A2D Funding II PLC Final Results (3382L)

TIDMA2D2

RNS Number : 3382L

A2D Funding II PLC

08 January 2016

A2D FUNDING II PLC

AUDITED RESULTS FOR THE PERIOD ENDING 30 SEPTEMBER 2015

A2D Funding II plc (LSE: A2D2) announces its audited results for the period 17 July 2014 to 30 September 2015.

The following is an extract from the Company's financial statements which will be posted to shareholders on or around 31 January 2016.

Company summary

A2D Funding II plc ("the Company") is a special purpose company established for the purpose of issuing Bonds (including further bonds issued in accordance with the Conditions) and lending the proceeds thereof to A2Domionion Housing Group Limited ("A2Dominion") or one or more of its subsidiaries.

Business review

On 30 September 2014 the Company issued GBP150,000,000 4.50% Guaranteed Bonds due 2026. The principal amount raised from issuing the Retail Bonds was on-lent to A2Dominon.

Principal risks and uncertainties

The principal risks and uncertainties for the Company are primarily credit and interest rate risks. These include the correct and timely receipt of interest and principal on the loan due from A2Dominion and, to that effect during the period under review, all amounts were paid completely and timely when they were due.

The directors have considered the nature and structure of the Company and are satisfied that there is sufficient capital in relation to the business activities of the Company and levels of planned financial performance.

Events after the balance sheet date

There have been no reportable events since 30 September 2015.

Related party transactions

A2Dominion is a related party and significantly all transactions are with them, these have been disclosed in the year end finalised statements.

On behalf of the Board

Law Debenture Corporate Services Limited (Company Secretary)

7 January 2016

INCOME STATEMENT

For the period 17 July 2014 to 30 September 2015

 
                                            Period 
                                      17 July 2014 
                                                to 
                                      30 September 
                                              2015 
                                            GBP000 
-------------------------------     -------------- 
 Interest receivable and 
  similar income                             6,818 
 Interest payable and similar 
  charges                                  (6,816) 
----------------------------------  -------------- 
 Gross profit                                    2 
 Other operating income                         44 
 Administrative expenses                      (45) 
----------------------------------  -------------- 
 Profit on ordinary activities 
  before taxation                                1 
 Taxation                                        - 
-------------------------------     -------------- 
 Profit for the period                           1 
----------------------------------  --------------

There are no recognised gains or losses other than the result for the period stated above. Accordingly, no statement of total recognised gains and losses is given.

BALANCE SHEET

As at 30 September 2015

 
                                      30 September 
                                              2015 
                                            GBP000 
--------------------------------     ------------- 
 Financial assets 
 Loans and receivables                     149,281 
-----------------------------------  ------------- 
 
 Current assets 
 Cash at bank                                   30 
-----------------------------------  ------------- 
                                                30 
 Financial liabilities: Amounts 
  falling due within one year                 (16) 
-----------------------------------  ------------- 
 Net current assets                             14 
-----------------------------------  ------------- 
 Total assets less current 
  liabilities                              149,295 
 
 Financial liabilities: Amounts 
  falling due after more than 
  one year                               (149,281) 
-----------------------------------  ------------- 
 Net assets                                     14 
-----------------------------------  ------------- 
 
 Capital and reserves 
 Called up share capital                        13 
 Profit and loss account                         1 
-----------------------------------  ------------- 
 Shareholders' funds                            14 
-----------------------------------  -------------

STATEMENT OF CHANGES IN EQUITY

For the period ended 30 September 2015

 
                                                          Profit and 
                                       Share capital    loss account     Total 
                                              GBP000          GBP000    GBP000 
 Net profit for the period                         -               1         1 
 Issue of shares                                  13               -        13 
 Total equity as at 30 September 
  2015                                            13               1        14 
----------------------------------  ----------------  --------------  --------

CASH FLOW STATEMENT

For the period ended 30 September 2015

 
                                                    Period 
                                              17 July 2014 
                                                        to 
                                              30 September 
                                                      2015 
                                                    GBP000 
 Operating activities 
 Profit on ordinary activities 
  before taxation                                        1 
 Increase in creditors                                  16 
------------------------------------------  -------------- 
 Cash flow from operating 
  activities                                            17 
------------------------------------------  -------------- 
 
 Investing activities 
 Loan granted                                    (149,296) 
------------------------------------------  -------------- 
 Cash flow from investing 
  activities                                     (149,296) 
------------------------------------------  -------------- 
 
 Financing activities 
 Proceeds on issued share 
  capital                                               13 
 Proceeds from retail bond 
  issuance                                         150,000 
 Issue costs                                         (704) 
------------------------------------------  -------------- 
 Cash flow from financing 
  activities                                       149,309 
------------------------------------------  -------------- 
 
 Net increase in cash and cash 
  equivalents                                           30 
----------------------------------------    -------------- 
 
 Cash and cash equivalent at beginning                   - 
  of period 
-----------------------------------------   -------------- 
 Cash and cash equivalent at 
  end of period                                         30 
----------------------------------------    --------------

Directors' responsibility statement

We confirm that to the best of our knowledge:

(a) the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer and the undertakings included in the consolidation taken as a whole; and

(b) the management report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

On behalf of the board

Ian Bowden

Director

7 January 2016

- ENDS-

For further information contact:

Law Debenture Corporate Services Limited (Company Secretary) +44 20 7606 5453

This information is provided by RNS

The company news service from the London Stock Exchange

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