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Tamar Eur Ind Fund (TEIF)

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Friday 30 August, 2013

Tamar Eur Ind Fund

Half Yearly Report

RNS Number : 9196M
Tamar European Industrial Fund Ltd
30 August 2013
 



30thAugust 2013

 

TAMAR EUROPEAN INDUSTRIAL FUND LIMITED

("TEIF"/the "Group"/"Fund"/"Company")

 

HALF YEAR RESULTS FOR THE SIX MONTHS TO 30 JUNE 2013

 

TEIF IMPLEMENTS FURTHER ASSET MANAGEMENT INITIATIVES DURING THE PERIOD

 

Tamar European Industrial Fund, a Guernsey registered closed-ended investment company focusing on industrial property assets in Western Europe, today announces half year results for the six months to 30 June 2013.

 

Highlights:

 

·      Net assets per share, excluding deferred tax relating to investment property, increased by 0.8 pence or 1.32% to 61.6 pence (31 December 2012: 60.8 pence)

·      Sale of two small units, one at Saint Pieters, Belgium and another in Torcy Nord, France for a total consideration of £0.98m, ahead of the last reported valuation of £0.80m. 

·      Leasing activity during the half year has included:

·      A signed conditional lease to MGF (Gargenville, France) at a rent of £449,089 for an area of 12,206 sqm for three years;

·      Agusta Westland (Zaventem, Belgium) signed for a rent of £92,921 for an area of 2,016 sqm for a new six year firm lease; and,

·      Blondie Logistics (Kungsbacka, Sweden) extended their lease for three years at a rent of £640,000 for 15,681 sqm.

 

·      The occupancy by ERV has now risen to 87.78% and 83.88% by area.

·      £23.7m of available cash at the period end, providing the Company with ongoing flexibility on banking covenants; if all available cash balances within the Fund were applied to reduce the drawn debt facilities, gearing would reduce to 40.9% from 56.1%.

·      Acquisition of Tamar Financial Services Limited by PATRIZIA Immobilien AG was completed in April 2013, thereby strengthening the resources of the Investment Manager.

·      The Board has declared a dividend of 0.75p per share to be paid on 27 September 2013 to shareholders on the register at 13 September 2013.

 

Giles Weaver, Chairman, commented:

 

"Against a backdrop of continuing tough economic conditions, the first few signs of the beginning of a recovery are being seen, albeit on an uneven basis across the Eurozone and wider European markets.  The impact of the improving sentiment on the secondary property markets has already been seen in the UK while, in Continental Europe, investor demand for secondary product has picked up with most investors seeking the best quality assets or opportunistic pricing given the economic uncertainties. In addition occupational markets continue to be slow, with tenants taking their time over decisions and being very focussed on costs.  In this context, capital value performance depends more than ever on the fundamentals and benefits of skilful asset management, location and income profile.

 

"During the six month period, completed sales have been limited to just under £1 million reflecting the time it has taken to complete asset management initiatives to prepare assets for sale in the best possible conditions.  Since the end of the period, a further £1.7 million of sales have been completed, including one of the four remaining Nordic assets and another is currently being marketed.  The larger of the two residual Nordic assets will be marketed shortly.  At the period end, the Fund had £23.7m of cash available to provide it with flexibility on banking covenants.

 

"The Deutsche Bank debt facility relating to France, Belgium and Holland, is due for renewal in December 2013.  The Investment Manager is currently in negotiations with the bank and until these negotiations are concluded, the Board continues with a prudent approach to cash distributions.  Nevertheless, the Board has declared a half yearly dividend."

 

 

 

 

For further information:

Tamar Financial Services Limited

Rob Brook

+44 20 3747 6501

 

FTI Consulting

Stephanie Highett/Dido Laurimore

+44 20 7831 3113

 

 

 

 

 

 

 

 

 

 

 

 

Tamar European Industrial Fund Limited



 

2013
Interim report for the
six months ended
30 June 2013

 

 


The Company

Tamar European Industrial Fund Limited ("the Group"/"the Fund"/"the Company") is a limited liability, closed-ended, Guernsey registered investment company. Its shares have a premium listing on the Official List of the UK Listing Authority and are traded on the London Stock Exchange.  It was incorporated on 25 August 2006 and its shares were admitted to listing on 25 September 2006. At 30 June 2013, total assets less current liabilities were £170 million and shareholders' funds were £80 million.

Investment Objective
and Policy

The investment objective of the Company is to provide Ordinary Shareholders with an attractive level of income together with the potential for income and capital growth. At an EGM on 3 August 2011, the investment policy was amended to allow the Fund to dispose of its Scandinavian assets. Its new investment policy is to focus on investments in industrial real estate assets primarily across Western European jurisdictions (but with no investments being made in the United Kingdom and no new investments being made in the Nordic area). The Company will aim to maintain some geographic diversification, and the Investment Manager expects that the Company's investments will be diversified across Western Europe, being made primarily in France, Benelux and Germany.  The Portfolio is expected to be diversified by factors such as geography, industry sub-sector and investment size. 

Details of the 30 largest property holdings are given on page 10, and a full portfolio listing is available on the Company's website detailed below.

Management

At launch, the Board appointed Tamar Financial Services Limited as Investment Managers.  A new investment management agreement was signed on 14 December 2011. Further details of the investment management agreement are provided in the 2012 Annual Report and in note 5 of these interim accounts.

Capital Structure
and Gearing

At admission on 25 September 2006, the Company had a capital structure comprising 140 million Ordinary Shares.  Ordinary shareholders are entitled to all dividends declared by the Company and to all the Company's assets after repayment of liabilities including its borrowings.  Borrowings consist of bank facilities provided by Deutsche Bank AG, Deutsche Pfandbriefbank AG and BNP Paribas.  The gearing policy of the Company is that borrowings will not exceed 65% of gross assets.

Status

The Company's shares are eligible for ISAs and PEP transfers and for inclusion within SASS and SIPPS.

Website

The Company's website address is: www.tamareif.com

 


Reconciliation of net asset value per accounts to
adjusted net asset value before deferred tax liabilities:

Total
£'000

Per share Pence

Net asset value per accounts

80,323

57.4p

Adjustments:



Deferred tax asset arising from property revaluation

1,611

1.1p

Unrecognised deferred tax adjusted for within initial purchase price consideration

4,363

3.1p

Adjusted net asset value

86,297

61.6p

 

Reconciliation of net asset value per accounts to adjusted net asset value
after deferred tax liabilities and contingent deferred tax:

Total
£'000

Per share Pence

Net asset value per accounts

80,323

57.4p

Adjustments:



Unrecognised deferred tax liabilities

(18,783)

(13.4)p

Unrecognised deferred tax adjusted for within initial purchase price consideration

4,363

3.1p

Adjusted net asset value after deferred tax liabilities and contingent deferred tax

65,903

47.1p

 

The above adjusted net asset values ('NAV') are based on the NAV per financial statements which is calculated in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (the "IASB") and interpretations issued by the International Financial Reporting Standards Committee. In order to reconcile the adjusted NAVs to the published NAVs it is necessary to adjust for those items identified above.

 

 



 


 


Returns (for six months ended 30 June 2013)

 


30 June
2013

31 December
2012

%
Change

Total assets less current liabilities (£000's)

169,922

167,268

1.59

Net asset value (pence per share)

57.4

57.4

-

Adjusted net asset value per share (pence per share)

61.6

60.8

1.32

Ordinary Share price

29.5

34.50

(14.5)

FTSE All-Share Index

3,289.71

3,093.41

6.35

Discount to adjusted net asset value per share

(52.1)%

(43.3)%

-

 

 

Earnings and Dividends (for six months ended 30 June 2013) 

Basic loss per Ordinary Share

2.6p

()p

Dividends paid per Ordinary Share

0.75p

p

 

 

Highs/Lows (during six months ended 30 June 2013)

High

Low

Ordinary Share price

37.5p

27.0p

 

 

 

 

 

 

 

 

 

 

 

 

 



 


 

Against a backdrop of continuing tough economic conditions, the first few signs of the beginning of a recovery are being seen, albeit on an uneven basis across the Eurozone and wider European markets.  The impact of the improving sentiment on the secondary property markets has already been seen in the UK while, in Continental Europe, investor demand for secondary product has picked up with most investors seeking the best quality assets or opportunistic pricing given the economic uncertainties. In addition occupational markets continue to be slow, with tenants taking their time over decisions and being very focussed on costs.  In this context, capital value performance depends more than ever on the fundamentals and benefits of skilful asset management, location and income profile. 

 

During the six month period, completed sales have been limited to just under £1 million reflecting the time it has taken to complete asset management initiatives to prepare assets for sale in the best possible conditions.  Since the end of the period, a further £1.7 million of sales have been completed, including one of the four remaining Nordic assets and another is currently being marketed.  The larger of the two residual Nordic assets will be marketed shortly.  At the period end, the Fund had £23.7m of cash available to provide it with flexibility on banking covenants.

 

The Deutsche Bank debt facility relating to France, Belgium and Holland, is due for renewal in December 2013.  The Investment Manager is currently in negotiations with the bank and until these negotiations are concluded, the Board continues with a prudent approach to cash distributions.  Nevertheless, the Board has declared a half yearly dividend.

 

The acquisition of Tamar Financial Services Ltd by PATRIZIA Immobilien AG was completed in April 2013, thereby strengthening the resources of the Investment Manager.

 

Results

 

In the six months to 30 June 2013, net assets per share, excluding deferred tax relating to investment property, increased by 0.8 pence to 61.6 pence.

 

The table below shows the movement in adjusted net asset value per share for the current financial period (since 31 December 2012) and for the period since admission:


NAV per share (Pence)

Six months
Since admission             to 30 June 2013

 

Opening, excluding deferred tax and after listing costs

95.5

60.8

Movement in portfolio valuations

(60.6)

(4.3)

Expensing of acquisition costs

(6.5)

-

Uplift from balance of retained profits

13.2

0.8

Movement in mark to market of derivatives

(2.1)

0.6

Dividends paid

(15.9)

(0.8)

Foreign exchange movements

32.2

3.3

Deferred tax compensated for at acquisition

5.8

1.2

As at 30 June 2013, excluding deferred tax

61.6

61.6

 

After deducting all deferred tax, whether recognised on the balance sheet or not NAV per share at 30 June 2013 was 47.1 pence (30 June 2012 - 48.2 pence; 31 December 2012 - 46.0 pence).

 

Loss before tax in the six months to 30 June 2013 was £1.2m.  Key components of this include:

 

·  operating profits less interest               £3.7m

·  unrealised revaluation losses               (£6.0m)

·  realised disposal gains                                   £0.2m

·  unrealised gains on derivatives             £0.9m

 

 

Portfolio

During this six month period, the Group disposed of one unit at an asset in France and a further unit in Belgium for total gross proceeds of £0.98 million.  At the balance sheet date, the Group held properties at a market value of £156 million.  Further information is contained within the Portfolio Overview and note 10 to the interim report.

 

Gearing

The gearing policy of the Company is that borrowings will not exceed 65% of gross assets.  As at 30 June 2013, the Company had drawn £87.4m of debt from its total facilities.  If all available cash balances within the Fund were to be applied to reduce the drawn debt facilities it would reduce gearing to 40.9%.  The loan to value covenants on the Company's banking facilities currently range from 70% to 90% (averaging 75% based on debt drawn).

 

The Company has hedged the risk of interest rate increases by the use of interest rate swaps and caps.  As at 30 June 2013, a total of 94% of the Company's debt (over 100% including caps) has been protected in this way for a weighted average period of 0.82 years.  The blended cost of money based on debt drawn to date is currently 4.03% (6.02% including swaps). 

 

Investment Strategy and Dividends 

As detailed in the Circular to shareholders on 15 July 2011, in order to continue to reduce the Company's leverage, and to provide Shareholder value, the Board instructed the Investment Manager to make an orderly disposal of the Scandinavian assets held in the Company's portfolio over the next few years.  At 30 June 2013 the Investment Manager had disposed of 86% of those assets to date and continues to seek to dispose of the remaining four (one sale completed on 22 August 2013) assets by the financial year end.  Although there has been a build up of cash on the balance sheet the Board is mindful that, with negotiations ongoing regarding the Deutsche Bank refinancing, any further distribution to shareholders needs to take account of any funding requirements first.

 

The Board has announced a further interim dividend of 0.75 pence per share for the period 1 January 2013 to 30 June 2013 and will provide an update to shareholders on prospects for further returns of capital within its annual report for 2013 which is due to be published in March 2014.

 

Shareholder Communication

The Board considers it important that shareholders are kept regularly informed of the progress of the Fund.  The adjusted Net Asset Value per share will continue to be published quarterly.

 

Corporate Governance

On 30 September 2011, the Guernsey Financial Services Commission issued a Code of Corporate Governance ("the GFSC Code") which came into effect on 1 January 2012. The Company is a member of the Association of Investment Companies ("AIC") and applies the principles of the AIC Code of Corporate Governance (the "AIC Code").  As the Company already reports against the AIC Code and the UK Corporate Governance Code it is deemed to meet the requirements of the GFSC Code and has therefore not reported further on its compliance with that code.

 

Prospects

Activity in the secondary sector of the real estate market has started to show signs of improvement in some markets but it remains to be seen whether this trend will spread over the coming months.  Some markets, including France are still witnessing weak economic activity and this will continue to be reflected in pricing and liquidity until improvements are seen.

 

The Board will continue to pursue asset management initiatives and the wider sales strategy and look to return cash to shareholders as soon as conditions permit.

 

Giles Weaver

Chairman

30 August 2013


 

 

Property Market Review

Total industrial investment volumes during the first half of 2013 reached £5.1 billion, 57% higher than the equivalent period in 2012, primarily due to some significant portfolio deals in the logistics sector. Investors are still showing some caution but the debt markets are starting to become more liquid with positive benefits expected for more secondary real estate.  The Jones Lang LaSalle ("JLL") European prime logistics yield index decreased 10bps to 7.50% in Q2 2013.

 

The JLL pan-European prime warehousing rental index has fallen by 0.6% year-on-year reflecting the difficult economic climate that many occupiers are dealing with.  However, recently this has increased slightly quarter-on-quarter. Secondary rents remain stable with some pressure on landlord incentives but speculative development remains scarce, meaning that there is less concern of over-supply.

 

Belgium

Activity in the industrial investment market picked up during the second quarter off a low base.  Volumes for the quarter reached £81 million and the total for the first half of 2013 shows an increase of 72% compared with last year.

 

Both prime and secondary logistics rents were stable across all of the main markets.  The same picture was seen in the light industrial sector, with Antwerp and Gent having not seen any rental movement since the beginning of 2009 and prime light industrial rents in Brussels unchanged since mid-2010.

 

Finland

Industrial investment volumes saw a fourfold increase during the first half of the year compared to the same period last year, with very low volumes last year, but market conditions remain challenging due to low supply of quality product and limited availability of debt.

 

Occupier demand continues to be focused on smaller units of less than 2,000 sqm in prime locations, with interest limited to larger sites and secondary locations.

 

France

Industrial investment showed a strong increase over the first half of the year compared to the same period in 2012, with the highest volume since 2008.  This was driven by some portfolio deals, in particular a purchase by an opportunity fund of an £125 million high yielding logistics portfolio.

 

With this increased activity, there were some signs of yield improvement in the logistics market and, to a lesser extent, the prime light industrial markets.  Generally, demand is focused on prime or good quality secondary assets with liquidity still challenging for assets in secondary locations or with a fragile tenancy schedule.

 

Prime and secondary logistics rents were unchanged across France during the first half of the year.  Headline rental levels have generally been stable, with some exceptions (which have seen small decreases) and upward pressure on tenant incentives.

 

Germany

Industrial investment volumes were up by 10% over the first half of the year compared with the same period last year, with Germany, accounting for 16% (£815 million) of the total European volume, remaining the second most sought-after market in Europe, after the UK.

 

Prime logistics rents have been growing year-on-year, with growth rates of between 1.1% in Hanover and 2.2% in Cologne.  Secondary logistics rents were generally stable.  Prime light industrial rents increased by 1.7% and 4.2% in Munich on a year-on-year basis, with secondary rents also showing some signs of improvement.

 

The Netherlands

Industrial investment volumes were down 19% compared with the first half of 2012, albeit that the second quarter of 2013 saw a significant improvement over the first quarter.  Foreign investment accounted for all of the investment activity in the second quarter.

 

Despite the negative economic background, occupier activity remained stable, and half-year take up volumes were up 5% compared with 2012. Indeed, Holland was the third strongest occupier market in Europe during the first half of the year, behind Germany and the UK, accounting for around 11% of the total.

 

Sweden

Industrial investment volumes increased significantly (by around 150%) during the first half of the year compared with the first half of 2012, represented by over £362 million of transactions.  Sweden remains the most traded market in the Nordic region, dominated by domestic buyers, who accounted for over 60% of the first half of 2013 transactions.

 

Occupier activity was concentrated on the well-established markets of Stockholm, Malmo and Gothenborg, with smaller logistics units of less than 10,000 sqm and light industrial units (less than 5,000 sqm) attracting the strongest demand.

 

Portfolio Overview

During the first half of 2013, nine new leases were signed representing 2.28% of gross income (£355,569) and 1.86% or 6,783 sqm of total area.  Furthermore, 34 lease renewals were signed representing 16.26% of gross income (£2,537,539) and 11.61% or 42,378 sqm of total area.  Seven tenants vacated space during the period representing 4.01% of gross income (£626,185) and 3.65% or 13,316 sqm of total area.

 

Of the leasing activity undertaken during the first half of 2013, the more prominent leases signed included: a conditional lease to MGF (Gargenville, France) at a rent of £449,089 for 12,206 sqm for three years and the tenant Agusta Westland (Zaventem, Belgium) for a rent of £92,921 for 2,016 sqm for a new six year firm lease. Significant lease renewals include: Blondie Logistics (Kungsbacka, Sweden) extending their lease for three years at a rent of £640,000 for 15,681 sqm.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 30 June 2013

Belgium

Finland

France

Germany

Netherlands

Sweden

TOTAL

Number of Assets

6

1

27

3

2

3

42

Number of Tenants

35

2

154

4

1

28

224

Total Area (sqm)

79,734

3,301

166,795

44,296

16,410

54,412

364,948

Average Lot Value (000's)

£4,599

£1,164

£3,400

£6,178

£2,006

£4,255

£3,711

Value (per sqm)

£346

£353

£550

£418

£245

£235

£427

Area/Tenancy (sqm)

2,278

1,651

1,083

11,074

16,410

1,943

1,629

Area/Asset (sqm)

13,289

3,301

6,178

14,765

8,205

18,137

8,689

Vacancy (by area)

39.96%

0.00%

7.68%

0.00%

0.00%

26.04%

16.12%

Vacancy (by ERV)

37.07%

0.00%

7.41%

0.00%

0.00%

14.03%

12.22%

Ave Rent (sqm/pa)

39.29

50.79

57.64

44.28

54.79

45.33

50.99

Ave Lease Term*

4.35

4.86

2.21

4.72

0.50

3.30

2.83

Running Yield

4.83%

8.72%

7.19%

10.71%

7.01%

7.58%

The running yield on gross cost for Sweden is based upon contractual rent and excludes rent free periods for 2013.

 

As at 30 June 2013, the Fund's total portfolio was valued at £156m, a 2.6% decrease since December 2012 (excluding the effect of sales and currency movements).  By value the portfolio breakdown across seven countries as follows: France 59%, Belgium 18%, Germany 12%, Sweden 8%, Netherlands 2% and Finland 1%.

 

The portfolio comprised 42 properties totalling 364,948 sqm with 224 individual leases.  The current portfolio rent is £13.76m (NOI) per annum reflecting a net yield of 8.83% of valuation, with a void of 16.12% by area and 12.22% by market rent, and a reversionary yield of 10.09%.  

 

Outlook

Although the economic climate remains challenging some sectors and jurisdictions have seen a stabilisation of yields and rents and in some instances are showing signs of growth. Confidence is beginning to return for investors and occupiers alike which is being demonstrated through greater transaction activity although significant structural challenges remain in the Eurozone.

 

Finance has started to return to some of the better secondary markets and interest rates and LTV's are more favourable for borrowers with good track records. Occupiers are still cautious in their approach to real estate, targeting functional, cost effective space and new development is still scarce.

 

The Fund continues to successfully dispose of assets in the Nordics at levels consistent with value. Whilst the business climate is choppy the Fund has been effective in attracting new tenants and renewing current tenancies. Furthermore there is a continued focus on improving net operating income and occupancy.

 

Tamar Financial Services Limited

Investment Manager

 

30 August 2013


Geographical Analysis as at 30 June 2013      

 

 

 

Tenure Analysis as at 30 June 2013

At 30 June 2013, all properties were freehold.

 

At 30 June 2013, the average lease length through to the first expiry date for the portfolio was 2.8 years.

 

 

 

Top Ten Tenants at 30 June 2013


Tenant

Passing Rent
£'000s

% Total Portfolio
Passing Rent

 

CompAir

1,019

6.5%

Distrifresh

899

5.8%

Blondie Logistics

640

4.1%

Daimler AG

598

3.8%

Axus

527

3.4%

Parfums Rochas

484

3.1%

Gutenberg On Line

378

2.4%

Metro

370

2.4%

Tenesol

363

2.3%

The Logistic's Box

350

2.2%


5,628

36.0%


As at 30 June 2013

 

Country

CBRE Valuation Yield

Market Value £'000s

% of Total Assets (less Current Liabilities)

Croissy Beaubourg

France

8.80%

9,925

5.8%

Leuvensesteenweg

Belgium

8.47%

9,840

5.8%

Kungsbacka

Sweden

8.90%

9,732

5.7%

Simmern

Germany 

8.60%

9,164

5.4%

Nanterre

France

8.01%

7,590

4.5%

Aarschot

Belgium

10.51%

7,542

4.4%

Gargenville

France

10.46%

6,854

4.0%

Sindelfingen

Germany

7.70%

6,819

4.0%

Torcy Nord

France

9.50%

5,917

3.5%

Ternat

Belgium

8.12%

4,488

2.6%

TEN LARGEST PROPERTY HOLDINGS



77,871

45.8%

Lisses Bois Charland

France

8.75%

4,347

2.6%

Fontenay Neuilly

France

9.00%

4,321

2.5%

Breker

Belgium

8.50%

3,885

2.3%

Lisses Porges

France

8.50%

3,786

2.2%

St Michel sur Orge

France

9.00%

3,679

2.2%

Torcy Coutures

France

8.50%

3,564

2.1%

Croissy Beaubourg 17

France

8.94%

3,531

2.1%

Lisses (Leonardo de Vinci)

France

8.75%

3,512

2.1%

Fontenay Salengro 1

France

9.25%

3,166

1.9%

Villepinte

France

8.75%

3,038

1.8%

TWENTY LARGEST PROPERTY HOLDINGS


114,700

67.5%

Blanc Mesnil

France

8.75%

2,999

1.8%

Pontault Combault (Multi let)

France

9.75%

2,841

1.7%

Vaassen 1

Netherlands

10.92%

2,772

1.6%

Urbach

Germany

8.50%

2,550

1.5%

Sucy en Brie

France

9.00%

2,520

1.5%

Collegien

France

9.31%

2,366

1.4%

Villefranche/Saône

France

8.75%

2,358

1.4%

Fontenay Ionics

France 

8.75%

2,216

1.3%

Lognes (Courcerin)

France

9.50%

2,054

1.2%

Jonkoping

Sweden

8.50%

1,972

1.2%

THIRTY LARGEST PROPERTY HOLDINGS



139,348

82.0%

Other Properties



16,519

9.7%

Total property portfolio



155,867

91.7%

Price adjustment related to deferred tax liabilities

(4,363)

(2.6%)

Other non-current assets and net current liabilities

18,418

10.9%

Total assets (less current liabilities)

169,922

100.0%

 

 


 

For the six months to 30 June 2013





Notes

Six months to 30 June 2013
£'000

Six months to 30 June 2012
£'000

Year to
31 December 2012
£'000

Revenue





Rental income


7,720

9,059

16,793

Other income


2,956

3,096

6,431






Gains/(losses) on investments





Unrealised losses on revaluation of investment properties


(5,987)

(6,800)

(11,141)

Realised gains/(losses) on disposal of investment properties


152

(1,893)

(3,804)



4,841

3,462

8,279






Expenditure





Expenses


(4,006)

(6,695)

(12,177)

Total expenditure


(4,006)

(6,695)

(12,177)

Net operating profit/(loss) before finance costs


835

(3,233)

(3,898)






Net finance costs





Interest receivable


122

75

417

Finance costs

6

(3,075)

(3,986)

(9,018)

Unrealised gains/(losses) on derivatives


882

(553)

817



(2,071)

(4,464)

(7,784)

Net loss before taxation


(1,236)

(7,697)

(11,682)






Taxation

7

(2,345)

(1,315)

(1,833)

Net loss for the period


(3,581)

(9,012)

(13,515)






Other comprehensive income for the period, after tax:





Items that will be reclassified subsequently to profit or loss





Exchange differences on translating foreign operations


4,627

(3,653)

(4,578)

Other comprehensive income for the period, net of tax

4,627

   (3,653)

(4,578)






Total comprehensive profit/(loss) for the period


1,046

(12,665)

(18,093)











Basic and diluted loss per share

8

(2.6)p

(6.4)p

(9.7)p

 


 

 

As at 30 June 2013




Notes

30 June 2013
£'000

30 June 2012
£'000


31 December 2012
£'000

Non-current assets





Property, plant and equipment


23

33

26

Investment properties

10

146,029

158,364

150,234

Deferred tax assets


184

317

175



146,236

158,714

150,435






Current assets





Assets classified as held for sale

11

5,476

16,546

-

Trade and other receivables


11,491

11,862

11,501

Financial assets


11

50

4

Cash and cash equivalents


23,662

19,114

22,337



40,640

47,572

33,842

Total assets


186,876

206,286

184,277






Current liabilities





Trade and other payables


(15,179)

(14,925)

(14,018)

Financial liabilities


(1,249)

(2,703)

(2,124)

Current tax liabilities


(526)

-

(867)



(16,954)

(17,628)

(17,009)

Non-current liabilities





Loans and borrowings


(87,237)

(99,789)

(84,906)

Deferred tax liabilities


(2,362)

(2,064)

(2,035)



(89,599)

(101,853)

(86,941)

Total liabilities


(106,553)

(119,481)

(103,950)

Net assets


80,323

86,805

80,327






Represented by:





Share capital


-

-

-

Share premium


2,985

2,985

2,985

Revenue reserve


77,338

83,820

77,342

Equity shareholders' funds


80,323

86,805

80,327

Net asset value per share


57.4p

62.0p

57.4p

 

 

 

 

HF Green                      C Spencer

Director                         Director

30 August 2013






Share
Capital
& Premium
£'000


Revenue Reserve
£'000


Group
Total
£'000

As at 31 December 2012

2,985

77,342

80,327





Net loss for the period

-

(3,581)

(3,581)





Other comprehensive income




Foreign currency translation differences

-

4,627

4,627

Total comprehensive income for the period

-

1,046

1,046





Dividends paid

-

(1,050)

(1,050)





As at 30 June 2013

2,985

77,338

80,323

 

As at 31 December 2011

2,985

97,535

100,520





Net loss for the period

-

(9,012)

(9,012)





Other comprehensive income




Foreign currency translation differences

-

(3,653)

(3,653)

Total comprehensive income for the period

-

(12,665)

(12,665)





Dividends paid

-

(1,050)

(1,050)





As at 30 June 2012

2,985

83,820

86,805

 

 

As at 31 December 2011

2,985

97,535

100,520





Net loss for the period

-

(13,515)

(13,515)





Other comprehensive income




Foreign currency translation differences

-

(4,578)

(4,578)

Total comprehensive income for the period

-

(18,093)

(18,093)





Dividends paid

-

(2,100)

(2,100)





As at 31 December 2012

2,985

77,342

80,327

 

 


For the six months to 30 June 2013





Notes

Six months to 30 June 2013
£'000

Six months to 30 June 2012
£'000

Year to
31 December 2012
£'000

Cash flows from operating activities





Net loss for the period


(3,581)

(9,012)

(13,515)

Taxation


2,345

1,315

1,833

Adjustments for:





Unrealised losses on revaluations of investment properties


5,987

6,800

11,141

Realised gains/(losses) on disposal of investment properties


152

1,893

(3,804)

Investment income


(122)

(75)

(417)

Interest expense


3,208

4,862

9,749

Movement in financing derivatives


(882)

(398)

(817)

Depreciation


6

(1)

4

Foreign exchange movements


93

(1,969)

(731)

Taxation (paid)/received


(341)

158

760

Decrease in trade and other receivables


10

2,277

1,605

Increase/(decrease) in trade and other payables


1,161

(1,377)

(4,109)

Interest received


122

75

417

Interest paid


(2,982)

(4,862)

(8,718)

Net cash inflow/(outflow) from operating activities


5,176

(314)

(6,602)






Cash flows from investing activities





Acquisition of investment properties


-

(506)

(135)

Development expenditure


(2,091)

(1,514)

(2,533)

Proceeds from disposal of investment properties


983

36,985

65,645

Acquisition of property, plant and equipment


-

(5)

-

Net cash (outflow)/inflow from investing activities


(1,108)

34,960

62,977






Cash flows from financing activities





Repayment of borrowings


(1,717)

(31,419)

(49,280)

Dividends paid


(1,050)

(1,050)

(2,100)

Net cash outflow from financing activities


(2,767)

(32,469)

(51,380)






Net increase in cash and cash equivalents


1,301

2,177

4,995

Cash and cash equivalents at start of period/year


22,337

17,421

17,421

Foreign exchange movements on cash and cash equivalents


24

(484)

(79)

Cash and cash equivalents at end of period/year


23,662

19,114

22,337

 

 

 


1.    Basis of preparation

 

These interim financial statements represent the condensed consolidated financial information of the Company and its subsidiaries (together referred to as "the Group") for the six months ended 30 June 2013. These have been prepared in accordance with the Disclosure and Transparency Rules (the "DTR") of the UK's Financial Conduct Authority, the requirements of IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board, the Statement of Recommended Practice issued by the Association of Investment Companies (as revised in January 2009) where practicable and with the accounting policies set out in the statutory accounts of the Group for the year ended 31 December 2012. The interim financial statements were approved by the Board of Directors on 30 August 2013.  The interim financial statements do not include all of the information and disclosures required for full annual financial statements and should be read in conjunction with the Annual Report and Accounts for the year ended 31 December 2012 which were prepared in accordance with International Financial Reporting Standards issued by, or adopted by, the International Accounting Standards Board and interpretations issued by the International Financial Reporting Interpretations Committee and are available on request from the company's registered office or to download from www.tamareif.com.

The financial information contained in this report in respect of the year ended 31 December 2012 has been extracted from the Annual Report and Accounts for the year ended 31 December 2012.  The Auditors' Report on those financial statements was unqualified.

The interim condensed consolidated financial statements for the current and comparative periods are unaudited. The auditors have carried out a review of the interim condensed consolidated financial statements and their review report is set out at the end of this document.

The Directors have prepared cash flow forecasts for the Group for a period of 12 months from the date of authorisation of these interim financial statements.  The Group's forecasts and projections reflect the Directors' plans for the coming year and their current view on future property market conditions. 

The Group's banking facilities are subject to financial covenants and other conditions which the Group monitors regularly.  These covenants and conditions are sensitive to changes in property values and rental income receivable.

The Group is dependent on ongoing external financing to continue its operations.  The Deutsche Bank loan can be extended at the option of the Group in December 2013 but this is dependent upon meeting revised loan to value and debt service cover covenant requirements. The Directors have considered various cash flow sensitivities related to projected property sales, property values, rental income and other ongoing working capital requirements that may impact on the ability to meet the new covenants.  Actions available to the Fund to ensure compliance with the new covenants may include an accelerated disposal programme, negotiating revised terms with the lender and/or paying down part of the loan with associated prepayment and break fees.  At the time that these financial statements were approved, the Group is pursuing negotiations of revised terms with Deutsche Bank as well as considering the alternatives outlined above.

The Directors currently believe that the Group has sufficient resources available to it to ensure continued compliance with covenants and other conditions relating to the Group's banking facilities. 

Having taken into account the above and after making enquiries, specifically with respect to the levels of cash on the balance sheet, projected property sales timelines and ongoing covenant compliance in respect of the Group's external financing, the Directors consider that the Group 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.

The Group results consolidate the results of TEIF Luxembourg Sarl, TEIF Luxembourg Scandi Sarl and TEIF Luxembourg Investments Sarl and their subsidiaries. These companies are incorporated in Luxembourg and their principal business is that of intermediary holding companies. 

 

2.    Significant accounting policies

 

The interim condensed consolidated financial statements are prepared on the historical cost basis, except in relation to derivative financial instruments and investment properties which are stated at fair value.

Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended 31 December 2012.  The following changes in accounting policies are also expected to be reflected in the Group's consolidated financial statements as at and for the year ended 31 December 2013.

The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2013.

Ÿ IFRS 10 Consolidated Financial Statements (2011)

As a result of IFRS 10 (2011), the Group has changed its accounting policy for determining whether it has control over and consequently whether it consolidates its investees.  IFRS 10 (2011) introduces a new control model that is applicable to all investees, by focusing on whether the Group has power over an investee, exposure or rights to variable returns from its involvement with the investee and ability to use its power to affect those returns.  In particular, IFRS 10 (2011) requires the Group to consolidate investees that it controls on the basis of de facto circumstances.

In accordance with the transitional provisions of IFRS 10 (2011), the Group assessed the control conclusion for its investees at 1 January 2013.  As a consequence, the Group has not changed its control conclusion.

 

Ÿ IFRS 13 Fair Value Measurement

IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value measurements, when such measurements are required or permitted by other IFRSs.  In particular, it unifies the definition of fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date.  It also replaces and expands the disclosure requirements about fair value measurements in other IFRSs, including IFRS 7 Financial Instruments: Disclosures.  Some of these disclosures are specifically required in the interim financial statements for financial instruments, accordingly the Group has included additional disclosures in this regard (note 12).

The change has no significant impact on the measurement of the Group's assets and liabilities.  

Ÿ Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)

 

The amendments to IAS 1 changed the grouping of items presented in Other Comprehensive Income in its condensed consolidated statement of comprehensive income.  Items that could be reclassified to profit or loss at a future point in time are now required to be presented separately from items that will never be reclassified.

 

The amendment has no impact on the recognised assets, liabilities and comprehensive income of the Group. 

 

3.    Group risk factors

As with all businesses, the Group is affected by certain risks which could have a material impact on the Group and could cause actual results to differ materially from forecast and historical results. The Group invests in real estate in Europe and is therefore exposed to variations in market conditions for such assets and to responses to market conditions, to local and national economic conditions, changes to the currency and interest rate profiles, tax rates and other events in the future.  In addition, the Group may also face risks from breach of laws or regulations, poor selection of assets, failure of systems or procedures in any of the countries in which the Group operates, and actions leading to central management and control of the assets being regarded as taxable in the UK.   The Investment Manager, through its active management and review processes, will seek to minimise these risks wherever possible, and the Board, through its review of the Investment Manager's work, will seek to identify any additional exposures.  The Board considers the risks faced by the Group over the next six months to be consistent with those noted above and those disclosed in the annual financial statements for the year ended 31 December 2012.  These risks are consistent with those disclosed as at year end 31 December 2012.

4.    Segment Reporting

Six months to 30 June 2013


France
£'000

Norway
£'000

Sweden
£'000

Belgium
     £'000

Holding companies       £'000

All other £'000

Total
£'000

           Inter-segmental
         £'000

Consolidated
            £'000

Revenue from
external customers

6,823

-

   1,044

1,102

-

1,707

10,676

      -

10,676

Net operating profit/(loss) before finance costs

2,046

(90)

(88)

11

(352)

(692)

835

-

835

Interest receivable

1,309

23

4

71

3,166

217

4,790

(4,668)

122

Finance costs

(2,381)

265

(439)

(919)

(3,091)

(1,178)

(7,743)

4,668

(3,075)

Unrealised gains
on derivatives

(1)

-

62

-

740

81

882

-

882

Taxation

603

(61)

(8)

590

(3,439)

(30)

(2,345)

-

(2,345)

Net profit/(loss)
for the period

1,576

137

(469)

(247)

(2,976)

(1,602)

(3,581)

-

(3,581)

Segment assets

149,302

5,267

13,566

32,245

286,455

28,090

514,925

(328,049)

186,876

(101,083)

(1,065)

(17,438)

(36,318)

(247,759)

(30,939)

(434,602)

328,049

(106,553)

 

Six months to 30 June 2012


France
£'000

Norway
£'000

Sweden
£'000

Belgium
     £'000

Holding companies       £'000

All other £'000

Total
£'000

           Inter-segmental
         £'000

Consolidated
            £'000

Revenue from
external customers

6,858

428

   1,991

1,260

-

1,618

12,155

      -

 12,155

Net operating profit/(loss) before finance costs

3,259

(2,976)

(1,609)

(959)

(354)

(594)

(3,233)

-

(3,233)

Interest receivable

1,105

87

11

43

6,531

41

7,818

(7,743)

75

Finance costs

(2,506)

 (246)

(998)

(1,062)

(5,849)

(1,068)

(11,729)

   7,743

(3,986)

Unrealised gains
on derivatives

(5)

(57)

132

-

(520)

(103)

(553)

-

(553)

Taxation

(156)

418

502

 402

(2,557)

76

(1,315)

-

(1,315)

Net profit/(loss)
for the period

1,697

(2,774)

(1,962)

(1,576)

(2,749)

(1,648)

(9,012)

-

(9,012)

Segment assets

140,268

22,594

14,581

31,682

307,959

28,593

545,677

(339,391)

206,286

Segment liabilities

(96,339)

(19,187)

(17,771)

(39,360)

(239,497)

(46,718)

(458,872)

339,391

(119,481)

Year to 31 December 2012


France
£'000

Norway
£'000

Sweden
£'000

Belgium
     £'000

Holding companies       £'000

All other £'000

Total
£'000

           Inter-segmental
         £'000

Consolidated
            £'000

Revenue from
external customers

12,420

1,804

3,019

2,583

-

3,398

23,224

-

23,224

Net operating profit/(loss) before finance costs

4,485

(4,308)

(1,954)

(944)

(857)

(320)

(3,898)

-

(3,898)

Interest receivable

2,238

117

255

113

15,912

113

18,748

(18,331)

417

Finance costs

(5,322)

(1,053)

(1,499)

(2,032)

(15,151)

(2,292)

(27,349)

18,331

(9,018)

Unrealised gains
on derivatives

(1)

657

152

-

-

9

817

-

817

Taxation

(3,672)

1,531

(407)

504

(1)

212

(1,833)

-

(1,833)

Net profit/(loss)
for the period

(2,272)

(3,056)

(3,453)

(2,359)

(97)

(2,278)

(13,515)

-

(13,515)

Segment assets

141,897

7,194

13,380

28,701

320,382

24,610

536,164

(351,887)

184,277

Segment liabilities

(85,947)

(2,225)

(14,834)

(28,618)

(276,652)

(47,561)

(455,837)

351,887

103,950

5.    Investment management fees

The investment management fees charged in the period were £519,000 inclusive of unrecoverable VAT (six months to 30 June 2012 - £849,000; year to 31 December 2012 - £1,817,000).  Disposal fees of £6,000 and £317,000 are included in the fees for the period up to 30 June 2013 and the year to 31 December 2012 respectively (30 June 2012 - £152,619). The main element of the fee is the base fee. No performance fee has been accrued for the period ended 30 June 2013 (30 June 2012, 31 December 2012 - no performance fee accrued). 

The Investment Management Agreement was renegotiated with the Investment Manager in 2011 culminating in a new agreement dated 14 December 2011 which came into force on 1 January 2012.  The fee basis is a combination of a base fee, performance fee and disposal fee as set out in the 2012 Annual Report.

6.    Finance costs


Six months to 30 June 2013

£'000

Six months to 30 June 2012

£'000

Year to
31 December 2012

£'000

Interest on borrowings

2,981

4,223

8,693

Net foreign exchange loss/(gain)

93

(552)

(731)

Other interest

1

315

1,056


3,075

3,986

9,018

7.    Taxation

The income tax charge for the six months ended 30 June 2013 reflects the estimated total effective rate applied to the profit before taxation (as adjusted for unrealised gains on revaluation of investment properties and interest rate swaps) for the Group for the period ended 30 June 2013.

The tax charge for the period principally reflects deferred tax timing differences no longer recognised in respect of specific properties.

The Company is exempt from taxation in Guernsey under the provisions of the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 2008 and is charged an annual fee of £600.

8.    Earnings per share

The basic loss per Ordinary Share is based on the net loss for the period of £3,581,000 (six months to 30 June 2012 - loss £9,012,000; year to 31 December 2012 - loss £13,515,000) and on 140,000,000 Ordinary Shares, being the weighted average number of shares in issue during these periods.

9.    Earnings

Earnings for the six months to 30 June 2013 should not be taken as a guide to the results for the year to 31 December 2013.

10.   Investment properties

Freehold and leasehold properties

 

Six months to

30 June 2013

£'000

 

Six months to

30 June 2012

£'000

Year ended

31 December 2012

£'000

Balance at start

150,234

207,096

207,096

Acquisitions

-

371

135

Development costs

2,091

1,514

2,533

Transfer to assets classified as held for sale

(5,476)

(16,546)

-

Disposals

(831)

(20,035)

(46,515)

Change in fair value

(5,987)

(6,800)

(11,141)

Foreign exchange movements

5,998

(7,236)

(1,874)

Balance at end

146,029

158,364

150,234

 

CB Richard Ellis Ltd, who have appropriate professional qualifications and recent experience in the location and category of the property being valued, completed a valuation of Group investment properties at 30 June 2013 on an open market basis in accordance with the requirements of the Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors, which is deemed to equate to fair value. Fair value is determined by reference to market based evidence, which 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. The market value of these investment properties amounted to £155,867,000 (30 June 2012 - £158,364,000; 31 December 2012 - £153,925,000). Investment properties of £5,476,000 (30 June 2012 - £16,546,000; 31 December 2012 - nil) that are under unconditional sales offers are reclassified as assets classified as held for sale per note 11.  

On the acquisition of certain properties, the Group negotiated a purchase price adjustment for contingent deferred tax.  The aggregate amount of such adjustments obtained to 30 June 2013 was £4,363,000 (30 June 2012 - £3,660,000; 31 December 2012 - £3,691,000).  It is assumed that in the case of a future sale, any prospective buyer would seek a similar adjustment and so the closing valuation has been reduced to reflect this. 

 

 

 

 

 

 

 

 

11.   Assets classified as held for sale

As at 30 June 2013 the below investment properties were reclassified as assets classified as held for sale.  As at 31 December 2012 there were no assets classified as held for sale.

 

 

 

Property

 

 

Country

30 June 2013

Valuation

£'000

 

 

Completion date

Asse

Belgium

3,884

Expected September 2013

Valimotie 4

Finland

1,164

22 August 2013

Vaassen 2 - Building B

Holland

428

20 August 2013

Total


5,476


 

12.   Financial Instruments

Aside from the fair value of the secured bank loans 30 June 2013 - £95,670,000 (30 June 2012 - £107,154,000; 31 December 2012 - £98,679,000) the fair value of all other financial assets and liabilities are not materially different from their carrying value (secured bank loans carrying value: 30 June 2013 - £87,237,000; 30 June 2012 - £99,789,000; 31 December 2012 - £84,906,000) in the financial statements.

The fair value measurement for the financial assets and financial liabilities are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used.  The different levels have been defined as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: unobservable inputs for the asset or liability.

 


 

30 June 2013

 

 

30 June 2012

 

31 December 2012

 

 

Level 1
£'000

Level 2
£'000

Level 3

£'000

Level 1
£'000

Level 2
£'000

Level  3

  £'000

Level 1
£'000

Level 2
£'000

Level  3

  £'000

Interest rate swaps

-

(1,249)

-

-

(2,703)

-

-

(2,124)

-

Interest rate swaption

-

11

-

-

50

-

-

4

-


-

(1,238)

-

-

(2,653)

-

-

(2,120)

-

 

The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfer has occurred.  There were no transfers between levels of the fair value hierarchy during the six months ended 30 June 2013.

The fair value of the interest rate swaps is based on our lending banks' current economic assessments and is typically derived all or in part from model prices, external sources, market prices and/or their internal books and records prices as at 30 June 2013.

The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements for the year ended 31 December 2012.

13.   Related Party Transactions

The acquisition of Tamar Financial Services Limited by PATRIZIA Immobilien AG was completed in April 2013.

 

14.   Post balance sheet events

The sale of the Vaassen 2 Building B asset in Holland completed on 20 August 2013 for a purchase price of £0.6m and a share sale for Valimotie completed on 22 August 2013 for £1.1m.

The Board has declared a dividend of 0.75p per share to be paid on 27 September 2013 to shareholders on the register at 13 September 2013.

 

 


We confirm that to the best of our knowledge:

·    the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting;

·    the interim management report consisting of the Chairman's statement and Investment Manager's Review, includes a fair review of the information required by:

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

b)   DTR 4.2.8Rof the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

Signed on behalf of the Board of Directors on 30 August 2013.

 

C Spencer

Director

 


Introduction

We have been engaged by the Company to review the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2013 which comprises the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Financial Position, the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Statement of Cash Flow, and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of consolidated financial statements.

 

This report is made solely to the Company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.

 

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.

 

As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with International Financial Reporting Standards ("IFRS"). The condensed set of consolidated financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting.

 

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of consolidated financial statements in the half-yearly financial report based on our review.

 

Scope of review

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

 

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2013 is not prepared, in all material respects, in accordance with IAS 34 and the DTR of the UK FCA.

 

 

 

 

 

Heather J MacCallum

for and on behalf of KPMG Channel Islands Limited

Chartered Accountants and Recognised Auditors

Guernsey

30 August 2013

 

 

 


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