Top of Form

 

 

24 July 2002

 

___________________________________________________________________

 

 

DAEJAN HOLDINGS PLC

PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2002

 

___________________________________________________________________

 

 

The Chairman, Mr B S E Freshwater today announced Preliminary Results for the year to 31 March 2002.

 

·                    ·                    Investment Property holdings £534 million (2001 - £465 million)

 

·                    ·                    Properties held for trading valued at £232 million

 

·                    ·                    Profit before tax £30.1 million (2001 - £29.8 million)

 

·                    ·                    Proposed Final Dividend 30p per share giving a total for the year of 52p (2001 - 49p)

 

·                    ·                    Earnings Per Share 127.4p (2001 restated 128.3p)

 

The Group’s investment portfolio was professionally valued as at 31 March 2002 and the resultant increase has been incorporated into the accounts of that date.  The Net Asset Value per Share attributable to equity shareholders based on the Balance Sheet figures including trading stock at the lower of cost and net realisable value at that date is £27.17 (2001 restated £23.49).

 

Net Asset Value per share – equity, with the trading stock included at a professional valuation as at 31 March 2002, but after full allowance is made for tax (at applicable UK and US rates) on realisation on investment and trading properties and for the deduction of the Fair Value Adjustment as calculated under FRS 13, is £31.93.

 

 

 

DAEJAN HOLDINGS PLC

 

 

Earnings per share is calculated by reference to profit on ordinary activities after taxation and minority interests, of £20,766,000 (2001 restated £20,900,000 and to the 16,295,357 (2000 – 16,295,357) Ordinary Shares in issue throughout the year.

 

Following adoption of FRS19 – Deferred Tax, the Group has restated the previous year’s results. The effect of adopting this standard was a decrease in opening reserves of £6,275,000 and an increase in the tax charge of £644,000 for the prior year. The increase in the current year’s tax charge in respect of FRS19 is £726,000.

 

The financial information set out above does not constitute the Company’s statutory accounts for the years ended 31 March 2002 or 2001.  The financial information for 2001 is derived from the statutory accounts for 2001 which have been delivered to the Registrar of Companies.  The Auditors have reported on the 2001 accounts; their report was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.  The statutory accounts for 2002 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and of policies consistent in all material respects with the policies applied in the Company’s statutory accounts for 2001, with the exception of the implementation during the year ended 31 March 2002 of Financial Reporting Standards 17 Retirement Benefits, 18 Accounting Policies, 19 Deferred Tax and Urgent Issues Task Force Abstract 28 Operating Lease Incentives.  The statutory accounts for 2002 will be delivered to the Registrar of Companies following the Company’s next Annual General Meeting.

 

The Annual General Meeting with be held at 12.00 noon on Friday 4 October 2002 in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU.

 

If approved, the final dividend will be paid on 1 November 2002 to Shareholders registered at the close of business on 4 October 2002.

 

For further information call:

 

Mark Jenner

Company Secretary

Daejan Holdings PLC

020 7836 1555

 

Ben Padovan

Weber Shandwick Square Mile

020 7950 2800

 

 

CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 March 2002

 

 

UNAUDITED

 

 

 

2002

 

2001

 

 

 

Restated

 

 

£000

 

£000

 

 

 

 

 

 

 

___________________________

Turnover  -

Rents and Service Charges Receivable

79,157

 

75,009

 

Sale of trading properties

 

6,666

 

5,057

 

 

 

___________

 

___________

 

 

 

 

85,823

==========

 

 

80,066

==========

 

 

___________________________

 

 

 

 

 

Net Rental Income

 

40,972

 

38,006

Surplus on sale of Trading Properties

 

5,591

 

4,622

Other Income

 

143

 

1,679

 

 

___________

 

___________

 

 

 

 

 

Gross Profit

 

46,706

 

44,307

 

 

 

 

 

Administrative and Other Expenses

 

(7,063)

 

(5,642)

 

 

___________

 

___________

 

 

 

 

 

Operating Profit from Continuing Operations

 

39,643

 

38,665

 

 

 

 

 

Surplus on Sale of Investment Properties

 

307

 

691

Net Interest Payable and Other Similar Items

 

(9,869)

 

(9,591)

 

 

___________

 

___________

 

 

 

 

 

Profit on Ordinary Activities before Taxation

 

30,081

 

29,765

 

 

 

 

 

Tax on Profit of Ordinary Activities

 

(9,262)

 

(8,436)

 

 

___________

 

___________

 

 

 

 

 

Profits on Ordinary Activities after Taxation

 

20,819

 

21,329

Minority Interests – Equity

 

(53)

 

(429)

 

 

___________

 

___________

 

 

 

 

 

 

 

 

 

 

Profit Attributable to Equity Shareholders

 

20,766

 

20,900

 

 

 

 

 

Dividends: Interim

 

(3,585)

 

(3,096)

                    Final (proposed)

 

(4,889)

 

(4,889)

 

 

___________

 

___________

 

 

 

 

 

 

 

(8,474)

 

(7,985)

 

 

___________

 

___________

 

 

 

 

 

Retained Profit for the Year

 

£12,292

 

£12,915

 

 

==========

 

==========

 

 

 

 

 

Earnings per Share

 

127.4p

 

128.3p

 

 

 

 

 

Interim Dividend already paid per share

 

22.0p

 

19.0p

Proposed Final Dividend per share

 

30.0p

 

30.0p

Total Dividend for the year per share

 

52.0p

 

49.0p

 

 

 

CONSOLIDATED BALANCE SHEET as at 31 March 2002

 

 

UNAUDITED

 

 

 

 

2002

 

2001

 

 

 

 

Restated

 

£000

£000

£000

£000

 

_______

_______

_______

_______

 

 

 

 

 

Fixed Assets

 

 

 

 

Tangible Assets

 

533,581

 

465,481

Investments

 

617

 

617

__________________________________________________________________________________________________

 

 

534,198

 

466,098

 

 

 

 

 

Current Assets

 

 

 

 

Properties held for Trading

57,288

 

80,375

 

 

Debtors: Due within one year

28,251

 

25,811

 

                Due after one year

2,042

 

2,726

 

__________________________________________________________________________________________________

 

 

 

 

 

 

30,293

 

28,537

 

__________________________________________________________________________________________________

 

 

 

 

 

Investments

142

 

147

 

Cash at Bank

47,679

 

26,888

 

__________________________________________________________________________________________________

 

 

 

 

 

 

135,402

 

135,947

 

 

 

 

 

 

Creditors: Amounts falling due

 

 

 

 

                   within one year

(91,218)

 

(95,495)

 

__________________________________________________________________________________________________

 

 

 

 

 

Net Current Assets

 

44,184

 

40,452

__________________________________________________________________________________________________

 

 

 

 

 

Total Assets Less Current Liabilities

 

578,382

 

506,550

 

 

 

 

 

Creditors: Amounts falling due after

 

 

 

 

                  more than one year

 

(127,271)

 

(116,154)

 

 

 

 

 

Provisions for liabilities and charge

 

(8,168)

 

(7,451)

__________________________________________________________________________________________________

 

 

 

 

 

Net Assets

 

442,943

 

382,945

__________________________________________________________________________________________________

 

 

 

 

 

Capital and Reserves

 

 

 

 

Called up Share Capital

 

4,074

 

4,074

Share Premium Account

 

555

 

555

Revaluation Reserve

 

230,919

 

183,766

Other Reserves

 

6,784

 

7,134

Profit and Loss Account

 

200,443

 

187,322

__________________________________________________________________________

 

 

 

 

 

 

Equity Shareholders’ Funds

 

442,775

 

382,851

 

 

 

 

 

Minority Interests – Equity

 

168

 

94

__________________________________________________________________________________________________

 

 

 

 

 

 

 

442,943

 

382,945

__________________________________________________________________________________________________

 

 

 

 

 

Equity Shareholders’

 

 

 

 

Funds per Share

 

£27.17

 

£23.49

 

 

 

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2002

 

 

 

 

 

 

 

 

 

2002

 

2001

 

£000

£000

£000

£000

 

_______

_______

_______

_______

 

 

 

 

 

Operating Activities

 

 

 

 

Net Cash Inflow from

 

 

 

 

operating activities (note i)

 

42,307

 

9,740

 

 

 

 

 

Returns on Investments and

 

 

 

 

servicing of finance

 

 

 

 

Interest received

1,865

 

3,131

 

Interest paid

(11,499)

 

(13,288)

 

Minority Interests

23

 

(448)

 

_________________________________________________________________________________________________

 

 

 

 

 

Net Cash outflow from returns

 

 

 

 

on investments and servicing

 

 

 

 

of finance

 

(9,611)

 

(10,605)

 

 

 

 

 

Taxation

 

 

 

 

UK Corporation tax paid

(9,639)

 

(7,471)

 

Overseas tax paid

(889)

 

(66)

 

_________________________________________________________________________________________________

 

 

 

 

 

 

 

(10,528)

 

(7,537)

 

 

 

 

 

Capital Expenditure

 

 

 

 

Purchase of Investment Properties

(59)

 

(11,341)

 

Sale of Investment Properties

1,385

 

3,253

 

_________________________________________________________________________________________________

 

 

 

 

 

Net Cash inflow/(outflow) for

 

 

 

 

Capital Expenditure

 

1,326

 

(8,088)

 

 

 

 

 

Equity Dividends Paid

 

(8,474)

 

(7,496)

_________________________________________________________________________________________________

 

 

 

 

 

Cash inflow/(outflow) before financing

 

15,020

 

(23,986)

 

 

 

 

 

Financing

 

 

 

 

Repayment of secured loans

(10,554)

 

(5,271)

 

Loans

-

 

6,158

 

Repayment of mortgage advances

(6,677)

 

(2,310)

 

New mortgage advances

24,133

 

2,943

 

_________________________________________________________________________________________________

 

 

 

 

 

Net cash inflow from financing

 

6,902

 

1,520

_________________________________________________________________________________________________

 

 

 

 

 

Increase/(Decrease) in cash in the

 

 

 

 

year (note ii)

 

21,922

 

(22,466)

__________________________________________________________________________

 

 

 

 

 

 

 

 

_________________________________________________________________________________________________

 

 

 

 

 

 

NOTES TO THE CASH FLOW STATEMENT

2002

2001

 

£000

£000

_________________________________________________________________________________________________

 

 

 

 

 

 

(i)   Reconciliation of operating profit to net cash inflow

 

 

       from operating activities

 

 

Operating profit

39,643

38,665

Decrease/(Increase) in properties held for trading*

1,315

(20,346)

Increase in debtors

(1,806)

(8,159)

Increase/(Decrease) in creditors

3,150

(399)

Decrease/(Increase) in investments held as current assets

5

(21)

 

 

 

_________________________________________________________________________________________________

 

 

 

Net cash inflow from operating activities

42,307

9,740

_________________________________________________________________________________________________

 

 

 

* Properties held for trading purposes of £21m were re-classified as Investment Properties during the year.

 

(ii)                (ii)               Analysis of changes in net debt

 

 

1 April

Cash

Exchange

31 March

 

2001

flow

movements

2002

 

£000

£000

£000

£000

_______________________________________________________________________________________________

 

 

 

 

 

Cash at bank and in hand

26,888

20,835

(44)

47,679

Overdrafts

(1,087)

1,087

-

-

_________________________________________________________________________________________________

 

 

 

 

 

 

25,801

21,922

(44)

47,679

Secured loans

(150,892)

10,554

212

(140,126)

Unsecured loan stock

(1,792)

-

-

(1,792)

Mortgage advances

(24,340)

(17,456)

326

41,470

_________________________________________________________________________________________________

 

 

 

 

 

 

(151,223)

15,020

494

(135,709)

_________________________________________________________________________________________________