Wholly owned properties and consolidated undertakings
 No. of
properties
held
 Book value  Market value  Contribution to Group profit
before tax period
to 31 March 2019
As at 31 March 2019
Poland 3 £72.85m £82.52m £2.3m
Romania 2 £4.04m £6.75m £0.2m
RPT/E&S (all in Poland) 4 £5.25m £5.34m £(0.1)m
FOP (all in Poland) * * * £2.2m
TOTAL 9 £82.14m £94.61m £4.6

* With effect from 12 October 2018 FOP was accounted for as an associate, following its deconsolidation;


Non-controlling interests in funds managed by FPAM % owned by
Group
Book value
of Group’s
share in fund
Market value
of holdings
Group’s share
of pre-tax
profit earned
by fund to
31 March 19
As at 31 March 2019
Associates
5th Property Trading Ltd (5PT) 40.6% £980,000 £1,098,000 £54,000
RPT/E&S *** ** ** ***£(9,000)
Fprop Romanian Supermarkets Ltd (FRS) 24.1% £150,000 £247,000 £116,000
Fprop Galeria Corso Ltd (FGC) 28.2% £2,089,000 £2,350,000 £302,000
Fprop Krakow Ltd (FKR) 18.1% £1,308,000 £1,791,000 £156,000
Fprop Cluj Ltd (FCL) 17.4% £458,000 £458,000 £17,000
Fprop Phoenix Ltd (FPL) 23.4% £2,049,000 £10,006,000 £1,051,000
FOP 40.0% £10,020,000 £10,020,000 £(87,000)
Sub Total £17,054,000 £25,970,000 £1,600,000

** With effect from 1 August 2018 RPT and E&S were transferred to Group Properties;

*** Representing the Group’s 28.6% share of the loss from its associate in RPT/E&S prior to its consolidation into the accounts of the Group on 1 August.

 Investments
 UK Pension Property Portfolio LP (UK PPP)  0.9%  £828,000  £828,000  £59,000
 Fprop UK Special Opportunities LP (SPEC OPPS)  4.0%  £777,000  £777,000  £45,000
 Fprop Offices LP  1.6%  £1,934,000  £1,934,000  £169,000
 Sub Total  £3,539,000 £3,539,000   £273,000
TOTAL £20,593,000 £29,509,000 £1,873,000

 

  • It is the accounting policy of the Group to carry its direct properties and interests in associates at the lower of cost or market value.
  • International Financial Reporting Standards (IFRS) requires the FX component to be marked to market resulting in variations in valuations between reporting periods.