INTERIM REPORT & ACCOUNTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013 Assura Group Limited The Brew House Greenalls Avenue Warrington WA4 6HL T: 01925 420660 F: 01925 234503 INVESTING IN THE FUTURE E: info @ assuragroup.co.uk OF PRIMARY CARE PROPERTY www.assuragroup.co.uk
CONTENTS NOMINATED DIRECTORS’ REPORT AND BUSINESS REVIEW CHARITIES OVERVIEW Business highlights 4 Chief Executive’s report 5 Assura Group is proud to support two charities, St Rocco’s Hospice and Medecins Sans Frontieres, by working with them as our nominated BUSINESS REVIEW charities for the forthcoming year. Business review 8 FINANCIAL STATEMENTS AND OTHER INFORMATION We believe patients and health professionals deserve modern FINANCIAL STATEMENTS Interim condensed consolidated primary care property which income statement 18 promotes wellbeing at the Interim condensed consolidated St Rocco’s Hospice has been established in Medecins Sans Frontieres/Doctors balance sheet 19 heart of the community. Warrington for over 25 years and provides Without Borders (MSF) is an independent Interim condensed consolidated specialist care for patients with cancer and international medical humanitarian statement of changes in equity 20 other life threatening illnesses. Their aim organisation that delivers emergency is to help everyone have the best quality aid in more than 60 countries to people Interim condensed consolidated statement of life by providing care and support in affected by armed con fl ict, epidemics, of cash fl ow 21 a friendly, relaxed environment. natural or man-made disasters or Notes to the interim condensed exclusion from healthcare. The hospice helps hundreds of patients consolidated accounts 22 and their families each year, providing In emergencies and their aftermath, OTHER INFORMATION clinical treatment, emotional and spiritual MSF rehabilitates and runs hospitals support, symptom control, nursing care and and clinics, performs surgery, battles Directors’ responsibilities statement 36 complementary therapies all in a purpose-built epidemics, carries out vaccination Independent review report 37 environment. St Rocco’s relies on the much campaigns, operates feeding centres valued support of the local community and for malnourished children and offers The Assura portfolio 38 organisations for funding to continue providing mental healthcare. Through longer term its vital care for patients and their families. programmes, MSF treats patients with Corporate information 39 Assura is delighted to be both sponsoring and infectious diseases such as tuberculosis, Charities 40 participating in a local Corporate Challenge sleeping sickness and HIV/AIDS and event in support of St Rocco’s Hospice. provides medical and psychological care to marginalised groups, such as Each of the 40+ companies involved street children. has been given £50, donated by Assura, to kick-start their fundraising efforts. Founded by doctors and journalists in The challenge is to see how much money 1971, MSF is now a worldwide movement with for St Rocco’s each company can turn their of fi ces in 19 countries and an international £50 into over the course of a year, running coordination of fi ce in Geneva, Switzerland. from 1 February 2013 to 31 January 2014. Assura is proud to support the Urumuri Centre Assura will also be taking part in the in Burundi. The Centre was built to offer free TRANSFORMING St Rocco’s Dragon Boat Race; taking treatment to women suffering from obstetric place on the River Mersey on Sunday fi stulas; this disease continues to devastate 4 August 2013. lives in sub-Saharan Africa. PATIENT For further information, please go to For further information, please go to www.stroccos.org.uk www.msf.org.uk CARE Assura Group is the UK’s leading investor and developer of primary care property
BUSINESS HIGHLIGHTS s . n e s e l l w n d a h l t e a h g n d i l u i b y OVERVIEW t e r p o r p e a r Underlying profit 1 from continuing operations up 10.2% to c y a r m r i P £5.4 million 38.6 p (2012: £4.9 million) £ 4.9 m Adjusted EPRA NAV 2 per share up 4.4% to 40.3p 38.6 p (2013: 38.6 p) 38.6 p BUSINESS REVIEW Net rental income up 5.9% to £17 .9 million (2012: £16.9 million) £ 16.9 m INCREASE IN UNDERLYING PROFIT 1 AND NET ASSURA IS A LEADING OPERATOR FINANCIAL STATEMENTS ASSET VALUE IN A LARGE, GROWING MARKET • Underlying pro fi t from continuing operations up • Ever increasing demands on health service from 10.2% to £5.4 million (2012: £4.9 million) ageing population, increasing expectations and medical advances • 114% increase in pro fi t before tax to £12.2 million (2012: £5.7 million), after charging £0.9m of • New restructured NHS recognises primary care exceptional items will need to play a key role in handling these increasing demands • Adjusted EPRA NAV 2 per share up 4.4% to 40.3 pence (March 2013: 38.6 pence) • NHS is beginning to tackle issues of underinvestment in the primary care estate; two-thirds of GP premises • T otal rent roll of £40.7 million (March 2013: £35.9 million) are not suitable for future needs otal property assets 3 of £651 million, up from £569 million • T • There continues to be a backlog in primary care • Net rental income up 5.9% to £17.9 million TRANSFORMING investments; and this will remain a major driver (2012: £16.9 million) of long-term growth OTHER INFORMATION CREATING VALUE THROUGH CAPITAL RECYCLING ASSURA IS WELL POSITIONED LOCAL • Acquired £62.9 million Trinity 4 portfolio with annualised TO CONTINUE OUTPERFORMING THE MARKET rent roll of £4.0 million • Deep understanding of GP issues and specialist • Contracts exchanged for disposal of LIFT assets building requirements; strong relationships with COMMUNITIES for £22.4m, £11.2m above book value worth key stakeholders including GPs and communities 2.1 pence per share before costs • Strong in-house development capability; development is demand-led 49% INCREASE IN DIVIDEND • Four new developments completed for a 6.9% yield on cost. Eight developments on site and a further • Increase in proposed dividend of 49% to 1.8 pence 31 potential schemes identi fi ed with an aggregate per share on an annual basis, 0.45 pence per quarter value exceeding £80 million • Dividend fully covered and progressive dividend • Converted to REIT status from 1 April 2013, enabling policy maintained the Group to compete with other tax ef fi cient investors and access a global specialist investor base 1 Stated before exceptional, capital and other items – see Interim Condensed Consolidated Income Statement 2 Net Asset Value – note 9 3 Investment property plus property assets held for sale 4 Trinity Medical Developments Limited (“Trinity”) 3 ASSURA GROUP INTERIM REPORT & ACCOUNTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013 ASSURA GROUP INVESTING IN THE FUTURE OF PRIMARY CARE PROPERTY 4
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