Future aggregate minimum rentals receivable (to the next break date) under non-cancellable operating leases are:
As at 31 March 2021 As at 31 March 2020 EUR'000 EUR'000 Operating lease receivables due in: Less than one year 65,552 64,206 Between two and five years 169,348 178,678 Greater than five years 117,043 142,282 Total 351,943 385,166
The Group leases its investment properties under operating leases. The weighted average unexpired lease term based ("WAULT") of the office portfolio at 31 March 2021, based on the earlier of lease break or expiry date was 5.8 years (March 2020: 6.4 years).
These calculations are based on all leases in place at 31 March 2021, i.e. including leases that are in place but have not yet commenced. 31. Capital commitments
The Group has entered into a number of development contracts to develop buildings in its portfolio. The total capital expenditure commitment in relation to these is approximately EUR3m (March 2020: EUR18m). 32. Contingent liabilities Accounting policy
Contingent liabilities are possible obligations depending on whether some uncertain future event occurs, or present obligations where payment is not probable, or the amount cannot be measured reliably. Contingent liabilities are not recognised but are disclosed unless the possibility of an outflow of economic resources is remote.
The Group has not identified any contingent liabilities which are required to be disclosed in the financial statements. 33. Related parties 33.a Subsidiaries
All transactions between the Company and its subsidiaries are eliminated on consolidation.
The following are the major subsidiaries of the Group:
Shareholding Registered address/ / Name Directors Company Nature of business Country of Number of Secretary incorporation shares held Justin Dowling Hibernia REIT 1WML Holding Windmill Lane Thomas Edwards-Moss Holding property Company Dublin D02 F206 100%/1 Sean O'Dwyer interests Limited Kevin Nowlan Ireland Frank O'Neill Justin Dowling Hibernia REIT 1WML Holdco One Windmill Lane 100%/1 Thomas Edwards-Moss Kevin Sean O'Dwyer Holding property Limited Dublin D02 F206 Nowlan interests Ireland Frank O'Neill 1WML Edwina Governey Hibernia REIT Windmill Lane Holdco Two Dublin D02 F206 100%/1 Kevin Nowlan Sean O'Dwyer General partner Limited Ireland Mark Pollard Hibernia REIT 1WML Justin Dowling Holdco Three Windmill Lane 100%/1 Sean O'Dwyer Property development Limited Dublin D02 F206 Thomas Edwards-Moss Frank Ireland O'Neill Hibernia REIT 1WML Justin Dowling Holdco Four Windmill Lane 100%/1 Sean O'Dwyer Holding property Limited Dublin D02 F206 Thomas Edwards-Moss Frank interests Ireland O'Neill Hibernia REIT Justin Dowling Building 1WML Management Windmill Lane 100%/1 Thomas Edwards-Moss Kevin Sean O'Dwyer Property management Services Dublin D02 F206 Nowlan Limited Ireland Frank O'Neill WK Nowlan REIT 1WML Thomas Edwards-Moss Kevin Management Windmill Lane 100%/300,000 Nowlan Sean O'Dwyer Investment Limited Dublin D02 F206 holding company Ireland Frank O'Neill 33.b Other related party transactions
Thomas Edwards-Moss (CFO) rented an apartment from the Group at market rent and paid EUR33k in rent during the financial year (March 2020: EUR14k).
Stewart Harrington (Non-Executive Director) rented an apartment from the Group for part of the financial year at market rent and paid EUR17k in rent during the financial year (March 2020: EUR9k). 33.c Key management personnel
In addition to the Executive and Non-Executive Directors, the following are the key management personnel of the Group:
Justin Dowling Director of Property
Edwina Governey Chief Investment Officer
Sean O'Dwyer Company Secretary and Risk & Compliance Officer
Frank O'Neill Director of Operations
Gerard Doherty Director of Development
The remuneration of the above key management personnel paid during the financial year was as follows:
Financial year ended Financial year ended 31 March 2020 31 March 2021 EUR'000 EUR'000 Short-term benefits 3,751 3,385 Post-employment benefits 288 262 Other long-term benefits - - Share-based payments 222 367 Total for the financial year 4,261 4,014
The remuneration of Executive Directors and key management is determined by the Remuneration Committee, having regard to the performance of individuals, of the Group and market trends. 34. Events after the financial year end 1. On 22 April 2021, 154,349 ordinary shares were issued pursuant to the settlement of performance-related
remuneration awards for the year ended 31 March 2019. Following the transaction, the issued share capital of the
Company is 661,811,141 ordinary shares of EUR0.10 each. 2. The Directors have proposed a final dividend of 3.4 cent per share that is subject to approval at the AGM to be
held on 27 July 2021. 3. On 20 May 2021 the Group announced the issue of EUR125m senior unsecured fixed rate notes which will be funded on 23
July 2021 in two series as follows:
? EUR62.5m 1.88% due July 2031
? EUR62.5m 1.92% due July 2033
Pro-forma for this debt issuance, the weighted average term of the Group's debt at 31 March 2021 would have been 5.2 years, up from 3.4 years excluding the issue.
Supplementary information i. Five-year record
Based on the Group's consolidated financial statements for the financial years ended 31 March:
Consolidated statement of financial position 2021 2020 2019 2018 2017 EUR'm EUR'm EUR'm EUR'm EUR'm Investment property 1,427 1,465 1,395 1,309 1,167 Other assets 54 52 77 44 43 Financial liabilities (300) (260) (231) (219) (171) Other liabilities (32) (26) (23) (22) (25) Net assets 1,149 1,231 1,218 1,112 1,014 Financed by: Share capital 650 700 694 687 678 Reserves 499 531 524 425 336 Total equity 1,149 1,231 1,218 1,112 1,014 IFRS NAV per share (cent) 173.6 179.8 174.7 160.6 147.9 EPRA NTA per share (cent)1 172.7 179.2 173.3 159.1 146.3 Consolidated income statement 2021 2020 2019 2018 2017 EUR'm EUR'm EUR'm EUR'm EUR'm Net rental income 63 59 53 46 40 Gains and (losses) on investment property (67) 23 98 88 104 Other gains and losses - - - - 2 Total operating expenses (13) (14) (19) (21) (21) Operating profit/(loss) (17) 68 132 113 125 Net finance expense (8) (7) (8) (6) (6) Profit/(loss) for the financial year (25) 61 124 107 119 Basic earnings per share (cent) (3.7) 8.9 17.8 15.5 17.3 Diluted earnings per share (cent) (3.7) 8.8 17.6 15.4 17.2 EPRA earnings per share (cent) 6.3 5.5 4.0 2.8 2.2 Diluted EPRA earnings per share (cent) 6.2 5.5 3.9 2.8 2.2 Dividend per share (cent) 5.4 4.8 3.5 3.0 2.2 1. For 2019 and prior years EPRA NAV is presented, under the 2016 EPRA BPR. EPRA updated these in October 2019 and we
present EPRA NTA from then onwards (see iii.f EPPRA NAV measures for more information). There is no material change
between EPRA NAV an EPRA NTA for Hibernia. ii. Alternative performance measures
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