13 Jul 2011 12:30
13 July 2011
DAEJAN HOLDINGS PLC
UNAUDITED PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2011
The Chairman, Mr B S E Freshwater today announced Preliminary Results for the year to 31 March 2011.
The financial highlights for the year ended 31 March 2011 are as follows:
2011 | 2010 | |||
Investment Properties | £000
1,224,800 | £000
1,155,384 | ||
Net Rental and Related Income from Investment Properties |
41,949 |
43,930 |
| |
Profit Before Taxation | 84,363 | 61,129 | ||
Total Equity | 838,262 | 785,119 | ||
Equity Shareholders Funds per Share | 51.43 | £48.17 | ||
Earnings per Share | £4.16 | £2.80 |
| |
The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of £52,024,000 (2010 - £24,997,000). The board is pleased to recommend a final dividend of 50p per share in respect of the year ended 31 March 2011 payable on 11 November 2011 to shareholders on the register on 14 October 2011. This will make a total dividend for the year of 75p (2010 - 74p).
Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of £67,823,000 (2010 - £45,636,000) and 16,295,357 (2010 - 16,295,357) Ordinary shares being the weighted average number of ordinary shares in issue during the year.
DAEJAN HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2011
Year | Year | ||
ended | Ended | ||
31 March | 31 March | ||
2011 | 2010 | ||
£000 | £000 (as restated - Note 1) | ||
Gross Rental Income | 88,613 | 85,878 | |
Service Charge Income | 14,079 | 14,035 | |
Total Rental and Related Income from Investment Properties Property Operating Expenses |
102,692 (60,743) |
99,913 (55,983) | |
|
| ||
Net Rental and Related Income from Investment Property | 41,949 | 43,930 | |
Profit on Disposal of Investment Property | 9,257 | 5,073 | |
Net Valuation Gains on Investment Property | 52,024 | 24,997 | |
Administrative Expenses | (10,558) | (10,013) | |
Net Operating Profit before Net Financing Costs | 92,672 | 63,987 | |
Fair Value Gains on Fixed Rate Loans and Borrowings | 1,495 | 6,265 | |
Fair Value Gains on Financial Instruments | 556 | 1,981 | |
Fair Value (Losses)/Gains on Current Investments | (16) | 16 | |
Other Financial Income | 512 | 571 | |
Financial Expenses | (10,856) | (11,691) | |
Net Financing Costs | (8,309) | (2,858) | |
Profit Before Taxation | 84,363 | 61,129 | |
Income Tax | (16,530) | (15,474) | |
Profit for the Year | 67,833 | 45,655 | |
Attributable to:- | |||
Equity Holders of the Parent | 67,823 | 45,636 | |
Minority Interest | 10 | 19 | |
Profit for the Year | 67,833 | 45,655 | |
Basic and Diluted Earnings per Share | £4.16 | £2.80 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2011
Year ended | Year ended | |
31 March | 31 March | |
2011 | 2010 | |
£000 | £000
| |
Profit for the Year | 67,833 | 45,655 |
Foreign Exchange Translation Differences | (2,648) | (8,063) |
Total Comprehensive Income for the Year | 65,185 | 37,592 |
Attributable to: | ||
Equity Holders of the Parent | 65,183 | 37,580 |
Minority Interest | 2 | 12 |
Total Comprehensive Income for the Year | 65,185 | 37,592 |
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2011
Issued | Share | Translation | Retained | Equity | Minority | Total | |||
Share | Premium | Reserve | Earnings Shareholders' | Interest | Equity | ||||
Capital | Account | Funds | |||||||
£000 | £000 | £000 | £000 | £000 | £000 | £000 | |||
Balance at 1 April 2009 | 4,074 | 555 | 29,112 | 725,552 | 759,293 | 135 | 759,428 | ||
Profit for the Year | - | - | - | 45,636 | 45,636 | 19 | 45,655 | ||
Foreign Exchange | |||||||||
Translation Differences | - | - | (8,056) | - | (8,056) | (7) | (8,063) | ||
Movements in Minority Interest | - | - | - | - | - | (4) | (4) | ||
Dividends to Equity Shareholders | - | - | - | (11,897) | (11,897) | - | (11,897) | ||
Balance at 1 April 2010 | 4,074 | 555 | 21,056 | 759,291 | 784,976 | 143 | 785,119 | ||
Profit for the Year | - | - | - | 67,823 | 67,823 | 10 | 67,833 | ||
Foreign Exchange | |||||||||
Translation Differences | - | - | (2,640) | - | (2,640) | (8) | (2,648) |
| |
Movements in Minority Interest | - | - | - | - | - | 17 | 17 |
| |
Dividends to Equity Shareholders | - | - | - | (12,059) | (12,059) | - | (12,059) |
| |
Balance at 31 March 2011 | 4,074 | 555 | 18,416 | 815,055 | 838,100 | 162 | 838,262 |
| |
DAEJAN HOLDINGS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2011
31 March | 31 March | ||
2011 | 2010 | ||
£000 | £000 | ||
Assets | (restated - Note 1) | ||
Investment Property | 1,224,800 | 1,155,384 | |
Deferred Tax Assets | 4,378 | 5,533 | |
Total Non-Current Assets | 1,229,178 | 1,160,917 | |
Trade and Other Receivables | 41,221 | 40,274 | |
Current Investments | 246 | 256 | |
Cash and Cash Equivalents | 75,296 | 28,268 | |
Total Current Assets | 116,763 | 68,798 | |
Total Assets | 1,345,941 | 1,229,715 | |
Equity | |||
Issued Capital | 4,074 | 4,074 | |
Share Premium | 555 | 555 | |
Retained Earnings | 833,471 | 780,347 | |
Total Equity Attributable to Equity Holders of the Parent | 838,100 | 784,976 | |
Minority Interest | 162 | 143 | |
Total Equity | 838,262 | 785,119 | |
Liabilities | |||
Loans and Borrowings | 194,577 | 200,519 | |
Deferred Tax Liabilities | 196,204 | 191,048 | |
Total Non-Current Liabilities | 390,781 | 391,567 | |
Loans and Borrowings | 55,248 | 3,734 | |
Trade and Other Payables | 40,821 | 38,141 | |
Current Taxation | 20,829 | 11,154 | |
Total Current Liabilities | 116,898 | 53,029 | |
Total Liabilities | 507,679 | 444,596 | |
Total Equity and Liabilities | 1,345,941 | 1,229,715 |
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2011
Year | Year | |||
ended | Ended | |||
31 March | 31 March | |||
2011 | 2010
| |||
£000 | £000 | £000 | £000 | |
Cash Flows From Operating Activities | ||||
Cash Receipts - Rent and Service Charges | 113,164 | 106,252 | ||
Cash Paid to Suppliers and Employees | (77,568) | (76,796) | ||
Cash Generated from Operations | 35,596 | 29,456 | ||
Interest Received | 519 | 565 | ||
Interest Paid | (10,942) | (11,541) | ||
Receipts from\(Distributions to) Minority Interest | 17 | (4) | ||
U.K. Corporation Tax Recovered/(Paid) | 1,523 | (1,249) | ||
Overseas Tax Paid | (575) | (260) | ||
Net Cash from Operating Activities | 26,138 | 16,967 | ||
Cash Flows from Investing Activities | ||||
Acquisition of Investment Property | (29,990) | (16,932) | ||
Proceeds from Sale of Investment Property | 10,163 | 5,255 | ||
Net Cash from Investing Activities | (19,827) | (11,677) | ||
Cash Flows from Financing Activities | ||||
Repayment of Bank Loans New Bank Loans
| (1,375) 41,000 | (11,375) ---- | ||
Repayment of Mortgages | (2,171) | (1,678) | ||
New Mortgages | 16,089 | 22,549 | ||
Dividends Paid | (12,059) | (11,897) | ||
Net Cash from Financing Activities | 41,484 | (2,401) | ||
Net Increase in Cash and Cash Equivalents | 47,795 | 2,889 | ||
Cash and Cash Equivalents Brought Forward | 28,058 | 26,174 | ||
Effect of Exchange Rate Fluctuations on Cash Held |
| (557) | (1,005) | |
Cash and Cash Equivalents | 75,296 | 28,058 | ||
DAEJAN HOLDINGS PLC
Notes
1. The Group's fixed rate loans and borrowing are initially recognised and subsequently measured at fair value and this policy is unchanged from previous years. However, previously the adjustment required to re-measure fixed rate loans at fair value at each balance sheet date has been included within Fair Value Gains and Losses on Financial Instruments in the Income Statement and as part of Derivative Financial Instruments within Trade and Other Payables in the Balance Sheet. In order to show the carrying value of fixed rate loans and borrowings more clearly, the required adjustment is now shown separately in the Income Statement and within the carrying value of the fixed rate component of Loans and Borrowings in the Balance Sheet. Comparative amounts have been reclassified accordingly by transferring an amount of £15,224,000 from Trade and Other Payables to Loans and Borrowings, £211,000 against Current Liabilities and £15,013,000 against Non-current Liabilities.
2. The financial information set out in this Preliminary Announcement does not constitute the Company's statutory accounts for the years ended 31 March 2011 or 2010. The financial information for 2010 is derived from the statutory accounts for 2010 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2010 accounts; their report was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. The statutory accounts for 2011 will be finalised on the basis of the financial information presented by the Directors in this Preliminary Announcement and using policies consistent in all material respects with the policies applied in the Company's statutory accounts for 2010, as set out in those accounts as delivered to the Registrar of Companies. The statutory accounts for 2011 will be delivered to the Registrar of Companies following the Company's next Annual General Meeting.
The Annual General Meeting will be held at 2:00 pm on Tuesday 20 September 2011 in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU.
For further information call:
Mark Jenner
Company Secretary
Daejan Holdings PLC
020 7836 1555
Nick Oborne
Weber Shandwick Financial
020 7067 0700