Future aggregate minimum rentals receivable (to the next break date) under non-cancellable operating leases are: 


                                    As at 31 March 2021 As at 31 March 2020 
 
                                    EUR'000               EUR'000 
Operating lease receivables due in: 
Less than one year                  65,552              64,206 
Between two and five years          169,348              178,678 
Greater than five years             117,043             142,282 
 Total                              351,943             385,166

The Group leases its investment properties under operating leases. The weighted average unexpired lease term based ("WAULT") of the office portfolio at 31 March 2021, based on the earlier of lease break or expiry date was 5.8 years (March 2020: 6.4 years).

These calculations are based on all leases in place at 31 March 2021, i.e. including leases that are in place but have not yet commenced. 31. Capital commitments

The Group has entered into a number of development contracts to develop buildings in its portfolio. The total capital expenditure commitment in relation to these is approximately EUR3m (March 2020: EUR18m). 32. Contingent liabilities Accounting policy

Contingent liabilities are possible obligations depending on whether some uncertain future event occurs, or present obligations where payment is not probable, or the amount cannot be measured reliably. Contingent liabilities are not recognised but are disclosed unless the possibility of an outflow of economic resources is remote.

The Group has not identified any contingent liabilities which are required to be disclosed in the financial statements. 33. Related parties 33.a Subsidiaries

All transactions between the Company and its subsidiaries are eliminated on consolidation.

The following are the major subsidiaries of the Group: 


                                     Shareholding 
               Registered address/   / 
Name                                              Directors                     Company         Nature of business 
               Country of            Number of                                  Secretary 
               incorporation 
                                     shares held 
                                                  Justin Dowling 
Hibernia REIT  1WML 
Holding        Windmill Lane                      Thomas Edwards-Moss                           Holding property 
Company        Dublin D02 F206       100%/1                                     Sean O'Dwyer    interests 
Limited                                           Kevin Nowlan 
               Ireland 
                                                  Frank O'Neill 
                                                  Justin Dowling 
Hibernia REIT  1WML 
Holdco One     Windmill Lane         100%/1       Thomas Edwards-Moss Kevin     Sean O'Dwyer    Holding property 
Limited        Dublin D02 F206                    Nowlan                                        interests 
               Ireland 
                                                  Frank O'Neill 
               1WML                               Edwina Governey 
Hibernia REIT  Windmill Lane 
Holdco Two     Dublin D02 F206       100%/1       Kevin Nowlan                  Sean O'Dwyer    General partner 
Limited        Ireland 
                                                  Mark Pollard 
Hibernia REIT  1WML                               Justin Dowling 
Holdco Three   Windmill Lane         100%/1                                     Sean O'Dwyer    Property development 
Limited        Dublin D02 F206                    Thomas Edwards-Moss Frank 
               Ireland                            O'Neill 
Hibernia REIT  1WML                               Justin Dowling 
Holdco Four    Windmill Lane         100%/1                                     Sean O'Dwyer    Holding property 
Limited        Dublin D02 F206                    Thomas Edwards-Moss Frank                     interests 
               Ireland                            O'Neill 
Hibernia REIT                                     Justin Dowling 
Building       1WML 
Management     Windmill Lane         100%/1       Thomas Edwards-Moss Kevin     Sean O'Dwyer    Property management 
Services       Dublin D02 F206                    Nowlan 
Limited        Ireland 
                                                  Frank O'Neill 
WK Nowlan REIT 1WML                               Thomas Edwards-Moss Kevin 
Management     Windmill Lane         100%/300,000 Nowlan                        Sean O'Dwyer    Investment 
Limited        Dublin D02 F206                                                                  holding company 
               Ireland                            Frank O'Neill 33.b Other related party transactions

Thomas Edwards-Moss (CFO) rented an apartment from the Group at market rent and paid EUR33k in rent during the financial year (March 2020: EUR14k).

Stewart Harrington (Non-Executive Director) rented an apartment from the Group for part of the financial year at market rent and paid EUR17k in rent during the financial year (March 2020: EUR9k). 33.c Key management personnel

In addition to the Executive and Non-Executive Directors, the following are the key management personnel of the Group:

Justin Dowling Director of Property

Edwina Governey Chief Investment Officer

Sean O'Dwyer Company Secretary and Risk & Compliance Officer

Frank O'Neill Director of Operations

Gerard Doherty Director of Development

The remuneration of the above key management personnel paid during the financial year was as follows: 


                             Financial year ended 
                                                  Financial year ended 31 March 2020 
                             31 March 2021 
                                                  EUR'000 
                             EUR'000 
Short-term benefits          3,751                3,385 
Post-employment benefits     288                  262 
Other long-term benefits     -                    - 
Share-based payments         222                  367 
Total for the financial year 4,261                4,014

The remuneration of Executive Directors and key management is determined by the Remuneration Committee, having regard to the performance of individuals, of the Group and market trends. 34. Events after the financial year end 1. On 22 April 2021, 154,349 ordinary shares were issued pursuant to the settlement of performance-related

remuneration awards for the year ended 31 March 2019. Following the transaction, the issued share capital of the

Company is 661,811,141 ordinary shares of EUR0.10 each. 2. The Directors have proposed a final dividend of 3.4 cent per share that is subject to approval at the AGM to be

held on 27 July 2021. 3. On 20 May 2021 the Group announced the issue of EUR125m senior unsecured fixed rate notes which will be funded on 23

July 2021 in two series as follows:

? EUR62.5m 1.88% due July 2031

? EUR62.5m 1.92% due July 2033

Pro-forma for this debt issuance, the weighted average term of the Group's debt at 31 March 2021 would have been 5.2 years, up from 3.4 years excluding the issue.

Supplementary information i. Five-year record

Based on the Group's consolidated financial statements for the financial years ended 31 March: 


Consolidated statement of financial position 2021  2020   2019   2018   2017 
 
                                             EUR'm   EUR'm    EUR'm    EUR'm    EUR'm 
 
Investment property                          1,427 1,465  1,395  1,309  1,167 
Other assets                                 54    52     77     44     43 
Financial liabilities                        (300) (260)  (231)  (219)  (171) 
Other liabilities                            (32)  (26)   (23)   (22)   (25) 
Net assets                                   1,149 1,231  1,218  1,112  1,014 
Financed by: 
Share capital                                650   700    694    687    678 
Reserves                                     499   531    524    425    336 
Total equity                                 1,149 1,231  1,218  1,112  1,014 
IFRS NAV per share (cent)                    173.6 179.8  174.7  160.6  147.9 
 
EPRA NTA per share (cent)1                   172.7 179.2  173.3  159.1  146.3 
 
Consolidated income statement                2021  2020   2019   2018   2017 
                                             EUR'm   EUR'm    EUR'm    EUR'm    EUR'm 
Net rental income                            63    59     53     46     40 
Gains and (losses) on investment property    (67)  23     98     88     104 
Other gains and losses                       -     -      -      -      2 
Total operating expenses                     (13)  (14)   (19)   (21)   (21) 
Operating profit/(loss)                      (17)  68     132    113    125 
Net finance expense                          (8)   (7)    (8)    (6)    (6) 
Profit/(loss) for the financial year         (25)  61     124    107    119 
Basic earnings per share (cent)              (3.7) 8.9    17.8   15.5   17.3 
Diluted earnings per share (cent)            (3.7) 8.8    17.6   15.4   17.2 
EPRA earnings per share (cent)               6.3   5.5    4.0    2.8    2.2 
Diluted EPRA earnings per share (cent)       6.2   5.5    3.9    2.8    2.2 
Dividend per share (cent)                    5.4   4.8    3.5    3.0     2.2  1. For 2019 and prior years EPRA NAV is presented, under the 2016 EPRA BPR. EPRA updated these in October 2019 and we

present EPRA NTA from then onwards (see iii.f EPPRA NAV measures for more information). There is no material change

between EPRA NAV an EPRA NTA for Hibernia. ii. Alternative performance measures

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