REG - AEW UK REIT PLC - Half-year Report <Origin Href="QuoteRef">AEWU.L</Origin> - Part 2
07/12/2017 07:06
- Part 2: For the preceding part double click ID:nRSG6266Ya
included on a voluntary basis.
Condensed Statement of Changes in Equity
for the six months ended 31 October 2017
Total capital
Capital and reserves
Share reserve and attributable to
Share premium retained owners of
For the period 1 May 2017 to capital account earnings the Company
31 October 2017 (unaudited) Notes £'000 £'000 £'000 £'000
Balance as at 1 May 2017 1,236 22,514 94,924 118,674
Total comprehensive income - - 6,989 6,989
Ordinary shares issued 15,16 279 27,771 - 28,050
Share issue costs 16 - (546) - (546)
Dividends paid 8 - - (4,946) (4,946)
Balance as at 31 October 2017 1,515 49,739 96,967 148,221
Total capital
Capital and reserves
Share reserve and attributable to
Share premium retained owners of
For the period 1 May 2016 to 31 October 2016 (unaudited) Notes capital£'000 account£'000 earnings£'000 the Company£'000
Balance at 1 May 2016 1,175 16,729 98,471 116,375
Total comprehensive income - - 493 493
Ordinary shares issued 15,16 61 5,938 - 5,999
Share issue costs 16 - (120) - (120)
Dividends paid 8 - - (4,700) (4,700)
Balance as at 31 October 2016 1,236 22,547 94,264 118,047
The notes below form an integral part of these condensed financial
statements.
Total capital
Capital and reserves
Share reserve and attributable to
Share premium retained owners of
For the year ended 30 April 2017 (audited) Notes capital£'000 account£'000 earnings£'000 the Company*£'000
Balance at 1 May 2016 1,175 16,729 98,471 116,375
Total comprehensive income - - 6,099 6,099
Ordinary shares issued 15,16 61 5,938 - 5,999
Share issue costs 16 - (153) - (153)
Dividends paid 8 - - (9,646) (9,646)
Balance as at 30 April 2017 1,236 22,514 94,924 118,674
The notes below form an integral part of these condensed financial
statements.
* Although not required by IAS 34, the comparative figures for the preceding
year end and related notes have been included on a voluntary basis.
Condensed Statement of Financial Position
as at 31 October 2017
As at As at As at
31 October 2017 31 October 2016 30 April 2017
(unaudited) (unaudited)* (audited)
Notes £'000 £'000 £'000
Assets
Non-Current Assets
Investment property 9 147,030 125,734 135,570
Investments 9 - 9,330 -
147,030 135,064 135,570
Current Assets
Investments held for sale 9 - - 7,594
Receivables and prepayments 10 2,204 4,600 3,382
Other financial assets held at fair value 11 24 78 31
Cash and cash equivalents 34,537 10,155 3,653
36,765 14,833 14,660
Total assets 183,795 149,897 150,230
Non-Current Liabilities
Interest bearing loans and borrowings 12 (32,259) (26,201) (28,740)
Finance lease obligations 14 (591) (1,582) (55)
(32,850) (27,783) (28,795)
Current Liabilities
Payables and accrued expenses 13 (2,677) (3,949) (2,756)
Finance lease obligations 14 (47) (118) (5)
(2,724) (4,067) (2,761)
Total Liabilities (35,574) (31,850) (31,556)
Net Assets 148,221 118,047 118,674
Equity
Share capital 15 1,515 1,236 1,236
Share premium account 16 49,739 22,547 22,514
Capital reserve and retained earnings 96,967 94,264 94,924
Total capital and reserves attributable to equity holders of the Company 148,221 118,047 118,674
Net Asset Value per share (pence per share) 7 97.80 95.47 95.98
The financial statements were approved by the Board of Directors on 6 December
2017 and were signed on its behalf by:
Mark Burton
Chairman
AEW UK REIT plc
Company number: 09522515
The notes above form an integral part of these condensed consolidated
financial statements.
* Although not required by IAS 34, the comparative figures for the preceding
period end and related notes have been included on a voluntary basis.
Condensed Statement of Cash Flows
for the six months ended 31 October 2017
Period from Period from For the year
1 May 2017 to 1 May 2016 to ended 30 April
31 October 2017 31 October 2016 2017
(unaudited) (unaudited) (audited)*
£'000 £'000 £'000
Cash flows from operating activities
Operating profit 7,297 894 6,858
Adjustment for non-cash items:
(Gain)/loss from change in fair value of investment property (2,480) 3,726 3,159
Loss from change in fair value of investments - 779 407
Loss/(profit) on disposal of investment property 216 (410) (731)
(Profit)/loss on disposal of investments (73) - 113
Decrease/(increase) in other receivables and prepayments 666 (1,638) (483)
(Decrease)/increase in other payables and accrued expenses (1,178) 981 (283)
Net cash generated from operating activities 4,448 4,332 9,085
Cash flows from investing activities
Purchase of investment property (17,329) (15,587) (28,062)
Disposal of investment property 10,858 710 2,681
Disposal of investments 7,667 - 1,995
Net cash generated from/(used in) investing activities 586 (14,877) (23,386)
Cash flows from financing activities
Proceeds from issue of ordinary share capital 28,050 5,999 5,999
Share issue costs (453) (117) (153)
Loan draw down 3,490 12,260 14,760
Finance costs (291) (705) (969)
Dividends paid (4,946) (4,700) (9,646)
Net cash generated from financing activities 25,850 12,737 9,991
Net increase/(decrease) in cash and cash equivalents 30,884 2,192 (4,310)
Cash and cash equivalents at the start of the period/year 3,653 7,963 7,963
Cash and cash equivalents at the end of the period/year 34,537 10,155 3,653
The notes below form an integral part of these condensed consolidated
financial statements.
* Although not required by IAS 34, the comparative figures for the preceding
year end and related notes have been included on a voluntary basis.
Notes to the Condensed Financial Statements
for the six months ended 31 October 2017
1. Corporate information
AEW UK REIT plc (the 'Company') is a closed ended Real Estate Investment Trust
('REIT') incorporated on 1 April 2015 and domiciled in the UK.
The comparative information for the year to 30 April 2017 does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
auditors reported on those accounts; their report was unqualified, and did not
contain a statement under section 498(25) or (23) of the Companies Act 2006.
2. Accounting policies
2.1 Basis of preparation
These interim condensed unaudited financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting, and should be read in
conjunction with the Company's last financial statements for the year ended 30
April 2017. These condensed unaudited financial statements do not include all
information required for a complete set of financial statements proposed in
accordance with IFRS as adopted by the EU ("EU IFRS"), however, selected
explanatory notes have been included to explain events and transactions that
are significant in understanding changes in the Company's financial position
and performance since the last financial statements. A review of the interim
financial information has been performed by the Independent Auditor of the
Company and was approved for issue on 6 December 2017.
The comparative figures disclosed in the condensed unaudited financial
statements and related notes have been presented for the six month period to
31 October 2016 and year ended 30 April 2017 and as at 31 October 2016 and 30
April 2017.
Although not required by IAS 34, the comparative figures as at 31 October 2016
for the Condensed Statement of Financial Position and for the year ended 30
April 2017 for the Condensed Statement of Comprehensive Income, Condensed
Statement of Changes in Equity and Condensed Statement of Cash Flows and
related notes have been included on a voluntary basis.
These condensed unaudited financial statements have been prepared under the
historical-cost convention, except for investment property, investments and
interest rate derivatives that have been measured at fair value.
The condensed unaudited financial statements are presented in Sterling and all
values are rounded to the nearest thousand pounds (£'000), except when
otherwise indicated.
The Company is exempt by virtue of Section 402 of the Companies Act 2006 from
the requirement to prepare group financial statements. These financial
statements present information solely about the Company as an individual
undertaking.
New standards, amendments and interpretations
There are a number of new standards and amendments to existing standards which
have been published and are mandatory for the Company's accounting periods
beginning after 1 November 2017 or later periods, but the Company has decided
not to adopt them early. The following are the most relevant to the Company
and their impact on the financial statements:
• IFRS 7 (Financial Instruments: Disclosures) amendments regarding additional
hedge accounting disclosures (applied when IFRS 9 is applied);
• IFRS 9 (Financial Instruments) effective for annual periods beginning on or
after 1 January 2018;
• IFRS 15 (Revenue from Contracts with Customers) issued in May 2014 and
applies to an annual reporting period beginning on or after 1 January 2018;
and
• IFRS 16 (Leases) issued in January 2016 and is effective for annual periods
beginning on or after 1 January 2019.
The Company does not expect the adoption of new accounting standards issued
but not yet effective to have a significant impact on the Financial
Statements.
2.2 Significant accounting judgements and estimates
The preparation of financial statements in accordance with EU IFRS requires
the Directors of the Company to make judgements, estimates and assumptions
that affect the reported amounts recognised in the financial statements.
However, uncertainty about these assumptions and estimates could result in
outcomes that require a material adjustment to the carrying amount of the
asset or liability in the future.
i) Valuation of investment property
The Company's investment property is held at fair value as determined by the
independent valuer on the basis of fair value in accordance with the
internationally accepted Royal Institution of Chartered Surveyors ('RICS')
Appraisal and Valuation Standards.
ii) Valuation of investments
Investments in collective investment schemes are stated at NAV value with any
resulting profit or loss recognised in profit or loss. The NAV value is
considered by the Directors to be the best reflection of fair value available
to the Company.
iii) Segmental information
In accordance with IFRS 8, the Company is organised into one main operating
segment being investment in property and property related investments in the
UK.
2.3 Going concern
The Directors have made an assessment of the Company's ability to continue as
a going concern and are satisfied that the Company has the resources to
continue in business for at least 12 months. Furthermore, the Directors are
not aware of any material uncertainties that may cast significant doubt upon
the Company's ability to continue as a going concern. Therefore, the financial
statements have been prepared on the going concern basis.
2.4 Summary of significant accounting policies
The principle accounting policies applied in the preparation of these
financial statements are consistent with those applied within the Company's
Annual Report and Financial Statements for the year ended 30 April 2017.
3. Revenue
Period from Period from
1 May 2017 to 1 May 2016 to Year ended
31 October 31 October 30 April
2017 2016 2017
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Gross rental income received 6,495 5,847 12,147
Dilapidation income received - 204 301
Other property income 1 3 55
Total rental and other income 6,496 6,054 12,503
Dividend income:
Property income distribution* - 313 552
Dividend distribution - 13 24
- 326 576
Total Revenue 6,496 6,380 13,079
* Property income distribution ('PID') arose on the investment in the Core
Fund which holds property directly.
Rent receivable under the terms of the leases is adjusted for the effect of
any incentives agreed.
4. Expenses
Period from Period from
1 May 2017 to 1 May 2016 to Year ended
31 October 31 October 30 April
2017 2016 2017
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Property operating expenses 641 517 1,434
Other operating expenses
Investment management fee 519 526 1,034
Auditor remuneration 41 48 88
Operation costs 292 266 646
Directors' remuneration 43 34 71
Total other operating expenses 895 874 1,839
Total operating expesnes 1,536 1,391 3,273
5. Finance expense
Period from Period from
1 May 2017 to 1 May 2016 to Year ended
31 October 31 October 30 April
2017 2016 2017
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Interest payable on loan borrowings 268 244 483
Amortisation of loan arrangement fee 41 39 78
Agency fee payable on loan borrowings (10) 10 21
Commitment fee payable on loan borrowings 2 38 60
301 331 642
Change in fair value of interest rate derivatives 7 70 117
Total 308 401 759
6. Taxation
Period from Period from
1 May 2017 to 1 May 2016 to Year ended
31 October 31 October 30 April
2017 2016 2017
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Total tax charge - - -
Analysis of charge in the period/year
Profit before tax 6,989 493 6,099
Theoretical tax at UK corporation tax standard rate of 19% (31 October 2016: 20%; 30 April 2017: 19.92%) 1,328 98 1,215
Adjusted for:
Exempt REIT income (884) (868) (1,798)
UK dividends that are not taxable - (45) (5)
Non deductable investment losses (444) 815 588
Total - - -
7. Earnings per share and NAV per share
Period from Period from
1 May 2017 to 1 May 2016 to Year ended
31 October 31 October 30 April
2017 2016 2017
Earnings per share
Total comprehensive income (£'000) 6,989 493 6,099
Weighted average number of shares 124,860,772 118,563,367 121,084,416
Earnings per share (basic and diluted) (pence) 5.60 0.42 5.04
EPRA earnings per shareTotal comprehensive income (£'000) 6,989 493 6,099
Adjustment to total comprehensive income:Change in fair value of investment property (£'000) (2,480) 3,726 3,159
Loss/(profit) on disposal of investment property (£'000) 216 (410) (731)
Loss/(gain) from change in fair value of investment (£'000) - 779 407
(Profit)/loss on disposal of investments (£'000) (73) - 113
Change in fair value of interest rate derivatives (£'000) 7 (70) 117
Total EPRA Earnings (£'000) 4,659 4,518 9,164
EPRA earnings per share (basic and diluted) (pence) 3.73 3.81 7.57
NAV per share:
Net assets (£'000) 148,221 118,047 118,674
Ordinary Shares 151,558,251 123,647,250 123,647,250
NAV per share (pence) 97.80 95.47 95.98
EPRA NAV per share:
Net assets (£'000) 148,221 118,047 118,674
Adjustments to net assets:
Other financial assets held at fair value (£'000) (24) (78) (31)
EPRA NAV (£'000) 148,197 117,969 118,643
EPRA NAV per share (pence) 97.78 95.41 95.95
EPS amounts are calculated by dividing profit for the period attributable to
ordinary equity holders of the Company by the weighted average number of
Ordinary Shares in issue during the period. EPRA NNNAV is equal to IFRS NAV
and as such a reconciliation between the two measures has not been performed.
8. Dividends paid
Period from Period from
1 May 2017 to 1 May 2016 to Year ended
31 October 31 October 30 April
2017£'000 2016£'000 2017£'000
Fourth interim dividend paid in respect of the period1 February 2017 to 30 April 2017 at 2p per Ordinary Share 2,473 - -
First interim dividend paid in respect of the period1 May 2017 to 31 July 2017 at 2p per Ordinary Share 2,473 - -
Fourth interim dividend paid in respect of the period1 February 2016 to 30 April 2016 at 2p per Ordinary Share - 2,350 2,350
First interim dividend paid in respect of the period 1 May 2016 to 31 July 2016 at 2p per Ordinary Share - 2,350 2,350
Second interim dividend paid in respect of the period 1 August 2016 to 31 October 2016 at 2p per Ordinary Share - - 2,473
Third interim dividend paid in respect of the period 1 November 2016 to 31 January 2017 at 2p per Ordinary Share - - 2,473
Total dividends paid during the period 4,946 4,700 9,646
Second interim dividend declared in respect of the period 1 August 2017 to 31 October 2017 at 2p per Ordinary Share* 2,473 - -
Fourth interim dividend declared for the period 1 February 2017 to 30 April 2017 at 2p per Ordinary Share (2,473) - -
Second interim dividend declared in respect of the period 1 August 2016 to 31 October 2016 at 2p per Ordinary Share* - 2,473 -
Fourth interim dividend declared in respect of the period 1 February 2017 to 30 April 2017 at 2p per Ordinary Share* - - 2,473
Fourth interim dividend declared in respect of the period 1 February 2016 to 30 April 2016 at 2p per Ordinary Share - (2,350) (2,350)
Total dividends in respect of the period/year 4,946 4,823 9,769
*Dividends declared after the period end are not included in the financial
statements as a liability.
9. Investments
9.a) Investment property
Period from 1 May 2017 to
31 October 2017 (unaudited) Period from
1 May 2016 to 31 October Year Ended 30 April
Investment Investment 2016 2017
properties properties (unaudited) (audited)
freehold leasehold Total Total Total
£'000 £'000 £'000 £'000 £'000
UK Investment property
As at beginning of period/year 115,845 21,975 137,820 114,340 114,340
Purchases in the period/year 18,309 - 18,309 15,587 28,146
Disposals in the period/year (11,050) - (11,050) (300) (1,950)
Revaluation of investment property 956 1,750 2,706 (3,742) (2,716)
Valuation provided by Knight Frank 124,060 23,725 147,785 125,885 137,820
Adjustment to fair value for rent free debtor (1,393) (1,716) (2,230)
Adjustment to fair value for rent guarantee debtor - (135) (80)
Adjustment for finance lease obligations 638 1,700 60
Total Investment property 147,030 125,734 135,570
Change in fair value of investment property
Profit/(loss) from change in fair value 2,706 (3,742) (2,716)
Adjustment for movement in the period/year:
in fair value for rent free debtor (306) (634) (1,148)
in fair value for rent guarantee debtor 80 650 705
2,480 (3,726) (3,159)
(Loss)/profit on sale of the investment property
Net proceeds from disposals of investment property during the period/year 10,858 710 2,681
Cost of disposal (11,050) (300) (1,950)
Lease incentives amortised in current period/year (24) - -
(Loss)/profit on disposal of investment property (216) 410 731
Valuation of investment property
Valuation of investment property is performed by Knight Frank LLP, an
accredited external valuer with recognised and relevant professional
qualifications and recent experience of the location and category of the
investment property being valued.
The valuation of the Company's investment property at fair value is determined
by the external valuer on the basis of market value in accordance with the
internationally accepted RICS Valuation - Professional Standards
(incorporating the International Valuation Standards).
The determination of the fair value of investment property requires the use of
estimates such as future cash flows from assets (such as lettings, tenants'
profiles, future revenue streams, capital values of fixtures and fittings,
plant and machinery, any environmental matters and the overall repair and
condition of the property) and discount rates applicable to those flows.
9.b) Investment
Period from Period from
1 May 2017 1 May 2016 Year ended
to 31 October to 31 October 30 April
2017 2016 2017
(unaudited) (unaudited) (audited)
Total Total Total
£'000 £'000 £'000
Investment in AEW UK Core Property Fund
As at beginning of period/year 7,594 10,109 10,109
Purchases in the period/year - - -
Disposals in the period/year (7,594) - (2,108)
Loss from change in fair value - (779) (407)
Total investment in AEW UK Core Property Fund - 9,330 7,594
Profit/(loss) on disposal of the investment in AEW UK Core Property Fund
Proceeds from disposals of investments during the period/year 7,667 - 1,995
Cost of disposal (7,594) - (2,108)
Profit/(loss) on disposal of investments 73 - (113)
Valuation of investments
Investments in collective investment schemes are stated at NAV with any
resulting profit or loss recognised in profit or loss. Fair value is assessed
by the Directors based on the best available information.
As at 31 October 2017, the Company had no investment in the Core Fund.
9.c) Fair value measurement hierarchy
The following table provides the fair value measurement hierarchy for
non-current assets:
31 October 2017
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
£'000 £'000 £'000 £'000
Assets measured at fair value
Investment property - - 147,030 147,030
- - 147,030 147,030
31 October 2016
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
£'000 £'000 £'000 £'000
Assets measured at fair value
Investment property - - 125,734 125,734
Investment in AEW UK Core Property Fund - - 9,330 9,330
- - 135,064 135,064
30 April 2017
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
£'000 £'000 £'000 £'000
Assets measured at fair value
Investment property - - 135,570 135,570
Investment in AEW UK Core Property Fund - - 7,594 7,594
- - 143,164 143,164
Explanation of the fair value hierarchy:
Level 1 - Quoted prices for an identical instrument in active markets;
Level 2 - Prices of recent transactions for identical instruments and
valuation techniques using observable market data; and
Level 3 - Valuation techniques using non-observable data.
Sensitivity analysis to significant changes in unobservable inputs within
Level 3 of the hierarchy
The significant unobservable inputs used in the fair value measurement
categorised within Level 3 of the fair value hierarchy of the entity's
portfolios of investment properties are:
1) Estimated Rental Value ('ERV')
2) Equivalent yield
Increases/(decreases) in the ERV (per sq ft perannum) in isolation would
result in a higher/(lower) fair value measurement. Increases/(decreases) in
the discount rate/yield in isolation would result in a lower/(higher) fair
value measurement.
The significant unobservable inputs used in the fair value measurement
categorised within Level 3 of the fair value hierarchy of the entity's
investment is:
1) NAV
Increases/(decreases) in the NAV would result in a higher/(lower) fair value
measurement.
The significant unobservable inputs used in the fair value measurement
categorised within Level 3 of the fair value hierarchy of the portfolio of
investment property and investments are:
Significant
Fair value Valuation unobservable
Class £'000 technique inputs Range
31 October 2017
Investment Property 147,785 Income capitalisation ERVEquivalent yield £2.50 - £160.006.79% - 9.72%
31 October 2016
Investment Property 125,885 Income capitalisation ERV £2.00 - £160.00
Equivalent yield 6.99% - 11.03%
Investments 9,330 Market capitalisation NAV £1.1612
30 April 2017
Investment Property 137,820 Income capitalisation ERV £2.00 - £160.00
Equivalent yield 6.94% - 10.27%
Investments 7,594 NAV NAV £1.1942
Where possible, sensitivity of the fair values of Level 3 assets are tested to
changes in unobservable inputs to reasonable alternatives.
Gains and losses recorded in profit or loss for recurring fair value
measurements categorised within Level 3 of the fair value hierarchy are
attributable to changes in unrealised profits or losses relating to investment
property and investments held at the end of the reporting period.
With regards to both investment property and investments, profits and losses
for recurring fair value measurements categorised within Level 3 of the fair
value hierarchy, prior to adjustment for rent free debtor and rent guarantee
debtor, are recorded in profit and loss.
The carrying amount of the assets and liabilities, detailed within the
Condensed Consolidated Statement of Financial Position, is considered to be
the same as their fair value.
31 October 2017
Change in ERV Change in equivalent yield
£000 £'000 £'000 £'000
Sensitivity Analysis +5% -5% +5% -5%
Resulting fair value of investment property 154,000 141,059 139,125 156,441
31 October 2016
Change in ERV Change in equivalent yield
£'000 £'000 £'000 £'000
Sensitivity Analysis +5% -5% +5% -5%
Resulting fair value of investment property 131,540 120,505 118,895 133,605
30 April 2017
Change in ERV Change in equivalent yield
£'000 £'000 £'000 £'000
Sensitivity Analysis +5% -5% +5% -5%
Resulting fair value of investment property 143,606 131,979 129,906 145,906
10. Receivables and prepayments
31 October 31 October 30 April
2017 2016 2017
£'000 £'000 £'000
Receivables
Rent debtor 653 2,155 461
Dividend receivable - 146 110
Other income debtors - - 192
Rent agent float account 58 51 57
Other receivables 44 309 213
755 2,661 1,033
Rent free debtor 1,393 1,716 2,230
Rent guarantee debtor - 135 80
2,148 4,512 3,343
Prepayments
Property related prepayments 30 57 10
Capital prepayments - - 1
Depositary services 7 7 8
Listing fees 4 3 8
Other prepayments 15 21 12
56 88 39
Total 2,204 4,600 3,382
11. Interest rate derivatives
31 October 31 October 30 April
2017 2016 2017
£'000 £'000 £'000
At the beginning of the period/year 31 77 77
Interest rate cap premium paid - 71 71
Changes in fair value of interest rate derivatives (7) (70) (117)
At the end of the period/year 24 78 31
To mitigate the interest rate risk that arises as a result of entering into
variable rate linked loans, the Company entered into an interest rate CAP,
during the combined notional value of £26.51 million (2017: £26.51 million)
and a strike rate of 2.5% (2017: 2.5%) for the relevant period in line with
the life of the loan.
The total premium payable in the period towards securing the interest rate
caps was £nil.
Fair Value hierarchy
The following table provides the fair value measurement hierarchy for interest
rate derivatives:
Assets measured at fair value
Quoted prices Significant Significant
in active observable unobservable
markets input inputs
(Level 1) (Level 2) (Level 3) Total
Valuation date £'000 £'000 £'000 £'000
31 October 2017 - 24 - 24
31 October 2016 - 78 - 78
30 April 2017 - 31 - 31
The fair value of these contracts are recorded in the Consolidated Statement
of Financial Position as at the period end.
There have been no transfers between Level 1 and Level 2 during the period,
nor have there been any transfers between Level 2 and Level 3 during the
period.
The carrying amount of the assets and liabilities, detailed within the
Consolidated Statement of Financial Position, is considered to be the same as
their fair value.
12. Interest bearing loans and borrowings
Bank borrowings drawn
31 October 31 October 30 April
2017
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