TIDMARTL
RNS Number : 6628T
Alpha Real Trust Limited
26 November 2021
LEI: 213800BMY95CP6CYXK69
26 November 2021
ALPHA REAL TRUST LIMITED ("ART" OR THE "COMPANY" OR "THE
GROUP")
ART ANNOUNCES ITS HALF YEAR RESULTS FOR THE SIX MONTHSED 30
SEPTEMBER 2021
-- NAV per ordinary share 208.5p as at 30 September 2021 (31 March 2021: 207.7p).
-- Adjusted earnings for the six months ended 30 September 2021
of 3.0p per ordinary share (six months ended 30 September 2020:
1.6p per ordinary share)*.
-- Basic earnings for the six months ended 30 September 2021 of
2.5p per ordinary share (six months ended 30 September 2020: losses
of 1.3p per ordinary share).
-- Declaration of a quarterly dividend of 1.0p per ordinary
share expected to be paid on 7 January 2022.
-- Robust financial position: ART adopted a cautious approach to
new investment and conserved cash as a result of the uncertainty
that characterised the past financial year. As economies re-open
post Covid-19, the Company's robust financial footing makes it well
positioned to take advantage of new investment opportunities.
-- Diversified portfolio of secured senior and secured mezzanine
loan investments; as at 30 September 2021, the size of ART's drawn
secured loan portfolio was GBP35.1 million, representing 27.5% of
the investment portfolio.
-- New loan investments: after a strategic pause to evaluate how
the effects of the economic shock from Covid-19 unfolded, new
lending has now recommenced. Growth of the loan portfolio remains a
key focus for ART and is expected to attract larger allocation of
capital for new investments.
-- The senior portfolio has an average Loan to Value ('LTV')**
of 49.8% based on loan commitments (with mezzanine loans having a
LTV range of between 54.8% and 78.6% whilst the highest approved
senior loan LTV is 72.9%).
* The basis of the adjusted earnings per share is provided in
note 7
** See below for more details
William Simpson, Chairman of Alpha Real Trust, commented:
"Prior to the emergence of Covid-19, the Company had focused on
recycling capital into asset backed lending while reducing exposure
to development risk. A s a result of the uncertainty that
characterised the past financial year, ART adopted a cautious
approach to new investment and conserved cash. This has served the
Company well and ART benefits from a robust financial footing that
makes it well placed to capitalise on new investment
opportunities.
Whilst t he economic and social impact of Covid-19 continues to
dominate the economic backdrop in which the Company operates,
economies are taking positive steps towards stabilisation. ART has
reactivated its investment activities and r emains committed to
growing its diversified portfolio with a dominant weighting towards
cashflow driven investments . The Company is currently focussed on
continuing to grow its diversified loan portfolio whilst retaining
scope to deliver attractive risk adjusted returns including
potential capital gains through its wider investment strategy."
The Investment Manager of Alpha Real Trust is Alpha Real Capital
LLP.
For further information please contact:
Alpha Real Trust Limited
William Simpson, Chairman, Alpha Real Trust +44 (0) 1481 742
742
Gordon Smith, Joint Fund Manager, Alpha Real Trust +44 (0) 207
391 4700
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 207
391 4700
Panmure Gordon, Broker to the Company
Atholl Tweedie +44 (0) 20 7886 2500
Notes to editors:
About Alpha Real Trust
Alpha Real Trust Limited targets investment, development,
financing and other opportunities in real estate, real estate
operating companies and securities, real estate services,
infrastructure, infrastructure services, other asset-backed
businesses and related operations and services businesses that
offer attractive risk-adjusted total returns.
Further information on the Company can be found on the Company's
website: www.alpharealtrustlimited.com .
About Alpha Real Capital LLP
Alpha Real Capital is a value-adding international property fund
management group. Alpha Real Capital is the Investment Manager to
ART. Brad Bauman and Gordon Smith of Alpha Real Capital are joint
Fund Managers to ART. Both have experience in the real estate and
finance industries throughout the UK, Europe and Asia.
For more information on Alpha Real Capital please visit
www.alpharealcapital.com .
Company's summary and objective
Strategy
ART targets investment, development, financing and other
opportunities in real estate, real estate operating companies and
securities, real estate services, infrastructure, infrastructure
services, other asset-backed businesses and related operations and
services businesses that offer attractive risk-adjusted total
returns.
ART currently focusses on asset-backed lending, debt investments
and high return property investments in Western Europe that are
capable of delivering strong risk adjusted cash flows. The
portfolio mix at 30 September 2021, excluding sundry
assets/liabilities, was as follows:
30 September 31 March 2021
2021
High return debt: 27.6% 26.1%
High return equity in
property investments: 20.3% 19.5%
Other investments: 8.9% 0.5%
Cash: 43.2% 53.9%
The Company currently plans to invest the majority of its cash
into secured senior or secured mezzanine debt and grow its
diversified loan portfolio whilst retaining scope for further
investments to deliver attractive risk adjusted returns including
potential capital gains through its wider investment strategy.
Dividends
The current intention of the Directors is to pay a dividend and
offer a scrip dividend alternative quarterly to all
shareholders.
Listing
The Company's shares are traded on the Specialist Fund Segment
("SFS") of the London Stock Exchange ("LSE"), ticker ARTL: LSE.
Management
The Company's Investment Manager is Alpha Real Capital LLP
("ARC"), whose team of investment and asset management
professionals focus on the potential to enhance earnings in
addition to adding value to the underlying assets, and also focus
on the risk profile of each investment within the capital structure
to best deliver attractive risk adjusted returns.
The Company and the Investment Manager have extended the current
management agreement for a further term of five years from the
expiry of the current term on 21 December 2022. The Company
believes this will provide the Company's shareholders with greater
certainty going forward on the continued access to the management
resources, and broader group support, of the Investment Manager
which will assist the Company to continue to achieve its investment
objectives. The annual management fee and performance fee
arrangements remain unchanged.
Control of the Company rests with the non-executive Guernsey
based Board of Directors.
Financial highlights
6 months 12 months 6 months
ended ended ended
30 September 31 March 30 September
2021 2021 2020
-------------------------------------- -------------- ---------- --------------
Net asset value (GBP'000) 127,585 126,076 127,055
-------------------------------------- -------------- ---------- --------------
Net asset value per ordinary share 208.5p 207.7p 211.1p
-------------------------------------- -------------- ---------- --------------
Earnings per ordinary share (basic
and diluted) (adjusted)* 3.0p 3.4p 1.6p
-------------------------------------- -------------- ---------- --------------
Earnings/(losses) per ordinary share
(basic and diluted) 2.5p 0.0p (1.3)p
-------------------------------------- -------------- ---------- --------------
Dividend per ordinary share (paid
during the period) 2.0p 4.0p 2.0p
* The adjusted earnings per share includes adjustments for the
effect of the fair value revaluation of investment property and
indirect property investments, capital element on Investment
Manager's fees, the fair value movements on financial assets and
deferred tax provisions: full analysis is provided in note 7 to the
accounts.
Chairman's statement
I am pleased to present the Company's half year report and
accounts for the six months ended 30 September 2021.
Prior to the emergence of Covid-19, the Company had focused on
recycling capital into asset backed lending while reducing exposure
to development risk. As a result of the uncertainty that
characterised the past financial year, ART adopted a cautious
approach to new investment and conserved cash. This has served the
Company well and ART benefits from a robust financial footing that
makes it well placed to capitalise on new investment
opportunities.
Whilst the economic and social impact of Covid-19 continues to
dominate the economic backdrop in which the Company operates,
economies are taking positive steps towards stabilisation. ART has
reactivated its investment activities and remains committed to
growing its diversified portfolio with a dominant weighting towards
cashflow driven investments. The Company is currently focussed on
continuing to grow its diversified loan portfolio whilst retaining
scope to deliver attractive risk adjusted cashflows and capital
gains through its wider investment strategy.
ART's investment portfolio benefits from diversification across
geographies, sectors and asset types. The Company continues to
adhere to its disciplined strategy and investment principles which
seek to manage risk through a combination of operational controls,
diversification and an analysis of the underlying asset
security.
Diversified secured lending investment
The Company has a diversified portfolio of senior and mezzanine
secured loan investments. The loans are typically secured on real
estate investment and development assets with attractive risk
adjusted income returns. The growth of the loan portfolio remains a
key investment objective for ART and is likely to attract a
dominant weighting of capital allocated for new investments.
As at 30 September 2021, ART had committed GBP36.6 million
across six senior and fourteen mezzanine loan investments, of which
GBP35.1 million was drawn.
Despite the recent extended period of heightened uncertainty and
risk, the Company's loan portfolio has proved to be resilient. In
terms of debt servicing, allowing for some temporary agreed
extensions, interest and debt repayments have been received in
accordance with the loan agreements with the exception of one loan
where the borrower has entered receivership and ART is closely
working with stakeholders to maximise capital recovery. In this
instance, ART is actively working with the receiver to recover the
loan amount of GBP3,566,000 (including accrued interest and
applicable fees), which collectively represent 10.2% of the total
loan portfolio as at 30 September 2021. The Group has considered
that the security on this loan (which is a combination of a first
charge over the property and personal guarantees) indicates that
the estimated Expected Credit Loss ('ECL') on this loan is
immaterial.
During the six months to 30 September 2021, six loans totalling
GBP9.5 million (including accrued interest and exit fees) were
fully repaid and a further GBP1.8 million (including accrued
interest) was received as part repayments. Post period end, one new
loan of GBP2.1 million was drawn and additional drawdowns of GBP0.2
million were made on existing loans, two loans were fully repaid
for GBP2.1 million and part payments for other loans were received
amounting to GBP0.1 million (including accrued interest). Where it
is considered appropriate, on a case-by-case basis, underlying loan
terms may be extended or varied with a view to maximising ART's
risk adjusted returns and collateral security position.
The largest individual loan in the portfolio as at 30 September
2021 is a mezzanine loan of GBP3,569,000 which represents 9.8% of
the loan portfolio (including commitments) and 2.8% of the
Company's NAV.
Portfolio loans are underwritten against value for investment
loans or gross development value for development loans as relevant
and collectively referred to as LTV in this report. As at 30
September 2021, 39.9% of the Company's loan investments were senior
loans and 60.1% were mezzanine loans. The portfolio has an average
LTV of 59.8% based on commitments, i.e. including amounts available
for drawing. Mezzanine loans have a LTV range of between 54.8% and
78.6% whilst the highest approved senior loan LTV is 72.9%.
The underlying assets in the loan portfolio as at 30 September
2021 had geographic diversification with a London and South East
focus. The South of England (including London) accounted for 60%,
of which London accounted for 38%, of the committed capital within
the loan investment portfolio.
The underlying loan portfolio and new loan targets continue to
be closely reviewed to consider the potential impact on
construction timelines, building cost inflation and sales
periods.
H2O, Madrid
ART has a 30% stake in joint venture with CBRE Investment
Managers in the H2O shopping centre in Madrid. It continues to be a
very challenging period for shopping centre assets. Whilst
legislative restrictions on retailer trading hours and store
capacities have largely been relaxed to allow for normalised
trading operations, the lingering social and economic impacts of
Covid-19 continue to impact performance. This has resulted in
suppressed visitor numbers and tenant sales performance being
recorded for most shopping centre assets in Spain and H2O is no
exception.
Unsurprisingly, there have been store closures resulting from
the stressed trading conditions. More positively, there has also
been some notable new lease signings and prospective tenant
interest. Of note, a new large 650 square metre fashion retailer
has recently committed to a large unit within the centre. H2O
occupancy by area as at 30 September 2021 was 89.3% (31 March 2021:
90.1%).
The H2O valuation remained largely stable over the six month
period. The lingering economic effect of Covid-19 on the retail
sector is expected to continue to have a significant impact on the
earnings of H2O for the financial year.
Investment in listed and authorised funds
During the period Company invested a total of GBP11.0 million
(value as at 30 September 2021: GBP10.8 million) across four
investments that offer potential to generate attractive risk
adjusted returns. The returns offer a potentially accretive return
to holding cash while the Company deploys capital into lending
opportunities in line with its strategy of increasing its senior
and mezzanine loan portfolio. These funds invest in ungeared
long-dated leased real estate, debt and infrastructure.
Galaxia, India
As previously announced, the Supreme Court of India ruled in
favour of ART's dispute regarding its Galaxia investment, a 50:50
joint venture with Logix Group ("Logix") that owns an 11.2 acre
development site located in NOIDA, the National Capital Region,
India.
ART has recovered, through the extended court process, amounts
that have exceeded the original investment made. The remaining
amount of the court award remains outstanding. As part of the
ruling, the court permitted Logix to sell the Galaxia site to raise
capital for the balance.
As previously announced, a purchaser for the site has been
identified and has lodged a deposit towards the acquisition
proceeds with the Supreme court but has subsequently sought a
number of extensions in relation to funding requirements to
complete a sale. Court hearings to this effect are ongoing.
Failure to recover the proceeds from a sale would mean that
Logix would be required to pay the remainder of the liability due
to ART under the court award of INR 568 million (GBP5.7 million)
plus a higher interest rate applicable under the arbitration
award.
ART continues to actively pursue its claim to collect the
balance of the arbitration award. Given the uncertainty about the
quantum and timing of any future recovery, the Company carried the
joint venture in arbitration in its accounts as at 30 September
2021 at nil value.
Results and dividends
Results
Basic earnings for the six months ended 30 September 2021 are
GBP1.5 million (2.5 pence per ordinary share, see note 7 of the
financial statements).
Adjusted earnings, which the Board believes is a more
appropriate assessment of the operational income accruing to the
Group's activities, for the six months ended 30 September 2021 are
GBP1.8 million (3.0 pence per ordinary share, see note 7 of the
financial statements). This compares with adjusted earnings per
ordinary share of 1.6 pence in the same period last year. Earnings
have increased primarily due to improved income from the developing
loan portfolio, better performance at the H2O shopping centre joint
venture and achieved administration cost savings.
The net asset value per ordinary share at 30 September 2021 is
208.5 pence per share (31 March 2021: 207.7 pence per ordinary
share) (see note 8 of the financial statements). This increase is
primarily due to earnings less dividends plus positive foreign
exchange movements.
Dividends
The Board announces a dividend of 1.0 pence per ordinary share
which is expected to be paid on 7 January 2022 (ex-dividend date 9
December 2021 and record date 10 December 2021).
The dividends paid and declared in respect of the twelve month
period ended 30 September 2021 totalled 2.0 pence per ordinary
share representing an annual dividend yield of 2.5% p.a. by
reference to the average closing share price over the twelve months
to 30 September 2021.
During the period, GBP219,100 dividends were paid in cash and
GBP997,934 settled by scrip issue of shares.
Scrip dividend alternative
Shareholders of the Company have the option to receive shares in
the Company in lieu of a cash dividend, at the absolute discretion
of the Directors, from time to time.
The number of ordinary shares that an Ordinary Shareholder will
receive under the Scrip Dividend Alternative will be calculated
using the average of the closing middle market quotations of an
ordinary share for five consecutive dealing days after the day on
which the ordinary shares are first quoted "ex" the relevant
dividend.
The Board has elected to offer the scrip dividend alternative to
Shareholders for the dividend for the quarter ended 30 September
2021. Shareholders who returned the Scrip Mandate Form and elected
to receive the scrip dividend alternative will receive shares in
lieu of the next dividend. Shareholders who have not previously
elected to receive scrip may complete a Scrip Mandate Form (this
can be obtained from the registrar: contact Computershare (details
below)), which must be returned by 22 December 2021 to benefit from
the scrip dividend alternative for the next dividend.
Financing
As at 30 September 2021 the Group has one direct bank loan of
EUR9.5 million (GBP8.2 million), with no financial covenant tests,
to an SPV used to finance the acquisition of the Hamburg property.
The loan is secured over the Hamburg property and has no recourse
to the other assets of the Group.
Further details of individual asset financing can be found under
the individual investment review sections later in this report.
Share buybacks
Under the general authority, approved by Shareholders on 6
August 2021, Shareholders approved a resolution giving the Company
a general authority to buy back Ordinary Shares.
During the period, the Company purchased 90,504 shares in the
market at the average price of GBP1.65 per share: these shares are
held in treasury.
There have been no buybacks post period end.
As at the date of this announcement, the ordinary share capital
of the Company is 63,629,612 (including 2,134,924 ordinary shares
held in treasury) and the total voting rights in the Company are
61,494,688.
Foreign currency
The Company monitors foreign exchange exposures and considers
hedging where appropriate. Foreign currency balances have been
translated at the period end rates of GBP1:EUR1.157 or
GBP1:INR99.842, as appropriate.
Brexit
On 30 December 2020, parliament accepted a post-Brexit trade
deal agreed between the UK and the EU. The transition period during
which the UK has been able to continue to access the Single Market
and Customs Union ended at 11pm on 31 December 2020.
There has been no significant disruption to the ART business
caused by the UK's exit from the EU and the completion of the free
trade agreement. No material adverse impacts have been noted within
the Company's portfolio to date and risks are mitigated by the
Company's investments held in Europe. However, the Board continues
to monitor the situation for potential risks to the Company's
investments. The economic backdrop is highly dynamic, and the
spread of possible outcomes is wide. In this context, ART is well
placed to both weather market volatility and take advantage of any
dislocation should it arise.
Covid-19 pandemic and going concern
The Company has not been isolated from the ubiquitous impact of
the Covid-19 pandemic on global economies in the past year. The
Company's long term strategy remains resilient. The Company adopted
a prudent short term strategy to move to cash conservation and a
cautious approach to commitments to new investments during the
financial year. Alert to the impact of potentially reducing income
returns, this approach supported a robust balance sheet position
during these uncertain times. Investment in new lending and growing
the Company's diversified loan portfolio has recommenced and
remains a key focus. As noted above, the Company held approximately
43.2% of its assets (excluding sundry net assets) in cash as at 30
September 2021 with limited current contractual capital
commitments. While there is external financing in the Group's
investment interests, this is limited and non-recourse to the
Company; the borrowings in these special purpose vehicles are
compliant with their banking covenants. While the Board's dividend
policy intention is unchanged the Company continues to actively
monitor its investments and the impact of these unusual economic
circumstances on earnings and dividends. See the investment review
section for more details on the pandemic's impact on relevant
investments.
Bearing in mind the nature of the Group's business and assets,
after making enquiries, with the support of revenue forecasts for
the next twelve months and considering the above, 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
financial statements.
Board changes
During the period the Company announced the retirement of David
Jeffreys effective from 30 September 2021 and appointment of myself
as Chairman of the Board of Directors and Peter Griffin as
Non-Executive Director also from 30 September 2021.
The Board and I wish to thank David Jeffreys for his service to
the Company since its inception in 2006.
Strategy and outlook
Prior to the emergence of Covid-19, the Company had focused on
recycling capital into asset backed lending while reducing exposure
to development risk. As a result of the uncertainty that
characterised the past financial year, ART adopted a cautious
approach to new investment and conserved cash. This has served the
Company well and ART benefits from a robust financial footing that
makes it well placed to capitalise on new investment
opportunities.
Whilst the economic and social impact of Covid-19 continues to
dominate the economic backdrop in which the Company operates,
economies are taking positive steps towards stabilisation. ART has
reactivated its investment activities and remains committed to
growing its diversified portfolio with a dominant weighting towards
cashflow driven investments. The Company is currently focussed on
continuing to grow its diversified loan portfolio whilst retaining
scope to deliver attractive risk adjusted returns including
potential capital gains through its wider investment strategy.
William Simpson
Chairman
25 November 2021
Investment review
Portfolio overview as at 30 September 2021
Investment name
Investment Carrying Income Investment Property type Investment notes % of Notes*
type value return location / underlying portfolio(1)
p.a. security
----------------- ----------- ------- ---------- ------------------ --------------------- ------------- ------
High return debt (27.6%)
---------------------------------------------------------------------------------------------- ------------- ------
Secured senior
finance
Senior secured
Senior secured debt
loans (excluding Diversified (during the
committed loan portfolio period the average
but undrawn focussed on senior facilities
facilities real estate commitments
of GBP1.5 GBP14.0m 9.1% investments were GBP15.4m
million) (2) (3) UK and developments ) 11.0% 13
Secured mezzanine finance
Secured mezzanine
debt and
subordinated
debt
Diversified (during the
loan portfolio period the average
focussed on mezzanine facilities
Second charge real estate commitments
mezzanine GBP21.1m 16.1% investments were GBP16.4m
loans (2) (3) UK and developments ) 16.6% 13
----------------- ----------- ------- ---------- ------------------ --------------------- ------------- ------
High return equity in property investments (20.3%)
---------------------------------------------------------------------------------------------- ------------- ------
H2O shopping centre
30% shareholding;
medium term
Dominant Madrid investment
shopping centre containing
and separate a moderately
Indirect GBP16.6m 3.2% development geared bank
property (EUR19.2m) (4) Spain site finance facility 13.1% 12
----------------- ----------- ------- ---------- ------------------ --------------------- ------------- ------
Long leased industrial facility, Hamburg
Long leased Long term investment
industrial complex containing a
in major European moderately geared
GBP7.3m 6.6% industrial and bank finance
Direct property (5) (4) Germany logistics hub facility 5.7% 9-17
(EUR8.4m)
----------------- ----------- ------- ---------- ------------------ --------------------- ------------- ------
Cambourne Business Park
Medium term
investment
High-yield containing a
business moderately geared
Indirect 7.0% park located bank finance
property GBP1.9m (4) UK in Cambridge facility 1.5% 12
----------------- ----------- ------- ---------- ------------------ --------------------- ------------- ------
Other investments (8.9%)
---------------------------------------------------------------------------------------------- ------------- ------
Commercial real Short to medium
Listed and UK & estate, term investment
authorised 5.5% Channel infrastructure in listed and
fund investments GBP10.8m (4) Islands and debt funds authorised funds 8.5% 11
Affordable
housing
High-yield 100% shareholding;
Residential GBP0.6 residential no external
Investment m n/a UK UK portfolio gearing 0.4% 9
----------------- ----------- ------- ---------- ------------------ --------------------- ------------- ------
Cash and short-term investments (43.2%)
---------------------------------------------------------------------------------------------- -------------
GBP55.0 0.1% 'On call' and
Cash (6) m (7) UK current accounts 43.2%
----------------- ----------- ------- ---------- ------------------ --------------------- -------------
* See notes to the financial statements
(1) Percentage share shown based on NAV excluding the company's
sundry assets/liabilities
(2) Including accrued interest/coupon at the balance sheet
date
(3) The income returns for high return debt are the annualised
actual finance income return over the period shown as a percentage
of the average committed
capital over the period
(4) Yield on equity over 12 months to 30 September 2021
(5) Property value (GBP14.9m) including sundry
assets/liabilities (-GBP0.1m) and cash (GBP0.7m), net of associated
debt (GBP8.2m)
(6) Group cash of GBP55.7m excluding cash held with the Hamburg
holding company of GBP0.7m
(7) Weighted average interest earned on call accounts
High return debt
Overview
ART has a portfolio of secured loan investments which contribute
a diversified return to the Company's earnings position. The
portfolio comprises high return senior (first charge) loans and
mezzanine (second charge) loans secured on real estate investment
assets and developments. ART loan underwriting is supported by the
Investment Manager's asset-backed lending experience, developer and
investor relationships and knowledge of the underlying assets and
sectors, in addition to the Group's partnerships with specialist
debt providers.
Secured Finance
Investment Investment Carrying Income Property type Investment notes
type value return / underlying
p.a. security
================== ============== ========= ======== ================== =================
Secured senior First charge GBP14.0m 9.1%** Diversified Secured debt
finance secured * loan portfolio
loans focussed on
real estate
investments
and developments
================== ============== ========= ======== ================== =================
Secured mezzanine Second charge GBP21.1m 16.1%** Diversified Second charge
finance secured * loan portfolio secured debt
loans focussed on and secured
real estate subordinated
investments debt
and developments
================== ============== ========= ======== ================== =================
* Including accrued interest/coupon at the balance sheet date
** The income returns for high return debt are the annualised
actual finance income return over the period shown as a percentage
of the average committed capital over the period
ART's portfolio of secured senior and mezzanine loan investments
have increased in scale and diversity over the past year. These
loans are typically secured on real estate investment and
development assets with attractive risk-adjusted income returns
from either current or capitalised interest or coupons.
As at 30 September 2021, ART had invested a total amount of
GBP35.1 million across twenty one loans. Over the past twelve
months the loan portfolio has decreased by 6.4%.
During the six months to 30 September 2021, six loans totalling
GBP9.5 million (including accrued interest and exit fees) were
fully repaid and a further GBP1.8 million (including accrued
interest) was received as part repayments. Post period end, one new
loan of GBP2.1 million was drawn and additional drawdowns of GBP0.2
million were made on existing loans, two loans were fully repaid
for GBP2.1 million and part payments for other loans were received
amounting to GBP0.1 million (including accrued interest).
Each loan will typically have a term of up to two years, a
maximum 75% loan to gross development value ratio and be targeted
to generate attractive risk-adjusted income returns. As at 30
September 2021, the portfolio had an average LTV of 59.8% (with
average approved LTV between 54.8% and 78.6% for mezzanine
facilities while the highest approved LTV for senior loans is
72.9%).
The Group has carried out a stress test of its total ECL
analysis including consideration of the Covid-19 impact on the
current economic environment, and, in consideration of the main
qualities of its secured loan portfolio, the underlying loans'
LTVs, the number of loans where development is advanced and the
number of seasoned facilities, the resulting total ECL was
immaterial.
Current loan investment examples:
Location Total commitment Loan type Loan term Current Underlying security
LTV
Honor Oak, GBP2,746,000 Senior bridging 10 months 47.8% A terrace of 4 luxury
London finance on (on demand houses in South-East
completed repayment) London being marketed
building for sale
================= ================ ============ ============ =========================
Milton Keynes GBP750,000 Development 24 months 60.8%-66.9% Construction of
mezzanine (on demand 38 apartments and
finance repayment) houses (for sale
to persons aged
55 and over)
================= ================ ============ ============ =========================
Golders Green, GBP2,165,000 Bridging 24 months 51.0%-75.0% 9 luxury apartments
London finance on (on demand in North West London
completed repayment) being marketed for
building sale.
=============== ================= ================ ============ ============ =======================
High return equity in property investments
Overview
ART continues to remain focused on investments that offer the
potential to deliver attractive risk-adjusted returns by way of
value enhancement through active asset management, improvement of
income, selective deployment of capital expenditure and the ability
to undertake strategic sales when the achievable price is accretive
to returns.
H2O Shopping Centre, Madrid
Investment Investment Carrying Income Property type Investment notes
type value return / underlying
p.a. security
=========== =========== ============ ======== ================= ==================
H2O Indirect GBP16.6m 3.2%* High-yield, 30% shareholding;
property (EUR19.2m) dominant Madrid 6-year term
shopping centre bank finance
and separate facility
development
site
=========== =========== ============ ======== ================= ==================
* Yield on equity over twelve months to 30 September 2021
ART has a 30% stake in joint venture with CBRE Investment
Managers in the H2O shopping centre in Madrid. H2O was opened in
2007 and built to a high standard providing shopping, restaurants
and leisure around a central theme of landscaped gardens and an
artificial lake. H2O has a gross lettable area of approximately
52,425 square metres comprising 123 retail units. In addition to a
multiplex cinema, supermarket (let to leading Spanish supermarket
operator Mercadona) and restaurants, it has a large fashion
retailer base, including some of the strongest international
fashion brands, such as Nike, Zara, Mango, Cortefiel, H&M and
C&A.
It continues to be very challenging period for shopping centre
assets. Whilst legislative restrictions on retailer trading hours
and store capacities have largely been relaxed to allow for
normalised trading operations, the lingering social and economic
impacts of Covid-19 continue to impact performance. This has
resulted in supressed visitor numbers and tenant sales performance
being recorded for most shopping centre assets in Spain and H2O is
no exception.
Unsurprisingly, there have been store closures resulting from
the stressed trading conditions. More positively, there have also
been some notable new lease signings and prospective tenant
interest. Of note, a new large 650 square metre fashion retailer
has recently committed to a unit within the centre.
The lingering economic effect of Covid-19 on the retail sector
is expected to continue to have a significant impact on the
earnings of H2O for the financial year.
The asset management highlights are as follows:
-- Valuation: 30 September 2021: EUR119.5 million (GBP103.3
million) (31 March 2021: EUR119.8 million (GBP101.9 million)).
-- Centre occupancy: 89.3% by area as at 30 September 2021.
-- Weighted average lease length to next break of 2.1 years and
7.8 years to expiry as at 30 September 2021.
-- Footfall: calendar year to date footfall figures to 30
September 2021 are -23.4% versus the same period in 2020.
Long leased industrial facility, Hamburg
Investment Investment Carrying Income Property type Investment notes
type value return /
p.a. underlying
security
==================================== ================ =========== ======== ================= ====================
Industrial Direct property GBP7.3 6.6% ** High return Long leased
facility, m* industrial investment with
Werner-Siemens-Straße (EUR8.4m) facility in moderately geared,
Hamburg, Germany Hamburg Germany long term, bank
finance facility
==================================== ================ =========== ======== ================= ====================
* Property value including sundry assets/liabilities and cash, net of associated debt
** Yield on equity over twelve months to 30 September 2021
ART has an investment of EUR8.4 million (GBP7.3 million) in an
industrial facility leased to a leading international group.
The property is held freehold and occupies a site of 11.8 acres
in Billbrook, a well-established and well-connected industrial area
located approximately 8 kilometres south-east of Hamburg centre.
Hamburg is one of the main industrial and logistics markets in
Germany.
The property is leased to Veolia Umweltservice Nord GmbH, part
of the Veolia group, an international industrial specialist in
water, waste and energy management, with a 23-year unexpired lease
term. Under the operating lease, the tenant is responsible for
building maintenance and the rent has periodic inflation linked
adjustments.
The Hamburg asset is funded by way of a EUR9.5 million (GBP8.2
million) non-recourse, fixed rate, bank debt facility which matures
in 31 July 2028. The facility carries no financial covenant
tests.
This investment offers the potential to benefit from a long term
secure and predictable inflation-linked income stream which is
forecast to generate stable high single digit income returns. In
addition, the investment offers the potential for associated
capital growth from an industrial location in a major German
logistics and infrastructure hub.
Cambourne Business Park, Phase 1000, Cambridge
Investment Investment Carrying Income Property type Investment notes
type value return /
p.a. underlying
security
=================== =========== ========= ======== =============== ===================
Cambourne Business Indirect GBP1.9 7.0% * High-yield Medium term
Park property m business park moderately geared
located in bank finance
Cambridge facility
=================== =========== ========= ======== =============== ===================
* Yield on equity over twelve months to 30 September 2021
The Company has an investment of GBP1.9 million in a joint
venture that owns Phase 1000 of Cambourne Business Park. The
property consists of three Grade A specification modern office
buildings constructed in 1999 and located in the town of Cambourne,
approximately 8 miles west of Cambridge city centre. The property
comprises 9,767 square metres of lettable area, is self-contained
and has 475 car parking spaces. Phase 1000 is situated at the front
of the business park with good access and visibility.
Phase 1000 is a high-quality multi let office asset, whose
tenants include Cambridge Cambourne Centre Ltd (previously called
'Regus (Cambridge Cambourne) Ltd') and Carl Zeiss Microscopy Ltd
& Carl Zeiss Ltd. As at 30 September 2021, the asset was 83%
occupied. The vacant space is currently being refurbished and is
being actively marketed. The property has open B1 Business user
planning permission, which includes office and research and
development uses.
Phase 1000 was purchased in a joint venture partnership with a
major overseas investor. ART's equity contribution of GBP1.2m is
10.0% of the total equity invested into a joint venture entity, a
subsidiary of which holds the property.
The Cambourne asset is funded by way of a GBP12.3 million (as at
30 September 2021) non-recourse bank debt facility which matures in
2023.
ARC is the investment manager to the joint venture owning the
Cambourne property and continues to pursue opportunities to add
value to the investment.
Other Investments
Listed and authorised fund investments
Investment Investment Carrying Income Property type Investment
type value return / underlying notes
p.a. * security
==================== =============== ========== ======== ================== ========================
Commercial Authorised GBP5.1m 5.1%** Open ended Long lease
Long Income fund long income real estate
PAIF ('CLIP') fund fund
==================== =============== ========== ======== ================== ========================
Sequoia Economic Listed equity GBP2.9m 5.5% Listed investment FTSE 250 infrastructure
Infrastructure fund debt fund
Income Fund
Limited
==================== =============== ========== ======== ================== ========================
GCP Infrastructure Listed equity GBP1.3m 6.7% Listed investment FTSE 250 infrastructure
Investments fund fund
Limited
==================== =============== ========== ======== ================== ========================
GCP Asset Backed Listed equity GBP1.5m 6.0% Listed investment Diversified
Income Fund fund asset back
Limited debt fund
==================== =============== ========== ======== ================== ========================
Total GBP10.8m 5.5%
===================================== ========= ======== ================== ========================
*Yield on equity based on 12 months to 30 September 2021
**CLIP is a daily dealt authorised fund and ART's investment is
an accumulation share class. The return reported represents the
total movement in the shares during the period annualised.
During the period Company invested a total of GBP11.0 million
(carrying value as at 30 September 2021: GBP10.8 million) across
four investments that offer potential to generate attractive risk
adjusted returns. The returns offer a potentially accretive return
to holding cash while the Company deploys capital into lending
opportunities in line with its strategy of increasing its senior
and mezzanine loan portfolio. These funds invest in ungeared
long-dated real estate, debt and infrastructure.
Affordable Housing
During the period, RealHousingCo Limited ("RHC") obtained
successful registration with the Regulator of Social Housing as a
For Profit Registered Provider of affordable homes. This status
provides RHC with a platform to undertake future investment in the
affordable housing sector which offers scope to generate long term,
inflation-linked returns while addressing the chronic undersupply
of affordable homes in the UK.
RHC owns a residential property located in Liverpool (UK), which
is comprised of seven units, all of which are occupied by private
individuals with a six month term contract. The fair value of the
Liverpool property as at 30 September 2021 was GBP0.6 million.
Galaxia, National Capital Region, NOIDA, India
As previously announced, the Supreme Court of India ruled in
favour of ART's dispute regarding its Galaxia investment, a 50:50
joint venture with Logix Group ("Logix") that owns an 11.2 acre
development site located in NOIDA, the National Capital Region,
India.
ART has recovered, through the extended court process, amounts
that have exceeded the original investment made. The remaining
amount of the court award remains outstanding. As part of the
ruling, the court permitted Logix to sell the Galaxia site to raise
capital for the balance.
As previously announced, a purchaser for the site has been
identified and has lodged a deposit towards the acquisition
proceeds with the Supreme court but has subsequently sought a
number of extensions in relation to funding requirements to
complete a sale. Court hearings to this effect are ongoing.
Failure to recover the proceeds from a sale would mean that
Logix would be required to pay the remainder of the liability due
to ART under the court award of INR 568 million (GBP5.7 million)
plus a higher interest rate applicable under the arbitration
award.
ART continues to actively pursue its claim to collect the
balance of the arbitration award. Given the uncertainty about the
quantum and timing of any future recovery, the Company carried the
joint venture in arbitration in its accounts as at 30 September
2021 at nil value.
Cash balances
Investment Investment Carrying Income Property type Investment notes
type value return / underlying
p.a. security
============= =========== ========= ======== ================== =================
Cash balance Cash GBP55.0m 0.1% ** 'On call' and n/a
* current accounts
============= =========== ========= ======== ================== =================
* Group cash of GBP55.7m excluding cash held with the Hamburg holding company of GBP0.7m
** weighted average interest earned on call accounts
As at 30 September 2021, the Group had cash balances of GBP55.0
million, excluding cash held with the Hamburg holding company of
GBP0.7 million.
The Group's cash is held with established banks with strong
credit ratings.
Summary
ART has a diversified portfolio focussed on asset-backed lending
and property investments in Western Europe.
The Company is currently focussed on continuing to grow its
senior and mezzanine loan portfolio whilst retaining scope to
deliver attractive risk adjusted cashflows and capital gains
through its wider investment strategy.
Brad Bauman and Gordon Smith
For and on behalf of the Inv estment Manager
25 November 2021
Principal risks and uncertainties
The principal risks and uncertainties facing the ART Group can
be outlined as follows:
-- Rental income, fair value of investment properties (directly
or indirectly held) and fair value of the Group's equity
investments are affected, together with other factors, by general
economic conditions and/or by the political and economic climate of
the jurisdictions in which the Group's investments and investment
properties are located.
-- The Group's loan investments are exposed to credit risk which
arise by the potential failure of the Group's counter parties to
discharge their obligations when falling due; this could reduce the
amount of future cash inflows from financial assets on hand at the
balance sheet date; the Group receives regular updates from the
relevant investment manager as to the performance of the underlying
investments and assesses their credit risk as a result.
The Board believes that the above principal risks and
uncertainties, which are discussed more extensively in the annual
report for the year ended 31 March 2021, would be equally
applicable to the remaining six month period of the current
financial year.
Statement of Directors' Responsibilities
The Directors confirm that to the best of their knowledge:
-- the condensed consolidated financial statements have been
prepared in accordance with IAS 34 'Interim Financial Reporting',
as adopted by the European Union; and
-- the half year report includes a fair review of the
information required by DTR 4.2.7R, being an indication of the
important events that have occurred during the first six months of
the financial year, and their impact on the half year report, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year; and
-- the half year report includes a fair review of the
information required by DTR 4.2.8R, being the related parties
transactions that have taken place in the first six months of the
current financial year and that have materially affected the
financial position or the performance of the Group during that
period; and any changes in the related parties transactions
described in the last annual report that could have a material
effect on the financial position or performance of the enterprise
in the first six months of the current financial year.
The Directors of ART are listed below: on 30 September 2021,
David Jeffreys has retired and Peter Griffin was appointed as
Director of ART.
By order of the Board
William Simpson
Chairman
25 November 2021
Independent review report
To Alpha Real Trust Limited
Introduction
We have been engaged by the Company to review the condensed
consolidated set of financial statements in the half year report
for the six months ended 30 September 2021 which comprises the
condensed consolidated statement of comprehensive income, condensed
consolidated balance sheet, condensed consolidated cash flow
statement, condensed consolidated statement of changes in equity
and related notes. We have read the other information contained in
the half year report and considered whether it contains any
apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Directors' responsibilities
The half year report is the responsibility of and has been
approved by the directors. The directors are responsible for
preparing the half year report in accordance with the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the European Union. The
condensed set of financial statements included in this half year
report has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting", as adopted
by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half year 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 Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and 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 financial statements
in the half year report for the six months ended 30 September 2021
is not prepared, in all material respects, in accordance with
International Accounting Standard 34, as adopted by the European
Union, and the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting its responsibilities in
respect of half year reporting in accordance with the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority and for no other purpose. No person is entitled
to rely on this report unless such a person is a person entitled to
rely upon this report by virtue of and for the purpose of our terms
of engagement or has been expressly authorised to do so by our
prior written consent. Save as above, we do not accept
responsibility for this report to any other person or for any other
purpose and we hereby expressly disclaim any and all such
liability.
BDO Limited
Chartered Accountants
Place du Pré
Rue du Pré
St Peter Port
Guernsey
25 November 2021
Condensed consolidated statement of comprehensive income
For the six months ended For the six months ended 30 September 2020
30 September 2021 (unaudited)
(unaudited)
--------------------------------------- ------------------------------- --------------------------------------------
Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Income
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Revenue 3 2,829 - 2,829 2,775 - 2,775
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Change in the revaluation of
investment properties 9 - 343 343 - 84 84
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Gains/(losses) on financial
assets and liabilities held
at fair value through profit
or loss 4 207 (361) (154) 36 (256) (220)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Profit on investment
properties' disposals - - - - 110 110
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Total income/(expense) 3,036 (18) 3,018 2,811 (62) 2,749
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Expenses
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Property operating expenses (36) - (36) (57) - (57)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Investment Manager's fee 20 (1,151) - (1,151) (1,159) - (1,159)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Other administration costs (427) - (427) (644) - (644)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Total operating expenses (1,614) - (1,614) (1,860) - (1,860)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Operating profit/(loss) 1,422 (18) 1,404 951 (62) 889
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Share of profit/(loss) of
joint ventures and
associates 12 497 (140) 357 164 (2,315) (2,151)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Gain on joint venture in
arbitration 10 - - - - 513 513
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Finance income 1 1 2 2 80 82
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Finance costs (101) - (101) (104) - (104)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Profit/(loss) before taxation 1,819 (157) 1,662 1,013 (1,784) (771)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Taxation 5 (7) (116) (123) (29) - (29)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Profit/(loss) after taxation 1,812 (273) 1,539 984 (1,784) (800)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Other comprehensive
income/(expense) for the
period
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Items that may be
reclassified to profit or
loss in subsequent periods:
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Exchange differences arising
on translation of foreign
operations - 361 361 - 6 69 6 69
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Other comprehensive income
for the period - 361 361 - 6 69 6 69
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Total comprehensive
income/(expense) for the
period 1,812 88 1,900 984 (1,115) (131)
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Earnings/(Losses)
per ordinary
share (basic &
diluted) 7 2.5p (1.3)p
------------------------------ ------- --------- --------- --------- ------------- ------------- --------------
Adjusted earnings
per ordinary
share (basic &
diluted) 7 3.0p 1.6p
The total column of this statement represents the Group's
statement of comprehensive income, prepared in accordance with
IFRS. The revenue and capital columns are supplied as supplementary
information permitted under IFRS. All items in the above statement
derive from continuing operations. The accompanying notes form an
integral part of these financial statements.
Condensed consolidated balance sheet
Notes 30 September 2021 31 March 2021
(unaudited) (audited)
GBP'000 GBP'000
------------------------------ ------ ------------------ --------------
Non-current assets
------------------------------ ------ ------------------ --------------
Investment property 9 15,486 14,918
------------------------------ ------ ------------------ --------------
Joint venture in arbitration 10 - -
------------------------------ ------ ------------------ --------------
Investments held at fair
value 11 - 31
------------------------------ ------ ------------------ --------------
Investment in joint ventures
and associates 12 18,452 17,761
------------------------------ ------ ------------------ --------------
Loans advanced 13 5,759 5,630
------------------------------ ------ ------------------ --------------
39,697 38,340
------------------------------ ------ ------------------ --------------
Current assets
------------------------------ ------ ------------------ --------------
Investments held at fair
value 11 10,797 -
------------------------------ ------ ------------------ --------------
Loans advanced 13 29,359 27,177
------------------------------ ------ ------------------ --------------
Collateral deposit 14 1,106 1,106
------------------------------ ------ ------------------ --------------
Trade and other receivables 15 55 36
------------------------------ ------ ------------------ --------------
Cash and cash equivalents 55,700 68,213
------------------------------ ------ ------------------ --------------
97,017 96,532
------------------------------ ------ ------------------ --------------
Total assets 136,714 134,872
------------------------------ ------ ------------------ --------------
Current liabilities
------------------------------ ------ ------------------ --------------
Trade and other payables 16 (803) (752)
------------------------------ ------ ------------------ --------------
Derivatives held at fair (47) -
value through profit or
loss
------------------------------ ------ ------------------ --------------
Corporation tax (27) (42)
------------------------------ ------ ------------------ --------------
Bank borrowings 17 (31) (29)
------------------------------ ------ ------------------ --------------
Total current liabilities (908) (823)
------------------------------ ------ ------------------ --------------
Total assets less current
liabilities 135,806 134,049
------------------------------ ------ ------------------ --------------
Non-current liabilities
------------------------------ ------ ------------------ --------------
Bank borrowings 17 (8,105) (7,973)
------------------------------ ------ ------------------ --------------
Deferred tax (116) -
------------------------------ ------ ------------------ --------------
(8,221) (7,973)
------------------------------ ------ ------------------ --------------
Total liabilities (9,129) (8,796)
------------------------------ ------ ------------------ --------------
Net assets 127,585 126,076
------------------------------ ------ ------------------ --------------
Equity
------------------------------ ------ ------------------ --------------
Share capital 18 - -
------------------------------ ------ ------------------ --------------
Special reserve 67,481 66,655
------------------------------ ------ ------------------ --------------
Translation reserve (316) (677)
------------------------------ ------ ------------------ --------------
Capital reserve 38,022 38,295
------------------------------ ------ ------------------ --------------
Revenue reserve 22,398 21,803
------------------------------ ------ ------------------ --------------
Total equity 127,585 126,076
------------------------------ ------ ------------------ --------------
Net asset value per ordinary
share 8 208.5p 207.7p
The financial statements were approved by the Board of Directors
and authorised for issue on 25 November 2021. They were signed on
its behalf by William Simpson.
William Simpson
Director
The accompanying notes form an integral part of these financial
statements.
Condensed consolidated cash flow statement
For the six months For the six months
ended ended
30 September 2021 30 September 2020
(unaudited) GBP'000 (unaudited and restated)
GBP'000
--------------------------------------- --------------------- --------------------------
Operating activities
--------------------------------------- --------------------- --------------------------
Profit/(loss) for the period
after taxation 1,539 (800)
--------------------------------------- --------------------- --------------------------
Adjustments for:
--------------------------------------- --------------------- --------------------------
Change in revaluation of investment
property (343) (84)
--------------------------------------- --------------------- --------------------------
Net losses on financial assets
and liabilities held at fair
value through profit or loss 154 220
--------------------------------------- --------------------- --------------------------
Profit on investment properties'
disposals - (110)
--------------------------------------- --------------------- --------------------------
Taxation 123 29
--------------------------------------- --------------------- --------------------------
Share of (profit)/loss of joint
ventures and associates (357) 2,151
--------------------------------------- --------------------- --------------------------
Gain on joint venture in arbitration - (513)
--------------------------------------- --------------------- --------------------------
Interest receivable on loans
to third parties (2,336) (2,190)
--------------------------------------- --------------------- --------------------------
Finance income (2) (82)
--------------------------------------- --------------------- --------------------------
Finance cost 101 104
--------------------------------------- --------------------- --------------------------
Operating cash flows before
movements in working capital (1,121) (1,275)
--------------------------------------- --------------------- --------------------------
Movements in working capital:
--------------------------------------- --------------------- --------------------------
Movement in trade and other
receivables (20) 2,371
--------------------------------------- --------------------- --------------------------
Movement in trade and other
payables 54 281
--------------------------------------- --------------------- --------------------------
Cash flows (used in)/generated
from operations (1,087) 1,377
--------------------------------------- --------------------- --------------------------
Loan interest received* 979 628
--------------------------------------- --------------------- --------------------------
Loans granted to third parties* (11,229) (2,802)
--------------------------------------- --------------------- --------------------------
Loans repaid by third parties* 10.309 6,799
--------------------------------------- --------------------- --------------------------
Interest received 1 2
--------------------------------------- --------------------- --------------------------
Interest paid (92) (96)
--------------------------------------- --------------------- --------------------------
Tax paid (22) (2)
--------------------------------------- --------------------- --------------------------
Cash flows (used in)/generated
from operating activities (1,141) 5,906
--------------------------------------- --------------------- --------------------------
Investing activities
--------------------------------------- --------------------- --------------------------
Acquisition of investments (10,998) -
--------------------------------------- --------------------- --------------------------
Investment in joint ventures (84) -
--------------------------------------- --------------------- --------------------------
Disposal of investment properties - 8,175
--------------------------------------- --------------------- --------------------------
Capital return from joint venture
in arbitration - 2,981
--------------------------------------- --------------------- --------------------------
Dividend income from joint ventures
and associates - 20
--------------------------------------- --------------------- --------------------------
Dividend income from investments 89 -
--------------------------------------- --------------------- --------------------------
Cash flows (used in)/generated
from investing activities (10,993) 11,176
--------------------------------------- --------------------- --------------------------
Financing activities
--------------------------------------- --------------------- --------------------------
Share issue costs (21) (27)
--------------------------------------- --------------------- --------------------------
Share buyback (150) -
--------------------------------------- --------------------- --------------------------
Share buyback costs (1) -
--------------------------------------- --------------------- --------------------------
Ordinary dividends paid (219) (414)
--------------------------------------- --------------------- --------------------------
Cash flows used in financing
activities (391) (441)
--------------------------------------- --------------------- --------------------------
Net (decrease)/increase in cash
and cash equivalents (12,525) 16,641
--------------------------------------- --------------------- --------------------------
Cash and cash equivalents at
beginning of period 68,213 46,068
--------------------------------------- --------------------- --------------------------
Exchange translation movement 12 111
--------------------------------------- --------------------- --------------------------
Cash and cash equivalents at
end of period 55,700 62,820
* These items have been reclassified as operating activities to
better reflect their nature as a key part of the Group's current
operations.
The accompanying notes form an integral part of these financial
statements.
Condensed consolidated statement of changes in equity
For the six months ended Notes Special Translation Capital Revenue Total
30 September 2021 reserve reserve reserve reserve equity
(unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2021 66,655 (677) 38,295 21,803 126,076
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period
------ --------- ------------ --------- --------- ---------
Profit/(loss) for the period - - (273) 1,812 1,539
------ --------- ------------ --------- --------- ---------
Other comprehensive income
for the period - 361 - - 361
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period - 361 (273) 1,812 1,900
------ --------- ------------ --------- --------- ---------
Transactions with owners
------ --------- ------------ --------- --------- ---------
Cash dividends 6 - - - (219) (219)
------ --------- ------------ --------- --------- ---------
Scrip dividends 6 998 - - (998) -
------ --------- ------------ --------- --------- ---------
Share issue costs (21) - - - (21)
------ --------- ------------ --------- --------- ---------
Share buyback 20 (150) - - - (150)
------ --------- ------------ --------- --------- ---------
Share buyback costs (1) - - - (1)
------ --------- ------------ --------- --------- ---------
Total transactions with
owners 826 - - (1,217) (391)
------ --------- ------------ --------- --------- ---------
At 30 September 2021 67,481 (316) 38,022 22,398 127,585
------ --------- ------------ --------- --------- ---------
For the six months ended Notes Special Translation Capital Revenue Total
30 September 2020 reserve reserve reserve reserve equity
(unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2020 65,118 28 40,350 22,131 127,627
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period
------ --------- ------------ --------- --------- ---------
Profit/(loss) for the period - - (1,784) 984 (800)
------ --------- ------------ --------- --------- ---------
Other comprehensive income
for the period - 669 - - 669
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period - 669 (1,784) 984 (131)
------ --------- ------------ --------- --------- ---------
Transactions with owners
------ --------- ------------ --------- --------- ---------
Cash dividends 6 - - - (414) (414)
------ --------- ------------ --------- --------- ---------
Scrip dividends 6 782 - - (782) -
------ --------- ------------ --------- --------- ---------
Share issue costs (27) - - - (27)
------ --------- ------------ --------- --------- ---------
Total transactions with
owners 755 - - (1,196) (441)
------ --------- ------------ --------- --------- ---------
At 30 September 2020 65,873 697 38,566 21,919 127,055
------ --------- ------------ --------- --------- ---------
The accompanying notes form an integral part of these financial
statements.
Notes to the condensed consolidated financial statements for the
period ended 30 September 2021
1. General information
The Company is a limited liability, closed-ended investment
company incorporated in Guernsey. The Group comprises the Company
and its subsidiaries. The condensed consolidated financial
statements are presented in pounds Sterling as this is the currency
in which the funds are raised and in which investors are seeking a
return. The Company's functional currency is Sterling and the
subsidiaries' currencies are Euro, Indian Rupees and Sterling. The
presentation currency of the Group is Sterling. The period end
exchange rate used is GBP1:INR99.842 (31 March 2021:
GBP1:INR100.855) and the average rate for the period used is
GBP1:INR102.634 (30 September 2020: GBP1:INR95.117). For Euro based
transactions the period end exchange rate used is GBP1:EUR1.157 (31
March 2021: GBP1:EUR1.175) and the average rate for the period used
is GBP1:EUR1.165 (30 September 2020: GBP1:EUR1.116).
The address of the registered office is given below. The nature
of the Group's operations and its principal activities are set out
in the Chairman's Statement. The half year report was approved and
authorised for issue on 25 November 2021 and signed by William
Simpson on behalf of the Board.
2. Significant accounting policies
Basis of preparation
The unaudited condensed consolidated financial statements in the
half year report for the six months ended 30 September 2021 have
been prepared in accordance with International Accounting Standard
(IAS) 34, 'Interim Financial Reporting' as adopted by the European
Union. This half year report and condensed consolidated financial
statements should be read in conjunction with the Group's annual
report and consolidated financial statements for the year ended 31
March 2021, which have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union and are available at the Company's website (
www.alpharealtrustlimited.com ).
The accounting policies adopted and methods of computation
followed in the condensed consolidated financial statements are
consistent with those applied in the preparation of the Group's
annual consolidated financial statements for the year ended 31
March 2021 and are expected to be applied to the Group's annual
consolidated financial statements for the year ending 31 March
2022.
The Group continues to only have one operating segment.
3. Revenue
For the six months For the six months
ended ended
30 September 2021 30 September 2020
GBP'000 GBP'000
------------------------------ ------------------- -------------------
Rental income 412 558
------------------------------ ------------------- -------------------
Service charges 26 27
------------------------------ ------------------- -------------------
Rental revenue 438 585
------------------------------ ------------------- -------------------
Interest receivable on loans
to third parties 2,336 2,190
------------------------------ ------------------- -------------------
Interest revenue 2,336 2,190
------------------------------ ------------------- -------------------
Other income 55 -
------------------------------ ------------------- -------------------
Other revenue 55 -
------------------------------ ------------------- -------------------
Total 2,829 2,775
4. Net gains and losses on financial assets and liabilities held
at fair value through profit or loss
For the six months For the six months
ended ended
30 September 2021 30 September 2020
GBP'000 GBP'000
---------------------------------------- ------------------- -------------------
Unrealised gains and losses on
financial assets and liabilities
held at fair value through profit
or loss
---------------------------------------- ------------------- -------------------
Movement in fair value of investments (232) -
------------------- -------------------
Movement in fair value of foreign
exchange forward contract (47) (256)
------------------- -------------------
Realised gains and losses on financial
assets and liabilities held at
fair value through profit or loss
------------------- -------------------
Movement in fair value of loans 36 36
------------------- -------------------
Dividends received from investments 89 -
------------------- -------------------
Net losses on financial assets
and liabilities held at fair value
through profit or loss (154) (220)
------------------- -------------------
5. Taxation
For the six months For the six months
ended ended
30 September 2021 30 September 2020
GBP'000 GBP'000
-------------- ------------------- -------------------
Current tax 7 29
-------------- ------------------- -------------------
Deferred tax 116 -
-------------- ------------------- -------------------
Tax expense 123 29
The Company is exempt from Guernsey taxation on income derived
outside of Guernsey and bank interest earned in Guernsey. A fixed
annual fee of GBP1,200 is payable to the States of Guernsey in
respect of this exemption. No charge to Guernsey taxation arises on
capital gains. The Group is liable to foreign tax arising on
activities in the overseas subsidiaries. The Company has
investments, subsidiaries and joint venture operations in
Luxembourg, United Kingdom, the Netherlands, Spain, Germany,
Cyprus, Jersey and India.
The current tax charge is due in Cyprus, Luxembourg and the
Netherlands.
Unused tax losses in Luxembourg, Spain, Germany and the United
Kingdom can be carried forward indefinitely. Unused tax losses in
the Netherlands can be carried forward for nine years. Unused tax
losses in Cyprus can be carried forward for five years.
A deferred tax liability has been provided for in relation to
the Hamburg investment property in Germany.
6. Dividends
Dividend reference period Shares Dividend Paid Date of payment
'000 per share GBP
Quarter ended 31 December
2020 10,988 1.0p 109,880 9 April 2021
--------------------------- ------- ---------- -------- ----------------
Quarter ended 31 March
2021 10,922 1.0p 109,220 16 July 2021
--------------------------- ------- ---------- -------- ----------------
Total paid in the period 219,100
--------------------------- ------- ---------- -------- ----------------
Quarter ended 30 June 22 October
2021 12,487 1.0p 124,879 2021
--------------------------- ------- ---------- -------- ----------------
Total 343,979
--------------------------- ------- ---------- -------- ----------------
The Company will pay a dividend of 1.0p per share for the
quarter ended 30 September 2021 on 7 January 2022.
In accordance with IAS 10, the dividends for quarters ended 30
June 2021 and 30 September 2021 have not been included in these
financial statements as the dividends were declared or paid after
the period end. The current intention of the Directors is to pay a
dividend quarterly.
Dividends paid and payable after the balance sheet date have not
been included as a liability in the half year report.
Scrip dividend alternative
In the circular published on 18 December 2018, the Company
sought shareholders' approval to enable a scrip dividend
alternative to be offered to ordinary shareholders whereby they
could elect to receive additional ordinary shares in lieu of a cash
dividend, at the absolute discretion of the Directors, from time to
time. This was approved by shareholders at the extraordinary
general meeting on 8 January 2019.
The number of ordinary shares that an ordinary shareholder will
receive under the scrip dividend alternative will be the average of
the closing middle market quotations of an ordinary share for five
consecutive dealing days after the day on which the ordinary shares
are first quoted "ex" the relevant dividend.
The Board elected to offer the scrip dividend alternative to
shareholders for all quarterly dividends from the quarter ended 31
December 2018 onwards. These issued shares are ranked pari passu in
all respects with the Company's existing issued ordinary shares.
During the six month period ended 30 September 2021, the Company
issued 593,621 ordinary shares: on 9 April 2021, 310,822 were
issued at the price of GBP1.60 and, on 16 July 2021, 282,799 were
issued at the price of GBP1.77.
7. Earnings per share
The calculation of the basic and diluted earnings per ordinary
share is based on the following data:
For the Year For the
six months ended six months
ended 30 31 March ended 30
September 2021 September
2021 2020
----------------------------------------- ------------ ---------- ------------
Ordinary Ordinary Ordinary
share share share
----------------------------------------- ------------ ---------- ------------
Earnings/(losses) per statement
of comprehensive income (GBP'000) 1,539 20 (800)
----------------------------------------- ------------ ---------- ------------
Basic and diluted earnings (pence
per share) 2.5p 0.0p (1.3)p
----------------------------------------- ------------ ---------- ------------
Earnings/(losses) per statement
of comprehensive income (GBP'000) 1,539 20 (800)
----------------------------------------- ------------ ---------- ------------
Net change in the revaluation
of investment properties and assets
held for sale (343) (99) (84)
----------------------------------------- ------------ ---------- ------------
Profit on investment property
disposal - (110) (110)
----------------------------------------- ------------ ---------- ------------
Gain on joint venture in arbitration - (503) (513)
----------------------------------------- ------------ ---------- ------------
Movement in fair value of investments 314 108 -
----------------------------------------- ------------ ---------- ------------
Movement in fair value of foreign
exchange forward contract 47 (508) 256
----------------------------------------- ------------ ---------- ------------
Net change in the revaluation
of the joint ventures' and associates'
investment property and interest
rate swaption 140 2,973 2,315
----------------------------------------- ------------ ---------- ------------
Foreign exchange (gain)/loss (1) 194 (80)
----------------------------------------- ------------ ---------- ------------
Deferred tax 116 - -
----------------------------------------- ------------ ---------- ------------
Adjusted earnings 1,812 2,075 984
----------------------------------------- ------------ ---------- ------------
Adjusted earnings (pence per share) 3.0p 3.4p 1.6p
----------------------------------------- ------------ ---------- ------------
Weighted average number of shares
('000s) 61,074 60,290 60,009
The adjusted earnings are presented to provide what the Board
believes is a more appropriate assessment of the operational income
accruing to the Group's activities. Hence, the Group adjusts basic
earnings for income and costs which are not of a recurrent nature
or which may be more of a capital nature.
8. Net asset value per share
At 30 September At 31 March At 30 September
2021 2021 2020
GBP'000 GBP'000 GBP'000
------------------------------ ---------------- ------------ ----------------
Net asset value (GBP'000) 127,585 126,076 127,055
------------------------------ ---------------- ------------ ----------------
Net asset value per ordinary
share 208.5p 207.7p 211.1p
------------------------------ ---------------- ------------ ----------------
Number of ordinary shares
('000s) 61,205 60,702 60,185
9. Investment property
30 September 31 March 2021
2021 GBP'000
GBP'000
------------------------------------------ ------------- --------------
Fair value of investment property
at 1 April 14,918 15,389
------------------------------------------ ------------- --------------
Fair value adjustment in the period/year 343 99
------------------------------------------ ------------- --------------
Foreign exchange movements 225 (570)
------------------------------------------ ------------- --------------
Fair value of investment property
at 30 September / 31 March 15,486 14,918
Investment property is represented by a property located in
Hamburg (Werner-Siemens-Straße), Germany and a property located in
Liverpool, UK.
The fair value of the Hamburg property of EUR17.2 million
(GBP14.9 million) (31 March 2021: EUR16.8 million (GBP14.3
million)) has been arrived at on the basis of an independent
valuation carried out at the balance sheet date by Cushman &
Wakefield ('C&W').
The fair value of the Liverpool property of GBP0.6 million (31
March 2021: GBP0.6 million) has been arrived at on the basis of an
independent valuation carried out at the balance sheet date by ASL
Chartered Surveyors & Valuers ('ASL'). The ASL's valuation as
at 31 March 2021 included a Material Uncertainty clause due to
significant market risks linked to the Covid-19 pandemic: this
clause was removed for the valuation as at 30 September 2021.
C&W and ASL are independent valuers and are not connected to
the Group.
The valuation basis used is fair value as defined by the Royal
Institution of Chartered Surveyors Appraisal and Valuations
Standards ("RICS"). The approved RICS definition of fair value is
"the price that would be received to sell an asset, or paid to
transfer a liability, in an orderly transaction between market
participants at the measurement date".
Foreign exchange movement is recognised in other comprehensive
income.
10. Joint venture in arbitration
30 September 31 March 2021
2021 GBP'000
GBP'000
------------------------------- -------------- --------------
As at 1 April - 2,510
------------------------------- -------------- --------------
Capital return - (2,468)
------------------------------- -------------- --------------
Effect of foreign exchange - (42)
------------------------------- -------------- --------------
As at 30 September / 31 March - -
The original investment in the Galaxia joint venture has been
fully recovered.
Following a breach of the terms of the shareholders agreement by
its joint venture partner, Logix Group ("Logix"), ART initiated
arbitration proceedings which were awarded in the Company's favour.
ART subsequently successfully defended appeals by Logix at the
Delhi High Court. Logix latterly appealed to the Supreme Court of
India, which eventually upheld the award to ART in February 2020.
As a result of this process, the Supreme Court ordered Logix to pay
ART a total of INR 860 million (GBP8.6 million at the period end
exchange rate).
The court permitted Logix to sell the Galaxia site, which was
previously charged in favour of ART, in order to raise capital. A
purchaser for the site has been identified who, on 20 November
2020, deposited INR 568 million with the Supreme Court towards the
INR 990 million sale price. The purchaser is seeking amendment of
development consents in relation to the land. The release of the
funds deposited with the Supreme court to ART is dependent on how
the sale process advances. Failure to recover the proceeds from a
sale would mean that Logix would be required to pay the remainder
of the liability due to ART under the court award of INR 568
million (GBP5.7 million) plus a higher interest rate applicable
under the arbitration award.
ART continues to actively pursue its claim to collect the
arbitration award. Given the uncertainty about the quantum and
timing of any future recovery, the Company has only recognised
physical cash received under the award and has not recognised any
future entitlements. Accordingly, the Company carried the joint
venture in arbitration in its accounts as at 30 September 2021 at
nil value.
Foreign exchange movement was recognised in other comprehensive
income.
11. Investments held at fair value
30 September 31 March 2021
Non-current 2021 GBP'000
GBP'000
--------------------------------------- ------------- --------------
As at 1 April 31 139
--------------------------------------- ------------- --------------
Movement in fair value of investments - (108)
--------------------------------------- ------------- --------------
Transfer to current (31) -
--------------------------------------- ------------- --------------
As at 30 September / 31 March - 31
--------------------------------------- ------------- --------------
Current
--------------------------------------- ------------- --------------
As at 1 April - -
--------------------------------------- ------------- --------------
Additions 10,998 -
--------------------------------------- ------------- --------------
Movement in fair value of investments (232) -
--------------------------------------- ------------- --------------
Transfer from non-current 31 -
--------------------------------------- ------------- --------------
As at 30 September / 31 March 10,797 -
The investments, which are disclosed as current investments held
at fair value, are as follows:
-- In June 2021, ART invested GBP5.0 million in the Commercial
Long Income PAIF ('CLIP') (accumulation shares): CLIP is an open
ended long income fund investing in long lease real estate; CLIP
provides daily valuations of the net asset value of its shares; the
net asset value of the investment as at 30 September 2021 was
GBP5.1 million.
-- In July 2021, ART invested in three listed equity funds:
o GBP3.1 million in the Sequoia Economic Infrastructure Income
Fund Limited ('SEQI'): the market value of SEQI as at 30 September
2021 was GBP2.9 million;
o GBP1.3 million in GCP Infrastructure Investments Limited
('GCP'): the market value of GCP as at 30 September 2021 was GBP1.3
million;
o GBP1.6 million in GCP Asset Backed Income Fund Limited
('GABI'): the market value of GABI as at 30 September 2021 was
GBP1.5 million.
-- Europip (participating redeemable preference shares): Europip
is currently in the process of being voluntarily wound up; ART's
residual value of the investment as at 30 September 2021 was
approximately GBP30,000 (31 March 2021: GBP30,000).
-- HLP (participating redeemable preference shares): HLP
provides quarterly valuations of the net asset value of its shares;
the net asset value of the investment as at 30 September 2021 was
nil (31 March 2021: nil).
ARC is the Authorised Corporate Director and Alternative
Investment Fund Manager of CLIP and TIME Investments, a subsidiary
of ARC, is the Investment Manager.
12. Investment in joint ventures and associates
The movement in the Group's share of net assets of the joint
ventures and associates can be summarised as follows:
H2O SPHL Total H2O SPHL Total
-------------------------- --------- --------- --------- --------- --------- ---------
30 Sep 30 Sep 30 Sep 31 March 31 March 31 March
2021 2021 2021 2021 2021 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- --------- --------- --------- ---------
As at 1 April 16,000 1,761 17,761 19,486 1,741 21,227
-------------------------- --------- --------- --------- --------- --------- ---------
Additions - 84 84 - 84 84
-------------------------- --------- --------- --------- --------- --------- ---------
Group's share of
joint venture and
associate profits
before fair value
movements and dividends 465 32 497 305 141 446
-------------------------- --------- --------- --------- --------- --------- ---------
Fair value adjustment
for investment property (141) 1 (140) (2,828) (145) (2,973)
-------------------------- --------- --------- --------- --------- --------- ---------
Dividends paid by
joint venture and
associate to the
Group - - - (348) (60) (408)
-------------------------- --------- --------- --------- --------- --------- ---------
Foreign exchange
movements 250 - 250 (615) - (615)
-------------------------- --------- --------- --------- --------- --------- ---------
As at 30 September
/ 31 March 16,574 1,878 18,452 16,000 1,761 17,761
The Group's investments in joint ventures and associates can be
summarised as follows:
-- Joint venture investment in the H2O shopping centre in
Madrid, Spain: the Group holds a 30% equity investment in CBRE H2O
Rivas Holding NV ('CBRE H2O'), a company based in the Netherlands,
which in turn owns 100% of the Spanish entities that are owners of
H2O. CBRE H2O is a Euro denominated company hence the Group
translates its share of this investment at the relevant year end
exchange rate with movements in the period translated at the
average rate for the period. As at 30 September 2021, the carrying
value of ART's investment in CBRE H2O was GBP16.6 million (EUR19.2
million) (31 March 2021: GBP16.0 million (EUR18.8 million)).
-- Joint venture investment in the Phase 1000 of Cambourne
Business Park, Cambridge, UK: the Group holds a 10% equity
investment in the Scholar Property Holdings Limited ('SPHL') group,
owner of the property. As at 30 September 2021, the carrying value
of ART's investment in Scholar Property Holdings Limited was GBP1.9
million (31 March 2021: GBP1.8 million).
Foreign exchange movement is recognised in other comprehensive
income.
The fair value of the H2O property in Madrid (Spain) of EUR119.5
million (GBP103.3 million) (31 March 2021: EUR119.8 million
(GBP101.9 million)) has been arrived at on the basis of an
independent valuation carried out at the balance sheet date by
Aguirre Newman Valoraciones y Tasaciones S.A. ("Aguirre"), an
independent valuer not connected to the Group.
The fair value of Phase 1000 of Cambourne Business Park,
Cambridge (UK) is GBP30.1 million (31 March 2021: GBP29.3 million),
which has been arrived at on the basis of a Directors'
valuation.
The valuation basis used is fair value as defined by the Royal
Institution of Chartered Surveyors Appraisal and Valuations
Standards ("RICS"). The approved RICS definition of fair value is
"the price that would be received to sell an asset, or paid to
transfer a liability, in an orderly transaction between market
participants at the measurement date".
The CBRE H2O group bank borrowings' balance as at 30 September
2021 is EUR64.1 million (GBP55.4 million): this loan is provided by
Aareal Bank, carries an interest rate of EURIBOR plus 180 basis
points and matures on 18 May 2024. The bank loan is secured by a
first charge mortgage against the Spanish property.
The Scholar Property Holdings Limited group bank borrowings'
balance as at 30 September 2021 is GBP12.3 million: this loan is
provided by Natwest PLC, carries an interest rate of 3 month LIBOR
plus 2.0% margin and matures on 6 September 2023. The bank loan is
secured by a first charge mortgage against the UK property.
The above borrowings are non-recourse to the Group's other
investments.
13. Loans advanced
30 September 31 March 2021
2021 GBP'000
GBP'000
---------------------------------------- ------------- --------------
Non-current
---------------------------------------- ------------- --------------
Loans granted to third parties 5,757 5,630
---------------------------------------- ------------- --------------
Interest receivable from loans granted 2 -
to third parties
---------------------------------------- ------------- --------------
Total loans at amortised cost 5,759 5,630
---------------------------------------- ------------- --------------
Loans at fair value through profit - -
or loss
---------------------------------------- ------------- --------------
Total non-current loans 5,759 5,630
---------------------------------------- ------------- --------------
Current
---------------------------------------- ------------- --------------
Loans granted to third parties 25,902 24,415
---------------------------------------- ------------- --------------
Interest receivable from loans granted
to third parties 2,979 2,295
---------------------------------------- ------------- --------------
Total loans at amortised cost 28,881 26,710
---------------------------------------- ------------- --------------
Loans at fair value through profit
or loss 478 467
---------------------------------------- ------------- --------------
Total current loans 29,359 27,177
As at 30 September 2021, the Group had granted a total of
GBP35.1 million (31 March 2021: GBP30.5 million) of secured senior
and secured mezzanine loans to third parties. These comprised
twenty one loans to UK entities, which assisted with the purchase
of property developments, predominantly residential, in the UK.
These facilities typically range from a 6 to 36 month term and
entitle the Group to a weighted average overall return on the
investment of 16.1% for mezzanine loans and 9.1% for senior
loans.
All senior and mezzanine loans granted by the Group are secured
asset backed real estate loans. Senior loans have a first charge
security and mezzanine loans have a second charge security on the
property developments.
Loans at fair value through profit or loss represents loans that
failed the 'solely payment of principal and interest' criteria of
IFRS 9 to be measured at amortised cost: this is due to a loan
facility agreement's clause that links those loans to a return
other than interest.
Loans maturity of the total GBP35.1 million loans granted by the
Group at year end, can be analysed as follows:
Less than Between Between Over 24 Total
6 months 6 to 12 12 to months GBP'm
GBP'm months 24 months GBP'm
GBP'm GBP'm
------------- ---------- --------- ----------- -------- -------
Non-current - - 5,759 - 5,759
------------- ---------- --------- ----------- -------- -------
Current 21,823 7,536 - - 29,359
------------- ---------- --------- ----------- -------- -------
As at 30 September 2021, one senior loan of GBP3.6m was
outstanding (including accrued interest and exit fees). The
borrower has entered into receivership and ART is working closely
with all respective stakeholders to maximise its capital recovery.
The Group has considered that the security on this loan (which is a
combination of a first charge over the property and personal
guarantees) indicates that the estimated Expected Credit Loss
('ECL') on this loan is immaterial.
Post period end, one new loan of GBP2.1 million was drawn and
additional drawdowns of GBP0.2 million were made on existing loans,
two loans were fully repaid for GBP2.1 million and part payments
for other loans were received amounting to GBP0.1 million
(including accrued interest).
Despite all of the loans having a set repayment term all but one
of the loans have a repayable on demand feature so the Group may
call for an early repayment of their principal, interest and
applicable fees at any time.
Considering the 'on demand' clause, the Group concluded that the
loans are in stage 3 of the IFRS 9 model as should the loans be
called on demand the borrowers would technically be in default as
repayment would only be possible on demand if the property had
already been sold. The loan without a repayable on demand clause
amounts to GBP3.6 million, has repayment term of 4 July 2022 and
remains in stage 1 of the IFRS 9 model.
The Group has calculated the lifetime ECLs of the loans
advanced: based on this process the Directors have concluded that
ECLs on loans advanced are immaterial to the financial
statements.
14. Collateral deposit
30 September 31 March 2021
2021 GBP'000
GBP'000
-------------------- ------------- --------------
Collateral deposit 1,106 1,106
The collateral deposit of GBP1.1 million (31 March 2021: GBP1.1
million) is a cash deposit with Barclays Bank PLC ('Barclays') in
Guernsey in relation to the foreign exchange forward contract
entered into by the Group at period end: this cash has been placed
on deposit.
15. Trade and other receivables
30 September 31 March 2021
2021 GBP'000
GBP'000
--------------- ------------- --------------
Current
--------------- ------------- --------------
Trade debtors 4 5
--------------- ------------- --------------
VAT 8 14
--------------- ------------- --------------
Other debtors 43 17
--------------- ------------- --------------
Total 55 36
The Directors consider that the carrying amount of trade and
other receivables approximates to their fair value.
16. Trade and other payables
30 September 31 March 2021
2021 GBP'000
GBP'000
---------------------------------- ------------- --------------
Trade creditors 16 15
---------------------------------- ------------- --------------
Investment Manager's fee payable 576 579
---------------------------------- ------------- --------------
Accruals 183 150
---------------------------------- ------------- --------------
Other creditors 28 8
---------------------------------- ------------- --------------
Total 803 752
Trade and other payables primarily comprise amounts outstanding
for trade purchases and ongoing costs. The Group has financial risk
management policies in place to ensure that all payables are paid
within the credit time frame. The Directors consider that the
carrying amount of trade and other payables approximates their fair
value.
17. Bank borrowings
30 September 31 March 2021
2021 GBP'000
GBP'000
------------------------------------------ ------------- --------------
Current liabilities: interest payable 31 29
------------------------------------------ ------------- --------------
Total current liabilities 31 29
------------------------------------------ ------------- --------------
Non-current liabilities: bank borrowings 8,105 7.973
------------------------------------------ ------------- --------------
Total liabilities 8,136 8,002
------------------------------------------ ------------- --------------
The borrowings are repayable as follows:
------------------------------------------ ------------- --------------
Interest payable 31 29
------------------------------------------ ------------- --------------
On demand or within one year - -
------------------------------------------ ------------- --------------
In the second to fifth years inclusive - -
------------------------------------------ ------------- --------------
After five years 8,105 7,973
------------------------------------------ ------------- --------------
Total 8,136 8,002
Movements in the Group's non-current bank borrowings are
analysed as follows:
30 September 31 March 2021
2021 GBP'000
GBP'000
------------------------------------- ------------- --------------
As at 1 April 7,973 8,275
------------------------------------- ------------- --------------
Amortisation of deferred finance
costs 8 16
------------------------------------- ------------- --------------
Exchange differences on translation
of foreign currencies 124 (318)
------------------------------------- ------------- --------------
As at 30 September / 31 March 8,105 7,973
As at 30 September 2021, bank borrowings represent the Nord LB
(a German bank) loan principal for EUR9.5 million (GBP8.2 million),
excluding deferred finance costs, which was used to partly fund the
acquisition of the investment property in Hamburg
(Werner-Siemens-Straße), Germany. This loan is composed of two
tranches of EUR4.9 million and EUR4.6 million, which bear a 1.85%
and 2.7% fixed rate respectively and that are due to mature in
August 2028.
The borrowings are secured over the Hamburg property and have no
recourse to the other assets of the Group and the facility carries
no financial covenant tests. The fair value of bank borrowings at
the balance sheet date is EUR9.5 million (GBP8.1 million).
The table below sets out an analysis of net debt and the
movements in net debt for the period ended 30 September 2021 .
Derivatives Liabilities from
financing activities
------------------------------ ------------ ------------------------ ---------
Foreign Interest Borrowings Total
exchange payable GBP'000 GBP'000
forward GBP'000
GBP'000
------------------------------ ------------ ---------- ------------ ---------
Net debt as at 1 April
2021 - (29) (7,973) (8,002)
------------------------------ ------------ ---------- ------------ ---------
Cash movements - 92 - 92
------------------------------ ------------ ---------- ------------ ---------
Non cash movements
------------------------------ ------------ ---------- ------------ ---------
Foreign exchange adjustments - 7 (124) (117)
------------------------------ ------------ ---------- ------------ ---------
Unrealised loss on foreign
exchange forward contract (47) - - (47)
------------------------------ ------------ ---------- ------------ ---------
Loan fee amortisation and
other costs - - (8) (8)
------------------------------ ------------ ---------- ------------ ---------
Interest charge - (101) - (101)
------------------------------ ------------ ---------- ------------ ---------
Net debt as at 30 September
2021 (47) (31) (8,105) (8,183)
------------------------------ ------------ ---------- ------------ ---------
Derivatives Liabilities from
financing activities
------------------------------ ------------ ------------------------ ---------
Foreign Interest Borrowings Total
exchange payable GBP'000 GBP'000
forward GBP'000
GBP'000
------------------------------ ------------ ---------- ------------ ---------
Net asset/(debt) as at
1 April 2020 203 (32) (8,275) (8,104)
------------------------------ ------------ ---------- ------------ ---------
Cash movements - 96 - 96
------------------------------ ------------ ---------- ------------ ---------
Non cash movements
------------------------------ ------------ ---------- ------------ ---------
Foreign exchange adjustments - 7 (226) (219)
------------------------------ ------------ ---------- ------------ ---------
Unrealised loss on foreign
exchange forward contract (256) - - (256)
------------------------------ ------------ ---------- ------------ ---------
Loan fee amortisation and
other costs - - (8) (8)
------------------------------ ------------ ---------- ------------ ---------
Interest charge - (104) - (104)
------------------------------ ------------ ---------- ------------ ---------
Net asset/(debt) as at
30 September 2020 (53) (33) (8,509) (8,595)
------------------------------ ------------ ---------- ------------ ---------
18. Share capital
Number
of shares
-------------------- ---------- ----------- -----------
Authorised
-------------------- ---------- ----------- -----------
Ordinary shares Unlimited
of no par value
-------------------- ---------- ----------- -----------
Ordinary Ordinary Ordinary
-------------------- ---------- ----------- -----------
Issued and fully treasury external total
paid
-------------------- ---------- ----------- -----------
At 1 April 2021 2,044,420 60,701,587 62,746,007
-------------------- ---------- ----------- -----------
Share issue for
scrip dividend - 593,621 593,621
-------------------- ---------- ----------- -----------
Shares bought back 90,504 (90,504) -
-------------------- ---------- ----------- -----------
Shares cancelled - - -
following buyback
-------------------- ---------- ----------- -----------
At 30 September
2021 2,134,924 61,204,704 63,339,628
The Company has one class of ordinary shares. The Company has
the right to reissue or cancel the remaining treasury shares at a
later date.
Under the general authority, approved by Shareholders on 6
August 2021, Shareholders approved a resolution giving the Company
a general authority to buy back Ordinary Shares.
During the period, the Company purchased 90,504 shares in the
market at the average price of GBP1.68 per share: these shares are
held in treasury.
As at 30 September 2021, the ordinary share capital of the
Company was 63,339,628 (including 2,134,924 ordinary shares held in
treasury) and the total voting rights in the Company is
61,204,704.
Scrip dividend alternative
In the circular published on 18 December 2018, the Company
sought shareholders' approval to enable a scrip dividend
alternative to be offered to ordinary shareholders whereby they
could elect to receive additional ordinary shares in lieu of a cash
dividend, at the absolute discretion of the Directors, from time to
time. This was approved by shareholders at the extraordinary
general meeting on 8 January 2019.
The number of ordinary shares that an ordinary shareholder will
receive under the scrip dividend alternative will be the average of
the closing middle market quotations of an ordinary share for five
consecutive dealing days after the day on which the ordinary shares
are first quoted "ex" the relevant dividend.
The Board elected to offer the scrip dividend alternative to
shareholders for all quarterly dividends from the quarter ended 31
December 2018 onwards. These issued shares are ranked pari passu in
all respects with the Company's existing issued ordinary shares.
During the six month period ended 30 September 2021, the Company
issued 593,621 ordinary shares: on 9 April 2021, 310,822 were
issued at the price of GBP1.60 and, on 16 July 2021, 282,799 were
issued at the price of GBP1.77.
All transaction amounts in relation to the issue and buyback of
shares in the period are recognised within the Special Reserve and
shown in the Statement of Changes in Equity.
Post period end, the Company made no share buybacks. On 22
October 2021, as a result of the scrip dividend elections related
to the dividend of the quarter ended 30 June 2021, the Company
issued 289,984 ordinary shares at the price of GBP1.68. At the date
of signing these financial statements, the ordinary share capital
of the Company is 63,629,612 (including 2,134,924 ordinary shares
held in treasury) and the total voting rights in the Company are
61,494,688.
19. Events after the balance sheet date
Post period end, one new loan of GBP2.1 million was drawn and
additional drawdowns of GBP0.2 million were made on existing loans,
two loans were fully repaid for GBP2.1 million and part payments
for other loans were received amounting to GBP0.1 million
(including accrued interest).
On 22 October 2021, as a result of the scrip dividend elections
related to the dividend of the quarter ended 30 June 2021, the
Company issued 289,984 ordinary shares at the price of GBP1.68
(note 18).
20. Related party transactions
Parties are considered to be related if one party has the
ability to control the other party or exercise significant
influence over the other party in making financial or operational
decisions. ARC is the Investment Manager to the Company under the
terms of the Management Agreement and is thus considered a related
party of the Company.
The Investment Manager is entitled to receive a fee from the
Company at an annual rate of 2% of the net assets of the Group,
payable quarterly in arrears. The Investment Manager is also
entitled to receive an annual performance fee calculated with
reference to total shareholder return ("TSR"), whereby the fee is
20% of any excess over an annualised TSR of 15% subject to a
rolling three year high water mark.
Prior to the 70% disposal of the H2O property, ARC had a
management agreement directly with the H2O property company, Alpha
Tiger Spain 1, SLU ('ATS1') under which it earned a fee of 0.9% per
annum based upon the gross assets of ATS1. In order to avoid double
counting of fees, ARC provided a rebate to the Company of a
proportion of its fee equivalent to the value of the Group's net
asset value attributable to the H2O investment. Subsequent to the
sale of ATS1 to CBRE H2O Rivas Holding NV ('CBRE H2O'), ARC has
been appointed as Asset Manager to ATS1 and Investment Manager to
CBRE H2O. ARC has agreed to rebate to ART all of the fees charged
by ARC directly to CBRE H2O and ATS1 that relate to the Company's
30% share in CBRE H2O.
The Company invests in CLIP, where ARC is the Authorised
Corporate Director and Alternative Investment Fund Manager and TIME
Investments, a subsidiary of ARC, is the Investment Manager. ARC
rebates fees earned in relation to the Company's investment in
CLIP.
The Company has invested in Europip, where ARPIA, a subsidiary
of ARC, is the Investment Adviser. ARC rebates fees earned in
relation to the Company's investment in Europip.
The Company has invested in Phase 1000, Cambourne Business Park,
Cambridge, and ARC was appointed as Asset and Property Manager of
the joint venture entity. ARC rebates to ART the relevant
proportion of fees earned by ARC, which apply to the Company's
investment.
Details of the Investment Manager's fees for the current period
are disclosed on the face of the condensed consolidated statement
of comprehensive income and the balance payable at 30 September
2021 is provided in note 16.
The Directors of the Company received total fees as follows:
For the six For the six
months ended months ended
30 September 30 September
2021 2020
----------------- -------------- --------------
David Jeffreys* 18,000 18,000
----------------- -------------- --------------
Phillip Rose 12,500 12,500
----------------- -------------- --------------
Jeff Chowdhry 12,500 12,500
----------------- -------------- --------------
Melanie Torode 28,000 3 2,835
----------------- -------------- --------------
William Simpson 12,500 12,500
----------------- -------------- --------------
Peter Griffin** - -
----------------- -------------- --------------
Total 83,500 8 8,335
The Directors' interests in the shares of the Company are
detailed below:
30 September 31 March 2021
2021 Number of ordinary
Number of ordinary shares held
shares held
----------------- -------------------- --------------------
David Jeffreys* 15,545 15,362
----------------- -------------------- --------------------
Phillip Rose 943,759 933,867
----------------- -------------------- --------------------
Jeff Chowdhry 5,000 5,000
----------------- -------------------- --------------------
Melanie Torode - -
----------------- -------------------- --------------------
William Simpson 18,000 18,000
----------------- -------------------- --------------------
Peter Griffin** - -
* retired on 30 September 2021
** appointed on 30 September 2021
Alpha Global Property Securities Fund Pte. Ltd, a company
registered in Singapore, owned directly by the partners of ARC,
held 23,874,721 shares in the Company at 30 September 2021 (31
March 2021: 23,593,136).
ARC did not hold any shares in the Company at 30 September 2021
(31 March 2021: nil). The following, being partners of the
Investment Manager, hold direct interests in the following shares
of the Company:
30 September 31 March 2021
2021 Number of ordinary
Number of ordinary shares held
shares held
-------------- -------------------- --------------------
Brian Frith 1,191,089 1,177,041
-------------- -------------------- --------------------
Phillip Rose 943,759 933,867
-------------- -------------------- --------------------
Brad Bauman 57,676 56,997
Karl Devon-Lowe, a partner of ARC, received fees of GBP2,500 (31
March 2021: GBP5,350) in relation to directorial responsibilities
on a number of the Company's subsidiary companies.
Melanie Torode was the Operations Director, followed by Managing
Director and subsequently Non-Executive Director of Ocorian
Administration (Guernsey) Limited (formerly Estera) ('Ocorian'),
the Company's administrator and secretary, until 31 August 2021.
During the period the Company paid Ocorian fees of GBP46,800 (31
March 2021: GBP88,400) and no amount was outstanding at period
end.
21. Financial assets and liabilities held at fair value through
profit or loss
Financial assets and liabilities
carrying value
---------------------------------------- -----------------------------------
30 September 31 March 2021
2021 GBP'000
GBP'000
---------------------------------------- ---------------- -----------------
Financial assets at fair value through
profit or loss
---------------------------------------- ---------------- -----------------
Investments held at fair value 10,797 31
----------------------------------------- ---------------- -----------------
Loans advanced 479 467
----------------------------------------- ---------------- -----------------
Total financial assets at fair value
through profit or loss 11,276 498
----------------------------------------- ---------------- -----------------
Financial liabilities at fair value
through profit or loss
----------------------------------------- ---------------- -----------------
Foreign exchange forward contract 47 -
Fair value measurement
The Group discloses fair value measurements by level of the
following fair value measurement hierarchy:
-- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
-- Inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (level
2)
-- Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (level
3).
The level in the fair value hierarchy within which the financial
asset or financial liability is categorised is determined on the
basis of the lowest input that is significant to the fair value
measurement. Financial instruments are classified in their entirety
into one of the three levels.
The following methods and assumptions are used to estimate fair
values:
Level 1
-- The fair values of the ART's investments in the SEQI, GCP and
GABI shares, which are traded daily on the LSE, are based upon the
market value of the shares at the balance sheet date.
Level 2
-- The fair value of the foreign exchange forward contract is
determined by reference to the quarter end applicable forward
market rate provided by the contractual counter party.
-- The fair value of the CLIP investment, which can be traded
daily as an open ended investment fund, is based upon daily
valuations, provided by the issuer, of the net asset value of its
accumulation shares.
Level 3
-- The fair value of the HLP investment is based upon the price
provided by the issuer for the relevant share class owned: this is
calculated by reference to the net asset value of the investment
and principally driven by the fair value of HLP's underlying
property investments. This net asset value is therefore mainly
based on unobservable inputs and is deemed to be a level 3
financial asset. HLP's accounts are audited annually. HLP's
underlying investment properties are fair valued as per RICS
definition and the ART Board considers that any reasonable possible
movement in the valuation of HLP's individual properties would not
be material to the value of ART's investment.
-- The fair value of the Europip investment is based upon the
price provided by the issuer for the relevant share class owned:
this is calculated by reference to the net asset value of the
investment and principally driven by the fair value of Europip's
underlying property investments. This net asset value is therefore
mainly based on unobservable inputs and is deemed to be a level 3
financial asset. Europip's accounts are audited annually. As at 30
September 2021, Europip has sold its remaining property and has
partly distributed the related proceeds to shareholders; Europip is
currently preparing to distribute the final proceeds to
shareholders.
Financial assets and liabilities held at fair value are valued
on a recurring basis as indicated above. There have been no changes
to the valuation methods applied from the Group's annual report and
accounts for the year ended 31 March 2021.
The Board determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation (based on
the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
The following table shows an analysis of the fair values of
financial instruments recognised in the balance sheet by level of
the fair value hierarchy described above:
Assets and liabilities measured at fair
value
----------------------------------------------
Level 1 Level 2 Level 3 Total
---------- ---------- ---------- ----------
30 September 2021 GBP'000 GBP'000 GBP'000 GBP'000
---------- ---------- ---------- ----------
Assets measured at fair
value
------------------------------ ---------- ---------- ---------- ----------
Non-current
------------------------------ ---------- ---------- ---------- ----------
Investment property - - 15,486 15,486
------------------------------ ---------- ---------- ---------- ----------
Current
------------------------------ ---------- ---------- ---------- ----------
Investments held at fair
value 5,684 5,082 31 10,797
------------------------------ ---------- ---------- ---------- ----------
Loans advanced - - 479 479
------------------------------ ---------- ---------- ---------- ----------
Liabilities measured at
fair value
------------------------------ ---------- ---------- ---------- ----------
Current
------------------------------ ---------- ---------- ---------- ----------
Foreign exchange forward
contract - (47) - (47)
Assets and liabilities measured at fair
value
---------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------- ----------- ---------- ----------
31 March 2021 GBP'000 GBP'000 GBP'000 GBP'000
----------- ----------- ---------- ----------
Assets measured at fair
value
-------------------------- ----------- ----------- ---------- ----------
Non-current
-------------------------- ----------- ----------- ---------- ----------
Investment property - - 14,918 14,918
-------------------------- ----------- ----------- ---------- ----------
Investments held at fair
value - - 31 31
-------------------------- ----------- ----------- ---------- ----------
Loans advanced - - 467 467
There were no transfers between level 1 and level 2 fair value
measurements and no transfers into or out of level 3 fair value
measurements during the six month period ended 30 September
2021.
Directors and Company information
Directors Independent valuers Legal advisors in Guernsey
William Simpson (Chairman) in India Carey Olsen
Jeff Chowdhry Colliers International PO Box 98, Carey House
Peter Griffin (Hong Kong) Limited Les Banques
Phillip Rose Suite 5701 Central Plaza St Peter Port
Melanie Torode 18 Harbour Road Guernsey GY1 4BZ
Wanchai, Hong Kong
Registered office Independent valuers Legal advisors in the
Floor 2, Trafalgar Court in Spain UK
Les Banques Savills Aguirre Newman Norton Rose
St Peter Port Paseo de la Castellana, 3 More London Riverside
Guernsey 81 London SE1 2AQ
GY1 4LY Madrid, 28046
Spain
Investment Manager Independent valuers Legal advisors in India
Alpha Real Capital LLP in Germany AZB & Partners
Level 6, 338 Euston Cushman & Wakefield Plot A-8 Sector 4
Road Rathenauplatz, 1 NOIDA 201 301
London NW1 3BG Frankfurt, 60313 India
Germany
Administrator and secretary Independent Auditor Legal advisors in Spain
Ocorian Administration BDO Limited Ashurst LLP
(Guernsey) Limited Place du Pré, Alcalá, 44
Floor 2, Trafalgar Court Rue du Pré Madrid, 28014
Les Banques, St Peter St Peter Port Spain
Port Guernsey GY1 3LL
Guernsey
GY1 4LY
Broker Tax advisors in Europe Registrar
Panmure Gordon (UK) KPMG LLP Computershare Investor
Limited 15 Canada Square Services (Jersey) Limited
One New Change London E14 5GL 13 Castle Street
London Grant Thornton UK LLP St Helier
EC4M 9AF 30 Finsbury Square Jersey JE1 1ES
London EC2A 1AG
Independent valuers
in the UK
GVA
3 Brindley place
Birmingham B1 2JB
Savills
Ground Floor, City Point
12 King Street
Leeds LS1 2HL
CBRE Limited
Henrietta House
Henrietta Place
London W1G 0NB
Shareholder information
Further information on the Company can be found at the Company's
website:
www.alpharealtrustlimited.com
Dividends
Ordinary dividends are declared and paid quarterly. Shareholders
who wish to have dividends paid directly into a bank account rather
than by cheque to their registered address can complete a mandate
form for this purpose. Mandates may be obtained from the Company's
Registrar. Where dividends are paid directly to shareholders' bank
accounts, dividend vouchers are sent directly to shareholders'
registered addresses.
Share price
The Company's Ordinary Shares are listed on the SFS of the
LSE.
Change of address
Communications with shareholders are mailed to the addresses
held on the share register. In the event of a change of address or
other amendment, please notify the Company's Registrar under the
signature of the registered holder.
Investment Manager
The Company is advised by Alpha Real Capital LLP, which is
authorised and regulated by the Financial Conduct Authority in the
United Kingdom.
Financial calendar
Financial Reporting/ Dividend Ex-dividend Record Last date Share Payment
reporting Meeting period date date for election certificates date
dates to scrip posted
dividend (if applicable)
(if applicable)
-------------- ----------- -------------- ------------ ------------ ---------------- ---------------- ---------
Half year 26 Quarter 9 10 December 22 6 7
report and November ending December 2021 December January January
dividend 2021 30 September 2021 2021 2022 2022
announcement 2021
-------------- ----------- -------------- ------------ ------------ ---------------- ---------------- ---------
Trading 25 Quarter 10 11 22 5 6
update February ending March March March April April
(Qtr 3) 2022 31 December 2022 2022 2022 2022 2022
2021
-------------- ----------- -------------- ------------ ------------ ---------------- ---------------- ---------
Annual report 10 Quarter 23 24 5 19 20
and dividend June ending June June July July July
announcement 2022 31 March 2022 2022 2022 2022 2022
2022
-------------- ----------- -------------- ------------ ------------ ---------------- ---------------- ---------
Annual report 24
published June
2022
-------------- ----------- -------------- ------------ ------------ ---------------- ---------------- ---------
Annual 8
General Sep
Meeting 2022
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