NewRiver Retail Limited Final Results -15-
15 Maggio 2014 - 8:01AM
UK Regulatory
As at 31 March 2014 the Group had surplus UK revenue tax losses
carried forward of GBP0.9m (2013: GBP0.5m) and surplus UK capital
losses of GBP0.1m (2013:GBP0.1m)
9 Earnings per share
The European Public Real Estate Association (EPRA) issued Best
Practices Policy Recommendations in September 2011 and additional
guidance in January 2012, which gives recommendations for
performance measures. The EPRA earnings measure excludes investment
property revaluations and gains on disposals, intangible asset
movements and their related taxation and the REIT conversion
charge. We have also disclosed an EPRA adjusted profit measure
which includes realised gains on disposals and adds back share
option expense as it is unrealised.
The National Association of Real Estate Investment Trusts
(NAREIT) Funds From Operations (FFO) measure is similar to EPRA
earnings and is a performance measure used by many property
analysts. The main difference to EPRA earnings with respect to the
Group is that it adds back the amortisation of leasing costs and
tenant incentives and is based on US GAAP.
The calculation of basic and diluted earnings per share is based
on the following data:
2014 2013
GBP'000 GBP'000
============================================================== ========= =========
Earnings
Earnings for the purposes of basic and diluted EPS being
profit after taxation 23,048 1,498
Adjustments to arrive at EPRA profit
Unrealised (surplus)/deficit on revaluation of investment
properties 763 2,157
Unrealised deficit on revaluation of joint venture investment
properties (14,503) 1,483
Profit on disposal of investment properties (2,032) (811)
============================================================== ========= =========
EPRA profit 7,276 4,327
Profit on disposal of investment properties 2,032 811
Share option expense 193 73
============================================================== ========= =========
EPRA adjusted profit 9,501 5,211
============================================================== ========= =========
Adjustments to EPRA profit to arrive at NAREIT FFO
EPRA profit 7,276 4,327
Amortisation of tenant incentives and letting costs 465 402
Amortisation of rent free periods (645) (573)
============================================================== ========= =========
NAREIT FFO 7,096 4,156
============================================================== ========= =========
2014 2013
Number of shares No. 000s No. 000s
============================================================== ========= =========
Weighted average number of Ordinary Shares for the purposes
of basic EPS and basic EPRA EPS 60,632 31,904
Effect of dilutive potential Ordinary Shares:
Options 228 -
Warrants 267 -
CULS - -
MSREI joint venture conversion 3,093 -
============================================================== ========= =========
Weighted average number of Ordinary Shares for the purposes
of basic diluted EPS
and basic diluted EPRA EPS 64,220 31,904
============================================================== ========= =========
EPRA Adjusted EPS (pence) 15.7 16.3
EPRA EPS basic (pence) 12.0 13.6
EPRA diluted EPS (pence) 11.4 13.6
FFO EPS basic (pence) 11.7 13.0
EPS basic (pence) 38.0 4.7
Diluted EPS basic (pence) 33.2 2.4
============================================================== ========= =========
Under the terms of the Limited Partnership agreement relating to
NewRiver Retail Investments LP dated 28 February 2010, MSREI has
been granted the right to convert its interest in the JV or part
thereof on a NAV for NAV basis into shares of NewRiver Retail
Limited, up to 10% of the share capital of NewRiver Retail Limited
during the joint venture period. This conversion would currently
have a dilutive effect on the Group's EPS calculation of 4.6p
(accretive effect in the prior year) and an accretive effect on the
Group's EPRA EPS calculation of 0.5p (accretive effect in prior
year).
10 Net asset value per share
2014 2013
========= ========= ========== ========= ========= ==========
Total Total
equity Shares Pence equity Shares Pence
GBP000's No'000's per share GBP000's No'000's per share
========================== ========= ========= ========== ========= ========= ==========
Basic 239,627 99,379 241 79,788 34,030 235
Warrants in issue 1,488 865 172 1,673 811 206
Unexercised share options 3,372 1,730 195 - - -
-------------------------- --------- --------- ---------- --------- --------- ----------
Diluted 244,487 101,974 240 81,461 34,841 235
-------------------------- --------- --------- ---------- --------- --------- ----------
Fair value derivatives 19 - 2,273 -
-------------------------- --------- --------- ---------- --------- --------- ----------
EPRA 244,506 101,974* 240 83,734 240
========================== ========= ========= ========== ========= ========= ==========
* The number of shares in issue is adjusted under the EPRA
calculation to assume conversion of the warrants, options, shares
from the long-term incentive plan and the Convertible Unsecured
Loan Stock converted to equity providing they have a dilutive
effect.
11 Dividends
The following dividends are associated with the current and
prior years:
Pence
per 2014
Payment date Dividend PID Non-PID share GBP'000
=========================== ====================== ==== ======= ====== ========
Current year dividends
31 January 2014 2014 Interim dividend 6.0 0.0 6.0 4,003
2014 Special interim
28 March 2014 dividend 10.0 0.0 10.0 6,730
--------------------------- ---------------------- ---- ------- ------ --------
16.0 10,733
-------------------------------------------------- ---- ------- ------ --------
2013 2012
Prior year dividends GBP'000 GBP'000
--------------------------- ---------------------- ---- ------- ------ -------- --------
25 July 2013 2013 Final dividend 10.0 0.0 10.0 3,404 -
30 January 2013 2013 Interim dividend 6.0 0.0 6.0 - 2,042
=========================== ====================== ==== ======= ====== ======== ========
16.0 - -
================================================== ==== ======= ====== ======== ========
13 July 2012 2012 Final dividend 9.0 0.0 9.0 - 2,797
=========================== ====================== ==== ======= ====== ======== ========
3,404 4,839
================================================== ==== ======= ====== ======== ========
Dividends in consolidated
statement of changes
in equity 14,137 4,839
Dividends settled in
cash during the year 26.0 14,137 4,839
Timing difference related
to payment of withholding
tax on dividends (1,142) (296)
=================================================== ==== ======= ====== ======== ========
Dividends in cash flow
statement 12,995 4,543
=================================================== ==== ======= ====== ======== ========
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