First Property Group (FPO) 2018年年度报告「LSE」.pdf

1、First Property Group plcAnnual Report and Accounts 2018Welcome to First Property Group plcWe are a property fund manager and investor,with operations in the United Kingdom,Poland and RStock Code:FPO1.Fund Management Division(FPAM)Earns fees from investing for third parties in property via its FCA re

2、gulated and AIFMD approved subsidiary,First Property Asset Management Ltd(FPAM).2.Group Properties DivisionPrincipal investments by the Group to earn a returnon its own capital.Our Business ModelBOTH A PROPERTY FUND MANAGER AND PROPERTY INVESTORPBT:1.00mPBT:11.18m 12 funds 68 properties Invested acr

3、oss the UK,Poland and Romania.Before unallocated central overheads and tax.Before unallocated central overheads and tax.Fprop Opportunities plc(FOP)Invested in 5 properties in Poland 51%owned by the Group Results therefore consolidated into that of First Property Group plc Book value c63 million Mar

4、ket value c74 million.The Group has begun to sell its shares in FOP because it is not the Groups business model to be a controlling shareholder in funds managed by it,and to simplify the Groups structure.Direct investments 5 directly held commercial properties in Poland and Romania Book value c84 mi

5、llion Market value c97 million.Interest in associates and investments 9 funds Book value c9 million Market value c10 millionSee Our Strategy on page 03+148%+45%+4%-3%Mar 14Mar 14Mar 15Mar 15Mar 16Mar 16Mar 17Mar 17Mar 18Mar 18500450400350300250200150100500500450400350300250200150100500AUM 171.34mAUM

6、 454.36m Read the Performance Review for this Division on pages 10 to 11Read the Performance Review for this Division on pages 12 to 13The Group operates via two divisions with shared overheads from offices in London,Warsaw and Bucharest:First Property Group plc Annual Report and Accounts 2018The Gr