TIDMBC84
RNS Number : 6828Q
Trafford Centre Finance Ld
01 March 2016
1 March 2016
The Trafford Centre Finance Limited ("the Company")
ANNUAL FINANCIAL REPORT
The Trafford Centre Finance Limited has today published its
Annual Report for the year ended 31 December 2015 ("Annual
Report"). The Annual Report will shortly be available for download
at intugroup.co.uk
In accordance with DTR 6.3.5, the following information is
extracted from the company's Annual Report and in unedited full
text.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
The directors present their report and the audited financial
statements for the year ended 31 December 2015.
The Trafford Centre Finance Limited 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.
PRINCIPAL ACTIVITY
The principal activity of the company is the provision of
financing to The Trafford Centre Limited. This is funded by the
issue of loan notes.
BUSINESS REVIEW
The company's results and financial position for the year ended
31 December 2015 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 financial statements.
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 profit before taxation was GBP10,000 (2014
GBP33,000) with net assets increasing to GBP835,000 (2014
GBP825,000).
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 company's financial risk management objectives and policies
are set out in note 10 as is the company's exposure to price,
credit, liquidity and cash flow risk.
CAPITAL MANAGEMENT
The directors consider the capital of the company to be the
ordinary share capital of GBP2. The company's ultimate parent
company is intu properties plc. Management of this capital is
performed at a group level.
DIRECTORS
The directors who held office during the year and until the date
of this report are given below:
Raulin Amy
Michael Butterworth (resigned 31 December 2015)
David Fischel
Matthew Roberts
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulations.
The directors are required to prepare financial statements for
each financial year. The directors have elected to prepare the
financial statements in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the European Union. The
directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the company and of the profit or loss of the company for
that period. In preparing these financial statements, the directors
are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable International Financial Reporting
Standards (IFRSs) as adopted by the European Union have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company's
transactions and disclose with reasonable accuracy at any time the
financial position of the company and enable them to ensure that
the financial statements provide a true and fair view of the
company's results and financial position. They are also responsible
for safeguarding the assets of the company and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
Each of the directors, whose names are listed on page 1, confirm
that, to the best of
their knowledge:
a) the financial statements, prepared in accordance with
International Financial Reporting Standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the company; and
b) the Directors' Report includes a fair review of the
development and performance of the business and the position of the
company, together with a description of the principal risks and
uncertainties that it faces.
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 company'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 2015 commentary
----------------- --------------------------------------------------------------- --------- ------------------------------------------------------------
Property
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Macro-economic Likelihood and severity
Weakness in * Prime asset - of potential impact
the macro-economic are unchanged during
environment 2015 with continued
could undermine * Covenant headroom monitored and stress-tested strong demand for
rental income assets and stable
levels and rental levels
property values, * Lobbying on key policies, for example business rate * Valuation increase continues to support LTV headroom
reducing return s
on investment
and covenant * Tenant administrations at relatively low levels
headroom
------------------- ------------------------------------------------------------- --------- ------------------------------------------------------------
Retail environment - Likelihood and severity
Failure to * Active management of tenant mix of potential impact
react to changes are unchanged during
in the retail 2015 with intu's strategy
environment * Regular monitoring of tenant strength and diversity continuing to deliver
could undermine strong footfall numbers
intu Trafford and maintained occupancy
Centre's ability * 'Tell intu' customer feedback programme helps * Digital investment to improve relevance as shopping
to attract identify changes in customer preferences habits change
customers
and tenants
* Work closely with retailers
* Digital strategy that embraces technology and digital
customer engagement. This enables intu to engage in
and support multi-channel retailing, and to take the
opportunities offered by e-commerce
------------------- ------------------------------------------------------------- --------- ------------------------------------------------------------
Operations
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Health and Likelihood and severity
safety * Strong business process and procedures, supported by - of potential impact
Accidents regular training and exercises have not changed significantly
or system during 2015
failure * intu has been accredited with OHSAS 18801
leading * Annual audits of operational standards carried out certification, demonstrating the implementation of
to financial internally and by external consultants consistent H&S management process and procedures
March 01, 2016 11:00 ET (16:00 GMT)
Significant balances outstanding between the company and related
companies are shown below:
Amounts owed
from
2015 2014
GBP000 GBP000
The Trafford Centre Limited 792,133 807,676
======= =======
Amounts owed
to
2015 2014
GBP000 GBP000
intu Trafford Centre Group (UK)
Limited 75 -
Liberty International Group Treasury
Limited - 47
======= =======
---------------------------------------------------------ENDS-------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 01, 2016 11:00 ET (16:00 GMT)
Trafford 'a2' (LSE:BC84)
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