ABBY.L Regulatory News (ABBY)

12 Jul 2007 07:00

Abbey PLC12 July 2007 ABBEY PLC Preliminary Statement for the year ended 30 April 2007 The Board of Abbey plc announces a profit of €45.4 million before taxation.After a tax charge of €10.9 million the group made a profit of €34.5 millionreflecting earnings per share of 118.66 cents. Group operating profits duringthe year were €43.8 million against €45.4 million the previous year. Dividends of 36 cents per share, absorbing €10.4 million of profit have beenpaid during the year. The Board is recommending a dividend of 24.00 cents pershare to be considered at the Annual General Meeting in October 2007. Our housebuilding operations completed 677 sales (UK 457; Ireland 220) with aturnover of €170.6 million generating an operating profit of €40.8 million. UKtrading held up well as the year progressed with margins being maintained atreasonable levels. In Ireland a strong sales effort with good resultsparticularly in the midlands was let down by construction delays and as a resultcompletions fell well short of our best expectations. We enter the current yearwith good forward sales in both Britain and Ireland. An increasing proportionof our work in both Britain and Ireland is for sales at cost price to SocialHousing providers. The impact of this evolution of our business is likely to bemore noticeable this year and is contributing to the margin squeeze facing thebusiness. In Prague building work has commenced on our project in Slivenec.Our next project in Andel, Prague 5 should make a start this financial year. Atthe year end the group owned and controlled land with the benefit of planningpermission for the supply of 2,608 plots. M&J reported operating profits of €2,520,000 on a turnover of €21.1 million.Buoyant trading conditions boosted M&J's contribution. A fair start has beenmade to the current year. Rental income arising primarily from the letting of surplus space at groupproperty was €475,000. At the year end shareholders' funds stood at €243.9 million representing €8.42per share whilst net cash balances stood at €32.1 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 100cents: STG67.73p. The balance sheet uses the rate prevailing on 30 April of 100cents: STG68.24p. Trading in the new year is progressing steadily, however rising interest ratesseem likely to impact our business going forward. Overall the Group remains ina robust financial position and is continuing to examine good opportunities inall our markets. On behalf of the Board CHARLES H GALLAGHERCHAIRMAN12th July 2007 GROUP PROFIT AND LOSS ACCOUNT For the year ended 30 April 2007 2007 2006 •'000 •'000 Group Turnover - continuing 192,201 204,544 Operating costs (148,373) (159,123) Group operating profit - continuing 43,828 45,421 Net interest receivable 1,601 1,800Other finance charges (4) (159) Profit on ordinary activities before taxation 45,425 47,062 Taxation on profit on ordinary activities- Irish corporation tax (2,190) (2,173)- United Kingdom corporation tax (8,693) (8,930) (10,883) (11,103) Profit attributable to shareholders 34,542 35,959 Dividend paid of 12.00 cents per share (3,476) (3,601) (2006 : 12.00 cents per share)Dividend paid of 24.00 cents per share (6,953) (7,497) (2006 : 22.00 cents per share) Profit retained for the financial year 24,113 24,861 Earnings per share - basic and diluted 118.66 c 113.78 c SEGMENTAL ANALYSISTurnoverBuilding and property development 170,582 183,552Plant hire 21,144 20,676Property rental 475 316 192,201 204,544 Net AssetsBuilding and property development 177,350 124,796Plant hire 30,483 28,836Property rental 1,589 1,418 209,422 155,050 Investment in joint venture 2,398 2,398Investments 7 7Cash at bank 32,095 67,745 243,922 225,200 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 30/04/2007 30/04/2006 •'000 •'000For the year ended 30 April 2007GroupProfit for the financial year 34,542 35,959 Actuarial gain on Group defined benefit pension obligations 465 2,828 Deferred tax liability relating to Actuarial (140) (803)gain on Group defined benefit pension obligations Translation adjustment arising in year 1,639 (2,565) Reduction in revaluation surplus (995) - Total recognised gains and losses for the year 35,511 35,419 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS For the year ended 30 April 2007 Group Shareholders' funds at 1 May 225,200 241,396 Profit for the financial year 34,542 35,959Dividends (10,429) (11,098) Profit retained for the financial year 24,113 24,861Actuarial gain on Group defined benefit pension obligations 465 2,828Deferred tax liability relating to Actuarial gain on Group (140) (803)defined benefit pension obligations Translation adjustment arising in year 1,639 (2,565) Reduction in revaluation surplus (995) - Purchase of own shares (6,360) (40,517)Net movement in shareholders' funds 18,722 (16,196) Shareholders' funds at 30 April 243,922 225,200 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 2007 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, 1990in respect of all such financial statements. GROUP BALANCE SHEET 30 April 2007 2007 2006 •'000 •'000Fixed AssetsTangible assets 36,239 34,867Investment in joint venture 2,398 2,398 38,637 37,265 Current AssetsStocks 232,721 211,881Debtors 13,135 8,078Other investments 7 7Cash at bank and in hand 32,095 67,745 277,958 287,711 Creditors (amounts falling due within one year)Trade and other creditors (73,049) (100,404) Net current assets 204,909 187,307 Total assets less current liabilities 243,546 224,572 Provisions for liabilitiesDeferred taxation (1,327) (1,248) Pension and Post Retirement Asset (net of deferred tax) 1,703 1,876 Net Assets Including Pension and Post Retirement Asset 243,922 225,200 Shareholders' FundsCalled up share capital 9,270 9,495Share premium account 13,321 13,321Revaluation reserve 6,293 7,177Other reserves Capital redemption reserve fund 3,113 2,888 Currency translation 571 (957)Profit & loss account 211,354 193,276 243,922 225,200 FINANCIAL DIARY Preliminary Statement 12th July, 2007Annual Report 3rd September, 2007Annual General Meeting 4th October, 2007Dividend Payment 31st October, 2007- payable to shareholders registered on 12th October, 2007Interim Statement December 2007 30/04/2007 30/04/2006 •'000 •'000 GROUP CASH FLOW STATEMENTFor the year ended 30 April 2007 Net cash (outflow) inflow from operating activities (1,932) 70,399 Return on Investment and Servicing of Finance 1,597 1,641 Corporation Tax Paid (11,283) (10,952) Capital ExpenditurePurchase of tangible fixed assets (10,891) (8,060)Sale of tangible fixed assets 3,233 2,809 Net Cash Outflow from capital expenditure (7,658) (5,251) Equity Dividends Paid (10,429) (11,098) Net cash (outflow) inflow before use of liquid (29,705) 44,739resources FinancingPurchase of own shares (6,360) (40,517) Management of liquid resources 24,834 3,717 (Decrease) increase in cash in the year (11,231) 7,939 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS (Decrease) increase in cash in the year (11,231) 7,939Movement in liquid resources (24,834) (3,717)Translation difference 415 (641) Movement in net funds in the year (35,650) 3,581Net funds at 1 May 67,745 64,164 Net funds at 30 April 32,095 67,745 RECONCILIATION OF OPERATING PROFIT TO NET CASH (OUTFLOW) INFLOW FROM OPERATING ACTIVITIES Operating profit 43,828 45,421Depreciation 6,960 6,729Profit on disposal of tangible fixed assets (1,482) (1,155)Translation adjustment (165) 745Increase in stocks (19,068) (17,979)Increase in debtors (4,998) (594)(Decrease) increase in creditors (27,654) 37,163Movement in pension asset 647 69 Net cash (outflow) inflow from operating activities (1,932) 70,399 12 July 2007 This information is provided by RNS The company news service from the London Stock Exchange