Cash and cash equivalents: These are held with major Irish and European institutions. The Board has established a cash management policy for these funds which it monitors regularly. This policy includes ratings restrictions, BB or better, and related investment thresholds, maximum balances of EUR25-50m with individual institutions dependent on rating, to avoid concentration risks with any one counterparty. The Group has also engaged the services of a Depository to ensure the security of the cash assets.

Trade and other receivables: Rents are generally received in advance from tenants and therefore there tends to be a low level of credit risk associated with this asset class. As part of the Group's response to the COVID-19 pandemic, a credit rating system was introduced for tenants. This is used, together with an analysis of past loss patterns and future expectations of economic impacts, to create a matrix for the calculation and provision of ECL (note 20). Included in trade receivables is a net amount of EUR0.7m relating to expenditure on fit-outs that is recoverable from tenants over the duration of the lease (March 2020: EUR1.0m). This amount is monitored closely in the current economic environment due to its long-term nature. Otherwise, the Group has small balances in trade receivables which are immaterial in the context of credit risk.

Trade receivables are managed under a 'held-to-collect' business model as described in note 20. ECL on financial and contract assets recognised during the financial year were EUR423k (March 2020: EUR147k). Details on the Group's policy on providing ECL can be found in the introduction to Section IV. The Group has a diverse range of tenants, many of which are large multinational companies, (57% of its contracted rent is from the technology sector and state entities), and to date our rent collection statistics have remained strong (note 2.e).

The maximum amount of credit exposure is therefore: 


                                 As at 31 March 2021          As at 31 March 2020 
 
                                 EUR'000                        EUR'000 
Other financial assets                                    972                            34 
Trade and other receivables                         13,180                       13,966 
Cash and cash equivalents                           31,634                       28,454 
Balance at end of financial year                    45,786                       42,454 iv. Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group ensures that it has sufficient available funds to meet obligations as they fall due. Net current assets, a measure of the Group's ability to meet its current liabilities, at the financial year end were: 


                                                As at 31 March 2021 As at 31 March 2020 
 
                                                EUR'000               EUR'000 
Net current assets at the financial year        3,347               6,638 
end

The nature of the Group's activities means that the management of cash is particularly important and is managed over a four-year period. The budget and forecasting process includes cash forecasting, capital and operational expenditure projections, cash inflows and dividend payments on a quarterly basis over the four-year horizon. This allows the Group to monitor the adequacy of its financial arrangements.

In addition to a cash balance of EUR23m (excludes cash from sinking funds and tenant deposits) (March 2020: EUR21m), the Group had access at 31 March 2021 to EUR93m (March 2020: EUR133m) in undrawn amounts under its revolving credit facility (note 24.a), which matures in December 2023. In July 2021, the Group will receive an additional EUR125m from the issue of US private placement debt (note 34.3)

Exposure to liquidity risk

Listed below are the contractual cash flows of the Group's financial liabilities. This includes contractual maturity in relation to borrowings which is also the earliest maturity of the facilities assuming that covenants are not breached. Covenants are reviewed quarterly and scenario analyses performed as to the circumstances under which these covenants could be breached in order to monitor going concern and viability (see also note 2.e). Only trade and other payables relating to cash expenditure are included; the balance relates either to non-cash items or deferred income. These include interest margins payable and contracted repayments. EURIBOR is assumed at 0% throughout the financial year.

At 31 March 2021 


                     Carrying amount Contractual cash flows 6 months or less 6-12 months 1-2 years 2-5 years >5 years 
                     EUR'000           EUR'000                  EUR'000            EUR'000       EUR'000     EUR'000     EUR'000 
Non-derivatives 
Borrowings           300,441         324,473                3,217            3,217       6,434     271,247   40,358 
Trade payables       27,997          27,997                 27,997           -           -         -         - 
Contract liabilities 3,775           3,775                  3,775            -           -         -         - 
Total                332,213         356,245                34,989           3,217       6,434     271,247   40,358

At 31 March 2020 


                     Carrying amount Contractual 6 months 6-12   1-2    2-5      >5 
                                     cash flows  or less  months years  years    years 
                     EUR'000           EUR'000       EUR'000    EUR'000  EUR'000  EUR'000    EUR'000 
Non-derivatives 
Borrowings            260,208         285,517     2,821    2,821  5,642  194,629  79,604 
Trade payables        2,240           2,240       2,240    -      -      -        - 
Contract liabilities  3,177           3,177       3,177    -      -      -        - 
Total                 265,625         290,934     8,238    2,821  5,642  194,629  79,604 v. Capital management

The Group's objectives when managing capital are to: ? safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders

and benefits for other stakeholders; and ? maintain an optimal capital structure to minimise the cost of its capital,

In order to manage its capital, the Group may adjust the amount of dividends paid to shareholders (while ensuring it remains compliant with the dividend distribution requirements of the Irish REIT regime), return capital to shareholders, issue new shares or sell assets to reduce debt. On 7 August 2020, the Company commenced a EUR25m share buyback programme which completed on 16 November 2020 (note 21). The Group is also obliged to distribute at least 85% of its property rental income annually via dividends under the REIT regime regulations.

Capital comprises share capital, retained earnings and other reserves, as disclosed in the consolidated statement of changes in equity. At 31 March 2021 the total capital of the Group was EUR1,148m (March 2020: EUR1,231m).

The key performance indicators used in evaluating the achievement of strategic objectives, and as performance measurements for remuneration, are as follows: ? Total Property Return ("TPR") %: Measures the relative performance of the Company's investment property portfolio

versus the Irish property market, as calculated by MSCI. ? Total Accounting Return ("TAR") %: Measures the absolute growth in the Group's EPRA NTA per share plus any ordinary

dividends paid during the financial year. ? EPRA earnings per share (cent): Measures the profit after tax excluding revaluations and gains and losses on

disposals and associated taxation (if any) on a per share basis. For property companies it is a key measure of a

company's operational performance and capacity to pay dividends. ? Total Shareholder Return ("TSR") %: Measures growth in share value over a period assuming dividends are reinvested

in the purchase of shares. Allows comparison of performance against other companies in the Group's listed peer

group.

The Group seeks to leverage its equity capital in order to enhance returns (note 24.a). The loan to value ratio ("LTV") is expressed as net debt (note 24.b) divided by total investment property value (as shown in the balance sheet). The Group's policy is to maintain an LTV ratio of 20-30% on a through cycle basis and not to incur debt above an LTV ratio of 40% (see note 24.b). Key loan covenants

Under the terms of the major borrowing facilities, the Group is required to comply with the following key financial covenants: ? The LTV ratio must not exceed 50% ? Interest cover must be greater than 1.5 times on both a 12-month historical and forward basis ? The net worth (Net Asset Value) of the Group must exceed EUR400m at all times

The Group has complied with these key covenants throughout the reporting period. Other

In addition, the LTV ratio must remain under 50% under the rules of the Irish REIT regime.

The Company's share capital is publicly traded on Euronext Dublin and the London Stock Exchange.

As the Company is authorised under the Alternative Investment Fund regulations it is required to maintain a minimum of 25% of its annual fixed overheads as capital. This is managed through the Company's risk management process. The limit was monitored throughout the financial year and no breaches occurred.

Section V ? Other

This section contains notes that do not belong in any of the previous categories. 30. Operating lease receivables

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