REG - Nordic Land PLC - Half Yearly Report - Part 2
Released: 16/12/2009
- Part 2: For the preceeding part double click [ID:nRSP1849Ea]
Note 14 Borrowings
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Amounts
falling due
after more
than one
year:
Bank loans 53,895 47,685 50,013
Unamortised (279) (353) (317)
borrowing
costs
53,616 47,332 49,696
The bank loans represent borrowings of SEK 602.7 million (30 September 2008:
SEK 592.7 million; 31 March 2009: SEK 592.7 million). The
weighted-average interest rate on loans of SEK 592.7 million is 5.45% per
annum. The interest rates on these loans are fixed until maturity of the
borrowings in April 2012, with an option to extend for a further year. The
interest rate on the loan of SEK 10 million is variable.
The bank loans are secured on the shares of the borrowing subsidiaries and
their investment properties. There are no loan to value covenants.
The loans have been accounted for at amortised cost at the Statement of
Financial Position date, in accordance with IFRS, and the fair value is
disclosed below. Nordic Land's only obligation is to repay the loans at
par value at maturity.
The Group has now drawndown SEK 10 million (£0.9 million) from the capital
expenditure facility with the lender, leaving a further SEK 100 million
(£8.9 million) available for future drawdown. However, the facility expires
on 30 December 2009.
The Directors estimate that the book value and fair value of the Group's
bank loans are:
Book Fair Book Fair Book Fair
value value value value value value
30 30 30 30 31 31
September September September September March March
2009 2009 2008 2008 2009 2009
£000 £000 £000 £000 £000 £000
Bank loans 53,895 57,208 47,685 47,616 50,013 54,013
The gearing ratio at the period end is as follows:
As at
As at 30 As at
30 September September 31 March
2009 2008 2009
£000 £000 £000
Bank loans 53,616 47,332 49,696
Cash and
cash
equivalents (5,638) (5,702) (5,336)
Net debt 47,978 41,630 44,360
Value of
investment
properties 64,568 63,281 64,203
Net gearing
ratio 74.3% 65.8% 69.1%
Gross
gearing
ratio 83.0% 74.8% 77.4%
Note 15 Deferred tax liability
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Opening balance 1,403 2,138 2,138
Net credit for period (967) (156) (710)
Foreign exchange differences 16 (117) (25)
Closing balance 452 1,865 1,403
Note 16 Net asset value per share
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Net assets 13,843 18,100 16,645
Adjust for:
Fair value
of derivative
financial instruments - (69) -
Deferred
tax on revaluation of
investment properties 452 1,865 1,403
EPRA net assets 14,295 19,896 18,048
Net asset value per
share – basic and
diluted £0.70 £0.91 £0.84
EPRA net asset value
per share – basic
and diluted £0.72 £1.00 £0.91
Number of ordinary
shares in issue at
period end 19,859,561 19,859,561 19,859,561
Net asset value per share has been calculated by dividing the net assets
attributable to the equity shareholders of the Company by the number of
ordinary shares in issue at the period end.
EPRA net asset value per share 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.
Basic and diluted net asset value per share are the same, as the issued
share options are currently anti-dilutive.
Note 17 Financial risk management
During the six months to 30 September 2009, the Group's financial risk
management policies were consistent with those disclosed in the consolidated
financial statements for the year ended 31 March 2009.
Note 18 Interim report
The report is available on the Company's website: www.nordicland.com
The interim report for the period from 1 April to 30 September 2009 will
be sent to shareholders in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFUEEISUSEIE