Annual Financial Report

RNS Number : 4940J

Foxtons Group PLC

07 April 2015

 



7 April 2015

Foxtons Group plc

Annual Report and Accounts 2014 and Notice of 2015 Annual General Meeting

Following the announcement on 11 March 2015 of its preliminary results for the year ended 31 December 2014, Foxtons Group plc (the "Company") announces that it has published its Annual Report and Accounts 2014.

The Company also announces that it will hold its Annual General Meeting at 10.00am on Wednesday, 20 May 2015 at the Company's head office at Building One, Chiswick Park, 566 Chiswick High Road, London, W4 5BE.

Copies of the Annual Report and Accounts 2014 and the Notice of the 2015 Annual General Meeting are available to view on the Company's website at www.foxtonsgroup.co.uk and, in accordance with Listing Rule 9.6.1, will also shortly be submitted to the National Storage Mechanism and will be available for inspection at http://www.morningstar.co.uk/uk/NSM.

Copies of those documents, together with a form of proxy for use in connection with the 2015 Annual General Meeting, are being posted or made available to the Company's shareholders today.

In compliance with DTR 6.3.5, the information shown in the Appendix is extracted from the Annual Report and Accounts 2014 and should be read together with the Company's preliminary results announcement issued on 11 March 2015 (the "Preliminary Results Announcement") which can be viewed on the Company's website at www.foxtonsgroup.co.uk.  Together these constitute the information required to be communicated in unedited full text through a Regulatory Information Service. This information is not a substitute for reading the full Annual Report and Accounts 2014.  All page numbers and cross references in the extracted information below refer to the page numbers in the 2014 Annual Report.

For further information please contact:

Foxtons Investor Relations
Jenny Matthews                      Tel: [phone]

Appendix A - Related Party Transactions

The following description of related party transactions involving the Company and its subsidiaries during the financial year ended 31 December 2014 is extracted from page 90 of the Annual Report and Accounts 2014 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5:

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

Trading transactions

During the prior year, Group companies entered into the following transactions with related parties who are not members of the Group:

	2014 £'000	2013 £'000
Interest on loan
FSFV Limited	-	3,185
Mizuho Corporate Bank Ltd	-	428
Agency fee
Mizuho Corporate Bank Ltd	-	42
Commitment fee
Mizuho Corporate Bank Ltd	-	10

The following amounts were outstanding at the balance sheet date:

	Amounts owed to related parties
	2014 £'000	2013 £'000
FSFV Limited	-	-
Mizuho Corporate Bank Ltd	-	-

From October 2010 until repayment in 2013, FSFV Limited ("FSFV") held 100% of the subordinated debt. FSFV is wholly-owned by funds advised by BC Partners. Funds advised by BC Partners also ultimately hold 7.0% of the equity in the Company via CIE Management II Limited. During the year ended 31 December 2013 principal repayments of £42.2 million were made on the subordinated debt.

Mizuho held part of the senior debt from October 2010 until repayment in 2013, during the year ended 31 December 2013 the outstanding debt was fully repaid, with payments totalling £13.7 million. Mizuho owned 25% of the share capital of the Company until 14 March 2012, at which point it realised its interest.

Remuneration of key management personnel

The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24: Related Party Disclosures. We have redefined our definition of key management personnel in the year, which is now defined as the Executive Directors and Non-Executive Directors of Foxtons Group PLC and the Chief Operating Officer of Foxtons Limited. Prior year comparatives have been restated accordingly.

	2014 £'000	Restated 2013 £'000
Directors' remuneration - short-term employee benefits	1,648	1,383

 

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