RNS Number : 3750U
First Property Group PLC
23 November 2023
 

Date:

23 November 2023

On behalf of:

First Property Group plc ("First Property" or the "Group" or the "Company")

Embargoed:

0700hrs

 

First Property Group plc

 

Interim results for the six months to 30 September 2023                                                                              

 

First Property Group plc (AIM: FPO), the award-winning property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its interim results for the six months ended 30 September 2023.

 

Highlights:

·      Statutory loss before tax: £0.65 million (30 September 2022 profit before tax: £2.39 million)

·      Cash: £6.71 million (31 March 2023: £7.65 million)

·      Net debt: £22.22 million (31 March 2023: £22.01 million)

·      Third party Assets Under Management ("AUM"): £304 million (31 March 2023: £400 million)

·      Total AUM: £358 million (31 March 2023: £454 million)

·      Weighted average unexpired fund management contract term at 30 September 2023: 2 years, 1 month (31 March 2023: 2 years, 9 months)

 

Financial summary:

 


Unaudited

six months to

30 Sep 2023

Unaudited

six months to 30 Sep 2022

Percentage change

Audited

year to

31 Mar 2023

Income Statement:





Statutory (loss)/ profit before tax 

(£0.65m)

£2.39m

-127.2%

£2.49m

Diluted (loss)/ profit earnings per share

(0.99p)

1.83p

-154.1%

1.70p

Total dividend per share

0.00p

0.25p

-100%

0.50p

Average ?/ £ rate

1.1590

1.1698

-

1.1567

 

 




 

Unaudited

six months to 30 Sep 2023

Audited

year to

31 Mar 2023

Percentage change

Unaudited

six months to 30 Sep 2022

(restated)

Balance Sheet at period end:

 




Investment properties at book value

£47.13m

£47.01m

+0.3%

£42.56m

Investment properties at market value

£53.28m

£53.97m

-1.3%

£48.67m


 




Associates and investments at book value

£20.03m

£22.13m

-9.5%

£25.33m

Associates and investments at market value

£22.30m

£25.27m

-11.8%

£29.83m


 




Cash balances

£6.71m

£7.65m

-12.3%

£5.98m

Cash per share

6.05p

6.90p

-12.3%

5.39p

Gross debt*

£28.93m

£29.66m

-2.5%

£29.53m

Net debt*

£22.22m

£22.01m

+1.0%

£23.55m


 




Gearing ratio at book value**

41.0%

40.6%

-

40.5%

Gearing ratio at market value***

37.0%

36.1%

-

35.7%


 




Net assets at book value

£41.65m

£43.44m

-4.1%

£43.47m

Net assets at market value

£49.22m

£52.54m

-6.3%

£53.25m

Adjusted net assets per share (EPRA basis)

43.56p

46.50p

-6.3%

47.12p


 




Period end ?/ £ rate

1.1528

1.1381

-

1.1395

 

 




*Debt comprises financial liabilities and other financial liabilities including those of 5th Property Trading Limited ("5PT").

** Gearing ratio = Gross debt divided by Gross assets.

*** Attributable to the owners of the parent, excludes non-controlling interest.

 







 

 

 

 

Commenting on the results, Ben Habib, Chief Executive of First Property, said:

 

"Markets have been as challenging over the last year as I have ever known them. The rapid increase in interest rates, with a commensurate collapse in demand for commercial property, both occupationally and for investment, had created a perfect storm. For fifteen years interest rates had been near zero and global markets supported by borrowings in dollars with investment in developing countries and more "risky" assets - the so called carry trade.

 

"With the Federal Reserve aggressively increasing interest rates, that carry trade has reversed equally aggressively with capital flooding back to the United States.

 

"So, whilst it is disappointing to report a loss, this was created by a mark down in property values and not as a result of a deterioration in trading. The Group is robust.

 

"Inflation is now reducing, and interest rates are likely to be close to their peak. They have already been reduced in Poland.

 

"Markets are steadying and we are seeing an uptick in investment demand, though it is too early to be certain.

 

"We also have occupational demand for the vacant space in the office blocks we own in Warsaw and Gdynia, with particular demand for the former. As we lease up this space, we will start again to generate good levels of cash, as we have historically done.

 

"In the meantime, our cash balance is good, with over £6 million on the balance sheet, giving us the firepower we need to fitout the space as it is leased.

 

"We are also seeing some interesting lending propositions for our new debt division. We have yet to make a loan but our market knowhow and the number of deals we are considering has considerably increased.

 

"I am once again beginning to be excited about the future."

 

Investor presentation:

 

A briefing for analysts and investors will be held at 11.00hrs today via Investor Meet Company. To participate it is necessary to register at https://www.investormeetcompany.com/first-property-group-plc/register-investor and select to meet the Company. Those who have already registered and selected to meet the Company will be automatically invited. A copy of the accompanying investor presentation and a recording of the call will be posted on the Group's website.

 

For further information please contact:

 

Tel: +44 (20) 7340 0270

www.fprop.com

investor.relations@fprop.com

 

Tel: + 44 (0) 20 3328 5656


 

Notes to Investors and Editors:

 

First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. Its focus is on higher yielding commercial property with sustainable cash flows. The Company is flexible and takes an active approach to asset management. Its earnings are derived from:

 

·      Fund Management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd ("FPAM"), which earns fees from investing for third parties in property. FPAM currently manages twelve funds which are invested across the United Kingdom, Poland and Romania.

 

·      Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. Investments include six directly held properties in Poland and one in Romania, and non-controlling interests in nine of the twelve funds managed by FPAM.

 

Quoted on AIM, First Property has offices in London and Warsaw. Around one third of the shares in First Property are owned by directors, management and their families. Further information about the Group and its properties can be found at: www.fprop.com.

 

 

CHIEF EXECUTIVE'S STATEMENT

 

Performance:

 

I am pleased to report interim results for the six months ended 30 September 2023.

 

Revenue earned by the Group was £3.97 million (30 September 2022: £4.19 million) yielding a loss before tax of £0.65 million (30 September 2022 profit before tax: £2.39 million). The loss was caused by a reduction of £0.82 million in the fair value of the Group's investment in one of its associates, Fprop Opportunities plc ("FOP"). Otherwise, the Group has been trading in line with market expectations.

 

The rapid increase in interest rates and consequent flight of capital from our markets has materially impacted property values. The Group has been shielded from much of this by its accounting policy of holding properties at the lower of cost or value. However, the cost of the Group's share in FOP, which is invested in five commercial properties in Poland, was rebased in October 2018 when the Group's share in it reduced below 50%, resulting in it being deconsolidated from the accounts of the Group and recognised as an associate at the then prevailing property values. In the six months to 30 September 2023 the five properties owned by FOP decreased in value by £2.2 million, of which the Group's share amounted to £0.82 million. 

 

Diluted loss per share amounted to 0.99 pence (30 September 2022 earnings per share: 1.83 pence).

 

The Group ended the period with net assets calculated under the cost basis of accounting of £41.65 million (31 March 2023: £43.44 million), equating to 37.56 pence per share (31 March 2023: 39.18 pence per share). The net assets of the Group with property values adjusted to their market value less any deferred tax liabilities (EPRA basis) was £49.22 million, or 43.56 pence per share (31 March 2023: £52.54 million, or 46.50 pence per share). The market values of Group properties are independently assessed once a year, on 31 March, except for the five properties held by FOP which are also assessed as at 30 September.

 

Gross debt at the period end amounted to £28.93 million (31 March 2023: £29.66 million), which was secured against six commercial properties in Poland and one in Romania. Of this, £16.95 million was non-interest bearing and represents deferred consideration payable for the purchase of two properties in Poland.  

 

The Group's gearing ratio, calculated with its seven directly owned properties at book value, was 40.99% (31 March 2023: 40.57%). Using market values for these properties the gearing ratio was 37.02% (31 March 2023: 36.08%).

 

The Group's seven directly owned properties are held in separate non-recourse special purpose vehicles without any cross collateralisation of the debt or Group guarantees.

 

Group cash balances at the period end stood at £6.71 million (31 March 2023: £7.65 million), equivalent to 6.05 pence per share (31 March 2023: 6.90 pence per share).

 

Dividend:

 

The Directors have resolved not to pay a dividend (30 September 2022: 0.25 pence per share) until the Group returns to profitability. Our cash balances are good and it is important we preserve this until we emerge from these turbulent times.

 

REVIEW OF OPERATIONS

 

PROPERTY FUND MANAGEMENT ("First Property Asset Management Ltd" or "FPAM")

 

Third party assets under management at the period end decreased by 24% to £304.6 million (31 March 2023: £400.4 million). The decrease was attributable mainly to the decrease in value of properties held in third party managed funds of £87.1 million.

 

The large decrease in value of third-party funds was mainly related to the write down in value of properties held by Fprop Offices LP ("Fprop Offices") and Fprop Phoenix Ltd ("Fprop Phoenix"), which experienced write downs of £28.8 million and £47.0 million, respectively. We do not earn a fixed fee from Fprop Offices, and the reduction in value of the fund does not reduce our recurring fee income. Fprop Offices is due to be wound up next year.

 

63.3% of third-party assets under management were located in the UK, 33.9% in Poland and 2.8% in Romania.

 

Revenue earned by this division decreased to £1.26 million (30 September 2022: £1.66 million), resulting in profit before unallocated central overheads and tax decreasing to £0.16 million (30 September 2022: £0.52 million).

 

At the period end fund management fee income, excluding performance fees, was being earned at an annualised rate of £2.06 million (31 March 2023: £2.55 million).

 

FPAM's weighted average unexpired fund management contract term at the period-end was 2 years, 1 month (31 March 2023: 2 years, 9 months).

 

The reconciliation of movement in third party funds under management during the period is shown below:

 


Funds managed for third parties (including funds in which the Group is a minority shareholder)


UK

£m.

CEE

£m.

Total

£m.

No. of prop's

As at 1 Apr 2023

241.4

159.0

400.4

53

Property purchases

-

-

-

-

Property sales

(6.7)

-

(6.7)

(2)

Capital expenditure

-

-

-

-

Property revaluation

(41.9)

(45.2)

(87.1)

-

FX revaluation

-

(2.0)

(2.0)

-

As at 30 Sep 2023

192.8

111.8

304.6

51

 

An overview of the value and maturity of each of the funds managed by FPAM is set out below:

 

Fund

Country of investment

Fund expiry

Assets under management at market value at

30 Sep

 2023

No of properties

% of total third-party assets under management

Assets under management at market value at

31 Mar 2023

 

 

£m.

 

%

£m.

SAM & DHOW

UK

Rolling

*

*

*

*

OFFICES

UK

Jun 2024

53.0

4

17.4

84.9

SIPS

UK

Jan 2025

96.8

21

31.8

104.7

FOP

Poland

Oct 2025

61.6

5

20.2

64.5

FGC

Poland

Mar 2026

21.7

1

7.1

22.0

UKPPP

UK

Jan 2027

20.5

8

6.7

28.1

SPEC OPPS

UK

Jan 2027

14.4

4

4.7

14.9

FKR

Poland

Mar 2027

16.5

1

5.4

16.8

FCL

Romania

Jun 2028

8.6

1

2.8

8.7

FPL

Poland

Jun 2028

3.4

4

1.2

47.0

FUL

UK

Indefinite

8.1

2

2.7

8.8

Total Third Party AUM

 

304.6

51

100.0

400.4

* Not subject to recent revaluation.

 

The sub sector weightings of investments in FPAM funds is set out in the table below:

 


UK

Poland

Romania

Total

% of Total


£m.

£m.

£m.

£m.

 

Offices

109.3

41.5

8.6

159.4

52.3

Retail warehousing

56.9

-

-

56.9

18.7

Shopping centres

-

49.7

-

49.7

16.3

Supermarkets

26.6

12.0

-

38.6

12.7

Total

192.8

103.2

8.6

304.6

100.0

% of Total

63.3

33.9

2.8

100.0

 

 

 

 

 

GROUP PROPERTIES DIVISION

 

At the period end the Group Properties division comprised seven directly owned commercial properties in Poland and Romania valued at £53.28 million (31 March 2023: £53.97 million), and interests in nine of the twelve funds managed by FPAM (classified as Associates and Investments) valued at £22.30 million (31 March 2023: £25.27 million).

 

The contribution to Group profit before tax and unallocated central overheads from this division was £0.09 million (30 September 2022: £2.40 million), of which the seven directly owned properties contributed £0.27 million (30 September 2022: £0.98 million) and the Associates and Investments contributed a loss of £0.18 million (30 September 2022 profit: £1.42 million).

 

The reduced contribution from the Associates and Investments was mainly due to the write down by £0.82 million in value of the Group's share in FOP. In addition, distributions in respect of the Group's 11.1% share in Fprop UK Special Opportunities LP ("SPEC OPPS") of £0.08 million were less than the contribution in the same period last year of £1.20 million. Last year's higher contribution was driven by property sales.  

 

Nearly one third of the vacant office space in the Group's directly held office properties in Gdynia and Warsaw (Blue Tower), which it acquired in 2021 and 2022 respectively and which totalled some 20,000 square metres, has been leased. Net operating income should improve by some ?2 million per annum once this vacant space is fully let. Tenant demand remains steady in both cities.

 

1.     Directly owned properties (all accounted for under the cost model):

 

The book value of the Group's seven directly owned properties was £47.13 million. Their market value, as at 30 September 2023, was £53.28 million.

 

Country

Sector

Property/ fund name

No. of properties as at 30 Sep

 2023

Book value as at 30 Sep 2023

Market value as at 30 Sep 2023

*Contribution to Group profit before tax -

 period to
30 Sep 2023

*Contribution to Group profit before tax -

period to
30 Sep 2022

 

 

 

 

£m.

£m.

£m.

£m.

Poland

Offices

Gdynia

1

14.20

14.32

(0.14)

(0.21)

Poland,

Offices

Blue Tower

1

20.71

23.89

0.46

0.64

Poland

Supermarkets

Praga

1

1.96

2.91

0.05

0.20

Romania

Office

Dr Felix

1

2.32

3.82

0.05

0.02

Poland          Multi-let

5PT

3

7.94

8.34

0.18

**

Total*


7

47.13

53.28

0.60

0.65

Profit on the sale of investment properties



-

1.06

Other overhead costs allocated to the direct property division



(0.33)

(0.73)

Total contributions to PBT from Group Properties

 

 

0.27

0.98

 

*Prior to the deduction of unallocated central overhead expenses.

**5PT, a fund in which the Group gained a controlling interest in financial year ended 31 March 2023 (previously recognised as an associate).

 

 

The debt secured against these seven properties amounted to £28.93 million (31 March 2023: £29.66 million), including deferred consideration of £16.95 million (31 March 2023: £17.02 million) which is non-interest bearing.

 

Interest costs on the £11.99 million of interest-bearing debt amounted to £0.38 million in the period (30 September 2022: £0.19 million). This equates to an average borrowing cost of 2.6% per annum when expressed as a percentage of total Group debt, or 6.3% if the non-interest-bearing element is excluded. A one percentage point increase in interest rates would impact the cost of the floating rate loans and would increase the Group's annual interest bill by some £120,000 per annum (31 March 2023: £127,000).

 

All five bank loans are held in separate non-recourse special purpose vehicles and are not guaranteed by the Group.

 

Directly owned Properties

30 Sep 2023

31 Mar 2023

Book value

£47.13m

£47.01m

Market value

£53.28m

£53.97m

Debt (all non-recourse to the Group)

£28.93m

£29.66m

LTV at book value %

61.38%

63.09%

LTV at market value %

54.30%

54.96%

Average borrowing cost (including non-interest-bearing loans)

2.6%

1.8%

 

The Weighted Average Unexpired Lease Term (WAULT) of the seven properties as at 30 September 2023 was 4 years, 3 months (31 March 2023: 3 years, 6 months).

 

In July the Group acquired for £0.21 million the minority interest (being 23%) in E and S Estates Ltd ("E and S"), a fund managed by the Group, resulting in it owning 100% of the shares in issue. E and S owns a supermarket in Praga, a suburb of Warsaw, valued at ?3.36 million. It contributed some £50,000 in net profit in the six months just ended, a return on net equity of around 7% on an annualised basis.

 

 

Associates and Investments ("A&I's")

 

These comprise non-controlling interests in nine of the twelve funds managed by FPAM, of which five are accounted for as "associates" under the cost model and four are accounted for as "investments in funds" and held at fair value. It is the accounting policy of the Group to carry its interests in associates at the lower of cost or market value.

 

The contribution from this segment amounted to a loss before tax and unallocated central overheads of £0.18 million (30 September 2022: profit £1.42 million), mainly due to the write down by £0.82 million of the Group's 45.71% share in FOP. At their new value of £61.5 million, the properties held by FOP yield income of some 8.5% per annum, they are 97% leased by net lettable area and the vast majority of rent payable is subject to annual increases linked to inflation.

 

The book value of the five associates was £17.06 million (31 March 2023: £17.59 million). Their market value was £19.33 million (31 March 2023: £20.73 million).

 

The value of the four investments in funds reduced to £2.97 million (31 March 2023: £4.54 million). The reduction was mainly due to the decrease in value by £1.0 million of the Group's co-investment in Fprop Offices, an explanation for which is in the section entitled "Fund Management Division".

 

An overview of the Associates and Investments is set out in the table below: 

 

Fund

Country of investment

% owned by

First Property

Group

Book value of First Property's share in

fund

Current market value of holdings

Group's

 share

of post-tax profits earned by fund

30 Sep 2023

 Group's share

of post-tax profits earned by fund

30 Sep 2022


 

%

£'000

£'000

£'000

£'000

a) Associates







5PT

Poland

47.20

*

*

*

59

FOP

Poland

45.71

12,305

12,305

442

347

FGC

Poland

29.09

2,918

3,136

92

119

FKR

Poland

18.07

1,181

1,253

27

(2)

FPL

Poland

23.38

-

1,730

(60)

(435)

FCL

Romania

21.17

652

901

16

29

Sub Total

 

 

17,056

19,325

517

117








b) Investments







UK PPP

UK

0.94

196

196

14

23

SPEC OPPS

UK

11.06

2,142

2,142

82

1,196

OFFICES

UK

1.64

461

461

18

74

FUL

UK

2.50

174

174

-

9

Sub Total



2,973

2,973

114

1,302

Total

 

 

20,029

22,298

631

1,419

 

*Consolidated into the Group

 

 

New Loan Division (secured lending against commercial property):

 

Since its establishment in June 2023, this division has originated over £600 million in enquiries for new senior loans. It has yet to complete its first loan but we are hopeful of doing so soon.

 

The division is offering senior loans at a relatively high loan to value of 65% without obliging the borrower to amortise the debt during its term. This enables the properties against which such loans are advanced to support relatively high interest rates of 9% to 10% per annum.

 

As previously reported, no new employees will, initially, be required to be employed to roll out this product and the Group does not intend to use its own cash to make such loans. It may, however, invest alongside third parties in any fund structures set up to make such loans.

 

 

Commercial Property Market Outlook

 

Poland:

 

GDP growth contracted by 0.8% per annum in the first half of 2023, resulting in forecasters downgrading their full year GDP growth estimates to 0.2% per annum, the lowest it has been in our entire time investing in that country. GDP growth is expected to rebound in 2024, to 2.8% per annum (previous forecasts were at 2.2% per annum).

 

Unemployment was at a historic low of 5.0% in August, which, in combination with strong nominal wage increases, is expected to drive economic activity in 2024.

 

The National Bank of Poland's key policy interest rate was cut in September by 75bp and in October by 25bp and now stands at 5.75% per annum. Inflation has fallen from some 17% year on year to around 4%.

 

Investment demand for commercial property remains weak but occupational demand remains steady. The development of new property is at a cyclical low.

 

Rental values in Poland are contractually mostly linked to inflation, which offers some protection from inflation as long as the economy remains buoyant, and tenants can afford to pay their contractual increases.

 

United Kingdom:

 

The Bank of England held interest rates at 5.25% per annum in September and again in October, unchanged for the first time in 15 meetings of the Monetary Policy Committee ("MPC"). The Consumer Price Index ("CPI") increased by 4.7% on an annualised basis in October, a rate which is less than half of its peak of 11.1% in October 2022, but still above the 2% target of the Bank of England. Economic growth is close to nil.

 

The commercial property investment market remains generally weak, in particular for offices and shopping centres. The occupier market is also generally weak, including for industrial property, where strong demand over the last several years has stalled.

 

Current Trading and Prospects

 

Markets have been as challenging over the last year as I have ever known them. The rapid increase in interest rates, with a commensurate collapse in demand for commercial property, both occupationally and for investment, had created a perfect storm. For fifteen years interest rates had been near zero and global markets supported by borrowings in dollars with investment in developing countries and more "risky" assets - the so called carry trade.

 

With the Federal Reserve aggressively increasing interest rates, that carry trade has reversed equally aggressively with capital flooding back to the United States.

 

So, whilst it is disappointing to report a loss, this was created by a mark down in property values and not as a result of a deterioration in trading. The Group is robust.

 

Inflation is now reducing, and interest rates are likely to be close to their peak. They have already been reduced in Poland.

 

Markets are steadying and we are seeing an uptick in investment demand, though it is too early to be certain.

 

We also have occupational demand for the vacant space in the office blocks we own in Warsaw and Gdynia, with particular demand for the former. As we lease up this space, we will start again to generate good levels of cash, as we have always historically done.

 

In the meantime, our cash balance is good, with over £6 million on the balance sheet, giving us the firepower we need to fitout the space as it is leased.

 

We are also seeing some interesting lending propositions for our new debt division. We have yet to make a loan but our market knowhow and the number of deals we are considering has considerably increased.

 

I am once again beginning to be excited about the future.

 

Ben Habib

Chief Executive

 

 

 

 

CONSOLIDATED INCOME STATEMENT

for the six months to 30 September 2023

 


Notes

Six months to 30 Sep 2023

(unaudited)

Six months to

30 Sep 2022

(unaudited)

Year to

31 Mar 2023

(audited)



£'000

£'000

£'000



 



Revenue


3,966

4,188

7,249

Cost of sales


(1,763)

(1,697)

(2,257)

Gross profit

 

2,203

2,491

4,992



 



Profit on sale of investment properties


-

1,061

1,779

Operating expenses


(2,386)

(2,466)

(4,767)

Operating (loss)/profit


(183)

1,086

2,004

Share of results in associates

8a

517

117

273

Share of associates' revaluation (loss)/gain

8a

(816)

-

(901)

Investment income


114

1,302

1,497

Interest income

3

95

75

145

Interest expense

3

(379)

(188)

(530)

(Loss)/profit before tax


(652)

2,392

2,488

Tax charge

4

(257)

(297)

(449)

(Loss)/profit for the period


(909)

2,095

2,039



 



Attributable to:


 



Owners of the parent


(1,122)

2,065

1,919

Non-controlling interests


213

30

120



(909)

2,095

2,039






(Loss)/Earnings per share





Basic

5

(1.01p)

1.86p

1.73p

Diluted

5

(0.99p)

1.83p

1.70p

 

 

All operations are continuing.

 

 

 

 

CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

 

for the six months to 30 September 2023

 

 


Notes

Six months to 30 Sep 2023

Six months to

30 Sep 2022

Year to

31 Mar 2023



(unaudited)

(unaudited)

(audited)



£'000

£'000

£'000



 



(Loss)/ profit for the period


(909)

2,095

2,039



 



Other comprehensive income


 



Items that may subsequently be reclassified to profit or loss:


 



Exchange differences on retranslation of foreign subsidiaries


91

(86)

944

Net (loss) on financial assets at fair value through Other Comprehensive Income

8b

(1,137)

(1,047)

(1,412)

Taxation


-

-

-

Total comprehensive income for the period


(1,955)

962

1,571



 



Total comprehensive income for the period attributable to:


 



Owners of the parent


(2,110)

923

1,324

Non-controlling interests


155

39

247



(1,955)

962

1,571

 

 

All operations are continuing.

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

As at 30 September 2023

 


Notes

As at

30 Sep 2023 (unaudited)

 

As at

31 Mar 2023 (audited)

As at

30 Sep 2022

 (unaudited)

(restated)



£'000

£'000

£'000



 



Non-current assets


 



Investment properties

6

47,134

47,009

22,839

Right of use Asset


647

197

790

Property, plant and equipment


67

80

106

Investment in associates

8a

17,056

17,588

19,834

Other financial assets at fair value through OCI

8b

2,973

4,544

5,493

Goodwill


153

153

153

Deferred tax assets


970

930

913

Total non-current assets

 

69,000

70,501

50,128



 



Current assets


 



Inventories - land and buildings

7

-

-

19,722

Current tax assets


113

79

7

Right of use assets


457

457

444

Trade and other receivables 

9

5,354

3,729

6,113

Cash and cash equivalents


6,707

7,647

5,977

Total current assets


12,631

11,912

32,263



 



Current liabilities


 



Trade and other payables

10

(4,713)

(3,310)

(4,486)

Provisions

11

(113)

(158)

(773)

Lease liabilities


(469)

(469)

(408)

Financial liabilities

12

(1,067)

(1,116)

(5,648)

Other financial liabilities

13

(12,286)

(939)

(907)

Current tax liabilities


(41)

(28)

(93)

Total current liabilities 


(18,689)

(6,020)

(12,315)

Net current assets


(6,058)

5,892

19,948

Total assets less current liabilities


62,942

76,393

70,076






Non-current liabilities





Financial liabilities

12

(10,921)

(11,519)

(7,114)

Other financial liabilities

13

(4,660)

(16,082)

(15,863)

Lease liabilities


(658)

(267)

(890)

Deferred tax liabilities


(3,203)

(3,050)

(2,509)

Net assets


43,500

45,475

43,700



 



Equity


 



Called up share capital


1,166

1,166

1,166

Share premium


5,635

5,635

5,635

Share-based payment reserve


497

179

179

Foreign exchange translation reserve


(2,204)

(2,353)

(3,392)

Purchase of own shares reserve


(2,440)

(2,440)

(2,440)

Investment revaluation reserve


(1,865)

(728)

(363)

Retained earnings


40,861

41,983

42,683

Equity attributable to the owners of the parent


41,650

43,442

43,468

Non-controlling interests


1,850

2,033

232

Total equity


43,500

45,475

43,700



 



Net assets per share

5

37.56p

39.18p

39.20p

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

for the six months to 30 September 2023

 

 

Share

Capital

Share Premium

 

Share- Based

Payment Reserve

Foreign Exchange Translation Reserve

Purchase of Own Shares

Investment

Revaluation

Reserve

 

Retained Earnings



Non-Controlling Interests

 

Total

Restated

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 1 Apr 2022

1,166

5,791

179

(3,297)

(2,653)

684

40,895

229

42,994

Profit for the period

-

-

-

-

-

-

2,095

-

2,095

Net (loss) on financial assets at fair value through other comprehensive income

-

-

-

-

-

(1,047)

-

-

(1,047)

Movement on foreign exchange

-

-

-

(95)

-

-

-

9

(86)

Total Comprehensive Income

-

-

-

(95)

-

(1,047)

2,095

9

962

Sale of treasury shares

-

(156)

-

-

213

-

-

-

57

Non-controlling interests

-

-

-

-

-

-

(30)

30

-

Dividends paid

-

-

-

-

-

-

(277)

(36)

(313)

At 30 Sep 2022

1,166

5,635

179

(3,392)

(2,440)

(363)

42,683

232

43,700

Profit for the period

-

-

-

-

-

-

(56)

-

(56)

Net gain/ (loss) on financial assets at fair value through other comprehensive income

-

-

-

-

-

(365)

-

-

(365)

Movement on foreign exchange

-

-

-

1,039

-

-

-

118

1,157

Non-controlling interest in 5PT

-

-

-

-

-

-

-

1,606

1,606

Total Comprehensive Income

-

-

-

1,039

-

(365)

(56)

1,724

2,342

Sale of treasury shares

-

-

-

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

-

-

-

-

-

-

Non-controlling interests

-

-

-

-

-

-

(90)

90

-

Dividends paid

-

-

-

-

-

-

(554)

(13)

(567)

At 1 Apr 2023

1,166

5,635

179

(2,353)

(2,440)

(728)

41,983

2,033

45,475

Profit for the period

-

-

-

-

-

-

(909)

-

(909)

Net (loss) on financial assets at fair value through other comprehensive income

-

-

-

-

-

(1,137)

-

-

(1,137)

Change in the proportion held in non-controlling interests

-

-

-

-

-

-

-

(265)

(265)

Movement on foreign exchange

-

-

-

149

-

-

-

(58)

91

Total Comprehensive Income

-

-

-

149

-

(1,137)

(909)

(323)

(2,220)

Share options charge

-

-

318

-

-

-

-

-

318

Non-controlling interests

-

-

-

-

-

-

(213)

213

-

Dividends paid

-

-

-

-

-

-

-

(73)

(73)

At 30 Sep 2023

1,166

5,635

497

(2,204)

(2,440)

(1,865)

40,861

1,850

43,500

 

 

 

 

 

CONSOLIDATED CASH FLOW STATEMENT

 

for the six months to 30 September 2023

 

Notes

Six months to

 30 Sep 2023 (unaudited)

Six months to 30 Sep 2022 (unaudited)

Year to

31 Mar 2023

 (audited)



£'000

£'000

£'000

Cash flows from/ (used in) operating activities


 



Operating (loss)/ profit


(183)

1,086

2,004

Adjustments for:


 



Depreciation of investment property, and property, plant & equipment


34

14

99

Profit on the sale of investment property


-

(1,061)

(1,779)

(Increase)/ decrease in inventories


-

(59)

-

(Increase)/ Decrease in trade and other receivables


(1,626)

(1,679)

777

(Decrease)/ increase in trade and other payables


1,348

(415)

2,813

Share options charge


318

-

-

Other non-cash adjustments


194

3

180

Cash generated from operations


85

(2,111)

4,094

Income taxes paid


(169)

(124)

(616)

Net cash flow (used in)/ from operating activities


(84)

(2,235)

3,478



 



Cash flow from/ (used in) investing activities


 



Capital expenditure on investment properties

6

(315)

(81)

(1,017)

Purchase of property, plant and equipment


(21)

(8)

(10)

Purchase of inventories


-

(1,070)

-

Proceeds from the sale of an investment property


-

2,967

8,612

Purchase of investment property


-

-

(7,443)

Cash paid on acquisition of new subsidiaries


-

-

(165)

Cash and cash equivalents received on acquisitions


-

-

83

Investment in funds

8b

-

(2)

(3)

Proceeds from funds

8b

434

907

1,492

Proceeds from Investment in shares of associates

8a

233

175

176

Interest received

3

95

7

145

Investment in shares of associates

8a

-

(757)

(606)

Dividends from associates

8a

-

-

-

Distributions received


114

1,300

1,494


540

3,438

2,758



 



Cash flow from/ (used in) financing activities


 



Proceeds from bank loan


-

1,686

1,474

Repayment of bank loans


(911)

(2,977)

(5,215)

Sale of shares held in treasury


-

119

57

Interest paid

3

(369)

(188)

(530)

Dividends paid


-

(277)

(831)

Dividends paid to non-controlling interests


(73)

(36)

(49)

Net cash flow (used in)/ from financing activities


(1,353)

(1,673)

(5,094)


 



Net (decrease)/ increase in cash and cash equivalents


(897)

(470)

1,142

Cash and cash equivalents at the beginning of period


7,647

6,419

6,419

Currency translation gains/ (losses) on cash and cash equivalents


(43)

28

86

Cash and cash equivalents at the end of the period


6,707

5,977

7,647

 

 

 

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2023

 

 

1.     Basis of Preparation

 

·     These interim consolidated financial statements for the six months ended 30 September 2023 have not been audited or reviewed and do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared in accordance with the Group's accounting policies as set out in the Group's latest annual financial statements for the year ended 31 March 2023 and are in compliance with IAS 34 "Interim Financial Reporting". These accounting policies are drawn up in accordance with UK-adopted International Accounting Standards.

 

·     The comparative figures for the financial year ended 31 March 2023 are not the full statutory accounts for the financial year but are abridged from those accounts prepared under IFRS which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified, did not include references to any matter to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

·     These interim financial statements were approved by a committee of the Board on 23 November 2023.

 

 

 

2.     Segmental Analysis 

 

Segment reporting for the six months to 30 September 2023

 

 

Fund Management Division

Group Properties Division

 

 


Property

fund management

Group properties

Associates and investments

Unallocated central overheads

TOTAL


£'000

£'000

£'000

£'000

£'000

Rental income

-

2,030

-

-

2,030

Service charge income

-

673

-

-

673

Asset management fees

1,263

-

-

-

1,263

Performance related fee income

-

-

-

-

-

Total revenue

1,263

2,703

-

-

3,966






 

Depreciation and amortisation 

(21)

(13)

-

-

(34)






 

Operating profit

158

558

-

(899)

(183)






 

Share of results in associates

-

-

517

-

517

Fair value adjustment to associate

-

-

(816)

-

(816)

Investment income

-

-

114

-

114

Interest income

-

95

-

-

95

Interest expense

-

(379)

-

-

(379)

Profit/ (loss) before tax

158

274

(185)

(899)

(652)






 

Analysed as:





 

Underlying profit/ (loss) before tax before adjusting for the following items:

96

39

631

(570)

196

Interest on loan to associates

-

63

-

-

63

Share option charge

-

-

-

(318)

(318)

Fair value adjustment to associate

-

-

(816)

-

(816)

Realised foreign currency (losses)/ gains

62

172

-

(11)

223

Profit/ (loss) before tax

158

274

(185)

(899)

(652)

 

 

Revenue for the six months to 30 September 2023 from continuing operations consists of revenue arising in the United Kingdom 18% (30 September 2022: 27%) and Central and Eastern Europe 82% (30 September 2022: 73%) and all relates solely to the Group's principal activities.

 

Direct costs incurred by First Property relating to the cost of the Board and the related share listing costs are shown separately under unallocated central costs.

 

 

 

 

 

Segment reporting for the six months to 30 September 2022

 

 

Fund Management Division

Group Properties Division

 

 


Property

fund management

Group properties

Associates and investments

Unallocated central overheads

TOTAL


£'000

£'000

£'000

£'000

£'000

Rental income

-

1,788

-

-

1,788

Service charge income

-

737

-

-

737

Asset management fees

1,437

-

-

-

1,437

Performance related fee income

226

-

-

-

226

Total revenue

1,663

2,525

-

-

4,188






 

Depreciation and amortisation 

(18)

(12)

-

-

(30)






 

Operating profit

519

1,089

-

(522)

1,086






 

Share of results in associates

-

-

117

-

117

Investment income

-

-

1,302

-

1,302

Interest income

-

75

-

-

75

Interest expense

-

(188)

-

-

(188)

Profit/ (loss) before tax

519

976

1,419

(522)

2,392






 

Analysed as:





 

Underlying profit/ (loss) before tax before adjusting for the following items:

294

27

223

(540)

4

Interest on loan to FOP

-

68

-

-

68

Profit on Sale of Group properties

-

1,061

-

-

1,061

Performance related fee income

226

-

-

-

226

Investment income resulting from sale of properties

-

-

1,196

-

1,196

Staff incentives

-

-

-

-

-

Realised foreign currency (losses)/ gains

(1)

(180)

-

18

(163)

Profit/ (loss) before tax

519

976

1,419

(522)

2,392

 

 

 

 

 

Segment reporting for the year to 31 March 2023

 


Fund Management Division

Group Properties Division


 


Property

fund management

Group properties

Associates and investments

Unallocated central overheads

TOTAL


£'000

£'000

£'000

£'000

£'000

Rental income

-

3,614

-

-

3,614

Service charge income

-

1,115

-

-

1,115

Asset management fees

2,892

-

-

-

2,892

Performance related fee income

(372)

-

-

-

(372)

Total revenue

2,520

4,729

-

-

7,249






 

Depreciation and amortisation 

(36)

(24)

-

-

(60)

 





 

Operating profit

120

3,069

-

(1,185)

2,004

Share of results in associates

-

-

273

-

273

Fair value adjustment on associates

-

-

(901)

-

(901)

Investment income

-

-

1,497

-

1,497

Interest income

-

20

-

125

145

Interest expense

-

(530)

-

-

(530)

Profit/ (loss) before tax

120

2,559

869

(1,060)

2,488






 

Analysed as:





 

Underlying profit/ (loss) before tax before adjusting for the following items:

513

752

273

(1,089)

449

Provision in respect of rent guarantee

-

511

-

-

511

Profit on the sale of investment properties

-

1,779

-

-

1,779

Interest received on loan to FOP

-

125

-

-

125

Fair value adjustment on associates FOP

-

-

(901)

-

(901)

UK fund distributions following sale of properties

-

-

1,497

-

1,497

Performance related fee income

222

-

-

-

222

Clawback of Office income

(594)

-

-

-

(594)

Staff incentives

(44)

(65)

-

-

(109)

Realised foreign currency (losses)/ gains

23

(543)

-

29

(491)

Total

120

2,559

869

(1,060)

2,488






 

Assets - Group

795

54,525

4,544

4,727

64,591

Share of net assets of associates

-

-

17,588

-

17,588

Liabilities

(71)

(36,574)

-

(59)

(36,704)

Net assets

724

17,951

22,132

4,668

45,475

 

 

 

 

3.     Interest Income/ (Expense)

 

 

Six months

ended

30 Sep 2023

Six months

ended

30 Sep 2022

Year

ended

31 Mar 2023


£'000

£'000

£'000

Interest income - bank deposits

22

-

-

Interest income - other

73

75

145

Total interest income

95

75

145

 

 

Six months

 ended

30 Sep 2023

Six months

ended

30 Sep 2022

Year

ended

31 Mar 2023


£'000

£'000

£'000

Interest expense - property loans

(373)

(180)

(516)

Interest expense - bank and other

(6)

(8)

(14)

Total interest expense

(379)

(188)

(530)

 

 

 

 

4.     Tax Expense

 

The tax charge is based on a combination of actual current and deferred tax charged at an effective rate that is expected to apply to the profits for the full year.

 

 

Six months

 ended

30 Sep 2023

Six months

ended

30 Sep 2022

Year

ended

31 Mar 2023


£'000

£'000

£'000

Current tax

(146)

(204)

(559)

Deferred tax

(111)

(93)

110

Total

(257)

(297)

(449)

 

 

 

 

5.     Earnings/ NAV Per Share

 

 

 

Six months

ended

30 Sep 2023

Six months

ended

30 Sep 2022

Year

 ended

31 Mar 2023

Basic (loss)/ earnings per share

(1.01p)

1.86p

1.73p

Diluted (loss)/ earnings per share

(0.99p)

1.83p

1.70p

 

The basic earnings per ordinary share is calculated on the profit on ordinary activities after taxation and after excluding non-controlling interests on the weighted average number of ordinary shares in issue, during the period.

 

Figures in the table below have been used in the calculations.

 

 

 

£'000

£'000

£'000

Basic earnings per share

(1,122)

2,065

1,919

Notional interest on share options assumed to be exercised

2

3

2

Diluted earnings assuming full dilution

(1,120)

2,068

1,921

 

 

 

Number

Number

Number

Weighted average number of Ordinary Shares in issue

110,875,483

110,868,671

110,875,483

Number of Share options

2,110,000

2,110,000

2,110,000

Total number of Ordinary Shares used in the diluted earnings per Share calculation

112,985,483

112,978,671

112,985,483

 

 

 

 

 

Six months

ended

30 Sep 2023

Six months

ended

30 Sep 2022

(restated)

Year

 ended

31 Mar 2023

Net assets per share

37.56p

39.20p

39.18p

Adjusted net assets per share

43.56p

47.12p

46.50p

 

 

The following numbers have been used to calculate both the net assets and adjusted net assets per share:

 

 

 

Six months

ended

30 Sep 2023

Six months

ended

30 Sep 2022

(restated)

Year

 ended

31 Mar 2023


£'000

£'000

£'000

Net assets excluding non-controlling interest

41,650

43,468

43,442

 

 



For adjusted net assets per share

£'000

£'000

£'000

Net assets excluding non-controlling interests

41,650

43,468

43,442

Investment properties at fair value net of deferred taxes

4,981

2,102

5,639

Inventories at fair value net of deferred taxes

-

2,847

-

Investments in associates at fair value

2,269

4,506

3,139

Other items

323

323

324

Total

49,223

53,246

52,544

 

 

 

 

6.     Investment Properties

 

 

Six months

ended

30 Sep 2023

Year

 ended

31 Mar 2023

Six months

 ended

30 Sep 2022


£'000

£'000

£'000

1 Apr

47,009

23,849

23,849

Reclassification of inventory

-

19,795

-

Additions arising on consolidation

-

7,621

-

Capital expenditure

315

1,017

81

Disposals

-

(6,459)

(1,723)

Depreciation

(134)

(134)

(14)

Foreign exchange translation

(56)

1,320

646

Total at end of period

47,134

47,009

22,839

 

Investment properties owned by the Group are stated at cost less depreciation and accumulated impairment losses.

 

 

 

 

7.     Inventory - Land and Buildings

 

 

 

Six months

ended

30 Sep 2023

Year

 ended

31 Mar 2023

Six months

 ended

30 Sep 2022


£'000

£'000

£'000

1 Apr

-

12,352

       12,352

Purchase including acquisition costs

-

7,443

7,443

Reclassified as investment property

-

(19,795)

-

Capital expenditure

-

-

92

Disposals

-

-

-

Depreciation

-

-

(33)

Foreign exchange translation

-

-

(132)

Total at end of period

-

-

19,722

 

 

During the year ended 31 March 2023 the Group acquired an additional 7,171 m2 of office space in Blue Tower (an office block in Warsaw) for a consideration of £7.20 million, which is payable in seven instalments over a six-year period. Following this purchase, the Group's interest in Blue Tower now represents 80.3% (2022: 48.2%) of the building. As a result of this acquisition the Group reclassified the building from Inventory to Investment Property.

 

 

 

 

8.     Investments in associates and other financial investments

 


Six months ended

30 Sep 2023

Year

ended

31 Mar 2023

Six months

ended

30 Sep 2022

 

£'000

£'000

£'000

a) Associates

 



Cost of investment at beginning of period

17,588

19,135

19,135

Additions

-

606

757

Disposals

-

(1,349)

-

Repayment of shareholder loan

(233)

(176)

(175)

Share of associates profit/(loss) after tax  

517

273

117

Share of associates revaluation gains

(816)

(901)

-

Dividends received

-

-

-

Cost of investment at end of period

17,056

17,588

19,834

 

The disposal in the year ended 31 March 2023 represents the Group gaining control of 5PT. Following the purchase of additional shares in this company the Group is now deemed to have control and has consolidated this fund into the Group.

 

 

 

 

Six months ended

30 Sep 2023

Year

ended

31 Mar 2023

Six months

ended

30 Sep 2022

 

£'000

£'000

£'000

Investments in associates

 



5th Property Trading Ltd

-

-

1,861

Fprop Galeria Corso Ltd

2,918

3,058

2,888

Fprop Krakow Ltd

1,181

1,154

1,578

Fprop Cluj Ltd

652

636

602

Fprop Phoenix Ltd

-

61

478

Fprop Opportunities plc

12,305

12,679

12,735


17,056

17,588

20,142

Less: Group share of profit after tax withheld on sale of property to an associate in 2007 

-

-

(308)

Cost of investment at end of period

17,056

17,588

19,834

 

 

 

Six months ended

30 Sep 2023

Year

 ended

31 Mar 2023

Six months

ended

30 Sep 2022

 

£'000

£'000

£'000

b) Other financial investments

 



Cost of investment at 1 Apr

4,544

7,445

7,445

Additions

-

3

2

Repayments

(434)

(1,492)

(907)

(Decrease) in fair value during the period

(1,137)

(1,412)

(1,047)

Cost of investment at end of period

2,973

4,544

5,493

 

The Group holds four unlisted investments in funds managed by FPAM. Each is designated at fair value through "Other Comprehensive Income" (OCI) as per IFRS 9. The Directors consider their fair value to not be materially different from their carrying value.

 

Fair value has been calculated by applying the Group's percentage holding in the investments to the fair value of their net assets.

 

 

 

 

9.     Trade and Other Receivables

 


Six months ended

30 Sep 2023

Year

 ended

31 Mar 2023

Six months

ended

30 Sep 2022

 

£'000

£'000

£'000

Current assets

 



Trade receivables

2,534

1,130

1,168

Less provision for impairment of receivables

(225)

(242)

(96)

Trade receivables net

2,309

888

1,072

Other receivables 

1,852

1,820

3,587

Prepayments and accrued income 

1,193

1,021

1,454

Total at end of period

5,354

3,729

6,113

 

 

 

 

10.   Trade and Other Payables

 


Six months ended

30 Sep 2023

Year

 ended

31 Mar 2023

Six months

ended

30 Sep 2022

(restated)

 

£'000

£'000

£'000

Current liabilities

 



Trade payables 

1,824

1,227

755

Other taxation and social security  

239

254

277

Other payables and accruals 

2,462

1,701

3,297

Deferred income

188

128

157

Total at end of period

4,713

3,310

4,486

 

 

 

 

11.   Provisions

 

 

Six months ended

30 Sep 2023

Year

 ended

31 Mar 2023

Six months

ended

30 Sep 2022

 

£'000

£'000

£'000

Current liabilities

113

158

773

 

The provision at 30 September 2023 represents a rent guarantee of £0.11 million (31 March 2023: £0.16 million) and fit out costs of £Nil (31 March 2023: £Nil). These provisions are in respect of the guarantee given as part of the sale of a property, Cha?ubi?skiego 8 ("CH8"), which completed in April 2020.

 

As a condition of the sale the Group guaranteed the rental and service charge income up to some ?1.20 million per annum for five years. In addition, the Group guaranteed fit-out costs on the residual vacant space up to some ?1.50 million.

 

 

 

 

 

 

12.   Financial Liabilities

 


Six months ended

 30 Sep 2023

Year

 ended

31 Mar 2023

Six months

ended

30 Sep 2022

 

£'000

£'000

£'000

Current liabilities

 



Bank loans

1,067

1,116

5,648

Total at end of period

1,067

1,116

5,648


 



Non-current liabilities

 



Bank loans

10,921

11,519

7,114

Total at end of period

10,921

11,519

7,114

 

 



Total obligations under financial liabilities    

 



Repayable within one year

1,067

1,116

5,648

Repayable within one and five years

7,890

8,080

6,629

Repayable after five years

3,031

3,439

485

Total at end of period

11,988

12,635

12,762

 

Five bank loans (all denominated in Euros) totalling £11.99 million (31 March 2023: £12.64 million), included within financial liabilities, are secured against investment properties owned by the Group. These bank loans are otherwise non-recourse to the Group's assets.

 

The interest rate profile of the Group's financial liabilities at 30 September 2023 and 31 March 2023 was as follows:

 


Interest bearing

Non-

interest

bearing

Total

 


£'000

£'000

£'000

Financial liabilities

11,988

-

11,988

Other financial liabilities

-

16,946

16,946

At 30 Sep 2023

11,988

16,946

28,934

 

 

 

 

Financial liabilities

12,635

-

12,635

Other financial liabilities

-

17,021

17,021

At 31 Mar 2023

12,635

17,021

29,656

 

A one percentage point increase in interest rates would increase the annual interest rate bill by £0.12 million per annum (31 March 2023: £0.13 million per annum).

 

 

 

 

13.   Other Financial Liabilities

 

 


Six months ended

 30 Sep 2023

Year

 ended

31 Mar 2023

Six months

ended

30 Sep 2022

 

£'000

£'000

£'000

Current liabilities

12,286

939

907

Non-current liabilities

4,660

16,082

15,863

Total at end of period

16,946

17,021

16,770

 

 



Total obligations under financial liabilities    

 



Repayable within one year

12,286

939

907

Repayable within one and five years

4,660

14,317

14,159

Repayable after five years

-

1,765

1,704

Total at end of period

16,946

17,021

16,770

 

 

Other financial liabilities includes a balance within current liabilities of ?12.00 million which was a result of the restructuring of a finance lease secured against the office tower in Gdynia. As part of the deal, the Group acquired the freehold of the property for ?16.00 million of which ?4.00 million has been paid and ?12.00 million is payable in the financial year ended 31 March 2025. No interest is payable on this liability.

 

Other financial liabilities also represents the Group's additional 32% investment in Blue Tower, Warsaw, which was financed by deferred consideration of PLN 40.4 million (£7.44 million). This liability, which is non-interest bearing, is payable in seven instalments, the first of which has been paid.

 

The interim results are being circulated to all shareholders and can be downloaded from the company's web site - www.fprop.com. Further copies can be obtained from the registered office at 32 St James's Street, London SW1A 1HD.

 

 

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