TIDMPSDL
RNS Number : 8255M
Phoenix Spree Deutschland Limited
24 September 2021
Phoenix Spree Deutschland Limited
(the "Company" or "PSD")
Interim Results for the half-year to 30 June 2021
Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed
investment company specialising in German residential real estate,
announces its Interim Results for the six months ended 30 June
2021.
Financial Summary
EUR million (unless otherwise Six months Six months 12 months 12 months
stated) to June to to December to December
2021 June 2020 2020 2019
Gross rental income(1) 12.9 12.0 23.9 22.6
----------- ---------- ------------ ------------
Profit before tax 20.4 15.3 37.9 28.6
----------- ---------- ------------ ------------
Dividend (EUR cents (GBP pence)) 2.35 (2.02) 2.35 (2.1) 7.50 (6.75) 7.50 (6.3)
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Portfolio valuation 777.7 746.7 768.3 730.2
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EPRA NTA per share (EUR) 5.42 5.06 5.28 4.92
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EPRA NTA per share (GBP)(2) 4.66 4.60 4.76 4.16
----------- ---------- ------------ ------------
EPRA NTA per share total return
(EUR per cent) 3.6 3.9 8.8 9.1
----------- ---------- ------------ ------------
Net LTV (per cent)(3) 33.7 33.0 33.1 32.6
----------- ---------- ------------ ------------
Portfolio valuation per sqm
(EUR) 4,075 3,839 3,977 3,741
----------- ---------- ------------ ------------
Annual like-for-like rent per
sqm growth (per cent) 4.6 4.1 4.1 5.6
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EPRA Vacancy (per cent) 1.3 4.3 2.1 2.8
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Condominium sales notarised 4.3 3.0 14.6 8.8
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(1 -) (Rental income is disclosed under IAS 18, therefore rent
recovered from tenants after the removal of the Mietendeckel is
included in the 2021 figures)
(2 - GBP:EUR FX rate 1:1.163 as at 30 June 2021)
(3 - Net LTV uses nominal loan balances as per note 17 rather
than the loan balance on the Consolidated Statement of Financial
Position which consider Capitalised Finance Arrangement Fees in the
balance.)
Financial and operational highlights
-- EPRA NTA per share up 2.7 per cent in H1 2021 to EUR5.42;
EPRA NTA per share total return of 3.6 per cent.
-- Like-for-like Portfolio value, adjusted for acquisitions and
disposals, increased by 2.5 per cent in H1 2021.
-- Like-for-like rental income per sqm increased by 4.6 per cent
versus prior year, reflecting the reversionary potential within the
portfolio.
o New Leases in Berlin signed at an average 35.8 per cent
premium to passing rents.
-- Condominium sales notarised during H1 2021 of EUR4.3 million,
a 45.1 per cent increase versus H1 2020.
o Average achieved value per sqm of EUR4,821 for residential
units, a 25.4 per cent premium to book value and 18.3 per cent to
the Portfolio average value per sqm as at 30 June 2020.
o 74 per cent of Portfolio assets legally split into
condominiums, up from 70 per cent as at 31 December 2020.
Applications representing a further 11 per cent of the Portfolio
are underway, over half of which are in the final stages of the
process.
o A further EUR3.9 million of condominium sales notarised in Q3
at an average sales price of EUR5,655 per sqm.
-- New construction project representing seven new residential
units underway, with completion expected in early 2022.
-- Recognition of commitment to sustainability reporting at EPRA
Sustainability Best Practice Recommendations (sBPR) Awards 2021:
EPRA sBPR Silver Medal and EPRA sBPR Most Improved Award.
Share buy-backs and dividend
-- Following positive Mietendeckel ruling, the Company has
adopted a more proactive buyback strategy in order to take
advantage of the valuation discount.
-- Since proactive share buyback programme announced on 2 June
2021, a further 3.2 per cent of shares in issue have been
repurchased to 23 September 2021 at an average discount to trailing
EPRA NTA of 12%
-- Discount to EPRA NTA has narrowed from 30 per cent to 12 per
cent during the first half of the financial year.
-- Unchanged interim dividend of 2.35 cents. Dividend increased
or maintained since listing in June 2015.
Update on COVID-19 and Mietendeckel
-- Collection of backdated Mietendeckel rents progressing well;
as at 23 September 2021 over 91 per cent past due rents
collected.
-- EPRA vacancy of 1.3 per cent at a record low; reduction in
supply of available rental accommodation created by Mietendeckel
has yet to be reversed.
-- Continued limited impact on rent collection from COVID-19.
Over 97 per cent of rents collected during H1 2021, with the
collection rate remaining consistent in H2 2021 to date.
Outlook
-- Outcome of German election on 26 September remains uncertain,
with several coalition permutations possible.
-- Long-term Berlin demographic trends expected to remain positive:
o Decreased availability of rental stock, exacerbated by the
recently removed Mietendeckel, continues to support market
rents;
o Net inward migration expected to strengthen when restrictions
associated with COVID-19 are permanently removed.
-- Potential for further valuation creation through condominium
projects and sales - condominium pricing expected to remain strong,
particularly for centrally located Berlin apartments.
-- Significant reversionary potential underpins future rental
growth - increased capex anticipated to drive acceleration in
reversionary rental income growth.
-- Robust business model, a strong balance sheet and good levels
of liquidity mean PSD remains well positioned to reinvest in its
Portfolio.
o The Company continues to monitor the best use of funds to
generate shareholder value including, amongst other options, share
buy-backs versus potential acquisitions.
Robert Hingley, Chairman of Phoenix Spree Deutschland,
commented:
"I am pleased to report another period of solid performance and
growth. Despite the further market disruption caused by the
combined effects of COVID-19, the Mietendeckel and its subsequent
reversal, the Portfolio delivered further valuation gains
reflecting the strong demand for living space in Berlin.
Berlin market dynamics remain positive and affordability
comparisons with other German cities are still favourable. Despite
the uncertainty ahead of the outcome the German Federal Election,
it is expected that Berlin demographic trends, particularly net
inward migration, will further strengthen when restrictions
associated with COVID-19 are permanently removed. This will provide
further support for PSD's reversionary strategies and allow us to
continue to deliver value to shareholders."
For further information, please contact:
Phoenix Spree Deutschland Limited
Stuart Young +44 (0)20 3937 8760
Numis Securities Limited (Corporate Broker)
David Benda +44 (0)20 3100 2222
Tulchan Communications (Financial PR)
Elizabeth Snow +44 (0)20 7353 4200
CHAIRMAN'S STATEMENT
I am pleased to report that, during the first half of the
financial year, PSD has delivered further increases in property
values and rental revenues. As at 30 June 2021, the Portfolio was
valued at EUR777.7 million by Jones Lang LaSalle GmbH, a
like-for-like increase of 2.5 per cent since 31 December 2020.
The first six months of the financial year were characterised by
significant market disruption caused by the combined effects of
COVID-19, the Mietendeckel and its subsequent reversal.
Notwithstanding this, the Company was able to deliver a total
return per share of 3.6 per cent.
Although the Mietendeckel did not cause transaction values in
the Berlin residential property market to fall during the period in
which it was in place, equity markets attached a significant risk
premium to the valuation of listed Berlin residential property
businesses. The removal of the Mietendeckel and the uncertainty it
created, combined with our proactive share buyback programme (at an
average discount to 2020 yearend NAV of 19.0 per cent over first
sixth months of the year) and the notarisation of condominiums for
sale (at an average premium to book value of 25.4 per cent over the
first six months of the year), has underpinned a positive
performance for the Company. Against this backdrop, PSD's share
price outperformed the FTSE All-Share index by 16 per cent and the
FTSE 350 Real Estate Investment Services Sector by 17 per cent
during the first half of the financial year.
The Berlin Mietendeckel
PSD and its legal advisors were always firmly of the opinion
that the Mietendeckel was unconstitutional. The Company therefore
welcomed the ruling by the German Federal Court on 15 April 2021,
that the Mietendeckel was unlawful and should be struck out in its
entirety. A more detailed update on the impact of the Mietendeckel
is contained within the report of the Property Advisor.
Share buy-backs
Notwithstanding the removal of the Mietendeckel, PSD's shares
continued to trade at a material discount to Net Asset Value in the
weeks after the court ruling. The Board believed that this discount
did not reflect the record and performance of the underlying
Portfolio and the positive outlook following the removal of the
Mietendeckel. For this reason, on 2 June 2021, the Company
announced its intention to adopt a more proactive buyback strategy
to take advantage of the valuation discount and to seek to ensure
that the share price better reflected the underlying Net Asset
Value. A material allocation of capital has been made available to
fund the buy-back programme through a combination of existing cash
balances, refinancing, condominium sale proceeds and the disposal
of non-core assets.
COVID-19
The Company's overriding priority is the health and wellbeing of
its tenants, work colleagues and wider stakeholders during what has
been a period of significant disruption. Where appropriate, the
Company continues to support its tenants, both residential and
commercial, through agreeing, on a case-by-case basis, the payment
of monthly rents or deferring rental payments.
I am nevertheless pleased to report that the impact of COVID-19
on PSD's rent collection has been very limited, with the level of
rent arrears in line with pre-COVID levels. I am confident that, as
the current restrictions and disruptions created by COVID-19
recede, PSD will be well placed to continue to deliver its
investment objectives. The Company will continue to closely monitor
any future potential impacts of COVID-19 on both the Berlin economy
and PSD.
Our Environmental, Social, and Corporate Governance (ESG)
progress
The Board believes that taking a sustainable and socially
responsible approach to our business delivers long-term success and
benefits for all of our stakeholders. As a member of EPRA, we want
to contribute to greater transparency in reporting. Therefore, in
2020, we strengthened our commitment to delivering against our
environmental and social impacts by introducing EPRA's
Sustainability Best Practices Recommendations and capturing our ESG
measurements within their framework.
I am delighted to report that this commitment has been
recognised at the EPRA Sustainability Awards 2021, with PSD
receiving both a Silver and Most Improved award in recognition of
the Company's commitment to best practice in its reporting. This
recognition further encourages us to continue to approach the
future in a consistent, ethical, safe and environmentally friendly
way.
Our charitable initiatives
PSD takes a strategic approach to its charitable giving which is
guided by our Community Investment Policy and focuses on supporting
charities where there is a connection with either 'homelessness' or
'families.' Since February 2019, we have provided support to a
women's refuge (The Intercultural Initiative) that helps women
affected by domestic violence, providing emergency shelter, advice
and counselling to the women and their children. I am pleased to
report that, during the first half of 2021, PSD has committed to
supporting an additional Berlin charity, Laughing Hearts. This
charity supports children living in children's homes and social
care.
Dividend
The Board is pleased to declare an unchanged interim dividend of
2.35 cents per share (2.02 pence per share) for the first half of
the year (six months to 30 June 2020: 2.35 cents, 2.1 pence). The
dividend is expected to be paid on or around 29 October 2021 to
shareholders on the register at the close of business on 8 October
2021, with an ex-dividend date of 7 October 2021.
Since listing on the London Stock Exchange in June 2015 and
including the announced dividend for 2021 and bought-back shares
held in treasury up to 23 September 2021, EUR75.9 million has been
returned to shareholders of which EUR41.8 million relates to
dividends and EUR34.1 million to share buybacks. The Board is
committed to continuing to provide shareholders with a secure
dividend over the medium term.
REPORT OF THE PROPERTY ADVISOR
Federal Court rules against the legality of the Berlin
Mietendeckel
On 15 April 2021 the German Federal Constitutional Court, the
highest court in Germany, ruled that the Mietendeckel was unlawful
and thus void.
The uncertainty created during the period in which the
Mietendeckel was in place significantly disrupted the Berlin
residential market. One consequence was to reduce significantly the
supply of available rental accommodation, as rental stock was
withdrawn from the market, causing record-low vacancy rates. This
trend has been reflected across PSD's portfolio and has persisted
in the months since the Mietendeckel was removed.
Another consequence was to reduce significantly the investment
in the stock of Berlin housing. PSD's reversionary rental strategy
which, before the introduction of the Mietendeckel, had delivered
consistently strong rental growth since listing in 2015, was partly
reliant on high levels of capital expenditure which could not be
justified under the Mietendeckel rules. The removal of rent
controls will allow the Company to restore the level of investment
into the Portfolio to pre-Mietendeckel levels.
The Portfolio has continued to demonstrate significant
reversionary potential, as evidenced by the fact that, during the
first half of the current financial year, new lettings in Berlin
were signed at an average premium of 35.8 per cent to passing
rents. This reversionary gap should underpin rental growth in the
medium term, irrespective of market rental growth. The Company will
also continue with its strategy of crystallising condominium
reversionary value within the Portfolio through the selective sale
of individual units as condominiums at a premium to book value.
Prior to the Mietendeckel ruling, all rental agreements had been
structured to revert to pre-Mietendeckel rent levels and to allow
for the back-payment of higher rents now legally due for the period
during which the Mietendeckel was in place. The Company had
previously estimated that the amount of back-dated rent which could
be claimed from tenants for the period in which the Mietendeckel
was in place to be approximately EUR2.1 million, of which EUR0.8
million related to backdated rents from 2020.
As at 30 June, 86 per cent of rents (EUR1.8 million) had been
collected, and; as at 23 September 2021, 92 per cent of rents
(EUR2.0 million) had been collected. Tenants had been advised by
the Berlin government to set aside appropriate reserves, and the
Company will continue to work on a case-by-case basis with any
tenants suffering hardship as it collects the remainder of
back-dated rents due.
Financial results
Table: Financial highlights for the six-month period to 30 June
2021
EUR million (unless otherwise 6 months 6 months Year to Year to
stated) to 30-Jun-21 to 30-Jun-20 31-Dec-20 31-Dec-19
Gross rental income 12.9 12.0 23.9 22.6
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Investment property fair
value gain 16.0 17.0 41.5 41.5
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Profit before tax (PBT) 20.4 15.3 37.9 28.6
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EPS (EUR) 0.17 0.12 0.31 0.22
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Investment property value 777.7 746.7 768.3 730.2
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Net debt(1) 261.8 246.3 254.4 237.8
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Net LTV (per cent)(1) 33.7 33.0 33.1 32.6
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IFRS NAV per share (EUR) 4.54 4.29 4.48 4.23
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IFRS NAV per share (GBP)(2) 3.90 3.90 4.04 3.58
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EPRA NTA per share (EUR) 5.42 5.06 5.28 4.92
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EPRA NTA per share (GBP)(2) 4.66 4.60 4.76 4.16
-------------- -------------- ----------- -----------
Dividend per share (EUR cents) 2.35 2.35 7.5 7.5
-------------- -------------- ----------- -----------
Dividend per share (GBP pence)
(2) 2.02 2.1 6.75 6.3
-------------- -------------- ----------- -----------
EPRA NTA per share total
return for period (EUR per
cent) 3.6 3.9 8.8 9.1
-------------- -------------- ----------- -----------
EPRA NTA per share total
return for period (GBP per
cent) (1.1) 11.5 16.0 2.9
-------------- -------------- ----------- -----------
(1 - Net LTV and net debt uses nominal loan balances as per note
17 rather than the loan balances on the Consolidated Statement of
Financial Position which consider Capitalised Finance Arrangement
Fees in the balance as per IAS 23.)
(2 - GBP:EUR FX rate 1:1.163 as at 30 June 2021)
Revenue for the six-month period was EUR12.9 million (six months
to 30 June 2020: EUR12.0 million). Profit before taxation was
EUR20.4 million (six months to 30 June 2020: EUR15.3 million) which
was positively affected by a revaluation gain of EUR16.0 million
(30 June 2020: EUR17.0 million), an increase in revenue collected
after the removal of the Mietendeckel, a reduction in property and
administrative costs and a positive movement in our interest rate
swaps. Reported earnings per share for the period were 17 cents
(six months to 30 June 2020: 12 cents).
Reported EPRA NTA per share rose by 2.7 per cent in the first
half of 2021 to EUR5.42 (GBP4.66) (31 December 2020: EUR5.28
(GBP4.76)). After taking into account the 2020 final dividend of
5.15 cents (4.65 pence), which was paid in June 2021, the EUR EPRA
NTA total return in the first half of 2021 was 3.6 per cent (H1
2020: 3.9 per cent). The GBP EPRA NTA total return for the same
period was -1.1 per cent, reflecting the strengthening of the GBP
against the EUR in the first six months of the year.
The Board is pleased to declare an unchanged interim dividend of
2.35 cents per share (2.02 pence per share) for the first half of
the year (six months to 30 June 2020: 2.35 cents, 2.1 pence). The
dividend is expected to be paid on or around 28 October 2021 to
shareholders on the register at the close of business on 8 October
2021, with an ex-dividend date of 7 October 2021.
Like-for-like portfolio value increase of 2.5 per cent
As at 30 June 2021, the Portfolio was valued at EUR 777.7
million (31 December 2020: EUR768.3 million). This represents a 1.2
per cent increase over the six-month period. On a like-for-like
basis, excluding the impact of disposals, the Portfolio value
increased by 2.5 per cent . This reflects a reversion to market
rents following the removal of the Mietendeckel, f urther progress
in condominium splitting and improvements in the micro locations of
certain assets.
Following the ruling of the Federal court, the interim Portfolio
valuation undertaken by Jones Lang LaSalle GmbH (JLL) for the
half-year ended 30 June 2021, now assumes market (as opposed to
Mietendeckel) rents for the full Discounted Cashflow (DCF) period
after the Mietendeckel was declared unconstitutional.
Table: Portfolio valuation and breakdown
30-Jun-21 30-Jun-20 31-Dec-20 31-Dec-19
Total sqm ('000) 190.8 194.5 193.2 195.2
---------- ---------- ---------- ----------
Valuation (EUR million) 777.7 746.7 768.3 730.2
---------- ---------- ---------- ----------
Like-for-like valuation growth
(%) 2.5 2.6 6.3 7.1
---------- ---------- ---------- ----------
Value per sqm (EUR) 4,075 3,839 3,977 3,741
---------- ---------- ---------- ----------
Fully occupied gross yield
(%) 2.9 2.8 2.4 2.9
---------- ---------- ---------- ----------
Number of buildings 97 98 98 98
---------- ---------- ---------- ----------
Residential units 2,586 2,634 2,618 2,537
---------- ---------- ---------- ----------
Commercial units 139 141 139 142
---------- ---------- ---------- ----------
Total units 2,725 2,775 2,757 2,679
---------- ---------- ---------- ----------
(1 - Net LTV and net debt uses nominal loan balances as per note
17 rather than the loan balances on the Consolidated Statement of
Financial Position which consider Capitalised Finance Arrangement
Fees in the balance as per IAS 23.)
(2 - GBP:EUR FX rate 1:1.163)
The Berlin residential property market has remained stable in
the first half of the financial year and, although transaction
volumes remained below peak levels, investment demand observed by
JLL continues to support increased pricing, reflecting the fact
that market participants placed a high probability on the
Mietendeckel being struck out. JLL has conducted a RICS Red Book
property-by-property analysis and has provided a Portfolio
valuation, tied back to comparable market transaction values.
The valuation as at 30 June 2021 represents an average value per
square metre of EUR4,075 (31 December 2020: EUR3,977), at a gross
fully-occupied yield of 2.9 per cent (31 December 2020: 2.4 per
cent). Included within the Portfolio are eight properties valued as
condominiums, with an aggregate value of EUR43.4 million (31
December 2020: nine properties, aggregate value EUR52.4
million).
The previous Portfolio valuation for the financial year ended 31
December 2020 had assumed that the Mietendeckel would be fully
implemented for its entire five-year lifespan and therefore
incorporated the negative impact on rental income caused by the
Mietendeckel.
Table: Rental income and vacancy rate
30 June 30 June 31 December 31 December
2021 2020 2020 2019
Total sqm ('000) 190.8 194.5 193.2 195.2
-------- -------- ------------ ------------
Gross in place rent per
sqm (EUR) 9.5 9.1 9.3 9.0
-------- -------- ------------ ------------
Like-for-like rent per
sqm growth 4.6 4.1 4.1 5.6
-------- -------- ------------ ------------
Vacancy (%) 7.7 8.0 6.8 6.7
-------- -------- ------------ ------------
EPRA Vacancy per cent
(%) 1.3 4.3 2.1 2.8
-------- -------- ------------ ------------
Like-for-like rental income per square metre growth of 4.6 per
cent
After considering the impact of acquisitions and disposals,
like-for-like rental income per square metre grew 4.6 per cent
compared with 30 June 2020. Like-for-like rental income grew 4.3
per cent over the same period.
Gross in-place rent was EUR9.5 per sqm as at 30 June 2021, an
increase of 4.3 per cent compared with 30 June 2020 and an increase
of 2.0 per cent on 31 December 2020.
EPRA vacancy at record low
Reported vacancy at 30 June 2021 was 7.7 per cent (30 June 2020:
8.0 per cent). On an EPRA basis, which adjusts for units undergoing
development and made available for sale, the vacancy rate was 1.3
per cent (30 June 2020: 4.3 per cent). Although the Mietendeckel
has been removed, the decline in the availability of rental
property it caused has yet to be reversed.
Berlin reversionary re-letting premium of 35.8 per cent
During the year to 30 June 2021, 102 new leases were signed,
representing a letting rate of approximately 4.3 per cent of
occupied units. The average rent achieved on all new lettings was
EUR11.7 per sqm, a 7.6 per cent increase on the prior year, and an
average premium of 23.5 per cent to passing rents. This compares to
an 18.7 per cent premium in the period to 30 June 2020.
The reversionary premium is negatively impacted by the inclusion
of re-lettings from the acquisition in Brandenburg in 2020, where
rents are lower than those achieved in central Berlin. Looking
solely at the Berlin portfolio, which represents 91.5 per cent of
total residential lettable space, the reversionary premium achieved
was 35.8 per cent, down from 37.0 per cent in the prior period.
Limited impact from COVID-19 on rent collection
The prolonged duration of the COVID-19 outbreak and the
restrictions and uncertainty it has caused have had a limited
impact on rent collection levels. Excluding collection of
back-dated rents, over 97 per cent of rents due had been collected
during the first six months of the financial year.
Where appropriate, PSD continues to support its tenants, both
residential and commercial, by agreeing, on a case-by-case basis,
the payment of monthly rents or deferring rental payments. In
addition, PSD has in place a Vulnerable Tenant Policy which it will
continue to monitor and apply to relevant tenants.
Portfolio investment
During the first half of 2021, a total of EUR2.7 million was
invested across the Portfolio (H1 2020: EUR2.2 million). These
items are recorded as capital expenditure in the Financial
Statements. A further EUR0.6 million was spent on maintaining the
assets and is expensed through the profit and loss account.
Following the legal ruling against the Mietendeckel, it is
anticipated that capital expenditure will rise significantly in the
second half of the financial year as projects which had been
postponed or cancelled pending a final ruling on the legality of
the Mietendeckel are reinstated.
Condominium sales at a premium to book value
PSD's condominium strategy involves the division and resale of
selected properties as single apartments. This is subject to full
regulatory approval and involves the legal splitting of the
freeholds in properties that have been identified as being suitable
for condominium conversion.
During the first half of 2021, 13 condominium units were
notarised for sale for an aggregate value of EUR4.3 million (H1
2020: EUR3.0 million). The average achieved notarised value per sqm
for the residential units was EUR4,821, representing a 25.4 per
cent premium to book value and a 18.3 per cent premium to the
average residential portfolio value as at 30 June 2021.
Since the reporting date, the Company has notarised for sale a
further 11 condominium units with total value EUR3.9 million and at
a price per square metre of EUR5,655. This represents a 25.3 per
cent premium to book value and a 38.8 per cent premium to the
average residential portfolio value as at 30 June 2021.
As at 23 September 2021, 74 per cent of the Portfolio had been
registered as condominiums, providing opportunities for the
implementation of further sales projects where appropriate. A
further 11 per cent are in application, over half of which are in
the final stages of the process. We believe this gives PSD greater
strategic flexibility to respond to changes in market conditions
than its peer group.
Condominium notarisations during the second quarter of 2021 were
impacted by COVID-19 and the legacy impact of the Mietendeckel. The
"second wave" of COVID made the viewing of occupied apartments more
difficult. Additionally, record low vacancy rates caused by the
Mietendeckel have continued, reducing the number of vacant
apartments which can be made available for sale. As the
Mietendeckel is no longer in place and the COVID vaccination
programme in Germany is now progressing well, it is anticipated
that the slowdown in condominium sales will be temporary.
Condominium construction
Prior to the removal of the Mietendeckel, the Property Advisor
had completed an exercise to examine the financial viability of the
creation of new condominium units within the footprint of the
existing Portfolio.
The first project involves building out the attic and renovating
existing commercial units to create seven new residential units in
an existing asset bought in 2007. Construction on this project is
underway and the first units are projected to be available for sale
or rental in the first half of 2022. The total construction budget
for this project is EUR3.9 million.
The second project is for the construction of a new 23-unit
apartment block located in the footprint of a property acquired in
2018. Alongside this, the undeveloped attic of the same property
will be built out with the creation of four new units for sale as
condominiums, or for rental
The Company also has building permits to renovate attics in 20
existing assets to create a further 49
units for sale as condominiums or as rental stock.
Debt and gearing1
As at 30 June 2021, PSD had gross borrowings of EUR290.2 million
(31 December 2020: EUR291.4 million) and cash balances of EUR28.4
million (31 December 2020: EUR37.3 million), resulting in net debt
of EUR261.8 million (31 December 2020: EUR254.4 million) and a net
loan to value on the Portfolio of 33.7 per cent (31 December 2020:
33.1 per cent). The increase in net debt in the period is a result
of the cash used in the share buyback programme, offset slightly by
debt repayments made upon sale of condominiums.
1 Section uses nominal loan balances as per note 17 rather than
the loan balances on the Consolidated Statement of Financial
Position which consider Capitalised Finance Arrangement Fees in the
balance.
Nearly all PSD's debt interest rates have been fixed through
hedging and, as at 30 June 2021, the blended interest rate of PSD's
loan book was 2.0 per cent (31 December 2020: 2.0 per cent). The
average remaining duration of the loan book at 30 June 2021 had
decreased to 5.3 years (31 December 2020: 6.0 years).
The Company is actively continuing to review its balance sheet
and is looking for additional opportunities to add liquidity to
further the Company's investment objectives.
Outlook
Predictably, the uncertainty created by the Mietendeckel has
significantly disrupted the Berlin residential market. This has
been reflected by a reduction in Berlin transaction activity (but
not values) from prior peak levels, a significant reduction in the
availability of rental accommodation for tenants, record low
vacancy, and a decline in new investment in the Berlin housing
market. Although it will take some time for these effects to be
reversed, the removal of the Mietendeckel should alleviate these
negative market consequences.
The Company is well placed to resume its reversionary rental
strategy and the removal of the Mietendeckel will allow the Company
to restore the level of investment into the Portfolio to
pre-Mietendeckel levels. The fact that new lettings in Berlin for
the first six months of 2021 were signed at an average premium of
35.8 per cent to passing rents should underpin rental growth in the
medium term, irrespective of market rental growth.
PSD will also continue with its strategy of crystallising
condominium reversionary value within the Portfolio through the
selective sale of individual units as condominiums at a premium to
book value. Exceptionally among its listed peers, over 74 per cent
of the Company's Berlin portfolio has already been legally split
into condominiums, with a further 11 per cent in application. The
Property Advisor is confident that, as and when the current
restrictions and disruptions created by COVID-19 recede, it will be
well placed to continue to deliver on its condominium strategy.
The German Federal Elections are due to be held on 26 September
2021. Prior to these elections there was a "Grand Coalition" led by
Angela Merkel between the CDU and the SPD which had been in power
since the previous Federal Elections in 2017. Ahead of the
elections, there remains a degree of uncertainty as to the outcome,
with a number of coalition permutations possible after polling day.
It may take some time before any coalition agreement is struck and
any new policy initiatives relating to German residential real
estate are agreed.
The Company notes that the Federal Government has previously
discussed the introduction of legislation that may limit the
ability of landlords to split their properties into condominiums.
The implementation of any such measures would be likely to reduce
the stock of apartments available on the market. Given the high
proportion of the Portfolio already split into condominiums, any
valuation impact on the Company's Portfolio would be expected to be
positive.
During its 15 years of operation, the Company has adapted its
business model many times to the changing regulatory environment
while continuing to deliver positive returns to shareholders. The
Property Advisor believes that the Company has a flexible enough
business model to adapt to new regulations caused by a change in
Government.
The monetary policy pursued by the European Central Bank in the
wake of the COVID-19 pandemic has been extremely accommodating.
While interest rates remain at low levels, relatively higher yields
from residential real estate will remain attractive to
institutional investors, such as insurance companies, pension funds
and wealth managers, who are increasingly looking favourably on
multi-family housing as an alternative to government bonds and
other long-dated fixed income instruments.
Low interest rates will continue to benefit the Condominium
market as well. Favourable mortgage rates, coupled with a lack of
available rental properties, and favourable mortgage versus market
rent dynamics, will continue to provide a tailwind for Condominium
pricing.
The Property Advisor remains confident in the long-term outlook
for PSD. Berlin market dynamics remain attractive and affordability
comparisons with other German cities are still favourable. It is
expected that Berlin demographic trends, particularly net inward
migration, will further strengthen when restrictions associated
with COVID-19 are permanently removed, providing further support to
the reversionary rental strategy which has historically served
investors and other key stakeholders in our business well.
Key Performance Indicators
PSD has chosen a number of Key Performance Indicators (KPIs),
which the Board believes will help investors understand the
performance of PSD and the underlying property Portfolio.
-- The value of the Portfolio grew by 2.5 per cent on a
like-for-like for basis for the first half of the year (H1 2020:
2.6 per cent). This increase was driven a like-for-like average
rent per let sqm of 4.6 per cent (H1 2020: 4.1 per cent).
-- The EPRA vacancy of the Portfolio stood at 1.3 per cent (31 December 2020: 2.0 per cent).
-- The Group continued with its targeted condominium programme,
notarising sales of EUR4.3 million in the half year to 30 June 2021
(H1 2020: EUR3.0 million).
-- EPRA NTA per share increased by 2.7 per cent to EUR5.42 as at
30 June 2021 (31 December 2020: EUR5.28).
-- The declared dividend for the half year 2021 was EUR2.35 cents (GBP2.02 pence) per share.
Statement of Director's Responsibilities
The important events that have occurred during the period under
review, the key factors influencing the condensed consolidated
financial statements and the principal factors that could impact
the remaining six months of the financial year are set out in the
Chairman's statement and the Property Advisor Report.
With the exception of the continuing uncertainty around
coronavirus (Covid-19) and the upcoming German elections as set out
in the outlook section of the Property Advisor's Report, the
Directors consider that the principal risks and uncertainties
facing PSD are substantially unchanged since the date of the annual
report for the year ended 31 December 2020 and continue to be as
set out in that report.
Risks faced by the Group include, but are not limited to:
- Legal risk
- Tenant / Letting and Political risk
- Market risk
- Financial risk
- Outsourcing risk
- IT and Cyber Security risk
- Lack of Investment Opportunity
Condensed Consolidated Statement
of Comprehensive Income
For the period from 1 January
2021 to 30 June 2021
Six months Six months
ended ended Year ended
Notes 30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Continuing operations
Revenue 12,925 12,024 23,899
Property expenses 5 (7,391) (8,053) (16,437)
Gross profit 5,534 3,971 7,462
Administrative expenses 6 (1,586) (1,915) (3,263)
Gain on disposal of investment
property (including investment
property held for sale) 7 577 693 2,178
Investment property
fair value gain 10 15,987 16,959 41,458
Performance fee due
to property advisor 20 - 1,923 439
Operating profit 20,512 21,631 48,274
Net finance charge 8 (78) (6,361) (10,417)
Profit before taxation 20,434 15,270 37,857
Income tax expense 9 (4,198) (2,949) (7,550)
Profit after taxation 16,236 12,321 30,307
Other comprehensive - - -
income
Total comprehensive
income for the period 16,236 12,321 30,307
============ =============== ===========
Total comprehensive
income attributable
to:
Owners of the parent 16,208 12,134 29,788
Non-controlling interests 28 187 519
---------------
16,236 12,321 30,307
============ =============== ===========
Earnings per share attributable
to the owners of the parent:
From continuing
operations
Basic (EUR) 22 0.17 0.12 0.31
Diluted (EUR) 22 0.17 0.12 0.30
============ =============== ===========
Condensed Consolidated Statement
of Financial Position
At 30 June 2021
As at As at As at
Notes 30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
ASSETS
Non-current assets
Investment properties 12 763,960 736,745 749,008
Property, plant and
equipment 31 51 42
Other financial
assets
at amortised cost 14 919 888 901
Deferred tax asset 9 2,303 2,891 2,880
767,213 740,575 752,831
Current assets
Investment properties
- held for sale 13 13,720 9,975 19,302
Other financial
assets
at amortised cost 14 - 1,622 -
Trade and other
receivables 15 12,746 10,878 8,414
Cash and cash
equivalents 28,393 37,259 36,996
54,859 59,734 64,712
Total assets 822,072 800,309 817,543
============ =============== ===========
EQUITY AND
LIABILITIES
Current liabilities
Borrowings 16 1,085 1,386 1,018
Trade and other payables 17 10,548 9,984 9,018
Other financial
liabilities 19 - 7,520 -
Current tax 9 513 8 550
12,146 18,898 10,586
Non-current
liabilities
Borrowings 16 285,525 278,298 286,531
Derivative financial
instruments 18 14,554 18,269 18,197
Deferred tax liability 9 71,897 64,177 68,273
371,976 360,744 373,001
Total liabilities 384,122 379,642 383,587
============ =============== ===========
Equity
Stated capital 21 196,578 196,578 196,578
Treasury shares (19,705) (13,087) (17,206)
Share based payment
reserve 20 - 4,885 6,369
Retained earnings 257,519 229,093 244,685
Equity attributable
to owners of the
parent 434,392 417,469 430,426
Non-controlling interest 3,558 3,198 3,530
Total equity 437,950 420,667 433,956
------------ --------------- -----------
Total equity and
liabilities 822,072 800,309 817,543
============ =============== ===========
Condensed Consolidated Statement
of Changes in Equity
For the period from 1 January
2021 to 30 June 2021
Attributable to the owners of
the parent
Stated Treasury Share Retained Total Non-controlling Total
capital Shares based earnings interest equity
payment
reserve
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1 January
2020 196,578 (11,354) 6,808 221,859 413,891 3,011 416,902
Comprehensive income:
Profit for the period - - - 12,134 12,134 187 12,321
Other comprehensive - - - - - - -
income
Total comprehensive
income for the period - - - 12,134 12,134 187 12,321
Transactions with
owners -
recognised directly
in equity:
Issue of shares - - - - - - -
Dividends paid - - - (4,900) (4,900) - (4,900)
Performance fee - - (1,923) - (1,923) - (1,923)
Acquisition of treasury
shares - (1,733) - - (1,733) - (1,733)
Balance at 30 June
2020 (unaudited) 196,578 (13,087) 4,885 229,093 417,469 3,198 420,667
Comprehensive income:
Profit for the period - - - 17,654 17,654 332 17,986
Other comprehensive - - - - - - -
income
Total comprehensive
income for the period - - - 17,654 17,654 332 17,986
Transactions with
owners -
recognised directly
in equity:
Dividends paid - - - (2,062) (2,062) - (2,062)
Performance fee - - 1,484 - 1,484 - 1,484
Acquisition of treasury
shares - (4,119) - - (4,119) - (4,119)
Balance at 31 December
2020 (audited) 196,578 (17,206) 6,369 244,685 430,426 3,530 433,956
Comprehensive income:
Profit for the period - - - 16,208 16,208 28 16,236
Other comprehensive - - - - - - -
income
Total comprehensive
income for the period - - - 16,208 16,208 28 16,236
Transactions with
owners -
recognised directly
in equity:
Dividends paid - - - (5,207) (5,207) - (5,207)
Performance fee - - - - - - -
Settlement of performance
fee using treasury
shares 4,536 (6,369) 1,833 - -
Acquisition of treasury
shares - (7,035) - - (7,035) - (7,035)
Balance at 30 June
2021 (unaudited) 196,578 (19,705) - 257,519 434,392 3,558 437,950
============= =========== ======= ======== ============ =============== ===========
The share based payment reserve had been established in relation
to the issue of shares for the payment of the performance fee
of the property advisor.
Treasury shares comprise the accumulated cost of shares
acquired on-market.
Condensed Consolidated Statement
of Cash Flows
For the period from 1 January
2021 to 30 June 2021
Notes Six months Six months Year ended
ended ended
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Profit before taxation 20,434 15,270 37,857
Adjustments for:
Net finance charge 78 6,391 10,417
Gain on disposal of
investment property (577) (693) (2,178)
Investment property
revaluation gain (15,987) (16,959) (41,458)
Depreciation 8 8 8
Performance fee due
to property advisor - (1,923) (439)
---------------
Operating cash flows before
movements in working capital 3,956 2,094 4,207
(Increase) / decrease in
receivables (4,332) (1,476) 2,071
Increase in payables 1,530 2,748 1,782
---------------
Cash generated from/(used
in) operating activities 1,154 3,366 8,060
Income tax paid (34) (1,364) (1,316)
---------------
Net cash generated from
operating activities 1,120 2,002 6,744
Cash flow from investing
activities
Proceeds on disposal of
investment property (net
of disposal costs) 10,198 1,894 7,213
Interest received 18 40 19
Capital expenditure on investment
property (2,729) (2,279) (4,171)
Put option settlement - - (7,542)
Repayment of shareholder
loans - - 1,622
Disposals of property, plant
and equipment 3 - 4
Net cash generated from
/ (used in) investing activities 7,490 (345) (2,855)
Cash flow from financing
activities
Interest paid on bank loans (3,663) (3,574) (7,541)
Repayment of bank loans (1,308) (16,900) (38,845)
Drawdown on bank loan facilities - 20,300 50,000
Dividends paid (5,207) (4,900) (6,962)
Acquisition of treasury
shares (7,035) (1,733) (5,956)
Net cash (used in) financing
activities (17,213) (6,807) (9,304)
Net (decrease) in cash and
cash equivalents (8,603) (5,150) (5,415)
Cash and cash equivalents
at beginning of period/year 36,996 42,414 42,414
Exchange gains / (losses)
on cash and cash equivalents - (5) (3)
Cash and cash equivalents
at end of period/year 28,393 37,259 36,996
============ =============== ===========
Reconciliation of Net Cash Flow to
Movement in Debt
For the period from 1 January
2021 to 30 June 2021
Six months Six months Year
ended ended ended
30 June 30 June 31
2021 2020 December
2020
EUR'000 EUR'000 EUR'000
Cashflow from
/increase/(decrease)
in debt financing (1,308) 3,430 11,155
Non-cash changes from
increase in debt
financing 369 - 140
Movement in debt
in the period/year (939) 3,430 11,295
------------ --------------- -----------
Debt at the start
of the period/year 287,549 276,254 276,254
Debt at the end of
the period/year 16 286,610 279,684 287,549
============ =============== ===========
Dividends paid during the six months to 30 June 2021 represent
the final year dividend relating to the year end 2020.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
1. General information
The Group consists of a Parent Company, Phoenix Spree Deutschland
Limited ('the Company'), incorporated in Jersey, Channel Islands
and all its subsidiaries ('the Group') which are incorporated
and domiciled in and operate out of Jersey and Germany. Phoenix
Spree Deutschland Limited is listed on the premium segment of
the Main Market of the London Stock Exchange.
The Group invests in residential and commercial property in
Germany.
The registered office is at 12 Castle Street, St Helier, Jersey,
JE2 3RT, Channel Islands.
2. Basis of
preparation
The interim set of condensed consolidated financial statements
has been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and with IAS 34 Interim
Financial Reporting as adopted by the European Union.
The interim condensed consolidated financial statements do not
include all the information and disclosures required in the
annual financial statements and should be read in conjunction
with the Group's annual financial statements for the year ended
31 December 2020.
As required by the Disclosure and Transparency Rules of the
Financial Conduct Authority, the financial statements have been
prepared applying the accounting policies and presentation that
were applied in the preparation of the Company's published consolidated
financial statements for the year ended 31 December 2020.
The comparative figures for the financial year ended 31 December
2020 are extracted from but do not comprise, the Group's annual
consolidated financial statements for that financial year.
The interim condensed consolidated financial statements were
authorised and approved for issue on 23 September 2021.
The interim condensed consolidated financial statements are
neither reviewed nor audited, and do not constitute statutory
accounts within the meaning of Section 105 of the Companies
(Jersey) Law 1991.
2.1 Going concern
The interim condensed consolidated financial statements have
been prepared on a going concern basis which assumes the Group
will be able to meet its liabilities as they fall due for the
foreseeable future. The Directors carried out a thorough review
of the viability of the Company in the light of the continuing
COVID-19 outbreak across Europe, the conclusion of which was
that there were no concerns regarding the viability of the Company.
These condensed consolidated financial statements have therefore
been prepared on a going concern basis.
2.2 New standards
and interpretations
The following new standards, amendments or interpretations effective
for annual periods beginning on or after 1 January 2021 have
been adopted and had no impact on the Group;
Interest Rate Benchmark Reform - Phase 2 (Amendments
to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16).
Effective 1 January 2021.
3. Critical accounting estimates and judgements
The preparation of condensed consolidated financial statements
in conformity with IFRS requires the Group to make certain critical
accounting estimates and judgements. In the process of applying
the Group's accounting policies, management has decided the
following estimates and assumptions have a significant risk
of causing a material adjustment to the carrying amounts of
assets and liabilities within the financial period;
i) Estimate of fair value of investment properties
The best evidence of fair value is current prices in an active
market of investment properties with similar leases and other
contracts. In the absence of such information, the Group determines
the amount within a range of reasonable fair value estimates.
In making its judgement, the Group considers information from
a variety of sources, including:
a) Discounted cash flow projections based on reliable estimates
of future cash flows, derived from the terms of any existing
lease and other contracts, and (where possible) from external
evidence such as current market rents for similar properties
in the same location and condition, and using discount rates
that reflect current market assessments of the uncertainty in
the amount and timing of the cash flows.
b) Current prices in an active market for properties of different
nature, condition or location (or subject to different lease
or other contracts), adjusted to reflect those differences.
c) Recent prices of similar properties in less active markets,
with adjustments to reflect any changes in economic conditions
since the date of the transactions that occurred at those prices.
For further information with regard to the movement in the fair
value of the Group's investment properties, refer to the management
report.
ii) Judgment in relation to the recognition of assets held for
sale
In accordance with the requirement of IFRS 5, Management has
made an assumption in respect of the likelihood of investment
properties - held for sale, being sold within the following
12 months. Management considers that based on historical and
current experience of market since 30 June 2021, the properties
can be reasonably expected to sell within this timeframe.
4. Segmental information
Information reported to the Board of Directors, the chief operating
decision maker, relates to the Group as a whole. Therefore,
the Group has not included any further segmental analysis within
these condensed consolidated unaudited interim financial statements.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
5. Property expenses
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Property management
expenses 606 568 1,143
Repairs and maintenance 598 781 1,553
Cost incurred in splitting 33 - -
assets into condominiums
at the land registry
Impairment charge - trade
receivables 49 125 160
Service charges paid on
behalf of tenants 2,761 3,412 7,137
Property advisors'
fees and expenses 3,344 3,167 6,444
7,391 8,053 16,437
============ =============== ===========
Cost incurred in splitting assets into condominiums at the land
registry have been moved from Administrative expenses into Property
costs for 2021 to better reflect their nature as a cost directly
attributable to the properties. The prior year comparatives
remain set out in the Administrative expenses in note 6 on the
basis that the amounts are immaterial.
6. Administrative
expenses
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Secretarial &
administration
fees 386 434 589
Legal & professional
fees 446 595 1,509
Costs associated - 104 -
with refinancing
Cost incurred in
land registry splitting - 285 225
Directors' fees 158 145 248
Audit and accountancy
fees 525 329 630
Bank charges 53 11 32
Loss on foreign exchange 14 40 69
Depreciation 8 8 8
Other income (4) (36) (47)
1,586 1,915 3,263
============ =============== ===========
7. Gain on disposal of investment property
(including investment property held for sale)
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Disposal proceeds 10,323 3,392 9,998
Book value of disposals (9,346) (2,636) (7,479)
Disposal costs (400) (63) (341)
577 693 2,178
============ =============== ===========
Where there has been a partial disposal of a property, the net
book value of the asset sold is calculated on a per square metre
rate, based on the prior period annual valuation.
8. Net finance charge
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Interest income (18) (40) 6
Interest from partners'
loans - (32) (57)
Fair value (gain)
/ loss on interest
rate swap (3,643) 2,290 2,218
Finance expense on bank
borrowings* 3,739 3,574 7,659
Change in put option
liability arising
on settlement - 569 591
78 6,361 10,417
============ =============== ===========
*Contained within finance expense on bank borrowings at 30 June
2020 is an amount of EUR204k which relates to the early repayment
charge on the borrowings with Mittelbrandenburgische Sparkasse
(31 December 2020: EUR383k).
9. Income tax expense
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
The tax charge for
the period is as
follows: EUR'000 EUR'000 EUR'000
Current tax (credit)
/ charge (3) (41) 453
Deferred tax charge - origination
and reversal of temporary differences 4,201 2,990 7,097
4,198 2,949 7,550
============ =============== ===========
The tax charge for the year can be reconciled to the theoretical
tax charge on the profit in the condensed consolidated statement
of comprehensive income as follows:
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
9. Income tax expense
(continued)
30 June 30 June 31
2021 2020 December
2020
EUR'000 EUR'000 EUR'000
Profit before tax on continuing
operations 20,434 15,270 37,857
Tax at German income tax
rate of 15.8% (2020: 15.8%) 3,229 2,413 5,981
Income not taxable (91) - (344)
Tax effect of losses brought
forward 1,060 536 1,913
Total tax charge for
the period/year 4,198 2,949 7,550
============ =============== ===========
Reconciliation of current tax liabilities
30 June 30 June 31
2021 2020 December
2020
EUR'000 EUR'000 EUR'000
Balance at beginning
of period/year 550 1,413 1,413
Tax paid during the
period/year (34) (1,364) (1,316)
Current tax (credit)
/ charge (3) (41) 453
Balance at end of
period/year 513 8 550
============ =============== ===========
Reconciliation of
deferred tax
Capital Interest Total
gains rate
on swaps
properties
EUR'000 EUR'000 EUR'000
Liability Asset Net asset
Balance at 1 January
2020 (60,825) 2,529 (58,296)
Charged to the statement
of comprehensive income (3,352) 362 (2,990)
Deferred tax (liability)
/ asset at 30 June 2020 (64,177) 2,891 (61,286)
Charged to the statement
of comprehensive income (4,096) (11) (4,107)
Deferred tax (liability)
/ asset at 31 December 2020 (68,273) 2,880 (65,393)
------------ --------------- -----------
Charged to the statement
of comprehensive income (3,624) (577) (4,201)
Deferred tax (liability)
/ asset at 30 June 2021 (71,897) 2,303 (69,594)
============ =============== ===========
10. Investment
property
fair value gain
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Investment property
fair value gain 15,987 16,959 41,458
============ =============== ===========
Further information on investment properties is shown in note
12.
11. Dividends
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Amounts recognised as distributions
to equity holders in the period:
Interim dividend for the year ended
31 December 2020 of EUR2.35 cents (2.1p)
declared 15 September 2020, paid 16
October 2020 (2019: EUR2.35 cents (2.1p))
per share. - - 2,284
Final dividend for the year ended 31
December 2020 of 5.15 cents (EUR) (4.65
pence) paid 7 June 2021 (2019: 5.15
cents (EUR) (4.4 pence)) per share. 5,207 4,900 5,010
============ =============== ===========
The Board is pleased to declare an unchanged interim dividend
of 2.35 cents per share (2.02 pence per share equivalent) for
the first half of the year (six months to 30 June 2020: 2.35
cents, 2.10 pence). The dividend is expected to be paid on or
around 29 October 2021 to shareholders on the register at close
of business on 8 October 2021, with an ex-dividend date of 7
October 2021.
The proposed dividend has not been included as a liability in
these condensed consolidated financial statements. The payment
of this dividend will not have any tax consequences for the
Group.
12. Investment
properties
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
Fair Value EUR'000 EUR'000 EUR'000
Balance at beginning
of period/year 768,310 730,160 730,160
Capital expenditure 2,729 2,237 4,171
Disposals (9,346) (2,636) (7,479)
Fair value gain 15,987 16,959 41,458
------------ --------------- -----------
Investment properties at fair value
- as set out in the report by JLL 777,680 746,720 768,310
Assets considered as "Held
for Sale" (Note 13) (13,720) (9,975) (19,302)
Balance at end of
period/year 763,960 736,745 749,008
============ =============== ===========
The property portfolio was valued at 30 June 2021 by the Group's
independent valuers, Jones Lang LaSalle GmbH ('JLL'), in accordance
with the methodology described below. The valuations were performed
in accordance with the current Appraisal and Valuation Standards,
8th edition (the 'Red Book') published by the Royal Institution
of Chartered Surveyors (RICS).
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
12. Investment
properties
(continued)
The valuation is performed on a building-by-building basis and
the source information on the properties including current rent
levels, void rates and non-recoverable costs was provided to
JLL by the Property Advisors QSix Residential Limited. Assumptions
with respect to rental growth, adjustments to non-recoverable
costs and the future valuation of these are those of JLL. Such
estimates are inherently subjective and actual values can only
be determined in a sales transaction. JLL also uses data from
comparable market transactions where these are available alongside
their own assumptions.
Having reviewed the JLL report, the Directors are of the opinion
that this represents a fair and reasonable valuation of the
properties and have consequently adopted this valuation in the
preparation of the condensed consolidated financial statements.
The valuations have been prepared by JLL on a consistent basis
at each reporting date and the methodology is consistent and
in accordance with IFRS which requires that the 'highest and
best use' value is taken into account where that use is physically
possible, legally permissible and financially feasible for the
property concerned, and irrespective of the current or intended
use.
All properties are valued as Level 3 measurements under the
fair value hierarchy (see note 24) as the inputs to the discounted
cash flow methodology which have a significant effect on the
recorded fair value are not observable. Additionally, JLL perform
reference checks back to comparable market transactions to confirm
the valuation model.
The unrealised fair value gain in respect of investment property
is disclosed in the condensed consolidated statement of comprehensive
income as 'Investment property fair value gain'.
Valuations are undertaken using the discounted cash flow valuation
technique as described below and with the inputs set out as
follows:
Discounted cash flow methodology
(DCF)
The fair value of investment properties is determined using
discounted cash flows.
Under the DCF method, a property's fair value is estimated using
explicit assumptions regarding the benefits and liabilities
of ownership over the asset's life including an exit or terminal
value. As an accepted method within the income approach to valuation
the DCF method involves the projection of a series of cash flows
on a real property interest. To this projected cash flow series,
an appropriate, market-derived discount rate is applied to establish
the present value of the income stream associated with the real
property.
The duration of the cash flow and the specific timing of inflows
and outflows are determined by events such as rent reviews,
lease renewal and related lease up periods, re-letting, redevelopment,
or refurbishment. The appropriate duration is typically driven
by market behaviour that is a characteristic of the class of
real property.
Periodic cash flow is typically estimated as gross income less
vacancy, non-recoverable expenses, collection losses, lease
incentives, maintenance cost, agent and commission costs and
other operating and management expenses. The series of periodic
net operating incomes, along with an estimate of the terminal
value anticipated at the end of the projection period, is then
discounted.
The Group categorises all investment
properties in the following three ways;
Rental Scenario
Where properties have been valued under the "Discounted Cashflow
Methodology" and are intended to be held by the Group for the
foreseeable future, they are considered valued under the "Rental
Scenario" This will equal the "Investment Properties" line in
the Non-Current Assets section of the condensed consolidated
statement of financial position.
Condominium scenario
Where properties have the potential, or the benefit of all relevant
permissions required to sell apartments individually (condominiums)
then we value these as a 'condominium scenario'. Expected sales
in the coming year from these assets are considered held for
sale under IFRS 5 and can be seen in note 13. The additional
value is reflected by using a lower discount rate under the
DCF Methodology. Properties which do not have the benefit of
all relevant permissions are described as valued using a standard
'rental scenario'. Included in properties valued under the condominium
scenario are properties not yet released to held for sale as
only a portion of the properties are forecast to be sold in
the coming 12 months.
Disposal Scenario
Where properties have been notarised for sale prior to the reporting
date but have not completed; they are held at their notarised
disposal value. These assets are considered held for sale under
IFRS 5 as set out in note 13.
The table below sets out the assets
valued using these 3 scenarios:
30 June 30 June 31
2021 2020 December
2020
EUR'000 EUR'000 EUR'000
Rental scenario 734,240 713,720 715,870
Condominium scenario 42,294 31,379 45,264
Disposal scenario 1,146 1,621 7,176
Total 777,680 746,720 768,310
============ =============== ===========
13. Investment
properties
- held for sale
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Fair value - held for sale investment
properties
At beginning of
period/year 19,302 10,639 10,639
Transferred from
investment properties 3,248 1,503 15,004
Capital expenditure 458 42 313
Properties sold (9,346) (2,636) (7,479)
Valuation gain on
apartments held for
sale 58 427 825
At end of period/year 13,720 9,975 19,302
============ =============== ===========
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
13. Investment properties - held for sale (continued)
Investment properties are re-classified as current assets and
described as 'held for sale' in three different situations:
properties notarised for sale at the reporting date, properties
where at the reporting date the Group has obtained and implemented
all relevant permissions required to sell individual apartment
units, and efforts are being made to dispose of the assets ('condominium');
and properties which are being marketed for sale but have currently
not been notarised.
Properties notarised for sale by the reporting date are valued
at their disposal price (disposal scenario), and other properties
are valued using the condominium or rental scenarios (see note
12) as appropriate. The table below sets out the respective
categories:
30 June 30 June 31
2021 2020 December
2020
EUR'000 EUR'000 EUR'000
Condominium scenario 12,574 8,354 12,126
Disposal scenario 1,146 1,621 7,176
13,720 9,975 19,302
============ =============== ===========
Investment properties held for sale are all expected to be sold
within 12 months of the reporting date based on Management knowledge
of current and historic market conditions.
14. Other financial assets
at amortised cost
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Balance at beginning
of period/year - 1,590 1,590
Transfer from non-current other
financial assets at amortised
cost - - -
Accrued interest - 32 32
Interest adjustment
related to prior
period - - -
Loan repayment - - (1,622)
Balance at end of
period/year - 1,622 -
============ =============== ===========
The Group entered into loan agreements with Mike Hilton and
Paul Ruddle in connection with the acquisition of PSPF. The
loans were due to be settled upon settlement of the put option
for the minority interest in PSPF. The put option liability
for the minority and these offsetting loans were settled in
cash on the 1 July 2020.
Non-current
Balance at beginning
of period/year 901 876 876
Transfer to current other financial - - -
assets at amortised cost
Accrued interest 18 12 25
Balance at end of
period/year 919 888 901
============ =============== ===========
The Group entered into a loan agreement with the minority interest
of Accentro Real Estate AG in relation to the acquisition of
the assets as share deals. This loan bears interest at 3% per
annum.
These financial assets are considered to have low credit risk
and any loss allowance would be immaterial.
None of these financial assets were either past due or impaired.
15. Trade and other
receivables
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Current
Trade receivables 920 656 707
Less: impairment
provision (138) (215) (222)
------------ --------------- -----------
Net receivables 782 441 485
Prepayments and accrued
income 795 811 16
Investment property disposal
proceeds receivable 3,944 1,477 2,444
Service charges receivable 7,033 7,531 4,895
Prepaid treasury
shares - - 104
Other receivables 192 618 470
12,746 10,878 8,414
============ =============== ===========
Prepaid treasury shares consist of a transaction for the Company's
own shares which had yet to settle at 31 December 2020.
16. Borrowings
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Current liabilities
Bank loans - NATIXIS
Pfandbriefbank AG* 284 283 217
Bank loans - Berliner Sparkasse 801 1,103 801
--------------- -----------
1,085 1,386 1,018
Non-current
liabilities
Bank loans - NATIXIS Pfandbriefbank
AG** 236,201 207,009 236,789
Bank loans - Berliner Sparkasse 49,324 71,289 49,742
285,525 278,298 286,531
286,610 279,684 287,549
============ =============== ===========
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
16. Borrowings
(continued)
* Nominal value of the borrowings as at 30 June 2021 was EUR977,000
(31 December 2020: EUR901,000, 30 June 2020: EUR917,000).
** Nominal value of the borrowings as at 30 June 2021 was EUR239,110,000
(31 December 2020: EUR240,000,000, 30 June 2020: EUR210,300,000).
For further information on borrowings, refer to the management
report.
17. Trade and other
payables
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Trade payables 1,155 443 1,410
Accrued liabilities 1,643 1,944 2,463
Service charges payable 7,750 7,597 5,145
10,548 9,984 9,018
============ =============== ===========
18. Derivative
financial
instruments
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Interest rate swaps - carried at fair value
through profit or loss
At beginning of
period/year 18,197 15,979 15,979
(Gain) / loss in movement in fair value
through profit or loss (3,643) 2,290 2,218
At end of period/year 14,554 18,269 18,197
============ =============== ===========
The notional principal amounts of the outstanding interest rate
swap contracts at 30 June 2021 were EUR204,269,000 (December
2020: EUR204,269,000, June 2020: EUR202,932,000). At 30 June
2021 the fixed interest rates vary from 0.24% to 1.01% (December
2020: 0.24% to 1.07%, June 2020: 0.24% to 1.07%) above the main
factoring Euribor rate.
Maturity analysis of interest rate swaps
30 June 30 June 31
2021 2020 December
2020
EUR'000 EUR'000 EUR'000
Less than 1 year - - -
Between 1 and 2 years - - -
Between 2 and 5 years - - -
More than 5 years 14,554 18,269 18,197
14,554 18,269 18,197
============ =============== ===========
19. Other financial
liabilities
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Current
Balance at beginning
of period/year - 6,951 6,951
Transferred from - - -
non-current
liabilities
Profit share attributable to NCI in
PSPF - 569 -
Change in put option liability on settlement - - 591
Exercise put option - - (7,542)
Balance at end of
period/year - 7,520 -
============ =============== ===========
In March 2015 the Group entered into a five-year put option
agreement to acquire the remaining 5.2% interest in Phoenix
Spree Property Fund Ltd. & Co.KG (PSPF) from the limited partners
M Hilton and P Ruddle both then Directors of PMM Partners (UK)
Limited. The options were exercised three months after on the
fifth anniversary of the majority interest acquisition, on 1
July 2020. The option was settled for EUR7,542,000 and was settled
in cash for EUR5,920,000 net of initial loans to the limited
partners of EUR1,622,000. EUR7,542,000 being 5.2% of the net
asset value of PSPF at the time of settlement, as set out in
the original 2015 agreement.
A portion of the liability (EURnil, December 2020: (EUR1,070k),
June 2020: (EUR1,175k)) is recognised to cover the tax charge
of the minority in PSPF on the proceeds of put option when exercised.
20. Share based
payment
reserve
Performance
fee
EUR'000
Balance at 1 January
2020 6,808
Fee charge for the
period (1,923)
-----------
Balance at 30 June
2020 4,885
Fee charge for the
period 1,484
-----------
Balance at 31 December
2020 6,369
Settlement of
performance
fee in shares (6,369)
Fee charge for the -
period
Balance at 30 June -
2021
===========
No performance fee has been recognised in the period because
the performance criteria were not met.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January 2021
to 30 June 2021
20. Share based payment reserve (continued)
Performance Fee
The Property Advisor is entitled to an asset and estate management
performance fee, measured over consecutive three-year periods,
equal to 15% of the excess (or in the case of the initial period
or any performance period ending prior to 31 December 2020,
16%) by which the annual EPRA NAV total return of the Group
exceeds 8% per annum, compounding (the 'Performance Fee'). As
the EPRA NAV measurement has been superseded by EPRA NTA (See
note 23), future performance fees will be calculated with respect
to movements in EPRA NTA. The Performance Fee is subject to
a high watermark, being the higher of:
(i) EPRA NTA per share at 1 July 2018; and
(ii) the EPRA NTA per share at the end of a Performance Period
in relation to which a performance fee was earned in accordance
with the provisions continued with the Property Advisor and
Investor Relations Agreement.
Other Property Advisor Fees
Under the Property Advisory Agreement for providing property
advisory services, the Property Advisor will be entitled to
a Portfolio and Asset Management Fee as follows:
(i) 1.2% of the EPRA NTA of the Group where EPRA NTA
of the Group is equal to or less than EUR500 million;
and
(ii) 1% of the EPRA NTA of the Group greater than EUR500
million.
The Property Advisor is entitled to a capex monitoring fee equal
to 7% of any capital expenditure incurred by any Subsidiary
which the Property Advisor is responsible for managing.
The Property Advisor is entitled to receive a finance
fee equal to:
(i) 0.1% of the value of any borrowing arrangement which
the Property Advisor has negotiated and/or supervised;
and
(ii) a fixed fee of GBP1,000 in respect of any borrowing
arrangement which the Property Advisor has renegotiated
or varied.
The Property Advisor is entitled to receive a transaction fee
fixed at GBP1,000 in respect of any acquisition or disposal
of property by any Subsidiary.
The Property Advisor is entitled to a letting fee equal to between
1 and 3 month's net cold rent (being gross rents receivable
less service costs and taxes) for each new tenancy signed by
the Company where the Property Advisor has sourced the relevant
tenant.
The Property Advisor shall be entitled to a fee for Investor
Relations Services at the annual rate of GBP75,000 payable
quarterly in arrears.
The management fee will be reduced by the aggregate amount of
any transaction fees and finance fees payable to the Property
Advisor in respect of that calendar year.
Details of the fees paid to the Property Advisor are set out
in note 25.
21. Stated capital
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Issued and fully
paid:
At 1 January 196,578 196,578 196,578
196,578 196,578 196,578
============ =============== ===========
The number of shares in issue at 30 June 2021 was 100,751,410
(including 5,057,849 as Treasury Shares) (31 December 2020:
100,751,410 (including 4,628,500 as Treasury Shares), 30 June
2020: 100,751,410 (including 3,475,000 as Treasury Shares)).
22. Earnings per
share
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
Earnings for the purposes of basic
earnings per share being net profit
attributable to owners of the parent
(EUR'000) 16,208 12,134 29,788
Weighted average number of ordinary
shares for the purposes of basic earnings
per share (Number) 96,259,529 97,354,761 97,136,617
Effect of dilutive potential ordinary
shares (Number) - 1,197,847 1,806,285
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share (Number) 96,259,529 98,552,608 98,942,902
============ =============== ===========
Earnings per share
(EUR) 0.17 0.12 0.31
Diluted earnings
per share (EUR) 0.17 0.12 0.30
============ =============== ===========
23. Net asset value per share and EPRA
NTA net asset value
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
Net assets (EUR'000) 434,392 417,469 430,426
Number of
participating
ordinary shares 95,693,560 97,276,410 96,122,909
Net asset value per
share (EUR) 4.54 4.29 4.48
============ =============== ===========
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
23. Net asset value per share and EPRA NTA
net asset value (continued)
EPRA NTA net asset
value
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
Net assets (EUR'000) 434,392 417,469 430,426
Add back deferred tax assets and liabilities,
derivative financial instruments and
share based payment reserves (EUR'000) 84,148 74,670 77,221
EPRA net asset value
(EUR'000) 518,540 492,139 507,647
EPRA net asset value
per share (EUR) 5.42 5.06 5.28
24. Financial
instruments
The Group is exposed to the risks that arise from its use of
financial instruments. This note describes the objectives, policies
and processes of the Group for managing those risks and the
methods used to measure them. Further quantitative information
in respect of these risks is presented throughout the condensed
consolidated financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from
which financial instrument risk arises, are as follows:
-- financial assets
-- cash and cash equivalents
-- trade and other receivables
-- trade and other payables
-- borrowings
-- derivative financial instruments
The Group held the following financial assets at each reporting
date:
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Loans and receivables
Trade and other receivables - current 11,951 10,067 8,294
Cash and cash equivalents 28,393 37,259 36,996
Loans and receivables 919 2,510 901
41,263 49,836 46,191
------------ --------------- -----------
The Group held the following financial liabilities at each reporting
date:
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Held at amortised
cost
Borrowings payable:
current 1,085 1,386 1,018
Borrowings payable:
non-current 285,525 278,298 286,531
Other financial
liabilities - 7,520 0
Trade and other payables 10,548 9,984 9,018
297,158 297,188 296,567
------------ --------------- -----------
Fair value through
profit or loss
Derivative financial liability
- interest rate swaps 14,554 18,269 18,197
14,554 18,269 18,197
------------ --------------- -----------
311,712 315,457 314,764
============ =============== ===========
Fair value of
financial
instruments
With the exception of the variable rate borrowings, the fair
values of the financial assets and liabilities are not materially
different to their carrying values due to the short term nature
of the current assets and liabilities or due to the commercial
variable rates applied to the long term liabilities.
The interest rate swap was valued externally by the respective
counterparty banks by comparison with the market price for the
relevant date.
The interest rate swaps are expected to mature between July
2026 and March 2028.
The Group uses the following hierarchy for determining and disclosing
the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical
assets or liabilities;
Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly; and
Level 3: techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable
market data.
During each of the reporting periods, there were no transfers
between valuation levels.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
24. Financial
instruments
(continued)
Group Fair Values
30 June 30 June 31
2021 2020 December
2020
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Financial liabilities
Interest rate swaps - Level
2 - non-current (14,554) (18,269) (18,197)
(14,554) (18,269) (18,197)
============ =============== ===========
The valuation basis for the investment
properties is disclosed in note 12.
25. Related party
transactions
Related party transactions not disclosed elsewhere are as follows:
QSix Residential Limited is the Group's appointed Property Advisor.
Directors of QSix Residential Limited formerly sat on the Board
of PSD and it, and its Principals, retain a shareholding in
the Group. For the six-month period ended 30 June 2021, an amount
of EUR3,344,000 (EUR3,298,000 Management Fees and EUR46,000
Other expenses and fees) (December 2020: EUR6,444,000 (EUR6,295,000
Management fees and EUR149,000 Other expenses and fees), June
2020: EUR3,167,000 (EUR3,119,000 Management fees and EUR48,000
Other expenses and fees)) was payable to QSix Residential Limited.
At 30 June 2021 EUR839,000 (December 2020: EUR9,000, June 2020:
EURnil) was outstanding.
The Property Advisor is also entitled to an asset and estate
management performance fee. The charge for the period in respect
of the performance fee was EURnil (December 2020: credit EUR439,000,
June 2020: credit EUR1,923,000). Please refer to note 20 for
more details.
Apex Financial Services (Alternative Funds) Limited, the Company's
administrator provided administration and company secretarial
services to PSDL and its subsidiaries in 2021. For the six-month
period ended 30 June 2021, an amount of EUR320,600 (December
2020: GBP592,000, June 2020: EUR276,209) was payable to Apex
Financial Services (Alternative Funds) Limited. At 30 June 2021
GBPnil (December 2020: GBPnil, June 2020: GBPnil) was outstanding.
Dividends paid to Directors in their capacity as a shareholder
amounted to EUR2,422 (December 2020: EUR3,494, June 2020: EUR2,270).
26. Events after
the reporting date
The Company exchanged contracts for the sale of four residential
units in Berlin for total proceeds of EUR1.1 million prior to
the reporting date which has yet to complete. EUR0.8 million
of this balance was received in Q3 with the remainder expected
in Q4 2021
In Q3 2021 the Company exchanged contracts for the sale of eight
condominiums in Berlin for the aggregated consideration of EUR3.9
million. All transactions are expected to complete in Q4 2021.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2021 to 30 June 2021
Professional Advisors
Property Advisor QSix Residential
Limited
54-56 Jermyn Street
London SW1Y 6LX
Administrator Apex Financial Services
(Alternative Funds) Limited
Company Secretary 12 Castle
Street
and Registered Office St Helier
Jersey JE2 3RT
Registrar Link Asset Services (Jersey)
Limited
12 Castle Street
St. Helier
Jersey JE2 3RT
Principal Banker Barclays Private Clients
International Limited
13 Library Place
St. Helier
Jersey JE4 8NE
English Legal Advisor Stephenson Harwood LLP
1 Finsbury Circus
London EC2M 7SH
Jersey Legal Advisor Mourant Ozannes
22 Grenville Street
St. Helier
Jersey JE4 8PX
German Legal Advisor Mittelstein
Rechtsanwälte
as to property law Alsterarkaden
20
20354 Hamburg
Germany
German Legal Advisor Mittelstein
Rechtsanwälte
as to general matters Alsterarkaden
20
20354
Hamburg
Germany
Taylor Wessing
German Legal Advisor Partnerschaftsgesellschaft
as mbB
to German partnership Thurn-und-Taxis-Platz
law 6
60313 Frankfurt
a.M.
Germany
Numis Securities
Sponsor and Broker Limited
The London Stock
Exchange Building
10 Paternoster
Square
London EC4M
7LT
Independent Property Jones Lang LaSalle
Valuer GmbH
Rahel-Hirsch-Strasse
10
10557
Berlin
Germany
Auditor RSM UK Audit
LLP
25 Farringdon
Street
London EC4A
4AB
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END
IR KZGZLVFGGMZM
(END) Dow Jones Newswires
September 24, 2021 01:59 ET (05:59 GMT)
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