DJAN.L Regulatory News (DJAN)

26 Jul 2007 12:30

Daejan Holdings PLC26 July 2007 26 July 2007___________________________________________________________________ DAEJAN HOLDINGS PLCPRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2007___________________________________________________________________ The Chairman, Mr B S E Freshwater today announced Preliminary Results for theyear to 31 March 2007. The financial highlights for the year ended 31 March 2007 are as follows: £000 £000 % 2007 2006 Increase/ (Decrease) Total Rental and Related Income from Investment Properties 90,176 95,689 (5.8)Profit Before Tax 198,316 162,659 21.9Total Equity 861,862 745,618 15.6Equity Shareholders Funds Per Share £52.88 £45.74 15.6Earnings per share 868.6p 690.1p 25.9 The revaluation of investment properties at 31 March 2007 produced an overalluplift of £153.9m (2006 - £131.0m) which has been included in profit before tax. The Board has recommended a final dividend of 45p per share in respect of theyear ended 31 March 2007 payable on 2 November 2007 to shareholders on theregister on 5 October 2007. This will make a total dividend for the year of 70pcompared to 65p in the previous year an increase of 7.7%. Earnings per share is calculated by reference to profit on ordinary activitiesafter taxation and minority interests, of £141,536,000 (2006 - £112,460,000) and16,295,357 (2006 - 16,295,357) Ordinary shares being the weighted average numberof ordinary shares in issue during the year. DAEJAN HOLDINGS PLCCONSOLIDATED INCOME STATEMENTFOR THE YEAR ENDED 31 MARCH 2007 Unaudited Audited Year Year ended Ended 31 March 31 March 2007 2006 £000 £000 Gross Rental Income 73,884 77,526Service Charge Income 16,292 18,163------------------------------------------------------------------------------ Total Rental and Related Income from Investment Properties 90,176 95,689Property Operating Expenses (49,808) (52,980)------------------------------------------------------------------------------Net Rental & Related Income from Investment Properties 40,368 42,709Profit on Disposal of Investment Properties 17,169 6,173Valuation Gains on Investment Properties 155,304 149,728Valuation Losses on Investment Properties (1,432) (18,752)------------------------------------------------------------------------------Net Valuation Gains on Investment Properties 153,872 130,976------------------------------------------------------------------------------Administrative Expenses (7,630) (9,091)------------------------------------------------------------------------------Net Operating Profit before Net Financing Costs 203,779 170,767------------------------------------------------------------------------------Fair Value Gains on Financial Instruments 2,553 1,298Fair Value Gains/(Losses) on Current Investments 25 (10)Other Financial Income 1,669 2,119Financial Expenses (9,710) (11,515)------------------------------------------------------------------------------Net Financing Costs (5,463) (8,108)------------------------------------------------------------------------------Share of Post Tax Profit of Equity Accounted Associates 0 0------------------------------------------------------------------------------Profit Before Taxation 198,316 162,659Income Tax Expense (56,487) (49,547)------------------------------------------------------------------------------Profit for the Year 141,829 113,112------------------------------------------------------------------------------Attributable to:-Equity Holders of the Parent 141,536 112,460Minority Interest 293 652------------------------------------------------------------------------------Profit for the Year 141,829 113,112------------------------------------------------------------------------------Basic and Diluted Earnings per Share 868.6p 690.1p------------------------------------------------------------------------------ DAEJAN HOLDINGS PLCCONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSEFOR THE YEAR ENDED 31 MARCH 2007 Unaudited Audited Year ended Year ended 31 March 31 March 2007 2006 £000 £000Foreign Exchange Translation Differences (14,505) 8,307------------------------------------------------------------------------------Income & Expense Recognised Directly in Equity (14,505) 8,307Profit for the Year 141,829 113,112------------------------------------------------------------------------------Total Recognised Income & Expense for the Year 127,324 121,419------------------------------------------------------------------------------Attributable to:-Equity Holders of the Parent 127,031 120,767Minority Interest 293 652------------------------------------------------------------------------------Total Recognised Income & Expense for the Year 127,324 121,419------------------------------------------------------------------------------ DAEJAN HOLDINGS PLCCONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2007 Unaudited Audited 31 March 31 March 2007 2006 £000 £000AssetsInvestment Properties 1,233,885 1,101,048Investment in Associate -- --Other Investments 617 617Deferred Tax Assets 1,842 2,608------------------------------------------------------------------------------Total Non-Current Assets 1,236,344 1,104,273------------------------------------------------------------------------------Trade and Other Receivables 33,924 32,043Investments 226 160Cash at Bank 31,926 37,300------------------------------------------------------------------------------Total Current Assets 66,076 69,503------------------------------------------------------------------------------Total Assets 1,302,420 1,173,776------------------------------------------------------------------------------EquityIssued Capital 4,074 4,074Share Premium 555 555Retained Earnings 857,098 740,659------------------------------------------------------------------------------Total Equity Attributable to Equity Holders of theParent 861,727 745,288Minority Interest 135 330------------------------------------------------------------------------------Total Equity 861,862 745,618------------------------------------------------------------------------------LiabilitiesInterest Bearing Loans and Borrowings 111,940 140,212Deferred Tax Liabilities 264,686 219,045------------------------------------------------------------------------------Total Non-Current Liabilities 376,626 359,257------------------------------------------------------------------------------Bank Overdrafts 30 15Interest Bearing Loans and Borrowings 3,188 8,448Trade and Other Payables 37,729 42,209Taxation 22,985 18,229------------------------------------------------------------------------------Total Current Liabilities 63,932 68,901------------------------------------------------------------------------------Total Liabilities 440,558 428,158------------------------------------------------------------------------------Total Equity & Liabilities 1,302,420 1,173,776------------------------------------------------------------------------------ DAEJAN HOLDINGS PLCCONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 MARCH 2007 Unaudited Audited Year Year ended ended 31 March 31 March 2007 2006 £000 £000 £000 £000Cash Flows From Operating ActivitiesCash Receipts - Rent and Charges 88,308 90,284Cash Paid to Suppliers and Employees (59,592) (59,785)------------------------------------------------------------------------------Cash Generated from Operations 28,716 30,499Interest Received 1,673 2,119Interest Paid (9,858) (11,543)Drawings by Minority Interests in US (488) (528)PartnershipU.K. Corporation Tax Paid (4,765) (3,352)Overseas Tax Paid (655) (83)------------------------------------------------------------------------------Net Cash from Operating Activities 14,623 17,112Cash Flows from Investing ActivitiesAcquisition of Investment Properties (3,488) (6,806)Proceeds from Sale of Investment 19,558 12,165Properties ------------------------------------------------------------------------------Net cash from Investing Activities 16,070 5,359------------------------------------------------------------------------------ Cash Flows from Financing ActivitiesRepayment of Secured Loans (48,377) (24,782)New Secured Loans 20,000 --Repayment of Mortgage Advances (1,186) (1,321)New Mortgage Advances 5,906 4,728Dividends Paid (10,592) (9,940)------------------------------------------------------------------------------Net Cash from Financing Activities (34,249) (31,315)------------------------------------------------------------------------------Net Decrease in Cash and Cash Equivalents (3,556) (8,844) Cash and Cash Equivalents Brought Forward 37,285 4,825 Effect of Exchange Rate Fluctuations on Cash Held (1,833) 1,304 ------------------------------------------------------------------------------Cash and Cash Equivalents 31,896 37,285------------------------------------------------------------------------------ DAEJAN HOLDINGS PLC The financial information set out in this Preliminary Announcement does notconstitute the Company's statutory accounts for the years ended 31 March 2007 or2006. The financial information for 2006 is derived from the statutory accountsfor 2006 which have been delivered to the Registrar of Companies. The Auditorshave reported on the 2006 accounts; their report was unqualified and did notcontain a statement under Section 237 (2) or (3) of the Companies Act 1985. Thestatutory accounts for 2007 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 2006 as amended by IFRS. The statutory accountsfor 2007 will be delivered to the Registrar of Companies following the Company'snext Annual General Meeting. The Annual General Meeting will be held at 12.00 noon on Friday 26 October 2007in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU. For further information call: Mark JennerCompany SecretaryDaejan Holdings PLC020 7836 1555 Terry GarrettWeber Shandwick Financial020 7067 0700 This information is provided by RNS The company news service from the London Stock Exchange