Nordic Land

Document Sample
Nordic Land Powered By Docstoc
					Nordic Land
Annual Report & Accounts 2009
contents
03	 highlights                   27	 statement	of	directors’	        33	 consolidated	and	company	
05	chairman’s	statement              responsibilities                    statements	of	changes	in	equity

07	 managing	director’s	review   29	 independent	auditors’	report    34	 notes	to	the	financial	statements
15	 directors                    30	 consolidated	income	statement   51	 notice	of	annual	general	meeting
16	lathe	management	team         31	 consolidated	and	company		      55	 shareholder	information
17	 directors’	report
                                     balance	sheets                  57	 advisers’	details
                                 32	 consolidated	and	company		
21	 corporate	governance
                                     cash	flow	statements




                                                                              Nordic Land
                                                                                             Russia




                                                                                                                                                        Borlänge
                                                                       Finland

                                                                                                         Oslo

                                                                                                                                         SWEDEN
                          SWEDEN

                                                                                                                                                            Stockholm

   Norway


                                                            Helsinki
  Oslo

                                                           Tallinn
                                Stockholm

                                                                     Estonia
                   Gothenburg                                                                                              Gothenburg


                                                                                             Russia
                                                           Riga

Denmark                                                   Latvia

  Copenhagen
                    Malmo
                                                            Lithuania
                                                                                                                                Helsingborg
                                                                     Vilnius

                                                                                 Minsk                    Copenhagen             Malmo



Germany                                     Poland                                 Belarus

          Berlin
                                                 Warsaw
                                                                                                      Location of Swedish Retail Portfolio: Borlange and Helsingborg
     terminalen 1, helsingborg


02    highlights                 Nordic Land
         highlights
          introduction
          Nordic Land plc is a Jersey-registered, property investment company established in April 2007 to invest principally in retail real estate in the
          Nordic Region, including Sweden, Norway and Finland. The Manager is Lathe Investments (Nordic) LLP.

          The Company’s investment objective is to provide shareholders with attractive total returns over the medium to long term through dividends and
          increases in net asset value.

          The Company’s shares are traded on the AIM market of the London Stock Exchange.




          financial highlights
          Value of Property Portfolio:                                                EPRA NAV per share – basic and diluted:
          £64.2 m                                                                     £0.91
          (2008: £67.9 m)                                                             (2008: £1.17)



          operational highlights



                                          Helsingborg:                                         Borlänge:                                                Sicklaön:
                                          19,500 m²                                            10,000 m²                                                3,400 m²
                                          103 tenancies                                        14 tenancies                                             6 tenancies



          Highlights include:
          •	   upward	rent	indexation	of	4%	for	all	the	properties	in	January	2009
          •	   increasing	rental	income	at	Helsingborg	through	letting	vacant	space,	increasing	mall	income	and	improving	cost	recovery	from	tenants	
          •	   advancement	of	valuable	development	opportunities	at	Helsingborg	with	the	support	of	the	local	Municipality
          •	   planning	permission	granted,	pre-let	secured	and	construction	started,	for	a	new	1,130	m2 unit at Borlänge
          •	   100%	occupancy	achieved	in	the	office	accommodation	in	Borlänge



          terminalen 1, helsingborg




w w w. n o rd i c l a n d . c o m                                                              annual report & accounts 2009                                          03
     terminalen 1, helsingborg


04    c h a i r m a n ’s s t a t e m e n t   Nordic Land
         chairman’s statement

          I am pleased to present the results for your Company for the year             Your Board is working closely with the Company’s brokers to introduce
          ended 31 March 2009.                                                          new shareholders and to examine other ways to improve liquidity in the
                                                                                        Company’s shares.
          Despite the worst economic conditions seen for many years, the Nordic
          real	estate	markets	have	performed	significantly	better	than	many	other	

                                                                                        Dividend
          countries, and, in particular, the UK.

          Nordic Land remains the only AIM-listed company exclusively investing in
          commercial real estate in the Nordic region and thus offers its investors a   In line with the statement made at the time of admission to
          unique exposure to a market that is performing relatively well, compared      AIM in 2007, no dividend has been declared.
          to other countries, and offers attractive opportunities going forward.



                                                                                        Outlook
          Property valuations
                                                                                        The retail property market in Sweden continues to offer
          The value of our portfolio has decreased by some 4.9% to SEK 761              an attractive combination of low rents and relatively robust
          million (£64.2 million) from SEK 800 million (£67.9 million) at 31 March      retail sales. Your Board will, therefore, continue to focus on
          2008. The Company has benefitted from the relatively defensive                further building our investment platform in Sweden when
          nature of the Nordic property markets, from the performance of                the timing is right.
          the Nordic economies during this recessionary period, and from
          the results achieved by your Manager’s active asset management.               Inevitably, the Nordic economies are not totally immune to the
          Details of the successful programmes implemented to add value,                effects	of	the	financial	crises	afflicting	world	economies.		In	particular,	
          particularly at Terminalen 1 in Helsingborg and Lackeraren 3 in               the Swedish banking market is continuing to show signs of strain,
          Borlänge, are outlined in the Managing Director’s Review.                     particularly regarding the banks’ exposure to the economies of the
                                                                                        Baltic countries, and this is reducing their appetite for lending for
          As a result, although the EPRA NAV per share of the Company has               either	refinancing	existing	transactions	or	financing	new	acquisitions.		
          decreased	over	the	period	by	some	22%	to	£0.91	per	share	(2008:	£1.17	        Notwithstanding this, your Company has continued to show progress
          per	share),	it	is	still	above	the	EPRA	NAV	of	£0.90	per	share	at	the	date	    in very challenging conditions, which bodes well for the Company’s
          of admission to AIM. In the light of global economic conditions and real      future, particularly when the markets improve.
          estate markets around the world this is a satisfactory performance.
                                                                                        As we reported last year, pending recovery of the capital markets,
                                                                                        expansion of the business is most likely to be achieved by way of joint

          Share price
                                                                                        venturing	with	financial	partners	or	through	a	merger	with	or	the	
                                                                                        acquisition of other investment vehicles.

          The Company’s share price does not reflect the Company’s                      I would like to thank the management team and the Group’s
          performance or the asset value behind the shares. Sentiment                   professional advisers for their considerable efforts in producing these
          towards the real estate sector has been poor, reflecting concerns             results despite the poor economic conditions.
          over both the impact of economic conditions on the direction of
          commercial property values and refinancing risk. This has been
          further compounded in the case of your Company by the lack of
          liquidity in its shares.

          However, your Board considers that the Swedish real estate sector has
          intrinsic defensive qualities in general, as has the Nordic Land portfolio    Ray Horney
          specifically	(as	outlined	in	this	report),	and	would	expect	any	positive	     Chairman
          changes in sentiment towards the sector as a whole to result in a             7 July 2009
          narrowing of the discount of the share price to NAV. The Board also
          takes some comfort from the fact that the Group’s borrowings,
          which are all secured on the Group’s properties, are operating within
          bank covenants. None are repayable until 2012, with an option to
          extend	for	a	further	year,	and	all	are	on	a	fixed-interest	basis,	with	a	
          weighted-average,	all-in	interest	rate	of	5.45%	per	annum.




w w w. n o rd i c l a n d . c o m                                                          annual report & accounts 2009                                               05
     terminalen 1, helsingborg


06    m a n a g i n g d i re c t o r ’s re v i e w   Nordic Land
         managing director’s review

          the nordic property market                                                  our business model
          Sweden’s economy has not been immune to the effects of the global           We focus on multi-let investment properties with a strong retail
          economic crisis but has fared well relative to many other European          element. This forms the basis of our strategy of seeking to add
          countries. It experienced negative GDP growth of 0.2% in 2008.              value whilst having a well-spread mix of tenants.

          The	National	Institute	of	Economic	Research	forecasts	a	fall	of	3.9%	       The Company’s acquisition process is stringent and based on local
          in	2009	and	a	recovery	of	0.9%	in	2010.	In	comparison	to	the	rest	of	       knowledge. For each property, and further development thereof,
          Europe, Sweden is forecast to have a somewhat higher than average           detailed business plans are prepared to manage risk and to add real
          growth than the EU area in 2009.                                            value through both development and asset management.

          Retail sales performed better than many EU countries and increased by       Acquisition	financing	is	carefully	structured	to	provide	sufficient	
          3.4%	during	2008.		However,	consumers	are	now	more	cautious,	given	         headroom to operate within loan covenants. Protection against future
          the weaker labour markets, and growth is now expected to be much            interest-rate	movements	is	achieved	by	fixed-rate	funding,	which,	
          lower	in	2009,	growing	only	by	a	forecast	1%.		Demand	from	retailers	       in	turn,	matches	the	timing	of	the	contracted	income	flows	from	
          for new space has decreased, if not halted, and proposed new retail         occupational leases.
          property developments have largely been put on hold.
                                                                                      Nordic	Land’s	financial	controls	are	equally	rigorous	and	detailed	
          Swedish banks are lending, albeit cautiously, having had to manage a        working capital forecasts are maintained to assist in the planning of
          large exposure to the Baltic countries.                                     property acquisitions and subsequent developments.

          Investment	activity	in	2008	was	slightly	down	at	SEK	103	billion	for	all	   As far as property operations are concerned, we engage local Swedish
          property.	Shopping	centres	accounted	for	approximately	12%	of	the	          property professionals, experienced in the real estate markets, to advise
          total	retail	investment	transaction	volume,	down	from	66%	in	2007.	         us on our investment and asset management strategy. The Board
          Retail	warehouses	accounted	for	approximately	78%.	                         includes	a	Swedish	property	professional,	Olle	Arnoldsson,	and	offices	
                                                                                      are maintained in Gothenburg.
          This year the investment market has been very subdued, largely
          because of limited access to funding and property owners not wishing        Day-to-day property management and leasing is now contracted to DTZ,
          to be perceived as distressed sellers.                                      with	offices	throughout	Sweden,	with	whom	the	Group	and	the	Manager	
                                                                                      have long-standing relationships.
          As	in	the	UK,	the	significant	shift	in	economic	and	property	
          fundamentals creates opportunities for opportunistic buyers.                The Board meets quarterly to review the Manager’s comprehensive
                                                                                      management reports and to make further decisions thereon.




          terminalen 1, helsingborg




w w w. n o rd i c l a n d . c o m                                                        annual report & accounts 2009                                            07
      managing director’s review ... continued




      property review                                                              comprising 1,000,000 m2 of land to cater for living, working, studying
                                                                                   and leisure facilities. This project has been subject to an international
      Each of the Group’s properties provides a range of profitable asset          tender	and	five	teams	have	been	selected	to	submit	their	proposals	
      management and development opportunities, which we expect to                 in 2009. In addition to the H+ project, the railway will in the future be
      convert into increases in cashflow and net asset value per share.            underground and thus further enhance the quality of the area. The
                                                                                   construction of the railway tunnel is estimated to start in early 2012,
      The	portfolio	is	currently	well	secured	on	102	tenants,	of	which	73%	are	    for completion in 2017. These projects would further improve the
      municipalities and national multiples, including market leaders such as      location	around	the	building	and	benefit	the	property.		Terminalen	is	
      Willy:s, Rusta, Scandlines, Sportex, Espresso House, Expert and McDonalds.   the ‘gateway’ property by virtue of its location and hosting of the major
                                                                                   transport links and thus gives Nordic Land the opportunity to become
      The quality and size of the tenant base is important to us in terms of       involved in the development of this area.
      a	diversified	cashflow	as	well	as	opening	up	multiple	prospects	for	
      adding value on lease renewals.                                              We are particularly encouraged by our ongoing meetings with
                                                                                   officials of the Municipality and its efforts to make a positive
      Retail leases in Sweden are typically fairly short, at between three         contribution to the H+ scheme.
      and five years, although terms may be longer (up to ten years),
      particularly on new lettings of larger retail boxes. It is commonplace       We	are	in	the	final	stages	of	installing	some	energy-efficient	equipment	
      for retailers to have the right to renew their leases. Rents are             to	achieve	significant	cost	savings	as	well	as	implementing	an	energy-
      annually indexed to the Consumer Price Index.                                saving programme, and are already seeing an increase in net operating
                                                                                   income. In due course this will enhance the property valuation.
      Nordic Land’s assets comprise Terminalen 1 in Helsingborg, which is
      a regionally-important, mixed-use, retail and transport hub serving          We have let our previously-vacant space to new tenants so as to increase
      the west coast of Sweden and Denmark, a prime-located retail park in         income, and there is further under-utilised or vacant space at the
      Borlänge with additional development opportunities and a multi-let           property which has now been made ready for leasing. The leasing team,
      retail	property	in	an	affluent	part	of	Greater	Stockholm.                    led by DTZ, has been strengthened with the appointment of a local
                                                                                   experienced agent who has excellent knowledge of the local market.

      Terminalen 1, Helsingborg                                                    We have completed plans with our architects for a new, vibrant,
                                                                                   restaurant	area	at	first	floor	level,	and,	potentially,	new	offices	above.	
      This long-leasehold interest was acquired in May 2007 for SEK
      540 million (excluding purchase costs) to reflect an initial yield           In parallel with the ongoing discussions with the Municipality regarding
      of 5.7% at purchase.                                                         the	approval	and	planning	process,	the	first	stage	of	the	refurbishment	
                                                                                   is now in hand, involving the upgrading of all lifts and, later in the year,
      Helsingborg is a major port city in south-west Sweden, opposite              the replacement and repositioning of escalators leading to core areas.
      Denmark. The property itself is in central Helsingborg, unique for the
      area’s transportation systems, serving rail, road, ferry and bus routes,     Rent	recovery	levels	are	very	strong	and	there	are	no	significant	
      and	in	a	prime	office	location.                                              arrears or bad debts.

      The building was constructed in 1991 and is the region’s central
      transport terminal.                                                          Lackeraren 3, Borlänge
      It comprises the terminal area (which provides ticket sales, waiting halls   This freehold interest was acquired in May 2007 for SEK 140
      and a passenger link to the main Sweden to Denmark ferry terminal), a        million (excluding purchase costs) to reflect an initial yield
      shopping	centre	with	a	number	of	restaurants	above,	and	offices	in	the	      of 5.8% at purchase.
      5-6 levels above. The total lettable area is some 19,500 m2.
                                                                                   Borlänge is a major regional town 120 km to the north west of
      Underneath the building are the main, west-coast-line, railway station       Stockholm with large corporate employers and a strong local economy.
      and the town’s main bus terminal, both of which the Group owns.              The property itself is located next to the regionally-dominant Kupolen
                                                                                   Shopping Centre.
      The property has both a multi-storey, roof-top, car park (303 spaces)
      and	a	surface	roof-top	car	park	(399	spaces),	which	benefit	from	being	      The property comprises a prime, retail-warehouse park and two small,
      directly adjacent to the ferry and train terminals and which together        free-standing	office	buildings,	all	of	some	10,000	m2, plus a 327-space
      provide a strong income stream.                                              surface car park and extensive servicing areas. The income is well
                                                                                   secured by major national retailers including Willy:s and Rusta.
      In	total	there	are	currently	some	87	tenants.
                                                                                   Over the last 12 months we have secured a building permit to build
      The South Harbour area, directly to the south of the property, is to be      a new 1,130 m2 unit, acquired additional land so as to meet car park
      redeveloped into a major ‘docklands-style’ development (called H+),          standards for more space on site, and signed a pre-let with a national




08   m a n a g i n g d i re c t o r ’s re v i e w                                                                          Nordic Land
          retailer, Expert. The construction of the additional retail unit is well                The	immediate	location	benefits	from	recent	and	substantial	
          underway and in line with budget and schedule. The new tenant, which                    improvements to local infrastructure. New retail developments and car
          will take occupation in August 2009, will further enhance the quality of                parking facilities have recently been completed adjacent to the building,
          the tenant mix at the property. We expect the remaining development                     and a new road connection is being planned.
          profit	to	be	included	in	the	next	valuation	in	September	when	the	project	
          will have been completed.                                                               The property comprises 3,400 m2	of	retail,	storage	and	office	
                                                                                                  accommodation in one building, predominantly let to national multiple
          We are currently in discussions with the Municipality to secure for the                 retailers, plus a villa and land for re-development.
          Group	the	possibility	for	further	extension	of	the	retail	and	office	areas	
          and to potentially acquire land adjacent to our existing property in order              We have a number of asset-management initiatives in hand, including
          to enlarge the car park areas.                                                          improvement to the retail elements and a property-cost reduction
                                                                                                  programme so as to increase net operating income.
          The property is now fully let and there are no arrears or bad debts.
                                                                                                  The property currently has one small vacant area which is being
                                                                                                  marketed. There are no arrears or bad debts.
          Sicklaön 117, Nacka, Stockholm

                                                                                                  valuations
          This freehold interest was acquired in September 2007 for SEK
          64 million (excluding purchase costs) to reflect an initial yield
          of 5.9% at purchase.
                                                                                                  As at 31 March 2009, the value of the Group’s property portfolio
          The property is well-located in the Sickla shopping quarter which, as                   had decreased by some £3.7 million to £64.2 million, compared to
          the main retail location for the Nacka community, generates some of                     the value at 31 March 2008 of £67.9 million.
          the highest sales per square metre in Sweden. This area is amongst the
          most	affluent	regions	in	Sweden,	featuring	high	per	capita	income	and	                  This follows the completion of its formal year-end valuation, which
          strong population growth.                                                               was carried out by DTZ, in accordance with the Appraisal and
                                                                                                  Valuation Standards of RICS:




                                                            Valuation as at                   Valuation as at
             Property                                       31 March 2009                     31 March 2008                     (Decrease)                              %



             Helsingborg			     £	m                                     46.4                            48.8                          (2.4)                          (4.9)
                                SEK m                                    550                             575                           (25)                          (4.3)

             Lackeraren		       £	m                                     13.0                            13.2                          (0.2)                          (1.5)
                                SEK m                                    154                             155                            (1)                          (0.6)


             Sicklaön	          £	m                                      4.8                              5.9                         (1.1)                         (18.6)
                                SEK m                                     57                               70                          (13)                          (18.6)

             Total	             £	m                                     64.2                             67.9                         (3.7)                          (5.4)
                                SEK m                                    761                             800                           (39)                          (4.9)

             Blended yield                                             6.2%                             5.7%

          Note:	SEK:GBP	exchange	rate	was	11.85	as	at	31	March	2009	(11.8	as	at	31	March	2008).




w w w. n o rd i c l a n d . c o m                                                                    annual report & accounts 2009                                            09
      managing director’s review ... continued




                                                                                     cash flow
      The	SEK	property	valuations	have	fallen	by	4.9%.		This	is	mainly	due	to	       Net cash flows used in operating activities were £1.0 million
      valuers	moving	yields	out	to	reflect	current	market	conditions	in	the	real	    (2008: inflow of £1.6 million). After allowing for capital
      estate sector; however, a good contribution was made from our asset-           expenditure on the acquisition and development of investment
      management activities:                                                         properties of £0.5 million (2008: £57.4 million), the net decrease
                                                                                     in cash and cash equivalents for the year was £1.5 million (2008:
      - an increase in net operating income at Helsingborg through                   increase of £6.3 million). Available cash balances at the year end
         letting vacant space, increasing mall income and implementing               were £5.3 million (2008: £6.8 million).
         energy cost savings
      -	 the	achievement	of	100%	occupancy	in	the	office	
         accommodation in Borlänge                                                   balance sheet
      - starting construction on the pre-let development at Borlänge
      -	 upward	rent	indexation	of	3.99%	for	all	of	the	properties	in	January	2009   At 31 March 2009 the value of the Group’s property portfolio
                                                                                     was £64.2 million (2008: £67.9 million). After allowing for
                                                                                     foreign exchange losses on retranslation of £0.4 million (2008:

      financial review
                                                                                     gains of £0.3 million) and capital expenditure incurred during
                                                                                     the year of £0.5 million (2008: £0.1 million), the valuation
                                                                                     deficit was £3.7 million (2008: surplus of £2.9 million).
      results
                                                                                     EPRA net asset value per share was as follows:
      Net rental income for the year was £3.4 million (2008: £2.6
      million), representing a full year’s contribution after the
      acquisition of the Helsingborg and Borlänge properties in May
                                                                                                                                   As at            As at
      2007 and the Sicklaön property in September 2007. Operating loss
                                                                                                                          31 March 2009    31 March 2008
      for the year was £1.6 million (2008: profit of £3.5 million), after
      allowing for administrative expenses of £1.2 million (2008: £1.9
      million) and the loss on the revaluation of investment properties
      of £3.7 million (2008: gain of £2.9 million).                                    Basic	net	asset	value	per	share	           £0.84	            £1.07

      Loss	before	tax	for	the	year	was	£4.5	million	(2008:	profit	before	tax	of	       EPRA	net	asset	value	per	share	            £0.91	            £1.17
      £1.9	million),	after	allowing	for	the	net	interest	payable	of	£2.7	million	
      (2008:	£1.9	million)	and	the	writing	off	of	the	fair	value	of	derivative	
      financial	instruments	of	£0.3	million	(2008:	gain	of	£0.3	million).

      The	tax	credit	for	the	year	was	£0.7	million	(2008:	charge	of	                 EPRA net asset value per share is a property industry measure
      £1.2	million),	principally	due	to	the	deferred	tax	on	the	revaluation	         which excludes deferred tax relating to the revaluation of investment
      of investment properties.                                                      properties	and	the	fair	value	of	derivative	financial	instruments	net	
                                                                                     of attributable taxation.
      Loss	after	tax	for	the	year	was	therefore	£3.8	million	(2008:	profit	
      after	tax	of	£0.7	million).		EPRA	earnings	per	share,	excluding	the	
      loss on revaluation of investment properties, the change in fair value
      of	derivative	financial	instruments	and	exceptional	items,	all	net	of	
      attributable	taxation,	was	a	loss	of	2.6	p	per	share	(2008:	loss	of	6.8	p).



      dividend
      As reported in the Chairman’s Statement, no dividend has been
      declared, in line with the statement made by the directors at the
      time of Admission.




10   m a n a g i n g d i re c t o r ’s re v i e w                                                                           Nordic Land
          financing
          As at 31 March 2009 the Group’s net debt totalled £44.4 million (2008:         There are no covenants in relation to ongoing compliance with,
          £43.0 million). The Group’s bank borrowings are all secured on the             and monitoring of, loan to value percentages, except in relation to
          Group’s properties and are operating well within bank loan covenants.          drawdowns under the capital expenditure loan facility.

          The loans are repayable in 2012, with an option to extend for a further        All loans are therefore performing within covenant.
          year,	and	are	on	a	fixed-interest	basis,	with	a	weighted-average,	all-in	
          interest	rate	of	5.45%	per	annum.	                                             As stated above, Excalibur took over the commitment to provide a capital
                                                                                         expenditure	loan	facility	of	some	£9.3	million	(2008:	£9.3	million).		We	had	
          At	the	year	end	the	net	debt/property	gearing	ratio	was	69.1%	(2008:	63.4%).   intended to use this facility to fund part of the costs for the development
                                                                                         project at Borlänge and have submitted a drawdown notice to Excalibur
          The loans to acquire the properties were originally provided by Lehman         to receive the funds. To date we have not received either the funds or
          Brothers	Bankhaus	AG	(‘Lehman’).		On	23	May	2008	the	loans	were	               confirmation	that	the	facility	exists.		Therefore	there	is	some	doubt	as	to	
          transferred to a commercial-mortgage-backed-securities (‘CMBS’)                whether we will receive the funds. Until such time that either the funds
          vehicle, Excalibur Funding No 1 PLC (‘Excalibur’), set up by Lehman to         are	received	or	we	receive	confirmation	that	the	facility	exists,	we	will	
          be the lender of a portfolio of loans. Excalibur took over all the rights      continue to use our existing cash resources. We will also seek to either
          and obligations under the Lehman loan agreement, including the capital         refinance	the	existing	loans	or	raise	additional	bank	funding	as	required.
          expenditure	commitment	facility	of	SEK	110	million	(£9.3	million).
                                                                                         The Manager routinely prepares working capital forecasts as part of
          The loan agreement states that Nordic Land pays interest to Excalibur          its operational activities and its regular reporting to the Board, and
          on	a	fixed-interest	basis.		The	Group	does	not	have	any	floating-rate	         monitors the effect of changing assumptions on the forecasts and loan
          obligations under the terms of the loan. Lehman previously advised             covenant compliance.
          that	Nordic	Land	benefitted	from	movements	in	interest	rates	in	relation	
          to	the	underlying	derivative	financial	instruments	put	in	place	within	

                                                                                         outlook
          the Lehman group of companies (and thus subsequently Excalibur)
          to	achieve	the	fixed	interest	rates	on	our	loans.		We	accounted	for	the	
          value	of	these	derivative	financial	instruments	in	the	Balance	Sheet	on	
          the advice of Lehman. However, since the loans were transferred to             The Board, together with the Manager and the Company’s
          Excalibur, we have been advised that there are no underlying derivative        advisers, regularly reviews the potential opportunities
          financial	instruments	within	Excalibur	to	which	Nordic	Land	is	a	party	        available to the Company regarding raising capital and
          to	the	derivative	contract.		Hence	the	value	of	the	derivative	financial	      pursuing strategic investment actions with the aim of growing
          instruments has been removed from the Balance Sheet.                           the Company and maximising returns to shareholders. To date
                                                                                         these have been limited because of the effective closure of
          The loans have been accounted for at amortised cost at the Balance             the equity capital markets for companies of our size, and the
          Sheet date, in accordance with IFRS, and the fair value is disclosed in the    limited bank funding available.
          notes to the accounts (note 16). Nordic Land’s only obligation is to pay
          interest	at	fixed	rates	and	repay	loans	at	par	value	at	maturity.              Given the current global economic environment, and the reduction in
                                                                                         available bank and equity funding, we are concentrating our resources,
          Loan covenant compliance at 31 March 2009 is as follows:                       in the short-term, on maximising the asset management potential of our
                                                                                         existing properties.

                                                                                         Overall,	we	are	satisfied	with	our	progress	to	date	and	look	forward	to	
             Property                                               Interest cover       confidence	returning	to	the	capital	markets.



             Helsingborg                                                     128%
             Lackeraren                                                      150%
             Sicklaön                                                        127%

             Combined – actual                                               132%        Ian Knight
                                                                                         Managing Director
             Loan covenant                                 	                 115%




w w w. n o rd i c l a n d . c o m                                                           annual report & accounts 2009                                                11
     terminalen 1, helsingborg
12                               Nordic Land
w w w. n o rd i c l a n d . c o m   annual report & accounts 2009   13
     terminalen 1, helsingborg


14    directors                  Nordic Land
          directors
                                                 chairman                                                                         Ian Knight (age 55)
                                                                                                                                  Ian is the founder and managing
                                                 *Ray Horney (age 73)                                                             director of Lathe Investments
                                                 Ray has been the Chairman                                                        Limited which was established in
                                                 of the Company since launch.                                                     1996. He is managing partner of
                                                 He founded Rayford Supreme                                                       Lathe Investments (UK) LLP, the
                                                 Holdings plc, a UK retail group                                                  manager of the Redleaf Shopping
                                                 listed on the London Stock                                                       Centre funds, and managing partner
                                                 Exchange,	in	1983,	which	was	                                                    of Lathe Investments (Nordic) LLP,
                                                 acquired by Harris Queensway                                                     the Manager of Nordic Land plc.
                                                 plc	in	an	agreed	takeover	in	1985.	
          He became chairman of St. James Beach Hotels, a group of three hotels          Between 1991 and 1996 he was a partner of Knight Frank LLP, a director
          in	Barbados,	in	1989,	which	was	listed	on	the	London	and	Barbados	             of Knight Frank Corporate Finance Limited, which was responsible for
          Stock Exchanges in 1994.                                                       FSA	regulated	investment	business,	and	the	firm’s	property	receiver	
                                                                                         on behalf of many major bank and institutional clients, operating in
          He took on the added responsibility of managing director in 1995 and           the	UK	and	continental	Europe.	Ian	previously	spent	five	years	with	the	
          the group was then purchased by Elegant Hotels in an agreed takeover           Scandinavian bank, Nordea, based in London.
          in 1997. Ray is also chairman of Real Estate Opportunities plc, REO
          Securities Limited and China Real Estate Opportunities plc (CREO).             Ian is a Fellow of The Securities Institute and an Associate of the
          All except for CREO are listed on the main market of the London Stock          Chartered Institute of Bankers.
          Exchange. CREO is listed on the London Alternative Investment Market
          (AIM). He is vice chairman of Sandyport Development Co. Limited,
          a private property company in Nassau, Bahamas and chairman of Redleaf
          (Iberia) Limited. He is also Chairman of Havenview Investments Limited
          and Castle Market Holdings Limited.



                                                 Richard Thomas (age 59)                                                          Olle Arnoldsson (age 65)
                                                 Richard is a partner at Ogier and                                                Olle	heads	up	the	Swedish	office	
                                                 a Jersey Advocate. He is Chairman                                                of the Company. He has over 35
                                                 of the Jersey Funds Association                                                  years of property development
                                                 and a director of a number of                                                    experience within the Swedish real
                                                 investment fund companies.                                                       estate market, the rest of Europe
                                                                                                                                  and the Middle East. He also
                                                                                                                                  works in direct partnership with
                                                                                                                                  a number of local-government
                                                                                                                                  bodies in Sweden.



                                                 *Philip Jenkinson (age 58)                                                       * Keith Jenkins (age 66)
                                                Philip was called to the French                                                    Keith was managing partner of
                                                Bar	in	1985	and	is	currently	                                                      KPMG Jersey from 1975 to 1997,
                                                managing partner of Triplet &                                                      specialising in audit and advisory
                                                Associés, a French Law practice                                                    services	to	the	financial	services	
                                                specialising not only in French                                                    sector. He was a council member
                                                Corporate and M & A matters but                                                    and treasurer of the Jersey
                                                also in Real Property in France.                                                   Chamber of Commerce and was
                                                Prior to being called to the French                                                a former appointee of the States
                                                Bar, he spent six years as Vice                                                    of Jersey Finance and Economics
                                                Consul (Commercial) as a British                                                   Committee to the Jersey Child
          Consulate General overseas and before that worked in industry for seven        Care Trust. He is also a director of Real Estate Opportunities plc and REO
          years with Italian, Dutch and UK corporations. He is also a director of Real   Securities Limited. He is Chairman of the Audit Committee.
          Estate Opportunities plc and REO Securities Limited.



                                                                                         All of the above Directors except for Ian Knight and Olle Arnoldsson
                                                                                         are non-executive.

                                                                                         * Member of the Audit Committee



w w w. n o rd i c l a n d . c o m                                                            annual report & accounts 2009                                               15
      directors ... continued




      lathe management team
                                              Ian Knight (age 55)                                                          Richard Tanner (age 43)
                                              Ian is the founder and managing
                                              director of Lathe Investments                                                 Richard is primarily responsible
                                              Limited which was established in                                              for	all	financial	matters	relating	
                                              1996. He is managing partner of                                               to the management, structuring
                                              Lathe Investments (UK) LLP, the                                               and development of the Redleaf
                                              manager of the Redleaf Shopping                                               Shopping Centre funds and
                                              Centre funds, and managing partner                                            Nordic Land. He assists Ian with
                                              of Lathe Investments (Nordic) LLP,                                            the management of investor
                                              the Manager of Nordic Land plc.                                               and bank relations, and the
                                                                                                                            management of Lathe. Richard
      Between 1991 and 1996 he was a partner of Knight Frank LLP, a director       joined Lathe in April 2004. Prior to joining, Richard was Finance Director
      of Knight Frank Corporate Finance Limited, which was responsible for         of The Milton Group, a private property company and, before that,
      FSA	regulated	investment	business,	and	the	firm’s	property	receiver	         Group Accountant at Brixton plc, a FTSE250 property company. Prior to
      on behalf of many major bank and institutional clients, operating in         this,	Richard	qualified	at	KPMG.	He	has	extensive	experience	in	funding,	
      the	UK	and	continental	Europe.	Ian	previously	spent	five	years	with	the	     financial	reporting,	taxation	and	treasury	matters.	Richard	is	a	Fellow	
      Scandinavian bank, Nordea, based in London.                                  of the Securities Institute and a Fellow of the Institute of Chartered
                                                                                   Accountants in England and Wales.
      Ian is a Fellow of The Securities Institute and an Associate of the
      Chartered Institute of Bankers.




16   d i re c t o r s’ re p o r t                                                                                         Nordic Land
         directors’ report

          The Directors present their report on the affairs of the                   results and dividends
          Company, together with the audited financial statements
          for the year ended 31 March 2009.                                          The financial results for the year ended 31 March 2009 are shown
                                                                                     in the Consolidated Income Statement on page 30.



          principal activities
                                                                                     As set out in the Admission Document, it is the Company’s objective to
                                                                                     generate returns to shareholders through dividends and increases in its

          and business review
                                                                                     net asset value. When and if the Company reaches a gross asset value of
                                                                                     £200	million,	the	Directors	are	targeting	a	dividend	yield	of	5	per	cent.	
                                                                                     calculated by reference to the Placing Price.
          The principal business of the Group, being the Company and
          its subsidiary undertakings, is to invest in retail property in            It is intended that, at some stage, an application will be made to the Jersey
          the Nordic Region.                                                         Courts to cancel all or substantially all of the share premium account
                                                                                     arising from the current issued share capital, subject to the passing of
          A review of the Company’s activities is given in the Chairman’s            a special resolution by the shareholders. The reserve created by the
          Statement and Managing Director’s Review.                                  cancellation will, if approved by the court, be available for distribution to
                                                                                     shareholders, should the Directors consider it appropriate.



          status
                                                                                     directors
          The Company was incorporated in Jersey on 3 April 2007.
                                                                                     The Directors of the Company are shown with brief biographical
          Following a change in the Companies (Jersey) Law 1991 (as amended)         details on page 15.
          during	2008,	shareholder	consent	was	obtained	in	September	2008	to	
          change the name to Nordic Land plc.                                        In accordance with the Articles of Association, Keith Jenkins and Richard
                                                                                     Thomas will offer themselves for re-election at the Annual General Meeting.
          The Company was approved as a listed fund under the Jersey Listed
          Fund Guide in July 2007. It is a closed ended collective investment        No Director, other than Olle Arnoldsson, has a service contract with
          fund,	as	defined	in	the	Collective	Investment	Funds	(Jersey)	Law	1988,	    the Company.
          as amended, and the subordinate legislation made thereunder. The
          Company and its Jersey subsidiary have applied for international service   Ian	Knight	is	a	Director	and	has	a	50%	interest	in	Lathe	Investments	
          entity status under the Goods and Services Tax (International Service      (Nordic) LLP (‘Lathe’). Lathe has an agreement to provide investment
          Entities)	(Jersey)	Regulations	2008	in	respect	of	the	years	2008	and	      management services in respect of the Property Portfolio. The terms
          2009. Goods and Services Tax was introduced with effect from 6 May         of	this	agreement	are	disclosed	in	note	21	to	the	financial	statements.
          2008.	It	has	been	granted	exempt	status	under	Article	123A	of	the	
          Income	Tax	(Jersey)	Law	1961	in	respect	of	2008.	With	effect	from	
          1 January 2009 the Company and its Jersey subsidiary moved to a
          0%	rate	of	income	tax,	following	the	abolition	of	exempt	company	
          status. The Company is registered in Jersey under number 97055.

          Ordinary shares are not eligible for inclusion in a general PEP if
          acquired in the market using funds contained within the PEP.
          The Ordinary shares are not qualifying investments for the stocks
          and shares component of an ISA.




w w w. n o rd i c l a n d . c o m                                                       annual report & accounts 2009                                                17
      directors’ report... continued




      The Directors who held office at the year end and their                     substantial interests
      beneficial interests in the Ordinary shares at 31 March 2009
      are shown below:                                                            The Board has been advised that the following shareholders
                                                                                  owned 3% or more of the issued Ordinary share capital of the
                                                                                  Company as at 7 July 2009:
                              As at 31 March 2009
                                                                 Number of
                                 Ordinary shares               share options                                                  Number of
                                                                                                                               Ordinary
                                                                                    Name                                     shares held           % held
          R Y F Horney1              2,100,000                     *124,714

          I R Knight                   563,162                     *124,714         Moore Macro Fund LP                      5,250,000              26.4

          K A Jenkins                    34,000                     *14,930         R Y F Horney 1987
                                                                                    Settlement                                2,100,000             10.6
          J P Jenkinson                         -                            -
                                                                                    Guernroy Limited                          2,100,000             10.6
          R W Thomas                            -                            -
                                                                                    Cazenove Capital
          O H Arnoldsson                        -                  **23,984         Management Limited                        1,210,000               6.1

                                                                                    Lynchwood
                                                                                    Nominees Limited                         1,050,000                5.3

      The options have an exercise price of 106 p.                                  VP Bank                                    775,000                3.9

      * Exercisable from 6 September 2009 and the last day on which the             Mr Rashed Abdulaziz
        options may be exercised is 5 September 2017.                               Al-Rashed                                  735,000                3.7

      ** Exercisable from 27 March 2010 and the last day on which the options
         may	be	exercised	is	26	March	2018.



                                                                                  share buy-backs
      1
          The Ordinary shares in which Ray Horney is interested are held by
          Barclays Wealth Trustees (Guernsey) Limited. Barclays Wealth Trustees
          Limited acts as Trustee of certain trusts under which Ray Horney and/
          or	members	of	his	family	are	beneficiaries.	                            The Company will be seeking authority to make market purchases of
                                                                                  up	to	14.99%	of	its	issued	Ordinary	shares	at	this	year’s	AGM,	notice	
                                                                                  of which is set out on pages 51 and 52. This authority will only be
                                                                                  exercised on terms that are in the interests of shareholders.




                                                                                  financial statements
                                                                                  The	Directors’	responsibilities	regarding	the	financial	statements	and	
                                                                                  safeguarding of assets are set out on page 27.




18   d i re c t o r s’ re p o r t                                                                                       Nordic Land
          report of the audit committee going concern
          The Audit Committee is responsible to the Board for reviewing each            The	Directors	have	reviewed	the	cashflow	forecasts,	the	effect	of	
          aspect	of	the	financial	reporting	process;	the	systems	of	internal	control	   changing assumptions, and loan covenant compliance, of the Group
          and	management	of	financial	risks,	the	audit	process,	relationships	with	     for	the	next	twelve	months	and	are	satisfied	that	the	underlying	
          external auditors, the Company’s processes for monitoring compliance          assumptions of the forecasts are appropriate.
          with laws and regulations, its code of business conduct and for making
          recommendations to the Board.                                                 The	consolidated	financial	statements	have	been	prepared	on	a	going	
                                                                                        concern basis which assumes the Group will be able to meet its liabilities
          The	Group’s	internal	financial	controls	and	risk	management	systems	          as they fall due. The Group’s working capital forecasts show that the
          have been reviewed with the Manager against risk parameters                   Group	has	sufficient	cash	resources	to	meet	its	funding	requirements	
          approved by the Board.                                                        over the next 12 months.

          The audit plan and timetable is drawn up and agreed with the Company’s        After making enquiries, the Directors have a reasonable expectation that
          Auditors	in	advance	of	the	financial	year-end.	At	this	stage,	matters	for	    the Group has adequate resources to continue in operational existence
          audit focus are discussed and agreed. These matters are given particular      for the foreseeable future. For this reason, they continue to adopt the
          attention during the audit process and, among other matters, are              going	concern	basis	in	preparing	the	consolidated	financial	statements.
          reported on by the Auditors in their report to the Committee. This report
          is considered by the Committee and discussed with the Auditors and the

                                                                                        creditor payment policy
          Manager	prior	to	approving	and	signing	the	financial	statements.

          The Committee has reviewed the financial statements for the
          year ended 31 March 2009 with the Manager and Auditors at the                 The Company’s policy is to pay trade creditors on dates of settlement
          conclusion of the audit process.                                              and all other creditors are normally paid within 30 days or in accordance
                                                                                        with contracted terms.
          The Committee recommended approval by the Board of a group audit fee
          of	£33,000	(2008:	£30,000).	Non-audit	work	undertaken	on	behalf	of	the	
          Company by the Auditors mainly comprised of work in connection with
          tax advice. Details of these fees are shown in note 5 on page 37.

          The Committee has considered the independence of the Auditors and             Whiteley Chambers
          is	satisfied	with	the	confirmation	provided	by	the	Auditors	as	to	the	        Don Street
          adequacy of safeguards in place to maintain their independence.               St Helier
                                                                                        Jersey
                                                                                        JE4 9WG

          terms of appointment                                                          7 July 2009

          The Company’s management agreement will be considered annually                By order of the Board
          by	the	Board.	The	Board	is	pleased	to	confirm	that	it	is	satisfied	with	
          the current performance and current terms of appointment of Lathe             Ogier Fund Administration (Jersey) Limited
          Investments (Nordic) LLP.                                                     Administrator and Company Secretary




          terminalen 1, helsingborg




w w w. n o rd i c l a n d . c o m                                                          annual report & accounts 2009                                             19
     terminalen 1, helsingborg


20    corporate governance       Nordic Land
         corporate governance

          introduction                                                                meetings and committee membership
          It is the policy of the Company to comply with current best practice        During the year the Board met five times.
          in UK corporate governance to the extent appropriate for a
          company of its size and the policy of the Jersey Financial Services         Details of Board meeting attendance, committee membership and
          Commission in relation to listed funds. The Directors are committed         committee meeting attendance are provided in the table below.
          to maintaining the highest standards of corporate governance.               It should be noted that apart from four main Board meetings which are
                                                                                      held in Jersey each year, a number of smaller meetings are held to deal
          The Directors believe that, during the period under review, they have       with individual transactions and these generally are attended by the
          complied with the provisions of the 2006 FRC Combined Code (‘the            Jersey resident directors only.
          Code’), insofar as they are relevant to the Company’s business, save in
          respect of those matters explained in the following sections.

                                                                                                                                                         Audit
                                                                                                                                   Board             Committee
          directors and the board
          the board                                                                     Number of meetings                              5                       2
                                                                                        held in period
          The Board comprises six Directors, all of whom are non-executive
          except for Ian Knight and Olle Arnoldsson.                                    Ray Horney                                      4                      2
                                                                                        Ian Knight                                      4                    n/a
          Ray Horney is the Chairman of the Company and Ian Knight is the               Keith Jenkins                                   5                      2
          Managing Director. Five of the Directors (and therefore a majority            Richard Thomas                                  5                    n/a
          of the Board) are independent of the Manager.                                 Philip Jenkinson                                4                      2
                                                                                        Olle Arnoldsson                                 4                    n/a
          From their biographies on page 15 it will be seen that the Board has
          a breadth of experience relevant to the Company’s business.

          The Manager and the Administrator ensure that the Directors have
          timely	access	to	all	relevant	management,	financial	and	regulatory	         director independence
          information to enable informed decisions to be made. The Board meets
          at least four times a year and additional meetings are arranged as          The Chairman of the Company is Ray Horney, a non-executive,
          and when necessary. Between these formal meetings there is regular          who is independent of the Manager.
          contact with the Manager and the Administrator. The Directors also have
          access to the advice and service of, in the furtherance of their duties,    Ian Knight is connected with the Manager and as such may not
          independent professional advice at the expense of the Group.                be considered as being an independent Director of the Company.
                                                                                      Accordingly, he will not vote on any transactions proposed by the
          Board meetings follow a formal agenda, which includes a review              Manager to the Company or on any matters relating to the Manager
          of the investment portfolio with reports from the Manager and the           itself. The other Directors are independent of the Manager. For the
          Administrator on the current investment position and outlook; strategic     purpose of the Combined Code, Olle Arnoldsson is not considered
          direction; cash management; revenue forecasts; corporate governance;        to be independent due to his service contract with the Company.
          marketing and shareholder relations.
                                                                                      The Directors are of the opinion that the Company has been in
          It is the responsibility of the Board to carry out a review of the          compliance with the Code provisions set out in Section 1 of the Combined
          Company’s corporate governance procedures. During the period the            Code including provisions set out in Section 1 of the Code that at least half
          Board has adopted documentation as detailed below as part of its            of the Board should comprise independent non-executive Directors.
          review of corporate governance procedures:
                                                                                      The Directors are also of the opinion that the Company has been in
          •	 matters	reserved	for	the	Board                                           compliance with clause 1.5 of the Jersey Listed Fund Guide in that the majority
          •	 terms	of	reference	for	the	Audit	Committee                               of the Board, including the Chairman, must be independent of the Manager.
          •	 share	dealing	policy	for	persons	discharging	managerial	responsibility




w w w. n o rd i c l a n d . c o m                                                        annual report & accounts 2009                                                  21
      corporate governance... continued




      directors’ remuneration                                                          appointment, re-election and tenure of directors
      The Board does not consider it appropriate to appoint a                          The Directors do not consider it necessary to appoint a
      Remuneration Committee.                                                          Nominations Committee and Directors are selected and
                                                                                       appointed by the Board as a whole.
      The fees of the Directors of the Company for the year ended
      31 March 2009 were as follows:                                                   The Board is responsible for reviewing the size and structure of
                                                                                       the Board and the skills of Directors and for the consideration and
                                                                                       approval of any changes.

                                      Year ended                  Period ended         The Articles of Association provide that one third of the Directors must submit
                                   31 March 2009                 31 March 2008         themselves for re-election on an annual basis and retire by rotation every three
                                               £                             £         years. In accordance with Article 26 of the Company’s Articles of Association,
                                                                                       Keith Jenkins and Richard Thomas will submit themselves for re-election at
                                                                                       the	Annual	General	Meeting.	The	Board	confirms	that	the	performance	of	all	
         R Y F Horney                     20,000                        20,000         of the Directors is effective and demonstrates commitment to the role of a
         I R Knight                       15,000                        15,000         non-executive / executive Director. The Board recommends to shareholders
         K A Jenkins                      15,000                        12,000         the approval of resolutions 2 and 3 relating to the Directors seeking re-
         J P Jenkinson                    15,000                         7,700         election. On being appointed to the Board, Directors are fully briefed as to their
         R W Thomas                       10,000                         5,200         responsibilities	and	are	continually	updated	throughout	their	term	of	office	
         O H Arnoldsson                   15,000                             -         on	industry	and	regulatory	developments.	A	Director’s	normal	tenure	of	office	
         M C Gurney                            -                         4,167         will be for three terms of three years, except that the Board may determine
         S Burgess                             -                         4,167         otherwise if it is considered that the continued service on the Board of an
         R L Inglis                            -                         4,167         individual Director is in the best interests of the Company and its shareholders.

                                          90,000                         72,401
                                                                                       relations with shareholders
                                                                                       Shareholder relations are given high priority by the Board.

      The fees for R W Thomas are paid to the administrator, Ogier Fund                The prime medium by which the Company communicates with shareholders
      Administration (Jersey) Limited.                                                 is through the interim and annual reports, which aim to provide shareholders
                                                                                       with a full understanding of the Group’s activities and results. All shareholders
      The fees for M C Gurney, S Burgess and R L Inglis, as employees of the           are encouraged to attend the AGM, at which they will have the opportunity to
      previous administrator, were paid to Mourant & Co Secretaries Limited.           address questions to the Chairman of the Board and the Chairman of the Audit
                                                                                       Committee. Shareholders wishing to lodge questions in advance of the AGM
      All Directors participate in meetings at which remuneration is                   are invited to do so, either on the reverse of the proxy card or in writing to the
      considered and the Articles of Association provide for a maximum                 Company	Secretary	at	the	Registered	Office	given	on	page	57.	At	other	times	
      amount	of	£200,000	payable	per	year.                                             the Company responds to letters from shareholders on a range of issues.

      performance evaluation                                                           In accordance with the AIM listing rules, the Company maintains a
                                                                                       website which is updated with information on the Company on a regular
      The Directors recognise the importance of the Code particularly                  basis. The address of the website can be found on page 49.
      in terms of evaluating the performance of the Board as a whole,
      the respective Committees of the Board and individual Directors.

      A performance evaluation was carried out during the year.

      Performance of the Board, Committees of the Board and individual
      Directors	are	assessed	against	predefined	targets	and	of	individual	Directors	
      by way of self and peer appraisal using a comprehensive questionnaire,
      the	findings	and	feedback	from	which	will	facilitate	further	discussion.	The	
      Managing Director will be responsible for the performance evaluation of the
      Chairman, taking into account the views of the other Directors.




22   corporate governance                                                                                                        Nordic Land
          audit committee                                                                    internal audit function
          The Audit Committee is made up of Keith Jenkins (Chairman),                        The Directors have reviewed the need for the Company to
          Ray Horney and Philip Jenkinson.                                                   establish an internal audit function but consider that such a
                                                                                             function is not necessary given the nature of the Company.
          The terms of reference of the Audit Committee allow it to meet as and              The appointment of an internal audit function is something
          when necessary, but not less than twice a year to:                                 that will be considered annually by the Directors.

          •	 review	the	internal	controls	and	risk	management	systems

                                                                                             internal financial and
          •	 review	the	requirement	for	an	internal	audit	function
          •	 review	the	effectiveness	of	the	audit	of	the	financial	statements	and	

                                                                                             non-financial controls
             the performance of the auditor
          •	 consider	and	make	recommendations	to	the	Board	in	relation	to	the	
             appointment of the external auditor, the auditors’ independence and
             oversee the relationship with the auditor and provision of non-audit services   The Directors acknowledge that they are responsible for the
          •	 review	the	financial	statements                                                 Group’s system of internal financial and non-financial controls
          •	 monitor	the	integrity	of	the	financial	statements                               (‘internal controls’).
          •	 monitor	and	obtain	assurances	in	relation	to	the	legally	required	standards	
             of disclosure, the compliance with accounting standards and the full and        The effectiveness of the Group’s operations has been reviewed, and the
             fair observance of the rules of any relevant regulatory authority               control	systems	codified	to	enable	the	ongoing	monitoring	and	management	
                                                                                             of risks and to facilitate a regular review. The Directors consider that these
          The Chairman of the Audit Committee will be present at the AGM to deal             procedures enable the Company to comply with the Turnbull Guidance.
          with questions relating to the Annual Report and Accounts.
                                                                                             Written	agreements	are	in	place	which	specifically	define	the	roles	and	
          The Audit Committee has recommended the reappointment of the                       responsibilities of the Manager and other third party service providers.
          current auditors, KPMG Channel Islands Limited, to the Company.
          They	are	considered	to	be	an	appropriate	firm	to	undertake	the	                    The	Board	meets	regularly	and	reviews	financial	reports	and	performance	
          engagement. There are no contractual obligations restricting the                   against approved forecasts and relevant stock market criteria. Reports are
          Audit Committee’s choice of auditor. The Audit Committee continues                 also produced annually on the internal controls and procedures in place
          to monitor the performance of the auditors on an ongoing basis.                    for the operation of investment management and accounting activities.

          Details of the non-audit services provided by the Company’s auditors               The Group’s control systems are designed to provide reasonable, but not
          are	given	in	Note	5	to	the	financial	statements	on	page	37.	The	Board	             absolute, assurance against material misstatement or loss and to manage
          considers that the provision of these services does not impair the                 rather than eliminate the risk of failure to achieve business objectives.
          independence of the auditors.

          The Audit Committee considers whether the skills and expertise of the
          auditors make them a suitable supplier of any non-audit service and
          whether there are safeguards in place to ensure that there is no threat to
          objectivity and independence in the conduct of the audit resulting from
          the provision of such services.

          Fees for the Directors are determined within the limits of the Company’s
          Articles of Association. The maximum amount provided for non-executive
          Directors’	remuneration	by	the	Articles	of	Association	is	£200,000	per	annum.	
          Other than the share options referred to in the Directors’ Report, the Directors
          are	not	eligible	for	bonuses,	pension	benefits,	or	other	incentives	or	benefits.




w w w. n o rd i c l a n d . c o m                                                               annual report & accounts 2009                                                 23
     lackeraren 3, borlänge
24                            Nordic Land
w w w. n o rd i c l a n d . c o m   annual report & accounts 2009   25
     lackeraren 3, borlänge


26    s t a t e m e n t o f d i re c t o r s’ re s p o n s i b i l i t i e s   Nordic Land
         statement of directors’ responsibilities


          The Directors are responsible for preparing the Directors’                     The Directors are responsible for ensuring that proper accounting records
          Report and the financial statements in accordance with                         are	kept	which	disclose	with	reasonable	accuracy	at	any	time	the	financial	
          applicable law and regulations.                                                position of the Group and the Company and to enable them to ensure
                                                                                         that	the	financial	statements	comply	with	the	Companies	(Jersey)	Law	
          Jersey	Company	Law	requires	the	Directors	to	prepare	financial	                1991 (as amended). They are also responsible for safeguarding the assets
          statements	for	each	financial	period	in	accordance	with	generally	             of the Group and the Company and hence for taking reasonable steps for
          accepted accounting principles and which give a true and fair view of,         the prevention and detection of fraud and other irregularities.
          or present fairly in all material respects, the state of the Group’s affairs
          at	the	financial	year	end	and	of	the	total	return	for	the	year.	Under	that	    The Directors acknowledge that their responsibility to present
          law	the	Directors	have	elected	to	prepare	these	financial	statements	in	       a balanced and understandable assessment extends to interim
          accordance with International Financial Reporting Standards as adopted         and other price sensitive public reports to regulators as well as to
          by	the	European	Union.	The	financial	statements	have	been	prepared	to	         information required to be presented by statutory requirements.
          show	a	true	and	fair	view	of	the	Group’s	financial	position.	In	preparing	
          these	financial	statements,	the	Directors	have	selected	what	they	             The	financial	statements	are	published	on	www.nordicland.com,	
          consider to be suitable accounting policies and have applied them              which is a website maintained by the Company. The work carried out
          consistently. They have made judgements and estimates which they               by the auditors does not involve consideration of the maintenance
          believe are reasonable and prudent and have followed all applicable            and integrity of this website and, accordingly, the auditors accept
          accounting standards, subject to any material departures disclosed             no	responsibility	for	any	changes	that	have	occurred	to	the	financial	
          and	explained	in	the	financial	statements.	They	are	also	required	to	          statements since they were initially presented on the website.
          prepare	the	financial	statements	on	the	going	concern	basis	unless	it	is	      Visitors to the website need to be aware that the legislation in
          inappropriate to presume that the Group and Company will continue in           Jersey	governing	the	preparation	and	dissemination	of	the	financial	
          business for the foreseeable future.                                           statements may differ from legislation in their jurisdictions.




          lackeraren 3, borlänge




w w w. n o rd i c l a n d . c o m                                                           annual report & accounts 2009                                              27
     lackeraren 3, borlänge


28    i n d e p e n d e n t a u d i t o r s’ re p o r t   Nordic Land
         independent auditors’ report

          independent auditors’                                                          We read the Directors’ Report and other information accompanying the

          report to the members of
                                                                                         financial	statements	and	consider	the	implications	for	our	report	if	we	
                                                                                         become aware of any apparent misstatements within it.

          Nordic Land plc
                                                                                         basis of audit opinion
          We	have	audited	the	Group	and	Company	financial	statements	(the	
          ‘financial	statements’)	of	Nordic	Land	plc	for	the	year	ended	31	March	2009	   We conducted our audit in accordance with International Standards on
          which comprise the Consolidated Income Statement, the Consolidated             Auditing (UK and Ireland) issued by the Auditing Practices Board. An
          and Company Balance Sheets, the Consolidated and Company Cash Flow             audit includes examination, on a test basis, of evidence relevant to the
          Statements, the Consolidated and Company Statements of Changes                 amounts	and	disclosures	in	the	financial	statements.	It	also	includes	an	
          in	Equity	and	the	related	notes.	These	financial	statements	have	been	         assessment	of	the	significant	estimates	and	judgements	made	by	the	
          prepared under the accounting policies set out therein.                        Directors	in	the	preparation	of	the	financial	statements,	and	of	whether	
                                                                                         the accounting policies are appropriate to the Group’s and Company’s
          This report is made solely to the Company’s members, as a body,                circumstances, consistently applied and adequately disclosed.
          in accordance with Article 110 of the Companies (Jersey) Law 1991.
          Our audit work has been undertaken so that we might state to the               We planned and performed our audit so as to obtain all the information and
          Company’s members those matters we are required to state to them               explanations which we considered necessary in order to provide us with
          in an auditors’ report and for no other purpose. To the fullest extent         sufficient	evidence	to	give	reasonable	assurance	that	the	financial	statements	
          permitted by law, we do not accept or assume responsibility to anyone          are free from material misstatement, whether caused by fraud or other
          other than the Company and the Company’s members as a body, for our            irregularity or error. In forming our opinion we also evaluated the overall
          audit work, for this report, or for the opinions we have formed.               adequacy	of	the	presentation	of	information	in	the	financial	statements.



          respective responsibilities of directors & auditors                            opinion
          As described in the Statement of Directors’ Responsibilities on page 27,       In	our	opinion	the	financial	statements:
          the	Company’s	Directors	are	responsible	for	preparation	of	the	financial	      •	 give	a	true	and	fair	view,	in	accordance	with	International	Financial	
          statements in accordance with applicable law and International Financial          Reporting Standards as adopted by the European Union, of the state
          Reporting Standards as adopted by the European Union.                             of the Group’s and Company’s affairs as at 31 March 2009 and of the
                                                                                            Group’s loss for the year then ended; and
          Our	responsibility	is	to	audit	the	financial	statements	in	accordance	         •	 have	been	properly	prepared	in	accordance	with	the	Companies	
          with the relevant legal and regulatory requirements and International             (Jersey) Law 1991
          Standards on Auditing (UK and Ireland).

          We	report	to	you	our	opinion	as	to	whether	the	financial	statements	give	
          a true and fair view and are properly prepared in accordance with the          KPMG Channel Islands Limited
          Companies (Jersey) Law 1991. We also report to you if, in our opinion,         5	St	Andrew’s	Place,	Charing	Cross,	St	Helier,	Jersey		JE4	8WQ
          the Company has not kept proper accounting records or if we have not
          received all the information and explanations we require for our audit.        Chartered Accountants, 7 July 2009



          lackeraren 3, borlänge




w w w. n o rd i c l a n d . c o m                                                           annual report & accounts 2009                                                  29
      Consolidated Financial Statements
      Consolidated Income Statement for the year ended 31 March 2009



        	                                                                            	      Year	ended	      3	April	2007	to
        	                                                                            	   31	March	2009		     31	March	2008
        	                                                                        Note	            £000		               £000



        Gross	rental	income	                                                         	          5,122		              3,883
        Property	operating	expenses	                                                 	               )
                                                                                               (1,723	 	            (1,279	)

        Net	rental	income	                                                          4	          3,399		              2,604

        Administrative	expenses	                                                    	                )
                                                                                               (1,238	 	            (1,941	)
        Loss	on	abortive	transaction	                                               	               -		               (104	)
        (Loss)/gain	on	revaluation	of	investment	properties	                      10	                )
                                                                                               (3,721	 	             2,947

        Operating	(loss)/profit	                                                    5	               )
                                                                                               (1,560	 	             3,506

        Financial	income	                                                          6	             191		                291
        Financial	expenses	                                                        7	                )
                                                                                               (2,862	 	            (2,183	)
        Change	in	fair	value	of	derivative	financial	instruments	                 11	                )
                                                                                                 (272	 	               272

        (Loss)/profit	before	tax	                                                    	               )
                                                                                               (4,503	 	             1,886
        Income	tax	                                                                 8	            700		             (1,154	)
        	                                                                            	
        (Loss)/profit	for	the	year/period	attributable	to	equity	shareholders	       	               )
                                                                                               (3,803	 	               732

        Earnings	per	share	-	basic	and	diluted	                                     9	                )
                                                                                                 (19.4	 p	                 p
                                                                                                                        4.2	

        EPRA	earnings	per	share	-	basic	and	diluted	                                9	                )
                                                                                                  (2.6	 p	                 )
                                                                                                                       (6.8	 p

        The notes form part of these consolidated financial statements.




30   Consolidated Financial Statements                                                       Nordic Land
          Consolidated Financial Statements
          Consolidated and Company Balance Sheets as at 31 March 2009



                                                                                        Group            Company               Group           Company
                                                                                 31 March 2009       31 March 2009      31 March 2008      31 March 2008
                                                                                          £000                £000               £000               £000
                                                                        Note                                                                   (restated)



            Assets
            Non-current assets
            Investment properties                                         10            64,203                   -             67,878                 -
            Derivative financial instruments                              11                 -                   -                272                 -
            Investment in subsidiary undertakings                         12                 -              13,982                  -            13,977

                                                                                        64,203             13,982              68,150            13,977

            Current assets
            Trade and other receivables                                   13                378                827                   363            220
            Cash and cash equivalents                                     14              5,336              2,811                 6,838          4,120

                                                                                          5,714              3,638                 7,201          4,340

            Total assets                                                                69,917             17,620              75,351            18,317

            Liabilities
            Current liabilities
            Trade and other payables                                      15              2,154                 322                2,798            795
            Income tax provision                                                             19                   -                    9              -

                                                                                          2,173                322                 2,807            795

            Non-current liabilities
            Borrowings                                                    16            49,696                     -           49,860                  -
            Deferred tax liability                                        18             1,403                     -            2,138                  -

                                                                                        51,099                     -           51,998                  -

            Total liabilities                                                           53,272                 322             54,805               795

            Net assets                                                                  16,645             17,298              20,546            17,522

            Equity
            Ordinary share capital                                        19               199                 199                192               192
            Share premium                                                               17,523              17,523             17,059            17,059
            Foreign currency translation reserve                                         1,859                   -              2,037                 -
            Retained earnings                                                           (2,936 )              (424 )            1,258               271

            Total shareholders’ equity                                                  16,645             17,298              20,546            17,522

            Net asset value per share                                     20             £0.84                                     £1.07

            EPRA net asset value per share                                20             £0.91                                     £1.17

            These	financial	statements	were	approved	by	the	Board	of	Directors	on	7	July	2009	and	were	signed	on	its	behalf	by:	

                                               Richard Thomas                                                              Keith Jenkins
                                               Director                                                                    Director

            The notes form part of these consolidated financial statements.




w w w. n o rd i c l a n d . c o m                                                        annual report & accounts 2009                                      31
      Consolidated Financial Statements
      Consolidated and Company Cash Flow Statements for the year ended 31 March 2009



                                                                                  Group         Company              Group         Company
                                                                             Year ended       Year ended    3 April 2007 to   3 April 2007 to
                                                                          31 March 2009    31 March 2009    31 March 2008     31 March 2008
                                                                                   £000             £000              £000              £000



       Cash flows from operating activities
       (Loss)/profit for the period                                             (3,803)            (304)              732            (1,191)
       Interest receivable                                                        (191 )           (130 )            (291 )            (277 )
       Interest payable and other finance costs                                  2,862                -             2,183                 -
       Income tax                                                                 (700 )              -             1,154                 -
       Adjustments for non-cash items:
           Loss/(gain) on revaluation of investment properties                   3,721                -            (2,947 )               -
           Change in fair value of derivative financial instruments                272                -              (272 )               -
           Share-based payments                                                     77               77               526               526

       Operating profit before changes in working capital                        2,238             (357 )           1,085              (942 )
       Other movements arising from operations:
          Increase in trade and other receivables                                  (15 )           (619 )            (248 )            (170 )
          (Decrease)/increase in trade and other payables                         (634 )             (5 )           1,393               795
          Tax paid                                                                   -                -                (9 )               -

       Net cash generated from operations                                        1,589             (981)           2,221               (317)
       Interest received                                                           203              142              264                227
       Interest paid                                                            (2,760 )              -             (922 )                -

       Net cash flows (used in)/from operating activities                         (968)            (839)           1,563                (90)

       Cash flows used in investing activities
       Acquisition and development of investment properties                       (486 )              -           (57,352 )               -
       Investment in subsidiary undertakings                                         -             (470 )               -           (13,041 )

       Cash flows used in investing activities                                    (486)            (470)         (57,352)          (13,041)

       Cash flows from financing activities
       Proceeds from the issue of share capital at a premium                          -               -           19,173            19,173
       Cost of issue of shares at a premium                                           -               -           (1,922 )          (1,922 )
       Net drawdown of borrowings                                                     -               -           44,829                 -

       Cash flows from financing activities                                           -                -          62,080            17,251

       Net (decrease)/increase in cash and cash equivalents                     (1,454)          (1,309)           6,291             4,120

       Opening cash and cash equivalents                                        6,838            4,120                  -                  -
       Exchange (losses)/gains on cash balances                                    (48 )             -                547                  -

       Closing cash and cash equivalents                                        5,336            2,811             6,838             4,120

        The notes form part of these consolidated financial statements.




32   Consolidated Financial Statements                                                                        Nordic Land
          Consolidated Financial Statements
          Consolidated and Company Statements of Changes in Equity for the year ended 31 March 2009



                                                           Ordinary Share        Share    Translation    Retained      Total
                                                                  Capital     Premium        Reserve     Earnings     Equity
                                                                     £000         £000          £000         £000      £000



            2009 Group
            Loss for the year                                            -           -             -      (3,803 )   (3,803 )
            Foreign exchange differences
            recognised directly in equity                                -           -          (178 )         -       (178 )

            Total recognised income and expense                          -           -          (178 )    (3,803 )   (3,981 )

            Share-based payments                                        -           -             -         (391 )     (391 )
            Ordinary shares issued at a premium                         7         464             -            -        471
            Balance at 1 April 2008                                   192      17,059         2,037        1,258     20,546

            Balance at 31 March 2009                                 199      17,523          1,859       (2,936)    16,645

            2009 Company
            Loss for the year                                            -           -             -        (304 )     (304 )

            Total recognised income and expense                          -           -             -        (304 )     (304 )

            Share-based payments                                        -           -              -        (391 )     (391 )
            Ordinary shares issued at a premium                         7         464              -           -        471
            Balance at 1 April 2008 restated                          192      17,059              -         271     17,522

            Balance at 31 March 2009                                 199      17,523               -        (424)    17,298

            2008 Group
            Profit for the period                                        -           -             -         732        732
            Foreign exchange differences
            recognised directly in equity                                -           -        2,037             -     2,037

            Total recognised income and expense                          -           -        2,037          732      2,769

            Share-based payments                                        -           -              -         526        526
            Ordinary shares issued at a premium                       192      18,981              -           -     19,173
            Cost of issue of shares at a premium                        -      (1,922 )            -           -     (1,922 )
            Balance at 3 April 2007                                     -           -              -           -          -

            Balance at 31 March 2008                                 192      17,059          2,037       1,258      20,546

            2008 Company (restated)
            Loss for the period as previously reported                   -           -             -      (1,191 )   (1,191 )
            Prior period adjustment (note 24)                            -           -             -         936        936

            Loss for the period restated                                 -           -             -        (255 )     (255 )

            Total recognised income and expense restated                 -           -             -        (255 )     (255 )

            Share-based payments                                        -           -              -         526        526
            Ordinary shares issued at a premium                       192      18,981              -           -     19,173
            Cost of issue of shares at a premium                        -      (1,922 )            -           -     (1,922 )
            Balance at 3 April 2007                                     -           -              -           -          -

            Balance at 31 March 2008 restated                        192      17,059               -        271      17,522

            The notes form part of these consolidated financial statements.




w w w. n o rd i c l a n d . c o m                                              annual report & accounts 2009                    33
     notes to the financial statements
      Note 1 General information                                                  •	 Revised	IAS	23,	Borrowing	costs	
                                                                                     (effective	date:	financial	year	beginning	1	January	2009)
      Nordic Land plc (‘Nordic Land’ or the ‘Company’, or together with           •	 Amendment	to	IFRS	2,	Share-based	payment	–	Vesting	conditions	and	
      its subsidiaries, the ‘Group’) is a Jersey incorporated company                cancellations	(effective	date:	financial	year	beginning	1	January	2009)
      which invests principally in retail property in the Nordic region.          •	 Amendment	to	IAS	32,	Financial	instruments:	Presentation	and	IAS	1,	
      The Company was incorporated on 3 April 2007. The Company and                  Presentation	of	financial	statements	–	Puttable	financial	instruments	
      consolidated financial statements have been prepared for the year              and obligations arising on liquidation
      ended 31 March 2009.                                                           (effective	date:	financial	year	beginning	1	January	2009)
                                                                                  •	 Amendment	to	IFRS	1,	First-time	adoption	of	IFRS,	and	IAS	27,	
      The	audited	Company	and	consolidated	financial	statements	were	                Consolidation	and	separate	financial	statements	–	Cost	of	an	
      authorised for issuance on 7 July 2009.                                        investment in a subsidiary, jointly-controlled entity or associate
                                                                                     (effective	date:	financial	year	beginning	1	January	2009)
                                                                                  •	 Improvements	to	IFRSs	
      Note 2 Basis of preparation                                                    (effective	date:	financial	year	beginning	1	January	2009	or	1	July	2009)
                                                                                  •	 IFRIC	15,	Agreements	for	the	construction	of	real	estate	
      The	financial	information	has	been	prepared	in	accordance	with	                (effective	date:	financial	year	beginning	1	January	2009)
      International Financial Reporting Standards (‘IFRS’) as adopted by the      •	 Revised	IFRS	1,	First-time	adoption	of	IFRS	
      European Union and is presented in Sterling.                                   (effective	date:	financial	year	beginning	1	July	2009)
                                                                                  •	 Basis	for	conclusion	on	revised	IFRS		1,	First-time	adoption	of	IFRS
      The	preparation	of	financial	statements	in	conformity	with	IFRS	requires	   •	 Implementation	guidance	on	revised	IFRS	1,	First-time	adoption	of	IFRS
      management to make judgements, estimates and assumptions that               •	 Revised	IFRS	3,	Business	combinations	(applies	to	business	combinations	
      affect the application of policies and the reported amounts of assets          for	which	the	acquisition	date	is	on	or	after	the	beginning	of	the	first	
      and liabilities, income and expense. The estimates and associated              annual reporting period beginning on or after 1 July 2009)
      assumptions are based on historical experience and various other            •	 Amendment	to	IAS	27,	Consolidated	and	separate	financial	statements	
      factors that are believed to be reasonable under the circumstances,            (effective	date:	financial	year	beginning	1	July	2009)
      the results of which form the basis of making the judgements about          •	 Amendment	to	IAS	39,	Financial	instruments;	Recognition	and	
      carrying values of assets and liabilities that are not readily apparent        measurement – Eligible hedged items
      from other sources. Actual results may differ from these estimates.            (effective	date:	financial	year	beginning	1	July	2009)
                                                                                  •	 IFRS	17,	Distribution	of	non-cash	assets	to	owners	
      Information	about	significant	areas	of	estimation,	uncertainty	and	            (effective	date:	financial	year	beginning	1	July	2009)
      critical judgements in applying accounting policies that have the most      •	 IFRIC	18,	Transfer	of	assets	from	customers	(effective	date:	applies	to	
      significant	effect	on	the	amounts	recognised	in	the	financial	statements	      transfers of assets from customers received on or after 1 July 2009)
      is included in the following notes:
          Note 10 - Investment properties                                         The standards and interpretations addressed above will be applied for
          Note 16 - Borrowings                                                    the	purposes	of	the	Group	consolidated	financial	statements	with	effect	
          Note 22 - Share-based payments                                          from the dates listed.

      The	consolidated	financial	statements	have	been	prepared	on	the	            Revised	IAS	1,	which	becomes	mandatory	for	the	2010	financial	
      historical cost basis except for investment properties and derivative       statements,	is	expected	to	have	significant	impact	on	the	presentation	
      financial	instruments	which	are	both	measured	at	fair	value.	               of	the	financial	statements.

      New standards and interpretations not yet adopted                           Upon	adoption	of	IFRS	8	“Operating	Segments”,	the	Group	will	disclose	
                                                                                  additional segmental reporting information. The adoption of the
      A number of new standards, amendments to standards and interpretations      revised IAS 23 is not expected to have any impact as the Group currently
      are not yet effective for the year ended 31 March 2009, and have not been   capitalises the interest on all qualifying assets.
      applied	in	preparing	these	consolidated	financial	statements.
                                                                                  Upon the adoption of the above new standards it is not expected that
      •	 IFRIC	13,	Customer	loyalty	programmes	                                   there will be an effect on reported income or net assets.
         (effective	date:	financial	year	beginning	1	July	2008)
      •	 IFRIC	16,	Hedges	of	a	net	investment	in	a	foreign	operation	             The	consolidated	financial	statements	have	been	prepared	on	a	
         (effective	date:	financial	year	beginning	1	October	2008)                going concern basis which assumes the Group will be able to meet
      •	 IFRS	8,	Operating	segments	                                              its liabilities as they fall due. The Group’s working capital forecasts
         (effective	date:	financial	year	beginning	1	January	2009)                show	that	the	Group	has	sufficient	cash	resources	to	meet	its	funding	
      •	 Revised	IAS	1,	Presentation	of	financial	statements	                     requirements over the next 12 months and to continue its operational
         (effective	date:	financial	year	beginning	1	January	2009)                existence for the foreseeable future.




34   notes to the financial statements                                                                                   Nordic Land
          Note 3 Significant accounting policies                                        employees and Directors become unconditionally entitled to the
                                                                                        options.	The	amount	recognised	as	an	expense	is	adjusted	to	reflect	the	
          The principal accounting policies adopted in the preparation of the           actual number of share options that vest.
          financial	statements	are	set	out	below.	The	accounting	policies	have	
          been consistently applied by the Company and its subsidiaries.                Performance carry
                                                                                        The Manager is entitled to receive a performance carry equal to 20
          Basis of consolidation                                                        per	cent.	of	the	Total	Shareholder	Return	(defined	as	the	sum	of	the	
                                                                                        increase in adjusted net asset value per share and dividends per share,
          The	financial	statements	incorporate	the	net	assets	and	liabilities	of	the	   divided by the adjusted net asset value per share at the beginning of
          Group at the balance sheet date and its results for the year then ended.      the	relevant	financial	period)	in	excess	of	8	per	cent.	per	annum	for	the	
          Results of subsidiaries acquired or disposed during a year are included       relevant period, subject to a high watermark, to which a performance
          from the effective date of acquisition or up to the effective date of         carry relates. This cost will be recorded on an accruals basis. To the
          disposal as appropriate. The results of subsidiaries are included in the      extent it is payable by the issue of shares in the Company, the cost
          consolidated	financial	statements	from	the	date	that	control	commences	       of such share-based payments is recognised in the Consolidated
          up to the date that control ceases. Control exists when the Company has       Income Statement by reference to the fair value at the date of
          the	power,	directly	or	indirectly,	to	govern	the	financial	and	operating	     payment, together with a corresponding increase in equity.
          policies	of	an	entity	so	as	to	obtain	benefits	from	its	activities.
                                                                                        Revenue
          All intra-group transactions, balances, income and expenses are
          eliminated on consolidation.                                                  Revenue represents amounts receivable calculated on an accruals basis
                                                                                        in respect of property rental income earned in the normal course of
          Functional and presentational currency                                        business, net of sales-related taxes.

          Items	included	in	the	financial	statements	of	each	of	the	Group’s	            Investment property
          entities are measured using the currency of the primary economic
          environment in which the entity operates (the ‘functional currency’).         Investment properties are properties owned or leased by the Group
          The	consolidated	financial	statements	are	presented	in	Sterling,	             which are held for long-term rental income and for capital appreciation.
          which is the Company’s functional and presentational currency.                Investment property is initially recognised at cost and re-valued at
                                                                                        the balance sheet date to fair value, as determined by professionally
          Share capital                                                                 qualified	external	valuers.

          Shares	are	classified	as	equity	to	the	extent	that	they	meet	the	following	   Any gain or loss arising from the change in fair value is reported in
          two conditions:                                                               the Income Statement. No depreciation is provided in respect of
                                                                                        investment property.
          (a) they include no contractual obligations upon the Company to
              deliver	cash	or	other	financial	assets	or	to	exchange	financial	assets	   Borrowing costs associated with direct expenditure on investment
              or	financial	liabilities	with	another	party	under	conditions	that	are	    properties under development or undergoing refurbishment are
              potentially unfavourable to the Company; and                              capitalised using the average rate of interest paid on the relevant debt
          (b) where the instrument will or may be settled in the Company’s              outstanding until the date of practical completion.
              own equity instruments, it is either a non-derivative that includes
              no obligation to deliver a variable number of the Company’s own           Sales of investment property are recognised when contracts have been
              equity instruments or is a derivative that will be settled by the         unconditionally	exchanged	during	the	period	and	the	significant	risks	
              Company	exchanging	a	fixed	amount	of	cash	or	other	financial	             and rewards of ownership have been transferred.
              assets	for	a	fixed	number	of	its	own	equity	instruments.
                                                                                        Acquisitions of corporate interests in investment property are
          Share issue expenses                                                          accounted for on consolidation as if the Group had acquired the
                                                                                        underlying property asset directly. Accordingly, no goodwill arises
          The costs incurred by the Company in connection with the issue                on such acquisitions as any difference between the fair values of
          of shares are written off against the share premium account.                  the assets acquired and the acquisition consideration is allocated
                                                                                        to the investment property asset, which is subject to subsequent
          Share-based payments                                                          revaluation under IAS 40.

          Options                                                                       Investment in subsidiary undertakings
          The grant-date fair value of options granted to employees of the
          Manager and Directors of the Company are recognised as an expense,            Investment in subsidiary undertakings is stated at cost less provisions
          with a corresponding increase in equity, over the period that the             for impairment in the Company Balance Sheet.




w w w. n o rd i c l a n d . c o m                                                          annual report & accounts 2009                                             35
     notes to the financial statements... continued

      Impairment of assets                                                              After initial recognition, interest-bearing loans and borrowings are
                                                                                        subsequently measured at amortised cost using the effective interest
      The Group assesses at each reporting date whether there is objective              method. Amortised cost is calculated by taking into account any issue
      evidence that an asset may be impaired. If any such indication exists the         costs, and any discount or premium on settlement. Borrowing costs
      Group makes an estimate of the asset’s recoverable amount. An asset’s             are recognised on an accruals basis in the Income Statement using the
      recoverable amount is the higher of the asset’s fair value less costs to sell     effective interest rate method.
      and its value in use and is determined on an asset by asset basis. When the
      carrying amount of an asset exceeds its recoverable amount, the asset is          Gains and losses are recognised in the Income Statement when the
      considered impaired and is written down to its recoverable amount.                liabilities are derecognised, as well as through the amortisation process.

      An assessment is made at each reporting date as to whether there is any           Derivative financial instruments
      indication that previously recognised impairment losses may no longer             The	Group	may	use	derivative	financial	instruments	such	as	interest	rate	
      exist or may have decreased. If such an indication exists, the recoverable        swaps	to	hedge	its	risks	associated	with	interest	rate	fluctuations.	Such	
      amount is estimated and the corresponding impairment loss that was                derivative	financial	instruments	are	stated	at	fair	value,	based	on	market	
      previously booked is reversed.                                                    prices,	estimated	future	cash	flows	and	forward	rates	as	appropriate.	
                                                                                        Any gains or losses arising from changes in fair value are taken directly
      Financial instruments                                                             to the Income Statement.

      Classification                                                                    In accordance with its treasury policy, the Group does not hold or issue
      Management	determines	the	classification	of	financial	instruments	                derivative	financial	instruments	for	trading	purposes.
      at	initial	recognition.	The	Group	classifies	its	financial	assets	into	the	
      following categories:                                                             Trade and other payables
                                                                                        Trade and other payables are non-interest bearing and are reported at
      •	 financial	assets	at	fair	value	through	profit	and	loss                         their amortised cost. As trade payables have a short expected term, they
      •	 loans	and	receivables                                                          are carried at their face value without discounting.

      The	Group	classifies	its	financial	liabilities	into	the	following	categories:     Taxation

      •	 financial	liabilities	at	fair	value	through	profit	and	loss                    With effect from the 2009 year of assessment, Jersey abolished the
      •	 financial	liabilities	measured	at	amortised	cost                               exempt	company	regime	for	existing	companies.	Profit	arising	in	
                                                                                        the Company for the 2009 year of assessment and future periods
      Derecognition                                                                     will	be	subject	to	tax	at	the	rate	of	0%.	In	the	prior	year	the	Company	
      The	Group	derecognises	a	financial	asset	when	the	contractual	rights	to	the	      was exempt from taxation under the provisions of Article 123A of
      cash	flows	from	the	financial	asset	expire	or	it	transfers	the	financial	asset	   the Income Tax (Jersey) Law 1961 as amended. Certain subsidiary
      and	the	transfer	qualifies	for	derecognition	in	accordance	with	IAS	39.           undertakings are subject to foreign taxes in respect of foreign source
                                                                                        income;	provision	for	such	taxes	is	made	on	the	basis	of	taxable	profits.
      A	financial	liability	is	derecognised	when	the	obligation	specified	in	the	
      contract is discharged, cancelled or expired.                                     Deferred taxation

      Trade and other receivables                                                       Deferred income tax is recognised on all temporary differences arising
      Trade and other receivables are reported at their fair value. As trade and        between the tax bases of assets and liabilities and their carrying
      other receivables have a short expected term, they are carried at face            amounts	in	the	financial	statements,	with	the	following	exceptions:
      value without discounting. Trade and other receivables are reported at
      the amount they are expected to realise after a deduction for doubtful            (a) where the temporary difference arises from the initial recognition
      debts, which is made on a case by case basis.                                         of goodwill or of an asset or liability in a transaction that is not a
                                                                                            business combination that at the time of the transaction affects
      A provision for impairment is made when there is objective evidence                   neither	accounting	nor	taxable	profit	or	loss;
      (such	as	the	probability	of	insolvency	or	significant	financial	difficulties	     (b) in respect of temporary differences associated with investments
      of the debtor) that the Group will not be able to collect all the amounts             in subsidiaries, where the timing of the reversal of the temporary
      due under the original terms of the invoice. Impaired debts are                       difference can be controlled by the Group and it is probable that the
      derecognised when they are assessed as uncollectable.                                 temporary difference will not reverse in the foreseeable future; and
                                                                                        (c) deferred income tax assets are recognised only to the extent that
      Cash and cash equivalents                                                             it	is	probable	that	taxable	profit	will	be	available	against	which	the	
      Cash and cash equivalents comprise cash in hand and on demand                         deductible temporary differences, carry-forward of unused tax
      deposits that are readily convertible to a known amount of cash and                   assets and unused tax losses can be utilised.
      are	subject	to	an	insignificant	risk	of	changes	in	value.	In	order	to	be	
      classified	as	cash	and	cash	equivalents,	the	maturity	of	the	cash	and	cash	       Deferred income tax assets and liabilities are measured on an undiscounted
      equivalents instruments is three months or less at the time of acquisition.       basis at the tax rates that are expected to apply when the related asset
                                                                                        is realised or liability is settled, based on tax rates and laws enacted or
      Interest-bearing loans and borrowings                                             substantially enacted at the balance sheet date and are expected to apply
      All loans and borrowings are initially recognised at their issue proceeds,        when the related deferred tax asset is realised or the deferred tax liability is
      net of issue costs associated with the borrowing.                                 settled. Deferred income tax is recognised in the Income Statement except
                                                                                        when it relates to items that are credited or charged directly to equity, in
                                                                                        which case the deferred tax is also dealt with in equity.




36   notes to the financial statements                                                                                           Nordic Land
          Segmental analysis                                                                Foreign currencies

          The Group has a single geographical and business segment, being                   The assets and liabilities of foreign entities are translated into sterling at
          investment in property in the Nordic region.                                      the rate of exchange ruling at the balance sheet date and their income
                                                                                            statements	and	cash	flows	are	translated	at	the	average	rate	for	the	
          Management fees                                                                   year. Exchange differences arising from the retranslation of the net
                                                                                            investment in foreign entities are dealt with in reserves. Transactions in
          Under the terms of the Management Agreement, the Manager, Lathe                   currencies other than the Group’s functional currency are recorded at
          Investments (Nordic) LLP, is entitled to receive an annual management             the exchange rate prevailing at the transaction dates. Foreign exchange
          fee dependent on the consolidated gross assets of the Group. Fees are             gains and losses resulting from settlement of these transactions and
          recorded on an accruals basis.                                                    from retranslation of monetary assets and liabilities denominated in
                                                                                            foreign currencies are recognised in the Income Statement except when
                                                                                            qualifying as hedges, in which case they are dealt with in reserves.



          Note 4 Net rental income
          The Group engages in only one class of business activity, being investment in retail property. All operations are continuing and are based in the Nordic region.



          Note 5 Operating (loss)/profit


                                                                                                                                                      For the period
                                                                                                                          Year ended             from 3 April 2007 to
                                                                                                                       31 March 2009                  31 March 2008
                                                                                                                                £000                            £000



             Operating (loss)/profit is stated after charging:
             Auditors’ remuneration for audit and non-audit services                                                                54                             67
             Asset management fees payable to the Manager (note 21)                                                                458                            382
             Performance fee payable to the Manager (note 21)                                                                        -                            468
             Share-based payments (note 22)                                                                                         77                            526




          The analysis of auditors’ remuneration is as follows:




                                                                                                                                                      For the period
                                                                                                                          Year ended             from 3 April 2007 to
                                                                                                                       31 March 2009                  31 March 2008
                                                                                                                                £000                            £000



             Audit fees payable to the Company’s auditors and their associates
             for the audit of the Company’s and Group financial statements                                                          33                              30
             Non-audit fees payable to the Company’s auditors and their associates for:
             - Tax services                                                                                                         17                              14
             - Other services                                                                                                        4                              23

             Total auditors’ remuneration                                                                                           54                              67




          In	addition	to	the	fees	disclosed	above,	fees	amounting	to	£nil	(2008:£104,000)	were	paid	to	associates	of	KPMG	Channel	Islands	Limited	for	due	
          diligence	services	relating	to	property	acquisitions,	and	£nil	(2008:	£312,000)	for	financial	reporting	and	taxation	advice	relating	to	the	admission	to	AIM.




w w w. n o rd i c l a n d . c o m                                                               annual report & accounts 2009                                                37
     notes to the financial statements... continued

      Note 6 Financial income


                                                                                                                                           For the period
                                                                                                                 Year ended           from 3 April 2007 to
                                                                                                              31 March 2009                31 March 2008
                                                                                                                       £000                          £000



        Interest receivable                                                                                              191                          291




      Note 7 Financial expenses


                                                                                                                                           For the period
                                                                                                                 Year ended           from 3 April 2007 to
                                                                                                              31 March 2009                31 March 2008
                                                                                                                       £000                          £000



        Interest on bank loans                                                                                        2,749                         2,102
        Other finance costs                                                                                             113                            81

        Interest payable and other finance costs                                                                      2,862                         2,183




      Note 8 Income tax


                                                                                                                                           For the period
                                                                                                                 Year ended           from 3 April 2007 to
                                                                                                              31 March 2009                31 March 2008
                                                                                                                       £000                          £000



        Current income tax charge/(credit)                                                                                10                          (38 )
        Deferred taxation (note 18)                                                                                     (710 )                      1,192

        Tax (credit)/charge                                                                                             (700 )                      1,154


      With	effect	from	1	January	2009,	the	income	tax	rate	for	companies	in	Jersey	was	reduced	from	20%	to	0%	and	exempt	company	status	for	all	new	
      companies	was	abolished.	The	existing	exempt	company	status	of	the	Company	and	its	Jersey	subsidiary	remained	in	place	until	31	December	2008	
      at	which	time	they	moved	to	a	0%	rate	of	income	tax.	The	current	tax	(credit)/charge	and	deferred	tax	calculations	represent	corporate	income	tax	on	
      income	arising	in	Sweden,	that	is	subject	to	income	tax	at	26.3%,	and	Luxembourg,	at	29.63%.

      With	effect	from	6	May	2008,	a	3%	Goods	and	Services	Tax	(‘GST’)	was	introduced	under	the	Goods	and	Services	Tax	(Jersey)	Law	2007.	The	Company	
      and its Jersey subsidiary may apply for international service entity status under the Goods and Services Tax (International Services Entities) (Jersey)
      Regulations	2008	on	payment	of	an	annual	fee	of	£100	per	company	and	be	treated	as	being	outside	the	scope	of	GST.	The	Company	and	its	Jersey	
      subsidiary	have	been	granted	international	service	entity	status	for	the	years	2008	and	2009.




38   notes to the financial statements                                                                                    Nordic Land
          Note 8 Income tax ... continued
          The	tax	on	the	Group’s	(loss)/profit	before	tax	differs	from	the	theoretical	amount	that	would	arise	using	the	tax	rates	applicable	to	the	
          consolidated entities as follows:




                                                                                                                                                For the period
                                                                                                                      Year ended           from 3 April 2007 to
                                                                                                                   31 March 2009                31 March 2008
                                                                                                                            £000                          £000



             (Loss)/profit before tax                                                                                     (4,503 )                      1,886

             Income tax calculated at the Jersey income tax rate of 0%                                                         -                            -
             Taxation of income in other countries                                                                            10                          (38 )
             Deferred taxation arising from temporary differences in the period                                             (710 )                      1,192

             Tax (credit)/charge                                                                                            (700 )                      1,154




          Note 9 Earnings per share
          Earnings per share and EPRA earnings per share have been calculated, using the weighted average number of shares in issue during the year of
          19,645,000	(2008:	17,433,213),	as	follows:




                                                                                                                      For the period       For the period
                                                                                  Year ended          Year ended from 3 April 2007 to from 3 April 2007 to
                                                                               31 March 2009       31 March 2009     31 March 2008        31 March 2008
                                                                                Loss after tax Earnings per share    Profit after tax Earnings per share
                                                                                         £000              pence                £000                pence



             (Loss)/profit for the year/period                                         (3,803 )               (19.4)p                732                   4.2p

             Loss/(gain) on revaluation of investment properties                        3,721                  18.9p               (2,947 )              (16.9)p
             Change in fair value of derivative financial instruments                     272                   1.5p                 (272 )               (1.5)p
             Deferred tax on revaluation of investment properties                        (710 )                (3.6)p               1,192                  6.8p
             Loss on abortive transaction                                                   -                     -                   104                  0.6p

             EPRA loss                                                                   (520 )                 (2.6)p             (1,191 )                (6.8)p




          Basic and diluted earnings per share are the same, as the issued share options are currently anti-dilutive.

          EPRA	earnings	per	share,	excluding	the	(loss)/gain	on	revaluation	of	investment	properties,	the	change	in	fair	value	of	derivative	financial	instruments	
          and	exceptional	items,	all	net	of	attributable	taxation,	is	an	accepted	property	industry	measure	for	reporting	recurring	profits.




w w w. n o rd i c l a n d . c o m                                                            annual report & accounts 2009                                            39
     notes to the financial statements... continued

      Note 10 Investment properties


                                                                                                          Group                                         Group
                                                                                                           As at                                         As at
                                                                                                   31 March 2009                                 31 March 2008
                                                                                                            £000                                          £000



         Opening balance                                                                                   67,878                                            -
         Investment properties acquired                                                                         -                                       64,511
         Capital expenditure on properties                                                                    486                                           89
         Foreign exchange (losses)/gains                                                                     (440 )                                        331
         (Loss)/gain on revaluation                                                                        (3,721 )                                      2,947

                                                                                                           64,203                                       67,878




      The fair value of investment properties is based on a valuation at 31 March 2009 by DTZ Sweden AB performed in accordance with the Appraisal and
      Valuation Standards of RICS, on the basis of market value.



      Note 11 Derivative financial instruments
      At	31	March	2008,	the	fair	value	of	derivative	financial	instruments	had	been	calculated	by	discounting	the	expected	future	cash	flows	at	prevailing	
      interest	rates.		As	explained	in	note	16,	all	loans	are	on	a	fixed	interest	rate	basis	and	the	Group	does	not	currently	have	any	direct	derivative	financial	
      instruments	with	the	lender	or	any	other	third	parties.		Therefore,	the	value	previously	attributable	to	derivative	financial	instruments	has	been	
      derecognised.




                                                                                                                       As at                             As at
                                                                                                               31 March 2009                     31 March 2008
                                                                                                                        £000                              £000



         Derivative financial instruments                                                                                     -                             272




      Note 12 Investment in subsidiary undertakings


                                                                                                                   Company                           Company
                                                                                                                       As at                             As at
                                                                                                               31 March 2009                     31 March 2008
                                                                                                                        £000                              £000



         Opening balance                                                                                              13,977                                 -
         Additions                                                                                                         5                            13,041
         Prior period adjustment (note 24)                                                                                 -                               936

                                                                                                                      13,982                            13,977




40   notes to the financial statements                                                                                            Nordic Land
          Note 12 Investment in subsidiary undertakings ... continued
          Details of all of the Company’s subsidiaries at 31 March 2009 are as follows:-




                                                                                     Place of                 Proportion of                     Proportion of
                                                                                incorporation             ownership interest               voting power held
                                                                                                                          %                                %



            Nordic Land Holdings Limited                                           Jersey                                100                             100
            Nordic Land Holding (Luxembourg) Sàrl                             Luxembourg                                 100                             100
            Nordic Land (Luxembourg) Sàrl                                     Luxembourg                                 100                             100
            Nordic Land Finance (Luxembourg) Sàrl                             Luxembourg                                 100                             100
            Nordic Land AB                                                        Sweden                                 100                             100
            Nordic Land Terminalen AB                                             Sweden                                 100                             100
            Nordic Land Borlänge AB                                               Sweden                                 100                             100
            Nordic Land Sicklaön Holding AB                                       Sweden                                 100                             100


          Each of the undertakings listed above is engaged in investment in retail property.




          Note 13 Trade and other receivables


                                                                                       Group           Company                  Group             Company
                                                                                        As at              As at                 As at                As at
                                                                                31 March 2009      31 March 2009         31 March 2008        31 March 2008
                                                                                        £000                £000                  £000                 £000



             Rental debtors                                                                281                  -                   189                    -
             Prepayments and accrued income                                                 97                  9                   130                   21
             Other debtors                                                                   -                  -                    44                    -
             Amounts due from subsidiary undertakings                                        -                818                     -                  199

                                                                                           378                827                   363                  220




          The carrying amount of trade and other receivables approximate their fair value.

          The Group’s credit risk is primarily the risk that a rental debtor will be unable to pay amounts in full when due, with a maximum exposure equal to the
          carrying	amount	of	the	debtor.		As	at	31	March	2009	(2008:	£nil)	no	provision	had	been	made	for	any	doubtful	debts.




w w w. n o rd i c l a n d . c o m                                                            annual report & accounts 2009                                          41
     notes to the financial statements... continued

      Note 14 Cash and cash equivalents


                                                                                  Group              Company                   Group              Company
                                                                                   As at                 As at                  As at                 As at
                                                                           31 March 2009         31 March 2009          31 March 2008         31 March 2008
                                                                                    £000                  £000                   £000                  £000



         Cash and cash equivalents                                                  5,336                 2,811                 6,838                  4,120




      Cash and cash equivalents comprise cash held by the Group and short-term deposits with an original maturity of three months or less. The carrying
      value of these assets equals their fair value. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings.



      Note 15 Trade and other payables


                                                                                  Group              Company                   Group             Company
                                                                                   As at                 As at                  As at                As at
                                                                           31 March 2009         31 March 2009          31 March 2008        31 March 2008
                                                                                    £000                  £000                   £000                 £000



         Accounts payable – trade                                                     329                      -                   244                    -
         Deferred income                                                              879                      -                   987                    -
         Accruals                                                                     926                    133                   931                  138
         Other creditors                                                               20                    189                   168                  189
         Performance fee payable to the Manager                                         -                      -                   468                  468

                                                                                    2,154                    322                2,798                   795




      The Directors consider that the carrying amount of trade and other payables approximate to their fair value.



      Note 16 Borrowings


                                                                                  Group              Company                   Group             Company
                                                                                   As at                 As at                  As at                As at
                                                                           31 March 2009         31 March 2009          31 March 2008        31 March 2008
                                                                                    £000                  £000                   £000                 £000



         Amounts falling due after more than one year:
         Bank loans                                                                50,013                       -              50,285                       -
         Unamortised borrowing costs                                                 (317 )                     -                (425 )                     -

                                                                                   49,696                       -              49,860                       -




42   notes to the financial statements                                                                                      Nordic Land
          Note 16 Borrowings ... continued
          The	bank	loans	represent	borrowings	of	SEK	592.7	million.	The	weighted-average	interest	rate	is	5.45%	per	annum.	The	interest	rates	on	all	loans	are	
          fixed	until	maturity	of	the	borrowings	in	April	2012,	with	an	option	to	extend	for	a	further	year.

          The bank loans are secured on the shares of the borrowing subsidiaries and their investment properties.

          The	loans	to	acquire	the	properties	were	originally	provided	by	Lehman	Brothers	Bankhaus	AG	(‘Lehman’).		On	23	May	2008	the	loans	were	
          transferred to a commercial-mortgage-backed-securities (‘CMBS’) vehicle, Excalibur Funding No 1 PLC (‘Excalibur’), set up by Lehman to be the
          lender of a portfolio of loans. Excalibur took over all the rights and obligations under the Lehman loan agreement, including the capital expenditure
          commitment	facility	of	SEK	110	million	(£9.3	million).

          The	loan	agreement	states	that	Nordic	Land	pays	interest	to	Excalibur	on	a	fixed-interest	basis.		The	Group	does	not	have	any	floating-rate	obligations	
          under	the	terms	of	the	loan.		Lehman	previously	advised	that	Nordic	Land	benefitted	from	movements	in	interest	rates	in	relation	to	the	underlying	
          derivative	financial	instruments	put	in	place	within	the	Lehman	group	of	companies	(and	thus	subsequently	Excalibur)	to	achieve	the	fixed	interest	
          rates	on	our	loans.		The	value	of	these	derivative	financial	instruments	was	accounted	for	in	the	Balance	Sheet	on	the	advice	of	Lehman.		
          However,	since	the	loans	were	transferred	to	Excalibur,	the	service	agent	has	advised	that	there	are	no	underlying	derivative	financial	instruments	
          within	Excalibur	to	which	Nordic	Land	is	a	party	to	the	derivative	contract.		Hence	the	value	of	the	derivative	financial	instruments	has	been	
          derecognised.

          The loans have been accounted for at amortised cost at the Balance Sheet date, in accordance with IFRS, and the fair value is disclosed below.
          Nordic	Land’s	only	obligation	is	to	pay	interest	at	fixed	rates	and	repay	loans	at	par	value	at	maturity.

          As	stated	above,	Excalibur	took	over	the	commitment	to	provide	a	capital	expenditure	loan	facility	of	some	£9.3	million	(2008:	£9.3	million).		
          This facility had been intended to be used to fund part of the costs for the development project at Borlänge and a drawdown notice has been
          submitted	to	Excalibur	to	receive	the	funds.		Neither	the	funds	nor	confirmation	that	the	facility	exists	have	yet	been	received.

          The Directors estimate that the book value and fair value of the Group’s bank loans are:




                                                                                     Book value             Fair value         Book value             Fair value
                                                                                  31 March 2009         31 March 2009       31 March 2008         31 March 2008
                                                                                           £000                   £000               £000                   £000



             Bank loans                                                                  50,013               54,013               50,285                50,013




          Note 17 Financial instruments
          Financial risk management objectives and policies

          The	Group’s	activities	expose	it	to	a	variety	of	market,	capital	and	financial	risks,	including:
          •	 market	risk	(including	currency	risk,	price	risk	and	interest	rate	risk)
          •	 credit	risk
          •	 liquidity	risk

          The	main	risks	arising	from	the	Group’s	financial	instruments	are	detailed	below	together	with	the	policies	adopted	by	the	Board	to	manage	these	risks.

          These risks are managed by the Group under policies approved by the Board of Directors. 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	operational	activities.

          Financial risks relate to trade and other receivables, trade and other payables, cash and cash equivalents and borrowings. The Group may also enter
          into	derivative	transactions,	primarily	fixed	interest	rate	swaps,	for	the	purpose	of	managing	the	interest	rate	risk	arising	from	funding	the	acquisition	
          of the Group’s properties.

          In	accordance	with	its	treasury	policy,	the	Group	does	not	hold	or	issue	derivative	financial	instruments	for	trading	purposes.




w w w. n o rd i c l a n d . c o m                                                               annual report & accounts 2009                                           43
     notes to the financial statements... continued

      Note 17 Financial instruments ... continued
      Capital risk management

      The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for
      shareholders	and	benefits	for	other	stakeholders	and	to	maintain	satisfactory	levels	of	financial	resources	to	mitigate	against	financial	risk.

      The capital structure of the Group consists of a mixture of bank loans, cash and cash equivalents and retained earnings, all as disclosed in the Balance
      Sheet. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to
      shareholders, issue new shares or sell assets to reduce debt.

      Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by the
      value of the Group’s properties. Net debt is calculated as bank loans less cash and cash equivalents. The gearing ratio at the year end is as follows:




                                                                                                                      As at                            As at
                                                                                                              31 March 2009                    31 March 2008
                                                                                                                       £000                             £000



         Bank loans                                                                                                  49,696                           49,860
         Cash and cash equivalents                                                                                   (5,336 )                         (6,838 )

         Net debt                                                                                                    44,360                           43,022

         Value of investment properties                                                                              64,203                           67,878

         Net gearing ratio                                                                                              69.1%                            63.4%

         Gross gearing ratio                                                                                            77.4%                            73.5%




      Categories of financial instruments

      The	Group’s	financial	instruments	relate	to	trade	and	other	receivables,	derivative	financial	instruments,	cash	and	cash	equivalents,	trade	and	other	
      payables	and	borrowings.	In	all	cases,	the	Directors	consider	that	the	carrying	amount	of	the	Group’s	financial	instruments	approximate	to	their	fair	value,	
      except for borrowings (see note16).

      Currency risk

      The Group operates in the Nordic region and is exposed to foreign exchange risk arising primarily with respect to the Swedish krona and Euros. Foreign
      exchange risk arises from future commercial transactions, recognised monetary assets and liabilities and net investment in foreign operations.

      The Group’s approach to managing its foreign currency exposure is to match, as far as possible, local currency assets with local currency liabilities.
      The Group’s policy is not to undertake any speculative currency hedging arrangements.

      At the reporting date the Group had the following exposure, measured as a proportion of net non-monetary and monetary assets:




         Currency                                                                                      As at 31 March 2009               As at 31 March 2008



         Swedish krona                                                                                                  81.9%                             82.9%
         Euro                                                                                                           (0.1%)                             0.1%




44   notes to the financial statements                                                                                        Nordic Land
          Note 17 Financial instruments ... continued
          The following table sets out the Group’s total exposure to foreign currency risk and the net exposure to foreign currencies of monetary assets and liabilities:




                                                    Monetary             Monetary                  Net             Monetary             Monetary                  Net
                                                      Assets             Liabilities          Exposure               Assets             Liabilities          Exposure
                                                        2009                  2009                2009                 2008                  2008                2008
                                                       £000                   £000                £000                £000                   £000                £000



             Swedish krona                              2,550              53,119              (50,569 )              3,275               54,114              (50,839 )
             Euro                                           7                  19                  (12 )                 60                   85                  (25 )



          Amounts in the above table are based on the carrying value of the monetary assets and liabilities.

          Foreign exchange sensitivity analysis

          At	31	March	2009,	had	sterling	strengthened	by	5%	in	relation	to	all	currencies,	with	all	other	variables	held	constant,	net	assets	attributable	to	
          shareholders,	with	a	corresponding	effect	on	profit	and	loss,	would	have	decreased	by	the	amounts	shown	below.	




                                                                                                              As at 31 March 2009                As at 31 March 2008
                                                                                                                             £000                               £000



             Swedish krona                                                                                                      649                                811
             Euro                                                                                                                (1 )                               (1 )

             Total                                                                                                              648                               810



          A	5%	weakening	of	sterling	against	the	above	currencies	would	have	resulted	in	an	equal	but	opposite	effect	on	the	net	assets	attributable	to	shareholders	
          and the net loss for the year, on the basis that all other variables remain constant.

          Interest rate risk management

          The Group’s interest rate risk arises from long-term borrowings used when acquiring property. The Group limits its exposure to interest rate risk when
          acquiring	property	by	raising	finance	at	fixed	rates	of	interest.	A	movement	in	market	interest	rates	will	result	in	a	decrease/increase	in	the	fair	value	
          of the bank loan drawn to fund the acquisition of the property.

          As	the	Group	does	not	have	any	derivative	financial	instruments	there	is	no	sensitivity	on	profit	or	net	assets	in	relation	to	interest	rate	risk	
          management. The only sensitivity is in relation to the fair value of the bank loans.

          Fair value interest rate risk sensitivity analysis on bank loans

          At	31	March	2009,	had	the	market	interest	rate	increased	by	0.5%,	with	all	other	variables	held	constant,	the	fair	value	of	the	bank	loans	would	have	
          decreased	by	£749,000	(2008:	£753,000).

          A	0.5%	decrease	in	the	market	interest	rate,	with	all	other	variables	held	constant,	would	result	in	an	equal	but	opposite	effect	on	the	fair	value	of	the	
          bank loans by the same amount.

          However,	Nordic	Land’s	only	obligation	is	to	pay	interest	at	fixed	rates	and	repay	loans	at	par	value	at	maturity.

          Price risk

          The	Group	is	exposed	to	property	price	and	property	rental	risks.	The	Group	is	not	exposed	to	the	price	risk	with	respect	to	financial	instruments	as	it	
          does not hold any equity securities.




w w w. n o rd i c l a n d . c o m                                                               annual report & accounts 2009                                               45
     notes to the financial statements... continued

      Note 17 Financial instruments ... continued
      Credit risk

      Credit risk is the risk that a counterparty will be unable to pay amounts in full when due and relates principally to trade and other receivables and
      cash	and	cash	equivalents.	The	Directors	believe	there	is	no	significant	credit	risk	to	the	Group	as	the	rental	debtors	are	not	reliant	on	a	single	rental	
      contract or customer. The Group also ensures that rental contracts are made with customers with an appropriate credit history. The Directors also
      believe	there	is	no	significant	risk	associated	with	the	cash	and	cash	equivalents	balance	as	the	banks	are	reputable	multinational	corporate	banks	
      which	are	regulated	in	various	jurisdictions.	Cash	deposits	are	held	with	approved	financial	institutions	with	high	credit	ratings.

      With	respect	to	credit	risk	arising	from	the	other	financial	assets	of	the	Group,	the	Group’s	exposure	to	credit	risk	arises	from	default	of	the	
      counterparty, with a maximum exposure equal to the carrying amount of these instruments.

      Liquidity risk

      The	Directors	limit	the	Group’s	liquidity	risk	by	ensuring	that	sufficient	cash	resources	are	available	to	fund	its	working	capital	requirements	and	that	
      committed bank facilities are available to fund its development project capital expenditure programme.

      The	contractual	maturities	of	financial	liabilities	are	disclosed	in	note	15	regarding	Trade	and	other	payables,	and	note	16	regarding	Borrowings.



      Note 18 Deferred tax liability
      The following are the major deferred tax liabilities recognised during the period:




                                         Revaluation of      Accelerated tax                              Revaluation of        Accelerated tax
                                   investment properties       depreciation              Total      investment properties         depreciation             Total
                                                   2009                2009              2009                       2008                  2008             2008
                                                   £000                £000              £000                       £000                  £000             £000



         At start of period                        1,305                 833           2,138                           -                     -                -
         Acquired                                      -                   -               -                         255                   558              813
         Charge to income                           (999 )               289            (710 )                       944                   248            1,192
         Foreign exchange differences                (27 )                 2             (25 )                       106                    27              133

         At 31 March                                 279               1,124           1,403                       1,305                   833            2,138




      Note 19 Ordinary share capital


                                                                                                                      As at                               As at
                                                                                                              31 March 2009                       31 March 2008
                                                                                                                       £000                                £000



         Authorised
         250,000,000 Ordinary shares of £0.01 each                                                                     2,500                              2,500

         Issued and fully paid
         19,859,561 (2008: 19,172,588) Ordinary shares of £0.01 each                                                      199                              192




      On	24	July	2008,	686,973	Ordinary	shares	were	issued	and	credited	as	fully	paid	in	part	settlement	of	the	performance	fee	payable	to	the	Manager	for	
      the	period	ended	31	March	2008.




46   notes to the financial statements                                                                                          Nordic Land
          Note 20 Net asset value per share
          Net asset value per share has been calculated by dividing the net assets attributable to the equity shareholders of the Company by the number of
          Ordinary	shares	in	issue	at	the	year	end	of	19,859,561	(2008:	19,172,588).




                                                                                                                        As at                           As at
                                                                                                                31 March 2009                   31 March 2008
                                                                                                                         £000                            £000



             Net assets                                                                                                 16,645                            20,546
             Adjust for:
                 Fair value of derivative financial instruments                                                              -                              (272 )
                 Deferred tax on investment properties                                                                   1,403                             2,138

             EPRA net assets                                                                                            18,048                            22,412

             Net asset value per share                                                                                   £0.84                             £1.07

             EPRA net asset value per share                                                                              £0.91                             £1.17



          EPRA net asset value per share is the net asset value per share of the Company adjusted to exclude the effect of deferred tax relating to the
          revaluation	of	investment	properties	and	the	fair	value	of	derivative	financial	instruments	net	of	attributable	taxation.

          Basic and diluted net asset value per share are the same, as the issued share options are currently anti-dilutive.



          Note 21 Related party transactions
          The following related party transactions were conducted during the period:

          a)	 asset	management	fees	of	£458,000	(2008:	£382,000)	have	been	charged	in	accordance	with	the	management	agreement.	The	Manager	receives	a	fee	
              of	0.65%	based	on	the	consolidated	gross	assets	of	the	Group;	and
          b)	 a	performance	fee	is	payable	to	the	Manager	equal	to	20%	of	the	Total	Shareholder	Return	in	excess	of	8%	in	any	relevant	period,	subject	to	a	high	
              watermark.	At	31	March	2009,	this	amounted	to	£nil	(2008:	£936,000).	Payment	of	the	performance	fee	consists	of	not	more	than	50%	in	cash	and	not	
              less	than	50%	in	new	shares	in	the	Company.	



          Note 22 Share-based payments
          On 25 July 2007, the Company established a share option programme (the ‘Nordic Land Share Option Plan’) that entitles Directors and representatives of
          the Manager to purchase shares in the Company. The share-based payment scheme is equity settled by the award of options to acquire Ordinary shares.

          The number and weighted-average exercise prices of share options are as follows:




                                                                             Weighted average              Number        Weighted average             Number
                                                                               exercise price             of options       exercise price            of options
                                                                                         2009                  2009                  2008                 2008



             Outstanding at 1 April                                                                        455,686                                         -
             Granted during the period                                                    106p              23,984                   106p            479,670
             Lapsed during the period                                                     106p             (95,934 )                 106p            (23,984 )

             Outstanding at 31 March                                                                       383,736                                   455,686




w w w. n o rd i c l a n d . c o m                                                            annual report & accounts 2009                                           47
     notes to the financial statements... continued

      Note 22 Share-based payments... continued
      The Nordic Land Share Option Plan is open to certain Directors of the Company, employees and partners of the Manager and any local property
      adviser as engaged by a member of the Group, at the discretion of the Directors.

      Options	over	23,984	shares	were	granted,	as	a	reallocation	of	previously	issued	share	options,	on	27	March	2008	at	an	exercise	price	of	106	p.	The	
      first	day	on	which	these	options	may	be	exercised	is	27	March	2010;	the	last	day	on	which	the	options	may	be	exercised	is	26	March	2018.	Options	for	
      95,934 shares, which had been issued to a former partner of the Manager, have since lapsed.

      Options	over	455,686	were	granted	in	the	period	ended	31	March	2008.	The	first	day	on	which	those	options	may	be	exercised	is	6	September	2009;	
      the last day on which the options may be exercised is 5 September 2017.

      The options are not subject to performance conditions. If the options remain unexercised after a period of 10 years from the date of grant, the
      options expire. Options are normally forfeited if the optionholder leaves the Group or the Manager before the options vest.

      In accordance with IFRS 2 ‘Share-based Payment’, the fair value of equity-settled share-based payments is determined at the date of grant and is
      expensed on a straight-line basis over the vesting period, based on the Group’s estimate of options that will eventually vest. Fair value is calculated
      using the standard Black-Scholes pricing model, with the following inputs:

      •	 share	price	                  106	p	                                        •	 expected	option	life	        6	years
      •	 exercise	price	               106	p                                         •	 expected	dividend	yield	         0%
      •	 expected	volatility	           33%                                          •	 risk-free	interest	rate	       5.1%

      Expected volatility is estimated by considering historic average share price volatility for a group of comparable companies within the same sector and
      with a similar market capitalisation as the Company.

      The	aggregate	of	the	fair	values	of	the	outstanding	options	is	£135,000	(2008:	£205,000).

      The total share-based payment charge relating to shares of the Company is:




                                                                                                                                             For the period
                                                                                                               Year ended               from 3 April 2007 to
                                                                                                            31 March 2009                    31 March 2008
                                                                                                                     £000                              £000



         Share options                                                                                                   77                               58
         Performance fee payable to the Manager (note 21)                                                                 -                              468

         Total                                                                                                           77                              526




48   notes to the financial statements                                                                                        Nordic Land
          Note 23 Capital commitments
          Future	capital	expenditure,	contracted	for	and	approved	by	the	Directors,	but	not	provided	for	in	these	consolidated	financial	statements,	is	as	follows:




                                                                                                                             As at                                As at
                                                                                                                     31 March 2009                        31 March 2008
                                                                                                                              £000                                 £000



             Contracted for                                                                                                   1,357                                  -
             Authorised but not contracted for                                                                                1,032                                  -

             Total                                                                                                            2,389                                  -




          Of	the	£1,357,000	(2008:£nil)	contracted	capital	expenditure,	£987,000	(2008:£nil)	relates	to	obligations	to	develop	investment	property	and	
          £370,000	(2008:£nil)	relates	to	enhancements.



          Note 24 Prior period adjustment
          During	the	period	ended	31	March	2008	the	Directors	of	Nordic	Land	plc	awarded	the	Manager	a	performance	fee	of	£936,000	which	was	accrued	
          for	in	the	Group’s	consolidated	financial	statements.	The	payment	was	settled	by	the	payment	of	cash	of	£468,000	and	the	issue	of	new	shares	in	
          the	Company	with	a	value	of	£468,000.	The	performance	fee	was	correctly	expensed	in	the	Group	financial	statements	in	accordance	with	IFRS	2	for	
          the	period	ended	31	March	2008.	The	performance	fee	was	also	expensed	in	the	Company’s	own	financial	statements	but	this	treatment	does	not	
          accurately	reflect	the	underlying	substance	of	the	performance	fee	payment	mechanism	which	is	detailed	in	the	Company’s	Admission	Document.	
          The substance of the performance fee is that the Company acquired shares in a subsidiary, Nordic Land Holdings Limited, from Lathe Investments
          (Nordic	Land	Carry)	LLP,	an	associated	entity	of	the	Manager.	The	correct	treatment	in	the	Company’s	own	financial	statements	should	have	been	to	
          capitalise	the	cost	of	the	performance	fee	payment,	by	increasing	the	Company’s	Investment	in	subsidiary	undertakings,	to	accurately	reflect	the	true	
          substance	of	the	transaction.	The	Company’s	own	financial	statements	for	the	prior	period	have	therefore	been	restated	in	accordance	with	IAS	8.	
          This	adjustment	has	no	impact	on	the	Group’s	consolidated	results	for	the	period	ended	31	March	2008.

          The	effect	of	the	restatement	on	the	financial	statements	of	the	Company	is	summarised	below:




                                                                                                                                                          31 March 2008
                                                                                                                                                                   £000



             Decrease in expenses                                                                                                                                  936
             Increase in profit for the period                                                                                                                     936
             There is no effect on taxation                                                                                                                          -
             Increase in investment in subsidiary undertaking                                                                                                      936
             Increase in equity                                                                                                                                    936




          Note 25 Annual Report
          This Annual Report is available on the Company’s website: www.nordicland.com




w w w. n o rd i c l a n d . c o m                                                               annual report & accounts 2009                                             49
     lackeraren 3, borlänge


50    notice of annual general meeting   Nordic Land
         notice of annual general meeting

          Notice is hereby given that the Annual General Meeting of Nordic Land plc
          will be held at Whiteley Chambers, Don Street, St Helier, Jersey on
          15th December 2009 at 11.00am for the following purposes:

          ordinary business
          To	consider	and,	if	thought	fit,	pass	the	following	ordinary	resolutions:

          THAT:
          1. The Directors’ Report and Audited Financial Statements for the year ended 31 March 2009 be received and adopted.
          2. Mr Jenkins, a Director retiring by rotation, be re-elected as a Director.
          3. Mr Thomas, a Director retiring by rotation, be re-elected as a Director.
          4. The Auditors, KPMG Channel Islands Limited, be reappointed and the Directors be authorised to determine their remuneration.



          special business
          To	consider	and,	if	thought	fit,	pass	the	following	special	resolutions:

          THAT:
          5. The Company be generally and unconditionally authorised to purchase (in accordance with Article 57 of the Companies (Jersey) Law 1991
             (as amended)) Ordinary shares of 1p each (‘Ordinary shares’) of the Company provided that:

          	(i)	 the	maximum	number	of	Ordinary	shares	hereby	authorised	to	be	acquired	is	2,976,948	being	14.99%	of	the	total	number	of	Ordinary	shares	in
                issue as at 24 September 2009;

          (ii) the minimum price which may be paid for any such share is its nominal value of 1p;

          (iii)	 the	maximum	price	which	may	be	paid	for	any	such	share	is	an	amount	equal	to	105%	of	the	average	of	the	middle	market	quotations	for	an
          	      Ordinary	share	in	the	Company	as	derived	from	the	London	Stock	Exchange	Daily	Official	List	for	the	five	business	days	immediately	preceding
                 the day on which such share is contracted to be purchased;

          (iv)	 the	authority	hereby	conferred	shall	expire	on	15	June	2011	being	a	date	not	later	than	18	months	after	the	passing	of	this	resolution;

          (v) the Company may make a contract to purchase its Ordinary shares under the authority hereby conferred prior to the expiry of such authority, which contract
              will or may be executed wholly or partly after the expiry of such authority, and may purchase its Ordinary shares in pursuance of any such contract;

          (vi) any purchase of Ordinary shares will be made in the market for cash at prices below the prevailing net asset value per Ordinary share
               (as determined by the Directors); and

          (vii) the Directors provide a statement of solvency in accordance with Articles 55 and 57 of the Companies (Jersey) Law 1991 (as amended).

          Such	shares	to	be	acquired	either	for	cancellation	or	to	be	held	as	Treasury	shares	in	accordance	with	Article	58A	of	the	Companies	(Jersey)	Law	1991	
          (as	amended),	as	inserted	by	the	Companies	(Amendment	No.2)	(Jersey)	Regulations	2008.

          6.   Article 16.1 of the Company’s existing Articles of Association be deleted and replaced with the following:

          	    “An	annual	general	meeting	and	any	extraordinary	general	meeting	shall	(subject	to	Law)	be	called	by	not	less	than	14	clear	days’	notice”

          Whiteley Chambers, Don Street,            By order of the Board
          St Helier, Jersey JE4 9WG                 Ogier Fund Administration (Jersey) Limited
          Dated this 24 September 2009              Secretary




w w w. n o rd i c l a n d . c o m                                                                  annual report & accounts 2009                                           51
      notice of annual general meeting... continued

      Notes:
      1. A member entitled to attend and vote is entitled to appoint one or more proxies to attend and, on a poll, vote instead of him or her. A proxy need
         not be a member of the Company. A form of proxy is enclosed.

      2.		 To	be	valid,	the	instrument	appointing	a	proxy,	together	with	any	power	or	authority	under	which	it	is	executed	(or	a	notarialy	certified	copy	of
           such power or authority) must be deposited with the Company’s registrars, Capita Registrars, Proxies, The Registry, 34 Beckenham Road,
      	 Beckenham,	Kent	BR3	4TU	not	less	than	48	hours	before	the	time	specified	in	this	notice	for	holding	the	Meeting.	Changes	to	entries	in	the
           register after that time shall be disregarded in determining the rights of any member to attend and vote at such Meeting.

      3.	 The	Company,	pursuant	to	Article	40	of	the	Companies	(Uncertified	Securities)	(Jersey)	Order	1999,	specifies	that	only	those	members	registered	
      	 in	the	register	of	members	as	at	6pm	on	13	December	2009	(or	in	the	event	that	the	Meeting	is	adjourned,	on	the	register	of	members	48	hours	
          before the time of any adjourned Meeting) shall be entitled to attend or vote at the Meeting in respect of the Ordinary shares registered in their
          name at that time. Changes to entries on the register of members after 6pm on 13 December 2009 (or in the event that the Meeting is adjourned,
      	 on	the	register	of	members	less	than	48	hours	before	the	time	of	any	adjourned	Meeting)	shall	be	disregarded	in	determining	the	rights	of	any	
          person to attend or vote at the Meeting.

      4. The lodging of a completed form of proxy does not preclude a member from attending the Meeting and voting in person.

      5. Other than Mr Arnoldsson, no Director has a service contract with the Company.




      lackeraren 3, borlänge




52   notice of annual general meeting                                                                                       Nordic Land
                                     lackeraren 3, borlänge


w w w. n o rd i c l a n d . c o m   annual report & accounts 2009   53
     lackeraren 3, borlänge


54    shareholder information   Nordic Land
         shareholder information
          The shares of Nordic Land plc are traded on the AIM market of the London
          Stock Exchange.

          taxation of dividends
          There is a statutory requirement for the Company to deduct income tax from dividends paid to Jersey residents and to account for such income
          tax deducted to the Comptroller of Income Tax and on request, to make a return of the names, addresses and shareholdings of Jersey resident
          shareholders. Non-Jersey resident investors will be paid without deduction of Jersey income tax. UK resident individual shareholders will be liable to
          UK income tax on the amount of the dividends received.



          share price listings
          The price of your shares can be found in the following places:
          Financial Times (daily) AIM Real Estate
          Bloomberg
          Ordinary shares         NLD.LN

          Internet addresses
          Company site              www.nordicland.com



          Stock Exchange Codes
          Sedol: Ordinary shares B1Z91C7
          ISIN:   Ordinary shares JE00B1Z91C77




          lackeraren 3, borlänge




w w w. n o rd i c l a n d . c o m                                                          annual report & accounts 2009                                           55
     sicklaön 117, stockholm


56    a d v i s e r s’ d e t a i l s   Nordic Land
         advisers’ details
                                                                             administrator and
            registered office              registered number                 company secretary              registrar

            Whiteley Chambers              97055                             Ogier Fund Administration      Capita Registrars (Jersey) Limited
            Don Street                                                       (Jersey) Limited               12 Castle Street
            St Helier                                                        Whiteley Chambers              St Helier
            Jersey JE4 9WG                                                   Don Street                     Jersey JE2 3RT
                                                                             St Helier
                                                                             Jersey JE4 9WG




            nominated adviser              financial adviser
            & joint broker                 & joint broker                    auditors                       valuers

            Matrix Corporate Capital LLP   S P Angel Corporate Finance LLP   KPMG Channel Islands Limited   DTZ Sweden
            One Vine Street                35 Berkeley Square                5 St Andrews Place             Kungsbron 2
            London W1J 0AH                 London W1J 5BF                    St Helier                      SE-111 22
                                                                             Jersey		JE4	8WQ                Stockholm
                                                                                                            Sweden




            financial public relations     manager

            Bankside Consultants Limited   Lathe Investments (Nordic) LLP
            1 Frederick’s Place            The Brewery
            London		EC2R	8AE               Bells Yew Green
                                           Tunbridge Wells
                                           Kent TN3 9BD




          sicklaön 117, stockholm




w w w. n o rd i c l a n d . c o m                                               annual report & accounts 2009                                    57
Nordic Land plc
For further information please contact:
The Manager
Lathe Investments (Nordic) LLP
The Brewery
Bells Yew Green
Tunbridge Wells
Kent TN3 9BD
T: +44 (0) 1892 752 005
F: +44 (0) 1892 752 180




www.nordicland.com

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:4
posted:11/6/2012
language:English
pages:60