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STENPROP LIMITED - Provisional Annual Results for the year ended 31 March 2017

Release Date: 08/06/2017 07:05
Code(s): STP     PDF:  
 
Wrap Text
Provisional Annual Results for the year ended 31 March 2017

STENPROP LIMITED
(Incorporated in Bermuda)  
Registration number: 47031      
BSX share code: STP.BH         
JSE share code: STP               
ISIN: BMG8465Y1093

Provisional Annual Results
for the year ended 31 March 2017

Highlights

EUR1.59        10.28 cents           4.5 cents               1.1%            
diluted        diluted adjusted      final dividend per      increase in          
EPRA* NAV      EPRA earnings         share                   full year dividend   
per share      per share             declared                per share
                                                             against prior year

Stenprop Limited, which has a primary listing on the Johannesburg Stock Exchange ('JSE') and a secondary listing on the
Bermuda Stock Exchange ('BSX'), presents its results for the year ended 31 March 2017 ('the reporting date').

Financial

-  Declaration of a final dividend on 7 June 2017 of 4.5 cents per share which, together with the
   interim dividend declared on 23 November 2016 of 4.5 cents, results in a total dividend for the
   year ended 31 March 2017 of 9.0 cents per share (2016: 8.9 cents). The final dividend is payable
   in cash on 4 August 2017
-  The total dividend equates to a historic dividend yield of 7.1% on the share price of EUR1.26^ at
   5 June 2017, or 5.7% on the diluted EPRA NAV of EUR1.59 at 31 March 2017
-  Diluted adjusted EPRA EPS* of 10.28 cents for the year ended 31 March 2017, representing a
   1.2% decrease on the diluted adjusted EPRA EPS at 31 March 2016, due entirely to the decline
   in the value of Sterling. Diluted IFRS EPS was 6.16 cents (2016: 17.66 cents)
-  This equates to a historic earnings yield of 8.2% on the share price of EUR1.26^ at 5 June 2017, or
   6.5% on the diluted EPRA NAV of EUR1.59 at 31 March 2017
-  Diluted EPRA net asset value per share of EUR1.59, a decrease of 4.8% since the prior year end,
   a major part of which is due to the decline in the value of Sterling. Diluted IFRS net asset value
   per share was EUR1.53 per share (2016: EUR1.61)
-  Stenprop repurchased 9,026,189 of its own shares during the year for EUR11.4 million in a limited
   programme of share buy-backs. Excluding the dividend, the average price paid was EUR1.217 per
   share which compares favourably with the year end diluted EPRA NAV per share of EUR1.59.

FX rates in period
Average foreign exchange rates in the year: GBP1.00:EUR1.190; CHF1.00:EUR0.923 (2016: GBP1.00:EUR1.366; CHF1.00:EUR0.932)
Year end foreign exchange rates: GBP1.00:EUR1.169; CHF1.00:EUR0.935 (2016: GBP1.00:EUR1.265; CHF1.00:EUR0.915)

* 'EPRA' means European Public Real Estate Association. 'EPS' means earnings per share.
^ JSE closing price on 5 June 2017 was ZAR17.99. ZAR:EUR rate at the same date was 14.294

Industrial Portfolio Acquisition

-  Subsequent to the year end on 6 June 2017, contracts were exchanged in an off-market
   transaction to acquire all of the interests in a portfolio of 25 separate multi let industrial estates
   situated across the United Kingdom for a purchase consideration which valued the portfolio at
   GBP127 million, excluding costs. The portfolio comprises properties with a gross lettable area of
   approximately 2 million square feet and contractual rent (including contractual fixed uplifts) of
   approximately GBP9.1 million per annum representing an average rent of GBP5.15 psf. There are over
   400 tenants creating a diversified base of earnings. Completion is due to take place on 30 June 2017
-  On the same date, Stenprop exchanged contracts to acquire C2 Capital Limited, the
   management platform responsible for aggregating and managing the portfolio for a purchase
   consideration of GBP3.5 million, to be settled by the issue of 3,270,500 Stenprop shares,valued at EUR1.22 per share. 
   By structuring the acquisition in this way, Stenprop has acquired a strategic portfolio of sufficient
   scale in the multi let industrial sector together with a specialist operating platform and team.
   This is expected to form the foundation for ongoing earnings enhancing acquisitions of similar
   properties

Bank Refinancing

-  The EUR84.9 million of debt on the Bleichenhof property located in the core of Hamburg has
   been refinanced on an interest only basis for a five year term, until 28 February 2022, at an all-
   in fixed rate of 1.58 % per annum. This compares with the previous all-in fixed rate of 1.90 %
   per annum
-  All of the bank loans in respect of the Swiss properties which expired on 31 March 2017 have
   been extended on a short term ongoing rolling basis pending their sales. The refinancing is
   aligned with Stenprop's stated strategy to sell these assets. The extended loans have no swaps
   and interest is charged at Swiss LIBOR plus a margin of between 1.05% and 1.5%. Since Swiss
   LIBOR is currently negative, the margin represents the current interest rate.This compares
   very favourably with the previous all-in rates of approximately 2.75%
-  GBP12.4 million of debt on a portfolio of UK regional properties was refinanced on 26 May 2016 for
   a five year period, at an all in interest rate of 3.46% and no capital repayments

Sales

-  On 29 November 2016, Stenprop sold its first Swiss property in Interlaken, Switzerland at
   valuation (CHF6.8 million)
-  Stenprop owns a 28.42% share in Stenham European Shopping Centre which owns a shopping
   centre known as Nova Eventis situated near Leipzig. Contracts were exchanged on 6 February
   2017 to sell this asset at a valuation of GBP208.5 million. All closing conditions have been met and
   the sale is scheduled to complete on 22 June 2017.

Commentary

Stenprop is pleased to report its Group annual financial statements for the year ended 31 March 2017.

Investment strategy

Stenprop's core strategy is to grow a portfolio of investment properties capable of delivering sustainable and growing earnings,
distributions and capital growth to shareholders.

A key aspect of this strategy is the need to continuously evaluate new opportunities which are likely to show superior growth in
earnings , distributions and capital value going forward. Stenprop also actively monitors its existing portfolio to identify assets
which need to be sold as they are no longer likely to meet these growth expectations for various micro or macro factors.

This strategy is behind the exit from Switzerland which is currently underway, and the post year-end acquisition of a UK industrial
portfolio of multi let industrial assets for a purchase consideration that values the portfolio at GBP127 million. As
discussed later in this report, the acquisition represents a strategic opportunity for Stenprop to invest significantly in an asset
class that, based on a number of positive fundamentals, Stenprop believes will deliver sustainable earnings. Stenprop intends
to utilise its newly acquired platform to pursue further opportunities in this sector quickly and decisively, in an effort to establish
itself as a leading player in the UK multi let industrial space.

Current policy is to distribute at least 85% of its EPRA earnings which are available for distribution on a bi-annual basis.

Business review

Portfolio summary
As at 31 March 2017, including Assets Held for Sale, the Company's real estate portfolio comprised an interest in 54 properties
valued at EUR848.1 million, with 40.3% in the United Kingdom, 41.7% in Germany and 18% in Switzerland (by value). The portfolio,
which has a gross lettable area of approximately 252,700 m2 and gross annual rent of EUR52.5 million(1), is predominantly in the office
and retail sectors which account for 54.7% and 31% of rental income respectively.

Top five properties by value as at 31 March 2017

                                                          Stenprop                               Annualised     Weighted
                                                          share of                             gross rental      average
                                Market   Ownership          market                 Lettable       (Stenprop    unexpired
                                 value    interest           value                     area          share)   lease term
Property                 (EUR million)           %   (EUR million)        Sector       (m2)   (EUR million)      (years)
Bleichenhof, Hamburg             127.5        94.9           121.0     Mixed use     20,067             5.5          4.5
Pilgrim Street, London            91.2         100            91.2        Office      9,655             5.1          4.2
Euston House, London              90.8         100            90.8        Office     10,204             4.8          4.2
Trafalgar Court, Guernsey         73.1         100            73.1        Office     10,564             4.9         10.1
Berlin daily needs cluster*       70.6         100            70.6        Retail     35,347             4.5          8.8
Total                            453.2                       446.7                   85,837            24.8          6.3

(1) Includes Stenprop's share of the properties held within the associate and joint venture investments.

* Comprising the properties known as Isabel, Hermann and Victoria.

These five properties account for 53% of the total portfolio asset value. The value of the two Central London properties shown
above accounts for 21% of the total portfolio asset value (27% including Stenprop's share of 25 Argyll Street). The Berlin daily
needs cluster refers to three centrally located properties and highlights the importance of these strongly performing retail
centres to the portfolio.

Additions and disposals
On 29 November 2016, Stenprop sold its property in Interlaken, Switzerland at valuation (CHF6.8 million).

The remaining Swiss portfolio is currently being marketed for sale and is expected to be sold within the next six to 12 months.
A policy of actively managing the disposal timeline had previously been followed in order to minimise the impact of cash drag
prior to redeployment. Now that Stenprop has contracted to acquire the multi let industrial portfolio we intend to speed up the Swiss
disposal process.

Stenprop owns a 28.42% share in Stenham European Shopping Centre Fund Limited ('SESCF'). SESCF owns a regional shopping
centre known as Nova Eventis situated near Leipzig. Contracts to dispose of this asset at a valuation of EUR208.5 million which
represents its fair value at 31 March 2017, were exchanged on 6 February 2017. The buyers paid a deposit of EUR11 million. All closing
conditions have been met, and the sale is scheduled to complete on 22 June 2017. The disposal is expected to generate
approximately EUR18.3 million for Stenprop.

There were no additions in the period.

Financial Review

Earnings
The basic earnings attributable to ordinary shareholders for the year ended 31 March 2017 were EUR17.5 million (2016: EUR49.3 million).
This equates to a diluted IFRS EPS of 6.16 cents (2016: 17.66 cents). The variance compared with the prior year is almost entirely
due to downward property valuation adjustments, which including Stenprop's share of associates and joint ventures, amounted
to EUR11.8 million (2016: EUR22.9 million uplift) and the impact of the average Sterling exchange rate in force for the period of
GBP1.00:EUR1.19 (2016: GBP1.00:EUR1.37). Headline earnings were EUR33.1 million (2016: EUR26.7 million) equating to a diluted headline EPS of
11.68 cents (2016: 9.56 cents).

In accordance with reporting standards widely adopted across the real estate industry in Europe, the board of directors feels
it is appropriate and useful, in addition to providing the IFRS disclosed earnings, to also disclose EPRA(2) earnings. Adjusted
EPRA earnings attributable to shareholders were EUR29.1 million (2016: EUR29.0 million), equating to a diluted adjusted EPRA EPS
of 10.28 cents (2016: 10.41 cents). This represents a 1.2% decrease on the diluted adjusted EPRA EPS at 31 March 2016 and is
entirely as a result of the weakening of Sterling over the period. If exchange rates had been constant compared with the prior
year, the diluted adjusted EPRA EPS at 31 March 2017 would have risen by 5.6% to 10.99 cents.

Management fee income relates to fees earned by the management companies on management and administration services
provided to certain managed property syndicates and funds. During the year the Group earned fees relating to the disposal of
assets held by managed syndicates of EUR1.7 million (2016: EUR0.9 million). Annual management fees made up the balance of the
external management fee income which totalled EUR3.7 million for the year ended 31 March 2017 (2016: EUR2.9 million).

Dividends
On 7 June 2017, the directors declared a final dividend of 4.5 cents per share (2016: 4.7 cents) which, together with the interim
dividend of 4.5 cents (2016: 4.2 cents) declared on 23 November 2016, results in a total dividend for the year ended 31 March 2017
of 9.0 cents (2016: 8.9 cents).

The final dividend will be a cash dividend. An announcement containing details of the dividend and the timetable will be made
separately.

Share repurchases
Towards the end of June 2016 the Company began a limited programme of share repurchases and during June and July 2016,
the Company repurchased 1,356,567 shares for an aggregate purchase price of EUR1.8 million. The programme continued in
November and December 2016 with the repurchase of a further 7,669,622 shares for an aggregate purchase price of EUR9.6 million.
The combined average price per share of the repurchased shares was EUR1.262. The shares were purchased with the benefit of
the dividend thereby effectively reducing the average price per share acquired to EUR1.217. All shares repurchased are held as
treasury shares.

(2) The European Public Real Estate Association ('EPRA') issued Best Practices Policy Recommendations in November 2016, which
    provide guidelines for performance measures relevant to real estate companies. Their recommended reporting standards are
    widely applied across this market, aiming to bring consistency and transparency to the sector. The EPRA earnings measure is
    intended to show the level of recurring earnings from core operational activities with the purpose of highlighting the Group's
    underlying operating results from its property rental business and an indication of the extent to which current dividend payments
    are supported by earnings. The measure excludes unrealised changes in the value of investment properties, gains or losses
    on the disposal of properties and other items that do not provide an accurate picture of the Group's underlying operational
    performance. The measure is considered to accurately capture the long-term strategy of the Group, and is an indication of the
    sustainability of dividend payments.

Net asset value
The IFRS (basic and diluted) net asset value per share at 31 March 2017 was EUR1.53 (2016: EUR1.61).

As is the case with regard to the disclosure of EPRA earnings, the directors feel that it is appropriate and useful, in addition to
IFRS NAV, to also disclose EPRA NAV(3).The diluted EPRA NAV per share at 31 March 2017 was EUR1.59 (2016: EUR1.67). 63% of the
decrease over the year is due to foreign exchange and the decline in the value of Sterling, and the balance driven by declines in
property valuations, mainly the Nova Eventis asset, and UK properties following the Brexit vote. See also the 'Foreign exchange'
and 'Portfolio valuation' sections below.

Foreign exchange
Approximately 47% of Stenprop's net asset value is in Sterling. Consequently the Sterling:Euro exchange rate has a material
impact on reported Euro earnings and net asset values. In broad terms a 10% decline in Sterling against the Euro will result in an
overall 4.5% decline in earnings or net asset values reported in Euros. Euro rates against Sterling at the start of April 2016 were
GBP1.00:EUR1.27 and devalued by 7.9% over the year to GBP1.00:EUR1.17.

Stenprop matches the currency of borrowings to the underlying asset, and, where the timing and amount of a liability has been
determined, and is to be met from the proceeds of a sale which is known in terms of timing and amount, the currency risk is
managed through hedging instruments.

Stenprop's diversification across the UK, Germany and Switzerland (until the Swiss portfolio is sold) continues to provide a
natural spread of currencies and it remains our policy not to hedge this natural spread, thereby maintaining a multi-currency
exposure,

Portfolio valuation

Including the Company's share of associates and joint ventures, its investment properties were valued at EUR848.1 million
(2016: EUR891 million), of which EUR156.2 million were classified as Assets Held for Sale at 31 March 2017 (2016: nil). Assets Held for
Sale consist of the entire Swiss portfolio, and a small part of a German asset. On a like for like basis the valuation of the portfolio
decreased by 4.2% of which 2.9% resulted from currency movements. The UK properties have been translated to Euros at a rate
of GBP1.00:EUR1.17, which is 7.9% lower than the exchange rate of GBP1.00:EUR1.27 at 31 March 2016.

                                                                                           Net initial        Weighted
                                                                                                 yield         average
                      Portfolio          Market                               Annualised      31 March       unexpired
                             by           value                                    gross          2017      lease term
                         market        31 March                                   rental     (weighted       ('WAULT')
                          value            2017                    Area           income      average)     (by rental)
Combined portfolio          (%)   (EUR million)   Properties         m2    (EUR million)           (%)         (years)
United Kingdom             34.7           294.1           13     63,555             18.5          5.57             5.7
Germany                    30.2           256.3           23     92,264             14.5          4.95             6.6
Assets Held for Sale       18.4           155.9           12     47,111              9.6          4.33             7.2
Germany                     0.3             2.7            -        250              0.2          6.40             1.2
Switzerland                18.1           153.2           12     46,861              9.4          4.29             7.3
Total                      83.3           706.3           48    202,930             42.6          5.07             6.3
Share of joint
ventures and
associates                 16.7           141.8            6     49,730              9.9          5.69             6.4
Total                     100.0           848.1           54    252,660             52.5          5.18             6.3

(3) The objective of the EPRA NAV measure is to highlight the fair value of net assets on an ongoing, long-term basis. EPRA NAV
    is used as a reporting measure to better reflect underlying net asset value attributable to shareholders. 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. The EPRA measure thus takes into account the fair value of assets and
    liabilities as at the balance sheet date, other than fair value adjustments to financial instruments, deferred tax and goodwill. As
    the Group has adopted fair value accounting for investment property per IAS40, adjustments to reflect the EPRA NAV include
    only those relating to the revaluation of financial instruments and deferred tax.

United Kingdom
The UK portfolio (excluding Stenprop's share of 25 Argyll Street), was independently valued at GBP251.5 million, a decrease of
1.02% on the prior year end valuation of GBP254.1 million. This decrease in value of GBP2.6 million over the year was primarily due to
a 5.5% downward valuation (GBP4.5 million) of the Pilgrim Street property which is located in the financial centre of London. This
was mainly as a result of valuers increasing the yield slightly to reflect the increased risks as a result of Brexit, particularly relevant
to properties and tenants located in the City of London. The reduction was offset by gains in Stenprop's regional portfolios and
at Euston House in London (a landmark building adjacent to Euston station and currently benefitting from demand in that area
from media , technology and communications related companies like Google, Facebook and others). The UK properties are all
fully let with a weighted average unexpired lease term ('WAULT') of 5.7 years.

Germany
The German portfolio (excluding associates and joint ventures) was independently valued at EUR259.1 million (31 March 2016:
EUR252.6 million).

The year on year increase of EUR6.5 million is driven by a EUR3.8 million uplift at Stenprop's Bleichenhof property including EUR0.7 million
capex, in central Hamburg. The property has benefitted from positive market development seen in core assets in prime cities
and also new lettings at market rental levels. Elsewhere, all properties experienced uplifts with the three Central Berlin retail
centres improving EUR2.1 million in aggregate.

Switzerland
The Swiss portfolio was valued at CHF163.9 million, a 0.3% increase on the like for like 2016 year end valuation of CHF163.5 million.
Following a decision to sell these lower yielding and more mature assets, the Swiss portfolio has been classified as held for sale in
the financial statements. All properties are being marketed for sale and are at various stages in the sale process.

As a result of negative interest rates and negative Swiss bond yields (to 10 years), real estate investment remains compelling to
local investors. Sales are expected to crystallise as the year progresses and an update will be provided in the next interim report.

Joint ventures and associates
The Care Homes portfolio was independently valued at EUR35.4 million, an increase of 3.5% on the prior year valuation of
EUR34.2 million. The uplift reflects the extension of the lease at Dessau and the strength of the sector in general.

Stenprop's 50% interest in 25 Argyll Street, a property located in the heart of London's West End, is valued at GBP40.5 million and
broadly unchanged against the 30 March 2016 valuation of GBP40.9 million.

Stenprop owns a 28.42% share in Stenham European Shopping Centre Fund Limited ('SESCF'). SESCF owns the Nova Eventis
regional shopping centre situated near Leipzig. As previously reported, the directors of SESCF are in the process of selling
this asset and a closing date of 22 June 2017 has been scheduled. The sale price was based on a valuation of EUR208.5 million
(2016 SESCF directors' valuation: EUR265 million).

Capital management

The value of the property portfolio as at 31 March 2017, including the Group's share of associate and joint venture properties and
Assets Held for Sale, was EUR848.1 million. Bank debt at the same date was EUR438.0 million resulting in an average loan to value ratio
of 51.6%, unchanged from 31 March 2016. However, excluding the Swiss portfolio and Nova Eventis which are in the process of
being sold , the average loan to value ratio is 49%. Stenprop currently targets an average gearing ratio of 50%.

The weighted average debt maturity stood at 2.4 years at 31 March 2017 compared with 2.2 years at 31 March 2016. However,
excluding the Swiss portfolio and Nova Eventis, the weighted average debt maturity at 31 March 2017 stands at 3.2 years.
This is driven by the EUR84.9 million refinance of the Bleichenhof loan which was extended for five years with the existing lender,
Berlin Hyp AG. The new loan matures on 28 February 2022 and the all-in interest rate now stands at 1.58% (previously 1.90%).

Annual amortisation payments since the year end remain broadly unchanged in Germany and Switzerland. However, excluding
the Swiss portfolio and Nova Eventis, amortisation has dropped from EUR6.15 million to EUR1.37 million. All remaining amortisation
relates to German loans; in the UK, total amortisation payments have been reduced by GBP0.7 million to nil following the GBP12.4 million
refinancing of the UK regional portfolio.

The all-in contracted weighted average cost of debt dropped to 2.53% from 2.80% at 31 March 2016. This is primarily due to
the refinancing of the Swiss debt, where, in line with the disposal strategy, interest rates have not been hedged. Due to the
persistent negative interest rate environment, the impact of paying interest on a floating rate basis is that the loans attract
interest at the marginal cost only. Previously the swap contracts in place imposed negative interest rates on borrowers.
The weighted all-in interest rate on the Swiss loans has therefore decreased to 1.41% from approximately 2.80% a year earlier.

As discussed above, Swiss debt totalling CHF88.5 million was refinanced on 31 March 2017. Loans of CHF49 million and
CHF23.8 million were refinanced on a rolling basis with UBS as a current account credit facility with interest charged at an all-in
interest rate (in effect margin only due to negative interest rates) of 1.05% and 1.15% respectively. At the same time, three loans
totalling CHF15.7 million were refinanced on a rolling basis with Credit Suisse and mature on 31 March 2018. The all-in interest
rate is between 1.35% and 1.50% on these loans.

If one excludes the Swiss portfolio and Nova Eventis, the all-in contracted weighted average cost of debt remains at 2.53%.

Bermuda Stock Exchange listing and cessation of quarterly reporting

Shareholders were advised on 30 September 2016 that the Bermuda Stock Exchange ('BSX') approved Stenprop's request
to move the Company's listing on the BSX from a primary listing to a secondary listing, with effect from 3 October 2016.
This transfer does not affect the Company's current listing on the Main Board of the JSE and does not affect the trading of
shares on either the JSE or the BSX.

One of the consequences of moving from a primary to a secondary listing on the BSX is that Stenprop will no longer have to
publish quarterly results. This change is in line with the financial reporting protocol adopted by most of our peers who are listed
on the Johannesburg and/or the London Stock Exchanges, neither of which requires quarterly reporting.

A second consequence is that Stenprop is no longer required to have two board members who are resident in Bermuda.

Board appointments and resignations

On 4 April 2016 David Brown resigned from the Board as an independent non-executive director. On the same date
Peter Hughes was appointed as an independent non-executive director.

On 14 September 2016 Michael Fienberg resigned as independent non-executive director following a change of residency.
On the same date Paul Miller was appointed as independent non-executive director.

On 23 November 2016, the Board accepted the resignation of Peter Hughes and James Keyes. Both were independent
non-executive directors and resident in Bermuda.

On 19 December 2016 it was with great sadness that Stenprop announced the passing of its founder and chairman,
Gerald Leissner, who died on 16 December. Paul Arenson, Stenprop CEO, said 'We were privileged to have Gerald as a Chairman
and colleague, not only for his vast experience and knowledge of property where he was a legend in his lifetime, but also for his
personal contribution to Stenprop.'

On 1 February 2017 it was announced that Stephen Ball, who was an independent non-executive director of Stenprop, had been
appointed as the Chairman of the Company.

Subsequent to the year end on 5 April 2017, Warren Lawlor was appointed as a non-executive director.

Industrial Portfolio acquisition

On 7 June 2017 Stenprop announced the acquisition of a portfolio of multi-let industrial properties (the 'MLI Portfolio') as well
as the management business that has built up and managed the portfolio, C2 Capital Limited (the 'C2 Management Platform')
for a combined consideration that values the two businesses at GBP130.5 million.

The MLI Portfolio is made up of 25 separate multi-let industrial estates situated in or near densely populated nodes across the
United Kingdom. The portfolio has a gross lettable area of approximately 2 million square feet (200,000 sqm), a diversified base
of over 400 tenants and contractual rent (including contractual fixed uplifts) of approximately GBP9.1 million per annum.

The C2 Management Platform specialises in the acquisition and active management of multi-let industrial estates across the
UK. Founded and run by Julian Carey, with the support of five property professionals, the business has been investing on behalf
of private and institutional clients since its inception in 2009.

The MLI portfolio is being acquired with effect from the date of completion of the transaction, which is due to take place on
30 June 2017. The purchase price is payable in cash, with a GBP6.35 million deposit having been paid on exchange of contracts and
the balance of the purchase price payable on completion, with a further adjustment to take account of any working capital in
the structure.

The purchase consideration will be ultimately funded out of the proceeds from the sale of the Nova Eventis shopping centre,
which is scheduled to complete on 22 June 2017, and certain of the properties in Stenprop's Swiss portfolio that are in the
process of being sold. To ensure that it has the cash available to settle the purchase price on completion, 
Stenprop has secured a 12-month bridging finance facility of EUR31 million, which attracts an arrangement fee of 1% and interest
at 7% per annum. The loan is subject to a group loan to value covenant of 65%. A further 12-month facility of EUR8 million has been
secured at an interest rate of 7% per annum.

Stenprop will acquire the shares in C2 Capital Limited from Julian Carey for GBP3.5 million, to be settled by the issue of
3,270,500 Stenprop shares, valued at EUR1.22 per share, adjusted upward or downward in cash for working capital.

Stenprop is confident that the combination of these acquisitions will provide a strategic foothold and capability in the multi
let industrial estates sector; and that this positioning will enable it to deliver sustainable higher average annual rental growth
over the next few years. The acquisition of the MLI portfolio, together with the acquisition of the C2 Management Platform,
represents a rare opportunity to make a substantial strategic investment into an asset class which Stenprop believes is likely to
show superior returns over the next few years.

Subsequent events

As detailed above, on 6 June 2017, Stenprop exchanged contracts on the acquisition of the Industrial Portfolio. Completion is
expected to take place on 30 June 2017.

As mentioned earlier in this report, the Nova Eventis shopping centre near Leipzig, in which the Group has a 28.42% interest, is
currently in the final stages of a sales process. At the date of signing these financial statements all closing conditions have been
met and the completion date is set for 22 June 2017.

Subsequent to the year end on 5 April 2017, Warren Lawlor was appointed as a non-executive director.

On 7 June 2016, the directors declared a final cash dividend of 4.50 cents per share. An announcement containing details of the
dividend and the timetable will be made separately.

Prospects

The acquisition of the portfolio of 25 multi-let properties (the MLI portfolio) and the C2 Management Platform management
business which has built up and managed the MLI portfolio provides Stenprop with a strategic platform in the multi-let industrial
estates (MLI) sector that it believes will, on a sustainable basis, deliver increased earnings growth in the future.

Stenprop is confident that, in addition to delivering organic growth through ongoing asset management of the MLI portfolio, it
will be able to add further MLI properties onto the platform through earnings enhancing acquisitions. Individual MLI properties
tend to trade at higher yields than large portfolios as, on their own, they lack the diversification and necessary economies of
scale to be efficiently operated. The opportunity to acquire individual MLI properties at higher yields and operate them efficiently
through the C2 Management Platform should also contribute to overall growth. To achieve this, Stenprop intends to pursue
further acquisition opportunities within the MLI sector with the objective of integrating additional properties and portfolios into
its newly acquired MLI platform, with the intention of establishing itself as a leading player in the UK MLI space.

Results for the year ending 31 March 2018, whilst including nine months of earnings from the MLI portfolio, will also be impacted
by acquisition and sales costs, as well as interim bridge funding costs, which will be influenced by the timing of the receipt of
exit proceeds from the Swiss sales. On this basis, assuming average exchange rates of EUR1.18:GBP1:00 and EUR0.94:CHF1.00 and ignoring the
potential positive impact of any further acquisitions in the MLI sector, Stenprop expects that diluted adjusted EPRA earnings per
share for the year ending 31 March 2018 will remain at a similar level to the current year earnings of 10.28 cents.

Stenprop expects to maintain the current pay-out ratio and therefore expects to deliver a full year dividend for the year ending
31 March 2018 of not less than 9.00 cents per share. Stenprop's objective is to continue to declare and pay a dividend every
six months.

Following completion of the acquisitions referred to above, Stenprop intends to actively investigate the merits of a conversion
to REIT status as well as a listing on the London Stock Exchange, and a possible change in its reporting currency from Euro to
Sterling to reflect the relatively larger weighting of its UK portfolio following implementation of the acquisition and sales strategy.

This general forecast has been based on the Group's forecast and has not been reported on by the external auditors.

Given the nature of its business, Stenprop has adopted distribution per share as its key performance measure, as this is
considered more relevant than earnings, headline earnings or net asset value per share.

Statement of directors' responsibilities

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Bermudian company law requires the directors to prepare financial statements for each financial year. Under that law the
directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards
as issued by the International Accounting Standards Board ('IASB'). The financial statements are required to give a true and
fair view of the state of affairs of the Group and of the profit or loss of the Group for that period. In preparing these financial
statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue
  in business for the foreseeable future, and
- follow applicable accounting standards.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the Group and to enable them to ensure that the financial statements comply with the Companies Act 1981
of Bermuda. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information of which the Group's auditors are unaware, and each
director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit
information and to establish that the Group's auditors are aware of that information.

Approval of annual financial statements

The consolidated annual financial statements of Stenprop Limited were approved by the Board of Directors on 7 June 2017 and
are signed on their behalf by:

Stephen Ball                      Paul Arenson                  Patsy Watson
Chairman of Audit Committee       Chief Executive Officer       Chief Financial Officer

Consolidated statement of comprehensive income
                                                                                                                                        Audited
                                                                                                                       Year ended    year ended
                                                                                                                         31 March      31 March
                                                                                                                             2017          2016
                                                                                                               Note       EUR'000       EUR'000

Net rental income                                                                                                 6        30,316        31,596
Management fee income                                                                                                       3,701         2,927
Operating costs                                                                                                   7       (5,975)       (8,682)
Net operating income                                                                                                       28,042        25,841
Fair value movement of investment properties                                                                     16         2,894        28,471
(Loss)/gain from associates                                                                                      18      (11,710)         1,075
Income from joint ventures                                                                                       19         4,083         7,820
Profit from operations                                                                                                     23,309        63,207
Net gain/(loss) from fair value of derivative financial instruments                                              25           582       (2,495)
Net finance costs                                                                                                 9       (7,137)       (8,576)
Net foreign exchange gains/(losses)                                                                                           319         (134)
Profit for the year before taxation                                                                                        17,073        52,002
Taxation                                                                                                         10       (2,680)       (2,933)
Profit for the year from continuing operations                                                                             14,393        49,069
Discontinued operations
Profit for the year from discontinued operations                                                                 20         3,350           514
Profit for the year                                                                                                        17,743        49,583
Profit attributable to:
Equity holders                                                                                                             17,477        49,266
Non-controlling interest derived from continuing operations                                                                   266           317
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Fair value movement on derivative financial instruments                                                                         -           519
Foreign currency loss                                                                                                    (15,026)      (20,480)
Total comprehensive profit for the year                                                                                     2,717        29,622
Total comprehensive profit attributable to:
Equity holders                                                                                                              2,451        29,305
Non-controlling interest                                                                                                      266           317
Earnings per share
From continuing operations
IFRS EPS                                                                                              (cents)    14          5.00         17.51
Diluted IFRS EPS                                                                                      (cents)    14          4.98         17.47
From continuing and discontinued operations
IFRS EPS                                                                                              (cents)    14          6.18         17.70
Diluted IFRS EPS                                                                                      (cents)    14          6.16         17.66

Consolidated statement of financial position
                                                                                                                                        Audited
                                                                                                                           31 March    31 March
                                                                                                                               2017        2016
                                                                                                                    Note    EUR'000     EUR'000
ASSETS
Investment properties                                                                                                 16    550,145     729,782
Investment in associates                                                                                              18     20,883      39,298
Investment in joint ventures                                                                                          19     36,748      37,620
Other receivables                                                                                                     21     13,600       7,406
Total non-current assets                                                                                                    621,376     814,106
Cash and cash equivalents                                                                                             22     29,461      36,811
Trade and other receivables                                                                                           21      4,757       6,367
Assets classified as held for sale                                                                                    20    158,248           -
Total current assets                                                                                                        192,466      43,178
Total assets                                                                                                                813,842     857,284
Equity and liabilities
Capital and reserves
Share capital and share premium                                                                                       12    395,141     389,927
Equity reserve                                                                                                             (10,612)         480
Retained earnings                                                                                                            54,997      63,426
Foreign currency translation reserve                                                                                       (13,362)       1,664
Total equity attributable to equity shareholders                                                                            426,164     455,497
Non-controlling interest                                                                                                      2,398       2,132
Total equity                                                                                                                428,562     457,629
Non-current liabilities
Bank loans                                                                                                            24    252,563     178,708
Derivative financial instruments                                                                                      25      3,335       4,173
Other loan and interest                                                                                                           -          12
Deferred tax                                                                                                          26      6,774       9,705
Total non-current liabilities                                                                                               262,672     192,598
Current liabilities
Bank loans                                                                                                            24     15,203     188,785
Derivative financial instruments                                                                                      25        139       1,769
Accounts payable and accruals                                                                                         23     18,189      16,503
Liabilities directly associated with assets classified as held for sale                                               20     89,077           -
Total current liabilities                                                                                                   122,608     207,057
Total liabilities                                                                                                           385,280     399,655
Total equity and liabilities                                                                                                813,842     857,284
IFRS net asset value per share                                                                                        15       1.53        1.61

Consolidated statement of changes in equity

                                             Share                                 Foreign        Cash  
                                           capital                                currency        flow   Attributable           Non-
                                         and share      Equity      Retained   translation       hedge      to equity    controlling      Total
                                           premium     reserve      earnings       reserve     reserve   shareholders       interest     equity
                                 Note      EUR'000     EUR'000       EUR'000       EUR'000     EUR'000        EUR'000        EUR'000    EUR'000
Balance at 1 April 2016                    389,927         480        63,426         1,664           -        455,497          2,132    457,629
Issue of share capital             12        5,214        (14)             -             -           -          5,200              -      5,200
Credit to equity for
  equity-settled
  share-based payments
  (note 13)                                      -         316             -             -           -            316              -        316
Repurchase of own shares           12            -    (11,394)             -             -           -       (11,394)              -   (11,394)
Total comprehensive
  profit/(loss) for the period                   -           -        17,477      (15,026)           -          2,451            266      2,717
Ordinary dividends                 11            -           -      (25,906)             -           -       (25,906)              -   (25,906)
Balance at 31 March 2017                   395,141    (10,612)        54,997      (13,362)           -        426,164          2,398    428,562
Balance at 1 April 2015                    374,127           -        37,562        22,144       (519)        433,314          1,815    435,129
Issue of share capital                      15,800        (41)             -             -           -         15,759              -     15,759
Credit to equity for
  equity-settled
  share-based payments                           -         521             -             -           -            521              -        521
Total comprehensive
  profit for the period                          -           -        49,266      (20,480)         519         29,305            317     29,622
Ordinary dividends                               -           -      (23,402)             -           -       (23,402)              -   (23,402)
Balance at 31 March 2016                   389,927         480        63,426         1,664           -        455,497          2,132    457,629

Consolidated statement of cash flows
                                                                                                                                        Audited
                                                                                                                     Year ended      year ended
                                                                                                                       31 March        31 March
                                                                                                                           2017            2016
                                                                                                              Note      EUR'000         EUR'000
Operating activities
Profit from operations from continuing operations                                                                        23,309          63,207
Profit from operations from discontinuing operations                                                            20        5,064           1,884
                                                                                                                         28,373          65,091
Share of loss/(profit) in associates                                                                            18       11,710         (1,075)
Increase in fair value of investment property                                                                   16      (1,872)        (22,939)
Share of profit in joint ventures                                                                               19      (4,083)         (7,820)
Exchange rate losses/(gains)                                                                                                319           (134)
Decrease/(increase) in trade and other receivables                                                                          388           (119)
Increase/(decrease) in trade and other payables                                                                           2,808           (510)
Interest paid                                                                                                           (9,330)        (10,770)
Interest received                                                                                                         1,281           1,942
Net tax paid                                                                                                            (1,106)         (1,006)
Net cash from operating activities                                                                                       28,488          22,660
Contributed by: Continuing operations                                                                                    25,802          18,523
                Discontinued operations                                                                                   2,686           4,137
Investing activities
Dividends received from associates                                                                                            -           2,268
Dividends received from joint ventures                                                                                    1,778             420
Purchases of investment property                                                                                              -        (47,561)
Capital expenditure                                                                                                     (1,921)         (3,576)
Proceeds on disposal of investment property - discontinued operations                                           20        6,270           6,701
Proceeds on disposal of investment in associate                                                                 18        6,716               -
Acquisition of investment in joint venture                                                                      19            -        (26,782)
Net cash from/(used in) investing activities                                                                             12,843        (68,530)
Financing activities
New bank loans raised                                                                                                         -          60,368
Dividends paid                                                                                                         (25,906)        (15,070)
Repayment of borrowings                                                                                                 (8,978)        (41,477)
Repurchase of shares                                                                                                   (11,394)               -
Financing fees paid                                                                                                       (203)         (1,246)
Payments made on swap break                                                                                               (101)           (571)
New loan advances                                                                                                       (1,222)               -
Repayment of loan advances                                                                                                  246              95
Net cash (used in)/from financing activities                                                                           (47,558)           2,099
Net decrease in cash and cash equivalents                                                                               (6,227)        (43,771)
Effect of foreign exchange rate changes                                                                                   (392)             152
Cash and cash equivalents at beginning of the period                                                                     36,811          80,430
Cash and cash equivalents at end of the period                                                                           30,192          36,811
Contributed by: Continuing operations                                                                           22       29,461          33,416
                Discontinued operations                                                                         22          731           3,395

Notes to the consolidated financial statements

1.  Basis of preparation
    The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards
    (IFRSs) as issued by the IASB, the requirements of IAS 34: Interim Financial Reporting, the JSE Listings Requirements and
    the BSX Listing Regulations and applicable Bermuda law. The consolidated financial statements have been prepared on the
    historical cost basis,except for the revaluation of investment properties and financial instruments that are measured at fair
    values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based
    on the fair value of the consideration given in exchange for goods and services. The principal accounting policies which are
    consistent with those applied in the previous annual financial statements are set out below.
  
    This summarised report is extracted from audited information, but is itself not audited. The directors take full responsibility
    for the preparation of the provisional report and that the financial information has been correctly extracted from the
    underlying annual financial statements. The auditors, Deloitte, have reported on the audited financial statements and their
    report was unqualified. A copy is available on the Company's website: www.stenprop.com, or upon written request from the
    Company's registered office.
  
    Going concern
    At the date of signing these financial statements, the Group has positive operating cash flow forecasts and positive net assets.
    The directors have reviewed the Group's budgets for the year to 31 March 2018, forecasts for the period to
    September 2018 and the current financial position and, in light of this review, they are satisfied that the Company and the
    Group have access to adequate resources to meet the obligations and continue in operational existence for the foreseeable
    future, and specifically the 12 months subsequent to the signing of these financial statements.
  
    The cash flow forecasts take into account projected income and expenses; possible changes in the investment property
    portfolio, including exposure to tenant credit risk; lease expiries; the raising of additional capital; external debt; refinancings
    which have occurred and are expected to occur subsequent to the reporting date, and forecast financial loan covenants.

    As mentioned earlier in this report, the Nova Eventis shopping centre near Leipzig, in which the Group has a 28.42% interest
    is currently in the final stages of a sales process. A sale and purchase agreement was signed on 6 February 2017 by the
    shareholders of the underlying property company, owned by Stenham European Shopping Centre ('SESCF'), an associate
    of Stenprop, and at which time the buyers paid a deposit of EUR11 million into an escrow account. At the date of signing these
    financial statements all closing conditions have been met and the completion date is set for 22 June 2017. The likely wind up
    process of SESCF is expected to take longer than 12 months and the consolidated financial statements of SESCF show the
    investment property as Held for Sale and its accounts have been prepared on a going concern basis.

    The Swiss portfolio, valued at CHF163.9 million after taking into account estimated selling costs, is currently being
    marketed for sale. The properties are at various stages in the sale process and are expected to be sold within the next six to
    12 months. As such, loans have been refinanced on a short-term basis as a rolling credit facility or mature on 31 March 2018.
    Should a decision be taken not to sell the properties for any reason, the directors anticipate that, given the quality of the
    property and the strong relationships with Swiss lenders, a refinancing can be secured on favourable terms.

    On 7 June 2017, Stenprop announced the acquisition of a portfolio of multi-let industrial properties (the "MLI Portfolio")
    as well as the management business that has built up and managed the portfolio, C2 Capital Limited (the "C2 Management
    Platform") for a combined consideration that values the two businesses at GBP130.5 million. The acquired portfolio assets are
    financed with a loan facility provided by RBS which matures in June 2022.

    The purchase consideration will be ultimately funded out of the proceeds from the sale of the Nova Eventis shopping
    centre, which is scheduled to complete on 22 June 2017, and certain of the properties in Stenprop's Swiss portfolio that are
    in the process of being sold. To ensure that it has the cash available to settle the purchase price on completion, Stenprop
    has secured a twelve month bridging finance facility of EUR31 million, which attracts an arrangement fee of 1% and interest at
    7% per annum. The loan is subject to a group loan to value covenant of 65%. A further twelve month facility of EUR8 million has
    been secured at an interest rate of 7% per annum.

    The directors believe that it is therefore appropriate to prepare the financial statements on a going concern basis. Note 27
    to the financial statements includes the Group's objectives, policies and procedures for managing its market, interest and
    liquidity risk.

2.  Adoption of new and revised standards
    In the current period the following new and revised Standards and Interpretations have been adopted. Their adoption has
    not had any material impact on the disclosures or the amounts reported in these financial statements:

    IFRS 14                                    Regulatory deferral accounts (1 January 2016)
    IFRS 11 (amendments)                       Accounting for acquisitions of interests in joint operations (1 January 2016)
    IAS 16 and IAS 38 (amendments)             Clarification of acceptable methods of depreciation and amortisation
                                               (1 January 2016)
    IAS 27 (amendments)                        Equity method in separate financial statements (1 January 2016) 
    IAS 1 (amendments)                         Disclosure Initiative (1 January 2016)
    IFRS 10, IFRS 12 & IAS 28 (amendments)     Investment entities: applying the consolidation exception (1 January 2016)
    IFRS 5 (amendments)                        Annual improvements to IFRS 5 (1 January 2016)
    IFRS 7 (amendments)                        Annual improvements to IFRS 7 (1 January 2016)
    Annual improvements 2012 - 2014 cycle      (1 January 2016)

    At the date of authorisation of these financial statements, the following applicable standards which have not been applied
    to these financial statements, were in issue but not yet effective. They are effective for periods commencing on or after
    the disclosed date and will be adopted as they become effective.

    IFRS 9                                     Financial instruments (1 January 2018)
    IFRS 15                                    Revenue from contracts with customers (1 January 2018)
    IFRS 16                                    Leases (1 January 2019)
    IFRIC 22                                   Foreign currency transactions and advance consideration (1 January 2018)
    IAS 12 (amendments)                        Recognition of deferred tax assets for unrealised losses (1 January 2017)
    IAS 7 (amendments)                         Disclosure Initiative (1 January 2017) 
    IFRS 2 (amendments)                        Classification and measurement of share-based payment transactions
                                               (1 January 2018)
    IFRS 10 & IAS 28 (amendments)              Sale or contribution of assets between an investor and its associate or joint
                                               venture (effective date deferred indefinitely)
    IAS 40 (amendments)                        Transfers of investment property (1 January 2018)
    Annual improvements 2014 - 2016 cycle      (1 January 2017)

    Management are in the process of assessing these standards and do not expect that the adoption of the standards listed
    above will have a material impact on the financial statements of the Group in the future period.

3.  Significant accounting policies
    Basis of consolidation
    Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses
    control of the subsidiary. Specifically, the results of the subsidiaries acquired or disposed of during the period are included
    in the consolidated statement of comprehensive income from the date the Company gains control until the date when the
    Company ceases to control the subsidiary.

    Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the
    non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and
    to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

    Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in
    line with the Group's accounting policies.

    All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members
    of the Group are eliminated on consolidation.

    When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the
    difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained
    interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any
    non-controlling interests.

    All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the
    Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred
    to another category of equity as specified/permitted by applicable IFRS). The fair value of any investment retained in the
    former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting
    under IAS 39 Financial instruments: recognition and measurement or, when applicable, the costs on initial recognition of an
    investment in an associate or jointly controlled entity.
  
    Investments in associates
    An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a
    joint venture. Significant interest is the power to participate in the financial and operating policy decisions of the investee
    but is not control or joint control over those policies.
  
    The results, assets and liabilities of associates are incorporated in these financial statements using the equity method
    of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with
    IFRS 5 Non-current Assets Held for Sale and discontinued operations. Under the equity method, an investment in associate
    is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the
    Group's share of the profit or loss and other comprehensive income of the associate.
  
    Joint ventures
    The Group's investment properties are typically held in property-specific special purpose vehicles ('SPVs'), which may be
    legally structured as joint ventures. In assessing whether a particular SPV is accounted for as a subsidiary or joint venture,
    the Group considers all of the contractual terms of the arrangement, including the extent to which the responsibilities
    and parameters of the venture are determined in advance of the joint venture agreement being agreed between the two
    parties. The Group will then consider whether it has the power to govern the financial and operating policies of the SPV,
    so as to obtain benefits from its activities, and the existence of any legal disputes or challenges to this control in order to
    conclude on the classification of the SPV as a joint venture or subsidiary undertaking. The Group considers this position
    with the evidence available at the time.
  
    The consolidated financial statements account for interests in joint ventures using the equity method of accounting per
    IFRS 11.

    Revenue recognition
    The Group earns returns from investments in direct property assets and management fees. Revenue is recognised when
    it is probable that the economic benefits associated with the transaction will flow to the Group and the amount of revenue
    can be measured reliably.

    Revenue includes amounts receivable in respect of property rental income and service charges earned in the normal course
    of business, net of sales-related taxes.

    Rental income from operating leases is recognised on an accruals basis. A rent adjustment based on open market estimated
    rental value is recognised from the rent review date in relation to unsettled rent reviews. Where a significant rent free period
    is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement
    to the expiry date of the lease.

    Rental income from fixed and minimum guaranteed rent reviews is recognised on a straight-line basis over the entire lease
    term. Where such rental income is recognised ahead of the related cash flow, an adjustment is made to ensure the carrying
    value of the investment property, including the accrued rent, does not exceed the external valuation. Initial significant direct
    costs incurred in negotiating and arranging a new lease are amortised on a straight-line basis over the period from the date
    of lease commencement to the expiry date of the lease.

    Where a lease incentive payment, or surrender premium is paid to enhance the value of a property, it is amortised on a
    straight-line basis over the period from the date of lease commencement to the expiry date of the lease. Upon receipt of
    a surrender premium for the early determination of a lease, the profit, net of dilapidations and non-recoverable outgoings
    relating to the lease concerned, is immediately reflected in income.

    Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they
    are earned.

    Management fees are recognised in the income statement on an accruals basis.

    Service charge income is recognised in the accounting period in which the services are rendered and the related property
    expenses are recognised in the period in which they are incurred.

    Dividend income from listed securities is recognised at the date the dividend is declared. Interest income is recognised in
    the consolidated statement of comprehensive income under the effective interest method as it accrues.

    Foreign currencies
    The individual financial statements of each Group company are presented in the currency of the primary economic
    environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the
    results and financial position are expressed in Euros, which is the functional currency of the Group and the presentation
    currency for the consolidated financial statements.

    In preparing the financial statements of the individual companies, transactions in currencies other than the entity's
    functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions.
    At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at
    the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are
    translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured
    in terms of historical cost in a foreign currency are not retranslated. Exchange difference are recognised in profit or loss for
    the period in which they arise.

    For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group's foreign operations
    are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the
    average exchange rates for the period. Exchange differences arising are recognised in other comprehensive income and
    accumulated in equity (attributed to non-controlling interests as appropriate).

    Borrowing costs
    Interest costs are recognised in the consolidated statement of comprehensive income using the effective interest rate
    method.

    Borrowing costs directly attributable to arranging finance are amortised over the facility term in the consolidated statement
    of comprehensive income.

    Taxation
    The tax expense represents the sum of the tax currently payable and deferred tax, in those jurisdictions where the property
    companies are registered, namely Germany, Switzerland and the United Kingdom. In addition, Stenprop Management
    Limited incurs tax in the United Kingdom.
  
    Current tax
    Tax currently payable is based on taxable profit for the year. The Group's liability for current tax is calculated using tax rates
    that have been enacted or substantively enacted by the balance sheet date.
  
    Deferred tax
    Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial
    statements and the corresponding tax bases used in the computation of taxable profit.
  
    Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
    taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax
    assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition
    (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
    nor the accounting profit.
  
    Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and
    associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference
    and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from
    deductible temporary differences associated with such investments and interests are only recognised to the extent that it
    is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and
    they are expected to reverse in the foreseeable future.
  
    The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
    it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

    Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability
    is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end
    of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would
    follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying
    amount of its assets and liabilities.

    Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
    current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
    settle its current tax assets and liabilities on a net basis.

    Non-controlling interest
    Non-controlling interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from
    the Group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original
    business combination and the non-controlling interests' share of the changes in equity since the date of the combination.
    Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests
    having a deficit balance.

    Investment properties
    Properties held to earn rentals and/or for capital appreciation are classified as investment properties. Investment properties
    comprise both freehold and leasehold land and buildings.

    Investment properties are recognised as assets when:
    - it is probable that the future economic benefits that are associated with the investment property will flow to the Group;
    - there are no material conditions precedent which could prevent completion; and
    - the cost of the investment property can be measured reliably.

    Investment properties are measured initially at cost, including related transaction costs. After initial recognition, investment
    properties are carried at fair value, determined by the directors and/or based on independent external appraisals.

    The Group uses the valuations prepared by its independent valuers as the fair value of its investment properties.
    These valuations are undertaken in accordance with the appropriate sections of the current Practice Statements contained
    in the Royal Institution of Chartered Surveyors Valuation - Professional Standards (Red Book). This is an internationally
    accepted basis of valuation. The valuations are based upon assumptions including contractual and estimated rental
    values, future rental income, anticipated maintenance costs, future development costs and appropriate discount rates.
    The valuers also make reference to market evidence of transaction prices for similar properties.

    The difference between the fair value of a property at the reporting date and its carrying amount prior to re-measurement
    is included in the consolidated statement of comprehensive income as a valuation surplus or deficit.

    Cash and cash equivalents
    Cash and cash equivalents in the balance sheet comprise cash at banks and short-term deposits with an original maturity
    of three months or less.

    Expenditure
    Expenses are accounted for on an accrual basis.

    Financial instruments
    Classification
    A financial instrument is a contract that gives rise to a financial asset to one entity and a financial liability or equity instrument
    to another. The classification of financial assets and financial liabilities depends on the nature and purpose of the instrument
    and is determined at the time of initial recognition. Debt and equity instruments are classified as either financial liabilities or
    as equity in accordance with the substance of the contractual agreement.

    Measurement
    Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable
    to the acquisition or issue of financial assets and financial liabilities (other than financial assets at fair value through profit
    or loss ('FVTPL')) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
    on initial recognition.

    Transactions costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised
    immediately in the statement of comprehensive income.

    In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the
    degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
    value measurement in its entirety, which are described as follows:

    Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
              at the measurement date.
    Level 2 - Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability,
              either directly or indirectly.
    Level 3 - Inputs are unobservable inputs for the asset or liability.

    The financial statements are presented in Euros.

    Financial assets
    The Group classifies its financial assets as either at fair value through profit and loss or as loans and receivables.

    Recognition and derecognition
    Loan and receivables, including those relating to the purchase of Stenprop shares (note 21), are measured at amortised
    cost using the effective interest method, less impairment losses which are recognised in the statement of comprehensive
    income. Financial liabilities are measured at amortised cost using the effective interest method. In the case of short-term
    trade receivables and payables, the impact of discounting is not material and cost approximates amortised costs.

    The Group derecognises a financial asset when the contractual rights to the cash flows from the asset have expired or
    have been transferred and the Group has transferred substantially all risk and rewards of ownership of the asset to another
    entity.

    Loans and receivables
    Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
    active market. They include current assets with maturities or terms greater than 12 months after the reporting dates which
    are classified as non-current assets.

    Impairment of financial assets
    Financial assets, specifically accounts receivable and other debtors, are assessed for indicators of impairment at the end
    of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of
    one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the
    investments have been affected.
  
    Objective evidence of impairment could include:
    - significant financial difficulty of the issuer or counterparty; or
    - breach of contract, such as a default or delinquency in interest or principal payments; or
    - it becoming probable that the borrower will enter bankruptcy or financial reorganisation.
  
    For financial assets carried at amortised cost, the amount of the impairment loss is measured as the difference between
    the asset's carrying amount and present value of the estimated future cash flows, discounted at the financial assets original
    effective interest rate.
  
    The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets, with the
    exception of trade receivables, where the carrying amount is reduced through the use of a provision account. When a trade
    receivable is considered uncollectable, it is written off against the provision account. Changes in the carrying amount of the
    provision account are recognised in the statement of comprehensive income in the period.
  
    For financial assets measured at amortised cost if, in a subsequent period, the amount of the impairment loss decreases
    and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously
    recognised impairment loss is reversed through the statement of comprehensive income to the extent that the carrying
    amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have
    been had the impairment not been recognised.
  
    Financial liabilities and equity
    Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the
    contractual agreement.

    Equity instruments
    An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its
    liabilities. Ordinary shares are classed as equity. Equity instruments issued by the Group are recorded at the proceeds
    received, net of direct issue costs.

    Financial liabilities
    The Group's financial liabilities comprise interest-bearing borrowings, loans and payables and trade payables.

    Recognition and derecognition
    Financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument.

    The Group derecognises financial liabilities when the Group's obligations are discharged, cancelled or they expire.

    Derivatives
    Interest rate swaps have been initially recognised at fair value, and subsequently re-measured at fair value in accordance
    with IAS 39, Financial Instruments: Recognition and Measurement. They have been entered into in order to hedge against
    the exposure to variable interest rate loans as described in note 25. They have been valued by an independent valuer in line
    with internationally accepted practice.
  
    A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
    recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining
    maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months.
    It is Group policy not to hedge account. Other derivatives are presented as current assets or current liabilities.

    Trade and other receivables
    These are valued at their nominal value (less accumulated impairment losses) as the time value of money is immaterial for
    these current assets. Impairment losses are estimated at the year-end by reviewing amounts outstanding and assessing
    the likelihood of recoverability.

    Trade and other payables
    Trade and other payables are valued at their nominal value as the time value of money is immaterial for these current
    liabilities.

    Dividends
    Dividends to the Group's ordinary shareholders are recognised when they are declared. This is when they are approved by
    the board.

    Earnings/(loss) per share
    Earnings per share is calculated on the weighted average number of shares in issue in respect of the current period and is
    based on the profit attributable to the ordinary shareholders.

    Share-based payments
    Deferred Share Bonus Plan
    Share options are granted to key management, subject to achieving annual targets, under the Deferred Share Bonus Plan.
    The cost of equity settled transactions is measured with reference to the fair value at the date at which they were granted.
    The Group accounts for the fair value of these options at grant date over the vesting period in the income statement,
    with a corresponding increase to the share-based payment reserve included as part of equity reserve in the Statement of
    Financial Position.

    The fair value of the options granted is determined using the Black-Scholes Option Pricing Model, which takes into account
    the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the Group's
    share price over the life of the option and other relevant factors. Readers are referred to note 13: share-based payments,
    where key assumptions are further disclosed. The cumulative expense recognised for equity-settled transactions at each
    reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best
    estimate of the number of equity instruments that will ultimately vest.

    Share Purchase Plan
    As part of the Group's remuneration policy, the Company can award shares to qualifying participants, funded through the
    advance of loans to the participants. Loans advanced under the share purchase plan are interest-bearing at a rate equal
    to the average interest rate incurred by the Group from time to time. Interest is payable six-monthly in arrears. Loans are
    repayable within 30 days of cessation of employment (unless the participant ceases employment in circumstances beyond
    his or her control, in which case the loan is repayable within 12 months), and must in all circumstances be repaid in 10 years.
    All dividends received by such employees (or his or her nominee) by virtue of their shareholding, must first be utilised to
    discharge any interest outstanding in terms of the loan advanced in terms of the Share Purchase Plan.
  
    The loans have full recourse to the participants and as such fall outside of the scope of IFRS 2 and are accounted for as
    financial instruments under IAS. The participants must charge their shares by way of security for the loan. The loans have
    full recourse to the participants who waive all rights to compensation for any loss in relation to the Plan.
  
    Repurchase of share capital (Own Shares)
    Where share capital recognised as equity is repurchased, the amount of the consideration paid, including directly
    attributable costs, is recognised as a deduction from equity. Such shares may either be held as Own Shares (treasury
    shares) or cancelled. Where Own Shares are subsequently re-sold from treasury, the amount received is recognised as an
    increase in equity.

4.  Critical accounting judgements and key sources of estimation uncertainty
    Judgements and estimates
    The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical
    accounting estimates. It also requires management to exercise judgement in the process of applying the Group's accounting
    policies. Although the estimates are based on management's best knowledge of the amount, events or actions, actual
    results may ultimately differ from those estimates.

    The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting
    year, that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
    financial year, are discussed below.

    Investment properties
    The Group's investment properties are stated at estimated fair value, determined by directors, based on an independent
    external appraisal. The valuation of certain of the Swiss properties disclosed as Assets Held for Sale has been determined
    by the directors and is based on offers made to acquire the properties. The directors valuation amounts to CHF77.6 million
    (2016 independent valuation: CHF77.3 million). The valuation of the Group's property portfolio is inherently subjective due
    to a number of factors including the individual nature of each property, its location and the expectation of future rentals. As
    a result, the valuations placed on the property portfolio are subject to a degree of uncertainty and are made on the basis of
    assumptions that may not prove to be accurate particularly in years of volatility or low transaction flow in the market. The
    estimated market value may differ from the price at which the Group's assets could be sold at a particular time, since actual
    selling prices are negotiated between willing buyers and sellers. As a result, if the assumptions prove to be false, actual
    results of operations and realisation of net assets could differ from the estimates set forth in these financial statements,
    and the difference could be significant.

    Associates
    The Group holds an investment in Stenham European Shopping Centre Fund Limited ('SESCF'). A sale and purchase
    agreement was signed on 6 February 2017. At the date of signing these financial statements all closing conditions have been
    met and the completion date is set for 22 June 2017. The likely wind up process of SESCF is expected to take longer than
    12 months and the consolidated accounts of SESCF show the investment property as Held for Sale and its accounts
    have been prepared on a going concern basis. Stenprop has therefore deemed it appropriate to continue to disclose the
    investment in associate relating to SESCF as a non-current asset. Readers are referred to the commentary (page 4) and the
    going concern paragraph in note 1 where this is discussed in further detail.

    The Group holds an investment in Stenham Berlin Residential Fund Limited ('SBRF') with a shareholding of 5.24%. Although
    this shareholding represents less than 20% of the voting power, Stenprop has representation on the board of SBRF
    and is the manager of the fund and as such has significant influence including participation in policy making processes.
    In addition, Stenprop is the largest single shareholder in SBRF. These factors have been taken into account when assessing
    the classification of SBRF as an associate.

    Deferred tax assets and liabilities
    Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority.
    In such cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated.
    This requires the application of judgement as to the ultimate outcome, which can change over time depending on facts
    and circumstances. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled
    would be recognised in income in the period in which the change occurs. Deferred tax assets are recognised only to the
    extent it is considered probable that those assets will be recoverable. This involves an assessment of when those assets are
    likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets
    when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the
    extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised
    in respect of deferred tax assets as well as in the amounts recognised in income in the period in which the change occurs.
    Deferred tax assets and liabilities are presented in note 26.

5.  Operating segments
    The Group is focused on real estate investment in well-developed, large economies with established real estate markets.
    The investment portfolio is geographically diversified across Germany, the United Kingdom and Switzerland, and these
    geographical locations provide the basis of the business segments identified by the Group. Each segment derives its
    revenue from the rental of investment properties in the respective geographical regions.

    Relevant financial information is set out below:

                                                                                                                       Discontinued
                                                                                          Continuing operations           operation
                                                                                                            United
                                                                                            Germany        Kingdom      Switzerland       Total
                                                                                            EUR'000        EUR'000          EUR'000     EUR'000
    (i)   Information about reportable segments
          For the year ended 31 March 2017
          Net rental income                                                                  12,462         17,854                -      30,316
          Fair value movement of investment properties                                        5,866        (2,972)                -       2,894
          Net gain/(loss) from fair value of financial liabilities                              431            151                -         582
          Loss from associates                                                             (11,710)              -                -    (11,710)
          Income from joint ventures                                                          2,702          1,017                -       3,719
          Net finance costs                                                                 (2,796)        (4,351)                -     (7,147)
          Operating costs                                                                     (780)          (166)                -       (946)
          Net foreign exchange gain                                                              64              -                -          64
          Profit for the year from discontinued operations
          (see note 20)                                                                           -              -            3,350       3,350
          Taxation                                                                          (1,570)          (967)                -     (2,537)
          Total profit/(loss) per reportable segments                                         4,669         10,566            3,350      18,585
          As at 31 March 2017
          Investment properties                                                             256,088        294,057                -     550,145
          Investment in associates                                                           20,883              -                -      20,883
          Investment in joint ventures                                                       12,022         24,684                -      36,706
          Cash                                                                               13,670         14,355                -      28,025
          Other                                                                              15,196          2,743                -      17,939
          Assets classified as held for sale                                                  2,970              -          155,278     158,248
          Total assets                                                                      320,829        335,839          155,278     811,946
          Borrowings - bank loans                                                           143,673        124,093                -     267,766
          Other                                                                              13,286         13,146                -      26,432
          Liabilities directly associated with assets classified
          as held for sale (see note 20)                                                          -              -           89,077      89,077
          Total liabilities                                                                 156,959        137,239           89,077     383,275
          For the year ended 31 March 2016
          Net rental income                                                                  11,713         19,883                -      31,596
          Fair value movement of investment properties                                       12,228         16,242                -      28,470
          Net (loss)/gain from fair value of financial liabilities                            (175)        (2,319)                -     (2,494)
          Income from associates                                                              1,075              -                -       1,075
          Income from joint ventures                                                          2,569          4,826                -       7,395
          Net finance costs                                                                 (2,950)        (5,626)                -     (8,576)
          Operating costs                                                                     (794)          (288)                -     (1,082)
          Net foreign exchange gain                                                              23              -                -          23
          Profit for the year from discontinued operations
          (see note 20)                                                                           -              -              514         514
          Taxation                                                                          (2,337)          (502)                -     (2,839)
          Total profit per reportable segments                                               21,352         32,216              514      54,082
          As at 31 March 2016
          Investment properties                                                             252,510        321,532          155,740     729,782
          Investment in associates                                                           39,298              -                -      39,298
          Investment in joint venture                                                        10,329         27,250                -      37,579
          Cash                                                                               10,435         15,053            3,395      28,883
          Other                                                                               9,687          2,277            1,178      13,142
          Total assets                                                                      322,259        366,112          160,313     848,684
          Borrowings - bank loans                                                         (145,913)      (134,512)         (87,068)   (367,493)
          Other                                                                             (9,154)       (12,231)          (7,826)    (29,211)
          Total liabilities                                                               (155,067)      (146,743)         (94,894)   (396,704)

                                                                                                                                        Audited
                                                                                                                      Year ended     year ended
                                                                                                                        31 March       31 March
                                                                                                                            2017           2016
                                                                                                                         EUR'000        EUR'000
    (ii)  Reconciliation of reportable segment profit or loss
          Rental income
          Net rental income for reported segments                                                                         30,316         31,596
          Profit or loss
          Fair value movement of investment properties                                                                     2,894         28,470
          Net gain/(loss) from fair value of financial liabilities                                                           582        (2,494)
          (Loss)/gain from associates                                                                                   (11,710)          1,075
          Income from joint ventures                                                                                       3,719          7,395
          Net finance costs                                                                                              (7,147)        (8,576)
          Operating costs                                                                                                  (946)        (1,082)
          Net foreign exchange gains                                                                                          64             23
          Profit for the year from discontinued operations (see note 20)                                                   3,350            514
          Taxation                                                                                                       (2,537)        (2,839)
          Total profit per reportable segments                                                                            18,585         54,082
          Other profit or loss - unallocated amounts
          Management fee income                                                                                            3,701          2,927
          Income from joint ventures                                                                                         364            425
          Net finance income                                                                                                  10              -
          Tax, legal and professional fees                                                                                 (239)          (446)
          Audit fees                                                                                                       (265)          (250)
          Administration fees                                                                                              (257)          (356)
          Non-executive directors                                                                                          (159)          (214)
          Staff remuneration costs                                                                                       (2,719)        (4,289)
          Other operating costs                                                                                          (1,390)        (2,045)
          Net foreign exchange gain                                                                                          255          (157)
          Taxation                                                                                                         (143)           (94)
          Consolidated profit for the year                                                                                17,743         49,583

                                                                                                                                        Audited
                                                                                                                           31 March    31 March
                                                                                                                               2017        2016
                                                                                                                            EUR'000     EUR'000
    (iii) Reconciliation of reportable segment financial position
          ASSETS
          Investment properties                                                                                             550,145     729,782
          Investment in associates                                                                                           20,883      39,298
          Investment in joint venture                                                                                        36,706      37,579
          Cash                                                                                                               28,025      28,883
          Other                                                                                                              17,939      13,142
          Assets classified as held for sale (see note 20)                                                                  158,248           -
          Total assets per reportable segments                                                                              811,946     848,684
          Other assets - unallocated amounts
          Investment in joint ventures                                                                                           42          41
          Cash                                                                                                                1,436       7,928
          Other                                                                                                                 418         631
          Total assets per consolidated statement of financial position                                                     813,842     857,284
          LIABILITIES
          Borrowings - bank loans                                                                                           267,766   (367,493)
          Other                                                                                                              26,432    (29,211)
          Liabilities directly associated with assets classified as held for sale (see note 20)                              89,077           -
          Total liabilities per reportable segments                                                                         383,275   (396,704)
          Other liabilities - unallocated amounts
          Other                                                                                                               2,005     (2,951)
          Total liabilities per consolidated statement of financial position                                                385,280   (399,655)

                                                                                                                                        Audited
                                                                                                                      Year ended     year ended
                                                                                                                        31 March       31 March
                                                                                                                            2017           2016
                                                                                                                         EUR'000        EUR'000
6.  Net rental income
    Rental income                                                                                                         41,500         43,458
    Other income - tenant recharges                                                                                        7,807          7,632
    Other income                                                                                                             117            201
    Rental income                                                                                                         49,424         51,291
    Direct property costs                                                                                               (12,499)       (11,674)
    Discontinued operations adjustment (see note 20)                                                                     (6,609)        (8,021)
    Total net rental income                                                                                               30,316         31,596

7.  Operating costs
    Tax, legal and professional fees                                                                                         780          1,200
    Audit fees                                                                                                               296            297
    Interim review fees                                                                                                       37             43
    Administration fee                                                                                                       402            466
    Investment advisory fees                                                                                                 510            519
    Non-executive directors                                                                                                  159            214
    Staff remuneration costs                                                                                               2,719          4,289
    Other operating costs                                                                                                  1,595          2,259
    Discontinued operations adjustment (note 20)                                                                           (523)            605
                                                                                                                           5,975          8,682

8.  Employees' and directors' emoluments
    The Group had 11 employees (2016: 15) at year end and incurred EUR2,391,000 (2016: EUR3,942,000) in wages and salaries and
    EUR328,000 (2016: EUR347,000) in related social security costs and pension charges during the year.

    Their aggregate remuneration for the period including that of executive directors is:
    
                                                                                                                                        Audited
                                                                                                                       Year ended    year ended
                                                                                                                         31 March      31 March
                                                                                                                             2017          2016
                                                                                                                          EUR'000       EUR'000
    Wages and salaries (excluding key management)                                                                           1,008         2,396
    Key management remuneration                                                                                             1,383         1,546
    Social security costs                                                                                                     219           246
    Other pension costs                                                                                                       109           101
                                                                                                                            2,719         4,289

    As at 31 March 2017 the Group had six directors (2016: 9). The directors of the Company during the financial year and at the
    date of this report were as follows:
    
                                                                                                                                      Change in
                                                                                                         Appointed                  appointment
    Non-executive directors
    S Ball (Chairman)                                                                                    2/10/2014  appointed chairman 1/2/2017
    M Yachad                                                                                            10/12/2014
    P Miller                                                                                             14/9/2016
    G Leissner (Chairman)                                                                                3/12/2012       passed away 16/12/2016
    M Fienberg                                                                                           2/10/2014           resigned 14/9/2016
    D Brown                                                                                              25/9/2013            resigned 4/4/2016
    J Keyes                                                                                             26/10/2012          resigned 23/11/2016
    P Hughes                                                                                              4/4/2016          resigned 23/11/2016
    Executive directors
    P Arenson (CEO)                                                                                      2/10/2014
    P Watson (CFO)                                                                                       2/10/2014
    N Marais                                                                                             2/10/2014

    The Group pays remuneration to executive directors which amounted to EUR1,383,000 (2016: EUR1,546,000 ) and non-executive
    directors which amounted to EUR159,000 (2016: EUR214,000) in the year. A breakdown of directors' remuneration is provided
    below:
    
                                                                                                                                          Total
                                                                                                                          Vested   remuneration
                                                                                Basic                  Other      Cash     share       31 March
                                                                               salary   Pension  benefits(1)     bonus   options           2017
                                                                              EUR'000   EUR'000      EUR'000   EUR'000   EUR'000        EUR'000
    Executive directors
    P Arenson                                                                     301        30            2       141       171            645
    P Watson                                                                      240        24            -       113       137            514
    N Marais                                                                      150        15            2        38        19            224
                                                                                  691        69            4       292       327          1,383
    
                                                                                                                                          Total
                                                                                                                          Vested   remuneration
                                                                               Basic                  Other      Cash      share       31 March
                                                                              salary   Pension  benefits(1)     bonus    options           2016
                                                                             EUR'000   EUR'000      EUR'000   EUR'000    EUR'000        EUR'000
    Executive directors
    P Arenson                                                                    341        34            1       171        171            717
    P Watson                                                                     273        27            -       137        137            574
    N Marais                                                                     171        17            7        43         17            255
                                                                                 785        78            7       350        325          1,546
    
    (1) Other benefits relates to the provision of private medical insurance.

    Based on the average GBP:EUR foreign exchange rate over the year of GBP1:EUR1.1904 (2016: GBP1:EUR1.3658)
    
                                                                                                                                        Audited
                                                                                                                        Year ended   year ended
                                                                                                                          31 March     31 March
                                                                                                                              2017         2016
                                                                                                                           EUR'000      EUR'000
    Non-executive directors
    S Ball^                                                                                                                     45           44
    M Yachad*                                                                                                                   19           11
    P Miller (appointed 14 September 2016)                                                                                      27            -
    G Leissner (passed away 16 December 2016)                                                                                   25           50
    M Fienberg (resigned 14 September 2016)                                                                                     21           75
    D Brown (resigned 4 April 2016)                                                                                              -           14
    J Keyes (resigned 23 November 2016)                                                                                         13           20
    P Hughes (appointed 4 April 2016, resigned 23 November 2016)                                                                 9            -
                                                                                                                               159          214
    
    *  these fees were paid to Peregrine SA Holdings Proprietary Limited
    ^  these fees were paid to Sphere Management Limited

    The above non-executive fees include all management, consulting, technical or other fees paid for such services rendered,
    including payments to management companies.

    On 7 June 2017, the board of directors, on the recommendation of the remuneration committee, approved the following:

                                                                                          Bonuses in respect of
                                                                                      the year ended 31 March 2017         Share Purchase Plan^
                                                                                               Deferred
                                                                                                  Share
                                                                              Cash bonus    Bonus Plan*        Number      Loans         Number
                                                                                 EUR'000        EUR'000     of shares    EUR'000      of shares
    Executive directors
    Paul Arenson                                                                     141              -             -      1,108        907,842
    Patsy Watson                                                                     113              -             -        886        726,274
    Neil Marais                                                                       38             14        11,348        102         83,234
                                                                                     292             14        11,348      2,095      1,717,350

    Based on the average exchange rate of GBP1:EUR1.1904.

    On 8 June 2016, the board of directors, on the recommendation of the remuneration committee, approved the following:
    
                                                                                        Bonuses in respect of
                                                                                    the year ended 31 March 2016         Share Purchase Plan^
                                                                                               Deferred
                                                                                                  Share
                                                                              Cash bonus    Bonus Plan*        Number      Loans         Number
                                                                                 EUR'000        EUR'000     of shares    EUR'000      of shares
    Executive directors
    Paul Arenson                                                                     171           171        115,248      2,600      1,843,972
    Patsy Watson                                                                     137           137         92,199      2,080      1,475,177
    Neil Marais                                                                       43            23         15,847        126         89,317
                                                                                     350           331        223,294      4,806      3,408,466
    
    Based on the average exchange rate of GBP1:EUR1.3658.
  
    * Share options vest in three equal tranches and are accounted for as share-based payments (see note 3). The first tranche vests on grant.
      Subsequent tranches will vest in accordance with the rules of the Deferred Share Bonus Plan at the end of the relevant year.
    ^ Loans advanced under the share purchase plan are interest-bearing at a rate equal to the average interest rate incurred by the Group from time
      to time. Interest is payable six-monthly in arrears. Loans are repayable within 30 days of cessation of employment (unless the participant ceases
      employment in circumstances beyond his or her control, in which case the loan is repayable within 12 months), and must in all circumstances be
      repaid in 10 years. All dividends paid to such employees (or his or her nominee) by virtue of their shareholding, must first be utilised 
      to discharge any interest outstanding in terms of the loan advanced in terms of the Share Purchase Plan.

    Directors' interests - beneficial direct and indirect holdings in the Company

                                                                         Direct                 Indirect                     Number
                                                                         number           %       number           %       of share           %
                                                                      of shares   of shares    of shares   of shares   options held   of shares
    31 March 2017
    S Ball (Chairman)                                                         -                  250,000        0.09              -           -
    M Yachad                                                                  -                  150,000        0.06              -           -
    P Miller                                                                  -                   21,898        0.01              -           -
    P Arenson (CEO)                                                           -                9,955,994        3.47        474,908        0.17
    P Watson (CFO)                                                            -                3,658,510        1.28        412,918        0.14
    N Marais                                                                  -                  219,663        0.08         15,345        0.01
    31 March 2016
    G Leissner (Chairman)                                                     -                  422,034        0.15              -
    D Brown                                                                   -                        -                          -
    J Keyes                                                                   -                        -                          -
    M Yachad                                                                  -                        -                          -
    M Fienberg                                                                -                  114,994        0.04              -
    S Ball                                                                    -                  250,000        0.09              -
    P Arenson (CEO)                                                      97,783        0.03    8,854,419        3.13        236,894        0.05
    P Watson (CFO)                                                            -                2,183,333        0.77        189,515        0.05
    N Marais                                                                  -                  120,283        0.04         19,646        0.01

    The directors' interests have not changed from 31 March 2017 to the date of the signing of these financial statements.

                                                                                                                                        Audited
                                                                                                                       Year ended    year ended
                                                                                                                         31 March      31 March
                                                                                                                             2017          2016
                                                                                                                          EUR'000       EUR'000
9.  Net finance costs
    Interest receivable:
    Cash and cash equivalents                                                                                                 292           174
                                                                                                                              292           174
    Finance costs:
    Bank interest payable                                                                                                 (9,331)      (10,787)
    Amortisation of facility costs                                                                                          (474)         (478)
                                                                                                                          (9,805)      (11,265)
    Discontinued operations adjustment (note 20)                                                                            2,376         2,515
    Net finance costs                                                                                                     (7,137)       (8,576)

10. Taxation
    (i)  Tax recognised in statement of comprehensive income
         Income tax in respect of current year                                                                              1,461           618
         Deferred tax (see note 26)                                                                                         2,040         2,666
         Discontinued Operations Adjustment (see note 20)                                                                   (821)         (351)
         Total tax expense                                                                                                  2,680         2,933

         No tax was recognised on other comprehensive income during the period
         (2016: Nil).
         -  Germany 15.825%
         -  United Kingdom 20%
         -  Switzerland (depending on the district in which the property is situated).
            Average rate of 19.6%.

    (ii) Reconciliation of tax charge for the year
         Continuing operations
         Profit for the year before taxation                                                                               17,073        52,002
         Tax provided at applicable rate in Bermuda                                                                             -             -
         Tax charge in respect of different jurisdictions                                                                 (2,680)       (2,933)
         Profit for the year after taxation                                                                                14,393        49,069
         Discontinuing operations
         Profit for the year before taxation                                                                                4,170           865
         Tax provided at applicable rate in Bermuda                                                                             -             -
         Tax charge in respect of different jurisdictions                                                                   (820)         (351)
         Profit for the year after taxation                                                                                 3,350           514

                                                                                                                                        Audited
                                                                                                                        Year ended   year ended
                                                                                                                          31 March     31 March
                                                                                                                              2017         2016
                                                                                                                           EUR'000      EUR'000
11. Dividends
    Amounts recognised as distributions to equity holders in the period:
    Final dividend for the prior year                                                                                       13,411       11,654
    Interim dividend for the current year                                                                                   12,495       11,748
                                                                                                                            25,906       23,402

    On 18 July 2016, the directors of the Company declared a final dividend of 4.7 cents per share in respect of the year ended
    31 March 2016 equating to EUR13,411,000 (2016: EUR11,654,000). This was paid in cash on 29 July 2016. An interim dividend of
    4.5 cents per share equating to EUR12,495,000 (2016: EUR11,748,000) was declared on 23 November 2016 and paid in cash on
    17 January 2017.

    The directors declared a final dividend on 7 June 2017 for the year ended 31 March 2017, of 4.50 cents per share. The
    payment of this dividend, which will not have any tax consequences for the Group, is detailed in note 31.

                                                                                                                                       Audited
                                                                                                                     Year ended     year ended
                                                                                                                       31 March       31 March
                                                                                                                           2017           2016
                                                                                                                        EUR'000        EUR'000
12. Share capital
    Authorised
    1,000,000,000 ordinary shares with a par value of EUR0.000001258 each                                                     1              1
    Issued share capital
    Opening balance                                                                                      (shares)   282,984,626    272,236,146
    Issue of new shares                                                                                  (shares)     3,697,254     10,748,480
    Closing number of shares issued                                                                      (shares)   286,681,880    282,984,626
    Share capital                                                                                                             -              -
    Share premium                                                                                                       397,999        392,785
    Less: Acquisition/transaction costs                                                                                 (2,858)        (2,858)
    Total share premium                                                                                                 395,141        389,927
 
    There were no changes made to the number of authorised shares of the Company during the year. Stenprop Limited has
    one class of share; all shares rank equally and are fully paid.

    The Company has 286,681,880 (March 2016: 282,984,626) ordinary shares in issue at the reporting date. On 9 June 2016,
    3,687,191 and 10,063 new ordinary shares were issued on the JSE and the BSX at an issue price of EUR1.41 per share in respect
    of the Share Purchase Plan and Deferred Share Bonus Plan respectively (refer note 13).

    As at 31 March 2017, the Company held 9,026,189 treasury shares (March 2016: Nil). In June and July 2016 the Company
    repurchased 1,356,567 shares for an aggregate purchase price of EUR1.8 million. The programme continued in November
    and December 2016 with the repurchase of a further 7,669,622 shares for an aggregate repurchase price of EUR9.6 million.
    The combined average price per share of the repurchased shares was EUR1.262. The shares were purchased with the benefit
    of the dividend thereby effectively reducing the average price per share to EUR1.217. The impact to the equity reserve of
    EUR11.4 million can be seen in the Consolidated Statement of Changes in Equity.

    Major shareholders
    As at the financial year end there were 2,847 shareholders in the Company. In terms of the Companies Act 1981 of
    Bermuda, there is no requirement for registered shareholders to disclose their beneficial shareholdings and
    accordingly, the Company provides disclosure on the shareholdings where this information is provided to the Company.
    There is no ultimate controlling party. Known shareholders holding in excess of 5% of the Company's share capital are
    detailed below:

    Beneficial shareholder greater than 5%                                                                   Percentage of issued share capital
    Peregrine Holdings Limited (direct and indirect interest)                                                                              6.51

13. Share-based payments
    The Group operates two share incentive plans which are used to attract and retain high-calibre employees to help grow the
    business. All awards are considered by the Remuneration Committee and are subject to board approval. The incentive plans
    are discussed in more detail below:

    Deferred Share Bonus Plan
    The board may grant an award to an eligible employee following a recommendation from the Remuneration Committee
    over such number of shares that have an aggregate value equal to the deferred bonus. Such share options vest in three
    equal tranches; The first tranche vests on the date of grant with subsequent tranches vesting at the first and second
    anniversaries of the relevant year end. Share options may be exercised until the tenth anniversary of the grant date, after
    which time, they will lapse.

    The below table summarises the position at year end in terms of the number of share options granted and exercised in the
    period. All share options were granted at nil-cost. Further details relating to share options issued to executive directors are
    disclosed in more detail in note 8.
    
                                                                                                                          31 March     31 March
                                                                                                                              2017         2016
    Number of share options
    Outstanding at beginning of year                                                                                       356,242            -
    Granted during year                                                                                                    282,544      376,059
    Exercised during year                                                                                                 (10,063)     (27,620)
    Other (includes dividend equivalents and forfeited shares)                                                              35,898        7,803
    Outstanding at end of year                                                                                             664,621      356,242
    Exercisable at the end of the year                                                                                     575,281      225,966

    The fair value of the options was calculated using the Black-Scholes pricing model. The aggregate of the fair value credit of
    options granted at 31 March 2017 was EUR100,424 (2016: EUR42,110 expense). The table below sets out the assumptions made
    for the purposes of this valuation.
    
                                                                                                                            31 March   31 March
                                                                                                                                2017       2016
    Stock price at date of grant                                                                                   (EUR)        1.41       1.43
    Stock price at year end                                                                                        (EUR)        1.25       1.54
    Weighted average exercise price                                                                                             1.43       1.30
    Compounded risk-free interest rate                                                                               (%)        1.50       1.50
    Volatility                                                                                                       (%)          28         22
    Expected life                                                                                                (years)          10         10
    
    The Group recognised a total share-based payment expense of EUR316,000 (2016: EUR521,000) during the year relating to
    share-based payment transactions and holds an Equity Reserve at 31 March 2017 of EUR782,000 (2016: EUR480,000).
    
    Share Purchase Plan
    Loans advanced under the share purchase plan are interest-bearing at a rate equal to the average interest rate incurred by
    the Group from time to time. Interest is payable six monthly in arrears. Loans are repayable within 30 days of cessation of
    employment (unless the participant ceases employment in circumstances beyond his or her control, in which case the loan
    is repayable within 12 months), and must in all circumstances be repaid in 10 years. All dividends received by such employees
    (or his or her nominee) by virtue of their shareholding, must first be utilised to discharge any interest outstanding in terms
    of the loan advanced in terms of the Share Purchase Plan. The loans have full recourse to the participants who must charge
    their shares by way of security for the loans.
    
    The below table summarises the position at year end in terms of loans advanced and the number of shares to which they
    relate. Loans relating to the Share Purchase Plan issued to executive directors are disclosed in more detail in note 8.
    
                                                                                                                          31 March     31 March
                                                                                                                              2017         2016
    Brought forward at start of year                                                               (number of shares)    5,209,109            -
    Share Purchase Plan shares issued in year                                                      (number of shares)    3,687,191    5,209,109
    Share Purchase Plan shares redeemed                                                            (number of shares)    (240,081)            -
    Carried forward at end of year                                                                 (number of shares)    8,656,219    5,209,109
    Stock price at date of grant                                                                                (EUR)         1.41         1.43
    Share Purchase Plan loans advanced (including accrued interest)                                         (EUR'000)       12,380        7,406
    
    Other share options
    On 30 March 2017 the Company agreed to grant an option to subscribe for two million Stenprop shares to an individual
    appointed a non-executive director after the year end on 5 April 2017. The exercise price was EUR1.53 and the option lapses
    should the individual cease to be a director, or after five years, whichever is sooner. The options only have a dilutive effect
    when the average market price of ordinary shares exceeds the exercise price of the options. The share price at year end was
    EUR1.25, which was below the exercise price.

                                                                                                                      Year ended     year ended
                                                                                                                        31 March       31 March
                                                                                                                            2017           2016
                                                                                                                         EUR'000        EUR'000
14. Earnings per ordinary share
    Reconciliation of profit for the period to adjusted EPRA(1) earnings
    Earnings per IFRS income statement attributable to shareholders                                                       17,477         49,266
    Adjustment to exclude profit from discontinued operations                                                            (3,350)          (514)
    Earnings per IFRS income statement from continuing operations
    attributable to shareholders                                                                                          14,127         48,752
    Earnings per IFRS income statement attributable to shareholders                                                       17,477         49,266
    Adjustments to calculate EPRA earnings, exclude:
    Changes in fair value of investment properties                                                                       (1,872)       (22,939)
    Changes in fair value of financial instruments                                                                       (2,064)            999
    Deferred tax in respect of EPRA adjustments
    (investment properties and financial instruments)                                                                      2,525          2,666
    Adjustments above in respect of joint ventures and associates
    Changes in fair value of investment properties and financial instruments                                              12,985        (2,959)
    Deferred tax in respect of EPRA adjustments
    (investment properties and financial instruments)                                                                      (864)             39
    EPRA earnings attributable to shareholders                                                                            28,187         27,072
    Further adjustments to arrive at adjusted EPRA earnings
    Straight-line unwind of purchased swaps                                                                                  954          1,976
    Adjusted EPRA earnings attributable to shareholders                                                                   29,140         29,048
    Weighted average number of shares in issue (excluding treasury shares)(2)                                        282,644,639    278,350,720
    Share-based payment award                                                                                            956,185        647,806
    Diluted weighted average number of shares in issue                                                               283,600,824    278,998,526
    Earnings per share from continuing operations
    IFRS EPS                                                                                               (cents)          5.00          17.51
    Diluted IFRS EPS                                                                                       (cents)          4.98          17.47
    Earnings per share from continuing and discontinued operations
    IFRS EPS                                                                                               (cents)          6.18          17.70
    Diluted IFRS EPS                                                                                       (cents)          6.16          17.66
    EPRA EPS                                                                                               (cents)          9.97           9.73
    Diluted EPRA EPS                                                                                       (cents)          9.94           9.70
    Adjusted EPRA EPS                                                                                      (cents)         10.31          10.44
    Diluted adjusted EPRA EPS                                                                              (cents)         10.28          10.41
    
    (1) The European Public Real Estate Association (EPRA) issued Best Practices Policy Recommendations in November 2016, which provide
        guidelines for performance measures relevant to real estate companies. Their recommended reporting standards are widely applied across
        this market, aiming to bring consistency and transparency to the sector. The EPRA earnings measure is intended to show the level of recurring
        earnings from core operational activities with the purpose of highlighting the Group's underlying operating results from its property rental
        business and an indication of the extent to which current dividend payments are supported by earnings. The measure excludes unrealised
        changes in the value of investment properties, gains or losses on the disposal of properties and other items that do not provide an accurate
        picture of the Group's underlying operational performance. The measure is considered to accurately capture the long-term strategy of the
        Group, and is an indication of the sustainability of dividend payments.
    (2) As at 31 March 2017, the Company held 9,026,189 treasury shares (March 2016: Nil).

    Straight-line unwind of purchased swaps
    A further adjustment was made to the EPRA earnings attributable to shareholders relating to the straight-line unwind
    of the value as at 1 April 2014 of the swap contracts in the property companies acquired. When the property companies
    were acquired by Stenprop with effect from 1 April 2014, it also acquired the bank loans and swap contracts which were in
    place within these property companies. As a result, Stenprop took over loans with higher swap interest rates than would
    have been the case had new loans and swaps been put in place at 1 April 2014. To compensate for this, the value of the
    swap break costs was calculated at 1 April 2014 and the purchase consideration for the property companies was reduced
    accordingly to reflect this liability.
    
                                                                                                                         Audited       Revised*
                                                                                                       Year ended     year ended     year ended
                                                                                                         31 March       31 March       31 March
                                                                                                             2017           2016           2015
                                                                                                          EUR'000        EUR'000        EUR'000
    Earnings per IFRS income statement attributable to shareholders                                        17,477         49,266         37,600
    Adjustments to calculate headline earnings, exclude:
    Changes in fair value of investment properties                                                        (1,872)       (22,939)       (17,956)
    Reversal of gain on acquisition                                                                             -              -        (9,657)
    Changes in fair value of financial instruments                                                              -            519          (431)
    Deferred tax in respect of headline earnings adjustments
    (investment properties)                                                                                 2,202          2,666          1,538
    Adjustments above in respect of joint ventures and associates
    Changes in fair value of investment properties                                                         16,254        (2,529)          1,360
    Deferred tax in respect of headline earnings adjustments                                                (944)          (307)          (204)
    Headline earnings attributable to shareholders                                                         33,116         26,676         12,250
    Weighted average number of shares in issue
    (excluding treasury shares)                                                                       282,644,639    278,350,720    132,254,338
    Share-based payment award                                                                             956,185        647,806        291,563
    Diluted weighted average number of shares in issue                                                283,600,824    278,998,526    132,545,901
    Earnings per share
    Headline EPS                                                                            (cents)         11.72           9.58           9.26
    Diluted headline EPS                                                                    (cents)         11.68           9.56           9.24
        
    * Readers are referred to the 2015 headline EPS which has been revised since the publication of the 2015 Annual Financial Statements.
      The revised 2015 Headline EPS is 9.26 cents per share, which differs from that of 8.20 cents published in the 2015 Annual Financial statements,
      due to the adjustment for deferred tax in respect of headline earnings adjustments. The deferred tax adjustment had originally included all
      deferred tax but should have adjusted for deferred tax relating only to changes in fair value of investment properties.

                                                                                                                                        Audited
                                                                                                                      Year ended     year ended
                                                                                                                        31 March       31 March
                                                                                                                            2017           2016
                                                                                                                         EUR'000        EUR'000
15. Net asset value per ordinary share
    Net assets attributable to equity shareholders                                                                       426,164        455,497
    Adjustments to arrive at EPRA net asset value:
    Derivative financial instruments                                                                                       3,474          5,942
    Deferred tax                                                                                                          11,853          9,705
    Adjustments above in respect of non-controlling interests                                                              1,839          2,838
    EPRA net assets attributable to shareholders                                                                         443,330        473,982
    Number of shares in issue (excluding treasury shares)(1)                                                         277,655,691    282,984,626
    Share-based payment award                                                                                            956,185        647,806
    Diluted number of shares in issue                                                                                278,611,876    283,632,432
    Net asset value per share (basic and diluted)
    IFRS net asset value per share                                                                          (Euros)         1.53           1.61
    Diluted IFRS net asset value per share                                                                  (Euros)         1.53           1.61
    EPRA net asset value per share                                                                          (Euros)         1.60           1.67
    Diluted EPRA net asset value per share                                                                  (Euros)         1.59           1.67

    (1) As at 31 March 2017, the Company held 9,026,189 treasury shares (March 2016: Nil).

16. Investment property
    The fair value of the consolidated investment properties at 31 March 2017 was EUR550,145,000 (31 March 2016: EUR729,782,000).
    This excludes an amount of EUR155,900,000 (31 March 2016: EURNil) for properties which have been classified as held for
    sale, including the entire Swiss portfolio. The carrying amount of investment property is the fair value of the property as
    determined by registered independent appraisers having an appropriate recognised professional qualification and recent
    experience in the location and category of the property being valued ('valuers').

    The fair value of each of the properties for the year ended 31 March 2017 was assessed by the valuers in accordance with
    the Royal Institute of Chartered Surveyors ('RICS') standards and IFRS 13. Valuers are qualified for purposes of providing
    valuations in accordance with the 'Appraisal and Valuation Manual' published by RICS.

    The valuations performed by the independent valuers are reviewed internally by senior management. This includes
    discussions of the assumptions used by the external valuers, as well as a review of the resulting valuations.

    Discussions of the valuations process and results are held between the senior management and the external valuers on
    a bi-annual basis. The Audit Committee reviews the valuation results and, provided the committee is satisfied with the
    results, recommends them to the board for approval.

    The valuation techniques used are consistent with IFRS 13 and use significant 'unobservable' inputs. Investment properties
    are all at level 3 in the fair value hierarchy and valuations represent the highest and best use of the properties. There have
    been no changes in valuation techniques since the prior year.

    There are interrelationships between all these unobservable inputs as they are determined by market conditions.
    An increase in more than one unobservable input would magnify the impact on the valuation. The impact on the valuation
    would be mitigated by the interrelationship of two unobservable inputs moving in the opposite directions e.g. an increase
    in rent may be offset by an increase in yield, resulting in no net impact on the valuation. Expected vacancy rates may impact
    the yield with higher vacancy rates resulting in higher yield. All revenue is derived from the underlying tenancies given on the
    investment properties.

    All investment properties are mortgaged. Details of which can be seen in note 24. As at the date of signing this report, there
    are no restrictions on the realisability of any of the underlying investment properties, nor on the remittance of income and
    disposal proceeds.

    The key unobservable inputs used in the valuation of the Group's investment properties at 31 March 2017 are detailed in
    the table below:
    
                                                           % of         Market                                          Net initial
    Combined portfolio                                portfolio          value                             Annualised         yield
    (including share                                  by market       31 March                           gross rental     (weighted    Voids by
    of jointly                                            value           2017                    Area         income      average)        area
    controlled entities)                                    (%)  (EUR million)   Properties       (m2)  (EUR million)           (%)         (%)
    UK                                                    34.7           294.1           13     63,555           18.5          5.57        0.05
    Germany                                               30.2           256.3           23     92,264           14.5          4.95        5.37
    Assets held for sale                                  18.4           155.9          12*     47,111            9.6          4.33        4.65
    Sub-total                                             83.3           706.3           48    202,930           42.6          5.07        3.54
    Share of joint ventures
    and associates                                        16.7           141.8            6     49,730            9.9          5.69        5.78
    Total                                                100.0           848.1           54    252,660           52.5          5.18        3.98

    * The Burger King space, which is an annexe to the property known as Hermann is not included in the property count, but its inputs have been
      considered in other measures.
 
                                                                                                                                        Audited
                                                                                                                          31 March     31 March
                                                                                                                              2017         2016
                                                                                                                           EUR'000      EUR'000
    Opening balance                                                                                                        729,782      695,196
    Properties acquired                                                                                                          -       48,206
    Capitalised expenditure                                                                                                  1,924        3,604
    Disposals through the sale of property                                                                                       -      (6,701)
    Foreign exchange movement in foreign operations                                                                       (20,934)     (33,462)
    Net fair value gain on investment property - continuing operations                                                       2,894       28,471
    Net fair value loss on investment property - discontinued operations (note 20)                                         (1,022)      (5,532)
    Transfer to Assets Held for Sale (see note 20)                                                                       (162,499)            -
    Closing balance                                                                                                        550,145      729,782
    Acquisitions
    Germany
    Stenprop Hermann Limited                                                                                                     -       24,458
    Stenprop Victoria Limited                                                                                                    -       23,748
                                                                                                                                 -       48,206
    Disposals
    United Kingdom
    GGP1 Limited                                                                                                                 -      (6,701)
 
                                                                                                                                 -      (6,701)
 
17. Subsidiaries, associates and joint ventures
    The Group consists of a parent company, Stenprop Limited, incorporated in Bermuda and a number of subsidiaries,
    associates and joint ventures held directly and indirectly by Stenprop Limited which operate and are incorporated around
    the world.
 
    Details of the Group's subsidiaries as at 31 March 2017 are as follows:
    
                                                                                    Place of                               % equity owned by
    Name                                                                            incorporation  Principal activity     Company    Subsidiary
    BVI
    Davemount Properties Limited                                                    BVI            Property Investment                   100.00
    Laxton Properties Limited                                                       BVI            Property Investment                   100.00
    Loveridge Properties Limited                                                    BVI            Dormant                               100.00
    Normanton Properties Limited                                                    BVI            Property Investment                   100.00
    Ruby Red Holdings Limited                                                       BVI            Management                            100.00
    SP Corporate Services Limited                                                   BVI            Management                            100.00
    SP Nominees Limited                                                             BVI            Management                            100.00
    SP Secretaries Limited                                                          BVI            Management                            100.00
    Stenprop Management Holdings Limited                                            BVI            Holding Company         100.00
    Stenprop (Germany) Limited                                                      BVI            Holding Company         100.00
    Stenprop (Swiss) Limited                                                        BVI            Holding Company         100.00
    Stenprop (UK) Limited                                                           BVI            Holding Company         100.00
    Stenprop Trafalgar Limited                                                      BVI            Holding Company                       100.00
    Leatherback Property Holdings Limited                                           BVI            Holding Company                       100.00
    Stenprop Hermann Ltd                                                            BVI            Property Investment                   100.00
    Stenprop Victoria Ltd                                                           BVI            Property Investment                   100.00
    Curaçao
    Anarosa Holdings N.V.                                                           Curaçao        Holding Company                        94.90
    C.S. Property Holding N.V.                                                      Curaçao        Holding Company                        94.90
    Lakewood International N.V.                                                     Curaçao        Holding Company                        89.00
    T.B Property Holdings N.V.                                                      Curaçao        Holding Company                       100.00
    Guernsey
    APF1 Limited (in liquidation)                                                   Guernsey       Dormant                 100.00
    Bernina Property Holdings Limited                                               Guernsey       Holding Company                       100.00
    GGP1 Limited                                                                    Guernsey       Property Investment     100.00
    Kantone Holdings Limited                                                        Guernsey       Property Investment                   100.00
    KG Bleichenhof Grundtuscksverwaaltung
    GmbH & Co. KG                                                                   Germany        Property Investment                    94.90
    LPE Limited                                                                     Guernsey       Property Investment                   100.00
    Stenham Paramount Hotel GP Limited                                              Guernsey       Management                            100.00
    Stenprop Advisers Limited                                                       Guernsey       Management                            100.00
    Luxembourg
    Algy Properties Sarl                                                            Luxembourg     Property Investment                   100.00
    Bruce Properties Sarl                                                           Luxembourg     Property Investment                   100.00
    Clint Properties Sarl                                                           Luxembourg     Property Investment                   100.00
    David Properties Sarl                                                           Luxembourg     Property Investment                   100.00
    Jimmy Investments Sarl                                                          Luxembourg     Holding Company                       100.00
    Spike Investments S.A.                                                          Luxembourg     Holding Company                       100.00
    Netherlands
    Century 2 BV                                                                    Netherlands    Property Investment                    94.90
    Century BV                                                                      Netherlands    Property Investment                    94.90
    Isabel Properties BV                                                            Netherlands    Property Investment                    94.90
    Mindel Properties BV                                                            Netherlands    Holding Company                        94.50
    Isle of Man (I oM)
    Stenham Beryl Limited                                                           IoM            Property Investment                   100.00
    Stenham Crystal Limited                                                         IoM            Property Investment                   100.00
    Stenham Jasper Limited                                                          IoM            Property Investment                   100.00
    Gemstone Properties Limited (formerly
    Stenham Properties (Germany) Limited)                                           IoM            Holding Company                       100.00
    Switzerland
    Polo Property GmbH                                                              Switzerland    Property Investment                   100.00
    United Kingdom
    Stenprop Management Limited                                                     England        Management                            100.00
    
    Details of the Group's investments in associates and joint ventures are disclosed in note 18 and note 19 respectively.

18. Investment in associates    
    Details of the Group's associates at the end of the reporting period are as follows:
    
                                                                                                                                       % equity
                                                                                                            Place of    Principal      owned by
    Name                                                                                               incorporation     activity    subsidiary
    Stenham European Shopping Centre Fund Limited ('SESCF')                                                 Guernsey         Fund        28.42*
    Stenham Berlin Residential Fund Limited                                                                 Guernsey         Fund          5.24
    
    * 28.16% of the investment in the underlying property is held through SESCF, and 0.26% of the property investment is held via a wholly-owned
      subsidiary, Leatherback Property Holdings Limited, a company incorporated in the British Virgin Islands.
    
    The above associates are accounted for using the equity method in these consolidated financial statements as set out in
    the Group's accounting policies in note 3. The judgements exercised are disclosed in note 4.
    
    Summarised financial information in respect of each of the Group's associates is set out below:
    
                                                                                                              Stenham       Stenham
                                                                                                             European        Berlin
                                                                                                             Shopping   Residential
                                                                                                          Centre Fund          Fund
                                                                                                              Limited       Limited       Total
                                                                                                              EUR'000       EUR'000     EUR'000
    31 March 2017
    Non-current assets                                                                                            165             -         165
    Assets Held for Sale                                                                                      207,666        19,716     227,382
    Current assets                                                                                              7,861        22,583      30,444
    Non-current liabilities                                                                                         -             -           -
    Current liabilities                                                                                     (150,021)         (582)   (150,603)
    Equity attributable to owners of the Company                                                               65,671        41,717     107,388
    Revenue                                                                                                    19,027        59,794      78,821
    Profit/(loss) from continuing operations and total comprehensive income                                  (50,599)        23,330    (27,269)
    31 March 2016
    Non-current assets                                                                                              -        55,672      55,672
    Current assets                                                                                            265,286             -     265,286
    Non-current liabilities                                                                                    15,408         4,600      20,008
    Current liabilities                                                                                     (164,318)         (150)   (164,468)
    Equity attributable to owners of the Company                                                              116,376        60,122     176,498
    Revenue                                                                                                    20,638         4,621      25,259
    Profit from continuing operations and total comprehensive income                                            1,343         6,876       8,219
    
    Reconciliation of the above summarised financial information to the carrying amount of the interest in the associates
    recognised in the financial statements:
    
                                                                                               Stenham        Stenham
                                                                                              European         Berlin
                                                                                              Shopping    Residential       Stenpark
                                                                                           Centre Fund           Fund     Management
                                                                                               Limited        Limited        Limited      Total
                                                                                               EUR'000        EUR'000        EUR'000    EUR'000
    31 March 2017
    Opening balance                                                                             33,019          6,279              -     39,298
    Share of associates' (loss)/profit*                                                       (14,333)          2,623              -   (11,710)
    Associate balance sheet adjustment                                                              18              -              -         18
    Share in associates disposed during the period                                                   -        (6,716)              -    (6,716)
    Distribution received from associates                                                          (7)              -              -        (7)
    Closing balance                                                                             18,697          2,186              -     20,883
    31 March 2016
    Opening balance                                                                             34,041          5,570             41     39,611
    Share in associates acquired during the period                                                 367              -              -        367
    Reclassification of associate to joint venture                                                   -              -           (41)          -
    Share of associates' profit*                                                                   366            709              -      1,075
    Distribution received from associates                                                      (1,755)              -              -    (1,755)
    Closing balance                                                                             33,019          6,279              -     39,298
    
    * The share of associates' profit includes the fair value movement in the underlying investments for the period. The investment property
      owned by Stenham European Shopping Centre, Nova Eventis was valued by the directors of the associate at EUR208 million less selling costs at
      31 March 2017, a 21.5% reduction of the fair value at 31 March 2016 of EUR265 million. The Stenham Berlin Residential Fund share price 
      increased by 49.2% from EUR1.24 to EUR1.85 per share during the year under review.
    
    Stenham European Shopping Centre Fund Limted ('SESCF')
    As mentioned earlier in this report, SESCF, in which the Group has a 28.42% interest is currently in the final stages of a sales
    process in respect of the Nova Eventis shopping centre. A sale and purchase agreement was signed on 6 February 2017 at
    which time the buyers paid a deposit of EUR11 million into an escrow account. At the date of signing these financial statements
    all closing conditions have been met and the completion date is set for 22 June 2017. There are no significant restrictions
    on the remittance of the disposal proceeds.
    
    Stenham Berlin Residential Fund Limited ('SBRF')
    At 31 March 2017 Stenprop had a 5.24% shareholding in SBRF. At 31 March 2016 SBRF'S investments comprised a holding
    of 3,154,618 shares in ADO Group Limited (a company listed on the Tel Aviv Stock Exchange) and 1,283,283 shares in
    ADO Properties Sarl (listed on the Frankfurt Stock Exchange). During the year to 31 March 2017 SBRF disposed of its entire
    holding in ADO Group Limited and 659,415 shares in ADO Properties Limited. These disposals enabled SBRF to buy back
    19.5 million of its shares for EUR1.73 per share at a total cost of EUR33.7 million in December 2016. This enabled Stenprop to
    realise EUR6.7 million from the sale of 3,882,317 shares in SBRF. At 31 March 2017 SBRF's sole investment was its remaining
    holding of 623,868 shares in ADO Properties Limited. SBRF embarked on a disposal programme to sell these remaining
    shares and Stenprop's investment in SBRF has been categorised at 31 March 2017 as Assets Held for Sale. At the date of
    signing these financial statements all remaining shares in ADO Properties Limited held by SBRF had been sold. There are no
    significant restrictions on the remittance of the disposal proceeds.

19. Investment in joint ventures    
    Details of the Group's joint ventures at the end of the reporting period are as follows:
    
                                                                                                                                       % equity
                                                                                                      Place of                         owned by
    Name                                                                                         incorporation   Principal activity  subsidiary
    Luxembourg
    Elysion S.A.                                                                                  Luxembourg     Holding company          50.00
    Elysion Braunschweig Sarl                                                                     Luxembourg     Property company         50.00
    Elysion Dessau Sarl                                                                           Luxembourg     Property company         50.00
    Elysion Kappeln Sarl                                                                          Luxembourg     Property company         50.00
    Elysion Winzlar Sarl                                                                          Luxembourg     Property company         50.00
    Guernsey
    Stenpark Management Limited                                                                     Guernsey     Management company       50.00
    BVI
    Stenprop Argyll Limited                                                                              BVI     Holding company          50.00
    Regent Arcade House Holdings Limited                                                                 BVI     Property company         50.00
    
    Summarised consolidated financial information in respect of the Group's joint ventures is set out below. Where applicable
    these represent the consolidated results of the respective holding companies.
    
                                                                                                              Stenpark     Stenprop
                                                                                                Elysion     Management       Argyll
                                                                                                   S.A.        Limited      Limited       Total
                                                                                                EUR'000        EUR'000      EUR'000     EUR'000
    31 March 2017
    Investment property                                                                          35,521              -       94,689     130,210
    Current assets                                                                                  526            302        4,472       5,300
    Assets                                                                                       36,047            302       99,161     135,510
    Bank loans                                                                                 (22,672)              -     (43,620)    (66,292)
    Shareholder loan                                                                           (14,537)              -            -    (14,537)
    Deferred tax                                                                                  (529)              -            -       (529)
    Financial liability                                                                           (588)              -      (1,445)     (2,033)
    Current liabilities                                                                           (237)          (217)      (4,729)     (5,183)
    Liabilities                                                                                (38,563)          (217)     (49,794)    (88,574)
    Net assets/(liabilities) of joint ventures                                                  (2,516)             85       49,367      46,936
    Net assets of joint ventures excluding
    shareholder loans                                                                            12,021             85       49,367      61,473
    Group share of net assets                                                                    12,021             43       24,684      36,748
    Revenue                                                                                       2,753            978        5,367       9,098
    Interest payable                                                                            (1,995)              -      (1,326)     (3,321)
    Tax expense                                                                                   (389)              -            -       (389)
    Profit from continuing operations and total
    comprehensive income excluding interest due to Group                                          2,703            727        2,034       5,464
    Share of joint ventures profit due to the Group                                               2,703            363        1,017       4,083
    
                                                                                                             Stenpark     Stenprop
                                                                                               Elysion     Management       Argyll
                                                                                                  S.A.        Limited      Limited        Total
                                                                                               EUR'000        EUR'000      EUR'000      EUR'000
    31 March 2016
    Investment property                                                                         34,349              -      103,375      137,724
    Current assets                                                                                 613            405        4,130        5,148
    Assets                                                                                      34,962            405      107,505      142,872
    Bank loans                                                                                (23,222)              -     (47,131)     (70,353)
    Shareholder loan third party                                                                     -              -     (23,851)     (23,851)
    Shareholder loan Group                                                                    (14,140)              -     (23,850)     (37,990)
    Deferred tax                                                                                 (223)              -            -        (223)
    Financial liability                                                                        (1,068)              -      (1,585)      (2,653)
    Current liabilities                                                                          (120)          (324)      (4,290)      (4,734)
    Liabilities                                                                               (38,773)          (324)    (100,707)    (139,804)
    Net (liabilities)/assets of joint ventures                                                 (3,811)             81        6,798        3,068
    Net assets of joint ventures excluding
    shareholder loans                                                                           10,329             81       54,499       64,909
    Group share of net assets                                                                   10,329             41       27,250       37,620
    Revenue                                                                                      2,797          1,115        4,990        8,902
    Interest payable                                                                           (2,456)              -            -      (2,456)
    Tax expense                                                                                   (91)              -            -         (91)
    Profit from continuing operations and total
    comprehensive income excluding interest due to Group                                         2,569            848        9,654       13,071
    Share of joint ventures profit due to the Group                                              2,569            424        4,827        7,820
    
    Elysion S.A
    Stenprop owns 100% of the shares and shareholder loans in Bernina Property Holdings Limited (Bernina). Bernina in
    turn owns 50% of the issued share capital and 100% of the shareholder loans of Elysion S.A., a company incorporated in
    Luxembourg which is the beneficial owner of the Care Home portfolio. The remaining 50% of Elysion S.A. is owned by a joint
    venture partner who manages the portfolio.
    
    The acquired shareholder loans have attracted, and continue to attract, a 10% compounded interest rate since inception
    in 2007. The outstanding shareholder loan, which is wholly owned by Stenprop, has been valued at the recoverable balance
    which is deemed equal to the net assets of the joint venture excluding the shareholder loan.
    
    Reconciliation of the above summarised financial information to the carrying amount of the interest recognised in the
    consolidated financial statements:
    
                                                                                                              Stenpark     Stenprop
                                                                                               Elysion      Management       Argyll
                                                                                                  S.A.         Limited      Limited       Total
                                                                                               EUR'000         EUR'000      EUR'000     EUR'000
    31 March 2017
    Opening balance                                                                              10,329             41       27,250      37,620
    Share of joint venture profit                                                                 2,703            363        1,017       4,083
    Distribution received from joint venture                                                    (1,010)          (355)      (1,489)     (2,854)
    Foreign exchange movement in foreign operations                                                   -            (7)      (2,094)     (2,101)
    Closing balance                                                                             12,022              42       24,684      36,748
    31 March 2016
    Opening balance                                                                              8,506               -            -       8,506
    Reclassification of associate to joint venture                                                   -              41            -          41
    Share in joint ventures acquired during the period                                               -               -       26,782      26,782
    Share of joint venture profit                                                                2,569             424        4,827       7,820
    Distribution received from joint ventures                                                    (746)           (420)      (1,072)     (2,238)
    Foreign exchange movement in foreign operations                                                  -             (4)      (3,287)     (3,291)
    Closing balance                                                                             10,329              41       27,250      37,620

20. Discontinued operations
    Management consider 11 properties (the entire Swiss portfolio) and an annexe of a 12th property ('Burger King' element of
    the Hermann Quartier property) to meet the conditions relating to Assets Held for Sale, as per IFRS 5: Non-current Assets
    Held for Sale and discontinued operations. The properties are expected to be disposed of during the next financial year.
    The values have been determined by the directors based on the sale price per a letter of intent, a draft sales and purchase
    agreement, or in the case where this is not yet finalised, the fair value as determined by a third party valuer.

    The results of the discontinued operations were as follows:
    
                                                                                                                           31 March    31 March
                                                                                                                               2017        2016
                                                                                                                            EUR'000     EUR'000
    Net rental income                                                                                                         6,609       8,021
    Operating costs                                                                                                           (523)       (605)
    Net operating income                                                                                                      6,086       7,416
    Fair value movement of investment properties                                                                            (1,022)     (5,531)
    Profit from operations                                                                                                    5,064       1,884
    Other gains and losses                                                                                                        -           -
    Net gain from fair value of derivative financial instruments                                                              1,482       1,495
    Net finance costs                                                                                                       (2,376)     (2,515)
    Profit for the year before taxation                                                                                       4,170         865
    Taxation                                                                                                                  (820)       (351)
    Profit for the year from discontinued operations                                                                          3,350         514
    
    The fair value of these properties are shown in the table below:
    
                                                                                                                                       31 March
                                                                                                                                           2017
                                                                                                                                        EUR'000
    The fair value of these properties are shown in the table below:
    Investment properties                                                                                                               155,949
    Cash and cash equivalents                                                                                                               731
    Trade and other receivables                                                                                                           1,568
    Total assets classified as held for sale                                                                                            158,248
    Bank loans                                                                                                                           82,744
    Deferred tax                                                                                                                          5,079
    Accounts payable and accruals                                                                                                         1,255
    Liabilities directly associated with assets classified as held for sale                                                              89,077
    
    Disposals
    On 29 November 2016, the Group disposed of the Clint Properties Sàrl property known as Interlaken, Switzerland,
    for CHF6.8 million (equating to EUR6.3 million after disposal costs). There was no gain to the Group as the disposal was made
    at fair value.

                                                                                                                                       Audited
                                                                                                                           31 March   31 March
                                                                                                                               2017       2016
                                                                                                                            EUR'000    EUR'000
21. Trade and other receivables
    Non-current receivables
    Other debtors                                                                                                            13,600      7,403
                                                                                                                            13,600       7,403
    
    Non-current other debtors includes EUR12.38 million of loans advanced under the Share Purchase Plan (see note 13; share-
    based payments) and a EUR1.22 million loan advanced on 30 March 2017 used to purchase one million Stenprop shares in the
    market by a non-executive director, appointed to the board of Stenprop on 5 April 2017.
    
                                                                                                                                       Audited
                                                                                                                          31 March    31 March
                                                                                                                              2017        2016
                                                                                                                           EUR'000     EUR'000
    Current receivables
    Accounts receivable(1)                                                                                                   4,851       3,509
    Other debtors                                                                                                              593       1,935
    Prepayments                                                                                                                601         923
    Transfer to Assets Held for Sale (see note 20)(2)                                                                      (1,288)           -
                                                                                                                             4,757       6,367
    
    (1) Included in this balance are provisions for doubtful debts of EUR272,000 (2016: EUR101,000)
    (2) Included in this balance are provisions for doubtful debts of EUR163,000

22. Cash and cash equivalents
    Cash at bank                                                                                                            30,192      36,811
    Transfer to Assets Held for Sale (see note 20)                                                                           (731)           -
                                                                                                                            29,461      36,811

    Restricted cash
    At year end funds totalling EUR14.5 million (2016: EUR11.9 million) were restricted. Tenant deposits of EUR2.8million
    (2016: EUR2.7 million) are included in this amount as are net rents held in bank accounts which are secured by the lenders for
    the purposes of debt repayments and redevelopment, including EUR11 million (2016: EUR8.5 million) for the redevelopment of
    Bleichenhof. As the Group is in compliance with all the terms and conditions of its loans as at the date of signing these
    financial statements, there are no further restrictions, and any surplus will flow to the Group.

                                                                                                                                       Audited
                                                                                                                          31 March    31 March
                                                                                                                              2017        2016
                                                                                                                           EUR'000     EUR'000
23. Accounts payable and accruals
    Accruals                                                                                                                 3,373       3,868
    Deferred income                                                                                                          5,763       5,183
    Taxes payable                                                                                                            2,682       1,776
    Other payables                                                                                                           7,626       5,676
    Liabilities directly associated with assets classified as held for sale adjustment
    (see note 20)                                                                                                          (1,255)           -
                                                                                                                            18,189      16,503

                                                                                                                                       Audited
                                                                                                                          31 March    31 March
                                                                                                                              2017        2016
                                                                                                                           EUR'000     EUR'000
24. Borrowings
    Opening balance                                                                                                        367,493     364,931
    Loan repayments                                                                                                        (4,844)    (30,608)
    New loans                                                                                                                    -      56,196
    Amortisation of loans                                                                                                  (4,134)     (7,514)
    Capitalised borrowing costs                                                                                              (188)     (1,049)
    Amortisation of transaction fees                                                                                           459         378
    Foreign exchange movement in foreign operations                                                                        (8,276)    (14,841)
    Adjustment for liabilities directly associated with assets classified as held for sale
     adjustment (see note 20)                                                                                             (82,744)           -
    Total borrowings                                                                                                       267,766      367,493
    Amount due for settlement within 12 months                                                                              97,947      188,785
    Amount due for settlement between one to three years                                                                    92,662       29,892
    Amount due for settlement between three to five years                                                                  159,901      139,816
    Amount due for settlement after five years                                                                                   -        9,000
    Liabilities directly associated with assets classified as held for sale adjustment
     (see note 20)                                                                                                        (82,744)            -
                                                                                                                           267,766      367,493
    Non-current liabilities
    Bank loans                                                                                                             252,563      178,708
    Total non-current loans and borrowings                                                                                 252,563      178,708
    The maturity of non-current borrowings is as follows:
    One year to five years                                                                                                 252,563      169,708
    More than five years                                                                                                         -        9,000
                                                                                                                           252,563      178,708
    Current liabilities
    Bank loans                                                                                                              97,947      188,785
    Liabilities directly associated with assets classified as held for sale adjustment
     (see note 20)                                                                                                        (82,744)            -
    Total current loans and borrowings                                                                                      15,203      188,785
    Total loans and borrowings                                                                                             267,766      367,493

    The facilities are secured by debentures and legal charges over the properties to which they correspond. There is no
    cross-collateralisation of the facilities. The terms and conditions of outstanding loans are as follows:
    
                                                                                                             Nominal value     Carrying value*
                                                                 Loan                                    31 March  31 March  31 March  31 March     
                                                                 interest                    Maturity        2017      2016      2017      2016
    Facility                                  Note  Amortising   rate             Currency   date         EUR'000   EUR'000   EUR'000   EUR'000
    United Kingdom
    Laxton Properties Limited                       No           LIBOR +1.4%      GBP        08/05/2020    32,194    34,846    31,969    34,497
    Normanton Properties Limited                    No           LIBOR +1.4%      GBP        25/03/2019    43,312    46,879    43,205    46,690
    Davemount Properties Limited              1     Yes          LIBOR +2.25%     GBP        26/05/2021     4,676     5,445     4,637     5,445
    LPE Limited                                     No           LIBOR +2%        GBP        23/03/2020    35,070    37,959    34,626    37,317
    GGP1 Limited                              1     No           LIBOR +2.25%     GBP        26/05/2021     9,773    10,578     9,656    10,563
    Switzerland
    Algy Properties Sarl                      2     Yes          LIBOR +1.5%      CHF        31/03/2018     3,028     3,099     3,028     3,099
    Bruce Properties Sarl                     2     Yes          LIBOR +1.35%     CHF        31/03/2018     4,447     4,384     4,447     4,384
    Clint Properties Sarl                     3                                   CHF                           -     2,820         -     2,820
    David Properties Sarl                     2     Yes          LIBOR +1.4%      CHF        31/03/2018     7,225     7,340     7,225     7,340
    Kantone Holdings Limited                  2     Yes          LIBOR +1.05%     CHF            Note 2    45,830    46,787    45,830    46,787
    Polo Property GmbH                        2     Yes          LIBOR +1.15%     CHF            Note 2    22,213    22,639    22,213    22,639
    Germany
    Century BV                                      Yes          Euribor +1.65%   EUR        31/12/2017     9,649     9,911     9,631     9,870
    Century 2 BV                                    Yes          Euribor +1.65%   EUR        31/12/2017     4,177     4,291     4,169     4,273
    Century 2 BV                                    Yes          Euribor +1.65%   EUR        31/12/2017       874       898       873       894
    Stenham Beryl Limited                           Yes          Euribor +1.85%   EUR        30/04/2018     5,377     5,488     5,377     5,488
    Stenham Crystal Limited                         Yes          Euribor +1.85%   EUR        30/04/2018     4,490     4,583     4,490     4,583
    Stenham Jasper Limited                          Yes          Euribor +1.85%   EUR        30/04/2018     5,494     5,608     5,494     5,608
    Isabel Properties BV                            No           Euribor +2.50%   EUR        31/12/2021     9,000     9,000     9,000     9,000
    Bleichenhof GmbH & Co.KG                  4     No           1,58%            EUR        28/02/2022    84,937    84,937    84,937    84,884
    Stenprop Hermann Ltd                            No           Euribor +1.13%   EUR        30/06/2020     9,430    11,050     9,399    11,012
    Stenprop Victoria Ltd                           No           Euribor +1.28%   EUR        31/08/2020    10,300    10,300    10,300    10,300
                                                                                                          351,496   368,842   350,506   367,493
    
    *   The difference between the nominal and the carrying value represents unamortised facility costs.
    (1) On 26 May 2016, Davemount Properties Limited ('Davemount') and GGP1 Limited ('GGP1') refinanced their loan facilities with Santander.
        Santander have provided a single facility with a five-year term of GBP12,360,000 split GBP4,000,000 to Davemount and GBP8,360,000 to GGP1.
        The all-in rate on this facility is 3.46% (including a swap of 1.21%) which compares to 2.7% on the current Davemount facility and 3.72% 
        on the GGP1 facility.
    (2) All of the bank loans in respect of the Swiss properties were due for expiry on 31 March 2017. Given that all of the properties in the 
        Swiss portfolio were held for sale at this date, the loans were re-financed on a short-term basis as follows:
        - Algy Properties Sarl extended its loan with Credit Suisse in the sum of CHF3,237,500, for a period of one year from 1 April 2017 at a 
          loan interest rate of LIBOR +1.5 % and no swap (previous facility: LIBOR + 1.3% + 0.91% swap).
        - Bruce Properties Sarl extended its loan with Credit Suisse in the sum of CHF4,755,000, for a period of one year from 1 April 2017 at a 
          loan interest rate of LIBOR +1.35 % and no swap (previous facility: LIBOR + 1.25% + 1.90% swap).
        - David Properties Sarl extended its loan with Credit Suisse in the sum of CHF7,725,000, for a period of one year from 1 April 2017 at a 
          loan interest rate of LIBOR +1.4 % and no swap (previous facility: LIBOR + 1.3% + 1.73% swap).
        - Kantone Holdings Limited entered into a rolling credit facility with its existing lender, Union Bank of Switzerland ('UBS'). The credit 
          facility was for CHF 49,000,000 at a loan interest rate of LIBOR +1.05 % and no swap (previous facility: LIBOR + 1.05% + 0.7% swap). 
          As each property within the Kantone portfolio is sold, partial repayments of the loan are to be made.
        - Polo Properties GmbH entered into a rolling credit facility with its existing lender, Union Bank of Switzerland ('UBS'). The credit 
          facility was for CHF 23,750,000 at a loan interest rate of LIBOR +1.15 % and no swap (previous facility: LIBOR + 1.15% + 0.73% swap). 
          As each property within  the Polo portfolio is sold, partial repayments of the loan are to be made.
    (3) 0n 29 November 2016, Clint Properties Sarl ('Clint') sold its sole investment, a property in Interlaken Switzerland. As a condition of the 
        sale Clint repaid, in full, its outstanding loan of CHF3,067,500 with Credit Suisse.
    (4) On 28 February 2017 Kommandtigesellschaft Bleichenhof Grundstucksverwaltung GmbH & Co. ('Bleichenhof') refinanced its EUR84,937,000 interest
        only loan facility with Berlin Hyp AG for a five-year term, until 28 February 2022, at an all-in fixed rate of 1.58 % per annum compared to 
        the previous all-in fixed rate of 1.90 % per annum.

25. Derivative financial instruments
    In accordance with the terms of the borrowing arrangements and group policy, the Group has entered into interest rate
    swap agreements. The interest rate swap agreements are entered into by the borrowing entities to convert the borrowings
    from floating to fixed interest rates and are used to manage the interest rate profile of financial liabilities and eliminate future
    cash exposure to interest rate fluctuations. It is the Group's policy that no economic trading in derivatives is undertaken. In
    the current year the Group recognised a total net gain in fair value of financial instruments from continuing and discontinuing
    operations of EUR582,000 (2016: EUR2,495,000 loss) and EUR1.482,000 (2016: EUR1,495,000) respectively.

    The following table sets out the interest rate swap agreements at 31 March 2016 and 31 March 2017.
    
                                                                                                  Notional       Fair     Notional        Fair
                                                                                                     value      value        value       value
                                                                                           Swap   31 March   31 March     31 March    31 March
                                                            Effective      Maturity        rate       2017       2017         2016        2016
    Facility                                                     date          date           %    EUR'000    EUR'000      EUR'000     EUR'000
    United Kingdom
    Laxton Properties Limited                              14/04/2014     8/05/2020        1,62     32,194    (1,105)       34,846     (1,232)
    Normanton Properties Limited                            1/04/2014    25/03/2019        1,50     43,312      (964)       46,879     (1,285)
    LPE Limited                                            26/03/2015    31/03/2020        1,35     35,070      (872)       37,959       (891)
    GGP1 Limited
    (novated from APF1 Limited)                                                                          -          -        6,630        (55)
    GGP1 Limited
    (novated from APF1 Limited)                                                                          -          -        1,265        (10)
    Switzerland
    Algy Properties Sarl                                                                                 -          -        3,522        (62)
    Bruce Properties Sarl                                                                                -          -        4,384       (122)
    Clint Properties Sarl                                                                                -          -        2,820        (74)
    David Properties Sarl                                                                                -          -        7,409       (171)
    Kantone Holdings Limited                                                                             -          -       46,787       (721)
    Polo Property GmbH                                                                                   -          -       22,639       (355)
    Germany
    Century BV                                              1/04/2014    29/12/2017        1,00      9,649       (95)        9,911       (220)
    Century 2 BV                                            1/04/2014    29/12/2017        1,08      4,177       (44)        4,291       (102)
    Century 2 BV                                            1/04/2014    29/12/2017        1,85        874         -           898          -
    Stenham Beryl Limited                                   1/04/2014    30/04/2018        0,83      5,340       (65)        5,488       (125)
    Stenham Crystal Limited                                 1/04/2014    30/04/2018        0,83      4,459       (54)        4,583       (105)
    Stenham Jasper Limited                                  1/04/2014    30/04/2018        0,83      5,456       (67)        5,608       (128)
    Isabel Properties BV                                   30/01/2015    30/12/2021        0,48      9,000      (208)        9,000       (284)
    Total swaps                                                                                    149,531    (3,475)      254,919     (5,942)
    Maturing within 12 months                                                                                   (139)                  (1,769)
    Maturing after 12 months                                                                                  (3,335)                  (4,173)
    Derivative financial instruments - on balance sheet                                                       (3,475)                  (5,942)
    Swaps included in investments
    in associates and joint ventures
    Regent Arcade House Holdings Ltd                       20/05/2015    20/05/2020        1,57     43,838    (1,445)       47,449     (1,585)
    Elysion Braunschweig Sarl                               1/04/2014    29/03/2018        2,43      5,963      (115)        6,125       (240)
    Elysion Dessau Sarl                                     1/04/2014    29/03/2018        2,43      5,762      (110)        5,918       (230)
    Elysion Kappeln Sarl                                    1/04/2014    31/12/2018        2,80      6,252      (217)        6,420       (359)
    Elysion Winzlar Sarl                                    1/04/2014    31/12/2018        2,80      4,168      (145)        4,280       (239)
    Prejan Enterprises Limited                                                                           -          -       44,380       (231)
    Derivative financial instruments - associates and joint ventures                                65,983    (2,032)      114,572     (2,884)

26. Deferred tax

    The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the
    current and prior reporting period.
    
                                                                                                                                       Audited
                                                                                                                          31 March    31 March
                                                                                                                              2017        2016
                                                                                                                           EUR'000     EUR'000
    Opening balance                                                                                                        (9,705)     (7,230)
    Deferred tax recognised on investment properties                                                                       (2,202)     (2,667)
    Deferred tax recognised on revaluation of financial liabilities                                                          (323)       (220)
    Deferred tax on tax losses                                                                                                 377         412
    Adjustment for liabilites directly associated with assets classified as held for sale
    adjustment (see note 20)                                                                                                 5,079           -
    Closing balance                                                                                                        (6,774)     (9,705)
    Deferred tax assets and liabilities are offset where the Group has a legally enforceable
    right to do so. The following is the analysis of the deferred tax balances (after offset) for
    financial reporting purposes:
    Deferred tax liabilities                                                                                              (16,790)    (14,821)
    Deferred tax assets                                                                                                      4,937       5,116
    Adjustment for liabilities directly associated with assets classified as held for sale
    adjustment (see note 20)                                                                                                 5,079           -
    Closing balance                                                                                                        (6,774)     (9,705)
    Deferred tax opening balance                                                                                             9,705       7,230
    Exchange movements                                                                                                         107       (191)
    Deferred tax liability closing balance                                                                                (11,852)     (9,705)
    Movement in deferred tax                                                                                               (2,040)     (2,666)

27. Financial risk management
    The Group is exposed to a variety of financial risks including market risk, credit risk and liquidity risk. The overall risk
    management strategy seeks to minimise the potential adverse effects on the Group's financial performance. Certain risk
    exposures are hedged via the use of financial derivatives.

    This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies
    and processes for measuring and managing these risks, and the Group's management of capital. Further quantitative
    disclosures are included throughout these audited financial statements where relevant. The Group's board of directors
    has overall responsibility for the establishment and oversight of the Group's risk management framework.

    The board has established the Risk Committee which has assumed responsibility for developing and monitoring the Group's
    risk management policies. The Risk Committee participates in management's process of formulating and implementing
    the risk management plan and reports on the plan adopted by management to the Board.

    The objective of risk management is to identify, assess, manage and monitor the risks to which the business is exposed,
    including, but not limited to, information technology risk. The board will be responsible for ensuring the adoption of
    appropriate risk management policies by management. The Group's risk management policies are established to identify
    and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to
    limits. Risk management policies are reviewed regularly to reflect changes in market conditions and the Group's activities.
    The board will also ensure that there are processes in place between itself and management enabling complete, timely,
    relevant, accurate and accessible risk disclosure to shareholders.

    To enable the Risk Committee to meet its responsibilities, the Risk Committee has adopted a charter which includes
    appropriate standards and the implementation of systems of internal control and an effective risk-based internal audit,
    comprising policies, procedures, systems and information to assist in:

    -   safeguarding assets and reducing the risk of loss, error, fraud and other irregularities;
    -   ensuring the accuracy and completeness of accounting records and reporting;
    -   preparing timely, reliable financial statements and information in compliance with relevant legislation and generally
        accepted accounting policies and practices; and
    -   increasing the probability of anticipating unpredictable risk.

    The committee oversees how management monitors compliance with the Group's risk management policies and
    procedures and reviews the adequacy of the risk management framework in relation to risks faced by the Group.

    Credit risk
    The Group's principal financial assets are cash and cash equivalents and trade and other receivables. The credit risk arising
    from deposits with banks is managed through a policy of utilising only independently-rated banks with acceptable credit
    ratings.

    The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings of the counterparty
    where the account or deposit is placed. A summary of the European financial institutions credit ratings for the six banks in
    which 81% of the Group's cash is held, are as follows:
    
                                                                                                                         31 March   31 March
                                                                                                                             2017       2016
    ABN AMRO Bank NV                                                                                                            A          A
    Barclays Private Clients International Limited                                                                             A-         A-
    Berliner Sparkasse                                                                                                        AA-        AA-
    HSBC Bank plc.                                                                                                            AA-        AA-
    Santander UK plc.                                                                                                           A          A
    UBS AG                                                                                                                     A+          A
    
    The directors are satisfied as to the credit worthiness of the banks where the remaining cash is held.

    At the time of acquisition of a property, and from time to time thereafter, the Company reviews the quality of the contracted
    tenants to ensure that the tenants meet acceptable covenants. Trade receivables are presented in the statement of financial
    position net of allowances for doubtful receivables. An allowance for impairment is made where there is an indefinable loss
    event, which based on previous experience, may give risk to a non-recovery of a receivable.
  
    The carrying amount of financial assets represents the maximum credit exposure at the reporting date.
  
    At 31 March 2017, trade and other receivables and cash and cash equivalents amounts to EUR34,218,000 (March 2016:
    EUR43,178,000) as shown in the statement of financial position.
  
    Liquidity risk
    Prudent liquidity risk management implies maintaining sufficient cash resources, the availability of funding through
    appropriate and adequate credit lines and managing the ability of tenants to settle within lease obligations. The Group
    ensures, through the forecasting and budgeting of cash requirements that adequate committed resources are available.
  
    By its nature, the market for investment property is not immediately liquid. As a result of this illiquidity, the Group's ability
    to vary its portfolio in a timely fashion and to receive a fair price in response to changes in economic and other conditions
    may be limited. Furthermore, where the Group acquires investment properties for which there is not a readily available
    market, the Group's ability to deal in any such investment or obtain reliable information about the value of such investment
    or risks to which such property investment is exposed may be limited. The Group's short-term liquidity risk is secured by the
    existence of cash balances, through the fact that rental income exceeds the Group's cost structures and through ensuring
    that facilities are managed within debt covenants.
  
    The following table details the contractual maturity date of the Group's financial liabilities. The table has been drawn up
    based on the undiscounted contractual maturities of the financial liabilities, including interest that will accrue to those
    liabilities, except where there Group is entitled and intends to repay the liability before its maturity. The discount column
    represents the possible future cash flows included in the maturity analysis, such as future interest or potential payments
    that have not been included in the carrying amount of the financial liability. The table also includes a reconciliation to the
    carrying value in the statement of financial position.
    
                                                                      Less        One       Three        One     Over
                                                                  than one   to three   to twelve    to five     five
                                                                     month     months      months      years    years    Discount      Total
                                                                   EUR'000    EUR'000     EUR'000    EUR'000  EUR'000     EUR'000    EUR'000
    Interest-bearing loans                                               -          -      97,946    252,564        -           -    350,510
    Loan interest                                                      575      1,950       5,609     14,120        -    (21,634)        620
    Financial liabilities                                                -          -         139      3,335        -           -      3,474
    Deferred tax                                                         -          -       5,079      6,774        -           -     11,853
    Other payables (including tax)                                       -      4,225       6,083          -        -           -     10,308
    Accruals                                                             -          -       2,753          -        -           -      2,753
    Deferred income                                                      -      5,763           -          -        -           -      5,763
    Liabilities directly associated with
    assets classified as held for sale                                   -      (770)    (89,250)          -        -         943   (89,077)
    As at 31 March 2017                                                575     11,168      28,359    276,793        -    (20,691)    296,204
    Interest-bearing loans                                           5,445          -     183,340    169,708    9,000           -    367,493
    Loan interest                                                      531      2,388       6,636     14,056      203    (23,278)        536
    Financial liabilities                                              199          -       1,570      3,889      284           -      5,942
    Deferred tax                                                         -          -           -      9,705        -           -      9,705
    Other loans and interest                                             -          -           -         12        -           -         12
    Other payables (including tax)                                       -      2,811       4,641          -        -           -      7,452
    Accruals                                                             -          -       3,332                   -           -      3,332
    Deferred income                                                      -      5,156          27          -        -           -      5,183
    As at 31 March 2016                                              6,175     10,355     199,546    197,370    9,487     (23,278)   399,655
    
    Fair value of financial instruments
    The following table summarises the Group's financial assets and liabilities into categories required by IFRS 7 Financial
    instruments disclosures. The directors consider that the carrying amounts of financial assets and financial liabilities
    recorded at amortised cost in the financial statements approximate their fair values.
    
                                                                                                             Held at                   Total
                                                                                                          fair value                carrying
                                                                                                             through      Held at     amount
                                                                                                              profit    amortised   31 March
                                                                                                            and loss         cost       2017
                                                                                                             EUR'000      EUR'000    EUR'000
    Financial assets
    Cash and cash equivalents                                                                                      -       29,461     29,461
    Trade and other receivables                                                                                    -       18,357     18,357
                                                                                                                   -       47,818     47,818
    Financial liabilities
    Bank loans                                                                                                     -      267,766    267,766
    Derivative financial instruments                                                                           3,474            -      3,474
    Accounts payable and accruals                                                                                  -       18,189     18,189
    As at 31 March 2017                                                                                        3,474      285,955    289,429
    
                                                                                                             Held at                   Total
                                                                                                          fair value                carrying
                                                                                                             through      Held at     amount
                                                                                                              profit    amortised   31 March
                                                                                                            and loss         cost       2016
                                                                                                             EUR'000      EUR'000    EUR'000
    Financial assets
    Cash and cash equivalents                                                                                      -       36,811     36,811
    Accounts receivable                                                                                            -        3,509      3,509
    Other debtors                                                                                                  -        9,338      9,338
                                                                                                                   -       49,658     49,658
    Financial liabilities
    Bank loans                                                                                                     -      367,493    367,493
    Other loan and interest                                                                                        -           12         12
    Derivative financial instruments                                                                           5,942            -      5,942
    Accounts payable and accruals                                                                                  -       16,503     16,503
    As at 31 March 2016                                                                                        5,942      384,008    389,950

    Market risk
    Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
    market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and price risk. The objective
    of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising
    returns to shareholders.

    Investment in property is subject to varying degrees of risk. The main factors which affect the value of the investment in
    property include:

    -  changes in the general economic climate;
    -  local conditions in respective markets, such as oversupply, or a reduction in demand, for commercial space in a specific
       area;
    -  competition from other available properties; and
    -  government regulations, including planning, environmental and tax laws.

    Whilst a large number of these factors are outside the control of the management, market and property specific factors
    relevant to maintain a sustainable income stream within the Group's yield parameters are considered as part of the initial
    due diligence. Properties and tenant leases are actively managed.

    Foreign currency risk
    The Group's functional currency is Euros. Foreign currency risk is the risk that the fair value or future cash flows of a financial
    instrument will fluctuate because of changes in foreign currency or exchange rates. At the reporting date, the below table
    summarises the Group's exposure to foreign currency risk in respect of assets and liabilities held in GBP (United Kingdom)
    and CHF (Switzerland).
    
                                                                                                                 31 March         31 March
                                                                                                                     2017             2016
                                                                                                                  EUR'000          EUR'000
    Assets
    GBP                                                                                                           337,187          371,938
    CHF                                                                                                           155,278          160,313
    Liabilities
    GBP                                                                                                           138,557          149,120
    CHF                                                                                                            89,077           94,894

    Foreign currency sensitivity analysis
    The sensitivity analysis measures the impact on the Group's exposure in Euros (based on a change in the reporting date
    spot rate) and the impact on the Group's Euro profitability, given a simultaneous change in the foreign currencies to which
    the Group is exposed at the reporting date.
  
    A 10% strengthening in the Euro exchange rate against the following currencies at year end would have decreased equity
    and profits by the amounts shown below. The 10% threshold was selected as a reasonable, worse-case scenario and is
    considered a prudent threshold. This analysis assumes that all other variables remain constant. For a 10% weakening of the
    Euro, there would be an equal but opposite impact on the profit and equity and the balance would be positive.
    
                                                                                                                   Equity   Profit or loss
                                                                                                                  EUR'000          EUR'000
    GBP impact                                                                                                   (19,863)          (1,079)
    CHF impact                                                                                                    (6,620)            (335)
                                                                                                                 (26,483)          (1,414)
    
    The following exchange rates were applied during the year:
    
                                                                                                                  Average
                                                                                                                 rate for
                                                                                                                12 months       Period end
                                                                                                              to 31 March         31 March
                                                                                                                     2017             2017
    CHF                                                                                                            0.9229           0.9353
    GBP                                                                                                            1.1904           1.1690

    Interest rate risk
    The Group's interest rate risk is associated with cash and cash equivalents, on the one hand, and interest-bearing
    borrowings, on the other. If the interest is variable, it presents the Group with a cash flow interest rate risk. Interest rate
    risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
    interest rates. As stated in note 24, borrowings from credit institutions are protected against movements in interest rates.
    The Company uses interest rate swaps to manage its interest rate exposure.
  
    Fair value hierarchy
    The table below analyses the Group's financial instruments carried at fair value, by valuation method. The different levels
    have been defined as follows:

    Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
    Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
             (i.e. as prices) or indirectly (i.e. derived from prices).
    Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
    
                                                                              Total financial
                                                                                  instruments           Designated at fair value
                                                                                   recognised
                                                                                at fair value    Level 1         Level 2         Level 3
                                                                                      EUR'000    EUR'000         EUR'000         EUR'000
    31 March 2017
    Liabilities
    Derivative financial liabilities                                                    3,474          -           3,474               -
    Total liabilities                                                                   3,474          -           3,474               -
    31 March 2016
    Liabilities
    Derivative financial liabilities                                                    5,942          -           5,942               -
    Total liabilities                                                                   5,942          -           5,942               -
    
    Details of changes in valuation techniques
    There have been no significant changes in valuation techniques during the period under review.
    
    Significant transfers between Level 1, Level 2 and Level 3
    There have been no significant transfers during the period under review.
    
    Unobservable inputs
    Investment properties are considered Level 3 and associated unobservable inputs are disclosed in note 16.

    Capital risk management
    The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 25, cash and cash
    equivalents and equity attributable to ordinary shareholders of the Company, comprising issued capital, reserves and
    retained earnings as disclosed in the statement of changes in equity. Stenprop's average loan-to-value ratio ('LTV') ratio at
    31 March 2017 was 51.6% (March 2016: 51.6%), including joint ventures and associates and the Group is not subject to any
    external capital requirements. The Group strategy is to maintain a debt-to-equity ratio and LTV to ensure that property
    performance is translated into an enhanced return for shareholders whilst at the same time ensuring that it will be able
    to continue as a going concern through changing market conditions. The directors are of the opinion that a 50% LTV in
    respect of secured external borrowings is an appropriate target for the Group, given the current market conditions.

28. Related party transactions

    Parties are considered related if one party has control, joint control or significant influence over the other party in making
    financial and operating decisions. Transactions with related parties are made on terms equivalent to those that prevail in an
    arm's-length transaction.

    Other than those further referred to below, there were no other related party transactions during the period ended
    31 March 2017.

    P Arenson and M Fienberg, both directors of the Company until 14 September 2016 when M Fienberg resigned, are also
    directors of Stenham Limited which at 31 March 2017 had an indirect beneficial interest of 4.85% in Stenprop Limited
    through its wholly-owned subsidiary, Stenham Group Limited (March 2016: 4.91%).

    At 31 March 2017, P Arenson held an indirect 1.13% interest in the share capital of Stenham Limited (March 2016: 2.58%).
    His interest in Stenprop Limited is seperately disclosed in note 8.

    M Yachad is a non-executive director of the Company and an executive director of Peregrine Holdings Limited, which has a
    beneficial interest (direct and indirect) of 6.51% in the shares of the Company at 31 March 2017 (March 2016: 6.41%).

29. Operating lease commitments
    The Group earns rental income by leasing its investment properties to tenants under non-cancellable operating leases.
  
    At the balance sheet date the Group had contracted with tenants for the following future minimum lease payments on its
    investment properties:
    
                                                                                                                             Audited
                                                                                                                31 March    31 March
                                                                                                                    2017        2016
                                                                                                                 EUR'000     EUR'000
    Continuing operations
    Within one year                                                                                               32,536      32,662
    Between one and two years                                                                                     30,531      31,777
    Between two and five years                                                                                    76,284      81,790
    After five years                                                                                              63,304      72,157
                                                                                                                 202,656     218,386
    
    Discontinuing operations
    Within one year                                                                                                9,210       8,011
    Between one and two years                                                                                      8,282       7,145
    Between two and five years                                                                                    20,792      16,203
    After five years                                                                                              30,030      14,532
                                                                                                                  68,314      45,891
    
30. Contingent liabilities and commitments
    As at 31 March 2017, the Group was contractually committed to CHF2.5 million (EUR2.3 million). This reflects a contribution
    towards capital expenditure in respect of an investment property in Switzerland.

31. Subsequent events

    (i)   Declaration of dividend after reporting date
          On 7 June 2017, the directors declared a final dividend of 4.5 cents per share, payable in cash on 4 August 2017.

          An announcement containing details of the dividend and the timetable will be made separately.
     
    (ii)  Sale of Assets Held for Sale
          Burger King
          On 25 April 2017, the sale completed on the annexe of the Hermann Quartier property known as Burger King.
          The annexe was recognised at its sale price per the signed sales and purchase agreement at reporting date. Readers
          are referred to note 20 where details of this annexe are disclosed as per IFRS 5 Non-current Assets Held for Sale and
          discontinued operatio

    (iii) Signing of sale and puchase agreement of shares in subsidiary of associate
          On 6 February 2017, a sale and purchase agreement was signed to sell the shares in the company which owns the
          underlying property known as Nova Eventis shopping centre. Stenprop owns 28.16% of the underlying investment
          through Stenham European Shopping Centre Fund Limited ('SESCF'), and 0.26% via a wholly-owned subsidiary,
          Leatherback Property Holdings Limited. The directors have estimated the fair value of the Nova Eventis shopping
          centre to be EUR207.7 million as at 31 March 2017 being the agreed property valuation of EUR208.5 million per the
          agreement, less sale costs. The buyers have paid a deposit of EUR11 million into an escrow account. At the date of signing
          all closing conditions are met, and completion date is set for 22 June 2017.

    (iv)  Sale of shares held by associate
          Following year end, an associate of the Group, Stenham Berlin Residential Fund Limited ('SBRF') sold all of its shares
          in its sole investment, ADO Properties SA. Subsequent to this, a voluntary buy back offer was made to all investors in
          SBRF. Stenprop has participated in this buyback which will result in net sales proceeds of EUR2.3 million being received by
          20 June 2017.

    (v)   Change to the board of directors
          On 6 April 2017, an announcement was made containing details of the appointment of Warren Lawlor as a
          non-executive director of the board of Stenprop with effect from 5 April 2017.

    (vi)  Share incentive awards
          On 7 June 2017, the directors, on the recommendation of the remuneration committee, approved the following
          share-based awards:

                                Bonus awards under Deferred
                             Share Bonus Plan in respect of
                              the year ended 31 March 2017*    Share Purchase Plan^
                                                  Number of         Loan      Number of
                                     EUR'000         shares      EUR'000         shares
          Executive directors             14         11,348        2,095      1,717,350
          Other staff                     39         31,856          285        233,654
                                          53         43,204        2,380      1,951,004

          * Share options vest in three equal tranches. The first tranche vests on grant. Subsequent tranches will vest at the relevant year-end in
            accordance with the rules of the Deferred Share Bonus Plan.
          ^ Shares will be issued on 8 June 2017.

          Loans advanced under the share purchase plan are interest-bearing at a rate equal to the average interest rate
          incurred by the Group from time to time. Interest is payable six monthly in arrear. Loans are repayable within 30 days
          of cessation of employment (unless the participant ceases employment in circumstances beyond his or her control,
          in which case the loan is repayable within 12 months), and must in all circumstances be repaid in 10 years. All dividends
          received by such employees (or his or her nominee) by virtue of their shareholding, must first be utilised to discharge
          any interest outstanding in terms of the loan advanced in terms of the Share Purchase Plan.

    (vii) Industrial portfolio acquisition
          On 7 June 2017 Stenprop announced the acquisition of 100% of the interests in Industrials UK LP which owns a portfolio
          of multi-let industrial properties (the 'MLI Portfolio') as well 100% as the management business that has built up and
          managed the portfolio, C2 Capital Limited (the 'C2 Management Platform') for a combined consideration that values
          the two businesses at GBP130.5 million.

          The MLI Portfolio is made up of 25 separate multi-let industrial estates situated in or near densely populated nodes
          across the United Kingdom. The portfolio has a gross lettable area of approximately 2 million square feet (200,000
          sqm), a diversified base of over 400 tenants and contractual rent (including contractual fixed uplifts) of approximately
          GBP9.1 million per annum.

          The C2 Management Platform specialises in the acquisition and active management of multi-let industrial estates
          across the UK. Founded and run by Julian Carey, with the support of five property professionals, the business has been
          investing on behalf of private and institutional clients since its inception in 2009.

          The MLI Portfolio is being acquired with effect from the date of completion of the transaction, which is expected to
          be 30 June 2017. The purchase price is payable in cash, with a GBP6.35 million deposit having been paid on exchange
          of contracts on 6 June 2017 with the balance of the purchase price payable on completion, subject to a further
          adjustment to take account of any working capital in the structure.

          The purchase consideration will ultimately be funded out of the proceeds from the sale of the Nova Eventis shopping
          centre, which is scheduled to complete on 22 June 2017, and certain of the properties in Stenprop's Swiss portfolio
          that are in the process of being sold. To ensure that it has the cash available to settle the purchase price on completion,
          Stenprop has secured a twelve month bridging finance facility of EUR31 million, which attracts an arrangement fee of 1% and 
          interest at 7% per annum. The loan is subject to a group loan to value covenant of 65%. A further twelve month facility of 
          EUR8 million has been secured at an interest rate of 7% per annum.

          Stenprop will acquire the shares in C2 Capital Limited from Julian Carey for GBP3.5 million, to be settled by the issue of 
          3,270,500 Stenprop shares valued at EUR1.22 per share, adjusted upward or downward in cash for working capital.

          The accounting for these transactions will be finalised on completion and more information will be given when Stenprop
          reports its interim results.

          Stenprop is confident that the combination of these acquisitions will provide a strategic foothold and capability in the
          multi-let industrial estates sector; and that this positioning will enable it to deliver sustainable higher average annual
          rental growth over the next few years. The acquisition of the MLI Portfolio, together with the acquisition of the C2
          Management Platform, represents a rare opportunity to make a substantial strategic investment into an asset class
          which Stenprop believes is likely to show superior returns over the next few years.

Property summary

                                                                                                                                 Weighted
                                                               Asset                                                              average
                                                            value as      Gross                   Annual      WAULT                rental
                                                  Asset   percentage   lettable Occupancy gross   rental        (by      WAULT per square
                                                  value of portfolio       area   (by area)       income   revenue)  (by area)      metre
                                          (EUR million)          (%)       (m2)        (%) (EUR million)      years      years     EUR/m2
United Kingdom
Office                                            324.7         38.3     44,566        99.9         19.0        5.5        5.6        426
Retail                                              8.7          1.0      7,678       100.0          1.1        4.0        4.3        143
Industrial                                          8.0          0.9     14,313       100.0          0.7        3.4        3.4         49
Total                                             341.4         40.2     66,557       100.0         20.8        5.4        5.0        313
Germany
Retail                                            206.2         24.3    103,396        95.6         14.5        6.7        7.0        140
Office                                             53.5          6.3     15,015        80.1          2.4        4.5        4.8        160
Nursing Homes                                      35.4          4.2     19,330       100.0          2.7       12.4       12.1        140
Other                                              55.7          6.6      1,251        80.1          2.5        4.5        4.8      1,998
Total                                             350.8         41.4    138,990        94.4         22.1        6.9        7.4        159
Assets Held for
Sale*
Retail                                             84.6         10.0     24,511        94.7          5.3        9.2       10.5        216
Office                                             70.7          8.3     21,487        96.5          4.3        4.7        4.7        200
Other                                               0.6          0.1      1,113        87.8          0.0        4.6        4.3          -
Total                                             155.9         18.4     47,111        95.4          9.6        7.2        7.7        204
Total
Office                                            448.9         52.9     81,068        95.4         25.7        5.3        5.2        317
Retail                                            299.5         35.3    135,585        95.6         20.9        7.2        7.5        154
Industrial                                          8.0          0.9     14,313       100.0          0.7        3.4        3.4         49
Nursing Homes                                      35.4          4.2     19,330       100.0          2.7       12.4       12.1        140
Other                                              56.3          6.7      2,364        83.7          2.5        4.5        4.6      1,058
Total                                             848.1        100.0    252,660        96.0         52.5        6.3        6.8        208

* Readers are referred to note 20. Assets Held for Sale includes the remaining Swiss portfolio.

Rental Escalation profile
Stenprop operates in countries with low inflation rates. The annual inflation rate during the 2016 calendar year was 1.6% for the
UK, 1.7% for Germany and nil for Switzerland. Rental escalation clauses vary across the portfolio. In the UK, a majority of leases
are subject to periodic upwards-only rent reviews, at different stages of the tenancy. Leases in the German and Swiss properties
are generally adjusted for CPI with a hurdle rate before an increase can be applied, with the exception of the Aldi portfolio, which
sees increases of 1.66% annually. During the past year, the UK increased by 0.38% entirely due to one rent review at the Argyll
Street property. Rents from German properties saw an average increase of 0.63%, while Swiss properties saw no indexation.

Portfolio analysis

                                                                                                Net initial
                                                                                                     yield
                                 Portfolio        Market                           Annualised     31 March
                                        by         value                                gross         2017
                                    market      31 March                               rental    (weighted       WAULT     Voids   Rental
Combined                             value          2017                   Area        income     average) (by rental) (by area)   per m2
portfolio                              (%) (EUR million)   Properties      (m2) (EUR million)          (%)     (years)       (%) (EUR/m2)
United Kingdom                        34.7         294.1           13    63,555          18.5         5.57         5.7       0.0      291
Germany                               30.2         256.3           23    92,264          14.5         4.95         6.6       5.4      157
Assets
Held for Sale                         18.4         155.9           12    47,111           9.6         4.33         7.2       4.6      204
Germany                                0.3           2.7            -       250           0.2         6.40         1.2       0.0      800
Switzerland                           18.1         153.2           12    46,861           9.4         4.29         7.3       4.7      201
Total                                 83.3         706.3           48   202,930          42.6         5.07         6.3       3.5      210
Share of joint
ventures and
associates                            16.7         141.8            6    49,730           9.9         5.69         6.4       5.8      199
Total                                100.0         848.1           54   252,660          52.5         5.18         6.3       4.0      208

Tenant profile
Stenprop's tenants are classified into three groups, as follows:

Tenant profile by annual rent

Type A  64%
Type B  21%
Type C  15%

Tenant profile by let area

Type A  57%
Type B  26%
Type C  17%


Type A: Large tenants with a national presence or multi-national tenants, government and major franchisees.
Type B: Nationally recognised tenants, listed tenants, franchisees, and medium to large professional firms.
Type C: All other tenants.

Includes Stenprop's share of joint ventures and associates.

Consolidated portfolio

                                                                                          Net initial
                                                                                                yield
                                                  Market                      Annualised      31 March
                                                   value                           gross          2017
                                 Ownership      31 March                          rental     (weighted       WAULT       Voids    Rental
                      Property/   interest          2017    Pro-      Area        income      average) (by rental) (by area)      per m2
Company               portfolio        (%) (EUR million) perties      (m2) (EUR million)           (%)     (years)       (%)    (EUR/m2)
United Kingdom
Davemount             Davemount     100.00           8.7       3     7,678           1.1         11.42         4.0       0.0         143
Properties (BVI)
Laxton
Properties Ltd        Euston        100.00          90.8       1    10,204           4.8          4.07         4.2       0.0         470
(BVI)
GGP1 Limited          GGP1          100.00          30.3       7    25,454           2.6          8.23         3.8       0.0         102
(Guernsey)
Normanton
Properties            Pilgrim       100.00          91.2       1     9,655           5.1          4.98         4.2       0.0         528
(BVI)
LPE Ltd               Trafalgar     100.00          73.1       1    10,564           4.9          6.38        10.1       0.3         464
(Guernsey)
                      United 
Total                 Kingdom                      294.1      13    63,555          18.5           5.57        5.7       0.0         291
Germany
Gemstone              Aldi          100.00          33.0      14    18,843           2.2          5.78         9.9       0.0         117
Properties Ltd
Anarosa
Holdings N.V          BikeMax       100.00          25.2       5    18,007           2.0          7.0 9        4.5       0.0         111
(Curaçao)
KG Bleichenhof        Bleichenhof    94.90         127.5       1    20,067           5.8          3.98         4.5      19.9         289
GmbH
Isabel                Isabel        100.00          18.7       1    13,365           1.3          6.08         6.4       3.0          97
Properties B.V
Stenprop
Hermann Ltd           Hermann       100.00          20.7       1     8,272           1.4          6.40         5.1       5.3         169
Stenprop
Victoria Ltd          Victoria      100.00          31.2       1    13,710           1.8          4.65        13.5       0.9         131
Total                 Germany                      256.3      23    92,264          14.5          4.95         6.6       5.4         157
                      Wholly-
Total                 owned                        550.4      36   155,819          33.0          5.28         6.1       3.2         212
                      portfolio

Assets Held for sale properties
                                                                                            Net initial
                                                                                                  yield
                                                    Market                      Annualised     31 March
                                                     value                           gross         2017    WAULT
                                  Ownership       31 March                          rental    (weighted      (by     Voids   Rental
                   Property/       interest           2017    Pro-      Area        income     average)  rental) (by area)   per m2
Company            portfolio            (%)  (EUR million) perties      (m2) (EUR million)          (%)  (years)       (%) (EUR/m2)
Germany            Germany 
                   Burger
                   King space           100            2.7       -       250           0.2         6.40      1.2       0.0      800
                   (Hermann)
Switzerland        Switzerland
Credit Suisse      Credit Suisse
David Properties   Cham              100.00           13.2       1     5,335          0.8         4.46       4.5      14.2      150
Sarl (Lux)
Bruce Properties   Chiasso           100.00            8.9       1     4,183          0.6         4.28       2.4       9.7      143
Sarl (Lux)
Algy Properties
Sarl (Lux)         Sissach           100.00            3.9       1     1,988          0.2         4.91       4.2      45.4      101
Total              Credit Suisse                      26.0       3    11,506          1.6         4.47       3.7      18.0      139
Polo               Polo
Polo Property      Altendorf         100.00           27.1       1     8,199          1.5         4.09      10.4       0.0      183
GmbH (Swiss)
Polo Property
GmbH (Swiss)       Arlesheim         100.00           13.1       1     4,834          1.0         4.95       6.5       0.0      207
Total              Polo                               40.2       2    13,033          2.5         4.37       8.9       0.0      192
Kantone            Kantone
Kantone Holdings   Baar              100.00           22.3       1     4,114          1.4         4.00       2.8       1.8      340
Ltd (Guernsey)
Kantone Holdings   Granges           100.00           18.6       3     5,261          1.1         4.46       4.8       0.0      209
Ltd (Guernsey)
Kantone Holdings   Lugano            100.00           18.3       1     7,036          1.3         4.46      19.5       0.0      185
Ltd (Guernsey)
Kantone Holdings   Montreux          100.00           22.3       1     4,362          1.1         4.09       4.6       0.5      252
Ltd (Guernsey)
Kantone Holdings
Ltd (Guernsey)     Vevey             100.00            5.5       1     1,549          0.4         3.82       3.6       1.8      258
Total              Kantone                            87.0       7    22,322          5.3         4.21       7.7       0.6      237
Total              Switzerland                       153.2       12   46,861          9.4         4.29       7.3       4.7      201
Total              Held for sale                     155.9       12   47,111          9.6         4.33       7.2       4.6      204
                   Current     
Total              subsidiaries                      706.3       48 202,930          42.6         5.07       6.3       3.5      210

Jointly controlled entities

                                                                                    Net initial
                                                                                               yield
                                                 Market                      Annualised     31 March
                                                  value                           gross         2017   WAULT
                                Ownership      31 March                          rental    (weighted     (by     Voids    Rental
                Property/        interest          2017    Pro-      Area        income     average) rental) (by area)    per m2
Company         portfolio             (%) (EUR million) perties      (m2) (EUR million)          (%) (years)       (%)  (EUR/m2)
United 
Kingdom         Argyll               50.0          94.7       1     6,007           4.6         4.54     2.7       0.0       766
Germany 
Elysion Sarl    Carehomes          100.00          35.4       4    19,330           2.7         6.28    12.4       0.0       140
SESCF Ltd 
(Guernsey)      Nova                28.42         207.7       1    96,397          17.2         6.27     4.8     10.5        178
Total           Germany                           243.1       5   115,727          19.9         6.27     5.8       6.2       172
                Jointly-owned 
Total           interests                         337.8       6   121,734          24.5         5.79     5.2       5.9       201
                (100%) 
                Jointly-owned 
                interests                
                (Stenprop 
Total           share)                            141.8       6    49,730           9.9         5.69     6.4       5.8       199

Analysis of shareholders
                           
                                                                                      Number of                  Number
                                                                                  shareholdings         %     of shares        %
SHAREHOLDER SPREAD                           
1 - 1 000 shares                                                                            369     12.96       131,613     0.05
1 001 - 10 000 shares                                                                     1,108     38.92     4,628,198     1.61
10 001 - 100 000 shares                                                                     899     31.58    34,429,088    12.01
100 001 - 1 000 000 shares                                                                  422     14.82   113,479,116    39.58
1 000 001 shares and over                                                                    49      1.72   134,013,865    46.75
Total                                                                                     2,847    100.00   286,681,880   100.00
DISTRIBUTION OF SHAREHOLDERS                           
Banks/brokers                                                                                55      1.93    32,528,773    11.35
Close corporations                                                                           23      0.81       518,811     0.18
Control account                                                                               2      0.07       254,592     0.09
Endowment funds                                                                              14      0.49     1,162,857     0.41
Individuals                                                                               1,837     64.52    55,146,817    19.24
Insurance companies                                                                          16      0.56     5,982,922     2.09
Investment company                                                                            2      0.07        71,801     0.03
Mutual funds                                                                                 97      3.41    28,724,174    10.02
Other corporations                                                                           11      0.39       346,298     0.12
Private companies                                                                           195      6.85    51,437,951    17.94
Public companies                                                                             32      1.12    41,124,912    14.35
Retirement funds                                                                             43      1.51     6,331,530     2.21
Treasury stock                                                                                1      0.04     9,026,189     3.15
Trusts                                                                                      519     18.23    54,024,253    18.84
Total                                                                                     2,847    100.00   286,681,880   100.00
PUBLIC/NON-PUBLIC SHAREHOLDERS                           
Non-public shareholders                                                                      13      0.46    23,107,874     8.06
Directors and associates of the Company holdings                                             12      0.42    14,081,685     4.91
Treasury stock                                                                                1      0.04     9,026,189     3.15
Public shareholders                                                                       2,835     99.58   272,600,195    95.09
Total                                                                                     2,847    100.00   286,681,880   100.00

Major shareholders
As at the financial year end there were 2,847 shareholders in the Company. In terms of the Companies Act 1981 of Bermuda,
there is no requirement for registered shareholders to disclose their beneficial shareholdings and accordingly, the Company
provides disclosure on the shareholdings where this information is provided to the Company. As at 31 March 2017 Peregrine
Holdings Limited held a direct and indirect interest of 6.51% in the issued share capital of the Company. The Company does
not know of any other shareholder which has beneficial interest of greater than 5% of the Company's issued share capital as at
31 March 2017.

Shareholder diary

Financial year-end                              31 March
Integrated Annual Report posted                   August
Annual general meeting                         September

Announcement of results

Interim                                         December
Annual                                              June


Dividends                         Declared          Paid

Interim                           December       January
Final                                 June   July/August

Corporate information

Registered office of the Company
Stenprop Limited
(Registration number 47031)
20 Reid Street
3rd Floor, Williams House
Hamilton, HM11
Bermuda

Company secretary
Apex Corporate Services Ltd.
(Registration number 33832)
3rd Floor, Williams House
20 Reid Street
Hamilton HM11, Bermuda
(PO Box 2460 HM JX, Bermuda)

JSE sponsor
Java Capital Trustees and Sponsors
Proprietary Limited
(Registration number 2006/005780/07)
6A Sandown Valley Crescent
Sandown
Sandton, 2196
South Africa
(PO Box 2087, Parklands, 2121)

SA transfer secretaries
Computershare Investor Services
Proprietary Limited
(Registration number 2004/003647/07)
Rosebank Towers, 15 Biermann Avenue,
Rosebank, Johannesburg, 2196,
South Africa

Correspondence address
PO Box 61051
Marshalltown, 2107
South Africa

Legal advisors
Berwin Leighton Paisner LLP
Adelaide House
London Bridge
London, EC4R 9HA
United Kingdom

Postal address of the Company
Kingsway House
Havilland Street
St Peter Port, GY1 2QE
Guernsey

South African corporate advisor
Java Capital Proprietary Limited
(Registration number 2012/089864/07)
6A Sandown Valley Crescent
Sandown
Sandton, 2196
South Africa
(PO Box 2087, Parklands, 2121)

BSX sponsor
Estera Securities (Bermuda) Limited
(Registration number 25105)
Canon's Court
22 Victoria Street
Hamilton, HM12, Bermuda
(Postal address the same as the
physical address above)

Bermudian registrars
Computershare Investor Services
(Bermuda) Limited
(Company number 41776)
Corner House
20 Parliament Street
Hamilton, HM12
Bermuda

Correspondence address
2nd Floor, Queensway House
Hilgrove Street
St. Helier
Jersey
JE1 1ES
Channel Islands

Auditors
Deloitte LLP
Regency Court
Glategny Esplanade
St Peter Port
GY1 3HW
Guernsey
Channel Islands

www.stenprop.com

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