7 Jul 2010 14:33
7 July 2010
DAEJAN HOLDINGS PLC
UNAUDITED PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2010
The Chairman, Mr B S E Freshwater today announced Preliminary Results for the year to 31 March 2010.
The financial highlights for the year ended 31 March 2010 are as follows:
| | 2010 | | 2009 |
| Investment Properties | £000 1,155,384 | | £000 1,126,694 |
| Retained Earnings | 780,347 | | 754,664 |
| Net Rental and Related Income from Investment Properties | 43,930 | | 42,503 |
| Profit/(Loss) Before Taxation | 61,129 | | (248,037) |
| Total Equity | 785,119 | | 759,428 |
| Equity Shareholders Funds Per Share | £48.17 | | £46.60 |
| Earnings /(Loss) per share | £2.80 | | (£10.97) |
| | | | |
The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of £24,997,000 (2009 - £261,603,000 deficit). Our core rental activity remains strong and this enables the board to recommend a final dividend of 49p per share in respect of the year ended 31 March 2010 payable on 12 November 2010 to shareholders on the register on 15 October 2010. This will make a total dividend for the year of 74p (2009 - 73p).
Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of £45,636,000 (2009 - Loss £178,690,000) and 16,295,357 (2009 - 16,295,357) Ordinary shares being the weighted average number of ordinary shares in issue during the year.
Mr Raphael Elozor Freshwater and Mr Alexander Mordechai Freshwater were both appointed to the Board on 6 July 2010.
DAEJAN HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2010
|
| Year |
| Year |
|
| ended |
| Ended |
|
| 31 March |
| 31 March |
|
| 2010 |
| 2009 |
|
| £000 |
| £000 |
|
|
|
|
|
| Gross Rental Income | 85,878 |
| 83,918 |
| Service Charge Income | 14,035 |
| 12,055 |
| Total Rental and Related Income from Investment Properties Property Operating Expenses |
99,913 (55,983) |
|
95,973 (53,470) |
|
|
|
|
|
| Net Rental & Related Income from Investment Properties | 43,930 |
| 42,503 |
| Profit on Disposal of Investment Properties | 5,073 |
| 6,758 |
| Valuation Gains on Investment Properties | 61,291 |
| 6,646 |
| Valuation Losses on Investment Properties | (36,294) |
| (268,249) |
| Net Valuation Gains/(Losses)on Investment Properties | 24,997 |
| (261,603) |
| Administrative Expenses | (10,013) |
| (12,039) |
| Net Operating Profit/(Loss) before Net Financing Costs | 63,987 |
| (224,381) |
| Fair Value Gains/(Losses) on Financial Instruments | 8,246 |
| (15,378) |
| Fair Value Gains/(Losses) on Current Investments | 16 |
| (25) |
| Other Financial Income | 571 |
| 2,980 |
| Financial Expenses | (11,691) |
| (11,233) |
| Net Financing Costs | (2,858) |
| (23,656) |
|
|
|
|
|
| Profit/(Loss)/ Before Taxation | 61,129 |
| (248,037) |
| Income Tax (Charge)/Credit | (15,474) |
| 69,341 |
| Profit/(Loss) for the Year | 45,655 |
| (178,696) |
| Attributable to:- |
|
|
|
| Equity Holders of the Parent | 45,636 |
| (178,690) |
| Minority Interest | 19 |
| (6) |
| Profit/(Loss) for the Year | 45,655 |
| (178,696) |
| Basic and Diluted Earnings/(Loss) per Share | £2.80 |
| (£10.97) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2010
| Year ended | Year ended | |
| 31 March | 31 March | |
|
| 2010 | 2009 |
|
| £000 | £000 |
| Profit/(Loss) for the Year | 45,655 | (178,696) |
| Foreign Exchange translation differences | (8,063) | 47,125 |
| Total Comprehensive Income for the Year | 37,592 | (131,571) |
| Attributable to: |
|
|
| Equity Holders of the Parent | 37,580 | (131,588) |
| Minority Interest | 12 | 17 |
| Total Comprehensive Income for the Year | 37,592 | (131,571) |
DAEJAN HOLDINGS PLC
CONSOLIDATED CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2010
| 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 2008 | 4,074 | 555 | (17,990) | 916,139 | 902,778 | 118 | 902,896 | ||
| Loss for the Year | - | - | - | (178,690) | (178,690) | (6) | (178,696) | ||
| Other Comprehensive | |||||||||
| Income for the Year | - | - | 47,102 | - | 47,102 | 23 | 47,125 | ||
| Dividends to Equity Shareholders | - | - | - | (11,897) | (11,897) | - | (11,897) | ||
| 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 | ||
| Other Comprehensive | |||||||||
| Income for the Year | - | - | (8,056) | - | (8,056) | (7) | (8,063) |
| |
| Distributions to Minority Interest | - | - | - | - | - | (4) | (4) |
| |
| Dividends to Equity Shareholders | - | - | - | (11,897) | (11,897) | - | (11,897) |
| |
| Balance at 31 March 2010 | 4,074 | 555 | 21,056 | 759,291 | 784,976 | 143 | 785,119 |
| |
DAEJAN HOLDINGS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2010
|
| 31 March |
| 31 March |
|
| 2010 |
| 2009 |
|
| £000 |
| £000 |
| Assets |
|
|
|
| Investment Properties | 1,155,384 |
| 1,126,694 |
|
|
|
|
|
| Deferred Tax Assets | 5,533 |
| 7,842 |
|
|
|
|
|
| Total Non-Current Assets | 1,160,917 |
| 1,134,536 |
| Trade and Other Receivables | 40,274 |
| 35,479 |
| Investments | 256 |
| 198 |
| Cash at Bank | 28,268 |
| 26,447 |
| Total Current Assets | 68,798 |
| 62,124 |
| Total Assets | 1,229,715 |
| 1,196,660 |
| Equity |
|
|
|
| Issued Capital | 4,074 |
| 4,074 |
| Share Premium | 555 |
| 555 |
| Retained Earnings | 780,347 |
| 754,664 |
| Total Equity Attributable to Equity Holders of the Parent | 784,976 |
| 759,293 |
| Minority Interest | 143 |
| 135 |
| Total Equity | 785,119 |
| 759,428 |
| Liabilities |
|
|
|
| Interest Bearing Loans and Borrowings | 185,506 |
| 179,440 |
| Deferred Tax Liabilities | 191,048 |
| 184,034 |
| Total Non-Current Liabilities | 376,554 |
| 363,474 |
| Bank Overdrafts | 210 |
| 273 |
| Interest Bearing Loans and Borrowings | 3,313 |
| 6,325 |
| Trade and Other Payables | 53,365 |
| 60,648 |
| Taxation | 11,154 |
| 6,512 |
| Total Current Liabilities | 68,042 |
| 73,758 |
| Total Liabilities | 444,596 |
| 437,232 |
| Total Equity and Liabilities | 1,229,715 |
| 1,196,660 |
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2010
|
| Year | Year | ||
|
| ended | Ended | ||
|
| 31 March | 31 March | ||
|
| 2010 | 2009 | ||
|
| £000 | £000 | £000 | £000 |
| Cash Flows From Operating Activities |
|
|
|
|
| Cash Receipts - Rent and Charges | 106,252 |
| 103,118 |
|
| Cash Paid to Suppliers and Employees | (76,796) |
| (73,857) |
|
| Cash Generated from Operations | 29,456 |
| 29,261 |
|
| Interest Received | 565 |
| 2,977 |
|
| Interest Paid | (11,541) |
| (11,401) |
|
| Distributions to Minority Interest | (4) |
| --- |
|
| U.K. Corporation Tax Paid | (1,249) |
| (6,706) |
|
| Overseas Tax Paid | (260) |
| (693) |
|
| Net Cash from Operating Activities | 16,967 |
| 13,438 | |
| Cash Flows from Investing Activities |
|
|
|
|
| Acquisition of Investment Properties | (16,932) |
| (60,011) |
|
| Proceeds from Sale of Investment Properties | 5,255 |
| 7,629 |
|
| Net cash from Investing Activities |
| (11,677) |
| (52,382) |
|
|
|
|
|
|
| Cash Flows from Financing Activities |
|
|
|
|
| Repayment of Secured Loans New Secured Loans | (11,375) --- |
| (1,094) 30,250 |
|
| Repayment of Mortgage Advances | (1,678) |
| (6,118) |
|
| New Mortgage Advances | 22,549 |
| 17,929 |
|
| Dividends Paid | (11,897) |
| (11,897) |
|
| Net Cash from Financing Activities |
| (2,401) |
| 29,070 |
| Net Increase/(Decrease) in Cash and Cash Equivalents |
| 2,889 |
| (9,874) |
| Cash and Cash Equivalents Brought Forward |
| 26,174 |
| 30,937 |
| Effect of Exchange Rate Fluctuations on Cash Held |
| (1,005) |
| 5,111 |
| Cash and Cash Equivalents |
| 28,058 |
| 26,174 |
DAEJAN HOLDINGS PLC
The financial information set out in this Preliminary Announcement does not constitute the Company's statutory accounts for the years ended 31 March 2010 or 2009. The financial information for 2009 is derived from the statutory accounts for 2009 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2009 accounts; their report was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for 2010 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 2009, as set out in those accounts as delivered to the Registrar of Companies. The statutory accounts for 2010 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 Thursday 2 September 2010 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 Dibden
Weber Shandwick Financial
020 7067 0700