HANSTEEN LIMITEDLiquidiert

HANSTEEN LIMITED

Frankfurt am Main

Jahresabschluss zum Geschäftsjahr vom 01.01.2012 bis zum 31.12.2012

HANSTEEN LIMITED / London

Annual report and financial statements 2012

CONTENTS

Officers and professional advisors

Directors' report

Statement of directors' responsibilities

Independent auditors' report

Income statement

Statement of comprehensive income

Balance sheet

Statement of changes in equity

Cash flow statement

Notes to the financial statements

OFFICERS AND PROFESSIONAL ADVISORS

DIRECTORS

M L Jones

I R Watson

R P Lowes M D Ovens

D K Heathwood

J A McDonald P R Rodger

J M Havery - appointed 2 April 2013

SECRETARY

S M Hornbuckle

REGISTERED OFFICE

6th Floor
Clarendon House
12 Clifford Street
London W1S 2LL

BANKERS

The Royal Bank of Scotland
Corporate Banking
2nd Floor, 1 Trinity Gardens
Broadchare
Quayside
Newcastle Upon Tyne NE1 2E

SOLICITORS

Jones Day
21 Tudor Street
London EC4Y 0DJ

AUDITORS

Deloitte LLP
Reading

Directors' report

The directors present their annual report and the audited financial statements of the Company for the year ended 31 December 2012.

BUSINESS REVIEW AND PRINCIPAL ACTIVITIES

The Company is a wholly owned subsidiary of Hansteen Holdings PLC and its principal activity comprises the provision of management services to the Hansteen Holdings PLC group of companies.

The Directors consider the results for the year and the future prospects of the Company to be satisfactory. There are no further matters to report under section 417 of the Companies Act 2006.

RESULTS AND DIVIDENDS

The profit after taxation for the year amounted to £774,125 (2011: £883,458). The Directors do not propose the payment of a dividend (2011: £nil).

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management is an important part of the system of internal controls which are managed at a Group level by Hansteen Holdings PLC. Senior management staff and the Board of Hansteen Holdings PLC regularly consider the significant risks, which it believes are facing the Group and its subsidiaries, identify appropriate controls and if necessary instigate action to improve those controls. There will always be some risk when undertaking property investments but the control process is aimed at mitigating and minimising these risks where possible. The key risks identified by the Board of Hansteen Holdings PLC, some of which affect this Company, the steps taken to mitigate them and additional commentary is as follows:

GOING CONCERN

The Company's business activities and principal risks and uncertainties are detailed above.

Having considered these risks and the current uncertain economic environment, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and financial statements.

Liquidity is managed at Group level using long-term group banking facilities. The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Joint Chief Executives' report of the Hansteen Holdings PLC report and accounts for the year ended 31 December 2012 and the principal risks and uncertainties that affect the Group are detailed in the Directors' Report of those accounts.

DIRECTORS

The directors who served throughout the year and to the date of this report, unless specified, were as follows:

M L Jones

I R Watson

R P Lowes

M D Ovens

D K Heathwood

J A McDonald P R Rodger

J M Havery appointed 2 April 2013

AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Deloitte LLP has expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.

Approved by the Board of Directors

and signed on behalf of the Board

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent auditor's report to the members of Hansteen Limited

We have audited the financial statements of Hansteen Limited for the year ended 31 December 2012 which comprise Income Statement, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Cash Flow Statement and the related notes 1 to 19. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditor

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Income statement for the year ended 31 December 2012

STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2012

Balance sheet as at 31 December 2012

The financial statements of Hansteen Limited, registered number 05481675, were approved by the Board of Directors and authorised for issue on 30 April 2013.

Signed on behalf of the Board of Directors

STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2012

CASH FLOW STATEMENT for the year ended 31 December 2012

Notes to the financial statements for the year ended 31 December 2012

1. General information

Hansteen Limited is a company which was incorporated in the United Kingdom and registered in England and Wales on 15 June 2005. The Company is required to comply with the provisions of the Companies Act 2006. The address of the registered office is given on page 1.

The Company's principal activities comprise the provision of management services to the Hansteen Holdings PLC group of companies.

The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates.

2. Adoption of new and revised standards

At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the EU):

The directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Company in future periods, except as follows:

Beyond the information above, it is not practicable to provide a reasonable estimate of the effect of these standards until a detailed review has been completed.

3. Significant accounting policies

Basis of accounting.

The financial statements have been prepared on a going concern basis and in accordance with International Financial Reporting Standards ('IFRSs') adopted by the European Union and therefore the financial statements comply with Article 4 of the EU IAS Regulation.

The financial statements have been prepared on the historical cost basis.

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. The principal accounting policies are set out below.

Going concern.

The Company's business activities and principal risks and uncertainties are detailed in the Directors' Report, above.

Having considered these risks and the current uncertain economic environment, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and financial statements.

Revenue recognition.

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.

Leasing.

Rentals payable under operating leases are charged to the income statement on a straight-line basis over the term of the relevant lease.

Foreign currencies.

The financial statements of the Company are presented in the currency of the primary economic environment in which it operates (its functional currency).

In preparing the financial statements, transactions in currencies other than the Company's functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the period in which they arise. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period in which they arise except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.

Taxation.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is measured on a non-discounted basis.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

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

Property, plant and equipment.

This comprises computer and office equipment which are stated at cost less accumulated depreciation and any recognised impairment loss.

Depreciation is charged so as to write off the cost or valuation, less residual value, of assets over their estimated useful lives, using the straight-line method, on the following bases:

Financial instruments

Financial assets and financial liabilities are recognised in the Company's balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Financial Assets.

All financial assets are recognised and derecognised on a trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.

Financial assets are classified into the following specified categories: financial assets 'at fair value through profit or loss' (FVTPL), 'held-to-maturity' investments, 'available-for-sale' (AFS) financial assets and 'loans and receivables'. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

Effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period. Income is recognised on an effective interest basis for debt instruments other than those financial assets designated as at FVTPL.

Loans and receivables.

Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Impairment of financial assets.

Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. Objective evidence of impairment could include:

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the normal average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables.

Impairment of financial assets continued.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Cash and cash equivalents.

Cash and cash equivalents comprise cash on hand and demand deposits and other shortterm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Derecognition of financial assets.

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Financial liabilities and equity.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Equity instruments.

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

Financial liabilities.

Financial liabilities are classified as either financial liabilities 'at FVTPL' or 'other financial liabilities'.

Financial liabilities at FVTPL.

Financial liabilities are classified as at FVTPL where the financial liability is either held for trading or it is designated as at FVTPL. A financial liability is classified as held for trading if:

A financial liability other than a financial liability held for trading may be designated as at FVTPL upon initial recognition if:

Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability.

Other financial liabilities.

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

Derecognition of financial liabilities.

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

4. Revenue

An analysis of the Company's revenue is as follows:

Revenue, which arises in Belgium, France, Germany, the Netherlands and the United Kingdom, represents fees for management services provided to various entities within the Hansteen Holdings PLC group of companies.

5. Operating profit

Operating profit has been stated after charging/(crediting):

The analysis of auditor's remuneration for non-audit services is as follows:

6. Staff costs

The average monthly number of employees including directors was as follows:

Staff costs for all employees including executive directors consist of:

The amounts shown against pension costs represent payments by the Company to personal pension schemes and defined contribution schemes for employees.

7. Directors' remuneration

The Directors are also directors of other Hansteen group companies. The Directors received total emoluments of £2,913,177 (2011: £1,889,290) during the year, which was paid by the Company. It is not practicable, in either year, to allocate these emoluments between their services as executives of Hansteen Limited and their services as directors of other Hansteen group companies. Directors' pension contributions during the year were £199,400 (2011: £121,850).

8. Net finance income

9. Tax

Corporation tax is calculated at 24.5% (2011: 26.5%) of the estimated assessable profit for the year.

The tax credit for the year can be reconciled to the loss per the income statement as follows:

The government has indicated that it intends to enact future reductions in the main corporation tax rate, down to 22% by 1 April 2014. The impact of any reductions will be taken into account at subsequent reporting dates once the change has been substantively enacted.

10. Property, plant and equipment

11. Trade and other receivables

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

12. Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. At 31 December 2012 £652,369 cash was restricted (2011: £nil).

13. Trade and other payables

Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. For most suppliers no interest is charged on the trade payables for the first 30 days from the date of the invoice. Thereafter, interest is charged on the outstanding balances at various interest rates. The Company has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The Directors consider that the carrying amount of trade and other payables approximates to their fair value.

14. Share capital

The share capital comprises one class of ordinary shares carrying no right to fixed income.

15. Notes to the cash flow statement

16. Operating lease arrangements

The Company as lessee

As at the balance sheet date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Operating lease payments represent rentals payable by the Company for its office properties under licence agreements with an unexpired term of three months for all properties, except Head Office which has an unexpired lease term of two years, at 31 December 2012.

17. Ultimate parent and controlling undertaking

The immediate and ultimate parent and controlling undertaking is Hansteen Holdings PLC, a company incorporated in Great Britain and registered in England and Wales. The largest and smallest group in which the results of the company are consolidated is that headed by Hansteen Holdings PLC. Copies of the group financial statements are publicly available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

18. Related party transactions

The Company is a wholly owned subsidiary of Hansteen Holdings PLC which also owns and controls the entire issued share capital of all of the entities listed in the table below, with the exception of Hansteen UK Industrial Property Limited Partnership and Treforest Unit Trust, which are as associates of Hansteen Holdings PLC. Each of these entities is considered to be a related party of the Company.

During the year the Company provided management services to related parties. The amounts charged for the provision of the management services during the year and the amounts outstanding were as follows:

During the year the Company made certain payments on behalf of Hansteen Holdings PLC in connection with its ordinary operations. The amount owed by Hansteen Holdings PLC to the Company at 31 December 2012 in respect of these transactions was £168,295 (2011: £2,000).

Remuneration of key management personnel

The aggregate remuneration of the directors, who are the key management personnel of the Company, is set out below, as required by IAS 24 "Related Party Disclosures". Further information about the remuneration of individual directors is provided in Note 7.

The highest paid director received remuneration of £732,777 during the year (2011: £623,000).

19. Financial instruments

Financial instruments comprise both financial assets and financial liabilities. The carrying value of these financial assets and liabilities approximate their fair value.

Financial assets in the Company comprise trade and other receivables and cash and cash equivalents which are classified as other financial assets.

Financial liabilities in the Company comprise trade and other payables which are classified as other financial liabilities.

Capital risk management

Capital available to the Company is managed for all entities in the Hansteen Holdings PLC Group of companies ("the Group") on a group basis by the ultimate parent and controlling undertaking, Hansteen Holdings PLC. The capital of the Group is managed so as to ensure that all entities in the Group are able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of cash and cash equivalents and equity attributable to equity holders of the parent undertaking, comprising issued capital, reserves, retained earnings as disclosed in the balance sheet.

Significant accounting policies

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 3 to the financial statements.

Categories of financial instruments

Financial risk management objectives

The ultimate parent and controlling undertaking, Hansteen Holdings PLC, monitors and manages the financial risks relating to the operations of the Hansteen Holdings PLC Group of companies ("the Group") on a group basis. Hansteen Holdings PLC monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyses exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. Hansteen Holdings PLC seeks to minimise the effects of these risks by using derivative financial instruments to hedge these risk exposures. The use of financial derivatives is governed by the Group's policies approved by the Board of Directors of Hansteen Holdings PLC. Financial derivatives are normally entered into by the ultimate parent undertaking and not by the individual underlying entities in the Group. Compliance with policies and exposure limits of the Group is reviewed by the Board of Hansteen Holdings PLC on a regular basis. The Group does not enter into or trade in financial instruments, including derivative financial instruments, for speculative purposes.

The Group's management reports quarterly to the Board and the Audit Committee of Hansteen Holdings PLC, an independent body that monitors risks and policies implemented to mitigate risk exposures.

Market risk

Hansteen Holdings PLC manages the exposure of entities within the Group to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign currency risk, including:

Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company.

The Company's maximum exposure to credit risk is £5,808,052 (2011: £4,266,034) comprising trade and other receivables and cash and cash deposits. The Company's principal credit risk is attributable primarily to its trade and other receivables £784,709 (2011: £826,847) which consist principally of amounts due from Hansteen UK Industrial Property Limited Partnership, a related party, and Hansteen Holdings PLC, the immediate parent company. The Company is not aware of any reason why amounts due from Hansteen UK Industrial Property Limited Partnership should not be wholly recoverable.

Other receivables consist principally of rent deposits for premises occupied by the company and VAT receivables. These items do not give rise to significant credit risk.

Cash deposits are held at banks with high credit ratings assigned by international credit rating agencies.

Liquidity risk management

Liquidity risk management is managed at the Group level by the ultimate parent and controlling undertaking, Hansteen Holdings PLC which monitors the Group's short, medium and long-term funding and liquidity management requirements on a regular basis. Hansteen Holdings PLC manages the Group's liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities. The Group ensures that sufficient funding is made available to each of the entities in the Group by way of a combination of capital contributions and providing or arranging access to inter-company and external borrowing facilities.

Liquidity and interest risk tables

The following table details the Company's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest dates on which the Company can be required to pay. The table includes both interest and principal cash flows.

The following table details the Group's expected maturity for its non-derivative financial assets. The tables have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Group anticipates that the cash flow will occur in a different period. The table includes both interest and principal cash flows.