ABBY.L Regulatory News (ABBY)

14 Jul 2005 07:00

Abbey PLC14 July 2005 ABBEY PLC Preliminary Statement For the year ended 30th April 2005 The Board of Abbey plc announces a profit of €57.26 million before taxation.After a tax charge of €13.05 million the group made a profit of €44.21 millionreflecting earnings per share of 129.74 cents. Group operating profits duringthe year were €55.22 million, against €58.24 million the previous year. The Board is recommending a final dividend of 22 cents per share bringing thetotal for the year to 33 cents per share. The dividend is covered 3.93 times byprofits after taxation. Our housebuilding division completed 719 sales (UK 371 Ireland 348) with aturnover of €186.43 million generating an operating profit of €52.94 million. UKtrading over the period has been sluggish with sales somewhat behind our bestexpectations. Our projects seem to have performed well when measured against thewidespread reports of a weakening market, inevitably however, we will beaffected by any general decline. The use of incentives to maintain acceptablelevels of business is likely to grow and our margin continues to be eroded as aresult. In Ireland sales continue to be healthy, however, rising costs and inparticular the rising cost of land will significantly reduce our margins thisyear. Our forward sales position in Ireland is good. The division is hoping toincrease turnover again this year. In the last six months contracts have beenexchanged for the acquisition of a further two projects in Prague. Our Czechland bank now has a potential of at least 200 plots. We continue to search forfurther opportunities. At the year end the Group owned and controlled land withthe benefit of planning permission for the provision of 2,498 plots. The joint venture generated an operating profit of €122,000. M & J Engineers reported operating profits of €2.04 million on a turnover of€20.19 million. Trading conditions are becoming more challenging, however,utilisation levels remain satisfactory and cash generation is good. Rental income arising primarily from the letting of surplus space at groupproperty was €235,000. At the year end shareholders' funds stood at €235.17 million representing €6.90per share whilst net cash balances stood at €64.16 million. Shareholders should carefully note the exchange rates used for this statement.The profit and loss statement uses the average exchange rate for the year of€100 cents : STG68.35p. The balance sheet uses the rate prevailing on 30th Aprilof €100 cents : STG67.59p. Trading in the new year is progressing steadily, albeit the more challengingconditions being encountered are likely to result in a lower level of profitthis year. Overall, however, new opportunities continue to come forward and incurrent circumstances a satisfactory outcome should be achieved. On behalf of the Board CHARLES H GALLAGHERCHAIRMAN 14TH July 2005 GROUP PROFIT AND LOSS ACCOUNT For the year ended 30 April 2005 2005 2004 •'000 •'000 Turnover - continuing (includingshare of joint venture) 206,854 201,521Less: share of joint venture (334) (1,858)Group turnover 206,520 199,663 Operating costs (151,296) (141,426) Group operating profit -continuing 55,224 58,237Share of joint venture profit 122 1,023 Trading profit including share ofjoint venture 55,346 59,260 Net interest receivable 1,916 945 Profit on ordinary activitiesbefore taxation 57,262 60,205Taxation on profit on ordinaryactivities- Irish corporation tax (3,114) (3,448)- United Kingdom corporation tax (9,934) (9,911) (13,048) (13,359) Profit attributable toshareholders 44,214 46,846Dividend paid of 11.00 cents pershare (3,749) (3,408)(2004 : 10.00 cents per share)Dividend proposed of 22.00 centsper share (7,497) (6,815)(2004 : 20.00 cents per share) Profit retained for the financialyear 32,968 36,623 Earnings per share - basic anddiluted 129.74 c 137.47 c SEGMENTAL ANALYSISTurnoverBuilding and property development 186,429 181,859Plant hire 20,190 19,428Property rental 235 234 206,854 201,521Less: share of joint venture (334) (1,858) 206,520 199,663 Net AssetsBuilding and property development 145,069 109,883Plant hire 29,575 26,816Property rental 1,454 751 176,098 137,450 Investment in joint venture 2,398 2,298Dividend proposed (7,497) (6,815)Investments 7 7Cash at bank 64,164 66,652 235,170 199,592 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended Year ended 30/04/2005 30/04/2004 •'000 •'000 GroupProfit for the financial year 44,214 46,846 Unrealised revaluation surplusarising in year 2,465 - Exchange translation adjustment 145 3,795 Total recognised gains and lossesrelated to the year 46,824 50,641 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS GroupProfit for the financial year 44,214 46,846Dividends (11,246) (10,223) Profit retained for the financial year 32,968 36,623 Unrealised revaluation surplus arisingin year 2,465 - Translation adjustment arising in year 145 3,795 Net addition to shareholders' funds 35,578 40,418 Shareholders' funds at 1 May 199,592 159,174 Shareholders' funds at 30 April 235,170 199,592 The preliminary statement is prepared on the same basis as set out in theprevious year's annual financial statements. The financial information relating to Abbey plc and its subsidiaries includedwithin this statement for the year ended 30 April 2005 does not comprise fullgroup accounts as referred to in Regulation 40 of the European Communities(Companies: Group Accounts) Regulations 1992, copies of which are required bythat Act to be annexed to the company's annual return. The auditors have madereports without qualification under Section 193 of the Irish Companies Act,1990 in respect of all such financial statements. GROUP BALANCE SHEET 30 April 2005 2005 2004 •'000 •'000 Fixed AssetsTangible assets 35,945 31,680Investment in joint venture 2,398 2,298 38,343 33,978 Current AssetsStocks 196,812 165,445Debtors 8,787 8,705Other investments 7 7Cash at bank and in hand 64,164 66,652 269,770 240,809 Creditors(amounts falling due within one year)Trade and other creditors (71,555) (74,238) Net current assets 198,215 166,571 Total assets less currentliabilities 236,558 200,549 Provisions for liabilities and chargesDeferred taxation (1,388) (957) 235,170 199,592 Shareholders' FundsCalled up share capital 10,905 10,905Share premium account 13,321 13,321Revaluation reserve 7,346 4,879Other reserves Capital redemption reserve fund 1,478 1,478 Currency translation 1,439 1,296Profit & loss account 200,681 167,713 235,170 199,592 GROUP CASH FLOW STATEMENT Year ended Year ended 30/04/2005 30/04/2004 •'000 •'000 Net cash inflow from operatingactivities 27,352 59,206 Return on Investment andServicing of Finance 1,916 945 Corporation Tax Paid (14,504) (11,935) Purchase of tangible fixed assets (9,119) (8,189)Sale of tangible fixed assets 2,475 2,444 Capital Expenditure (6,644) (5,745) Equity Dividends Paid (10,564) (8,349) Net cash (outflow) inflow before use ofliquidresources (2,444) 34,122 Management of liquid resources 903 (36,596) Decrease increase in cash in theyear (1,541) (2,474) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Decrease increase in cash in the year (1,541) (2,474)Movement in liquid resources (903) 36,596Translation difference (44) 962 Movement in net funds in the year (2,488) 35,084Net funds at 1 May 66,652 31,568 Net funds at 30 April 64,164 66,652 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Operating profit 55,224 58,237Depreciation 6,514 5,961Profit on disposal of tangible fixed assets (1,037) (939)Translation adjustment (76) (82)Increase in stocks (31,650) (20,874)(Increase) decrease in debtors (84) 1,135(Decrease) increase in creditors (1,539) 15,768 Net cash inflow from operating activities 27,352 59,206 FINANCIAL DIARYPreliminary Statement 14th July, 2005Annual Report 5th September, 2005Annual General Meeting 7th October, 2005Dividend Payment 12th October, 2005- payable to shareholders registered on 22nd July, 2005Interim Statement January, 2006 14 July, 2005 This information is provided by RNS The company news service from the London Stock Exchange