DJAN.L Regulatory News (DJAN)

21 Jul 2005 07:01

Daejan Holdings PLC21 July 2005 21st July 2005________________________________________________________________________________ DAEJAN HOLDINGS PLCPRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2005________________________________________________________________________________ The Chairman, Mr B S E Freshwater today announced Preliminary Results for theyear to 31 March 2005. • Investment property holdings £660 million (2004 - £573 million) • Profit before tax £31.3 million (2004 - £30.4 million) • Profit after tax £21.9 million (2004 - £22.9 million) • Proposed Final Dividend 36p per share giving a total for the year of 61p (2004 - 58p) an increase of 5.2% over the previous year • Earnings Per Share 133.8p (2004 -140.6p) • Adjusted Net Assets Per Share £38.50 (2004 - £34.59) The Group's investment portfolio was professionally valued as at 31 March 2005and the resultant increase has been incorporated into the accounts of that date.The Net Asset Value per Share attributable to equity shareholders based on theBalance Sheet figures including trading stock at the lower of cost and netrealisable value at that date is £35.12 (2004 - £30.96). Adjusted Net Asset Value per share of £38.50(2004 - £34.59) representing equityshareholders' funds with the trading stock based on a professional valuation asat 31 March 2002 (as adjusted for sales since that date) but after fullallowance is made for tax (at applicable UK and US rates) on realisation ofinvestment and trading properties at valuation and for deduction of the fairvalue adjustment after tax of £7.0m (2004 -£8.3m), as calculated under FinancialReporting Standard 13. The adjustment for trading properties amounted to £165.9m(2004 - £168.5m) while the tax adjustment in respect of the trading propertiesamounted to £49.7m (2004 - £53.2m) and the adjustment in respect of propertiesheld for investment amounted to £54.0m (2004 - £48.2m). Earnings per share is calculated by reference to profit on ordinary activitiesafter taxation and minority interests, of £21,808,000 (2004 - £22,919,000) and16,295,357 (2004 - 16,295,357) Ordinary shares being the weighted average numberof ordinary shares in issue during the year. The financial information set out in this Preliminary Announcement does notconstitute the Company's statutory accounts for the years ended 31 March 2005 or2004. The financial information for 2004 is derived from the statutory accountsfor 2004 which have been delivered to the Registrar of Companies. The Auditorshave reported on the 2004 accounts; their report was unqualified and did notcontain a statement under Section 237 (2) or (3) of the Companies Act 1985. Thestatutory accounts for 2005 will be finalised on the basis of the financialinformation presented by the Directors in this preliminary announcement and ofpolicies consistent in all material respects with the policies applied in theCompany's statutory accounts for 2004. The statutory accounts for 2005 will bedelivered to the Registrar of Companies following the Company's next AnnualGeneral Meeting. The Annual General Meeting will be held at 12.00 noon on Friday 23 September2005 in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU. If approved, the final dividend will be paid on 1 November 2005 to Shareholdersregistered at the close of business on 3 October 2005. For further information call: Mark JennerCompany SecretaryDaejan Holdings PLC020 7836 1555 Terry GarrettWeber Shandwick Square Mile020 7067 0700 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 March 2005 Unaudited Audited 2005 2004 £000 £000 ____________________________Turnover Rents and Service Charges Receivable 83,271 82,411 Sale of trading properties 5,574 7,596 ___________ __________ 88,845 90,007 =========== ========== ____________________________ Net Rental Income 36,511 37,138Surplus on sale ofTrading Properties 5,210 7,002Other Income 156 196 ___________ __________ Gross Profit 41,877 44,336 Administrative andOther Expenses (7,669) (7,342) ___________ __________ Operating Profit 34,208 36,994Share of Operating Profit in Associates --- ---Surplus on Sale of Investment Properties 4,896 1,489 ___________ __________ Profit on Ordinary Activities before Interest 39,104 38,483 Net Interest Payable and Other Similar Items (7,835) (8,041) ___________ __________ Profit on Ordinary Activities before Taxation 31,269 30,442 Tax on Profit on Ordinary Activities (9,365) (7,522) ___________ __________ Profits on Ordinary Activities after Taxation 21,904 22,920Minority Interests - Equity (96) (1) ___________ __________ Profit Attributable to Equity Shareholders 21,808 22,919 Dividends: Interim (4,074) (3,585) Final (proposed) (5,866) (5,866) ___________ __________ (9,940) (9,451) ___________ __________ Retained Profit for the Year 11,868 13,468 =========== ========== Earnings per Share 133.8p 140.6p Interim Dividend already paid per share 25.0p 22.0pProposed Final Dividend per share 36.0p 36.0p ___________ __________ Total Dividend for the year per share 61.0p 58.0p =========== ========== CONSOLIDATED BALANCE SHEET as at 31 March 2005 Unaudited Audited 2005 2004 £000 £000 £000 £000 ________________________________________________ Fixed AssetsTangible Assets 660,512 573,218Investments 617 617Investment in Associate --- --- ________________________________________________ 661,129 573,835 Current AssetsProperties held for Trading 57,147 71,648 Debtors: Due within one year 26,309 24,127 Investments 149 158Cash at Bank 44,825 44,014 ________________________________________________ 128,430 139,947 Creditors: Amounts falling due within one year (56,219) (64,387) ________________________________________________ Net Current Assets 72,211 75,560 ________________________________________________ Total Assets Less Current Liabilities 733,340 649,395 Creditors: Amounts falling due after more than one year (154,174) (137,265) Provisions for liabilities and charges (6,747) (7,492) ________________________________________________ Net Assets 572,419 504,638 ________________________________________________ Capital and ReservesCalled up Share Capital 4,074 4,074Share Premium Account 555 555Revaluation Reserve 315,594 269,581Other Reserves 6,784 6,784Profit and Loss Account 245,206 223,511 ________________________________________________ Equity Shareholders' Funds 572,213 504,505 Minority Interests - Equity 206 133 ________________________________________________ 572,419 504,638 ________________________________________________ Equity Shareholders'Funds per Share £35.12 £30.96 CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2005 Unaudited Audited 2005 2004 £000 £000 £000 £000 ________________________________________________Operating ActivitiesNet Cash Inflow fromoperating activities (note i) 31,400 34,618 Returns on Investments andservicing of financeInterest received 2,151 2,472Interest paid (10,223) (9,794)Minority Interests 23 17 ________________________________________________ Net Cash outflow from returnson investments and servicingof finance (8,049) (7,305) TaxationUK Corporation tax paid (9,152) (7,688)Overseas tax paid (171) (44) ________________________________________________ (9,323) (7,732) Capital ExpenditurePurchase of Investment Properties (29,469) (1,547)Sale of Investment Properties 19,091 2,636 ________________________________________________ Net Cash (outflow)/inflow forCapital Expenditure (10,378) 1,089 Equity Dividends Paid (9,940) (8,962) ________________________________________________ Cash (outflow)/inflow beforefinancing (6,290) 11,708 FinancingRepayment of secured loans (13,306) (33,558)Repayment of mortgage advances (967) (2,325)New mortgage advances 21,311 12,857 ________________________________________________ Net cash inflow/(outflow) fromfinancing 7,038 (23,026) ________________________________________________ Increase/(Decrease) in cash in theyear (note ii) 748 (11,318) ________________________________________________ Unaudited Audited NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT 2005 2004 £000 £000________________________________________________________________________________ (i) Reconciliation of operating profit to net cash inflow from operating activitiesOperating profit 34,208 36,994Decrease/(Increase) in properties held for trading 152 (11,953)(Increase)/decrease in debtors (2,182) 6,108(Decrease)/Increase in creditors (787) 3,495Decrease/(Increase) in investments held as current assets 9 (26)________________________________________________________________________________ Net cash inflow from operating activities 31,400 34,618________________________________________________________________________________ (ii) Analysis of changes in net debt 1 April Cash Exchange 31 March 2004 flow Movements 2005 £000 £000 £000 £000 ________________________________________________________________________________Cash at bank 44,014 546 265 44,825Overdrafts (202) 202 --- ---________________________________________________________________________________ 43,812 748 265 44,825Secured Loans (99,168) 13,306 212 (85,650)Mortgage advances (58,480) (20,344) 1,139 (77,685)________________________________________________________________________________ (113,836) (6,290) 1,616 (118,510)________________________________________________________________________________ This information is provided by RNS The company news service from the London Stock Exchange