REG-Nordic Land PLC Final Results - Part 1
Released: 15/07/2009
http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20090715:RnsO6568V
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RNS Number : 6568V
Nordic Land PLC
15 July 2009
15 July 2009
Nordic Land plc
Preliminary Announcement of Results
For the year ended 31 March 2009
Nordic Land plc ('Nordic Land' or the 'Company', or together with its
subsidiaries, the 'Group') is a Jersey-registered, property investment company
established in April 2007 to invest principally in retail real estate in the
Nordic region including Sweden, Norway and Finland. The Manager is Lathe
Investments (Nordic) LLP.
HIGHLIGHTS
* EPRA NAV per share* of £0.91(2008: £1.17)
* Portfolio value of £64.2 million (2008: £67.9 million)
* Loss for the period attributable to equity shareholders of £3.8million (2008:
profit of £0.7 million), mainly due to a loss on revaluation of the portfolio of
£3.7 million (2008: gain of £2.9 million)
* Good progress on asset management:
* Upward rent indexation of 4% for all the properties in January 2009Increasing
rental income at Helsingborg through letting vacant space, increasing mall
income and improving cost recovery from tenantsAdvancement of valuable
development opportunities at Helsingborg with the support of the local
MunicipalityPlanning permission granted, pre-let secured and construction
started, for a new 1,130 m2 unit at Borlssnge100% occupancy achieved in the
office accommodation in Borlssnge
* EPRA NAV, the measure recommended by the European Public Real Estate
Association ("EPRA"), is the Net Asset Value per share of the Company adjusted
to exclude the effect of deferred tax relating to the revaluation of investment
properties and the fair value of derivative financial instruments net of
attributable taxation.
For further information please contact:
Nordic Land plc
Ray Horney +44 (0) 1273 775225
Ian Knight +44 (0) 1892 752005
SP Angel Corporate Finance LLP
John Mackay +44 (0) 7647 9642
Matrix Corporate Capital LLP
Stephen Mischler +44 (0) 20 3206 7000
Bankside Consultants
Simon Rothschild/Oliver Winters +44 (0) 20 7367 8888
CHAIRMAN'S STATEMENT
I am pleased to present the results for your Company for the year ended 31 March
2009.
Despite the worst economic conditions seen for many years, the Nordic real
estate markets have performed significantly better than many other countries,
and, in particular, the UK.
Nordic Land remains the only AIM-listed company exclusively investing in
commercial real estate in the Nordic region and thus offers its investors a
unique exposure to a market that is performing relatively well, compared to
other countries, and offers attractive opportunities going forward.
Property valuations
The value of our portfolio has decreased by some 4.9% to SEK 761 million (£64.2
million) from SEK 800 million (£67.9 million) at 31 March 2008. The Company has
benefitted from the relatively defensive nature of the Nordic property markets,
from the performance of the Nordic economies during this recessionary period,
and from the results achieved by your Manager's active asset management. Details
of the successful programmes implemented to add value, particularly at
Terminalen 1 in Helsingborg and Lackeraren 3 in Borlssnge, are outlined in the
Managing Director's Review.
As a result, although the EPRA NAV per share of the Company has decreased over
the period by some 22% to £0.91 per share (2008: £1.17 per share), it is still
above the EPRA NAV of £0.90 per share at the date of Admission to AIM. In the
light of global economic conditions and real estate markets around the world
this is a satisfactory performance.
Share price
The Company's share price does not reflect the Company's performance or the
asset value behind the shares. Sentiment towards the real estate sector has been
poor, reflecting concerns over both the impact of economic conditions on the
direction of commercial property values and refinancing risk. This has been
further compounded in the case of your Company by the lack of liquidity in its
shares.
However, your Board considers that the Swedish real estate sector has intrinsic
defensive qualities in general, as has the Nordic Land portfolio specifically
(as outlined in this report), and would expect any positive changes in sentiment
towards the sector as a whole to result in a narrowing of the discount of the
share price to NAV. The Board also takes some comfort from the fact that the
Group's borrowings, which are all secured on the Group's properties, are
operating within bank covenants. None are repayable until 2012, with an option
to extend for a further year, and all are on a fixed-interest basis, with a
weighted-average, all-in interest rate of 5.45% per annum.
Your Board is working closely with the Company's brokers to introduce new
shareholders and to examine other ways to improve liquidity in the Company's
shares.
Dividend
In line with the statement made at the time of admission to AIM in 2007, no
dividend has been declared.
Outlook
The retail property market in Sweden continues to offer an attractive
combination of low rents and relatively robust retail sales. Your Board will,
therefore, continue to focus on further building our investment platform in
Sweden when the timing is right.
Inevitably, the Nordic economies are not totally immune to the effects of the
financial crises afflicting world economies. In particular, the Swedish banking
market is continuing to show signs of strain, particularly regarding the banks'
exposure to the economies of the Baltic countries, and this is reducing their
appetite for lending for either refinancing existing transactions or financing
new acquisitions. Notwithstanding this, your Company has continued to show
progress in very challenging conditions, which bodes well for the Company's
future, particularly when the markets improve.
As we reported last year, pending recovery of the capital markets, expansion of
the business is most likely to be achieved by way of joint venturing with
financial partners or through a merger with or the acquisition of other
investment vehicles.
I would like to thank the management team and the Group's professional advisers
for their considerable efforts in producing these results despite the poor
economic conditions.
RAY HORNEY
Chairman
7 July 2009
MANAGING DIRECTOR'S REVIEW
THE NORDIC PROPERTY MARKET
Sweden's economy has not been immune to the effects of the global economic
crisis but has fared well relative to many other European countries. It
experienced negative GDP growth of 0.2% in 2008.
The National Institute of Economic Research forecasts a fall of 3.9% in 2009 and
a recovery of 0.9% in 2010. In comparison to the rest of Europe, Sweden is
forecast to have a somewhat higher than average growth than the EU area in
2009.
Retail sales performed better than many EU countries and increased by 3.4%
during 2008. However, consumers are now more cautious, given the weaker labour
markets, and growth is now expected to be much lower in 2009, growing only by a
forecast 1%. Demand from retailers for new space has decreased, if not halted,
and proposed new retail property developments have largely been put on hold.
Swedish banks are lending, albeit cautiously, having had to manage a large
exposure to the Baltic countries.
Investment activity in 2008 was slightly down at SEK103 billion for all
property. Shopping centres accounted for approximately 12% of the total retail
investment transaction volume, down from 66% in 2007. Retail warehouses
accounted for approximately 78%.
This year the investment market has been very subdued, largely because of
limited access to funding and property owners not wishing to be perceived as
distressed sellers.
As in the UK, the significant shift in economic and property fundamentals
creates opportunities for opportunistic buyers.
OUR BUSINESS MODEL
We focus on multi-let investment properties with a strong retail element. This
forms the basis of our strategy of seeking to add value whilst having a
well-spread mix of tenants.
The Company's acquisition process is stringent and based on local knowledge. For
each property, and further development thereof, detailed business plans are
prepared to manage risk and to add real value through both development and asset
management.
Acquisition financing is carefully structured to provide sufficient headroom to
operate within loan covenants. Protection against future interest-rate
movements is achieved by fixed-rate funding, which, in turn, matches the timing
of the contracted income flows from occupational leases.
Nordic Land's financial controls are equally rigorous and detailed working
capital forecasts are maintained to assist in the planning of property
acquisitions and subsequent developments.
As far as property operations are concerned, we engage local Swedish property
professionals, experienced in the real estate markets, to advise us on our
investment and asset management strategy. The Board includes a Swedish property
professional, Olle Arnoldsson, and offices are maintained in Gothenburg.
Day-to-day property management and leasing is now contracted to DTZ, with
offices throughout Sweden, with whom the Group and the Manager have
long-standing relationships.
The Board meets quarterly to review the Manager's comprehensive management
reports and to make further decisions thereon.
PROPERTY REVIEW
Each of the Group's properties provides a range of profitable asset management
and development opportunities, which we expect to convert into increases in
cashflow and net asset value per share.
The portfolio is currently well secured on 102 tenants, of which 73% are
municipalities and national multiples, including market leaders such as Willy:s,
Rusta, Scandlines, Sportex, Espresso House, Expert and McDonalds.
The quality and size of the tenant base is important to us in terms of a
diversified cashflow as well as opening up multiple prospects for adding value
on lease renewals.
Retail leases in Sweden are typically fairly short, at between three and five
years, although terms may be longer (up to ten years), particularly on new
lettings of larger retail boxes. It is commonplace for retailers to have the
right to renew their leases. Rents are annually indexed to the Consumer Price
Index.
Nordic Land's assets comprise Terminalen 1 in Helsingborg, which is a
regionally-important, mixed-use, retail and transport hub serving the west coast
of Sweden and Denmark, a prime-located retail park in Borlssnge with additional
development opportunities and a multi-let retail property in an affluent part of
Greater Stockholm.
Terminalen 1, Helsingborg
This long-leasehold interest was acquired in May 2007 for SEK 540 million
(excluding purchase costs) to reflect an initial yield of 5.7% at purchase.
Helsingborg is a major port city in south-west Sweden, opposite Denmark. The
property itself is in central Helsingborg, unique for the area's transportation
systems, serving rail, road, ferry and bus routes, and in a prime office
location.
The building was constructed in 1991 and is the region's central transport
terminal.
It comprises the terminal area (which provides ticket sales, waiting halls and a
passenger link to the main Sweden to Denmark ferry terminal), a shopping centre
with a number of restaurants above, and offices in the 5-6 levels above. The
total lettable area is some 19,500 m2.
Underneath the building are the main, west-coast-line, railway station and the
town's main bus terminal, both of which the Group owns.
The property has both a multi-storey, roof-top, car park (303 spaces) and a
surface roof-top car park (399 spaces), which benefit from being directly
adjacent to the ferry and train terminals and which together provide a strong
income stream.
In total there are currently some 87 tenants.
The South Harbour area, directly to the south of the property, is to be
redeveloped into a major 'docklands-style' development (called H+), comprising
1,000,000 m2 of land to cater for living, working, studying and leisure
facilities. This project has been subject to an international tender and five
teams have been selected to submit their proposals in 2009. In addition to the
H+ project, the railway will in the future be underground and thus further
enhance the quality of the area. The construction of the railway tunnel is
estimated to start in early 2012, for completion in 2017. These projects would
further improve the location around the building and benefit the property.
Terminalen is the 'gateway' property by virtue of its location and hosting of
the major transport links and thus gives Nordic Land the opportunity to become
involved in the development of this area.
We are particularly encouraged by our ongoing meetings with officials of the
Municipality and its efforts to make a positive contribution to the H+ scheme.
We are in the final stages of installing some energy-efficient equipment to
achieve significant cost savings as well as implementing an energy-saving
programme, and are already seeing an increase in net operating income. In due
course this will enhance the property valuation.
We have let our previously-vacant space to new tenants so as to increase income,
and there is further under-utilised or vacant space at the property which has
now been made ready for leasing. The leasing team, led by DTZ, has been
strengthened with the appointment of a local experienced agent who has excellent
knowledge of the local market.
We have completed plans with our architects for a new, vibrant, restaurant area
at first floor level, and, potentially, new offices above.
In parallel with the ongoing discussions with the Municipality regarding the
approval and planning process, the first stage of the refurbishment is now in
hand, involving the upgrading of all lifts and, later in the year, the
replacement and repositioning of escalators leading to core areas.
Rent recovery levels are very strong and there are no significant arrears or bad
debts.
Lackeraren 3, Borlssnge
This freehold interest was acquired in May 2007 for SEK 140 million (excluding
purchase costs) to reflect an initial yield of 5.8% at purchase.
Borlssnge is a major regional town 120 km to the north west of Stockholm with
large corporate employers and a strong local economy. The property itself is
located next to the regionally-dominant Kupolen Shopping Centre.
The property comprises a prime, retail-warehouse park and two small,
free-standing office buildings, all of some 10,000 m2, plus a 327-space surface
car park and extensive servicing areas. The income is well secured by major
national retailers including Willy:s and Rusta.
Over the last 12 months we have secured a building permit to build a new 1,130
m2 unit, acquired additional land so as to meet car park standards for more
space on site, and signed a pre-let with a national retailer, Expert. The
construction of the additional retail unit is well underway and in line with
budget and schedule. The new tenant, which will take occupation in August 2009,
will further enhance the quality of the tenant mix at the property. We expect
the remaining development profit to be included in the next valuation in
September when the project will have been completed.
We are currently in discussions with the Municipality to secure for the Group
the possibility for further extension of the retail and office areas and to
potentially acquire land adjacent to our existing property in order to enlarge
the car park areas.
The property is now fully let and there are no arrears or bad debts.
Sicklaon 117, Nacka, Stockholm
This freehold interest was acquired in September 2007 for SEK 64 million
(excluding purchase costs) to reflect an initial yield of 5.9% at purchase.
The property is well-located in the Sickla shopping quarter which, as the main
retail location for the Nacka community, generates some of the highest sales per
square metre in Sweden. This area is amongst the most affluent regions in
Sweden, featuring high per capita income and strong population growth.
The immediate location benefits from recent and substantial improvements to
local infrastructure. New retail developments and car parking facilities have
recently been completed adjacent to the building, and a new road connection is
being planned.
The property comprises 3,400 m2 of retail, storage and office accommodation in
one building, predominantly let to national multiple retailers, plus a villa and
land for re-development.
We have a number of asset-management initiatives in hand, including improvement
to the retail elements and a property-cost reduction programme so as to increase
net operating income.
The property currently has one small vacant area which is being marketed. There
are no arrears or bad debts.
VALUATIONS
As at 31 March 2009, the value of the Group's property portfolio had decreased
by some £3.7 million to £64.2 million, compared to the value at 31 March 2008 of
£67.9 million.
This follows the completion of its formal year-end valuation, which was carried
out by DTZ, in accordance with the Appraisal and Valuation Standards of RICS:
Property Valuation as at 31 March Valuation as at 31 March Increase/ %
2009 2008 (decrease)
Helsingborg £ million 46.4 48.8 (2.4) (4.9)
SEK million 550 575 (25) (4.3)
Lackeraren £ million 13.0 13.2 (0.2) (1.5)
SEK million 154 155 (1) (0.6)
Sicklaon £million 4.8 5.9 (1.1) (18.6)
SEK million 57 70 (13) (18.6)
Total £million 64.2 67.9 (3.7) (5.4)
SEK million 761 800 (39) (4.9)
Blended yield 6.2% 5.7%
Note: SEK:GBP exchange rate was 11.85 as at 31 March 2009 (11.8 as at 31 March
2008).
The SEK property valuations have fallen by 4.9%. This is mainly due to valuers
moving yields out to reflect current market conditions in the real estate
sector; however, a good contribution was made from our asset-management
activities:
* an increase in net operating income at Helsingborg through letting vacant
space, increasing mall income and implementing energy cost savings
* the achievement of 100% occupancy in the office accommodation in Borlssnge
* starting construction on the pre-let development at Borlssnge
* upward rent indexation of 3.99% for all of the properties in January 2009
FINANCIAL REVIEW
Results
Net rental income for the year was £3.4 million (2008: £2.6 million),
representing a full year's contribution after the acquisition of the Helsingborg
and Borlssnge properties in May 2007 and the Sicklaon property in September
2007. Operating loss for the year was £1.6 million (2008: profit of £3.5
million), after allowing for administrative expenses of £1.2 million (2008: £1.9
million) and the loss on the revaluation of investment properties of £3.7
million (2008: gain of £2.9 million).
Loss before tax for the year was £4.5 million (2008: profit before tax of £1.9
million), after allowing for the net interest payable of £2.7 million (2008:
£1.9 million) and the writing off of the fair value of derivative financial
instruments of £0.3 million (2008: gain of £0.3 million).
The tax credit for the year was £0.7 million (2008: charge of £1.2 million),
principally due to the deferred tax on the revaluation of investment
properties.
Loss after tax for the year was therefore £3.8 million (2008: profit after tax
of £0.7 million). EPRA earnings per share, excluding the loss on revaluation of
investment properties, the change in fair value of derivative financial
instruments and exceptional items, all net of attributable taxation, was a loss
of 2.6 p per share (2008: loss of 6.8 p).
Dividend
As reported in the Chairman's Statement, no dividend has been declared, in line
with the statement made by the directors at the time of Admission.
Cash flow
Net cash flows used in operating activities were £1.0 million (2008: inflow of
£1.6 million). After allowing for capital expenditure on the acquisition and
development of investment properties of £0.5 million (2008: £57.4 million), the
net decrease in cash and cash equivalents for the year was £1.5 million (2008:
increase of £6.3 million). Available cash balances at the year end were £5.3
million (2008: £6.8 million).
Balance sheet
At 31 March 2009 the value of the Group's property portfolio was £64.2 million
(2008: £67.9 million). After allowing for foreign exchange losses on
retranslation of £0.4 million (2008: gains of £0.3 million) and capital
expenditure incurred during the year of £0.5 million (2008: £0.1 million), the
valuation deficit was £3.7 million (2008: surplus of £2.9 million).
EPRA net asset value per share was as follows:
As at As at
31 March 2009 31 March 2008
Basic net asset value per share £0.84 £1.07
EPRA net asset value per share £0.91 £1.17
EPRA net asset value per share is a property industry measure which excludes
deferred tax relating to the revaluation of investment properties and the fair
value of derivative financial instruments net of attributable taxation.
Financing
As at 31 March 2009 the Group's net debt totalled £44.4 million (2008: £43.0
million). The Group's bank borrowings are all secured on the Group's properties
and are operating well within bank loan covenants.
The loans are repayable in 2012, with an option to extend for a further year,
and are on a fixed-interest basis, with a weighted-average, all-in interest rate
of 5.45% per annum.
At the year end the net debt/property gearing ratio was 69.1% (2008: 63.4%).
The loans to acquire the properties were originally provided by Lehman Brothers
Bankhaus AG ('Lehman'). On 23 May 2008 the loans were transferred to a
commercial-mortgage-backed-securities ('CMBS') vehicle, Excalibur Funding No 1
PLC ('Excalibur'), set up by Lehman to be the lender of a portfolio of loans.
Excalibur took over all the rights and obligations under the Lehman loan
agreement, including the capital expenditure commitment facility of SEK 110
million (£9.3 million).
The loan agreement states that Nordic Land pays interest to Excalibur on a
fixed-interest basis. The Group does not have any floating-rate obligations
under the terms of the loan. Lehman previously advised that Nordic Land
benefitted from movements in interest rates in relation to the underlying
derivative financial instruments put in place within the Lehman group of
companies (and thus subsequently Excalibur) to achieve the fixed interest rates
on our loans. We accounted for the value of these derivative financial
instruments in the Balance Sheet on the advice of Lehman. However, since the
loans were transferred to Excalibur, we have been advised that there are no
underlying derivative financial instruments within Excalibur to which Nordic
Land is a party to the derivative contract. Hence the value of the derivative
financial instruments has been removed from the Balance Sheet.
The loans have been accounted for at amortised cost at the Balance Sheet date,
in accordance with IFRS, and the fair value is disclosed in the notes to the
accounts (note 15). Nordic Land's only obligation is to pay interest at fixed
rates and repay loans at par value at maturity.
Loan covenant compliance at 31 March 2009 is as follows:
Property Interest cover
Helsingborg 128%
Lackeraren 150%
Sicklaon 127%
Combined- actual 132%
Loan covenant 115%
There are no covenants in relation to ongoing compliance with, and monitoring
of, loan to value percentages, except in relation to drawdowns under the capital
expenditure loan facility.
All loans are therefore performing within covenant.
As stated above, Excalibur took over the commitment to provide a capital
expenditure loan facility of some £9.3 million (2008: £9.3 million). We had
intended to use this facility to fund part of the costs for the development
project at Borlssnge and have submitted a drawdown notice to Excalibur to
receive the funds. To date we have not received either the funds or confirmation
that the facility exists. Therefore there is some doubt as to whether we will
receive the funds. Until such time that either the funds are received or we
receive confirmation that the facility exists, we will continue to use our
existing cash resources. We will also seek to either refinance the existing
loans or raise additional bank funding as required.
The Manager routinely prepares working capital forecasts as part of its
operational activities and its regular reporting to the Board, and monitors the
effect of changing assumptions on the forecasts and loan covenant compliance.
OUTLOOK
The Board, together with the Manager and the Company's advisers, regularly
reviews the potential opportunities available to the Company regarding raising
capital and pursuing strategic investment actions with the aim of growing the
Company and maximising returns to shareholders. To date these have been limited
because of the effective closure of the equity capital markets for companies of
our size, and the limited bank funding available.
Given the current global economic environment, and the reduction in available
bank and equity funding, we are concentrating our resources, in the short-term,
on maximising the asset management potential of our existing properties.
Overall, we are satisfied with our progress to date and look forward to
confidence returning to the capital markets.
IAN KNIGHT
Managing Director
Consolidated Financial Statements
Consolidated Income Statement for the year ended 31 March 2009
Year ended 3 April 2007
31 March to 31 March
2009 2008
Note £000 £000
Gross rental income 5,122 3,883
Property operating expenses (1,723) (1,279)
Net rental income 4 3,399 2,604
Administrative expenses (1,238) (1,941)
Loss on abortive transaction - (104)
(Loss)/gain on revaluation of investment properties 10 (3,721) 2,947
Operating (loss)/profit 5 (1,560) 3,506
Financial income 6 191 291
Financial expenses 7 (2,862) (2,183)
Change in fair value of derivative financial
instruments 11 (272) 272
(Loss)/profit before tax (4,503) 1,886
Income tax 8 700 (1,154)
(Loss)/profit for the year/period attributable to equity shareholders
(3,803) 732
Earnings per share - basic and diluted 9 (19.4)p 4.2p
EPRA earnings per share - basic and diluted 9 (2.6)p (6.8)p
The notes form part of these consolidated financial statements.
Consolidated Balance Sheet as at 31 March 2009
31 March 31 March
2009 2008
Note £000 £000
ASSETS
Non-current assets
Investment properties 10 64,203 67,878
Derivative financial instruments 11 - 272
64,203 68,150
Current assets
Trade and other receivables 12 378 363
Cash and cash equivalents 13 5,336 6,838
5,714 7,201
Total assets 69,917 75,351
LIABILITIES
Current liabilities
Trade and other payables 14 2,154 2,798
Income tax provision 19 9
2,173 2,807
Non-current liabilities
Borrowings 15 49,696 49,860
Deferred tax liability 17 1,403 2,138
51,099 51,998
Total liabilities 53,272 54,805
Net assets 16,645 20,546
EQUITY
Ordinary share capital 18 199 192
Share premium 17,523 17,059
Foreign currency translation reserve 1,859 2,037
Retained earnings (2,936) 1,258
Total shareholders' equity 16,645 20,546
Net asset value per value 19 £0.84 £1.07
EPRA net asset value per share 19 £0.91 £1.17
The notes form part of these consolidated financial statements.
Consolidated Cash Flow Statement for the year ended 31 March 2009
Year ended 31 March 3 April 2007 to
2009 31 March
2008
Note £000 £000
Cash flows from operating activities
(Loss)/profit for the year/period (3,803) 732
Interest receivable (191) (291)
Interest payable and other finance costs 2,862 2,183
Income tax (700) 1,154
Adjustments for non-cash items:
Loss/(gain) on revaluation of investment properties 3,721 (2,947)
Change in fair value of derivative financial instruments 272
(272)
Share-based payments 77 526
Operating profit before changes in working capital 2,238 1,085
Other movements arising from operations:
Increase in trade and other receivables (15) (248)
(Decrease)/increase in trade and other payables (634) 1,393
Tax paid - (9)
Net cash generated from operations 1,589 2,221
Interest received 203 264
Interest paid (2,760) (922)
Net cash flows (used in)/from operating activities (968) 1,563
Cash flows used in investing activities
Acquisition and development of investment properties (486) (57,352)
Cash flows used in investing activities (486) (57,352)
Cash flows from financing activities
Proceeds from the issue of share capital at a premium - 19,173
Cost of issue of shares at a premium - (1,922)
Net drawdown of borrowings - 44,829
Cash flows from financing activities - 62,080
Net (decrease)/increase in cash and cash equivalents (1,454)
6,291
Opening cash and cash equivalents 6,838 -
Exchange (losses)/gains on cash balances (48) 547
Closing cash and cash equivalents 13 5,336 6,838
The notes form part of these consolidated financial statements.
Consolidated Statement of Changes in Equity for the year ended 31 March 2009
Ordinary share capital Share premium Foreign currency translation reserve Retained earnings Total equity
£000 £000 £000 £000 £000
2009
Loss for the year - - - (3,803) (3,803)
Foreign exchange differences recognised directly in - - (178) - (178)
equity
Total recognised income and expense - - (178) (3,803) (3,981)
Share-based payments - - - (391) (391)
Ordinary shares issued at a premium 7 464 - - 471
Balance at 1 April 2008 192 17,059 2,037 1,258 20,546
Balance at 31 March 2009 199 17,523 1,859 (2,936) 16,645
2008
Profit for the period - - - 732 732
Foreign exchange differences recognised directly in - - 2,037 - 2,037
equity
Total recognised income and expense - - 2,037 732 2,769
Share-based payments - - - 526 526
Ordinary shares issued at a premium 192 18,981 - - 19,173
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