Additional Information Supplementary disclosures (unaudited) for the year ended 31 March 2021
The European Public Real Estate Association (EPRA) is the industry body representing listed companies in the real estate sector. EPRA publishes Best Practices Recommendations (BPR) to establish consistent reporting by European property companies. Further information on the EPRA BPR can be found at www.epra.com. As at 31 March 2021 Picton has adopted the new EPRA net asset value (NAV) metrics: net reinvestment value (NRV); net tangible assets (NTA); and net disposal value (NDV). NAV metrics for the comparative periods have also been recalculated on the new basis to further aid comparison. The EPRA NAV set of metrics makes adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a REIT under different scenarios. EPRA NTA is regarded as the most relevant metric for the business as this focuses on reflecting a company’s tangible assets. EPRA earnings per share EPRA earnings represents the earnings from core operational activities, excluding investment property revaluations and gains/losses on asset disposals. It demonstrates the extent to which dividend payments are underpinned by recurring operational activities. 2021 £000 2020 £000 2019 £000
33,801
Profit for the year after taxation Exclude: Investment property valuation movement Gains on disposal of investment properties
22,508 30,955
(12,861) (868)
882 (10,909)
(3,478)
(379)
–
Debt prepayment fees
–
3,245
EPRA earnings
20,072
19,912 22,912
545,591 544,193 538,816
Weighted average number of shares in issue (000s)
EPRA earnings per share
3.7p
3.7p 4.3p
EPRANRV per share The EPRA net reinstatement value measure highlights the value of net assets on a long-term basis. Assets and liabilities that are not expected to crystallise in normal circumstances such as the fair value of financial derivatives and deferred taxes on property valuation surpluses are therefore excluded. Since the aim of the metric is to also reflect what would be needed to recreate the Company through the investment market based on its current capital and financing structure, related costs such as real estate transfer taxes should be included. 2021 £000 2020 £000 2019 £000
528,197 509,283 499,415
Balance Sheet net assets
46,029
Purchasers’ costs Fair value of debt Deferred tax
44,847 46,771
– –
– –
– –
EPRANRV
574,226 554,130 546,186 545,553 545,502 538,512
Shares in issue (000s) EPRANRV per share
105p
102p 101p
EPRANTA per share The EPRA net tangible assets calculation assumes entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. 2021 £000 2020 £000
2019 £000
528,197 509,283 499,415
Balance Sheet net assets Fair value of financial instruments
– –
– –
– –
Deferred tax EPRANTA
528,197 509,283 499,415 545,553 545,502 538,512
Shares in issue (000s) EPRANTAper share
97p
93p
93p
127
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