30 June 2015 has been arrived at on the basis of valuations carried out at that date by Knight Frank LLP, independent valuers not connected to the Group. The portfolio has been valued on a fair value basis as defined by the Royal Institution of Chartered Surveyors ("RICS") Appraisal and Valuations Standards.

The approved RICS definition of fair value is "the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date".

During the period, the Group disposed of its Burger King unit at Ecija in Spain for £0.1 million (€0.2 million).

At 30 June 2015, the Group had un-provided contractual obligations for future repairs and maintenance of £nil (December 2014: £nil) and £nil (December 2014: £nil) of future capital requirements.

11. Investment properties held for sale

	30 June 2015 £'000	31 December 2014 £'000
Fair value of investment properties held for sale at 1 January	122,637	11,194
Subsequent capital expenditure after acquisition	8	-
Disposals	-	(4,269)
Movement in rent incentives/initial costs	(168)	(29)
Fair value adjustment in the period/year	72	(645)
Effect of foreign exchange	(12,026)	(555)
Transfer from investment properties	57,759	116,941
Fair value of investment properties held for sale at 30 June/31 December	168,282	122,637

Investment properties held for sale represent the fair value of properties that have been actively marketed for disposal at the balance sheet date.

No provision is made for potential disposal costs as these will be contingent upon ultimate realisation values and specific arrangements that may be agreed.

12. Trade and other receivables

	30 June 2015 £'000	31 December 2014 £'000
Trade receivables	1,379	3,911
Amounts receivable from Property Managing Agents	1,299	1,359
Prepayments	657	377
Other receivables	449	453
Total	3,784	6,100

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

13. Trade and other payables

	30 June 2015 £'000	31 December 2014 £'000
Trade payables	1,175	351
Deferred income	1,479	3,704
Investment Manager's fee payable	490	585
VAT payable	235	698
Accruals	436	694
Total	3,815	6,032

Trade payables and accruals primarily comprise amounts outstanding for trade purchases and ongoing costs. The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame.

The Directors consider that the carrying amount of trade and other payables approximates to their fair value.

14. Cash and cash equivalents

Cash and cash equivalents included in the cash flow statement comprise the following balance sheet amounts:

	30 June 2015 £'000	31 December 2014 £'000
Cash at bank in the balance sheet	9,884	12,425
Cash balance held on the cash pooling account	(6,553)	(7,766)
Cash and cash equivalents	3,331	4,659

The cash balance held on the cash pooling account is subject to certain restrictions; accordingly this balance has not been classified as cash and cash equivalents for the purposes of the cash flow statement.

In November 2013, the Group entered into a cash pooling arrangement with Barclays Bank PLC over the Group's cash-flows from the whole property portfolio in order to provide further security to Barclays Bank PLC but which provides the Group and the Company with working capital for their operations. The resulting cash pooling account is controlled by Barclays Bank PLC and a cash release mechanism is in place whereby cash is released by Barclays Bank PLC following review of the Group's working capital budget, which is updated quarterly.

15. Bank borrowings

	30 June 2015 £'000	31 December 2014 £'000
Bank borrowing	191,574	211,297
Deferred finance costs	(183)	(162)
Interest payable	1,537	1,723
Total current liabilities	192,928	212,858

Movement in the Group's bank borrowings is analysed as follows:

	1 January 2015 to 30 June 2015 £'000	1 January 2014 to 31 December 2014 £'000
Opening balance	211,135	221,745
Loan advanced	1,004	2,064
Deferred finance costs	(590)	(173)
Amortisation of finance costs	576	1,426
Exchange differences on translation of foreign currencies	(20,734)	(13,927)
Total	191,391	211,135

The repayment date of all borrowings, originally due on 10 February 2015 and subsequently extended to 11 May 2015, has been reset to 15 October 2015, following agreement with Barclays Bank PLC.

The current interest rates will continue to apply to the facilities during the extension period.

Arrangement fees of 2% (per annum pro-rated) are charged on all borrowings from 10 February 2015: these are deferred to the new maturity date and will be payable to the extent that the Group has sufficient cash funds at that time. As at 30 June 2015, the Board consider it probable, based on cash flow forecasts, that there will be insufficient cash funds to settle this amount and hence this represents a contingent liability of €2.1 million (£1.5 million).

16. Financial liabilities at fair value through profit or loss

	30 June 2015 £'000	31 December 2014 £'000
Current liabilities
Interest rate swaps	-	(948)

Interest rate swap

The Group was required under the financing agreements with Barclays Bank PLC to fix the rate at which it borrowed over the duration of each loan. The Directors had agreed a fixed interest rate with Barclays Bank PLC at each loan draw-down. The requirement to fix the borrowing rate did not apply to the additional loan provided by Barclays Bank PLC in November 2013, currently outstanding for £20.5 million (€29.0 million), on which interest is charged at a margin of 10% above three month Euribor and is rolled up throughout the term.

The bank had undertaken a variable to fixed rate swap with a third party. The Company was not party to the swap agreement but, via the financing agreement, the Company had all the risks and rewards of the swap as, had the loan been repaid early, the Company would had been required to pay the swap break costs or, alternatively, accrue a swap benefit as a repayment reduction depending on the value of the underlying swap at that point in time.

The interest rate swaps contracts terminated on 10 February 2015 and were not renewed or replaced.

Fair value measurement

The Group discloses fair value measurements by level of the following fair value measurement hierarchy:

·      Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

·      Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

·      Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The level in the fair value hierarchy, within which the financial asset or financial liability is categorised, is determined on the basis of the lowest input that is significant to the fair value measurement. Financial instruments are classified in their entirety into one of the three levels.

The fair value of the derivative interest rate swap contracts was determined by reference to the mid-point of the yield curves prevailing on the reporting date and represented the net present value of the differences between the contracted rate and the valuation rate when applied to the projected balances in the period from the reporting date to the contracted expiry date.

The interest rate swaps were valued on a recurring basis (quarterly) and classified as level 2.

17. Share capital

The authorised share capital is unlimited. The Company has one class of shares which carry no right to fixed income. All ordinary shares have a nil par value. The number of shares in issue is 117.6 million (December 2014: 117.6 million).

There have been no share cancellations during the period.

18. Related party transactions

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Alpha Real Capital LLP is the Investment Manager to the Company under the terms of the Investment Manager Agreement and is thus considered a related party of the Company.

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

The Investment Manager is entitled to receive a fee from the Group at an annual rate of 1% of the gross assets of the Group, payable quarterly in arrears; from 1 July 2015, 0.3% is accrued and payable upon assets' realisation. The Investment Manager is also entitled to receive an annual performance fee calculated with reference to total shareholder return ("TSR"), whereby the fee is 20% of any excess over an annualised TSR of 12% and then a further 15% of any excess over 20%; the performance fee is subject to a three year high watermark with a minimum threshold of 100 pence. Details of the investment management fees for the current accounting period are shown on the face of the statement of comprehensive income and any balances outstanding are disclosed separately in note 13.

The Directors of the Company received total fees as follows:

	Six months ended 30 June 2015 £	Six months ended 30 June 2014 £
Dick Kingston	15,000	15,000
David Jeffreys	11,500	11,500
Phillip Rose	10,000	10,000
David Rowlinson*	10,000	10,000
Serena Tremlett	10,000	10,000
Total	56,500	56,500

The Directors' interests in the shares of the Company are detailed below:

	30 June 2015 shares held	31 December 2014 shares held
Dick Kingston	710,616	710,616
David Jeffreys	250,000	250,000
Phillip Rose	1,290,079	1,290,079
David Rowlinson*	-	-
Serena Tremlett	121,472	121,472

* David Rowlinson is a director of Antler Investment Holdings Limited ("Antler") and the managing director of Liberation Management Limited, which is a trustee of the Rockmount Purpose Trust that indirectly is a partner of Alpha Real Capital LLP. As such he is considered to be in a position in which he is able to exercise significant influence over the Investment Manager.

The following, being partners of the Investment Manager held the following shares in the Company:

	30 June 2015 shares held	31 December 2014 shares held
Rockmount Ventures Limited and ARRCO Limited**	21,437,393	21,437,393
Phillip Rose***	1,290,079	1,290,079
Bradley Bauman	544,809	544,809
Brian Frith	229,078	229,078
Karl Devon-Lowe	108,650	108,650

** Rockmount Ventures Limited is the parent company of ARRCO Limited. The interest attributed to the two corporate partners represents 21,437,393 shares held by a related party, Antler. As such these companies are considered to be in a position in which they are able to exercise significant influence over the Investment Manager.

***Phillip Rose is the CEO and a partner of the Investment Manager.

Alpha Real Capital LLP, the Investment Manager of the Company, holds 9,390,800 (31 December 2014: 9,390,800) shares in Alpha Pyrenees Trust Limited.

Paul Cable, being the Investment Manager's Fund Manager responsible for the Trust's investments, holds 84,918 (31 December 2014: 84,918) shares in Alpha Pyrenees Trust Limited.

Serena Tremlett is also the Managing Director and a major shareholder of Morgan Sharpe Administration Limited, the Company's administrator and secretary. During the period the Company paid Morgan Sharpe Administration Limited fees of £40,500 (31 December 2014: £81,000).

19. Events after the balance sheet date

On 17 July 2015, the Group sold its Connecta Retail Park investment in Córdoba, Spain for €15.3 million (£10.8 million), in line with valuation.

With effect from 1 July 2015, the terms of the Investment Manager Agreement were amended (see Note 18).

Directors and Trust information

Directors Dick Kingston (Chairman) David Jeffreys Phillip Rose                    David Rowlinson Serena Tremlett	Brokers Peel Hunt LLP Moor House 120 London Wall London EC2Y 5ET	Legal advisors in Guernsey Carey Olsen PO Box 98 Carey House Les Banques St Peter Port Guernsey GY1 4BZ
Registered office Old Bank Chambers La Grande Rue St Martin's Guernsey GY4 6RT	Independent valuers Knight Frank LLP 55 Baker Street London W1U 8AN	Legal advisors in the UK Norton Rose 3 More London Riverside London SE1 2AQ
Investment Manager Alpha Real Capital LLP Level 6, 338 Euston Road London NW1 3BG	Independent auditor BDO Limited Place du Pré Rue du Pré St Peter Port Guernsey GY1 3LL	Registrar Computershare Investor Services (Jersey) Limited Queensway House Hilgrove Street St Helier Jersey JE1 1ES
Administrator and secretary Morgan Sharpe Administration Limited Old Bank Chambers La Grande Rue St Martin's Guernsey GY4 6RT	Tax advisors BDO LLP 55 Baker Street London W1U 7EU Deloitte LLP Hill House 1 Little New Street London EC4A 3TR

Shareholder information

Dividends

Ordinary dividends, if declared, are paid quarterly. Shareholders who wish to have dividends paid directly into a bank account rather than by cheque to their registered address can complete a mandate form for this purpose. Mandates may be obtained from the Company's Registrar. Where dividends are paid directly to shareholders' bank accounts, dividend vouchers are sent directly to shareholders' registered addresses.

Share price

The Company's Ordinary Shares are listed on the London Stock Exchange.

Change of address

Communications with shareholders are mailed to the addresses held on the share register. In the event of a change of address or other amendment, please notify the Company's Registrar under the signature of the registered holder.

Investment Manager

The Company is advised by Alpha Real Capital LLP which is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

Financial Calendar

Financial reporting	Reporting/Meeting dates
Half year report	18 August 2015
Trading update statement (Q3)	13 November 2015
Annual report and accounts announcement	11 March 2016
Annual report published	1 April 2016
Annual General Meeting	29 April 2016

 

END

 

 

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