REG - Local Shopping REIT - Final Results <Origin Href="QuoteRef">LSR.L</Origin> - Part 4

Alina HoldingsAnnouncement

12/12/2016 07:06

- Part 4: For the preceding part double click  ID:nRSL5117Rc 

Limited)  Dormant  100%                 
 Gilfin Property Holdings Limited                                 Property investment  100%                 
                                                                                                            
 * All interests are in Ordinary Shares.                                                                    
 
 
All of the above companies are incorporated in Great Britain 
 
C6. Debtors 
 
                                     2016   2015  
 £000                                £000   
 Amounts owed by Group undertakings  1,163  -     
 Other debtors                       36     105   
 Other taxation and social security  -      2     
 Prepayments                         35     42    
                                     1,234  149   
 
 
C7. Creditors 
 
                                     2016   2015  
 £000                                £000   
 Trade creditors                     6      305   
 Amounts owed to Group undertakings  2,275  -     
 Other taxation and social security  9      3     
 Other creditors                     4      4     
 Accruals                            214    270   
                                     2,508  582   
 
 
C8. Reconciliation of Shareholders' Funds 
 
Share Capital 
 
                                                          2016                                 2015          
                                     Ordinary 20p Shares        Ordinary 20p Shares  
                                     Number                     Amount                 Number        Amount  
                                     000                        £000                   000           £000    
                                                                                                             
 Allotted, called up and fully paid  91,670                     18,334                 91,670        18,334  
                                                                                                             
 
 
Reserves 
 
                                Reserves  CapitalRedemptionReserve  Profit andLoss Account  Total    
 £000                           £000      £000                      £000                    
 At 1 October 2014              3,742     1,764                     12,885                  18,391   
 Dividend                       -         -                         -                       -        
 Share-based payments           -         -                         -                       -        
 Profit for the financial year  -         -                         71                      71       
 At 30 September 2015           3,742     1,764                     12,956                  18,462   
 Share-based payments           -         -                         66                      66       
 Loss for the financial year    -         -                         (2,774)                 (2,774)  
 At 30 September 2016           3,742     1,764                     10,248                  15,754   
 
 
Investment in Own Shares 
 
At 30 September 2015, 9,164,017 shares were held in treasury (2014: 9,164,017). 
 
Reserves 
 
The value of shares issued to purchase Gilfin Property Holdings Limited in excess of their nominal value has been shown as
a separate reserve in accordance with the Companies Act 2006. 
 
Capital Redemption Reserve 
 
The capital redemption reserve arose in prior years on the cancellation of 8,822,920 Ordinary 20p Shares. 
 
Dividends 
 
No dividends were paid during the current and previous year: 
 
Glossary 
 
Actual and Forecast Interest Cover Test (ICR) 
 
The ICRs given in the Finance Review are calculated as defined in the loan facility agreements.  Each bank loan has a
charge on a specific pool of property and the ICRs are calculated based on the gross rental income, less an adjustment for
unrecoverable costs compared to the interest charged on that loan for that particular pool of assets. 
 
Adjusted Net Asset Value ("Adjusted NAV") per share 
 
Adjusted NAV is calculated as shareholders' funds, adjusted by the fair value of the derivative financial instruments held
on the Balance Sheet, divided by the number of shares in issue at the year end, excluding treasury shares. 
 
Earnings Per Share ("EPS") 
 
EPS is calculated as profit attributable to shareholders divided by the weighted average number of shares in issue in the
year. 
 
Equivalent Yield 
 
Equivalent yield is a weighted average of the initial yield and reversionary yield and represents the return a property
will produce based upon the timing of the income received.  In accordance with usual practice, the equivalent yields (as
determined by the Group's external valuers) assume rent received annually in arrears and on gross values including
prospective purchasers' costs (including stamp duty, and agents' and legal fees). 
 
Funds From Operations ("FFO") 
 
FFO is a term adopted by the National Association of Real Estate Investment Trusts. It is calculated as net income adjusted
for depreciation of investment properties and gains/losses on sales of investment properties. 
 
Group Loan-to-value ("Group LTV") 
 
Group Loan-to-value is the ratio of the aggregate notional principal of debt held by the Group net of cash reserves, to the
total property valuation. 
 
Head Lease 
 
A head lease is a lease under which the Group holds an investment property. 
 
Initial Yield 
 
Initial yield is the annualised net rent generated by a property expressed as a percentage of the property valuation. In
accordance with usual practice the property value is grossed up to  include prospective purchasers' costs. 
 
Interest Cover 
 
Interest cover can be calculated in a number of ways. The Group interest cover given in the Finance Review is based on the
percentage of times gross rental income covers financing 
 
expenses. 
 
Interest Rate Swap 
 
An interest rate swap is a financial instrument where two parties agree to exchange an interest rate obligation for a
predetermined amount of time. These are used by the Group to convert floating rate debt to fixed rates. 
 
Investment Property Databank Ltd ("IPD") 
 
IPD produces an independent benchmark of property returns. 
 
Initial Public Offering ("IPO") 
 
An IPO is the first sale of shares by a privately-owned company on a Stock Exchange. LSR issued its shares for sale on 2
May 2007. 
 
London Interbank Offered Rate ("LIBOR") 
 
LIBOR is the interest rate charged by one bank to another bank for lending money. 
 
Loan-to-value ("LTV") 
 
Loan-to-value is the ratio of the notional principal of debt to the valuation of properties subject to that debt. 
 
Market Value 
 
Market value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer
and willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably,
prudently and 
 
without compulsion. 
 
Market Rent 
 
Market rent is the estimated amount for which a property should lease on the date of valuation between a willing lessor and
a willing lessee on appropriate lease terms, in an arm's length transaction, after proper marketing wherein the parties had
each acted knowledgeably, prudently and without compulsion. 
 
Net Asset Value ("NAV") per share 
 
NAV per share is calculated as shareholders' funds divided by the number of shares in issue at the year end excluding
treasury shares. 
 
Real Estate Investment Trust ("REIT") 
 
A REIT is a listed property company which qualifies for and has elected into a tax regime, which exempts qualifying UK
property rental income and gains on investment property disposals from corporation tax. LSR converted to REIT status on 11
May 2007. 
 
Recurring operating profit 
 
Recurring operating profit is calculated by adjusting the statutory IFRS reported result for: the movement in the fair
value of the property portfolio; the movement in the fair value of financial derivatives held; any profit or loss realised
on the sale of properties or other fixed assets; and other one-off, non-recurring income or costs incurred which are not
considered to be sustainable or of a recurring nature. 
 
Rent Roll 
 
Rent roll is the total contractual annualised rent receivable from the portfolio net of any head rent payments. 
 
Reversionary Yield 
 
Reversionary yield is the annualised net rent that would be generated by a property if it were fully let at market rent
expressed as a percentage of the property valuation. In accordance with usual practice the property value is grossed up to
include prospective purchasers' costs. 
 
This information is provided by RNS
The company news service from the London Stock Exchange