TIDMPHP
RNS Number : 5455W
Primary Health Properties PLC
20 August 2015
Primary Health Properties PLC
Interim statement for the six months ended 30 June 2015
Primary Health Properties PLC ("PHP", the "Group" or the
"Company"), the UK's leading investor in modern primary healthcare
facilities, is pleased to publish its interim statement and
announce its interim results for the six months ended 30 June
2015.
FINANCIAL HIGHLIGHTS
-- Net rental income increased by 5.2% to GBP30.6 million (30 June 2014: GBP29.1 million)
-- IFRS profit before tax increased by 46.6% to GBP32.4 million (30 June 2014: GBP22.1 million)
-- EPRA earnings increased by 20.7% to GBP9.9 million (30 June 2014: GBP8.2 million)
-- EPRA earnings per share increased by 20.3% to 8.9 pence (30 June 2014: 7.4 pence)
-- EPRA net asset value per share increased by 6.3% to 339 pence (31 December 2014: 319 pence)
-- Interim dividend of 10.0 pence per share paid in April 2015 (30 June 2014: 9.75 pence)
-- Dividend cover increased to 89% (Year ended 31 December 2014:
84%; six months ended 30 June 2014: 76%)
-- Further interim dividend of 10.0 pence per share declared, payable on 30 October 2015
OPERATIONAL HIGHLIGHTS
-- Total portfolio, including development properties, valued at
GBP1.1 billion as at 30 June 2015 (31 December 2014: GBP1.0
billion)
-- Surplus on property valuation of GBP23.9 million, underlying
like for like growth 2.3%; portfolio net initial valuation yield of
5.39% (31 December 2014: 5.52%)
-- Average annualised uplift of 1.1% on reviews completed or
closed in the period (31 December 2014: 1.8%)
-- Portfolio 99.6% let with 15.1 years weighted average lease length (including commitments)
-- Seven acquisitions including: two income producing assets,
three forward funded developments and two developments contracted
to be acquired upon completion
OUTLOOK
-- Strong pipeline of high quality acquisition opportunities to
capture yield spread on lower debt costs
-- Further debt and swap restructuring completed in July 2015
which reduces the Group's average cost of debt by 43 basis points.
This will increase dividend cover further in 2015 and forthcoming
periods
-- Quarterly dividend payment to be introduced from January 2016
Harry Hyman, Managing Director of Primary Health Properties,
commented:
"This has been an active first half of the year for PHP with
continued strong earnings and portfolio growth. We continue to
deliver on our priority target of returning to full dividend cover
while maintaining our progressive dividend policy, which from next
year we plan to pay quarterly to shareholders. This reflects our
focus to increase returns for shareholders as we continue to boost
earnings by investing in and actively managing the portfolio,
growing rental income, lowering our funding costs and efficiently
controlling our cost ratio.
Primary care remains the bedrock of the NHS. The newly elected
government has stated its commitment to the NHS Five Year Forward
View in which primary care will play an increasingly important
role. Pressures on A&E departments, new models of care delivery
aimed at being available 24 hours a day, seven days a week and an
ageing population are adding to demand for modern,
multi-disciplinary and flexible healthcare facilities in the
community. PHP is well placed to continue to invest in quality
investment and development property acquisitions in order to meet
the NHS's requirements for more modern, flexible premises."
For further information contact:
Harry Hyman Phil Holland
Primary Health Properties Primary Health Properties
PLC PLC
T +44 (0) 20 7451 7050 T +44 (0) 20 7104 5599
harry.hyman@nexusgroup.co.uk phil.holland@nexusgroup.co.uk
------------------------------- -------------------------------
Victoria Geoghegan / Elizabeth
Snow /
Eve Kirmatzis
Bell Pottinger
T +44 (0) 20 3772 2562
------------------------------- -------------------------------
Joshua Cryer / Robert
Irvin
Broker Profile
T +44 (0) 207 448 3244
------------------------------- -------------------------------
Financial Highlights
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2014
2015 2014
------------------------- ----------- ----------- -------------
Investment portfolio(1) GBP1.10bn GBP1.00bn GBP1.04bn
Net rental income GBP30.6m GBP29.1m GBP59.3m
Weighted average 15.1 years 15.6 years 15.3 years
unexpired lease
length
Contracted rent GBP62.9 GBP59.4m GBP60.9m
roll (annualised) m
EPRA results
EPRA Earnings Per
Share 8.9p 7.4p 16.4p
EPRA Net Asset GBP377.5m GBP341.9m GBP354.6m
Value ("NAV")
EPRA NAV Per Share 339p 308p 319p
EPRA cost ratio 11.6% 12.7% 12.0%
Dividends
Dividend per share 10.0p 9.75p 19.5p
Dividend cover 89% 76% 84%
Reported results
IFRS profit for GBP32.4m GBP22.1m GBP36.9m
the period
Total equity GBP334.3m GBP313.0m GBP309.1m
Diluted earnings
per share 25.8p 19.4p 31.5p
------------------------- ----------- ----------- -------------
(1) Includes development properties under construction and
purchase commitments at the period end as if completed
Performance
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2014
2015 2014
------------------ ----------- ----------- -------------
Total property
return 5.2% 4.8% 9.2%(1)
Total NAV return 9.4% 5.9% 12.8%
(1) As published by IPD in March 2015
Executive summary
The first six months of 2015 has been another period of strong
progress for the Group. We have invested in further modern,
flexible primary care premises, benefitted from a full period's
impact of the consolidation of the advisory services to the Group
and also seen the average cost of our debt fall due to the
financing actions taken in the second half of 2014. This has
resulted in continued growth in both earnings and dividend cover
even with paying shareholders an increased dividend for the 19(th)
successive year.
Growth in earnings
Our ability to secure additional property investments for the
Group, combined with rental growth secured on review and the
proactive, efficient maintenance of the portfolio has seen net
rental income increase by 5.2% to GBP30.6 million (30 June 2014:
GBP29.1 million).
Administrative costs, including advisory fees, have fallen to
GBP3.4 million, a reduction of 8.1% (30 June 2014: GBP3.7 million).
To put this into context, the Group's EPRA cost ratio has fallen to
11.6%, compared to 12.7% for the same period in 2014. This
demonstrates the efficiency of the Group's external advisory
structure as PHP's EPRA cost ratio is lower than that of its
peers.
The refinancing activity completed in 2014 has contributed to
the growth in earnings with the average cost of debt being reduced
by 50 basis points to 4.9%.
The combined net impact of these factors is an increase in EPRA
earnings of 20.7% to GBP9.9 million (30 June 2014: GBP8.2 million).
This translates to EPRA earnings per share of 8.9 pence, an
increase of 20.3% for the period (30 June 2014: 7.4 pence per
share).
We paid a dividend of 10.0 pence per share to shareholders in
the first half of 2015, an increase of 2.6% over that paid for the
same period in 2014. This is the 19th successive year of dividend
growth for the Company. Notwithstanding the growth in the dividend
paid, we have further improved dividend cover in the period to 89%,
increased from 84% for the 2014 financial year. This represents
further progress toward achieving the Board's main priority of
returning the Company to full dividend cover, whilst maintaining a
progressive dividend policy.
Increased valuations
We have demonstrated our ability to acquire assets in line with
PHP's investment criteria and at prices that meet our required
rates of return. We have contracted to acquire seven new properties
in the period for a total consideration of GBP33.6 million. The
Group's property portfolio, including development commitments as
complete, was valued at GBP1.1 billion as at 30 June 2015 (31
December 2014: GBP1.0 billion) producing a valuation surplus of
GBP23.9 million, equivalent to 21.5 pence per share. This was the
main driver in the 6.3% increase in EPRA net asset value per share
to 339 pence (31 December 2014: 319 pence per share).
Dividends
The Board has approved the payment of a further interim dividend
of 10.0 pence per share. This will be payable on 30 October 2015,
to shareholders on the register on 18 September 2015. No part of
this dividend will be a PID under the UK REIT rules and there will
continue to be a scrip alternative.
We can also announce that with effect from 1 January 2016, the
Company will move to the payment of dividends on a quarterly basis,
recognising the importance of income to our shareholders. We will
seek to maintain our progressive dividend policy and it is intended
that dividend payments will be made in January, April, July and
October of each year until further notice.
Capital structure
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August 20, 2015 02:00 ET (06:00 GMT)
We plan to restructure the Company's share capital to improve
the marketability of our shares for shareholders. We propose to
sub-divide each of the Company's shares with shareholders receiving
four new Ordinary Shares in exchange for each existing Ordinary
Share they hold. This will be put to shareholders at a General
Meeting, further details of which will be provided in the coming
weeks. This will be timed to complete after payment of the dividend
payment detailed above which will apply only to those shares
currently in issue.
Our market and recent developments
During the period we have seen a number of events and positive
developments that will shape the immediate future of primary health
care in the UK.
The new government has supported the financial requirements of
the NHS Five Year Forward View, committing the additional GBP8
billion of funding it requested. This was accompanied by a clear
statement that the NHS must now deliver the GBP22 billion per annum
of operational savings that are needed alongside the additional
funds in order for the NHS to be a sustainable organisation for the
future.
The Five Year Forward View placed list based primary care firmly
at the centre of the future of the NHS and sets out plans for more
"integrated out of hospital services based around the needs of
local populations". In order for this to be achieved efficiently,
new models of care are being developed and further modern, flexible
premises, such as those provided by PHP, will be required.
From 1 April 2015, greater budgetary control is being devolved
through the introduction of Co-Commissioning to Clinical
Commissioning Groups (CCGs) that want to have more influence over
the commissioning of care in their area.
The importance of fit for purpose real estate has been
emphasised in these and other recent guidance and requirements
issued by the NHS in England. By the end of the year CCGs will have
in place Local Estates Strategies aligning property requirements to
their commissioning strategies.
The drive to implement these plans has injected further impetus
into the movement of health care services from hospital settings
into local communities. This will require the replacement of many
existing old, converted residential properties with modern,
multi-functionality premises. PHP and its development partners are
collaborating with the variety of stakeholders who are seeking to
modernise the primary care estate and achieve the efficiencies
needed to meet cost saving targets. The high quality of the Group's
portfolio, its national spread and strong working relationships
with its tenants will see PHP continue to be a key player in the
ongoing development of the nation's primary care estate.
Outlook
Since the interim date, we have continued to shape our debt
portfolio, extending the term of a number of facilities and
spreading their maturity profile and improving the efficiency of
utilisation of our collateral. We have also lowered the blended
cost of our debt finance with immediate effect by repositioning our
interest rate swap portfolio which has seen the Group lock into
what are now historically low medium term interest rates. The
impact of these activities will be reflected in our 2015 full year
results.
This strengthens our financial base and allows the Group to move
quickly to secure potential acquisitions as they arise. We are
progressing a pipeline of high quality investment and development
opportunities, some that are in solicitors' hands and others in
advanced stages of negotiation.
We continue to grow the Group in line with our strategic
objectives and deliver on our priority target of returning the
Company to full dividend cover, whilst maintaining a progressive
dividend policy. Acquisitions in the first half of the year,
conversion of pipeline transactions and reducing debt costs in
recent weeks will increase earnings and assist in taking the last
few steps to a 100% covered dividend.
We look forward to reporting further progress at the year
end.
Business Review
The Group has delivered solid performance with growth in
earnings, dividends and dividend cover, increased asset value and
shareholder returns in the first half of 2015.
We have continued to acquire well-priced, rent producing modern
primary care properties and committed to others that are on site
under development, whilst ensuring that we have not overpaid for
assets in what has been a "hot" property market. We will continue
this strategy through the remainder of 2015, funding acquisitions
at a lower cost of debt thanks to further amendments to our loan
and interest rate swap portfolios since the balance sheet date.
This will see the Group make further progress toward a fully
covered dividend by the end of the year.
Operational performance
The Group has taken delivery of development properties in
Chester and Nottingham in the period which between them generate
annual rental income of GBP1.3 million. The contribution made by
these assets and others acquired in the second half of 2014
increased net rental income by 5.2% in the period to 30 June 2015
to GBP30.6 million (30 June 2014: GBP29.1 million).
We secured rental growth averaging 1.1% per annum on reviews
completed or closed in the period to 30 June 2015. This is slightly
lower than growth rates achieved in 2014 as a whole of 1.8%.
Inflation has fallen over the last 18 months and open market rental
growth has remained relatively low. This is primarily due to fewer
new developments being approved which help to establish new rental
levels for comparative purposes. We are confident that these trends
will be reversed in the near future as growth returns to the UK
economy and the demand for modern premises increases.
Summarised results
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2014
2015 2014
GBPm GBPm GBPm
-------------------------------- ----------- ----------- -------------
Net rental income 30.6 29.1 59.3
Administrative expenses (3.4) (3.7) (6.8)
-------------------------------- ----------- ----------- -------------
Operating profit before
revaluation gain and net
financing costs 27.2 25.4 52.5
Net financing costs (17.3) (17.2) (34.3)
-------------------------------- ----------- ----------- -------------
EPRA earnings 9.9 8.2 18.2
Net result on property
portfolio 23.9 16.1 29.2
Non-recurring: Early loan
repayment fee - (0.9) (1.2)
Non-recurring: convertible
bond issue costs - (2.4) (2.4)
Fair value gain/(loss)
on interest rate derivatives 2.2 1.1 (2.4)
Fair value loss on convertible
bond (3.6) - (4.5)
IFRS profit before tax 32.4 22.1 36.9
-------------------------------- ----------- ----------- -------------
EPRA earnings per share 8.9p 7.4p 16.4p
-------------------------------- ----------- ----------- -------------
In May 2014, the provision of advisory services to the Group was
consolidated and the charging structure revised as more fully
described in the 2014 Annual Report. This has resulted in
administrative expenses falling by 8.1% in the period to GBP3.4
million (30 June 2014: GBP3.7 million). The Group's EPRA Cost
Ratio, administrative costs as a proportion of net rental income,
fell to 11.6% in the 2015 half year (30 June 2014: 12.7%) as shown
in the following table.
EPRA cost ratio
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2015 2014 2014
GBPm GBPm GBPm
------------------------- ----------- ----------- -------------
Gross rent less ground
rent 30.8 29.2 59.7
Direct property expense 0.4 0.3 0.8
Administrative expenses 3.4 3.7 6.8
Less: Ground rent - (0.1) (0.1)
Less: Other operating
income (0.2) (0.2) (0.3)
EPRA costs (including
direct vacancy costs) 3.6 3.7 7.2
------------------------- ----------- ----------- -------------
EPRA cost ratio 11.6% 12.7% 12.0%
------------------------- ----------- ----------- -------------
Net finance costs increased marginally to GBP17.3 million (30
June 2014: GBP17.2 million), as acquisitions through the second
half of 2014 and the first period of 2015 have been funded
primarily from debt. The underlying average cost of the Group's
debt finance has, however, fallen by 50 basis points to 4.9%.
The combination of the elements of the Group's operations
outlined above has resulted in growth in EPRA earnings of 20.7% to
GBP9.9 million (30 June 2014: GBP8.2 million). This represents EPRA
earnings per share of 8.9 pence, an increase of 20.3% over that for
the corresponding period of 2014 (7.4 pence per share).
(MORE TO FOLLOW) Dow Jones Newswires
August 20, 2015 02:00 ET (06:00 GMT)
In April 2015, the Group paid an interim dividend of 10.0 pence
per share, the 19(th) successive year of dividend growth. This
represents a 2.6% increase year on year, compared to average
inflation over that same period of 0.9%. We have delivered on both
objectives of maintaining our progressive dividend policy and
increasing dividend cover. The growth in earnings in the first half
of the year has resulted in the dividend paid being 89% covered for
the period, compared to 76% for the first half of 2014 and 84% for
2014 as a whole.
An overall increase in medium term forward interest rates during
the period has reduced the Mark to Market ("MtM") liability on
revaluation of interest rate swaps by GBP5.8 million, with GBP2.3
million of that positive movement being recognised in IFRS profit
for the period and GBP3.5 million directly in equity. Conversely,
as the Company's share price has risen, the fair market value of
its Convertible Bond has increased and resulted in a MtM deficit of
GBP3.6 million, recognised in IFRS profit. Neither of these
adjustments has any cash flow impact for the Group.
The Group's property portfolio has been externally revalued at
30 June 2015. As set out in more detail below, rising values in the
sector, alongside growth achieved from active management of Group
assets, has generated a net valuation surplus of GBP23.9 million or
21.5 pence per share (30 June 2014: GBP16.1 million or 14.5 pence
per share).
Total IFRS profit before tax has therefore risen to GBP32.4
million, an increase of 46.6% over the first half of 2014 (30 June
2014: GBP22.1 million).
Shareholder value
The increase in EPRA profit and the surplus on the revaluation
of the property portfolio resulted in EPRA net asset value per
share increasing by 6.3% to 339 pence as at as 30 June 2015 (31
December 2014: 319 pence). Including the dividend paid to
shareholders of 10.0 pence per share in April 2015, Total NAV
Return to shareholders was 9.4% (30 June 2014: 5.9%).
EPRA Net asset value per share
30 June 2015 31 December
2014
pence per pence per
share share
---------------------------- ------------- ------------
Opening EPRA NAV per share 319.0 300.0
Profit for the year 8.9 16.4
Net result on property
portfolio 21.5 26.3
Dividend paid (10.0) (19.5)
Early repayment charges - (1.1)
Share issue - 0.3
Convertible Bond issue
costs - (2.2)
Interest rate derivative
fair value adjustment - (1.2)
Closing EPRA NAV per share 339.4 319.0
---------------------------- ------------- ------------
The Company's share price has performed well through the first
half of 2015, increasing from 370 pence per share at the start of
the period to close at 391.5 pence per share on 30 June 2015. The
growth in earnings and dividend cover combined with the long term,
transparent and secure income streams of the Group are increasingly
attractive to investors who are looking for income returns.
Combined with the dividend payment, Total Shareholder Return for
the six month period was 8.5% (year to 31 December 2014:
10.3%).
Property portfolio
PHP has acquired seven further healthcare properties in the six
month period. These comprise of two income producing assets, three
properties whose development is being funded by PHP and two further
assets that are contracted to be acquired upon completion of their
development. All development assets are expected to reach
completion within seven months of the interim balance sheet
date.
These acquisitions commit a total of GBP33.6 million into
modern, flexible purpose built healthcare assets. They will be
fully let upon completion and add GBP1.9 million per annum of
annual contracted rent to the portfolio and have a Weighted Average
Unexpired Lease Term ("WAULT") of 21.3 years.
Asset Acquisition Acquisition Size Target completion
basis cost sqm date
-------------------- ------------ ------------ ------ ------------------
Colwyn Bay Development GBP4.6 1,535 January
Primary Care asset million 2016
Centre, North
Wales
-------------------- ------------ ------------ ------ ------------------
Dinas Powys, Development GBP3.4 1,148 January
South Wales asset million 2016
-------------------- ------------ ------------ ------ ------------------
Two Rivers Development GBP6.7 1,987 December
Medical Centre, asset million 2015
Ipswich
-------------------- ------------ ------------ ------ ------------------
NHS Trust Building, Forward GBP2.5 929 October
Macclesfield commitment million 2015
-------------------- ------------ ------------ ------ ------------------
Jubilee Medical Forward GBP1.2 468 December
Centre, Croxteth commitment million 2015
-------------------- ------------ ------------ ------ ------------------
White Horse Completed GBP7.7 2,033 Income producing
Medical Centre, investment million
Westbury
-------------------- ------------ ------------ ------ ------------------
Thornaby Health Completed GBP7.5 2,637 Income producing
Centre, North investment million
Yorkshire
-------------------- ------------ ------------ ------ ------------------
Asset Management
A key focus of the Group is the active management of its assets
in order to increase the quantum and extend the term of rental
income and maximise the value of the property. This is achieved
through refurbishing, reconfiguring or physically extending
existing centres in order to keep them fit for purpose and offer
the flexibility that the changing face of primary care
requires.
To date in 2015, two projects totalling GBP2.1 million have
reached practical completion, generating additional annual rental
income of GBP0.25 million and crystallising an average additional
lease term of 21 years. There are currently a further six projects
that are about to commence on site or that have varying stages of
approval from NHS bodies. These would see the Group invest a
further GBP2.6 million, generate an additional GBP0.14 million of
rental income and add an average of 12 years to the current term of
the respective occupational leases.
Our asset management activity has been extended to include
working alongside our tenants as they apply for funds from the
Primary Care Infrastructure Fund ("PCIF"). The PCIF is a four year,
GBP1 billion investment programme targeted specifically at
improvements in GP premises and infrastructure. In March 2015, the
first wave of approvals were announced awarding GBP250 million in
funding. GP practices at twelve PHP properties were awarded funds
and management is continuing to work with them to bring these
projects to completion.
Portfolio performance
As at 30 June 2015, the Group's property portfolio totalled 272
properties with 264 of these being income producing and eight on
site being built, two of which are contracted to be acquired on
completion. All have projected completion dates through the second
half of 2015 or early 2016.
Including development and purchase commitments, detailed above,
the completion of a number of asset management projects and growth
achieved on rent reviews in the period, the annualised contracted
rent roll of the portfolio as at 30 June 2015 stood at GBP62.9
million, an increase of 3.3% in the period. The WAULT of the
portfolio as at 30 June 2015 was 15.1 years (31 December 2014: 15.3
years).
The Group's entire property portfolio was independently valued
by Lambert Smith Hampton, Chartered Surveyors and Valuers, as at 30
June 2015. This included commitments as complete and resulted in a
total valuation of GBP1.1 billion (31 December 2014: GBP1.0
billion). Allowing for the costs associated with properties
acquired in the six month period, this generated an overall surplus
on revaluation of GBP23.9 million (six months to 30 June 2014:
GBP16.1 million year ended; 31 December 2014: GBP29.2 million).
This surplus equated to 21.5 pence per share.
At At
30 June 31 December
2015 2014
GBPm GBPm
------------------------------- --------- -------------
Investment properties 1,066.9 1,002.4
Properties in the course of
development 7.9 23.9
------------------------------- --------- -------------
Total properties 1,074.8 1,026.3
Cost to complete development
and purchase commitments 21.8 11.2
------------------------------- --------- -------------
Total completed and committed 1,096.6 1,037.5
------------------------------- --------- -------------
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Investment yields in the mainstream commercial property market
have experienced significant compression. An increased weight of
money has been targeted at this sector as the UK economy improves
and the rate of rental growth has increased both in London and
further afield. The primary health care sector has seen lower rates
of rental growth in recent periods, but investment yields have
compressed, albeit to a lesser degree than the wider property
market, due to increased investor demand, the search for long term
secure income and the limited supply of new developments.
The portfolio's average net initial yield has tightened to 5.39%
(31 December 2014: 5.52%) with the true equivalent yield reducing
to 5.61% (31 December 2014: 5.75%).
On 6 March 2015, IPD published its Healthcare Property Index for
the year ended 31 December 2014 (the "Index"). The Index is a
constituent part of the IPD All Property Annual Index and its total
asset value of cGBP4 billion represents circa 2.2% of that index.
For 2014, PHP generated a total return of 9.2%, broadly in line
with the Index total return of 9.0%.
Financing
Debt facilities
Group debt has increased through the period as further assets
have been added to the investment portfolio. As at 30 June 2015,
consolidated net debt stood at GBP679.6 million (31 December 2014:
GBP658.1 million) and debt facilities (including the nominal value
of bonds in issue) totalled GBP788.1 million (31 December 2014:
GBP785.9 million). The cost to complete the Group's development and
purchase commitments as at 30 June 2015 was GBP21.8 million
resulting in headroom on existing facilities of GBP86.7 million (31
December 2014: GBP116.7 million).
Group LTV fell over the period to 63.2% as at 30 June 2015 (31
December 2014: 64.1%) although 24% of underlying drawn debt is held
on an unsecured basis with the Group holding GBP60.3 million of
assets that are not charged to any funding partner.
Debt metrics
30 June 2015 31 December
2014
-------------------------- ------------- ------------
Loan-to-value 63.2% 64.1%
Interest cover 1.77 times 1.73 times
Weighted average debt 6.1 years 6.2 years
maturity
Total drawn secured debt GBP523.5m GBP512.6m
Total drawn unsecured GBP157.5m GBP157.5m
debt
-------------------------- ------------- ------------
Approximately 91% of the Group's drawn debt is held on a fixed
interest rate basis, either through long term fixed rate loans or
being swapped to fixed rates through the Group's portfolio of
interest rate swaps. Medium term swap rates have trended up
slightly in the first six months of the year resulting in the MtM
valuation of the Group's interest rate hedging portfolio falling to
a net liability of GBP35.2 million as at 30 June 2015 (31 December
2014: GBP40.9 million).
In the period since 30 June, we have continued to refine the
Group's debt structure to extend the maturity of individual
facilities, better position the overall maturity profile and also
to lower the blended cost of borrowing to the Group.
To this end, three transactions have been completed or agreed as
follows:
-- The GBP50 million revolving credit facility with HSBC Bank
plc has been extended to a new five year term with effect from 16
July 2015. All other terms of the loan remain unaltered.
-- Changes to the Group's swap portfolio were made at the same
time to reduce the blended cost of debt with immediate effect and
secure future protection at recent historically low rates:
o A swap contract for a notional GBP80 million of debt with a
coupon of 4.805% and maturity in July 2016 was terminated. This
immediately reduces the Group's current average cost of debt by 43
basis points and will result in interest savings of GBP1.7 million
in 2015 and 2016.
o A nominal value of GBP25 million of debt has been swapped for
a five year period from January 2017 at a rate of 2.47% and GBP75
million of debt has been swapped for a five year period from
January 2018 at a rate of 2.65%. These contracts will replace
existing fixed rate loans and interest rate swaps as they mature
that currently incur interest at rates well in excess of these.
-- Credit approved terms have been agreed to extend the loan
facility provided by Barclays plc by GBP15 million. Allied Irish
Banks plc ("AIB") will provide this additional capital and the
enlarged facility will be made available for a new five year term
from August 2015. This amendment allows the Group to more
efficiently use its collateral and provides additional available
headroom.
Dividends and Convertible Bond
The Company paid an interim dividend of 10.0 pence per ordinary
share in April 2015 and a further interim dividend of 10.0 pence
per share will be paid on 30 October 2015, making a total of 20.0
pence per share for the year.
When the Group issued its Convertible Bond in May 2014, the
terms of the bond included protection for the bondholders should
dividend payments in excess of 19.5 pence per share be made in a
financial year. The total payment to be made in 2015 will exceed
that sum, but due to the de-minimis thresholds included in the bond
terms, there will be no impact on the conversion price of the bond
which will remain at 390 pence per share.
Going concern
Set out above and in the financial statements are details of the
Group's business activities, financial development, performance and
position including its cash flows, liquidity position and borrowing
facilities. The Directors believe that the Group is well placed to
manage its business risks successfully. Having reviewed the Group's
current position and cash flow projections, actual and prospective
debt facilities and covenant cover, the Directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence and meet its liabilities as they fall due for
a period of at least twelve months from the date of this report.
Accordingly, the Directors feel it appropriate to continue to adopt
the going concern basis of accounting in preparing the financial
statements. This is discussed further in note 1 to the financial
statements.
Alun Jones Harry Hyman
Chairman Managing Director
19 August 2015
Principal Risks and Uncertainties
There are a number of potential risks and uncertainties faced by
the Group which could have a material impact on performance over
the remaining six months of 2015 and cause actual results to differ
materially from expected and historical results. The Directors do
not consider the principal risks and uncertainties have changed
since the publication of the Annual Report for the year ended 31
December 2014. A detailed explanation of the risks facing the Group
and how the Group seeks to mitigate them is summarised below:
Risk Mitigation
------------------------------------ ----------------------------------
PHP invests in a niche The Board includes members
asset sector where a experienced and active
change of Government in primary care provision.
policy with regard to Management regularly
primary care may adversely engages with the NHS
affect the Group's portfolio and government directly
and performance to promote the continued
investment in primary
care and modern premises.
------------------------------------ ----------------------------------
Negatively changing economic The Board and Adviser
conditions could lead focus on keeping lease
to a decline in the attractiveness terms as long as possible,
of the Group's assets identifying opportunities
compared to other investment to generate additional
classes income and valuation
stability.
------------------------------------ ----------------------------------
The development of new The Group has a number
properties is tightly of formal pipeline agreements
controlled by the NHS. and long standing development
Recent structural changes relationships that provide
have slowed the level an increased opportunity
of approvals and may to secure those developments
restrict the ability that come to market.
of the Group to secure The reputation and track
new investments. record of the Group in
the sector means it is
able to source investment
in existing standing
investments from investors
and owner occupiers.
------------------------------------ ----------------------------------
The Group uses a mix The Board monitors its
of shareholder equity capital structure and
and external debt to maintains regular contact
fund its operations. with funders. A programme
A restriction on the of meetings with existing
availability of funds and potential equity
would limit the Group's investors is supported
ability to invest. by regular discussions
with debt providers.
------------------------------------ ----------------------------------
The bespoke nature of The Adviser meets with
the Group's assets can all of the Group's occupiers
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lead to limited alternative on at least an annual
use. Their continued basis to discuss the
use as fit for purpose building and the tenant's
medical centres is key aspirations and needs
to delivering on the for their future occupation.
Group's strategic objectives. The Group is experienced
in identifying and implementing
asset management projects
that enhance income and
values at properties
and extend occupational
lease terms.
------------------------------------ ----------------------------------
The Group has no employees. The Advisory Agreement
The continuance of the with and performance
Adviser contract is a of Nexus is regularly
key for the efficient reviewed. Nexus remuneration
operation and management is linked to the performance
of the Group. of the Group to incentivise
long term levels of performance.
Nexus can be required
to serve all or any part
of its notice period
should the Group decide
to terminate, providing
protection for an efficient
handover.
------------------------------------ ----------------------------------
Without appropriate confirmed The Board and Management
debt facilities, PHP constantly monitor the
may be unable to meet composition of the Group's
current and future commitments debt portfolio to ensure
or repay or refinance compliance with covenants
debt facilities as they and continued availability
become due. of funds. The Adviser
regularly reports to
the Board on current
debt positions and provides
projections of future
covenant compliance to
ensure early warning
of any possible issues.
------------------------------------ ----------------------------------
Adverse movement in underlying The Group retains a proportion
interest rates could of its debt on a long
adversely affect the term, fixed rate basis.
Group's earnings and It also mitigates its
cash flows. exposure to interest
rate movements on floating
rate facilities through
the use of a series of
interest rate swaps and
other derivative instruments.
------------------------------------ ----------------------------------
Independent review report to Primary Health Properties PLC
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2015 which comprises the Condensed Group
Statement of Comprehensive Income, the Condensed Group Balance
Sheet, the Condensed Group Cash Flow Statement, the Condensed Group
Statement of Changes in Equity and related notes 1 to 16. We have
read the other information contained in the half-yearly financial
report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the Company 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. Our work has been undertaken so that we might state to the
Company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial 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-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2015 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Deloitte LLP - Chartered Accountants and Statutory Auditor
London, United Kingdom
19 August 2015
Condensed Group Statement of Comprehensive Income
for the six months ended 30 June 2015
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
Notes (unaudited) (unaudited) (audited)
--------------------------------------------------------- ------ ------------ ------------ -------------
Rental income 30,975 29,476 60,083
Direct property expense (422) (346) (821)
--------------------------------------------------------- ------ ------------ ------------ -------------
Net rental income 30,553 29,130 59,262
Administrative expenses 2 (3,392) (3,683) (6,782)
Non-recurring expenses: Convertible
bond expenses - (2,435) (2,426)
Net result on property portfolio 23,890 16,055 29,204
Operating profit 51,051 39,067 79,258
Finance income 3 535 410 977
Finance costs 4 (17,846) (17,645) (35,252)
Early loan repayment fee - (903) (1,187)
Fair value gain/(loss) on
interest rate derivatives 4 2,287 1,115 (2,454)
Fair value loss on convertible
bond 4 (3,612) - (4,462)
--------------------------------------------------------- ------ ------------ ------------ -------------
Profit before taxation 32,415 22,044 36,880
Tax charge 5 - - -
--------------------------------------------------------- ------ ------------ ------------ -------------
Profit for the period(1) 32,415 22,044 36,880
Other comprehensive income/(loss):
Items that may be reclassified
subsequently to profit and
loss:
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Fair value movement on interest
rate swaps treated as cash
flow hedges 3,524 (1,444) (9,980)
--------------------------------------------------------- ------ ------------ ------------ -------------
Other comprehensive income/(loss)
for the period net of tax 3,524 (1,444) (9,980)
--------------------------------------------------------- ------ ------------ ------------ -------------
Total comprehensive income
for the period net of tax 35,939 20,600 26,900
--------------------------------------------------------- ------ ------------ ------------ -------------
Earnings per share - basic 6 29.1p 19.9p 33.2p
- diluted 6 25.8p 19.4p 31.5p
EPRA earnings per share -
basic 6 8.9p 7.4p 16.4p
The above relates wholly to continuing operations.
(1) Wholly attributable to equity shareholders of Primary Health Properties PLC
Condensed Group Balance Sheet
as at 30 June 2015
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
Notes (unaudited) (unaudited) (audited)
----------------------------- ------ ------------ ------------ ------------
Non-current assets
Investment properties 8 1,074,757 983,335 1,026,207
Derivative interest rate
swaps 12 21 374 25
----------------------------- ------ ------------ ------------ ------------
1,074,778 983,709 1,026,232
Current assets
Trade and other receivables 4,656 3,981 5,668
Cash and cash equivalents 9 1,516 6,280 12,072
----------------------------- ------ ------------ ------------ ------------
6,172 10,261 17,740
----------------------------- ------ ------------ ------------ ------------
Total assets 1,080,950 993,970 1,043,972
----------------------------- ------ ------------ ------------ ------------
Current liabilities
Derivative interest rate
swaps 12 (7,340) (7,095) (5,802)
Corporation tax payable - (23) -
Deferred rental income (12,985) (12,448) (12,308)
Trade and other payables (15,892) (14,225) (14,244)
Borrowings: Term loans
and overdraft 10 (840) (3,513) (711)
(37,057) (37,304) (33,065)
----------------------------- ------ ------------ ------------ ------------
Non-current liabilities
Borrowings: Term loans
and overdraft 10 (448,459) (396,611) (437,022)
Borrowings: Bonds 11 (233,300) (224,914) (229,543)
Derivative interest rate
swaps 12 (27,859) (22,161) (35,212)
----------------------------- ------ ------------ ------------ ------------
(709,618) (643,686) (701,777)
----------------------------- ------ ------------ ------------ ------------
Total liabilities (746,675) (680,990) (734,842)
----------------------------- ------ ------------ ------------ ------------
Net assets 334,275 312,980 309,130
----------------------------- ------ ------------ ------------ ------------
Equity
Share capital 15 55,689 55,537 55,638
Share premium account 56,699 55,838 56,416
Capital reserve 1,618 1,618 1,618
Special reserve 104,310 126,267 115,438
Cash flow hedging reserve (20,298) (15,781) (23,847)
Retained earnings 136,257 89,501 103,867
----------------------------- ------ ------------ ------------ ------------
Total equity(1) 334,275 312,980 309,130
----------------------------- ------ ------------ ------------ ------------
Net asset value per share
Basic and diluted 13 300p 282p 278p
EPRA net asset value per
share 13 339p 308p 319p
(1) Wholly attributable to equity shareholders of Primary Health
Properties PLC
Condensed Group Cash Flow Statement
for the six months ended 30 June 2015
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2014
2015 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
---------------------------------- ------------ ------------ -------------
Operating activities
Profit on ordinary activities
before tax 32,415 22,044 36,880
Finance income (535) (410) (977)
Finance costs 17,846 17,645 35,252
Provision for early loan
repayment fee - 903 1,187
Fair value (gain)/loss on
derivatives (2,287) (1,115) 2,454
Fair value loss on convertible
bond 3,612 - 4,462
---------------------------------- ------------ ------------ -------------
Operating profit before
financing costs 51,051 39,067 79,258
Adjustments to reconcile
Group operating profit to
net cash flows from operating
activities:
Net result on property portfolio (23,890) (16,055) (29,204)
Fixed rent uplift (726) (545) (1,025)
Convertible bond issue costs - 2,435 2,426
Decrease/(increase) in trade
and other receivables 343 765 (447)
Increase/(decrease) in trade
and other payables 2,369 (1,380) (1,985)
---------------------------------- ------------ ------------ -------------
Cash generated from operations 29,147 24,287 49,023
Taxation paid - - (23)
---------------------------------- ------------ ------------ -------------
Net cash flow from operating
activities 29,147 24,287 49,000
---------------------------------- ------------ ------------ -------------
Investing activities
Payments to acquire investment
properties (23,884) (25,155) (54,921)
Proceeds from disposal of
investment properties - - 525
Interest received on development
loans 1,139 412 478
Bank interest received 12 15 40
---------------------------------- ------------ ------------ -------------
Net cash flow used in investing
activities (22,733) (24,728) (53,878)
---------------------------------- ------------ ------------ -------------
Financing activities
Cost of share issue PPP(1) - (12) (15)
Term bank loan drawdowns 24,342 126,112 164,922
Term bank loan repayments (13,350) (175,976) (176,343)
Proceeds of bond issues - 92,500 92,500
Bond issue costs - (2,535) (2,560)
Swap interest paid (3,784) (3,835) (7,667)
Non utilisation fees (489) (293) (990)
Loan arrangement fees (111) (1,315) (3,092)
Interest paid (12,784) (12,343) (24,078)
Loan breakage costs - (14,328) (14,327)
Group structuring costs (61) - -
Equity dividends paid (net
of scrip dividend) (10,733) (10,542) (20,688)
---------------------------------- ------------ ------------ -------------
Net cash flow (used in)/from
financing activities (16,970) (2,567) 7,662
---------------------------------- ------------ ------------ -------------
Movement in cash and cash
equivalents for the period (10,556) (3,008) 2,784
Cash and cash equivalents
at start of period 12,072 9,288 9,288
---------------------------------- ------------ ------------ -------------
Cash and cash equivalents
at end of period 1,516 6,280 12,072
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---------------------------------- ------------ ------------ -------------
(1) Prime Public Partnerships Limited acquired in December
2013
Condensed Group Statement of Changes in Equity
for the six months ended 30 June 2015
Share Share Capital Special Cash Retained Total
capital premium reserve reserve flow earnings
hedging
reserve
---------------------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- --------- --------- --------- ---------- ---------
Six months ended 30
June 2015 (unaudited)
1 January
2015 55,638 56,416 1,618 115,438 (23,847) 103,867 309,130
--------------------- --------- --------- --------- --------- --------- ---------- ---------
Profit for
the period - - - - - 32,415 32,415
Other comprehensive income:
Fair value
movement on
interest rate
swaps - - - - 3,524 - 3,524
Total comprehensive
income - - - - 3,524 32,415 35,939
Reclassification
of swap interest
accrual from
cash flow
hedge reserve - - - - 25 (25) -
Dividends
paid:
Second interim
dividend for
period ended
31 December
2014 (10.0p) - - - (10,733) - - (10,733)
Scrip dividends
in lieu of
interim cash
dividends 51 344 - (395) - - -
Group structuring
costs - (61) - - - - (61)
30 June 2015 55,689 56,699 1,618 104,310 (20,298) 136,257 334,275
--------------------- --------- --------- --------- --------- --------- ---------- ---------
Six months ended 30
June 2014 (unaudited)
1 January
2014 55,237 55,611 1,618 135,483 (14,337) 68,773 302,385
--------------------- --------- --------- --------- --------- --------- ---------- ---------
Profit for
the period - - - - - 22,044 22,044
Other comprehensive income/(loss):
Fair value
movement on
interest rate
swaps - - - - (1,444) - (1,444)
Total comprehensive
income/(loss) - - - - (1,444) 22,044 20,600
Interest rate
derivative
fair value
adjustment(1) - - - - - (1,316) (1,316)
Share issue
as part of
consideration
for PPP 259 - - 1,605 - - 1,864
Dividends
paid:
Second interim
dividend for
period ended
31 December
2013 (9.75p) - - - (10,542) - - (10,542)
Scrip dividends
in lieu of
interim cash
dividends 41 238 - (279) - - -
Share issue
expenses - (11) - - - - (11)
--------------------- --------- --------- --------- --------- --------- ---------- ---------
30 June 2014 55,537 55,838 1,618 126,267 (15,781) 89,501 312,980
--------------------- --------- --------- --------- --------- --------- ---------- ---------
Condensed Group Statement of Changes in Equity (continued)
Share capital Share premium Capital Special Cash flow Retained Total
reserve Reserve hedging earnings
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------- -------------- -------------- ------------- --------- ------------- ------------- ---------
Year ended 31 December 2014 (audited)
1 January 2014 55,237 55,611 1,618 135,483 (14,337) 68,773 302,385
------------------- -------------- -------------- ------------- --------- ------------- ------------- ---------
Profit for the
year - - - - - 36,880 36,880
Other comprehensive income/(loss):
Fair value
movement on
interest rate
swaps - - - - (9,980) - (9,980)
Total
comprehensive
income/(loss) - - - - (9,980) 36,880 26,900
Reclassification
of swap from
ineffective to
effective - - - - 470 (470) -
Interest rate
derivative fair
value
adjustment(1) - - - - - (1,316) (1,316)
Share issue as
part of
consideration for
PPP 259 - - 1,605 - - 1,864
Share issue
expenses - (15) - - - - (15)
Dividends paid:
Second interim
dividend for the
year ended 31
December 2013
(9.75p) - - - (10,542) - - (10,542)
Scrip dividends in
lieu of second
interim cash
dividend (net of
expenses) 41 238 - (279) - - -
First interim
dividend for the
year ended 31
December 2014
(9.75p) - - - (10,146) - - (10,146)
Scrip dividends in
lieu of interim
cash dividends
(net of expenses) 101 582 - (683) - - -
31 December 2014 55,638 56,416 1,618 115,438 (23,847) 103,867 309,130
------------------- -------------- -------------- ------------- --------- ------------- ------------- ---------
(1) This relates to fair value changes in prior periods
incorrectly recognised within the cash flow hedge reserve
movements
Notes to the Condensed Financial Statements
1. Accounting policies
General information
The financial information set out in this report does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The Group's statutory financial statements for
the year ended 31 December 2014 have been filed with the Registrar
of Companies. The auditor's report on these financial statements
was unqualified and did not contain a statement under section
498(2) or 498(3) of the Companies Act 2006.
The condensed consolidated interim financial statements of the
Group are unaudited but have been formally reviewed by the auditor
and their report to the Company is included on page 11.
These condensed consolidated interim financial statements of the
Group for the six months ended 30 June 2015 were approved and
authorised for issue by the Board on 19 August 2015.
Basis of preparation/Statement of compliance
The condensed consolidated interim financial statements for the
six months ended 30 June 2015 have been prepared in accordance with
IAS 34 'Interim Financial Reporting' and reflect consistent
accounting policies as set out in the Group's financial statements
at 31 December 2014 which have been prepared in accordance with
IFRS as adopted by the European Union.
The condensed consolidated interim financial statements do not
include all the information and disclosures required in the
statutory financial statements and should be read in conjunction
with the Group's financial statements as at 31 December 2014.
Convention
The condensed interim financial statements are presented in
Sterling.
Segmental reporting
The Directors are of the opinion that the Group has one
operating and reportable segment, being the acquisition and
development of property in the United Kingdom leased principally to
GPs, NHS organisations and other associated health care users.
Going concern
The Group's property portfolio is let to tenants with strong
covenants and the acquisition pipeline is positive. The Group's
loan to value ratio is currently 63.2% and the Group's interest
cover for the period under review was 1.77 times, well above the
minimum Group banking covenant of 1.3 times. The Directors are
therefore satisfied that the Group has sufficient resources to
continue in operation for, a period of not less than 12 months from
the date of this report. Accordingly, they continue to adopt the
going concern basis in preparing the condensed interim financial
statements.
Accounting policies
The accounting policies adopted are consistent with those of the
previous financial year except as described below.
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The Group has adopted IFRIC 21 'Levies'. IFRIC 21 addresses the
accounting for a liability to pay a levy if that liability is
within the scope of IAS 37 'Provisions'. The interpretation
addresses what the obligating event is that gives rise to pay a
levy, and when a liability should be recognised. The Group is not
currently subject to significant levies. The adoption of the
interpretation has had no impact on the financial statements for
earlier periods and on the interim financial statements for the
period ended 30 June 2015. The Group does not expect IFRIC 21 to
have a significant effect on the results for the financial year
ending 31 December 2015.
Other amendments to IFRSs effective for the financial year
ending 31 December 2015 are not expected to have a material impact
on the Group.
2. Administrative expenses
As the Group's portfolio has grown, administrative expenses as a
proportion of rental income fell to 10.9% (30 June 2014: 12.5%). As
a result, the Group's EPRA cost ratio has fallen to 11.6%, compared
to 12.7% for the same period in 2014.
No performance incentive fee is payable to the Adviser for the
period ended 30 June 2015 (six months to 30 June 2014: nil and year
ended 31 December 2014: nil).
3. Finance income
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
------------------------------ ------------ ------------ -------------
Interest income on financial
assets
Bank interest 9 13 37
Development loan interest 523 396 937
Other interest 3 1 3
------------------------------ ------------ ------------ -------------
535 410 977
------------------------------ ------------ ------------ -------------
4. Finance costs
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
---------------------------------- ------------ ------------ -------------
Interest expense and similar charges
on financial liabilities
(i) Interest
Bank loan interest 8,031 9,617 16,959
Swap interest 3,746 3,764 7,609
Bond interest 4,737 3,230 8,058
Bank facility non utilisation
fees 485 220 926
Bank charges and loan commitment
fees 847 814 1,700
---------------------------------- ------------ ------------ -------------
17,846 17,645 35,252
---------------------------------- ------------ ------------ -------------
(ii) Early loan repayment
fee
Fee on breakage of PPP debt - 903 1,187
As part of the acquisition of the companies that held the PPP
portfolio in December 2013, the Group assumed GBP178 million of
loan obligations funded by Aviva. The transaction pricing included
a provision of GBP13.7 million that estimated the cost of
re-setting those loans to current market rates. An additional
charge of GBP0.9 million was made to the Group Statement of
Comprehensive Income with regard to costs associated with the early
repayment and restructuring of these loans during the six months
ended 30 June 2014.
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
---------------------------- ------------ ------------ -------------
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
(iii) Derivatives
Net fair value gain/(loss)
on interest rate swaps 2,287 1,115 (2,454)
---------------------------- ------------ ------------ -------------
The fair value gain on derivatives recognised in the Condensed
Group Statement of Comprehensive Income has arisen from the
interest rate swaps for which hedge accounting does not apply. A
fair value gain on derivatives which meet the hedge effectiveness
criteria under IAS39 of GBP3.5 million (30 June 2014: loss of
GBP1.4 million) is accounted for directly in equity.
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
-------------------------------- ------------ ------------ -------------
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
(iv) Convertible bond
Fair value loss on convertible
bond (3,612) - (4,462)
-------------------------------- ------------ ------------ -------------
The fair value movement in the convertible bond is recognised in
the Group Statement of Comprehensive Income within profit before
taxation but is excluded from the calculation of EPRA earnings and
EPRA NAV. Refer to Note 11 for further details about the
convertible bond.
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
------------------------- ------------ ------------ -------------
Finance income (note 3) (535) (410) (977)
Finance costs 17,846 17,645 35,252
------------------------- ------------ ------------ -------------
Net finance costs 17,311 17,235 34,275
------------------------- ------------ ------------ -------------
5. Taxation
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
---------------------------------- ------------ ------------ -------------
Taxation in the Condensed
Group Statement of Comprehensive
Income:
Current tax
UK corporation tax credit - - -
on non-property income
---------------------------------- ------------ ------------ -------------
Taxation credit in the Condensed - - -
Group Statement of Comprehensive
Income
---------------------------------- ------------ ------------ -------------
6. Earnings per share
The calculation of basic and diluted earnings per share is based
on the following:
Net profit
attributable
to Ordinary Ordinary Per
Shareholders Shares Share
GBP000 (number)(1) (pence)
------------------------------------ -------------- ------------ --------
Six months ended 30 June
2015
Basic and diluted earnings
Basic earnings 32,415 111,327,742 29.1p
Dilutive effect of convertible
bond 1,728 21,153,846
------------------------------------ -------------- ------------ --------
Diluted earnings 34,143 132,481,588 25.8p
------------------------------------ -------------- ------------ --------
EPRA basic and diluted earnings
Basic earnings 32,415
Adjustments to remove:
Net result on property (Note
8) (23,890)
Fair value loss on derivatives (2,287)
Fair value movement on convertible
bond 3,612
EPRA basic and diluted earnings
per share 9,850 111,327,742 8.9p
------------------------------------ -------------- ------------ --------
Six months ended 30 June
2014
Basic and diluted earnings
Basic earnings 22,044 110,945,347 19.9p
Dilutive effect of convertible
bond 403 4,908,627
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------------------------------------ -------------- ------------ --------
Diluted earnings 22,447 115,853,974 19.4p
EPRA basic and diluted earnings
Basic and diluted earnings 22,044
Adjustments to remove:
Net result on property (16,055)
Fair value loss on derivatives (1,115)
Early loan repayment fee(2) 903
Issue costs of convertible
bond 2,435
------------------------------------ -------------- ------------ --------
EPRA basic and diluted earnings
per share 8,212 110,945,347 7.4p
------------------------------------ -------------- ------------ --------
Year ended 31 December 2014
(audited)
Basic and diluted earnings
Basic earnings 36,880 111,044,085 33.2p
Dilutive effect of convertible
bond 2,170 13,097,998
------------------------------------ --------- ------------ ------
Diluted earnings 39,050 124,142,083 31.5p
EPRA basic and diluted earnings
Basic and diluted earnings 36,880
Adjustments to remove:
Net result on property (29,204)
Fair value loss on derivatives 2,454
Fair value movement on convertible
bond 4,462
Early loan repayment fee(2) 1,187
Issue costs of convertible
bond 2,426
------------------------------------ --------- ------------ ------
EPRA basic and diluted earnings
per share 18,205 111,044,085 16.4p
------------------------------------ --------- ------------ ------
(1) Weighted average number of Ordinary Shares in issue during the year
(2) Revised EPRA best practice guidance was issued in January
2014 which advised that early repayment fees associated with the
close out of debt instruments should be excluded from EPRA
earnings. This has been reflected in the calculation of EPRA
earnings for both 2013 and 2014. As a result of these changes the
Group no longer calculates an "adjusted" earnings figure
On 20 May 2014, the Group issued GBP82.5 million of unsecured
convertible bonds (refer to Note 11 for further details). In
accordance with IAS 33 (Earnings per Share) the Company is required
to assess and disclose the dilutive impact of the contingently
issuable shares within the convertible bond. The impact is not
recognised where it is anti-dilutive. The convertible bonds are
dilutive for basic earnings per share but not EPRA earnings per
share.
The dilutive impact to basic EPS of convertible bonds is
represented by the accrued bond coupon which has been included in
the results of each period. The number of dilutive shares is
calculated as if the contingently issuable shares within the
convertible bond had been in issue for the period from issuance of
the bonds.
7. Dividends
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
--------------------------------- ------------ ------------ -------------
Second interim dividend 10,733 - -
for the year ended 31 December
2014 (10.00p) paid 1 April
2015
Scrip dividend in lieu of 395 - -
second interim cash dividend
First interim dividend for
the year ended 31 December
2014: (9.75p) paid 7 November
2014 - - 10,146
Scrip dividend in lieu of
first interim cash dividend - - 683
Second interim dividend
for the year ended 31 December
2013 (9.75p) paid 25 April
2014 - 10,542 10,542
Scrip dividend in lieu of
second interim cash dividend - 279 279
--------------------------------- ------------ ------------ -------------
11,128 10,821 21,650
--------------------------------- ------------ ------------ -------------
Per share 10.00p 9.75p 19.50p
--------------------------------- ------------ ------------ -------------
The Company will pay a first interim dividend of 10.00p per
Ordinary Share for the year ending 31 December 2015, payable on 30
October 2015, to shareholders on the register as at 18 September
2015. This dividend will not be a Property Income Distribution
("PID").
8. Investment properties and investment properties under construction
Investment properties have been independently valued at fair
value by Lambert Smith Hampton, Chartered Surveyors and Valuers, as
at 30 June 2015 in accordance with IAS 40: Investment Property.
The revaluation surplus for the six months ended 30 June 2015
amounted to GBP23.9 million (30 June 2014: GBP16.1 million and 31
December 2014: GBP29.2 million).
Property additions, including acquisitions, for the six months
ended 30 June 2015 amounted to GBP23.9 million (30 June 2014:
GBP25.2 million and 31 December 2014: GBP54.9 million). There were
no property disposals in the 6 months ended 30 June 2015 (30 June
2014: nil) and one disposal of GBP0.5 million for the year ended 31
December 2014.
Commitments outstanding at 30 June 2015 amounted to GBP21.8
million (30 June 2014: GBP17.1 million) and at 31 December 2014
were GBP11.2 million.
Investment Investment Investment Total
properties long leasehold properties
freehold under
construction
GBP000 GBP000 GBP000 GBP000
(unaudited) (unaudited) (unaudited) (unaudited)
-------------------------- ------------ ---------------- -------------- ------------
As at 1 January
2015 825,275 177,075 23,857 1,026,207
Property additions 15,874 136 7,874 23,884
Impact of lease
incentive adjustment 335 441 - 776
Transfer from properties
in the course of
development 3,080 21,179 (24,259) -
-------------------------- ------------ ---------------- -------------- ------------
844,564 198,831 7,472 1,050,867
Revaluations for
the period 18,197 5,267 426 23,890
-------------------------- ------------ ---------------- -------------- ------------
As at 30 June 2015 862,761 204,098 7,898 1,074,757
-------------------------- ------------ ---------------- -------------- ------------
9. Cash and cash equivalents
30 June 2015 31 December 2014
GBP000 GBP000
(unaudited) (audited)
--------------------------- ------------- -----------------
Cash held at bank 1,516 8,472
Restricted cash - 3,600
--------------------------- ------------- -----------------
Cash and cash equivalents 1,516 12,072
--------------------------- ------------- -----------------
Restricted cash at 31 December 2014 represents an amount held as
security in relation to debt service and repayment of bank
borrowings and was released in June 2015.
10. Bank and other borrowings reconciliation
The table indicates amounts drawn and undrawn from each
individual facility:
Facility Amounts drawn Undrawn
30 31 December 2014 30 31 December 2014 30 31
June 2015 June 2015 June December
2015 2014
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Current
Overdraft facility (1) 5,000 5,000 - - 5,000 5,000
Fixed Rate term loan (3) 840 711 840 711 - -
5,840 5,711 840 711 5,000 5,000
Non-Current
Term to August 18 (2) 165,000 165,000 136,250 123,500 28,750 41,500
Fixed Rate term loan (3) 24,331 24,702 24,331 24,702 - -
Fixed Rate term to December
2022 (4) 25,000 25,000 25,000 25,000 - -
Term to April 2019 (5) 50,000 50,000 21,513 21,513 28,487 28,487
Fixed Rate term to November
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2018 (6) 75,000 75,000 75,000 75,000 - -
Term to August 2019 (7) 100,000 100,000 55,159 59,160 44,841 40,840
Fixed Rate term to December 24
- 29 (8) 113,000 113,000 113,000 113,000 - -
Term to 2027 (9) 2,486 - 2,486 - - -
-------------------------------- ----------- ----------------- ----------- ----------------- -------- ----------
554,817 552,702 452,739 441,875 102,078 110,827
-------------------------------- ----------- ----------------- ----------- ----------------- -------- ----------
Total 560,657 558,413 453,579 442,586 107,078 115,827
-------------------------------- ----------- ----------------- ----------- ----------------- -------- ----------
Providers:
(1) The Royal Bank of Scotland PLC
(2) The Royal Bank of Scotland PLC and Abbey National Treasury
Services plc (branded Santander from January 2010)
(3) Aviva facility repayable in tranches to 31 January 2032
(4) Aviva GPFC facility
(5) HSBC facility
(6) Aviva facility
(7) Barclays facility
(8) Aviva facility (acquired with PPP)
(9) RBS facility (acquired with Crestdown Limited)
As part of the acquisition in December 2013 of the companies
that held the PPP portfolio, the Group assumed GBP178 million of
loan obligations funded by Aviva. The transaction pricing included
a provision of GBP13.7 million that estimated the cost of
re-setting those loans to current market rates. This amount was
paid to Aviva in full in February 2014, reducing the average
interest rate on these loans to 5.04% from an inherited average of
5.9%, but with the reduction being effective from 1 January 2014.
The Group took the opportunity to make a capital repayment of GBP15
million at this time also.
On 15 April 2014, a further GBP50 million of the Aviva loan was
repaid following the completion of a new GBP50 million revolving
debt facility with HSBC Bank PLC. This facility was secured at an
initial margin of 200 basis points over LIBOR for a five year term
and includes an element that can be utilised to match the stage
payments that the Group makes on its development of new
properties.
On 19 August 2014, the Group entered into a revised and extended
loan facility agreement with Barclays Bank PLC. This extended the
total facility from GBP70 million to GBP100 million for a new five
year term and reduced the initial margin chargeable on the debt to
190 basis points over LIBOR.
On 20 August 2014, the Group concluded the final stage of the
refinance of the Aviva PPP debt. Two new facilities have been
created to split the balance of GBP113 million of assumed debt. A
GBP50 million, 10 year facility has been completed on an interest
only basis and a GBP63 million 15 year facility has been
established with an initial 5 year interest only period and partial
amortisation thereafter. This resulted in a further reduction of
the interest rate applicable to both facilities to 4.91%. The
refinancing is recognised as an extinguishment of an existing
financial liability and the inception of a new facility. As a
result, the unamortised costs associated with the original assumed
loan facilities have been written off together with other early
repayment fees in the Statement of Comprehensive Income.
On 21 August 2014, the Group extended its current Club Facility
with RBS and Santander for a new three year term with the option to
extend for one additional year and reduced the initial margin
chargeable on the debt to 185 basis points over LIBOR.
As part of the acquisition of Crestdown Limited, on 29 June 2015
the Group acquired an existing loan with the Royal Bank of Scotland
PLC in the sum of GBP2.5 million. The loan incurs interest at a
rate of 100 basis points over LIBOR and matures in 2027.
Costs associated with the arrangement and extension of the
facilities, including legal advice and loan arrangement fees, are
amortised over the remaining life of the related facility.
Any amounts unamortised as at the period end are offset against
amounts drawn on the facilities as shown in the table below:
30 June 31 December
2015 2014
GBP000 GBP000
(unaudited) (audited)
------------------------------------ ------------ ------------
Term loans drawn: due within
one year 840 711
Term loans drawn: due in greater
than one year 452,739 441,875
------------------------------------ ------------ ------------
Total term loans drawn 453,579 442,586
Less: Unamortised borrowing
costs (4,280) (4,853)
------------------------------------ ------------ ------------
Total term loans per the Condensed
Group Balance Sheet 449,299 437,733
------------------------------------ ------------ ------------
11. Borrowings: Bonds
30 June 31 December
2015 2014
GBP'000 GBP000
(unaudited) (audited)
------------------------------- ------------ ------------
Secured
Secured Bond November 2015 70,000 70,000
Unsecured
Retail Bond July 2019 75,000 75,000
Convertible Bond May 2019 at
fair value 90,574 86,962
Less: unamortised Issue costs (2,274) (2,419)
233,300 229,543
------------------------------- ------------ ------------
Secured Bond
On 18 December 2013, PHP successfully listed the floating rate
guaranteed secured bonds issued on 4 November 2013 (the "Secured
Bonds") on the London Stock Exchange. The Secured Bonds have a
nominal value of GBP70 million and mature on or about 30 December
2025. GBP60 million was paid up on the issue of the Secured Bonds
with the remaining GBP10 million being received on 30 June 2014
following the completion of the construction of four further
secured assets. The Secured Bonds incur interest on the paid up
amount at an annualised rate of 220 basis points above six month
LIBOR, payable semi-annually in arrears.
Retail Bond
On 23 July 2012, PHP announced that it had become the first UK
REIT to issue a Retail Bond following the issue of a GBP75 million,
unsecured, seven year bond, to retail investors with an annual
interest rate of 5.375% paid semi-annually in arrears. The Retail
Bond issue costs are being amortised on a straight line basis over
seven years.
Convertible Bond
On 20 May 2014, PHP Finance (Jersey) Limited ("the Issuer"), a
wholly owned subsidiary of the Group, issued GBP82.5 million of
4.25% convertible bonds due 2019 (the "Bonds") at par. The Company
has guaranteed the due and punctual performance by the Issuer of
all of its obligations (including payments) in respect of the
Bonds.
Subject to certain conditions, the Bonds are convertible into
preference shares of the Issuer which will be automatically and
mandatorily exchangeable into fully paid ordinary shares of the
Company (the "Shares"). The initial conversion price has been set
at 390 pence per Share (the "Exchange Price"). Under the terms of
the Bonds, the Company will have the right to settle any conversion
rights entirely in Shares, in cash or with a combination of Shares
and cash.
The bondholders have the right to convert the Bonds up until 20
May 2017 only where the Parity Value (as defined in the Bond's
terms) is greater than the Exchange Price.
On or after 20 May 2017, the Bonds may be redeemed at par at the
Company's option subject to the Parity Value equalling or exceeding
GBP130,000, for Bonds with a nominal value of GBP100,000. If not
previously converted, redeemed or purchased and cancelled, the
Bonds will be redeemed at par on the maturity date.
Convertible bond
30 June 31 December
2015 2014
GBP000 GBP000
------------------------------------ -------- ------------
Opening balance - fair value 86,962 82,500
Fair value movement in convertible
bond 3,612 4,462
------------------------------------ -------- ------------
Closing balance - fair value 90,574 86,962
------------------------------------ -------- ------------
The fair value of the convertible bond at 30 June 2015 and 31
December 2014 was established by obtaining quoted market prices.
The fair value movement is recognised in the Group Statement of
Comprehensive Income within Profit before Taxation but is excluded
from the calculation of EPRA earnings and EPRA NAV.
12. Financial risk management
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Set out below is a comparison by class of the carrying amount
and fair values of the Group's financial instruments that are
carried in the financial statements.
Book Fair Book value Fair value
value value
30 June 30 June 31 December 31 December
2015 2015 2014 2014
GBP000 GBP000 GBP000 GBP000
----------------------------- ---------- ---------- ------------ ------------
Financial assets
Trade and other receivables 2,486 2,486 2,682 2,682
Effective interest
rate swaps 21 21 25 25
Cash and short-term
deposits 1,516 1,516 12,072 12,072
----------------------------- ---------- ---------- ------------ ------------
Financial liabilities
Interest-bearing
loans and borrowings (682,599) (783,832) (667,276) (771,727)
Effective interest
rate swaps (20,254) (20,254) (23,782) (23,782)
Ineffective interest
rate swaps (14,945) (14,945) (17,233) (17,233)
Trade and other payables (15,892) (15,892) (14,244) (14,244)
----------------------------- ---------- ---------- ------------ ------------
The fair value of the financial assets and liabilities is
included as an estimate of the amount at which the instruments
could be exchanged in a current transaction between willing
parties, other than a forced sale. The following methods and
assumptions were used to estimate fair values:
-- The fair values of the Group's cash and cash equivalents and
trade payables and receivables are not materially different from
those at which they are carried in the financial statements due to
the short-term nature of these instruments.
-- The fair value of floating rate borrowings is estimated by
discounting future cash flows using rates currently available for
instruments with similar terms and remaining maturities. The fair
value approximates their carrying values, gross of unamortised
transaction costs.
-- The fair values of the derivative interest rate swap
contracts are estimated by discounting expected future cash flows
using market interest rates and yield curves over the remaining
term of the instrument.
The Group held the following financial instruments at fair value
at 30 June 2015. The Group has no financial instruments with fair
values that are determined by reference to significant unobservable
inputs i.e. those that would be classified as level 3 in the fair
value hierarchy, nor have there been any transfers of assets or
liabilities between levels of the fair value hierarchy. There are
no non-recurring fair value measurements.
Fair value measurements at 30 June 2015 are as follows:
Level Level Level Total
1(1) 2(2) 3(3)
Recurring fair GBP000 GBP000 GBP000 GBP000
value measurements
----------------------- --------- --------- ------- ---------
Financial assets
Derivative interest
rate swaps - 21 - 21
----------------------- --------- --------- ------- ---------
Financial liabilities
Derivative interest
rate swaps - (35,199) - (35,199)
Convertible bond (90,574) - - (90,574)
----------------------- --------- --------- ------- ---------
Fair value measurements at 31 December 2014 are as follows:
Level Level Level Total
1(1) 2(2) 3(3)
Recurring fair GBP000 GBP000 GBP000 GBP000
value measurements
----------------------- --------- --------- ------- ---------
Financial assets
Derivative interest
rate swaps - 25 - 25
----------------------- --------- --------- ------- ---------
Financial liabilities
Derivative interest
rate swaps - (41,014) - (41,014)
Convertible bond (86,962) - - (86,962)
----------------------- --------- --------- ------- ---------
(1) Valuation is based on unadjusted quoted prices in active
markets for identical financial assets and liabilities
(2) Valuation is based on inputs (other than quoted prices
included in Level 1) that are observable for the financial asset or
liability, either directly (i.e. as unquoted prices) or indirectly
(i.e. derived from prices)
(3) Valuation is based on inputs that are not based on
observable market data
The interest rate swaps whose fair values include the use of
level 2 inputs are valued by discounting expected future cash flows
using market interest rates and yield curves over the remaining
term of the instrument. The following inputs are used in arriving
at the valuation:
-- Interest rates
-- Yield curves
-- Swaption volatility
-- Observable credit spreads
-- Credit default swap curve
-- Observable market data
13. Net asset value calculations
Net asset values have been calculated as follows:
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
--------------------------- ------------ ------------ ------------
Net assets
Basic net assets 334,275 312,980 309,130
Derivative interest rate
swaps liability (net) 35,178 28,882 40,989
Cumulative convertible
bond fair value movement 8,074 - 4,462
--------------------------- ------------ ------------ ------------
EPRA net asset value 377,527 341,862 354,581
--------------------------- ------------ ------------ ------------
Number Number Number
of shares of shares of shares
--------------------------- ------------ ------------ ------------
Ordinary Shares:
Issued share capital 111,378,261 111,074,018 111,276,662
Net asset value per share
Basic net asset value
per share 300p 282p 278p
--------------------------- ------------ ------------ ------------
EPRA net asset value per
share 339p 308p 319p
--------------------------- ------------ ------------ ------------
EPRA NAV is calculated as Balance Sheet net assets including the
valuation result on trading properties but excluding fair value
adjustments for debt and related derivatives.
As detailed in note 6, the Company is required to assess the
dilutive impact of the unsecured convertible bond on its net asset
value per share, but only report any impact if it is dilutive. With
an initial conversion price of 390 pence, the unsecured convertible
bond issued by the Group on 20 May 2014 is anti-dilutive to all
measures of net asset value per share.
14. Related party transactions
The fees calculated and payable for the period to the Advisers,
included in administrative expenses, were as follows:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
------------------------------- ------------ ------------ -------------
Nexus TradeCo Limited 2,606 2,112 4,697
J O Hambro Capital Management
Limited(1) - 648 648
------------------------------- ------------ ------------ -------------
2,606 2,760 5,345
------------------------------- ------------ ------------ -------------
(1) Joint advisory agreement terminated on 30 April 2014
As at 30 June 2015 outstanding advisory fees payable to Nexus
totalled GBP0.4 million (31 December 2014: GBP0.4 million).
Further fees paid to Nexus in accordance with the Advisory
Agreement as at 30 June 2015 of GBP0.1 million (31 December 2014:
GBP0.1 million) in respect of capital projects were capitalised in
the year.
15. Called up share capital
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
-------------------------------- ------------ ------------ ------------
Issued and fully paid
Ordinary Shares at 50p
each 55,689 55,537 55,638
-------------------------------- ------------ ------------ ------------
At beginning of year 55,638 55,237 55,237
Scrip issues in lieu of
second interim cash dividends 51 41 41
Scrip issues in lieu of
first interim cash dividends - - 101
Shares issued as consideration
for PPP acquisition - 259 259
-------------------------------- ------------ ------------ ------------
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