TIDMARTL
RNS Number : 5602H
Alpha Real Trust Limited
25 November 2022
LEI: 213800BMY95CP6CYXK69
25 November 2022
ALPHA REAL TRUST LIMITED ("ART" OR THE "COMPANY" OR "THE
GROUP")
ART ANNOUNCES ITS HALF YEAR RESULTS FOR THE SIX MONTHSED 30
SEPTEMBER 2022
-- NAV per ordinary share 219.6p as at 30 September 2022 (31 March 2022: 216.0p).
-- Basic earnings for the six months ended 30 September 2022 of
0.4p per ordinary share (six months ended 30 September 2021: 2.5p
per ordinary share).
-- Adjusted earnings for the six months ended 30 September 2022
of 3.3p per ordinary share (six months ended 30 September 2021:
3.0p per ordinary share)*.
-- Declaration of a quarterly dividend of 1.0p per ordinary
share expected to be paid on 6 January 2023.
-- Robust financial position: ART continues to adopt a cautious
approach to new investment and has conserved cash as a result of
the uncertainty that characterised the past year; this has placed
the Company in a robust financial footing making it well positioned
to take advantage of new investment opportunities.
-- Investment targets: the Company is currently focussed on its
loan portfolio and extending its wider investment strategy to
target investments offering inflation protection via index linked
income adjustments and investments that have potential for capital
gains.
-- Long leased investments: during the period the Company
acquired for GBP4.3 million a UK hotel leased to Travelodge Hotels
Limited, the United Kingdom's largest independent hotel brand, with
a 20-year unexpired lease term. A similar investment was acquired
by ART in June 2022 for GBP3.1 million. The current rents reflect a
net initial yield in excess of 6% p.a. with the investments
benefitting from inflation linked rent adjustments.
-- Diversified portfolio of secured senior and secured mezzanine
loan investments: as at 30 September 2022, the size of ART's drawn
secured loan portfolio was GBP48.1 million, representing 38.5% of
the investment portfolio.
-- The senior portfolio has an average Loan to Value ('LTV')**
of 64.4% based on loan commitments (with mezzanine loans having an
LTV range of between 48.8% and 78.6% whilst the highest approved
senior loan LTV is 72.9%).
-- Loan commitments: including existing loans at the balance
sheet date and loans committed post period end, ART's current total
committed but undrawn loan commitments amount to GBP17.4
million
* The basis of the adjusted earnings per share is provided in
note 7
** See below for more details
William Simpson, Chairman of Alpha Real Trust, commented:
"ART's investment portfolio benefits from diversification across
geographies, sectors and asset types. As inflationary pressures
increasingly dominate the economic backdrop in which the Company
operates, ART remains on a robust financial footing and is well
placed to capitalise on new investment opportunities. ART remains
committed to growing its diversified investment portfolio. In
recent years the Company focused on reducing exposure to direct
development risk and recycling capital into cashflow driven
investments. The Company is currently focussed on its loan
portfolio and also on its wider investment strategy which targets
investments offering inflation protection via index linked income
adjustments and investments that have potential for capital
gains."
The Investment Manager of Alpha Real Trust is Alpha Real Capital
LLP.
For further information please contact:
Alpha Real Trust Limited
William Simpson, Chairman, Alpha Real Trust +44 (0) 1481 742
742
Gordon Smith, Joint Fund Manager, Alpha Real Trust +44 (0) 207
391 4700
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 207
391 4700
Panmure Gordon, Broker to the Company
Atholl Tweedie +44 (0) 20 7886 2500
Notes to editors:
About Alpha Real Trust
Alpha Real Trust Limited targets investment, development,
financing and other opportunities in real estate, real estate
operating companies and securities, real estate services,
infrastructure, infrastructure services, other asset-backed
businesses and related operations and services businesses that
offer attractive risk-adjusted total returns.
Further information on the Company can be found on the Company's
website: www.alpharealtrustlimited.com .
About Alpha Real Capital LLP
Alpha Real Capital is a value-adding international property fund
management group. Alpha Real Capital is the Investment Manager to
ART. Brad Bauman and Gordon Smith of Alpha Real Capital are joint
Fund Managers to ART. Both have experience in the real estate and
finance industries throughout the UK, Europe and Asia.
For more information on Alpha Real Capital please visit
www.alpharealcapital.com .
Company's summary and objective
Strategy
ART targets investment, development, financing and other
opportunities in real estate, real estate operating companies and
securities, real estate services, infrastructure, infrastructure
services, other asset-backed businesses and related operations and
services businesses that offer attractive risk-adjusted total
returns.
ART currently focusses on asset-backed lending, debt investments
and high return property investments in Western Europe that are
capable of delivering strong risk adjusted cash flows. The
portfolio mix at 30 September 2022, excluding sundry
assets/liabilities, was as follows:
30 September 31 March
2022 2022
High return debt: 38.5% 27.3%
High return equity in
property investments: 27.5% 18.8%
Other investments: 4.4% 13.1%
Cash: 29.6% 40.8%
The Company is currently focussed on its loan portfolio and
extending its wider investment strategy to target investments
offering inflation protection via index linked income adjustments
and investments that have potential for capital gains.
Dividends
The current intention of the Directors is to pay a dividend and
offer a scrip dividend alternative quarterly to all
shareholders.
Listing
The Company's shares are traded on the Specialist Fund Segment
("SFS") of the London Stock Exchange ("LSE"), ticker ARTL: LSE.
Management
The Company's Investment Manager is Alpha Real Capital LLP
('ARC'), whose team of investment and asset management
professionals focus on the potential to enhance earnings in
addition to adding value to the underlying assets, and also focus
on the risk profile of each investment within the capital structure
to best deliver attractive risk adjusted returns.
The Company and the Investment Manager have extended the current
management agreement for a further term of five years from the
expiry of the current term on 21 December 2022. The Company
believes this will provide the Company's shareholders with greater
certainty going forward on the continued access to the management
resources, and broader group support, of the Investment Manager
which will assist the Company to continue to achieve its investment
objectives. The annual management fee and performance fee
arrangements remain unchanged.
Control of the Company rests with the non-executive Guernsey
based Board of Directors.
Financial highlights
6 months 12 months 6 months
ended ended ended
30 September 31 March 30 September
2022 2022 2021
------------------------------------ -------------- ---------- --------------
Net asset value (GBP'000) 125,025 133,256 127,585
------------------------------------ -------------- ---------- --------------
Net asset value per ordinary share 219.6 216.0 208.5p
------------------------------------ -------------- ---------- --------------
Earnings per ordinary share (basic
and diluted) (adjusted)* 3.3p 4.0p 3.0p
------------------------------------ -------------- ---------- --------------
Earnings per ordinary share (basic
and diluted) 0.4p 13.3p 2.5p
------------------------------------ -------------- ---------- --------------
Dividend per ordinary share (paid
during the period) 2.0p 4.0p 2.0p
* The adjusted earnings per share includes adjustments for the
effect of the fair value revaluation of investment property and
indirect property investments, capital element on Investment
Manager's fees, the fair value movements on financial assets and
deferred tax provisions: full analysis is provided in note 7 to the
accounts.
Chairman's statement
I am pleased to present the Company's half year report and
accounts for the six months ended 30 September 2022.
ART's investment portfolio benefits from diversification across
geographies, sectors and asset types. As inflationary pressures
increasingly dominate the economic backdrop in which the Company
operates, ART remains on a robust financial footing and is well
placed to capitalise on new investment opportunities.
During the quarter there has been elevated volatility in the UK
gilt market, with yields spiking in response to UK political events
and subsequently normalising with support from Bank of England
intervention. UK fiscal discipline remains under increased scrutiny
from international financial markets. Combined with higher
inflation and supply constraints evident across the UK and in
Europe and substantial increases in borrowing costs, the impact of
these events on real asset prices is yet to be determined.
The uncertain market will offer opportunities in the medium term
for ART to opportunistically grow its diversified investment
portfolio. In recent years the Company focused on recycling capital
into cashflow driven investments. The Company is currently focussed
on its loan portfolio and extending its wider investment strategy
to target investments offering inflation protection via index
linked income adjustments and investments that have potential for
capital gains.
ART continues to adhere to its disciplined strategy and
investment underwriting principles which seek to manage risk
through a combination of operational controls, diversification and
an analysis of the underlying asset security.
Investment in long leased assets
In August 2022 ART acquired a hotel in Wadebridge, Cornwall (UK)
for GBP4.3 million (including acquisition costs). The property is
leased to Travelodge Hotels Limited, the UK's largest independent
hotel brand with more than 590 hotels. The hotel has a 20 year
unexpired lease term.
Under the lease, the tenant is responsible for building
maintenance and the passing rent of GBP0.3 million p.a. has
inflation linked adjustments, reflecting a net initial yield in
excess of 6.0% p.a.
The Wadebridge hotel is a 55-bedroom property that is held
freehold and is situated on the outskirts of Wadebridge in the
county of Cornwall. The hotel is in a well-connected location in
close proximity to the A39. This follows from a June 2022
acquisition of a hotel in Lowestoft (UK), leased to Travelodge
Hotels Limited, for GBP3.1 million (including acquisition costs)
which also has a long term lease contract. The Lowestoft hotel is a
47-bedroom property that is held freehold and occupies a site of
1.08 acres in Lowestoft, a well-established and well connected area
located in close proximity to the A47 which runs to Norwich. ART
has acquired both assets for cash.
These acquisitions offer the Company the potential to benefit
from a long term, predictable, inflation linked income stream
whilst contributing additional diversification to ART's portfolio.
In addition, the investments offer the potential for associated
capital growth.
Diversified secured lending investment
The Company has a diversified portfolio of secured senior and
mezzanine loan investments. The loans are typically secured on
predominately residential real estate investment and development
assets with attractive risk adjusted income returns. As at 30
September 2022, ART had committed GBP67.3 million across nineteen
loans, of which GBP48.1 million (excluding a GBP3.2 million
provision for Expected Credit Loss discussed below) was drawn.
The Company's debt portfolio comprises predominately floating
rate loans. Borrowing rates are typically set at a margin over Bank
of England ('BoE') Base Rate and benefit from rising interest rates
as outstanding loans deliver increasing returns as loan rates track
increases in the BoE Base Rate.
During the six months to 30 September 2022, four loans for
GBP9.0 million (including accrued interest and exit fees) were
fully repaid and a further GBP2.4 million (including accrued
interest) was received as part repayments. Post period end, one
loan of GBP1.1 million was drawn, additional drawdowns of GBP1.9
million were made on existing loans and part loan repayments were
received amounting to GBP0.6 million (including accrued
interest).
As at 30 September 2022, 68.8% of the Company's loan investments
were senior loans and 31.2% were mezzanine loans. The senior
portfolio has an average LTV of 64.4% based on loan commitments
(with mezzanine loans having an LTV range of between 48.8% and
78.6% whilst the highest approved senior loan LTV is 72.9%).
Portfolio loans are underwritten against value for investment loans
or gross development value for development loans as relevant and
collectively referred to as LTV in this report.
The largest individual loan in the portfolio as at 30 September
2022 is a senior loan of GBP11.1 million which represents 16.5% of
committed loan capital and 8.9% of the Company's NAV.
Two loans in the portfolio have entered receivership: ART is
closely working with stakeholders to maximise capital recovery. The
Company has considered the security on these loans (which are a
combination of a first charge and a second charge over the
respective assets and personal guarantees) and have calculated an
Expected Credit Loss ('ECL') on these two loans of approximately
GBP2.3 million; the Group have also provided for an ECL on the
remainder of the loans' portfolio for an additional GBP0.9 million:
in total, the Group have provided for an ECL of GBP3.2 million in
its consolidated accounts.
Aside from the two cases of receivership, illustrated above, the
Company's loan portfolio has proved to be resilient despite the
recent extended period of heightened macroeconomic uncertainty and
risk. In terms of debt servicing, allowing for some temporary
agreed extensions, interest and debt repayments have been received
in accordance with the loan agreements. Where it is considered
appropriate, on a case-by-case basis, underlying loan terms may be
extended or varied with a view to maximising ART's risk adjusted
returns and collateral security position. The Company's loan
portfolio and new loan targets continue to be closely reviewed to
consider the potential impact on construction timelines, building
cost inflation and sales periods.
The underlying assets in the loan portfolio as at 30 September
2022 had geographic diversification with a London and Southeast
focus. The South of England (including London) accounted for 49%,
of which London accounted for 21%, of the committed capital within
the loan investment portfolio.
H2O, Madrid
ART has a 30% stake in a joint venture with CBRE Investment
Management in the H2O shopping centre in Madrid.
H2O occupancy, by area, as at 30 September 2022 was 90.4%. The
centre trading levels remain below the pre-covid highs, however a
recovery is evident. In the calendar year to 30 September 2022,
visitor numbers were approximately 12% below those of the same
period in 2019 (pre-Covid) and 13% above the same period in
2021.
The residual impact of Covid-19 on tenant activities continues
to affect the earnings of H2O compared to pre-Covid levels.
Other investments
Investment in listed and authorised funds
The Company invested a total of GBP6.0 million (value as at 30
September 2022: GBP4.8 million) across three investments that
offered potential to generate attractive risk adjusted returns.
Current market volatility and rise in interest rates has impacted
the capital value of these investments. The investment yield offers
a potentially accretive return to holding cash while the Company
deploys capital in opportunities in line with its investment
strategy. These funds invest in ungeared long-dated leased real
estate, debt and infrastructure.
During the period the Company fully divested GBP5.3 million from
a further investment, delivering a 8.1% capital return over the
holding period.
Results and dividends
Results
Basic earnings for the six months ended 30 September 2022 are
GBP0.2 million (0.4 pence per ordinary share, see note 7 of the
financial statements).
Adjusted earnings, which the Board believe is a more appropriate
assessment of the operational income accruing to the Group's
activities, for the six months ended 30 September 2022 are GBP1.9
million (3.3 pence per ordinary share, see note 7 of the financial
statements). This compares with adjusted earnings per ordinary
share of 3.0 pence in the same period last year. Earnings have
increased primarily due to increased rental income following the UK
hotels' acquisitions in Lowestoft and Wadebridge.
The net asset value per ordinary share at 30 September 2022 is
219.6 pence per share (31 March 2022: 216.0 pence per ordinary
share) (see note 8 of the financial statements). The positive
movement over the period reflects the impact of the share buyback
(following the result of the tender offer in July 2022) combined
with earnings (less dividends) and supported further by positive
foreign exchange movements.
Dividends
The Board announces a dividend of 1.0 pence per ordinary share
which is expected to be paid on 6 January 2023 (ex-dividend date 8
December 2022 and record date 9 December 2022).
The dividends paid and declared in respect of the twelve month
period ended 30 September 2022 totalled 4.0 pence per ordinary
share representing an annual dividend yield of 2.6% p.a. by
reference to the average closing share price over the twelve months
to 30 September 2022.
During the period, GBP249,783 dividends were paid in cash and
GBP987,126 settled by scrip issue of shares.
Scrip dividend alternative
Shareholders of the Company have the option to receive shares in
the Company in lieu of a cash dividend, at the absolute discretion
of the Directors, from time to time.
The number of ordinary shares that an Ordinary Shareholder will
receive under the Scrip Dividend Alternative will be calculated
using the average of the closing middle market quotations of an
ordinary share for five consecutive dealing days after the day on
which the ordinary shares are first quoted "ex" the relevant
dividend.
The Board has elected to offer the scrip dividend alternative to
Shareholders for the dividend for the quarter ended 30 September
2022 . Shareholders who returned the Scrip Mandate Form and elected
to receive the scrip dividend alternative will receive shares in
lieu of the next dividend. Shareholders who have not previously
elected to receive scrip may complete a Scrip Mandate Form (this
can be obtained from the registrar: contact Computershare (details
below)), which must be returned by 20 December 2022 to benefit from
the scrip dividend alternative for the next dividend.
Financing
As at 30 September 2022 the Group has one direct bank loan of
EUR9.5 million (GBP8.4 million), with no financial covenant tests,
to a subsidiary used to finance the acquisition of the Hamburg
property. The loan is secured over the Hamburg property and has no
recourse to the other assets of the Group.
Further details of individual asset financing can be found under
the individual investment review sections later in this report.
Share buybacks
Under the general authority, approved by Shareholders on 6
August 2021, the Company announced a tender offer on 29 June 2022
for up to 6,428,353 ordinary shares at a price (before expenses) of
175.0 pence per share. In July 2022, a total of 5,419,016 ordinary
shares were validly tendered under the tender offer. All purchased
ordinary shares are held in treasury.
During the period, the Company purchased 46,500 shares in the
market at an average price of GBP1.51 per share: these shares are
held in treasury.
Post period end, the Company made no share buybacks
As at the date of this announcement, the ordinary share capital
of the Company is 65,016,962 (including 7,717,581 ordinary shares
held in treasury) and the total voting rights in the Company is
57,299,381.
Foreign currency
The Company monitors foreign exchange exposures and considers
hedging where appropriate. Foreign currency balances have been
translated at the period end rates of GBP1:EUR1.128 and
GBP1:INR89,923, as appropriate.
Russian invasion of Ukraine, Covid-19 pandemic and going
concern
The Company has assessed potential impacts on the ART's
portfolio arising from the Russian invasion of Ukraine. ART has no
investments in Ukraine or Russia, nor exposure to any companies
that have investments in, or links to, Ukraine or Russia. ART has
no arrangements with any person currently on (or potentially on)
any sanctions list, or links to Ukraine or Russia. The immediate
economic impact of the invasion has been a sharp increase in the
price of oil and other energy based commodities. ART has no direct
exposure to these commodities. None of the borrowers or other
counterparties in ART's loan book have links to Ukraine or Russia.
It is too early to measure any impact or increased risk to the
underlying values supporting ART's loan portfolio, but we do not
expect any material change to these values on account of the
conflict. The Board will continue to monitor the situation
regularly, and will consider the wider impact on the economy (such
as potential further increases in inflation and interest rates) and
if there would be any potential material impact on ART's
portfolio.
The Company has not been isolated from the ubiquitous impact of
the Covid-19 pandemic on global economies. The Company's long term
strategy remains resilient. The Company adopted a prudent short
term strategy to move to cash conservation and a cautious approach
to commitments to new investments during the financial periods
affected. Alert to the impact of potentially reducing income
returns, this approach supported a robust balance sheet position
during these uncertain times. The Company continues to adopt this
cautious approach to new investment and is conserving cash as a
result of the uncertainty that has characterised the past few
months; this ensures the Company retains a robust financial
footing, making it well positioned to take advantage of new
investment opportunities. As noted above, the Company held
approximately 29.6% of its assets (excluding sundry net assets) in
cash as at 30 September 2022 with limited current contractual
capital commitments. While there is external financing in the
Group's investment interests, this is limited and non-recourse to
the Company; the borrowings in these special purpose vehicles are
compliant with their banking covenants. While the Board's dividend
policy intention is unchanged the Company continues to actively
monitor its investments and the impact of these unusual economic
circumstances on earnings and dividends. See the investment review
section for more details on the pandemic's impact on relevant
investments.
Bearing in mind the nature of the Group's business and assets,
after making enquiries, with the support of revenue forecasts for
the next twelve months and considering the above, the Directors
consider that the Group has adequate resources to continue in
operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the
financial statements.
Strategy and outlook
ART's investment portfolio benefits from diversification across
geographies, sectors and asset types. As inflationary pressures
increasingly dominate the economic backdrop in which the Company
operates, ART remains on a robust financial footing and is well
placed to capitalise on new investment opportunities. ART remains
committed to growing its diversified investment portfolio. In
recent years the Company focused on reducing exposure to direct
development risk and recycling capital into cashflow driven
investments. The Company is currently focussed on its loan
portfolio and also on its wider investment strategy which targets
investments offering inflation protection via index linked income
adjustments and investments that have potential for capital
gains.
William Simpson
Chairman
24 November 2022
Investment review
Portfolio overview as at 30 September 2022
Investment name
Investment Carrying Income Investment Property type Investment % of Notes*
type value return location / underlying notes portfolio(1)
p.a. security
---------------- ---------------- --------- ---------- ------------------ -------------------- ------------- ------
High return debt (38.5%)
--------------------------------------------------------------------------------------------------- -------------
Secured senior
finance
Senior secured
loans
(excluding Diversified
committed loan portfolio
but undrawn focussed on
facilities real estate
of GBP19.2 GBP33.1m 5.8% investments Senior secured
million) (2) (3) UK and developments debt 26.5% 13
Secured mezzanine finance
Diversified
loan portfolio
focussed on Secured mezzanine
Second charge real estate debt and
mezzanine GBP15.0m 15.7% investments subordinated
loans (2) (3) UK and developments debt 12.0% 13
---------------- ---------------- --------- ---------- ------------------ -------------------- ------------- ------
High return equity in property investments (27.5%)
--------------------------------------------------------------------------------------------------- ------------- ------
H2O shopping centre
Dominant Madrid
shopping centre 30% shareholding;
and separate moderately geared
Indirect GBP18.5m 7.0% development bank finance
property (EUR 20.9m) (4) Spain site facility 14.8% 12
---------------- ---------------- --------- ---------- ------------------ -------------------- ------------- ------
Long leased industrial facility, Hamburg
Long leased
industrial complex
in major European
industrial and
logistics hub Long term moderately
GBP8.9m 6.2% with RPI linked geared bank
Direct property (5) (4) Germany rent finance facility 7.1% 9
(EUR10.0m)
---------------- ---------------- --------- ---------- ------------------ -------------------- ------------- ------
Long leased hotel, Wadebridge
Long leased
hotel to
Travelodge,
a large UK hotel
5.4% group with RPI No external
Direct property GBP4.0m (6) UK linked rent gearing 3.2% 9
---------------- ---------------- --------- ---------- ------------------ -------------------- ------------- ------
Long leased hotel, Lowestoft
Long leased
hotel to
Travelodge,
a large UK hotel
5.3% group with RPI No external
Direct property GBP3.0m (6) UK linked rent gearing 2.4% 9
---------------- ---------------- --------- ---------- ------------------ -------------------- ------------- ------
Other investments (4.4%)
--------------------------------------------------------------------------------------------------- -------------
Listed and Commercial real Short to medium
authorised UK & estate, term investment
fund Channel infrastructure in listed and
investments GBP4.8m 5.9%(4) Islands and debt funds authorised funds 3.9% 11
Affordable
housing
High-yield 100% shareholding;
Residential GBP0.6 residential no external
Investment m n/a UK UK portfolio gearing 0.5% 9
---------------- ---------------- --------- ---------- ------------------ -------------------- ------------- ------
Cash and short-term investments (29.6%)
--------------------------------------------------------------------------------------------------- -------------
GBP37.0 0.3% 'On call' and
Cash (7) m (8) UK current accounts 29.6%
--------------------- ----------- --------- ---------- ------------------ -------------------- -------------
* See notes to the financial statements
(1) Percentage share shown based on NAV excluding the company's
sundry assets/liabilities
(2) Including accrued interest/coupon at the balance sheet
date
(3) The income returns for high return debt are the annualised
actual finance income return over the period shown as a percentage
of the average committed
capital over the period
(4) Yield on equity over 12 months to 30 September 2022
(5) Property value including sundry assets/liabilities, net of
associated debt
(6) Annualised monthly return
(7) Group cash of GBP37.9m excluding cash held with the Hamburg
holding company of GBP0.9m
(8) Weighted average interest earned on call accounts
High return debt
Overview
ART has a portfolio of secured loan investments which contribute
a diversified return to the Company's earnings position. The
portfolio comprises high return senior (first charge) loans and
mezzanine (second charge) loans secured on real estate investment
assets and developments. ART loan underwriting is supported by the
Investment Manager's asset-backed lending experience, developer and
investor relationships and knowledge of the underlying assets and
sectors, in addition to the Group's partnerships with specialist
debt providers.
Secured Finance
Investment Investment Carrying Income Property type Investment
type value return / underlying notes
p.a. security
================== ============== ========= ======== ================== ==============
Secured senior First charge GBP33.1m 5.8%** Diversified Secured debt
finance secured * loan portfolio
loans focussed on
real estate
investments
and developments
================== ============== ========= ======== ================== ==============
Secured mezzanine Second charge GBP15.0m 15.7%** Diversified Second charge
finance secured * loan portfolio secured debt
loans focussed on and secured
real estate subordinated
investments debt
and developments
================== ============== ========= ======== ================== ==============
* Including accrued interest/coupon at the balance sheet date
** The income returns for high return debt are the annualised
actual finance income return over the period shown as a percentage
of the average committed capital over the period
ART's portfolio of secured senior and mezzanine loan investments
have increased in scale and diversity over the past year. These
loans are typically secured on real estate investment and
development assets with attractive risk-adjusted income returns
from either current or capitalised interest or coupons.
As at 30 September 2022, ART had invested a total amount of
GBP48.1 million across nineteen loans. Over the past twelve months
the loan portfolio has increased by 37.0%.
During the six months to 30 September 2022, four loans for
GBP9.0 million (including accrued interest and exit fees) were
fully repaid and a further GBP2.4 million (including accrued
interest) was received as part repayments. Post period end, one
loan of GBP1.1 million was drawn, additional drawdowns of GBP1.9
million were made on existing loans and part loan repayments were
received amounting to GBP0.6 million (including accrued
interest).
Each loan will typically have a term of up to two years, a
maximum 75% loan to gross development value ratio and be targeted
to generate attractive risk-adjusted income returns. As at 30
September 2022 , the senior portfolio has an average LTV of 64.4%
based on loan commitments (with mezzanine loans having an LTV range
of between 48.8% and 78.6% whilst the highest approved senior loan
LTV is 72.9%).
Two loans in the portfolio have entered receivership: ART is
closely working with stakeholders to maximise capital recovery. The
Company has considered the security on these loans (which are a
combination of a first charge and a second charge over the
respective assets and personal guarantees) and have calculated an
ECL on these two loans of approximately GBP2.3 million; the Group
have also provided for an ECL on the remainder of the loans'
portfolio for an additional GBP0.9 million: in total, the Group
have provided for an ECL of GBP3.2 million in its consolidated
accounts.
Current loan investment examples:
Location Total Loan type Loan term Current Underlying security
commitment LTV
Senior Development Development of nine
Fleet, Hampshire GBP1,704,000 Loan 15 64.18% new build apartments
=============== ==================== ========== ======== =========================
St. Lawrence, Senior Development Development of eleven
Jersey GBP11,731,000 Loan 24 63.00% new build apartments
=============== ==================== ========== ======== =========================
Temple Fortune, Senior Development Development of eight
London GBP8,600,000 Loan 19 63.00% new build houses
=============== ==================== ========== ======== =========================
Mezzanine
Throughout Investment Refinance of a portfolio
the UK GBP12,000,000 Loan 36 61.31% of six care homes
================== =============== ==================== ========== ======== =========================
High return equity in property investments
Overview
ART continues to remain focused on investments that offer the
potential to deliver attractive risk-adjusted returns by way of
value enhancement through active asset management, improvement of
income, selective deployment of capital expenditure and the ability
to undertake strategic sales when the achievable price is accretive
to returns.
H2O Shopping Centre, Madrid
Investment Investment Carrying Income Property type Investment
type value return / underlying notes
p.a. security
=========== =========== ============ ======== ================= ==================
H2O Indirect GBP18.5m 7.0%* High-yield, 30% shareholding;
property (EUR20.9m) dominant Madrid 6-year term
shopping centre bank finance
and separate facility
development
site
=========== =========== ============ ======== ================= ==================
* Yield on equity over twelve months to 30 September 2022
ART has a 30% stake in joint venture with CBRE Investment
Management in the H2O shopping centre in Madrid. H2O was opened in
2007 and built to a high standard providing shopping, restaurants
and leisure around a central theme of landscaped gardens and an
artificial lake. H2O has a gross lettable area of approximately
52,425 square metres comprising 123 retail units. In addition to a
multiplex cinema, supermarket (let to leading Spanish supermarket
operator Mercadona) and restaurants, it has a large fashion
retailer base, including some of the strongest international
fashion brands, such as Nike, Zara, Mango, JD Sports, Cortefiel,
H&M and C&A.
It continues to be a challenging period for shopping centre
assets. Whilst legislative restrictions on retailer trading hours
and store capacities and indoor mask requirements have largely been
relaxed to allow for normalised trading operations, the lingering
social and economic impacts of Covid-19 continue to impact
performance. This has resulted in supressed visitor numbers and
tenant sales performance being recorded for most shopping centre
assets in Spain and H2O is no exception.
H2O occupancy, by area, as at 30 September 2022 was 90.4%. The
centre trading levels remain below the pre-covid highs, however a
recovery is evident. In the calendar year to 30 September 2022,
visitor numbers were approximately 12% below those of the same
period in 2019 (pre-Covid) and 13% above the same period in
2021.
The lingering economic effect of Covid-19 on the retail sector
is expected to continue to impact on the earnings of H2O for the
financial year.
The asset management highlights are as follows:
-- Valuation: 30 September 2022: EUR121.8 million (GBP108.0
million) (31 March 2022: EUR121.0 million (GBP102.1 million)).
-- Centre occupancy: 90.4% by area as at 30 September 2022.
-- Weighted average lease length to next break of 2.4 years and
7.4 years to expiry as at 30 September 2022.
Long leased industrial facility, Hamburg
Investment Investment Carrying Income Property type Investment
type value return / notes
p.a. underlying
security
=================================== ================ ============ ======== ================= ====================
Industrial Direct property GBP8.9 6.2% ** High return Long leased
facility, m* industrial investment with
Werner-Siemens-Straße (EUR10.0m) facility in moderately geared,
Hamburg, Germany Hamburg Germany long term, bank
finance facility
=================================== ================ ============ ======== ================= ====================
* Property value including sundry assets/liabilities and cash, net of associated debt
** Yield on equity over twelve months to 30 September 2022
ART has an investment of EUR10.0 million (GBP8.9 million) in an
industrial facility leased to a leading international group.
The property is held freehold and occupies a site of 11.8 acres
in Billbrook, a well-established and well-connected industrial area
located approximately 8 kilometres south-east of Hamburg centre.
Hamburg is one of the main industrial and logistics markets in
Germany.
The property is leased to Veolia Umweltservice Nord GmbH, part
of the Veolia group, an international industrial specialist in
water, waste and energy management, with a 23-year unexpired lease
term. Under the operating lease, the tenant is responsible for
building maintenance and the rent has periodic inflation linked
adjustments.
The Hamburg asset is funded by way of a EUR9.5 million (GBP8.4
million) non-recourse, fixed rate, bank debt facility which matures
in 31 July 2028. The facility carries no financial covenant
tests.
This investment offers the potential to benefit from a long term
secure and predictable inflation-linked income stream which is
forecast to generate stable high single digit income returns. In
addition, the investment offers the potential for associated
capital growth from an industrial location in a major German
logistics and infrastructure hub.
Long leased hotel, Wadebridge, Cornwall
Investment Investment Carrying Income Property type Investment
type value return / notes
p.a. underlying
security
================== ================ ========= ======== ====================== ============
Hotel, Wadebridge Direct property GBP4.0 5.4% * Long leased No external
Cornwall, UK m hotel to Travelodge, gearing
a large UK
hotel group
with RPI linked
rent
================== ================ ========= ======== ====================== ============
* Annualised monthly return
ART has an investment of GBP4.0 million (property valuation as
at 30 September 2022) in a 55-bedroom property, which is held
freehold and is situated on the outskirts of Wadebridge in the
county of Cornwall. The hotel is in a well-connected location in
close proximity to the A39.
The property is leased to Travelodge Hotels Limited on a 20 year
unexpired lease term. Under the lease, the tenant is responsible
for building maintenance
The passing rent of GBP0.3 million p.a. has inflation linked
adjustments.
Long leased hotel, Lowestoft
Investment Investment Carrying Income Property type Investment
type value return / notes
p.a. underlying
security
================== ================ ========= ======== ====================== ============
Hotel, Lowestoft, Direct property GBP3.0 5.3% * Long leased No external
UK m hotel to Travelodge, gearing
a large UK
hotel group
with RPI linked
rent
================== ================ ========= ======== ====================== ============
* Annualised monthly return
ART has an investment of GBP3.0 million (property valuation as
at 30 September 2022) in a 47-bedroom property, which is held
freehold and occupies a site of 1.08 acres in Lowestoft, a well
established and well connected area located in close proximity to
the A47 which runs to Norwich.
The property is leased to Travelodge Hotels Limited on an 18
year unexpired lease term. Under the lease, the tenant is
responsible for building maintenance
The passing rent of GBP0.2 million p.a. has inflation linked
adjustments.
Other Investments
Listed and authorised fund investments
Investment Investment Carrying Income Property type Investment
type value return / underlying notes
p.a. * security
==================== =============== ========== ======== ================== ========================
Sequoia Economic Listed equity GBP2.3m 5.5% Listed investment FTSE 250 infrastructure
Infrastructure fund debt fund
Income Fund
Limited
==================== =============== ========== ======== ================== ========================
GCP Infrastructure Listed equity GBP1.3m 6.7% Listed investment FTSE 250 infrastructure
Investments fund fund
Limited
==================== =============== ========== ======== ================== ========================
GCP Asset Backed Listed equity GBP1.2m 6.1% Listed investment Diversified
Income Fund fund asset back
Limited debt fund
==================== =============== ========== ======== ================== ========================
Total GBP4.8m 5.9%
===================================== ========= ======== ================== ========================
*Yield on equity based on 12 months to 30 September 2022
The Company invested a total of GBP6.0 million (value as at 30
September 2022: GBP4.8 million) across three investments that
offered potential to generate attractive risk adjusted returns.
Current market volatility and rise in interest rates has impacted
the capital value of these investments. The investment yield offers
a potentially accretive return to holding cash while the Company
deploys capital in opportunities in line with its investment
strategy. These funds invest in ungeared long-dated leased real
estate, debt and infrastructure.
During the period the Company fully divested GBP5.3 million from
the investment in the Commercial Long Income PAIF , delivering a
8.1% capital return over the holding period.
Affordable Housing
The Company's wholly owned investment, RealHousingCo Limited
("RHC") has obtained successful registration with the Regulator of
Social Housing as a For Profit Registered Provider of affordable
homes. This status provides RHC with a platform to undertake future
investment in the affordable housing sector which offers scope to
generate long term, inflation-linked returns while addressing the
chronic undersupply of affordable homes in the UK.
RHC owns a residential property located in Liverpool (UK), which
is comprised of seven units, all of which are occupied by private
individuals, each with a six month term contract. The fair value of
the Liverpool property as at 30 September 2022 was GBP0.6
million.
Cash balances
Investment Investment Carrying Income Property type Investment
type value return / underlying notes
p.a. security
============= =========== ========= ======== ================== ===========
Cash balance Cash GBP37.0m 0.3% ** 'On call' and n/a
* current accounts
============= =========== ========= ======== ================== ===========
* Group cash of GBP37.9m excluding cash held with the Hamburg holding company of GBP0.9m
** weighted average interest earned on call accounts
As at 30 September 2022, the Group had cash balances of GBP37.0
million, excluding cash held with the Hamburg holding company of
GBP0.9 million.
The Group's cash is held with established banks with strong
credit ratings.
Summary
ART has a diversified portfolio focussed on asset-backed lending
and property investments in Western Europe. The Company is
currently focussed on its loan portfolio and extending its wider
investment strategy to target investments offering inflation
protection via index linked income adjustments and investments that
have potential for capital gains
Brad Bauman and Gordon Smith
For and on behalf of the Inv estment Manager
24 November 2022
Principal risks and uncertainties
The principal risks and uncertainties facing the Group can be
outlined as follows:
-- Rental income, fair value of investment properties (directly
or indirectly held) and fair value of the Group's equity
investments are affected, together with other factors, by general
economic conditions and/or by the political and economic climate of
the jurisdictions in which the Group's investments and investment
properties are located.
-- The Group's loan investments are exposed to credit risk which
arise by the potential failure of the Group's counter parties to
discharge their obligations when falling due; this could reduce the
amount of future cash inflows from financial assets on hand at the
balance sheet date; the Group receives regular updates from the
relevant investment manager as to the performance of the underlying
investments and assesses their credit risk as a result.
-- The Russian invasion of Ukraine is also considered to be a
significant risk and uncertainty for the Group: this is discussed
on the first paragraph of the above going concern section.
The Board believes that the above principal risks and
uncertainties, which are discussed more extensively in the annual
report for the year ended 31 March 2022, would be equally
applicable to the remaining six month period of the current
financial year.
Statement of Directors' Responsibilities
The Directors confirm that to the best of their knowledge:
-- the condensed consolidated financial statements have been
prepared in accordance with IAS 34 'Interim Financial Reporting',
as adopted by the European Union; and
-- the half year report includes a fair review of the
information required by DTR 4.2.7R, being an indication of the
important events that have occurred during the first six months of
the financial year, and their impact on the half year report, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year; and
-- the half year report includes a fair review of the
information required by DTR 4.2.8R, being the related parties
transactions that have taken place in the first six months of the
current financial year and that have materially affected the
financial position or the performance of the Group during that
period; and any changes in the related parties transactions
described in the last annual report that could have a material
effect on the financial position or performance of the enterprise
in the first six months of the current financial year.
The Directors of ART are listed below.
By order of the Board
William Simpson
Chairman
24 November 2022
Independent review report
To Alpha Real Trust Limited
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed consolidated set of
financial statements in the half-yearly financial report for the
six months ended 30 September 2022 is not prepared, in all material
respects, in accordance with International Accounting Standard 34,
as adopted by the European Union, and the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct
Authority.
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 September 2022 which comprises the condensed
consolidated statement of comprehensive income, condensed
consolidated balance sheet, condensed consolidated cash flow
statement, condensed consolidated statement of changes in equity
and related notes.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" ("ISRE (UK) 2410"). A review of interim financial
information consists of making enquiries, 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 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.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards (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".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the 'Basis for
conclusion' section of this report, nothing has come to our
attention to suggest that the directors have inappropriately
adopted the going concern basis of accounting or that the directors
have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on
the review procedures performed in accordance with ISRE (UK) 2410,
however future events or conditions may cause the group to cease to
continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct
Authority.
In preparing the half-yearly financial report, the directors are
responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statement in the half-yearly financial report. Our
conclusion, including our 'Conclusions relating to going concern',
are based on procedures that are less extensive than audit
procedures, as described in the 'Basis for conclusion' paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority and for no other purpose. No person is
entitled to rely on this report unless such a person is a person
entitled to rely upon this report by virtue of and for the purpose
of our terms of engagement or has been expressly authorised to do
so by our prior written consent. Save as above, we do not accept
responsibility for this report to any other person or for any other
purpose and we hereby expressly disclaim any and all such
liability.
BDO Limited
Chartered Accountants
Place du Pré
Rue du Pré
St Peter Port
Guernsey
24 November 2022
Condensed consolidated statement of comprehensive income
For the six months ended For the six months ended
30 September 2022 30 September 2021
(unaudited) (unaudited)
---------------------------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Income
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Revenue 3 2,977 - 2,977 2,829 - 2,829
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Change in the revaluation of investment
properties 9 - 143 143 - 343 343
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Gains/(losses) on financial assets and
liabilities held at fair value through
profit or loss 4 272 (1,406) (1,134) 207 (361) (154)
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Total income/(expense) 3,249 (1,263) 1,986 3,036 (18) 3,018
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Expenses
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Expected credit losses - (608) (608) - - -
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Property operating expenses (41) - (41) (36) - (36)
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Investment Manager's fee 20 (1,189) - (1,189) (1,151) - (1,151)
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Other administration costs (476) - (476) (427) - (427)
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Total operating expenses (1,706) (608) (2,314) (1,614) - (1,614)
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Operating profit/(loss) 1,543 (1,871) (328) 1,422 (18) 1,404
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Share of profit/(loss) of joint ventures
and associates 12 525 324 849 497 (140) 357
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Finance income 44 - 44 1 1 2
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Finance costs (100) (66) (166) (101) - (101)
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Profit/(loss) before taxation 2,012 (1,613) 399 1,819 (157) 1,662
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Taxation 5 (66) (112) (178) (7) (116) (123)
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Profit/(loss) after taxation 1,946 (1,725) 221 1,812 (273) 1,539
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Other comprehensive income/(expense) for
the period
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Items that may be reclassified to profit
or loss in subsequent periods:
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Exchange differences arising on
translation of foreign operations - 1,478 1,478 - 361 361
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Other comprehensive income for the period - 1,478 1,478 - 361 361
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Total comprehensive income/ (expense) for
the period 1,946 (247) 1,699 1,812 88 1,900
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Earnings per ordinary share
(basic & diluted) 7 0.4p 2.5p
------------------------------------------- ------- --------- --------- --------- --------- --------- ---------
Adjusted earnings per ordinary
share (basic & diluted) 7 3.3p 3.0p
The total column of this statement represents the Group's
statement of comprehensive income , prepared in accordance with
IFRS. The revenue and capital columns are supplied as supplementary
information permitted under IFRS. All items in the above statement
derive from continuing operations. The accompanying notes form an
integral part of these financial statements.
Condensed consolidated balance sheet
Notes 30 September 2022 31 March 2022
(unaudited) (audited)
GBP'000 GBP'000
------------------------------ ------- ------------------- ---------------
Non-current assets
------------------------------ ------- ------------------- ---------------
Investment property 9 24,330 15,984
------------------------------ ------- ------------------- ---------------
Investment in joint ventures
and associates 12 18,517 17,193
------------------------------ ------- ------------------- ---------------
Loans advanced 13 30,369 13,093
------------------------------ ------- ------------------- ---------------
73,216 46,270
------------------------------ ------- ------------------- ---------------
Current assets
------------------------------ ------- ------------------- ---------------
Joint venture in arbitration 10 - 5,868
------------------------------ ------- ------------------- ---------------
Investments held at fair
value 11 4,756 10,990
------------------------------ ------- ------------------- ---------------
Derivatives held at fair
value through profit or
loss - 88
------------------------------ ------- ------------------- ---------------
Loans advanced 13 17,772 23,341
------------------------------ ------- ------------------- ---------------
Collateral deposit 14 1,284 936
------------------------------ ------- ------------------- ---------------
Trade and other receivables 15 150 13,711
------------------------------ ------- ------------------- ---------------
Cash and cash equivalents 37,934 41,250
------------------------------ ------- ------------------- ---------------
61,896 96,184
------------------------------ ------- ------------------- ---------------
Total assets 135,112 142,454
------------------------------ ------- ------------------- ---------------
Current liabilities
------------------------------ ------- ------------------- ---------------
Derivatives held at fair (375) -
value through profit or
loss
------------------------------ ------- ------------------- ---------------
Trade and other payables 16 (927) (971)
------------------------------ ------- ------------------- ---------------
Corporation tax (31) (12)
------------------------------ ------- ------------------- ---------------
Bank borrowings 17 (32) (29)
------------------------------ ------- ------------------- ---------------
Total current liabilities (1,365) (1,012)
------------------------------ ------- ------------------- ---------------
Total assets less current
liabilities 133,747 141,442
------------------------------ ------- ------------------- ---------------
Non-current liabilities
------------------------------ ------- ------------------- ---------------
Bank borrowings 17 (8,329) (7,921)
------------------------------ ------- ------------------- ---------------
Deferred tax (393) (265)
------------------------------ ------- ------------------- ---------------
(8,722) (8,186)
------------------------------ ------- ------------------- ---------------
Total liabilities (10,087) (9,198)
------------------------------ ------- ------------------- ---------------
Net assets 125,025 133,256
------------------------------ ------- ------------------- ---------------
Equity
------------------------------ ------- ------------------- ---------------
Share capital 18 - -
------------------------------ ------- ------------------- ---------------
Special reserve 59,550 68,243
------------------------------ ------- ------------------- ---------------
Translation reserve 677 (801)
------------------------------ ------- ------------------- ---------------
Capital reserve 42,292 44,017
------------------------------ ------- ------------------- ---------------
Revenue reserve 22,506 21,797
------------------------------ ------- ------------------- ---------------
Total equity 125,025 133,256
------------------------------ ------- ------------------- ---------------
Net asset value per ordinary
share 8 219.6p 216.0p
The financial statements were approved by the Board of Directors
and authorised for issue on 24 November 2022. They were signed on
its behalf by William Simpson.
William Simpson
Director
The accompanying notes form an integral part of these financial
statements.
Condensed consolidated cash flow statement
For the six months For the six months
ended ended
30 September 2022 30 September 2021
(unaudited) GBP'000 (unaudited) GBP'000
-------------------------------------- --------------------- ---------------------
Operating activities
-------------------------------------- --------------------- ---------------------
Profit for the period after
taxation 221 1,539
-------------------------------------- --------------------- ---------------------
Adjustments for:
-------------------------------------- --------------------- ---------------------
Change in revaluation of investment
property (143) (343)
-------------------------------------- --------------------- ---------------------
Net losses on financial assets
and liabilities held at fair
value through profit or loss 1,134 154
-------------------------------------- --------------------- ---------------------
Taxation 178 123
-------------------------------------- --------------------- ---------------------
Share of profit of joint ventures
and associates (849) (357)
-------------------------------------- --------------------- ---------------------
Interest receivable on loans
to third parties (2,394) (2,336)
-------------------------------------- --------------------- ---------------------
Expected credit losses 608 -
-------------------------------------- --------------------- ---------------------
Finance income (44) (2)
-------------------------------------- --------------------- ---------------------
Finance cost 166 101
-------------------------------------- --------------------- ---------------------
Operating cash flows before
movements in working capital (1,123) (1,121)
-------------------------------------- --------------------- ---------------------
Movements in working capital:
-------------------------------------- --------------------- ---------------------
Movement in trade and other
receivables (123) (20)
-------------------------------------- --------------------- ---------------------
Movement in trade and other
payables (43) 54
-------------------------------------- --------------------- ---------------------
Cash flows used in operations (1,289) (1,087)
-------------------------------------- --------------------- ---------------------
Loan interest received 1,091 979
-------------------------------------- --------------------- ---------------------
Loans granted to third parties (9,581) (11,229)
-------------------------------------- --------------------- ---------------------
Loans repaid by third parties 10,359 10,309
-------------------------------------- --------------------- ---------------------
Cash returned from escrow for 1,928 -
loans granted post year end
-------------------------------------- --------------------- ---------------------
Interest received 44 1
-------------------------------------- --------------------- ---------------------
Interest paid (91) (92)
-------------------------------------- --------------------- ---------------------
Tax paid (29) (22)
-------------------------------------- --------------------- ---------------------
Cash flows generated from/(used
in) operating activities 2,432 (1,141)
-------------------------------------- --------------------- ---------------------
Investing activities
-------------------------------------- --------------------- ---------------------
Acquisition of investments - (10,998)
-------------------------------------- --------------------- ---------------------
Acquisition of investment property (7,403) -
-------------------------------------- --------------------- ---------------------
Investment in joint ventures - (84)
-------------------------------------- --------------------- ---------------------
Redemption on investments 5,348 -
-------------------------------------- --------------------- ---------------------
Capital return from joint venture 5,868 -
in arbitration
-------------------------------------- --------------------- ---------------------
Dividend income from joint 411 -
ventures and associates
-------------------------------------- --------------------- ---------------------
Dividend income from investments 178 89
-------------------------------------- --------------------- ---------------------
Collateral deposit increase (348) -
-------------------------------------- --------------------- ---------------------
Cash flows generated from/(used
in) investing activities 4,054 (10,993)
-------------------------------------- --------------------- ---------------------
Financing activities
-------------------------------------- --------------------- ---------------------
Share issue costs (78) (21)
-------------------------------------- --------------------- ---------------------
Share buyback (9,553) (150)
-------------------------------------- --------------------- ---------------------
Share buyback costs (49) (1)
-------------------------------------- --------------------- ---------------------
Ordinary dividends paid (250) (219)
-------------------------------------- --------------------- ---------------------
Cash flows used in financing
activities (9,930) (391)
-------------------------------------- --------------------- ---------------------
Net decrease in cash and cash
equivalents (3,444) (12,525)
-------------------------------------- --------------------- ---------------------
Cash and cash equivalents at
beginning of period 41,250 68,213
-------------------------------------- --------------------- ---------------------
Exchange translation movement 128 12
-------------------------------------- --------------------- ---------------------
Cash and cash equivalents at
end of period 37,934 55,700
The accompanying notes form an integral part of these financial
statements.
Condensed consolidated statement of changes in equity
For the six months ended Notes Special Translation Capital Revenue Total
30 September 2022 reserve reserve reserve reserve equity
(unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2022 68,243 (801) 44,017 21,797 133,256
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period
------ --------- ------------ --------- --------- ---------
Loss/(profit) for the period - - (1,725) 1,946 221
------ --------- ------------ --------- --------- ---------
Other comprehensive income
for the period - 1,478 - - 1,478
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period - 1,478 (1,725) 1,946 1,699
------ --------- ------------ --------- --------- ---------
Transactions with owners
------ --------- ------------ --------- --------- ---------
Cash dividends 6 - - - (250) (250)
------ --------- ------------ --------- --------- ---------
Scrip dividends 6 987 - - (987) -
------ --------- ------------ --------- --------- ---------
Share issue costs (78) - - - (78)
------ --------- ------------ --------- --------- ---------
Share buyback 20 (9,553) - - - (9,553)
------ --------- ------------ --------- --------- ---------
Share buyback costs (49) - - - (49)
------ --------- ------------ --------- --------- ---------
Total transactions with
owners (8,693) - - (1,237) (9,930)
------ --------- ------------ --------- --------- ---------
At 30 September 2022 59,550 677 42,292 22,506 125,025
------ --------- ------------ --------- --------- ---------
For the six months ended Notes Special Translation Capital Revenue Total
30 September 2021 reserve reserve reserve reserve equity
(unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2021 66,655 (677) 38,295 21,803 126,076
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period
------ --------- ------------ --------- --------- ---------
Profit/(loss) for the period - - (273) 1,812 1,539
------ --------- ------------ --------- --------- ---------
Other comprehensive income
for the period - 361 - - 361
------ --------- ------------ --------- --------- ---------
Total comprehensive income/(expense)
for the period - 361 (273) 1,812 1,900
------ --------- ------------ --------- --------- ---------
Transactions with owners
------ --------- ------------ --------- --------- ---------
Cash dividends 6 - - - (219) (219)
------ --------- ------------ --------- --------- ---------
Scrip dividends 6 998 - - (998) -
------ --------- ------------ --------- --------- ---------
Share issue costs (21) - - - (21)
------ --------- ------------ --------- --------- ---------
Share buyback 20 (150) - - - (150)
------ --------- ------------ --------- --------- ---------
Share buyback costs (1) - - - (1)
------ --------- ------------ --------- --------- ---------
Total transactions with
owners 826 - - (1,217) (391)
------ --------- ------------ --------- --------- ---------
At 30 September 2021 67,481 (316) 38,022 22,398 127,585
------ --------- ------------ --------- --------- ---------
The accompanying notes form an integral part of these financial
statements.
Notes to the condensed consolidated financial statements for the
period ended 30 September 2022
1. General information
The Company is a limited liability, closed-ended investment
company incorporated in Guernsey. The Group comprises the Company
and its subsidiaries. The condensed consolidated financial
statements are presented in pounds Sterling as this is the currency
in which the funds are raised and in which investors are seeking a
return. The Company's functional currency is Sterling and the
subsidiaries' currencies are Euro, Indian Rupees and Sterling. The
presentation currency of the Group is Sterling. The period end
exchange rate used is GBP1:INR89,923 (31 March 2022:
GBP1:INR99.678) and the average rate for the period used is
GBP1:INR95.355 (30 September 2021: GBP1:INR102.634). For Euro based
transactions the period end exchange rate used is GBP1:EUR1.128 (31
March 2022: GBP1:EUR1.185) and the average rate for the period used
is GBP1:EUR1.174 (30 September 2021: GBP1:EUR1.165).
The address of the registered office is given below. The nature
of the Group's operations and its principal activities are set out
in the Chairman's Statement. The half year report was approved and
authorised for issue on 24 November 2022 and signed by William
Simpson on behalf of the Board.
2. Significant accounting policies
Basis of preparation
The unaudited condensed consolidated financial statements in the
half year report for the six months ended 30 September 2022 have
been prepared in accordance with International Accounting Standard
(IAS) 34, 'Interim Financial Reporting' as adopted by the European
Union. This half year report and condensed consolidated financial
statements should be read in conjunction with the Group's annual
report and consolidated financial statements for the year ended 31
March 2022, which have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union and are available at the Company's website (
www.alpharealtrustlimited.com ).
The accounting policies adopted and methods of computation
followed in the condensed consolidated financial statements are
consistent with those applied in the preparation of the Group's
annual consolidated financial statements for the year ended 31
March 2022 and are expected to be applied to the Group's annual
consolidated financial statements for the year ending 31 March
2023.
The Group continues to only have one operating segment.
3. Revenue
For the six months For the six months
ended ended
30 September 30 September
2022 2021
GBP'000 GBP'000
------------------------------ ------------------- -------------------
Rental income 552 412
------------------------------ ------------------- -------------------
Service charges 26 26
------------------------------ ------------------- -------------------
Rental revenue 578 438
------------------------------ ------------------- -------------------
Interest receivable on loans
to third parties 2,394 2,336
------------------------------ ------------------- -------------------
Interest revenue 2,394 2,336
------------------------------ ------------------- -------------------
Other income 5 55
------------------------------ ------------------- -------------------
Other revenue 5 55
------------------------------ ------------------- -------------------
Total 2,977 2,829
4. Net gains and losses on financial assets and liabilities held
at fair value through profit or loss
For the six months For the six months
ended ended
30 September 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------- ------------------- -------------------
Unrealised gains and losses on
financial assets and liabilities
held at fair value through profit
or loss
--------------------------------------- ------------------- -------------------
Movement in fair value of investments (943) (232)
------------------- -------------------
Movement in fair value of foreign
exchange forward contract (463) (47)
------------------- -------------------
Undistributed investment income 57 -
------------------- -------------------
Realised gains and losses on
financial assets and liabilities
held at fair value through profit
or loss
------------------- -------------------
Movement in fair value of loans 37 36
------------------- -------------------
Dividends received from investments
held at fair value 178 89
------------------- -------------------
Net losses on financial assets
and liabilities held at fair value
through profit or loss (1,134) (154)
------------------- -------------------
5. Taxation
For the six months For the six months
ended ended
30 September 30 September
2022 2021
GBP'000 GBP'000
-------------- ------------------- -------------------
Current tax 66 7
-------------- ------------------- -------------------
Deferred tax 112 116
-------------- ------------------- -------------------
Tax expense 178 123
The Company is exempt from Guernsey taxation on income derived
outside of Guernsey and bank interest earned in Guernsey. A fixed
annual fee of GBP1,200 is payable to the States of Guernsey in
respect of this exemption. No charge to Guernsey taxation arises on
capital gains. The Group is liable to foreign tax arising on
activities in the overseas subsidiaries. The Company has
investments, subsidiaries and joint venture operations in
Luxembourg, United Kingdom, the Netherlands, Spain, Germany and
Cyprus.
The current tax charge is due in Cyprus, Luxembourg and the
Netherlands.
Unused tax losses in Luxembourg, Spain, Germany and the United
Kingdom can be carried forward indefinitely. Unused tax losses in
the Netherlands can be carried forward for nine years. Unused tax
losses in Cyprus can be carried forward for five years.
A deferred tax liability has been provided for in relation to
the Hamburg investment property in Germany.
6. Dividends
Dividend reference period Shares Dividend Paid Date of
payment
'000 per share GBP
Quarter ended 31 December
2021 12,545 1.0p 125,450 6 April 2022
--------------------------- ------- ---------- -------- -------------
Quarter ended 31 March
2022 12,433 1.0p 124,333 20 July 2022
--------------------------- ------- ---------- -------- -------------
Total paid in the period 249,783
--------------------------- ------- ---------- -------- -------------
Quarter ended 30 June 26 October
2022 5,316 1.0p 53,160 2022
--------------------------- ------- ---------- -------- -------------
Total 302,943
--------------------------- ------- ---------- -------- -------------
The Company will pay a dividend of 1.0p per share for the
quarter ended 30 September 2022 on 6 January 2023.
In accordance with IAS 10, the dividends for quarters ended 30
June 2022 and 30 September 2022 have not been included in these
financial statements as the dividends were declared or paid after
the period end. The current intention of the Directors is to pay a
dividend quarterly.
Dividends paid and payable after the balance sheet date have not
been included as a liability in the half year report.
Scrip dividend alternative
In the circular published on 18 December 2018, the Company
sought shareholders' approval to enable a scrip dividend
alternative to be offered to ordinary shareholders whereby they
could elect to receive additional ordinary shares in lieu of a cash
dividend, at the absolute discretion of the Directors, from time to
time. This was approved by shareholders at the extraordinary
general meeting on 8 January 2019.
The number of ordinary shares that an ordinary shareholder will
receive under the scrip dividend alternative will be the average of
the closing middle market quotations of an ordinary share for five
consecutive dealing days after the day on which the ordinary shares
are first quoted "ex" the relevant dividend.
The Board elected to offer the scrip dividend alternative to
shareholders for all quarterly dividends from the quarter ended 31
December 2018 onwards. These issued shares are ranked pari passu in
all respects with the Company's existing issued ordinary
shares.
During the six month period ended 30 September 2022, the Company
issued 717,554 ordinary shares: on 6 April 2022, 346,379 were
issued at the price of GBP1.42 and, on 20 July 2022, 371,175 were
issued at the price of GBP1.34.
7. Earnings per share
The calculation of the basic and diluted earnings per ordinary
share is based on the following data:
For the Year For the
six months ended six months
ended 30 31 March ended 30
September 2022 September
2022 2021
----------------------------------------- ------------ ---------- ------------
Ordinary Ordinary Ordinary
share share share
----------------------------------------- ------------ ---------- ------------
Earnings per statement of comprehensive
income (GBP'000) 221 8,160 1,539
----------------------------------------- ------------ ---------- ------------
Basic and diluted earnings (pence
per share) 0.4p 13.3p 2.5p
----------------------------------------- ------------ ---------- ------------
Earnings per statement of comprehensive
income (GBP'000) 221 8,160 1,539
----------------------------------------- ------------ ---------- ------------
Net change in the revaluation
of investment properties (143) (1,195) (343)
----------------------------------------- ------------ ---------- ------------
Gain on joint venture in arbitration - (5,868) -
----------------------------------------- ------------ ---------- ------------
Movement in fair value of investments 943 302 314
----------------------------------------- ------------ ---------- ------------
Movement in fair value of foreign
exchange forward contract 463 (88) 47
----------------------------------------- ------------ ---------- ------------
Net change in the revaluation
of the joint ventures' investment
property (324) (500) 140
----------------------------------------- ------------ ---------- ------------
Expected credit losses 608 1,310 -
----------------------------------------- ------------ ---------- ------------
Foreign exchange loss/(gain) 66 265 (1)
----------------------------------------- ------------ ---------- ------------
Deferred tax 112 52 116
----------------------------------------- ------------ ---------- ------------
Adjusted earnings 1,946 2,438 1,812
----------------------------------------- ------------ ---------- ------------
Adjusted earnings (pence per
share) 3.3p 4.0p 3.0p
----------------------------------------- ------------ ---------- ------------
Weighted average number of shares
('000s) 59,778 61,311 61,074
The adjusted earnings are presented to provide what the Board
believes is a more appropriate assessment of the operational income
accruing to the Group's activities. Hence, the Group adjusts basic
earnings for income and costs which are not of a recurrent nature
or which may be more of a capital nature.
8. Net asset value per share
At 30 September At 31 March At 30 September
2022 2022 2021
GBP'000 GBP'000 GBP'000
------------------------------ ---------------- ------------ ----------------
Net asset value (GBP'000) 125,025 133,256 127,585
------------------------------ ---------------- ------------ ----------------
Net asset value per ordinary
share 219.6p 216.0p 208.5p
------------------------------ ---------------- ------------ ----------------
Number of ordinary shares
('000s) 56,937 61,685 61,205
9. Investment property
30 September 31 March 2022
2022 GBP'000
GBP'000
------------------------------------------ ------------- --------------
Fair value of investment property
at 1 April 15,984 14,918
------------------------------------------ ------------- --------------
Additions 7,403 -
------------------------------------------ ------------- --------------
Fair value adjustment in the period/year 143 1,195
------------------------------------------ ------------- --------------
Foreign exchange movements 800 (129)
------------------------------------------ ------------- --------------
Fair value of investment property
at 30 September / 31 March 24,330 15,984
Investment property is represented by a property located in
Hamburg (Werner-Siemens-Straße), Germany, a residential property
located in Liverpool, UK and two hotels located in the UK.
The fair value of the Hamburg property of EUR18.9 million
(GBP16.8 million) (31 March 2022: EUR18.2 million (GBP15.4
million)) has been arrived at on the basis of an independent
valuation carried out at the balance sheet date by Cushman &
Wakefield ('C&W').
During the period, the Group acquired two UK hotels leased to
Travelodge Hotels Limited, the United Kingdom's largest independent
hotel brand, with a 20-year unexpired lease term. On 1 June 2022,
ART acquired a hotel located in Lowestoft for GBP3.1 million
(including acquisition costs) and, on 29 July 2022, ART acquired a
hotel located in Wadebridge for GBP4.3 million (including
acquisition costs).
The fair values of the two UK hotels of GBP4.0 million (located
in Wadebridge) and GBP3.0 million (located in Lowestoft) have been
arrived at on the basis of an independent valuation carried out at
the balance sheet date by C&W.
The fair value of the Liverpool residential property of GBP0.6
million (31 March 2022: GBP0.6 million) has been arrived at on the
basis of an independent valuation carried out at the balance sheet
date by ASL Chartered Surveyors & Valuers ('ASL').
C&W and ASL are independent valuers and are not connected to
the Group.
The valuation basis used is fair value as defined by the Royal
Institution of Chartered Surveyors Appraisal and Valuations
Standards ("RICS"). The approved RICS definition of fair value is
"the price that would be received to sell an asset, or paid to
transfer a liability, in an orderly transaction between market
participants at the measurement date".
Foreign exchange movement is recognised in other comprehensive
income.
10. Joint venture in arbitration
30 September 31 March 2022
2022 GBP'000
GBP'000
------------------------------- -------------- --------------
As at 1 April 5,868 -
------------------------------- -------------- --------------
Final proceeds receivable - 5,868
------------------------------- -------------- --------------
Capital return (5,868) -
------------------------------- -------------- --------------
As at 30 September / 31 March - 5,868
In February 2022, the Supreme Court of India issued an order
concluding the litigation regarding the Company's Galaxia
investment, a 50:50 joint venture with Logix in relation to an 11.2
acre development site located in NOIDA, the National Capital
Region, India.
As part of a prior court ruling, Logix were permitted to sell
the Galaxia site to raise capital for the award. The sale completed
and the funds lodged by the purchaser with the Supreme Court have
since been repatriated to ART in return for ART's subsidiary and
Logix relinquishing their title interests.
The Company has commenced the liquidation process for the
Cypriot structure which had been holding the Galaxia investment and
estimates completion by the end of the calendar year 2022.
11. Investments held at fair value
30 September 31 March 2022
2022 GBP'000
GBP'000
--------------------------------------- ------------- --------------
Non-current
--------------------------------------- ------------- --------------
As at 1 April - 31
--------------------------------------- ------------- --------------
Movement in fair value of investments - -
--------------------------------------- ------------- --------------
Transfer to current - (31)
--------------------------------------- ------------- --------------
As at 30 September / 31 March - -
--------------------------------------- ------------- --------------
Current
--------------------------------------- ------------- --------------
As at 1 April 10,990 -
--------------------------------------- ------------- --------------
Additions - 10,998
--------------------------------------- ------------- --------------
Redemptions (5,348) -
--------------------------------------- ------------- --------------
Movement in fair value of investments (886) (39)
--------------------------------------- ------------- --------------
Transfer from non-current - 31
--------------------------------------- ------------- --------------
As at 30 September / 31 March 4,756 10,990
The investments, which are disclosed as current investments held
at fair value, are as follows:
-- Sequoia Economic Infrastructure Income Fund Limited ('SEQI'),
a listed fund: the market value of SEQI as at 30 September 2022 was
GBP2.3 million.
-- GCP Infrastructure Investments Limited ('GCP') a listed fund:
the market value of GCP as at 30 September 2022 was GBP1.3
million.
-- GCP Asset Backed Income Fund Limited ('GABI'): the market
value of GABI as at 30 September 2022 was GBP1.2 million.
-- Europip (participating redeemable preference shares): Europip
has distributed its final liquidation proceeds to ART in August
2022 for GBP28,086; Europip is in the final phases of its
liquidation process.
-- HLP (participating redeemable preference shares): HLP
provides quarterly valuations of the net asset value of its shares;
the net asset value of the investment as at 30 September 2022 was
nil (31 March 2022: nil).
During the period ended 30 September 2022, the Group's
investment in the Commercial Long Income PAIF ('CLIP') was fully
redeemed for GBP5.3 million. ARC is the Authorised Corporate
Director and Alternative Investment Fund Manager of CLIP and TIME
Investments, a subsidiary of ARC, is the Investment Manager.
12. Investment in joint ventures and associates
The movement in the Group's share of net assets of the joint
ventures and associates can be summarised as follows:
H2O SPHL Total H2O SPHL Total
-------------------------- --------- --------- --------- --------- --------- ---------
30 Sep 30 Sep 30 Sep 31 March 31 March 31 March
2022 2022 2022 2022 2022 2022
GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- --------- --------- --------- ---------
As at 1 April 17,075 118 17,193 16,000 1,761 17,761
-------------------------- --------- --------- --------- --------- --------- ---------
Additions - - - - 84 84
-------------------------- --------- --------- --------- --------- --------- ---------
Group's share of
joint ventures' profits
before fair value
movements and dividends 525 - 525 1,162 53 1,215
-------------------------- --------- --------- --------- --------- --------- ---------
Fair value adjustment
for investment property 324 - 324 58 442 500
-------------------------- --------- --------- --------- --------- --------- ---------
Dividends paid by
joint venture and
associate to the
Group (294) - (294) - (959) (959)
-------------------------- --------- --------- --------- --------- --------- ---------
Capital return - (118) (118) - (1,263) (1,263)
-------------------------- --------- --------- --------- --------- --------- ---------
Foreign exchange
movements 887 - 887 (145) - (145)
-------------------------- --------- --------- --------- --------- --------- ---------
As at 30 September
/ 31 March 18,517 - 18,517 17,075 118 17,193
The Group's investments in joint ventures can be summarised as
follows:
-- Joint venture investment in the H2O shopping centre in
Madrid, Spain: the Group holds a 30% equity investment in CBRE H2O
Rivas Holding NV ('CBRE H2O'), a company based in the Netherlands,
which in turn owns 100% of the Spanish entities that are owners of
H2O. CBRE H2O is a Euro denominated company hence the Group
translates its share of this investment at the relevant year end
exchange rate with movements in the period translated at the
average rate for the period. As at 30 September 2022, the carrying
value of ART's investment in CBRE H2O was GBP18.5 million (EUR20.9
million) (31 March 2022: GBP17.1 million (EUR20.2 million)).
-- Joint venture investment in the Phase 1000 of Cambourne
Business Park, Cambridge, UK: the Group held a 10% equity
investment in the Scholar Property Holdings Limited ('SPHL') group,
owner of the property. In August 2022, ART received the final
liquidation proceeds for GBP118,000 and, in September 2022, SPHL
was dissolved.
Foreign exchange movement is recognised in other comprehensive
income.
The fair value of the H2O property in Madrid (Spain) of EUR121.8
million (GBP108.0 million) (31 March 2022: EUR121.0 million
(GBP102.1 million)) has been arrived at on the basis of an
independent valuation carried out at the balance sheet date by
Savills Aguirre Newman Valoraciones y Tasaciones S.A., an
independent valuer not connected to the Group.
The valuation basis used is fair value as defined by the Royal
Institution of Chartered Surveyors Appraisal and Valuations
Standards ("RICS"). The approved RICS definition of fair value is
"the price that would be received to sell an asset, or paid to
transfer a liability, in an orderly transaction between market
participants at the measurement date".
The CBRE H2O group bank borrowings' balance as at 30 September
2022 is EUR63.3 million (GBP56.1 million): this loan is provided by
Aareal Bank, carries an interest rate of EURIBOR plus 190 basis
points and matures on 18 May 2024. The bank loan is secured by a
first charge mortgage against the Spanish property.
The above borrowings are non-recourse to the Group's other
investments.
13. Loans advanced
30 September 31 March 2022
2022 GBP'000
GBP'000
---------------------------------------- ------------- --------------
Non-current
---------------------------------------- ------------- --------------
Loans granted to third parties 30,021 12,882
---------------------------------------- ------------- --------------
Interest receivable from loans granted
to third parties 348 211
---------------------------------------- ------------- --------------
Total loans at amortised cost 30,369 13,093
---------------------------------------- ------------- --------------
Loans at fair value through profit - -
or loss
---------------------------------------- ------------- --------------
Total non-current loans 30,369 13,093
---------------------------------------- ------------- --------------
Current
---------------------------------------- ------------- --------------
Loans granted to third parties 18,056 22,945
---------------------------------------- ------------- --------------
Interest receivable from loans granted
to third parties 2,366 2,473
---------------------------------------- ------------- --------------
Total loans at amortised cost 20,422 25,418
---------------------------------------- ------------- --------------
Loans at fair value through profit
or loss 530 495
---------------------------------------- ------------- --------------
Expected credit losses (3,180) (2,572)
---------------------------------------- ------------- --------------
Total current loans 17,772 23,341
As at 30 September 2022, the Group had granted a total of
GBP48.1 million (31 March 2022: GBP36.4 million) of secured senior
and secured mezzanine loans to third parties. These comprised
nineteen loans to UK entities, which assisted with the purchase of
property developments, predominantly residential, in the UK. These
facilities typically range from a 6 to 36 month term and entitle
the Group to a weighted average overall return on the investment of
15.7% for mezzanine loans and 5.8% for senior loans.
All senior and mezzanine loans granted by the Group are secured
asset backed real estate loans. Senior loans have a first charge
security and mezzanine loans have a second charge security on the
property developments.
Loans at fair value through profit or loss represents loans that
failed the 'solely payment of principal and interest' criteria of
IFRS 9 to be measured at amortised cost: this is due to a loan
facility agreement's clause that links those loans to a return
other than interest.
Movement in expected credit losses can be summarised as
follows:
30 September 31 March 2022
2022 GBP'000
GBP'000
----------------------------------- ------------- --------------
Opening balance of ECL (2,572) -
----------------------------------- ------------- --------------
Movement for the period (revenue) - (1,262)
----------------------------------- ------------- --------------
Movement for the period (capital) (608) (1,310)
----------------------------------- ------------- --------------
Closing balance of ECL (3,180) (2,572)
As at 30 September 2022 two loans in the portfolio are in
receivership: ART is closely working with stakeholders to maximise
their capital recovery. The Company has considered the security on
these loans (which are a combination of a first charge and a second
charge over the respective assets and personal guarantees) and have
calculated an ECL on these two loans of approximately GBP2.3
million; the Group have also provided for an ECL on the remainder
of the loans' portfolio for an additional GBP0.9 million: in total,
the Group have provided for an ECL of GBP3.2 million in its
consolidated accounts.
Loans maturity of the total GBP48.1 million loans granted by the
Group at year end, can be analysed as follows:
Less than Between Between Over 24 Total
6 months 6 to 12 12 to months GBP'm
GBP'm months 24 months GBP'm
GBP'm GBP'm
------------- ---------- --------- ----------- -------- -------
Non-current - - 30,369 - 30,369
------------- ---------- --------- ----------- -------- -------
Current 13,433 4,339 - - 17,772
------------- ---------- --------- ----------- -------- -------
Post period end, one loan of GBP1.1 million was drawn,
additional drawdowns of GBP1.9 million were made on existing loans
and part loan repayments were received amounting to GBP0.6 million
(including accrued interest).
Despite all of the loans having a set repayment term all but two
of the loans have a repayable on demand feature so the Group may
call for an early repayment of their principal, interest and
applicable fees at any time.
Considering the 'on demand' clause, the Group concluded that the
loans are in stage 3 of the IFRS 9 model as should the loans be
called on demand the borrowers would technically be in default as
repayment would only be possible on demand if the property had
already been sold. One of the loans without a repayable on demand
clause amounts to GBP3.7 million, matured during the period but is
in the process of being extended; the second loan without a
repayable on demand clause amounts to GBP11.1 million and matures
on 1 April 2025; both loans remain in stage 1 of the IFRS 9
model.
14. Collateral deposit
30 September 31 March 2022
2022 GBP'000
GBP'000
-------------------- ------------- --------------
Collateral deposit 1,284 936
The collateral deposit of GBP1.3 million (31 March 2022: GBP0.9
million) is a cash deposit with Barclays Bank PLC ('Barclays') in
Guernsey in relation to the foreign exchange forward contract
entered into by the Group at period end: this cash has been placed
on deposit.
15. Trade and other receivables
30 September 31 March 2022
2022 GBP'000
GBP'000
--------------- ------------- --------------
Current
--------------- ------------- --------------
Trade debtors 75 14
--------------- ------------- --------------
VAT 2 9
--------------- ------------- --------------
Other debtors 73 13,688
--------------- ------------- --------------
Total 150 13,711
The balance of other debtors as at 31 March 2022 represented
funds held in escrow for two loan investments to be granted post
year end: one of these loans completed in April 2022 for GBP11.8
million whilst the other loan investment for GBP1.9 million was
aborted so the cash was returned to the Group.
The Directors consider that the carrying amount of trade and
other receivables approximates to their fair value.
16. Trade and other payables
30 September 31 March 2022
2022 GBP'000
GBP'000
---------------------------------- ------------- --------------
Trade creditors 32 60
---------------------------------- ------------- --------------
Deferred revenue 48 1
---------------------------------- ------------- --------------
Investment Manager's fee payable 566 610
---------------------------------- ------------- --------------
Accruals 271 277
---------------------------------- ------------- --------------
Other creditors 10 23
---------------------------------- ------------- --------------
Total 927 971
Trade and other payables primarily comprise amounts outstanding
for trade purchases and ongoing costs. The Group has financial risk
management policies in place to ensure that all payables are paid
within the credit time frame. The Directors consider that the
carrying amount of trade and other payables approximates their fair
value.
17. Bank borrowings
30 September 31 March 2022
2022 GBP'000
GBP'000
------------------------------------------ ------------- --------------
Current liabilities: interest payable 32 29
------------------------------------------ ------------- --------------
Total current liabilities 32 29
------------------------------------------ ------------- --------------
Non-current liabilities: bank borrowings 8,329 7,921
------------------------------------------ ------------- --------------
Total liabilities 8,361 7,950
------------------------------------------ ------------- --------------
The borrowings are repayable as
follows:
------------------------------------------ ------------- --------------
Interest payable 32 29
------------------------------------------ ------------- --------------
On demand or within one year - -
------------------------------------------ ------------- --------------
In the second to fifth years inclusive - -
------------------------------------------ ------------- --------------
After five years 8,329 7,921
------------------------------------------ ------------- --------------
Total 8,361 7,950
Movements in the Group's non-current bank borrowings are
analysed as follows:
30 September 31 March 2022
2022 GBP'000
GBP'000
------------------------------------- ------------- --------------
As at 1 April 7,921 7,973
------------------------------------- ------------- --------------
Amortisation of deferred finance
costs 8 15
------------------------------------- ------------- --------------
Exchange differences on translation
of foreign currencies 400 (67)
------------------------------------- ------------- --------------
As at 30 September / 31 March 8,329 7,921
As at 30 September 2022, bank borrowings represent the Nord LB
(a German bank) loan principal for EUR9.5 million (GBP8.4 million),
excluding deferred finance costs, which was used to partly fund the
acquisition of the investment property in Hamburg
(Werner-Siemens-Straße), Germany. This loan is composed of two
tranches of EUR4.9 million and EUR4.6 million, which bear a 1.85%
and 2.7% fixed rate respectively and that are due to mature in
August 2028.
The borrowings are secured over the Hamburg property and have no
recourse to the other assets of the Group and the facility carries
no financial covenant tests. The fair value of bank borrowings at
the balance sheet date is EUR9.6 million (GBP8.5 million).
The table below sets out an analysis of net debt and the
movements in net debt for the period ended 30 September 2022 .
Other Derivatives Liabilities
assets from
financing activities
------------------------------ --------- ------------ ------------------------ ---------
Cash Foreign Interest Borrowings Total
GBP'000 exchange payable GBP'000 GBP'000
forward GBP'000
GBP'000
------------------------------ --------- ------------ ---------- ------------ ---------
Net asset/(debt) as at
1 April 2022 41,250 88 (29) (7,921) 33,388
------------------------------ --------- ------------ ---------- ------------ ---------
Cash movements (3,444) - 91 - (3,353)
------------------------------ --------- ------------ ---------- ------------ ---------
Non cash movements
------------------------------ --------- ------------ ---------- ------------ ---------
Foreign exchange adjustments 128 - 6 (400) (266)
------------------------------ --------- ------------ ---------- ------------ ---------
Unrealised gain on foreign
exchange forward contract - (463) - (463)
------------------------------ --------- ------------ ---------- ------------ ---------
Loan fee amortisation and
other costs - - - (8) (8)
------------------------------ --------- ------------ ---------- ------------ ---------
Interest charge - - (100) - (100)
------------------------------ --------- ------------ ---------- ------------ ---------
Net asset/(debt) as at
30 September 2022 37,934 (375) (32) (8,329) 29,198
------------------------------ --------- ------------ ---------- ------------ ---------
Other Derivatives Liabilities
assets from
financing activities
------------------------------ --------- ------------ ------------------------ ---------
Cash Foreign Interest Borrowings Total
GBP'000 exchange payable GBP'000 GBP'000
forward GBP'000
GBP'000
------------------------------ --------- ------------ ---------- ------------ ---------
Net asset/(debt) as at
1 April 2021 68,213 - (29) (7,973) 60,211
------------------------------ --------- ------------ ---------- ------------ ---------
Cash movements (12,525) - 92 - (12,433)
------------------------------ --------- ------------ ---------- ------------ ---------
Non cash movements
------------------------------ --------- ------------ ---------- ------------ ---------
Foreign exchange adjustments 12 - 7 (124) (105)
------------------------------ --------- ------------ ---------- ------------ ---------
Unrealised gain on foreign
exchange forward contract - (47) - - (47)
------------------------------ --------- ------------ ---------- ------------ ---------
Loan fee amortisation and
other costs - - - (8) (8)
------------------------------ --------- ------------ ---------- ------------ ---------
Interest charge - - (101) - (101)
------------------------------ --------- ------------ ---------- ------------ ---------
Net asset/(debt) as at
30 September 2021 55,700 (47) (31) (8,105) 47,517
------------------------------ --------- ------------ ---------- ------------ ---------
18. Share capital
Number
of shares
-------------------- ---------- ------------ -----------
Authorised
-------------------- ---------- ------------ -----------
Ordinary shares Unlimited
of no par value
-------------------- ---------- ------------ -----------
Ordinary Ordinary Ordinary
-------------------- ---------- ------------ -----------
Issued and fully treasury external total
paid
-------------------- ---------- ------------ -----------
At 1 April 2022 2,252,065 61,685,086 63,937,151
-------------------- ---------- ------------ -----------
Share issue for
scrip dividend - 717,554 717,554
-------------------- ---------- ------------ -----------
Shares bought back 5,465,516 (5,465,516) -
-------------------- ---------- ------------ -----------
Shares cancelled - - -
following buyback
-------------------- ---------- ------------ -----------
At 30 September
2022 7,717,581 56,937,124 64,654,705
The Company has one class of ordinary shares. The Company has
the right to reissue or cancel the remaining treasury shares at a
later date.
Under the general authority, approved by Shareholders on 6
August 2021, the Company announced a tender offer on 29 June 2022
for up to 6,428,353 ordinary shares at a price (before expenses) of
175.0 pence per share. In July 2022, a total of 5,419,016 ordinary
shares were validly tendered under the tender offer. All purchased
ordinary shares are held in treasury.
During the period, the Company purchased 46,500 shares in the
market at an average price of GBP1.51 per share: these shares are
held in treasury.
As at 30 September 2022, the ordinary share capital of the
Company was 64,654,705 (including 7,717,581 ordinary shares held in
treasury) and the total voting rights in the Company is
56,937,124.
Scrip dividend alternative
In the circular published on 18 December 2018, the Company
sought shareholders' approval to enable a scrip dividend
alternative to be offered to ordinary shareholders whereby they
could elect to receive additional ordinary shares in lieu of a cash
dividend, at the absolute discretion of the Directors, from time to
time. This was approved by shareholders at the extraordinary
general meeting on 8 January 2019.
The number of ordinary shares that an ordinary shareholder will
receive under the scrip dividend alternative will be the average of
the closing middle market quotations of an ordinary share for five
consecutive dealing days after the day on which the ordinary shares
are first quoted "ex" the relevant dividend.
The Board elected to offer the scrip dividend alternative to
shareholders for all quarterly dividends from the quarter ended 31
December 2018 onwards. These issued shares are ranked pari passu in
all respects with the Company's existing issued ordinary
shares.
During the six month period ended 30 September 2022, the Company
issued 717,554 ordinary shares: on 6 April 2022, 346,379 were
issued at the price of GBP1.42 and, on 20 July 2022, 371,175 were
issued at the price of GBP1.34.
All transaction amounts in relation to the issue and buyback of
shares in the period are recognised within the Special Reserve and
shown in the Statement of Changes in Equity.
Post period end, the Company made no share buybacks.
On 26 October 2022, as a result of the scrip dividend elections
related to the dividend of the quarter ended 30 June 2022, the
Company issued 362,257 ordinary shares at the price of GBP1.43.
As at the date of this announcement, the ordinary share capital
of the Company is 65,016,962 (including 7,717,581 ordinary shares
held in treasury) and the total voting rights in the Company is
57,299,381.
19. Events after the balance sheet date
Post period end, one loan of GBP1.1 million was drawn,
additional drawdowns of GBP1.9 million were made on existing loans
and part loan repayments were received amounting to GBP0.6 million
(including accrued interest).
On 26 October 2022, as a result of the scrip dividend elections
related to the dividend of the quarter ended 30 June 2022, the
Company issued 362,257 ordinary shares at the price of GBP1.43
(note 18).
As at the date of this announcement, the Company declares a
quarterly dividend of 1.0p per ordinary share, which is expected to
be paid on 6 January 2023.
20. Related party tra ns actions
Parties are considered to be related if one party has the
ability to control the other party or exercise significant
influence over the other party in making financial or operational
decisions. ARC is the Investment Manager to the Company under the
terms of the Management Agreement and is thus considered a related
party of the Company.
The Investment Manager is entitled to receive a fee from the
Company at an annual rate of 2% of the net assets of the Group,
payable quarterly in arrears. The Investment Manager is also
entitled to receive an annual performance fee calculated with
reference to total shareholder return ("TSR"), whereby the fee is
20% of any excess over an annualised TSR of 15% subject to a
rolling three year high water mark.
Prior to the 70% disposal of the H2O property, ARC had a
management agreement directly with the H2O property company, Alpha
Tiger Spain 1, SLU ('ATS1') under which it earned a fee of 0.9% per
annum based upon the gross assets of ATS1. In order to avoid double
counting of fees, ARC provided a rebate to the Company of a
proportion of its fee equivalent to the value of the Group's net
asset value attributable to the H2O investment. Subsequent to the
sale of ATS1 to CBRE H2O Rivas Holding NV ('CBRE H2O'), ARC has
been appointed as Asset Manager to ATS1 and Investment Manager to
CBRE H2O. ARC has agreed to rebate to ART all of the fees charged
by ARC directly to CBRE H2O and ATS1 that relate to the Company's
30% share in CBRE H2O.
The Company invested in CLIP, where ARC is the Authorised
Corporate Director and Alternative Investment Fund Manager and TIME
Investments, a subsidiary of ARC, is the Investment Manager. ARC
rebated fees earned in relation to the Company's investment in
CLIP.
Details of the Investment Manager's fees for the current period
are disclosed on the face of the condensed consolidated statement
of comprehensive income and the balance payable at 30 September
2022 is provided in note 16.
The Directors of the Company received total fees as follows:
For the six For the six
months ended months ended
30 September 30 September
2022 2021
----------------- -------------- --------------
David Jeffreys* - 18,000
----------------- -------------- --------------
Phillip Rose 13,750 12,500
----------------- -------------- --------------
Jeff Chowdhry 13,750 12,500
----------------- -------------- --------------
Melanie Torode 27,811 28,000
----------------- -------------- --------------
William Simpson 19,750 12,500
----------------- -------------- --------------
Peter Griffin** 13,750 -
----------------- -------------- --------------
Total 88,811 83,500
The Directors' interests in the shares of the Company are
detailed below:
30 September 31 March 2
2022 022
Number of ordinary Number of ordinary
shares held shares held
----------------- -------------------- --------------------
Phillip Rose 966,257 953,872
----------------- -------------------- --------------------
Jeff Chowdhry 5,000 5,000
----------------- -------------------- --------------------
Melanie Torode - -
----------------- -------------------- --------------------
William Simpson 18,000 18,000
----------------- -------------------- --------------------
Peter Griffin** - -
* retired on 30 September 2021
** appointed on 30 September 2021
Alpha Global Property Securities Fund Pte. Ltd, a company
registered in Singapore, owned directly by the partners of ARC,
held 24,515,113 shares in the Company at 30 September 2022 (31
March 2022: 24,162,566).
ARC did not hold any shares in the Company at 30 September 2022
(31 March 2021: nil). The following, being partners of the
Investment Manager, hold direct interests in the following shares
of the Company:
30 September 31 March 2022
2022 Number of ordinary
Number of ordinary shares held
shares held
-------------- -------------------- --------------------
Brian Frith - -
-------------- -------------------- --------------------
Phillip Rose 966,257 953,872
-------------- -------------------- --------------------
Brad Bauman 59,218 58,367
Karl Devon-Lowe, a partner of ARC, received fees of GBP2,500 (31
March 2022: GBP5,000) in relation to directorial responsibilities
on a number of the Company's subsidiary companies.
During the period the Company paid Ocorian fees of GBP45,200 (31
March 2022: GBP96,300) and no amount was outstanding at period
end.
21. Financial assets and liabilities held at fair value through
profit or loss
Financial assets and
liabilities carrying value
---------------------------------------- ------------------------------
30 September 31 March
2022 2022
GBP'000 GBP'000
---------------------------------------- ----------------- -----------
Financial assets at fair value through
profit or loss
---------------------------------------- ----------------- -----------
Investments held at fair value 4,756 10,990
----------------------------------------- ----------------- -----------
Foreign exchange forward contract - 88
----------------------------------------- ----------------- -----------
Loans advanced 530 495
----------------------------------------- ----------------- -----------
Total financial assets at fair value
through profit or loss 5,286 11,573
----------------------------------------- ----------------- -----------
Financial liabilities at fair value
through profit or loss
----------------------------------------- ----------------- -----------
Foreign exchange forward contract (375) -
Fair value measurement
The Group discloses fair value measurements by level of the
following fair value measurement hierarchy:
-- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
-- Inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (level
2)
-- Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (level
3).
The level in the fair value hierarchy within which the financial
asset or financial liability is categorised is determined on the
basis of the lowest input that is significant to the fair value
measurement. Financial instruments are classified in their entirety
into one of the three levels.
The following methods and assumptions are used to estimate fair
values:
Level 1
-- The fair values of the ART's investments in the SEQI, GCP and
GABI shares, which are traded daily on the LSE, are based upon the
market value of the shares at the balance sheet date.
Level 2
-- The fair value of the foreign exchange forward contract is
determined by reference to the quarter end applicable forward
market rate provided by the contractual counter party.
-- The fair value of the CLIP investment, which can be traded
daily as an open ended investment fund, is based upon daily
valuations, provided by the issuer, of the net asset value of its
accumulation shares.
Level 3
-- The fair value of the HLP investment is based upon the price
provided by the issuer for the relevant share class owned: this is
calculated by reference to the net asset value of the investment
and principally driven by the fair value of HLP's underlying
property investments. This net asset value is therefore mainly
based on unobservable inputs and is deemed to be a level 3
financial asset. HLP's accounts are audited annually. HLP's
underlying investment properties are fair valued as per RICS
definition and the ART Board considers that any reasonable possible
movement in the valuation of HLP's individual properties would not
be material to the value of ART's investment.
-- The fair value of the Europip investment was based upon the
price provided by the issuer for the relevant share class owned:
this was calculated by reference to the net asset value of the
investment and principally driven by the fair value of Europip's
underlying property investments. That net asset value was therefore
mainly based on unobservable inputs and was deemed to be a level 3
financial asset. Europip's accounts were audited annually. Europip
has distributed its final liquidation proceeds to ART in August
2022 for GBP28,086 and is in the final phases of its liquidation
process.
Financial assets and liabilities held at fair value are valued
on a recurring basis as indicated above. There have been no changes
to the valuation methods applied from the Group's annual report and
accounts for the year ended 31 March 2022.
The Board determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation (based on
the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
The following table shows an analysis of the fair values of
financial instruments recognised in the balance sheet by level of
the fair value hierarchy described above:
Assets and liabilities measured at fair
value
----------------------------------------------
Level 1 Level 2 Level 3 Total
---------- ---------- ---------- ----------
30 September 2022 GBP'000 GBP'000 GBP'000 GBP'000
---------- ---------- ---------- ----------
Assets measured at fair
value
------------------------------ ---------- ---------- ---------- ----------
Non-current
------------------------------ ---------- ---------- ---------- ----------
Investment property - - 24,330 24,330
------------------------------ ---------- ---------- ---------- ----------
Loans advanced - - 530 530
------------------------------ ---------- ---------- ---------- ----------
Current
------------------------------ ---------- ---------- ---------- ----------
Investments held at fair
value 4,756 - - 4,756
------------------------------ ---------- ---------- ---------- ----------
Liabilities measured at
fair value
------------------------------ ---------- ---------- ---------- ----------
Current
------------------------------ ---------- ---------- ---------- ----------
Foreign exchange forward
contract - (375) - (375)
Assets and liabilities measured at fair
value
----------------------------------------------
Level 1 Level 2 Level 3 Total
---------- ---------- ---------- ----------
31 March 2022 GBP'000 GBP'000 GBP'000 GBP'000
---------- ---------- ---------- ----------
Assets measured at fair
value
-------------------------- ---------- ---------- ---------- ----------
Non-current
-------------------------- ---------- ---------- ---------- ----------
Investment property - - 15,984 15,984
-------------------------- ---------- ---------- ---------- ----------
Loans advanced - - 495 495
-------------------------- ---------- ---------- ---------- ----------
Current
-------------------------- ---------- ---------- ---------- ----------
Investments held at fair
value 5,696 5,263 31 10,990
-------------------------- ---------- ---------- ---------- ----------
Foreign exchange forward
contract - 88 - 88
There were no transfers between level 1 and level 2 fair value
measurements and no transfers into or out of level 3 fair value
measurements during the six month period ended 30 September
2022.
Directors and Company information
Directors Independent valuers Legal advisors in Guernsey
William Simpson (Chairman) in Spain Carey Olsen
Jeff Chowdhry Savills Aguirre Newman PO Box 98, Carey House
Peter Griffin Paseo de la Castellana, Les Banques
Phillip Rose 81 St Peter Port
Melanie Torode Madrid, 28046 Guernsey GY1 4BZ
Spain
Registered office Independent valuers Legal advisors in the
Floor 2, Trafalgar Court in Germany UK
Les Banques Cushman & Wakefield Norton Rose
St Peter Port Rathenauplatz, 1 3 More London Riverside
Guernsey GY1 4LY Frankfurt, 60313 London SE1 2AQ
Germany
Investment Manager Independent Auditor Legal advisors in Spain
Alpha Real Capital LLP BDO Limited Ashurst LLP
Level 6, 338 Euston Place du Pré, Alcalá, 44
Road Rue du Pré Madrid, 28014
London NW1 3BG St Peter Port Spain
Guernsey GY1 3LL
Administrator and secretary Tax advisors in Europe Registrar
Ocorian Administration KPMG LLP Computershare Investor
(Guernsey) Limited 15 Canada Square Services (Jersey) Limited
Floor 2, Trafalgar Court London E14 5GL 13 Castle Street
Les Banques, St Peter St Helier
Port Ernst & Young LLP Jersey JE1 1ES
Guernsey GY1 4LY 1 More London Place
London SE1 2AF
Broker
Panmure Gordon (UK)
Limited
One New Change
London EC4M 9AF
Independent valuers
in the UK
Cushman & Wakefield
No 1 Colmore Square
Birmingham B4 6AJ
Shareholder information
Further information on the Company can be found at the Company's
website:
www.alpharealtrustlimited.com
Dividends
Ordinary dividends are declared and paid quarterly. Shareholders
who wish to have dividends paid directly into a bank account rather
than by cheque to their registered address can complete a mandate
form for this purpose. Mandates may be obtained from the Company's
Registrar. Where dividends are paid directly to shareholders' bank
accounts, dividend vouchers are sent directly to shareholders'
registered addresses.
Share price
The Company's Ordinary Shares are listed on the SFS of the
LSE.
Change of address
Communications with shareholders are mailed to the addresses
held on the share register. In the event of a change of address or
other amendment, please notify the Company's Registrar under the
signature of the registered holder.
Investment Manager
The Company is advised by Alpha Real Capital LLP, which is
authorised and regulated by the Financial Conduct Authority in the
United Kingdom.
Financial calendar
Financial Reporting/ Dividend Ex-dividend Record Last Share Payment
reporting Meeting period date date date for certificates date
dates election posted
to scrip (if applicable)
dividend
(if applicable)
--------------- ----------- -------------- ------------ ----------- ---------------- ---------------- ---------
Half year 25 Quarter 8 9 December 20 5 6
report and November ending December 2022 December January January
dividend 2022 30 September 2022 2022 2023 2023
announcement 2022
--------------- ----------- -------------- ------------ ----------- ---------------- ---------------- ---------
Trading 24 Quarter 9 10 22 5 6
update February ending March March March April April
(Qtr 3) 2023 31 December 2023 2023 2023 2023 2023
2022
--------------- ----------- -------------- ------------ ----------- ---------------- ---------------- ---------
Annual report 23 Quarter 6 7 13 27 28
and dividend June ending July July July July July
announcement 2023 31 March 2023 2023 2023 2023 2023
2023
--------------- ----------- -------------- ------------ ----------- ---------------- ---------------- ---------
Annual report 7
published July
2023
--------------- ----------- -------------- ------------ ----------- ---------------- ---------------- ---------
Annual General 7
Meeting September
2023
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END
IR FLFVDLALSFIF
(END) Dow Jones Newswires
November 25, 2022 02:00 ET (07:00 GMT)
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