TIDMBC84
RNS Number : 6142I
Trafford Centre Finance Ld
31 August 2016
THE TRAFFORD CENTRE FINANCE LIMITED
INTERIM REPORT
FOR THE SIX MONTHSED 30 JUNE 2016
Company number 91678 (Cayman Islands)
OPERATING AND FINANCIAL REVIEW
FOR THE SIX MONTHSED 30 JUNE 2016
The Trafford Centre Finance Limited ("the company") is
incorporated and registered in the Cayman Islands. The company's
registered office is 89 Nexus Way, Camana Bay, Grand Cayman, Cayman
Islands KY1-9007.
The principal activity of the company is the provision of
financing to The Trafford Centre Limited which owns the intu
Trafford Centre shopping centre. This is funded by the issue of
loan notes. The company receives interest on the provision of
financing to The Trafford Centre Limited at rates equal to those
paid on its external debt plus additional interest of 0.01% per
annum. Any financing related fees incurred by the company are also
charged on to The Trafford Centre Limited.
The company's results and financial position for the period
ended 30 June 2016 are set out in full in the income statement,
balance sheet, statement of changes in equity, statement of cash
flows and the notes to the condensed interim financial
statements.
The company's loss before taxation for the six months to 30 June
2016 was GBP1,000 (year ended 31 December 2015 profit of GBP10,000,
six months ended 30 June 2015 profit of GBP20,000) with net assets
decreasing to GBP834,000 (as at 31 December 2015 GBP835,000, as at
30 June 2015 GBP845,000).
Given the straightforward nature of the business, the company's
directors are of the opinion that analysis using KPIs is not
necessary for an understanding of the development, performance or
position of the business. The directors expect that the present
level of activity will continue for the foreseeable future.
The directors who held office during the period and until the
date of this report are given below:
Raulin Amy
David Fischel
Matthew Roberts
OPERATING AND FINANCIAL REVIEW
FOR THE SIX MONTHSED 30 JUNE 2016
KEY RISKS AND UNCERTAINTIES
As the company's principal activity is to provide financing to
The Trafford Centre Limited, the company's key risks and
uncertainties are those faced by The Trafford Centre Limited to the
extent that they impact that entity's ability to meet its
obligations to the company including those related to the terms of
the company's borrowings which are secured on the assets of The
Trafford Centre Limited. The key risks and uncertainties facing the
company are set out below:
Risk & Impact Mitigation Change 2016 commentary
-------------------- --------------------------------------------------------------- --------- --------------------------------------------------------------
Property
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Macro-economic Likelihood of macro-economic
Weakness in the * Focus on prime assets and upgrading assets weakness has increased with
macro-economic the UK's vote to leave the
environment could European Union. There is
undermine rental * Covenant headroom monitored and stress-tested increased uncertainty in
income levels relation to many factors
and property that impact the property
values, reducing * Make representation on key policies, for example investment and occupier markets.
return on investment business rates The independent valuers of
and covenant intu Trafford Centre have
headroom commented that it has not
yet been possible to gauge
the effect by reference to
transactions but that the
probability of their opinion
of value exactly coinciding
with the price achieved,
were there to be a sale,
has reduced.
* substantial covenant headroom
* letting pipeline at similar levels to 2015
---------------------- --------------------------------------------------------------- ------- --------------------------------------------------------------
Retail environment - Likelihood and severity of
Failure to react * Active management of tenant mix potential impact are unchanged
to changes in in the first half of 2016
the retail with intu's strategy continuing
environment * Regular monitoring of tenant strength and diversity to deliver strong footfall
could undermine numbers and occupancy
intu's ability * digital investment to improve relevance as shopping
to attract customers * Tell intu customer feedback programme helps identify habits change
and tenants changes in customer preferences
* Work closely with retailers
* Digital strategy that embraces technology and digital
customer engagement. This enables intu to engage in
and support multichannel retailing, and to take the
opportunities offered by ecommerce
---------------------- --------------------------------------------------------------- ------- --------------------------------------------------------------
Health and safety Likelihood of potential impact
Accidents or * Strong business process and procedures, supported by - has not changed signi cantly
system failure regular training and exercises during the first half of
leading to financial 2016 however severity impacted
and/or reputational by new enforcement structure
loss * Annual audits of operational standards carried out * Maintenance of OHSAS 18001 certi cation,
internally and by external consultants demonstrating consistent health and safety management
process and procedures across the portfolio
* Culture of visitor and staff safety
* work continuing towards achieving ISO 9001, 14001 and
55001 accreditation
* Crisis management and business continuity plans in
place and tested
* Retailer liaison and briefings
* Appropriate levels of insurance
* Staff succession planning and development in place to
ensure continued delivery of world class service
* Health and safety managers or coordinators in all
centres
---------------------- --------------------------------------------------------------- ------- --------------------------------------------------------------
Cyber-security - Likelihood unchanged, but
Loss of data * Data and cybersecurity strategies severity of potential impact
and information has reduced by significant
or failure of development of tools and
key systems resulting * Regular testing programme and cyber scenario exercise controls in the first half
in financial of 2016
and/or reputational * ongoing intu-wide cybersecurity project with focus on
loss * Appropriate levels of insurance proactive monitoring of technical infrastructure to
mitigate cyber threats
* Crisis management and business continuity plans in
place and tested
* Data committee
* Monitoring of regulatory environment and best
practice
---------------------- --------------------------------------------------------------- ------- --------------------------------------------------------------
Terrorism - Overall likelihood and severity
Terrorist incident * Strong business process and procedures, supported by of potential impact unchanged
at intu Trafford regular training and exercises, designed to adapt and * national threat level remains at Severe
Centre or another respond to changes in risk levels
major shopping
centre resulting * major scenario exercise held at intu Trafford Centre
in loss of consumer * Annual audits of operational standards carried out with involvement of multiple external agencies
confidence with internally and by external agencies
consequent impact
on lettings and * operating procedures in place for the introduction of
rental growth * Culture of visitor and staff safety further security measures if required
* Crisis management and business continuity plans in
place and tested
* Retailer liaison and briefings
* Appropriate levels of insurance
* Strong relationships and frequent liaison with police,
NaCTSO and other agencies
---------------------- --------------------------------------------------------------- ------- --------------------------------------------------------------
DIRECTORS' RESPONSIBILITY STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2016
The directors are responsible for preparing the interim report
and condensed set of interim financial statements (interim
financial statements), in accordance with applicable law and
regulations. The directors confirm that, to the best of their
knowledge:
-- the interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting, as adopted by
the European Union; and
-- the interim report includes a fair review of both the
information required by Sections DTR 4.2.7R, and that which is
subject of DTR 4.2.8R of the Disclosure and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
The Operating and Financial Review refers to important events
which have taken place in the period.
The principal risks and uncertainties facing the business are
referred to in the Operating and Financial Review.
Related party transactions are set out in note 11 of the interim
financial statements.
A list of current directors is provided in the Operating and
Financial Review.
On behalf of the Board
Matthew Roberts
Director
30 August 2016
INDEPENT REVIEW REPORT TO THE DIRECTORS OF
THE TRAFFORD CENTRE FINANCE LIMITED
Report on the condensed interim financial statements
Our conclusion
We have reviewed The Trafford Centre Finance Limited's condensed
interim financial statements (the "interim financial statements")
in the interim report of the Trafford Centre Finance Limited for
the 6 month period ended 30 June 2016. Based on our review, nothing
has come to our attention that causes us to believe that the
interim financial statements are not prepared, in all material
respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
This conclusion is to be read in the context of what we say in
the remainder of this report.
What we have reviewed
The interim financial statements comprise:
-- the balance sheet as at 30 June 2016;
-- the income statement for the period then ended;
-- the statement of cash flows for the period then ended;
-- the statement of changes in equity for the period then ended;
and
-- the explanatory notes to the interim financial
statements.
The interim financial statements included in the interim report
have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the
European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
As disclosed in note 1 to the interim financial statements, the
financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Company
is applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
Responsibilities for the condensed interim financial statements
and the review
Our responsibilities and those of the directors
The interim report, including the interim financial statements,
is the responsibility of, and has been approved by, the directors.
The directors are responsible for preparing the interim report in
accordance with the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority
Our responsibility is to express a conclusion on the interim
financial statements based on our review. This report, including
the conclusion, has been prepared for and only for the directors of
the Company as a body, for management purposes, for the purpose of
complying with the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority and for no other purpose. Our
report may not be made available to any other party without our
prior written consent. We do not, in giving this conclusion, accept
or assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
What a review of condensed financial statements involves
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK and
Ireland) and, consequently, does not enable us to obtain assurance
that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion.
We have read the other information contained in the interim
report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
London
30 August 2016
(a) The maintenance and integrity of the intu properties plc
website is the responsibility of the directors; the work carried
out by the auditors does not involve consideration of these matters
and, accordingly, the auditors accept no responsibility for any
changes that may have occurred to the interim financial statements
since they were initially presented on the website.
(b) Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
INCOME STATEMENT (unaudited)
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
Notes GBP000 GBP000 GBP000
Administration expenses (24) (7) (11)
----------- ----------- ------------
Operating loss (24) (7) (11)
Finance income 4 24,656 24,343 49,252
Finance costs 4 (24,633) (24,316) (49,231)
Change in fair value of financial 4 - - -
instruments
----------- ----------- ------------
Net finance income 23 27 21
----------- ----------- ------------
(Loss)/profit before tax (1) 20 10
Taxation - - -
----------- ----------- ------------
(Loss)/profit for the period (1) 20 10
=========== =========== ============
Other than the items in the income statement above, there are no
other items of comprehensive income and accordingly a separate
statement of comprehensive income has not been prepared.
BALANCE SHEET (unaudited)
AS AT 30 JUNE 2016
As at As at As at
30 June 31 December 30 June
2016 2015 2015
Notes GBP000 GBP000 GBP000
Non-current assets
Trade and other receivables 5 762,990 769,958 776,656
Derivative financial instruments 128,871 88,057 79,987
---------- ------------ ----------
891,861 858,015 856,643
Current assets
Trade and other receivables 5 23,134 22,584 23,028
Derivative financial instruments 1,510 1,496 1,465
Cash and cash equivalents 346 306 265
---------- ------------ ----------
24,990 24,386 24,758
Total assets 916,851 882,401 881,401
---------- ------------ ----------
Current liabilities
Borrowings 7 (13,682) (13,213) (13,875)
Trade and other payables 6 (8,964) (8,842) (8,573)
Derivative financial instruments (1,510) (1,496) (1,465)
---------- ------------ ----------
(24,156) (23,551) (23,913)
Non-current liabilities
Borrowings 7 (762,990) (769,958) (776,656)
Derivative financial instruments (128,871) (88,057) (79,987)
---------- ------------ ----------
(891,861) (858,015) (856,643)
Total liabilities (916,017) (881,566) (880,556)
---------- ------------ ----------
Net assets 834 835 845
========== ============ ==========
Equity
Share capital 8 - - -
Retained earnings 834 835 845
---------- ------------ ----------
Total equity 834 835 845
========== ============ ==========
STATEMENT OF CHANGES IN EQUITY (unaudited)
FOR THE SIX MONTHSED 30 JUNE 2016
Share Retained Total
capital earnings equity
GBP000 GBP000 GBP000
At 1 January 2015 - 825 825
---------- --------- -------
Profit for the period - 20 20
---------- --------- -------
Total comprehensive income for
the period - 20 20
---------- --------- -------
At 30 June 2015 - 845 845
========== ========= =======
At 1 July 2015 - 845 845
---------- --------- -------
Loss for the period - (10) (10)
---------- --------- -------
Total comprehensive income for
the period - (10) (10)
---------- --------- -------
At 31 December 2015 - 835 835
========== ========= =======
At 1 January 2016 - 835 835
---------- --------- -------
Loss for the period - (1) (1)
---------- --------- -------
Total comprehensive income for
the period - (1) (1)
---------- --------- -------
At 30 June 2016 - 834 834
========== ========= =======
STATEMENT OF CASH FLOWS (unaudited)
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
Notes GBP000 GBP000 GBP000
Cash generated from operations 10 1 3 (11)
Interest received 24,375 24,071 48,374
Interest paid (24,336) (24,031) (48,279)
----------- ----------- ------------
Cash flows from operating activities 40 43 84
----------- ----------- ------------
Amounts owed by group undertaking
-received 6,953 8,666 16,496
----------- ----------- ------------
Cash flows from investing activities 6,953 8,666 16,496
Borrowings repaid (6,953) (8,666) (16,496)
Cash flows from financing activities (6,953) (8,666) (16,496)
----------- ----------- ------------
Net increase in cash and cash
equivalents 40 43 84
Cash and cash equivalents at beginning
of
period 306 222 222
----------- ----------- ------------
Cash and cash equivalents at end
of period 346 265 306
=========== =========== ============
NOTES (unaudited)
FOR THE SIX MONTHSED 30 JUNE 2016
1. Basis of preparation
The condensed set of interim financial statements (interim
financial statements) for the six months ended 30 June 2016 are
unaudited. The interim financial statements have been prepared in
accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and with IAS 34 as adopted by the
European Union.
The comparative information presented for the year ended 31
December 2015 is not the company's financial statements for that
year. Those financial statements have been reported on by the
company's auditors. The auditors' opinion on those financial
statements was unqualified and did not contain an emphasis of
matter paragraph. The comparative information presented for the six
months ended 30 June 2015 has not been subject to independent
review or audit.
The interim financial statements should be read in conjunction
with the company's financial statements for the year ended 31
December 2015 which have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union.
Use of estimates and assumptions
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amount of assets and liabilities, income and expense. Actual
results may differ from these estimates. In preparing the interim
financial statements, the areas of significant judgement made by
management in applying the company accounting policies and the key
sources of estimation uncertainty were the same as those applied to
the financial statements as at and for the year ended 31 December
2015.
Going concern
In assessing whether the going concern basis of preparation is
appropriate to adopt, the directors considered a number of factors
including financial projections of the company and the level of
financial support that may be available to the company by its
ultimate parent, intu properties plc. In addition investment
property held by The Trafford Centre Limited, a fellow subsidiary
of intu properties plc, acts as security for the financial
instruments which are held in The Trafford Centre Finance Limited.
The ability of the company to meet the obligations of these
financial instruments is dependent upon the performance of The
Trafford Centre Limited and its ability to meet its obligations to
the company. In concluding that the going concern basis of
preparation is appropriate the directors have considered the cash
flow forecasts of The Trafford Centre Limited in combination with
the cash flow forecasts of the company. Based on this review the
directors have concluded that it is appropriate to continue to
adopt the going concern basis of accounting in preparing the
entity's interim financial statements.
2. Accounting policies
The accounting policies applied are consistent with those of the
company's statutory financial statements for the year ended 31
December 2015 as set out on pages 12 to 13 of that Report and
Financial Statements except for amendments arising from the Annual
Improvements Cycle to IFRSs 2010-2012 and 2012-2014 which are
effective for the first time for the company's 31 December 2016
year end. These have been applied in preparing these interim
financial statements to the extent they are relevant to the
preparation of interim financial information but have not resulted
in any material changes to the information presented.
Taxes on income in interim periods are accrued using tax rates
expected to be applicable to total annual earnings.
3. Seasonality and cyclicality
There is no material seasonality or cyclicality impacting
interim financial reporting.
4. Net finance costs
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Finance income
On amounts due from group undertaking 24,656 24,343 49,252
Other interest - - -
---------- ---------- ------------
24,656 24,343 49,252
========== ========== ============
Finance costs
On borrowings (24,616) (24,303) (49,198)
Other interest (17) (13) (33)
---------- ---------- ------------
(24,633) (24,316) (49,231)
========== ========== ============
Change in fair value of financial
instruments
On external derivative financial
instruments (40,814) 11,067 2,997
On derivative financial instruments
with
The Trafford Centre Limited 40,814 (11,067) (2,997)
---------- ---------- ------------
- - -
========== ========== ============
5. Trade and other receivables
As at As at As at
30 June 31 December 30 June
2016 2015 2015
GBP000 GBP000 GBP000
Current
Amounts owed by group undertaking 14,591 14,129 14,783
Less: finance costs (909) (916) (908)
------- ----------- -------
Net loan amount 13,682 13,213 13,875
Accrued income and other amounts
due
from group undertaking 9,013 8,962 8,761
Prepayments 439 409 392
Other debtors - - -
------- ----------- -------
23,134 22,584 23,028
======= =========== =======
As at As at As at
30 June 31 December 30 June
2016 2015 2015
GBP000 GBP000 GBP000
Non-current
Amounts owed by group undertaking 775,197 782,612 789,787
Less: finance costs (12,207) (12,654) (13,131)
--------- ----------- ---------
Net loan amount 762,990 769,958 776,656
========= =========== =========
The amounts owed by group undertaking relate to an intercompany
loan with The Trafford Centre Limited where the company's
borrowings with external parties are passed to The Trafford Centre
Limited. The amounts owed are unsecured and the repayment profile
matches the maturity profile of the company's borrowings as The
Trafford Centre Limited is required to provide funds to the company
in order for it to meet its external funds obligations. The
recoverability of these balances has been reviewed and as a result
no allowance for doubtful debts is considered to be required. There
have been no impairments on receivables or amounts written off in
the year.
Interest is due on the intercompany loans at rates equal to
those paid on the external debt plus additional interest of 0.01%
per annum. Interest is also due to cover any fees and costs
incurred by the company.
6. Trade and other payables
As at As at As at
30 June 31 December 30 June
2016 2015 2015
GBP000 GBP000 GBP000
Amounts owed to group undertaking 318 75 55
Accruals 8,646 8,767 8,518
------- ----------- -------
8,964 8,842 8,573
======= =========== =======
7. Borrowings
Interest Final As at Year ended As at
rate maturity 30 June 31 December 30 June
2016 2015 2015
GBP000 GBP000 GBP000
Current
Secured notes:
Class
A1(N) Floating 2015 - - 1,100
B 7.03% 2029 4,018 3,884 3,756
A2 6.5% 2033 10,573 10,245 9,927
--------- ------------ ---------
Debt falling
due
within one year 14,591 14,129 14,783
Less: finance
costs (909) (916) (908)
--------- ------------ ---------
Net loan
amount 13,682 13,213 13,875
========= ============ =========
Non-current
Secured notes:
Class
A2 6.5% 2033 303,698 309,069 314,271
A3 Floating 2035 188,500 188,500 188,500
A4 2.875% 2019 20,000 20,000 20,000
B 7.03% 2029 73,945 75,989 77,962
B2 Floating 2035 20,000 20,000 20,000
B3 4.250% 2024 20,000 20,000 20,000
D1(N) Floating 2035 29,054 29,054 29,054
D2 8.28% 2022 50,000 50,000 50,000
D3 4.750% 2024 70,000 70,000 70,000
Debt falling
due
after one year 775,197 782,612 789,787
Less: finance
Costs (12,207) (12,654) (13,131)
--------- ------------ ---------
Net loan
amount 762,990 769,958 776,656
========= ============ =========
Total
borrowings 776,672 783,171 790,531
========= ============ =========
The fair value of borrowings as at 30 June 2016 was GBP923.4
million.
The maturity profile of gross debt is as follows:
As at As at As at
30 June 31 December 30 June
2016 2015 2015
GBP000 GBP000 GBP000
Wholly repayable within one year 14,591 14,129 14,783
Wholly repayable in more than
one year
but not more than two years 18,342 15,069 14,591
Wholly repayable in more than
two years
but not more than five years 45,497 98,398 91,430
Wholly repayable in more than
five years 711,357 669,145 683,767
-------- ----------- --------
789,787 796,741 804,570
======== =========== ========
The secured notes have the benefit of a floating charge over all
of the assets and undertakings of the company and in addition are
secured against The Trafford Centre Securitisation Agreements
together with the benefit of a fixed legal charge over the land and
buildings comprising The Trafford Centre granted by The Trafford
Centre Limited, a fellow subsidiary undertaking of Intu Trafford
Centre Group (UK) Limited and owner of intu Trafford Centre.
Interest on the Class A1(N), Class A3, Class B2 and Class D1(N)
secured notes whose rates are based on LIBOR plus an applicable
margin has been hedged under interest rate swap contracts totalling
GBP226,541,026 (31 December 2015 GBP223,227,026, 30 June 2015
GBP221,203,463) with rates of 4.2%, 4.34% and 4.66% and an interest
rate cap of GBP11,013,000 (31 December 2015 GBP14,327,000, 30 June
2015 GBP17,451,000) with a capped rate of 6.66% plus an applicable
margin on each bond. The fair value of these interest rate swaps at
30 June 2016 was a liability of GBP131,332,000 (31 December 2015
GBP89,553,000, 30 June 2015 GBP81,451,000).
8. Share capital
2016
GBP
Issued, called up and fully paid
At 1 January 2016 and 30 June 2016 - 2 ordinary shares
of GBP1 each 2
====
9. Financial instruments
The table below presents the company's financial assets and
liabilities recognised at fair value.
As at 30 June 2016
Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
Assets
Derivative financial instruments:
- Fair value through profit
or loss - 130,381 - 130,381
--------- ---------- ------- ----------
Total assets - 130,381 - 130,381
--------- ---------- ------- ----------
Liabilities
Derivative financial instruments:
- Fair value through profit
or loss - (130,381) - (130,381)
--------- ---------- ------- ----------
Total liabilities - (130,381) - (130,381)
========= ========== ======= ==========
Fair value hierarchy
Level 1: Valuation based on quoted market prices traded in active markets.
Level 2: Valuation techniques are used, maximising the use of
observable market data, either directly from market prices or
derived from market prices.
Level 3: Where one or more inputs to valuation are not based on
observable market data. Valuations at this level are more
subjective and therefore more closely managed, including
sensitivity analysis of inputs to valuation models. Such testing
has not indicated that any material difference would arise due to a
change in input variables.
There were no transfers between Levels 1, 2 and 3 during the
period.
Derivative financial instruments are initially recognised on the
trade date at fair value and subsequently re-measured at fair
value. In assessing fair value the company uses its judgement to
select suitable valuation techniques and make assumptions which are
mainly based on market conditions existing at the balance sheet
date. The fair value of interest rate swaps is calculated by
discounting estimated future cash flows based on the terms and
maturity of each contract and using market interest rates for
similar instruments at the measurement date. These values are
tested for reasonableness based upon broker or counterparty
quotes.
Classification of financial assets and liabilities
The table below sets out the company's accounting classification
of each class of financial assets and liabilities, and their fair
values at 30 June 2016. The fair values of quoted borrowings are
based on the asking price. The determination of the fair values of
derivative financial instruments is discussed above.
Gain/(loss)
Carrying Fair to income
value value statement
As at 30 June 2016 GBP000 GBP000 GBP000
Derivative financial instrument assets 130,381 130,381 40,814
---------- ---------- ------------
Total held for trading assets 130,381 130,381 40,814
---------- ---------- ------------
Trade and other receivables 785,685 785,685 -
Cash and cash equivalents 346 346 -
---------- ---------- ------------
Total cash and receivables 786,031 786,031 -
---------- ---------- ------------
Derivative financial instrument liabilities (130,381) (130,381) (40,814)
---------- ---------- ------------
Total held for trading liabilities (130,381) (130,381) (40,814)
---------- ---------- ------------
Trade and other payables (318) (318) -
Borrowings (776,672) (923,353) -
---------- ---------- ------------
Total loans and payables (776,990) (923,671) -
========== ========== ============
10. Cash generated from operations
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
(Loss)/Profit before tax (1) 20 10
Remove:
Finance income (24,656) (24,343) (49,252)
Finance costs 24,633 24,316 49,231
Changes in working capital:
Change in trade and other receivables (253) 24 (21)
Change in trade and other payables 278 (14) 21
---------- ---------- -----------
1 3 (11)
========== ========== ===========
11. Related party transactions
There have been no related party transactions during the period
that require disclosure under Section DTR 4.2.8 R of the Disclosure
and Transparency Rules or under IAS 34 Interim Financial
Reporting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UARNRNKAWOAR
(END) Dow Jones Newswires
August 31, 2016 12:13 ET (16:13 GMT)
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