NRR Newriver Reit Plc

The credit risk on the Group's cash and short-term deposits and derivative financial instruments is limited to the Group's policy of monitoring own and counterparty exposures.

(c) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Board and its advisers seek to have appropriate credit facilities in place on a project by project basis, either from available cash resources or from bank facilities.

Management monitor the Group's liquidity position on a weekly basis. Formal liquidity reports are issued on a weekly basis and are reviewed quarterly by the Board, along with cash flow forecasts. A summary table with maturity of financial liabilities is presented below:

 
                                                                2014 
                                        ============================ 
                                                               Years 
                                         Current    Year 2    3 to 5 
                                         GBP'000   GBP'000   GBP'000 
======================================  ========  ========  ======== 
Interest bearing loans and borrowings          -         -  109,011* 
CULS                                           -    23,500         - 
Trade and other payables                  10,420         -         - 
Derivative financial instruments               -         -        19 
                                          10,420    23,500   109,030 
======================================  ========  ========  ======== 
 
 
                                                                2013 
                                        ============================ 
                                                               Years 
                                         Current    Year 2    3 to 5 
                                         GBP'000   GBP'000   GBP'000 
======================================  ========  ========  ======== 
Interest bearing loans and borrowings          -         -   113,373 
CULS                                           -         -    25,000 
Trade and other payables                  11,418       220         - 
Derivative financial instruments               -       509     1,571 
                                          11,418       729   139,944 
======================================  ========  ========  ======== 
 

* Assumes all options to extend at the Group's option are exercised

The Group monitors its risk to a shortage of funds by forecasting cash flow requirements for future years, including consideration of existing facilities and covenant requirements. The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and other short-term borrowing facilities, bank loans and equity fund raisings.

(d) Capital risk management

The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern to provide returns to shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of its gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including borrowings and trade and other payables as shown in the balance sheet) but excluding preference shares, which for capital risk management is considered to be capital rather than debt, less cash and short-term deposits.

Total capital is calculated as equity, as shown in the balance sheet, plus preference shares and net debt. The Group is not subject to any external capital requirements.

26 Contingencies and commitments

The Group has no significant contingent liabilities or commitments (2013: None).

27 Related party transactions

Group

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

Director's shareholdings can be found in the Directors report.

Total emoluments of Executive Directors during the period (excluding share-based payments) were GBP2.6 million (2013: GBP1.8 million).

Share-based payments of GBP0.1 million (2013: GBP0.1 million) accrued during the year.

During the year 137,580 shares (2013: 544) were acquired on the open market by Directors.

28 Post balance sheet events

The Group extended its debt facility with HSBC to May 2019 with a current all in cost of below 4%.

On 4 April 2014 the Group announced that The Co-operative Group Limited signed an Overarching Agreement to determine the basis on which The Co-operative Group Limited would lease 54 new convenience stores from the public housing portfolio acquired by NewRiver Property Unit Trust No. 4 in December 2013. The parties are committed to enter into lease agreements for the individual properties once planning permissions have been granted and specifications and underlying costs of either converting the properties to convenience stores or building new stores on existing land are agreed.

On 1 May 2014, the Group received notice to exercise warrants over 25,455 ordinary shares of no par value ("Ordinary Shares") from Pershing Nominees Limited, at an exercise price of 172 pence per Ordinary Share.

On 8 May 2014, the Group completed the sale of 14-19 Queens Square, Crawley.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR QKQDPDBKBFPD

Grafico Azioni Newriver Reit (LSE:NRR)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Newriver Reit (LSE:NRR)
Storico
Da Lug 2023 a Lug 2024