HIBERNIA REIT PLC Share premium 21 580,444 630,276 Capital redemption reserve fund 21 4,070 1,757 Other reserves 22 6,638 5,379 Retained earnings 23 491,320 525,271 Total equity 1,148,638 1,231,149 Non-current liabilities Financial liabilities 24 299,956 259,691 Deferred tax liabilities 25 206 395 Total non-current liabilities 300,162 260,086 Current liabilities Financial liabilities 24 485 517 Trade and other payables 26 27,997 21,873 Contract liabilities 27 3,775 3,177 Total current liabilities 32,257 25,567 Total equity and liabilities 1,481,057 1,516,802 IFRS NAV per share (cent) 15 173.6 179.8 Diluted IFRS NAV per share (cent) 15 172.7 179.2 EPRA NTA per share (cent) 15 172.7 179.2
Consolidated statement of cash flows For the financial year ended 31 March 2021
Financial year ended 31 Financial year ended 31
March 2021 March 2020
Notes EUR'000 EUR'000
Cash flows from operating activities
Rent received 70,775 64,734
Other property income 7,160 6,560
Property expenses paid (9,291) (8,918)
Cash paid to and on behalf of employees (6,554) (6,024)
Other administrative expenses paid (3,818) (5,606)
Interest received 1 3
Other income 13 10
Income tax refund - 81
Net cash from operating activities 58,286 50,840
Cash flows from investing activities
Purchase of investment property 28.a (7,978) (22,675)
Capital expenditure on investment property 28.b (20,316) (25,266)
Cash received from sale of investment property 136 34,503
Purchase of property, plant and equipment (61) (2,066)
Sale of property, plant and equipment - 50
Net cash flow (absorbed) by investing activities (28,219) (15,454)
Cash flows from financing activities
Dividends paid (33,777) (25,866)
Cash expended on share buyback (25,035) (25,036)
Borrowings drawn 42,100 57,945
Borrowings repaid (2,500) (29,968)
Finance expenses paid (7,100) (6,369)
Purchase of derivative hedges (561) -
Share issue costs (14) (10)
Net cash (outflow) from financing activities (26,887) (29,304)
Net increase in cash and cash equivalents 3,180 6,082
Cash and cash equivalents start of financial year 28,454 22,372
Increase in cash and cash equivalents 3,180 6,082
Net cash and cash equivalents at end of financial year 31,634 28,454
The consolidated statement of cash flows, including the comparative information, has been presented here using the direct approach under International Accounting Standard ("IAS") 7 Statement of Cash Flows. In previous financial statements the indirect approach has been presented. Further details on this change can be found in note 2.a.
Consolidated statement of changes in equity For the financial year ended 31 March 2021
Share Share Capital Property Cash flow Share-based Retained
capital premium redemption revaluation hedge payment earnings Total
reserve fund reserve reserve reserve
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1 April 2019 69,759 624,483 - 1,889 (288) 7,556 515,140 1,218,539
Profit for the financial - - - - - - 61,043 61,043
year
Other comprehensive income - - - 1,658 54 - - 1,712
for the financial year
Balance before transactions 69,759 624,483 - 3,547 (234) 7,556 576,183 1,281,294
with shareholders
Issue of share capital 464 5,793 - - - (6,257) (10) (10)
Own shares acquired and
cancelled in the financial (1,757) - 1,757 - - - (25,036) (25,036)
year
Dividends paid - - - - - - (25,866) (25,866)
Share-based payments - - - - - 767 - 767
Balance at 31 March 2020 68,466 630,276 1,757 3,547 (234) 2,066 525,271 1,231,149
(Loss) for the financial - - - - - - (25,213) (25,213)
year
Other comprehensive income - - - (304) 676 - - 372
for the financial year
Balance before transactions 68,466 630,276 1,757 3,243 442 2,066 500,058 1,206,308
with shareholders
Capital reorganisation - (50,000) - - - - 50,000 -
Issue of share capital 13 168 - - - (181) (14) (14)
Own shares acquired and
cancelled in the financial (2,313) 2,313 - - - (25,035) (25,035)
year
Dividends paid - - - - - - (33,777) (33,777)
Share-based payments - - - - - 1,068 88 1,156
Balance at 31 March 2021 66,166 580,444 4,070 3,243 442 2,953 491,320 1,148,638
Section I - General
This section contains the significant accounting policies and other information that apply to the Group's financial statements as a whole. Those policies applying to individual areas such as investment property are described within the relevant note to the consolidated financial statements. This section also includes a summary of the new European Union ("EU") endorsed accounting standards, amendments and interpretations that have not yet been adopted and their expected impact on the reported results of the Group. 1. General information
Hibernia REIT plc (the "Company"), registered number 531267, together with its subsidiaries and associated undertakings (the "Group"), is engaged in property investment and development (primarily office) in the Dublin market with a view to maximising its shareholders' returns.
The Company is a public limited company and is incorporated and domiciled in Ireland. It is regulated by the Central Bank of Ireland. The address of the Company's registered office is 1WML, Windmill Lane, Dublin, D02 F206, Ireland.
The ordinary shares of the Company are listed on the primary listing segment of the Official List of Euronext (the "Irish Official List") and the premium listing segment of the Official List of the UK Listing Authority (the "UK Official List" and, together with the Irish Official List, the "Official Lists") and are traded on the regulated markets for listed securities of Euronext Dublin and the London Stock Exchange plc. 2. Basis of preparation 2.a Statement of compliance and basis of preparation
These consolidated financial statements of Hibernia REIT plc are non-statutory consolidated financial statements for the purpose of the Companies Act 2014. The Auditor has not completed its audit but the Directors do not expect that there will be changes to the financial information between these non-statutory consolidated financial statements and the statutory financial statements that will be contained in the Annual Report. The Annual Report of the Group is expected to be published in late June 2021. The consolidated financial statements of Hibernia REIT plc have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the EU and the Companies Act 2014. IFRS as adopted by the EU differ in certain respects from IFRS as issued by the International Accounting Standards Board ("IASB"). The Group financial statements therefore comply with Article 4 of the EU IAS Regulation. The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of investment properties, owner-occupied buildings and derivative financial instruments that are measured at fair value at the
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