REA Finance B.V.: Annual accounts for 2016

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REA Finance B.V. (RE20)

28-Apr-2017 / 17:58 GMT/BST
Dissemination of a Regulatory Announcement that incorporates inside info in accordance with REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely answerable for the content material of this announcement.

REA Finance B.V. Amsterdam

Annual Accounts for the yr ended December 31, 2016

Amstelveenseweg 760

1081 JK Amsterdam

the Netherlands
Chamber of Commerce: 34259527

Report of the administration

Administration herewith presents to the shareholder the audited accounts of REA Finance B.V. (hereinafter 'the Firm') for the yr 2016.

Common
The Firm is a personal firm with restricted legal responsibility included beneath the legal guidelines of the Netherlands and acts as a finance firm. The last word holding firm is R.E.A. Holdings plc (hereinafter 'REAH'), London, United Kingdom. The REAH group is principally engaged within the cultivation of oil palms within the province of East Kalimantan in Indonesia and within the manufacturing of crude palm oil and by-products from fruit harvested from its oil palms.

Overview of actions
At 31 December 2016 the Firm has excellent £40.176 million nominal assured sterling notes, of which £eight.324 million are 9.5 per cent assured sterling notes 2015/2017 (the '2017 sterling notes') and £31.852 million are eight.75 per cent assured sterling notes 2020 (the '2020 sterling notes').

The Firm has loans receivable from REAH totalling £43.111 million, a Tranche A mortgage of £11.259 million bearing curiosity at 9.6783 per cent and repayable on 20 December 2017, and a Tranche B mortgage of £31.852 million bearing curiosity at eight.9283 per cent and repayable on 20 August 2020. There's additionally a mortgage from REAH to the Firm of £2.460 million bearing curiosity at eight.5 per cent and repayable on 20 December 2017.
In the course of the interval underneath evaluation the Firm acquired curiosity on the loans from the Firm to REAH and paid curiosity to the observe holders of the sterling notes (the 'Word Holders') and to REAH.

Outcomes
The web asset worth of the Firm as at 31 December 2016 quantities to £863,620 (31 December 2015: £764,074). The end result for 2016 is a revenue of £99,547 (2015: revenue of £85,411).

Going concern
Within the Administrators' Report included within the 2016 Annual Report of REAH the administrators have made the next assertion relating to future viability;

The repacking of the PT Financial institution DBS Indonesia ('DBS') facility resulted in a a lot improved profile of time period mortgage repayments. As at 31 December 2016, financial institution debt due inside one yr lowered to $28.6 million from $50.9 million at 31 December 2015. Furthermore, of such $28.6 million, $25.5 million represented drawings underneath the group's revolving working capital amenities. The administrators haven't any cause to consider that these amenities won't be rolled over on the finish of July 2017 when the amenities fall due for renewal. The administrators are assured that the group could have the money assets to satisfy these commitments and the capital expenditure wanted to take care of present immature plantings and for different routine capital necessities. Nevertheless, relying upon the extent of CPO costs and operational efficiency through the the rest of 2017, some additional funding could also be required to allow the group to proceed its enlargement programme on the degree that it might like. Accordingly, the group actively engaged in discussions to acquire new long run debt financing to switch, or substitute partially the maturing notes. The administrators are optimistic of a profitable consequence to those discussions.

As respects funding danger, the group has materials indebtedness within the type of financial institution loans and listed notes. Some $three.1 million of financial institution time period indebtedness falls due for reimbursement throughout 2017, and an extra $25.5 million of revolving working capital strains fall due for renewal throughout the identical interval. As well as, £eight.three million of sterling notes fall due in December 2017. An extra £31.9 million sterling notes will grow to be repayable in August 2020. In view of the fabric proportion of the group's indebtedness failing due within the interval 31 December 2020, as described above, the administrators have chosen this era for his or her evaluation of the long-term viability of the group.

In April 2017, PT Dharma Satya Nusantara Tbk, the non-controlling shareholder in PT REA Kaltim Plantations ('REA Kaltim') offered additional loans of $16.6 million to REA Kaltim's plantation subsidiaries. The group continues in discussions to refinance with long run debt indebtedness falling due in 2017 and 2018. Moreover, the administrators haven't any purpose to consider that the revolving working capital amenities falling due in 2017 and 2019 won't be rolled over when these amenities fall due for renewal.

Restricted additional capital expenditure will probably be required on the group's mills till development is commenced on the fourth mill. That is scheduled for 2017 however might be postponed if money constraints so require.

In 2020 consideration will probably be given to proposals to the holders of the sterling notes to refinance these with securities of longer period. The group holds in treasury $9.9 million of greenback notes 2022 which it acquired within the putting in December 2016; the group plans to promote these over time as market situation allow. Ought to funding be required pending completion of any of the initiatives above, the group will search to put for money a restricted variety of odd and/or choice shares, authority for which will probably be sought as and when applicable.

The administrators absolutely anticipate that the foregoing measures will refinance or allow the group to repay, the group indebtedness falling due for reimbursement through the interval of evaluation. As the advantages of current enhancements in operational efficiencies begin to circulate by means of, with CPO costs more likely to stay at present ranges, the group's plantation operations may be anticipated to generate growing money flows going ahead.

Based mostly on the foregoing and after making enquiries, the administrators subsequently have an inexpensive expectation the corporate and the group have enough assets to proceed in operational existence for the interval 31 December 2020 and to stay viable throughout that interval.

Having thought-about these statements by the director of REAH the administrators of the Firm has an inexpensive expectation that REAH will have the ability to repay its indebtedness.

Dangers and uncertainties
The principal dangers and uncertainties dealing with the Firm relate to the due efficiency by REAH of its obligations beneath the mortgage settlement with the Firm. Any shortfall in efficiency would impression negatively on the Firm's capacity to satisfy its obligations to the holders of £eight.324 million nominal of 2017 sterling notes and its obligations to the holders of £31.852 million nominal of 2020 sterling notes. The publicity of the Firm is restricted by:

* the assure given by REAH and R.E.A. Providers Restricted ('REAS'), a subsidiary firm of REAH included in the UK, in favour of the Observe Holders; and
* the Restricted Recourse Settlement dated 29 November 2010 and made between the Firm, REAH and REAS (the 'LRA').

The LRA displays the intention of the events thereto that the Firm, in relation to its financing actions, ought to (i) meet the minimal danger necessities of article 8c, paragraph 2, of the Dutch Company Revenue Tax Act and (ii) not be uncovered to danger in extra of the Minimal Danger Quantity ('MRA'). For these functions the MRA is 1 per cent of the mixture quantities excellent underneath the mortgage settlement between the Firm and REAH. In relation to level (i) above, the Firm's capital and reserves as at 31 December 2016 complied with the minimal danger necessities of article 8c, paragraph 2, of the Dutch Company Revenue Tax Act. As well as, pursuant to the LRA, REAH and REAS restricted their rights of recourse towards the Firm in respect of any calls upon their assure of the 2017 sterling notes and the 2020 sterling notes.

Dangers and uncertainties with respect to the group's operations are low. All the group's operations are situated in Indonesia and the group is subsequently considerably depending on financial and political circumstances in Indonesia. Within the current previous Indonesia has been secure and the Indonesian financial system has continued to develop. As well as the group has by no means been adversely affected by political unrest. The introduction of trade controls or different restrictions on overseas owned operations in Indonesia might result in restrictions on the switch of income from Indonesia to the UK with potential damaging implications for the servicing of the obligations in relation to the sterling notes however the group isn't conscious that there are any plans for this underneath present political circumstances. Obligatory discount of overseas possession of Indonesian plantation operations might result in pressured divestment of pursuits in Indonesia. Nevertheless, whereas the group accepts there's a vital risk that overseas house owners could also be required over time to partially divest possession of Indonesian oil palm operations, it has no cause to consider that such divestment can be at something aside from market worth.

Report of the administration (continued)

Danger administration aims
In finishing up its financing actions, it's the coverage of the Firm to minimise publicity to curiosity and trade fee fluctuations by making certain that loans are denominated in the identical foreign money because the financing sources from which such loans are funded and that curiosity receivable on such loans is predicated on a components from which the Firm derives a hard and fast margin over the price of funding. As well as, the Firm depends on the preparations described beneath 'Dangers and uncertainties' above to restrict its publicity to loss.

The Firm doesn't enter into or commerce different monetary devices for any objective.

The Firm's overheads are denominated principally in euros and sterling. The fastened margin referred to above, which is derived in sterling, is formulated to cowl all of the overheads and to go away a residual margin as compensation for assuming the restricted danger underneath the LRA. The Firm doesn't search to hedge the minimal overseas foreign money danger implicit in these preparations.

The principal credit score danger is described intimately underneath 'Dangers and uncertainties' above. Deposits of surplus money assets are solely made with banks with excessive credit score scores.

Staff
Throughout 2016, the Firm didn't make use of personnel nor within the earlier years.

Analysis and improvement
The Firm doesn't carry out any analysis and improvement.

Audit Committee
In August 2008 the Dutch Act on the Supervision of Accounting Companies (Moist Toezicht Accountantsorganisaties) ('ASAF') was amended. This resulted in a wider definition of a public curiosity entity (organisatie van openbaar belang) ('PIE'). All Dutch entities which have issued listed debt at the moment are thought-about to be PIEs. As well as on August eight, 2008, an implementing regulation (algemene maatregel van bestuur) ('IR') got here into pressure within the Netherlands, enacting Article 41 of European Directive no. 2006/43/EG (the 'ED'), relating to legislative supervision of annual reviews and consolidated monetary statements. This IR obliges all PIEs to determine an audit committee ('AC').

The AC is shaped by members of the Firm's supervisory board ('SB') or by non-executive administration board members. As a result of the Firm falls inside the definition of a PIE it's in precept obliged to determine an AC. Though the ED offers sure exemptions for establishing an AC for securitisation automobiles ('SVs'), underneath the IR the Firm is just not thought-about to be a SV and subsequently cannot make use of the exemption to put in an AC.

Within the mild of in depth analysis and discussions between, amongst others, the Dutch Authority for the Monetary Markets (Autoriteit Financiële Markten) and a number of other authorized advisors and audit companies, there are specific issues to be thought-about with respect to the requirement to determine an AC:

* The actions of the Firm and people of a SV are very comparable;
* Underneath the ED the Firm qualifies as a SV and would thus be exempted from the duty to determine an AC;
* The Firm doesn't have a SB or non-executive members of the board. The institution of a SB would require an modification to the Firm's Articles of Affiliation;
* It stays unclear why the IR incorporates a extra stringent definition of a SV than the ED.

The overall view within the Netherlands is that it couldn't have been the legislators' intention for financing automobiles, such because the Firm, to not fall inside the description of a SV and thus not be exempted. In view of the above causes, administration presently doesn't think about it to be within the Firm's greatest curiosity, nor has it taken steps, to implement an AC.

Report of the administration (continued)

Future outlook
Administration is of the opinion that the current degree of actions might be maintained in the course of the subsequent monetary yr. Administration expects that the typical variety of staff won't change in the course of the subsequent monetary yr.

Administration illustration assertion
Administration declares that, to one of the best of its information, the annual accounts ready in accordance with the relevant set of accounting requirements give a real and truthful view of the belongings, liabilities, monetary place and revenue or lack of the Firm and that the Report of the administration features a truthful assessment of the event and efficiency of the enterprise and the monetary place of the Firm, along with an outline of the principal dangers and uncertainties it faces.

Amsterdam, April 28, 2017

Corfas B.V.

Monetary Statements

Stability sheet as at 31 December 2016
(After appropriation of outcomes)

    2016   2015
    £   £
Fastened belongings        
Monetary fastened belongings        
Loans to mum or dad firm   31,852,000   43,111,000
    _______   _______
Complete fastened belongings   31,852,000   43,111,000
         
Present belongings        
Loans to mum or dad firm falling due inside one yr   11,259,000   -
Quantities due from mother or father firm   372,107   284,872
Different debtors   375   -
Money and money equivalents   36,635   29,706
    _______   _______
Complete present belongings   11,668,117   314,578
    _______   _______
         
Present liabilities (due inside one yr)        
Quantities as a result of father or mother firm   2,460,000   -
Sterling Notes falling due inside one yr   eight,324,000   -
Taxation payable   5,776   four,580
Resulting from third events   14,721   20,924
    _______   _______
Complete present liabilities   10,804,497   25,504
         
Present belongings much less present liabilities   863,620   289,074
    _______   _______
         
    _______   _______
Complete belongings much less present liabilities   32,715,620   43,400,074

 
  _______   _______
         
Long run liabilities (due after one yr)        
Quantities because of mum or dad firm   -   2,460,000
Sterling Notes   31,852,000   40,176,000
    _______   _______
Complete long run liabilities   31,852,000   42,636,000
         
Capital and reserves        
Paid up and referred to as up share capital   15,415   13,264
Translation reserve   (three,191)   (1,zero40)
Share premium account   475,000   475,000
Different reserves   376,396   276,850
    _______   _______
Complete shareholder's fairness   863,620   764,074
    _______   _______
         
    _______   _______
Complete long run liabilities and shareholder's fairness 32,715,620   43,400,074
    _______   _______
 


The accompanying notes are an integral a part of this stability sheet.

Revenue and loss account for the yr ended 31 December 2016

    2016   2015
    £   £
Finance actions        
Curiosity revenue on loans to mother or father firm   three,933,522   three,592,642
Curiosity expense on loans from mother or father firm   (209,100)   (209,100)
Curiosity expense on Sterling notes   (three,577,830)   (three,246,414)
    _______   _______
Outcome finance actions   146,592   137,128
         
Different monetary revenue and bills        
Foreign money trade fee variations   22,568   7,025
    _______   _______
Complete different monetary revenue and bills   22,568   7,025
         
Different revenue and bills        
Operational revenue   7,162   -
Common and administrative bills   (49,995)   (37,005)
    _______   _______
Complete different revenue and bills   (42,833)   (37,005)
    _______   _______
         
End result on bizarre actions earlier than taxation   126,327   107,148
         
Low cost on early tax cost   466   387
Company revenue tax   (27,247)   (22,124)
    _______   _______
End result after taxation   99,546   85,411
    _______   _______
 

The accompanying notes are an integral a part of this revenue and loss account.
Notes to the annual accounts for the yr 2016


Common
The Firm was included as a personal firm with restricted legal responsibility beneath the legal guidelines of the Netherlands on 7 November 2006 and has its statutory seat in Amsterdam, The Netherlands. The last word holding firm is R.E.A. Holdings plc in London, United Kingdom. The principal exercise of the Firm is to behave as a finance firm, and its place of work is at Amstelveenseweg 760, 1081 JK Amsterdam, The Netherlands.

The useful foreign money of the Firm is GBP, which can also be the presentation foreign money of the accounts.

Foundation of presentation
The accompanying accounts have been ready in accordance with accounting rules usually accepted in The Netherlands and with the monetary reporting necessities included in Half 9 of Guide 2 of the Dutch Civil Code. Probably the most vital accounting rules are as follows:

a) Foreign currency echange

Belongings and liabilities in foreign currency echange are transformed into kilos sterling on the change charges prevailing on the stability sheet date. Transactions in foreign currency are translated into kilos sterling on the change charges in impact on the time of the transactions. The ensuing trade price variations are taken to the revenue and loss account, except for the share capital which is included in Capital and reserves beneath Translation reserve.

The trade charges used within the annual accounts are: 31.12.16 31.12.15
1 GBP (pound sterling) = EUR 1.17 1.36

b) Loans and receivables

Loans and receivables are said at their face worth, much less an allowance for any attainable uncollectible quantities.

c) Different belongings and liabilities

Different belongings and liabilities are proven at face worth, until said in any other case within the notes.

d) Recognition of revenue

Revenue and bills, together with taxation, are acknowledged and reported on the accruals foundation.

e) Company revenue tax

Taxation on the outcome for the interval includes each present taxation payable and deferred taxation. No present taxation is offered if, and to the extent that, income might be offset towards losses introduced ahead from earlier durations. Deferred tax belongings on losses are acknowledged to the extent that it's possible that taxable income will probably be obtainable towards which the deferred tax belongings may be utilized. Present tax liabilities are computed considering all obtainable tax credit.

Going Concern
Within the Administrators' Report included within the 2016 Annual Report of REAH the administrators have made the next assertion relating to future viability;

The repacking of the PT Financial institution DBS Indonesia ('DBS') facility resulted in a a lot improved profile of time period mortgage repayments. As at 31 December 2016, financial institution debt due inside one yr lowered to $28.6 million from $50.9 million at 31 December 2015. Furthermore, of such $28.6 million, $25.5 million represented drawings beneath the group's revolving working capital amenities. The administrators haven't any cause to consider that these amenities won't be rolled over on the finish of July 2017 when the amenities fall due for renewal. The administrators are assured that the group may have the money assets to satisfy these commitments and the capital expenditure wanted to take care of present immature plantings and for different routine capital necessities. Nevertheless, relying upon the extent of CPO costs and operational efficiency through the the rest of 2017, some additional funding could also be required to allow the group to proceed its enlargement programme on the degree that it might like. Accordingly, the group actively engaged in discussions to acquire new long run debt financing to switch, or substitute partially the maturing notes. The administrators are optimistic of a profitable consequence to those discussions.

As respects funding danger, the group has materials indebtedness within the type of financial institution loans and listed notes. Some $three.1 million of financial institution time period indebtedness falls due for reimbursement throughout 2017, and an extra $25.5 million of revolving working capital strains fall due for renewal throughout the identical interval. As well as, £eight.three million of sterling notes fall due in December 2017. An extra £31.9 million sterling notes will grow to be repayable in August 2020. In view of the fabric proportion of the group's indebtedness failing due within the interval 31 December 2020, as described above, the administrators have chosen this era for his or her evaluation of the long-term viability of the group.

In April 2017, PT Dharma Satya Nusantara Tbk, the non-controlling shareholder in PT REA Kaltim Plantations ('REA Kaltim') offered additional loans of $16.6 million to REA Kaltim's plantation subsidiaries. The group continues in discussions to refinance with long run debt indebtedness falling due in 2017 and 2017. Moreover, the administrators haven't any purpose to consider that the revolving working capital amenities falling due in 2017 and 2017 won't be rolled over when these amenities fall due for renewal.

Restricted additional capital expenditure shall be required on the group's mills till development is commenced on the fourth mill. That is scheduled for 2017 however could possibly be postponed if money constraints so require.

In 2020 consideration can be given to proposals to the holders of the sterling notes to refinance these with securities of longer period. The group holds in treasury $9.9 million of greenback notes 2022 which it acquired within the putting in December 2016; the group plans to promote these over time as market situation allow. Ought to funding be required pending completion of any of the initiatives above, the group will search to put for money a restricted variety of atypical and/or choice shares, authority for which will probably be sought as and when applicable.

The administrators absolutely anticipate that the foregoing measures will refinance or allow the group to repay, the group indebtedness falling due for reimbursement through the interval of evaluation. As the advantages of current enhancements in operational efficiencies begin to stream by means of, with CPO costs more likely to stay at present ranges, the group's plantation operations might be anticipated to generate growing money flows going ahead.

Based mostly on the foregoing and after making enquiries, the administrators subsequently have an inexpensive expectation the corporate and the group have enough assets to proceed in operational existence for the interval 31 December 2020 and to stay viable throughout that interval.

Having thought-about this statements by the administrators of REAH the administrators of the Firm have an inexpensive expectation that REAH will be capable of repay its indebtedness.


Money move assertion
The annual accounts for 2016 of the Firm's final holding firm (REAH) embrace a consolidated money movement assertion for the group as an entire. Accordingly, the Firm has elected to make use of the exemption offered underneath RJ 360.104 and doesn't current its personal money move assertion. The annual report of REAH could be obtained from the web site www.rea.co.uk

Associated social gathering transactions
All transactions with the shareholder (REAH) are associated get together transactions and are carried out at arm's size.
 

Notes to the precise gadgets of the stability sheet

1. Loans to father or mother firm 2016   2015
  £   £
R.E.A. Holdings plc ('REAH') (due after one yr) 31,852,000   43,111,000
       
Stability of loans as at 1 January 31,852,000   37,475,000
Additions -   5,636,000
Stability of loans as at 31 December 31,852,000   43,111,000
 

REAH, the Firm's dad or mum firm, is an organization included in the UK whose share capital is listed on the London Inventory Change.

The loans to REAH comprise:

  2016   2015
  £   £
Stability Tranche A at 1 January 11,259,000   37,475,000
Trade of 2017 sterling notes three September 2015 -   (26,216,000)
Tranche A mortgage 11,259,000   11,259,000
       
Stability Tranche B at 1 January 31,852,000   -
Trade of 2017 for 2020 sterling notes three September 2015 -   26,216,000
New 2020 sterling notes three September 2015 -   636,000
New 2020 sterling notes 22 December 2015 -   5,000,000
Tranche B mortgage 31,852,000   31,852,000
Stability at 31 December 43,111,000   43,111,000
 

The Tranche A mortgage to REAH bears curiosity at 9.6783 per cent and is repayable on 20 December 2017.
The Tranche B mortgage to REAH bears curiosity at eight.9283 per cent and is repayable on 20 August 2020. The loans to REAH symbolize the on-lending of proceeds from the difficulty of the 2017 sterling notes and the eight.75 per cent assured sterling notes 2020 on such phrases that let the Firm to earn such curiosity margin as is specified by the Advance Pricing Settlement referred to in observe 15. In view of the same provisions of this mortgage as to curiosity and maturity as these relevant to the sterling notes, administration estimates a good worth of £42.7m (2015: £42.0m), utilizing the identical foundation of valuation because the sterling notes (see notice 7).

2. Quantities due from mother or father firm 2016   2015
  £   £
R.E.A. Holdings plc: present account 372,107   284,872
  372,107   284,872
 

All quantities are due inside one yr.

three. Different debtors 2016   2015
  £   £
ADNL credit score bill 375   -
  375   -
 
four. Money and money equivalents 2016   2015
  £   £
Present account with financial institution GBP 36,482   28,544
Present account with financial institution EUR 153   1,162
  36,635   29,706
 
5. Taxation 2016   2015
  £   £
Company revenue tax 2015 -   four,472
Company revenue tax 2016 four,248   -
Worth added tax 1,528   108
  5,776   four,580
Company revenue tax abstract 01.01   paid/(acquired)   p/l account   31.12
2015 (four,472)   16,738   (21,210)   (four,472)
2016 -   21,544   (25,792)   (four,248)
  (four,472)   38,282   (47,002)   (eight,720)
 
6. On account of third events 2016   2015
  £   £
Administration charges -   four,236
Audit charges 11,000   14,188
Tax advisory charges 2,000   2,000
Authorized charges 1,721   500
  14,721   20,924
 
7. Quantities as a consequence of mother or father firm 2016   2015
  £   £
R.E.A. Holdings plc: mortgage account (due inside one yr) 2,460,000   -
R.E.A. Holdings plc: mortgage account (due after one yr) -   2,460,000
  2,460,000   2,460,000
       
Stability mortgage as per 1 January 2,460,000   2,460,000
New mortgage acquired -   -
Stability mortgage as per 31 December 2,460,000   2,460,000
 

The sterling mortgage from REAH incurs curiosity at eight.5% and is repayable on 20 December 2017. The mortgage from REAH to the Firm was offered throughout 2011 with a view to finance the re-purchase of £2,460,000 nominal of sterling notes. Administration has estimated the truthful worth of this mortgage on the identical foundation because the mortgage from the Firm to REAH (see observe 1) leading to a good worth of £2.4m at 31 December 2016 (2015: £2.6m).

eight. Sterling Notes 2016   2015
  £   £
Notes issued - 9.5 per cent assured sterling notes 2015/2017 (due inside one yr) eight,324,000   -
Notes issued - 9.5 per cent assured sterling notes 2015/2017 (due after one yr) -   eight,324,000
Notes issued - eight.75 per cent assured sterling notes 2020 (due after one yr) 31,852,000   31,852,000
  40,176,000   40,176,000
 

The sterling notes are listed on the London Inventory Change and are irrevocably and collectively assured by REAH and by REAS.

  2016   2015
  £   £
Stability sterling 2017 notes at 1 January eight,324,000   34,540,000
Change of 2017 sterling notes three September 2015 -   (26,216,000)
Stability 2017 sterling notes at 31 December eight,324,000   eight,324,000
       
Stability sterling 2020 notes at 1 January 31,852,000   -
Trade of 2017 sterling notes three September -   26,216,000
New 2020 sterling notes three September - money putting -   636,000
New 2020 sterling notes 22 December - money putting -   5,000,000
Stability 2020 sterling notes at 31 December 31,852,000   31,852,000
       
Stability at 31 December 40,176,000   40,176,000
 

Until beforehand redeemed or bought and cancelled the 2017 sterling notes are repayable on 31 December 2017. The 2020 sterling notes are repayable on 31 August 2020. The truthful worth of the sterling notes has been estimated by administration at £39.8m (2015: £39.2m) based mostly on the newest worth at which the sterling notes have been traded previous to the stability sheet date.

9. Capital and reserves
The authorised share capital of the Firm quantities to EUR 90,000 divided into 90,000 shares of EUR 1 every, of which 18,000 shares have been issued and absolutely paid-up. The share capital is recorded on the fee of trade on the stability sheet date. At 31 December 2016 the speed was 1 GBP = 1.17 EUR.

  Share
capital
Translation
reserve
Share
premium
Different
reserves
Complete
  £ £ £ £ £
Stability as at 31.12.14 14,085 (1,861) 475,000 191,439 678,663
Dividend - - - - -
Revaluation (821) 821 - - -
Outcome for the yr - - - 85,411 85,411
  ______ _______ _______ _______ _______
Stability as at 31.12.15 13,264 (1,zero40) 475,000 276,850 764,074
Dividend - - - - -
Revaluation 2,151 (2,151) - - -
Outcome for the yr - - -

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