RNS Number:0504O
Daejan Holdings PLC
29 July 2003
29 July 2003
DAEJAN HOLDINGS PLC
PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2003
The Chairman, Mr B S E Freshwater today announced Preliminary
Results for the year to 31 March 2003.
- Investment Property holdings #549 million (2002 - #533 million)
- Profit before tax #30.7 million (2002 - #30.1 million)
- Profit after tax #20.6 million (2002 - #20.8 million)
- Proposed Final Dividend 33p per share giving a total for the year
of 55p (2002 - 52p) an increase of 5.8% over the previous year
- Earnings Per Share 126.3p (2002 -127.4p)
The Group's investment portfolio was professionally valued as at
31 March 2003 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 #28.81 (2002 - #27.17).
Adjusted Net Asset Value per share of #32.83 (2002 - #32.05)
representing equity shareholders funds with the trading stock
based on a professional valuation as at 31 March 2002 (as
adjusted for sales during the year) but after full allowance is
made for tax (at applicable UK and US rates) on realisation of
investment and trading properties at valuation and for deduction
of the fair value adjustment after tax of #10.9m (2002 - #4.7m),
as calculated under Financial Reporting Standard 13. The
adjustment for trading properties amounted to #171.8m (2002 -
#174.7m) while the tax adjustment in respect of the trading
properties amounted to #54.2m (2002 - #55.0m) and the adjustment
in respect of properties held for investment amounted to #41.3m
(2002 - #35.4m).
Earnings per share is calculated by reference to profit on
ordinary activities after taxation and minority interests, of
#20,584,000 (2002 - #20,766,000) and 16,295,357 (2002 -
16,295,357) Ordinary shares being the weighted average number of
ordinary shares in issue during the year.
The financial information set out in this Preliminary
Announcement does not constitute the Company's statutory accounts
for the years ended 31 March 2003 or 2002. The financial
information for 2002 is derived from the statutory accounts for
2002 which have been delivered to the Registrar of Companies.
The Auditors have reported on the 2002 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
2003 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 2002. The
statutory accounts for 2003 will be delivered to the Registrar of
Companies following the Company's next Annual General Meeting.
The Annual General Meeting will be held at 12.00 noon on
Wednesday 29 October 2003 in The Methven Room, CBI, Centre Point,
New Oxford Street, London WC1A 1DU.
If approved, the final dividend will be paid on 3 November 2003
to Shareholders registered at the close of business on 3 October
2003.
For further information call:
Mark Jenner
Company Secretary
Daejan Holdings PLC
020 7836 1555
Terry Garrett
Weber Shandwick Square Mile
020 7067 0700
CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 March 2003
Unaudited Audited
2003 2002
#000 #000
Turnover - Rents and Service Charges Receivable 77,164 79,157
Sale of trading properties 6,968 6,666
___________ ___________
84,132 85,823
========== ==========
Net Rental Income 37,723 40,972
Surplus on sale of Trading Properties 6,587 5,591
Other Income 159 143
___________ ___________
Gross Profit 44,469 46,706
Administrative and Other Expenses (6,472) (7,063)
___________ ___________
Operating Profit from Continuing Operations 37,997 39,643
Surplus on Sale of Investment Properties 1,378 307
Net Interest Payable and Other Similar Items (8,683) (9,869)
___________ ___________
Profit on Ordinary Activities before Taxation 30,692 30,081
Tax on Profit of Ordinary Activities (10,057) (9,262)
___________ ___________
Profits on Ordinary Activities after Taxation 20,635 20,819
Minority Interests - Equity (51) (53)
___________ ___________
Profit Attributable to Equity Shareholders 20,584 20,766
Dividends: Interim (3,585) (3,585)
Final (proposed) (5,377) (4,889)
___________ ___________
(8,962) (8,474)
___________ ___________
Retained Profit for the Year #11,622 #12,292
========== ==========
Earnings per Share 126.3p 127.4p
Interim Dividend already paid per share 22.0p 22.0p
Proposed Final Dividend per share 33.0p 30.0p
Total Dividend for the year per share 55.0p 52.0p
CONSOLIDATED BALANCE SHEET as at 31 March 2003
Unaudited Audited
2003 2002
#000 #000 #000 #000
_______ _______ _______ _______
Fixed Assets
Tangible Assets 548,651 533,581
Investments 617 617
___________________________________________________________________________
549,268 534,198
Current Assets
Properties held for Trading 65,920 57,288
Debtors: Due within one year 30,206 28,251
Due after one year 1,699 2,042
___________________________________________________________________________
31,905 30,293
___________________________________________________________________________
Investments 128 142
Cash at Bank 57,204 47,679
___________________________________________________________________________
155,157 135,402
Creditors: Amounts falling due
within one year (93,494) (91,218)
___________________________________________________________________________
Net Current Assets 61,663 44,184
___________________________________________________________________________
Total Assets Less Current
Liabilities 610,931 578,382
Creditors: Amounts falling
due after more than one year (132,557) (127,271)
Provisions for liabilities
and charge (8,695) (8,168)
___________________________________________________________________________
Net Assets 469,679 442,943
___________________________________________________________________________
Capital and Reserves
Called up Share Capital 4,074 4,074
Share Premium Account 555 555
Revaluation Reserve 246,095 230,919
Other Reserves 6,784 6,784
Profit and Loss Account 211,998 200,443
___________________________________________________________________________
Equity Shareholders' Funds 469,506 442,775
Minority Interests - Equity 173 168
___________________________________________________________________________
469,679 442,943
___________________________________________________________________________
Equity Shareholders'
Funds per Share #28.81 #27.17
CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2003
Unaudited Audited
2003 2002
#000 #000 #000 #000
_______ _______ _______ _______
Operating Activities
Net Cash Inflow from
operating activities (note i) 27,393 42,307
Returns on Investments and
servicing of finance
Interest received 1,510 1,865
Interest paid (11,174) (11,499)
Minority Interests (31) 23
____________________________________________________________________________________
Net Cash outflow from
returns on investments and
servicing of finance (9,695) (9,611)
Taxation
UK Corporation tax paid (9,728) (9,639)
Overseas tax paid (480) (889)
____________________________________________________________________________________
(10,208) (10,528)
Capital Expenditure
Purchase of Investment Properties - (59)
Sale of Investment Properties 2,334 1,385
____________________________________________________________________________________
Net Cash inflow for
Capital Expenditure 2,334 1,326
Equity Dividends Paid (8,474) (8,474)
____________________________________________________________________________________
Cash inflow before financing 1,350 15,020
Financing
Repayment of secured loans (5,064) (10,554)
Repayment of mortgage advances (407) (6,677)
New mortgage advances 14,663 24,133
____________________________________________________________________________________
Net cash inflow from financing 9,192 6,902
____________________________________________________________________________________
Increase in cash in the
year (note ii) 10,542 21,922
____________________________________________________________________________________
NOTES TO THE CASH FLOW STATEMENT
Unaudited Audited
2003 2002
#000 #000
__________________________________________________________________________________________
(i) Reconciliation of operating profit to net cash
inflow from operating activities
Operating profit 37,997 39,643
(Increase)/Decrease in properties held for trading (11,834) 1,315
Increase in debtors (1,488) (1,806)
Increase in creditors 3,102 3,150
Decrease in investments held as current assets 16 5
Release of provision against trading properties (400) --
__________________________________________________________________________________________
Net cash inflow from operating activities 27,393 42,307
__________________________________________________________________________________________
(ii) Analysis of changes in net debt
1 April Cash Exchange 31 March
2002 flow Movements 2003
#000 #000 #000 #000
__________________________________________________________________________
Cash at bank and in hand 47,679 10,881 (1,356) 57,204
Overdrafts -- (339) -- (339)
__________________________________________________________________________
47,679 10,542 (1,356) 56,865
Secured loans (140,126) 5,064 1,079 (133,983)
Unsecured loan stock (1,792) -- -- (1,792)
Mortgage advances (41,470) (14,256) 3,665 (52,061)
__________________________________________________________________________
(135,709) 1,350 3,388 (130,971)
__________________________________________________________________________
This information is provided by RNS
The company news service from the London Stock Exchange
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