15 Jul 2009 15:38
15 July 2009
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DAEJAN HOLDINGS PLC
PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2009
| ___________________________________________________________________ |
The Chairman, Mr B S E Freshwater today announced Preliminary Results for the year to 31 March 2009.
The financial highlights for the year ended 31 March 2009 are as follows:
| £000 | £000 | ||||
| Investment Properties | 2009 1,126,694 | 2008 1,258,940 | |||
| Retained Earnings | 754,664 | 898,149 | |||
| Net Rental and Related Income from Investment Properties | 42,503 | 40,488 | |||
| (Loss)/Profit Before Tax | (248,037) | 47,067 | |||
| Total Equity | 759,428 | 902,896 | |||
| Equity Shareholders Funds Per Share | £46.60 | £55.40 | |||
| (Loss)/Earnings per share | (£10.97) | £3.32p | |||
The severe downward pressure on property markets in both the UK and US has resulted in a net valuation loss for the year of £261,603,000 (2008 - £20,664,000 gain). Nevertheless our core rental activity remains strong and this enables the board to recommend a final dividend of 48p per share in respect of the year ended 31 March 2009 payable on 6 November 2009 to shareholders on the register on 9 October 2009. This will make a total dividend for the year of 73p (2008 - 73p).
Earnings per share is calculated by reference to Loss on ordinary activities after taxation attributable to equity holders of £178,690,000 (2008 - Profit £54,064,000) and 16,295,357 (2008 - 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 2009
| Year | Year | ||
| ended | Ended | ||
| 31 March | 31 March | ||
| 2009 | 2008 | ||
| £000 | £000 | ||
| Gross Rental Income | 83,918 | 73,590 | |
| Service Charge Income | 12,055 | 13,362 | |
| Total Rental and Related Income from Investment Properties Property Operating Expenses | 95,973 (53,470) | 86,952 (46,464) | |
|
| |||
| Net Rental & Related Income from Investment Properties | 42,503 | 40,488 | |
| Profit on Disposal of Investment Properties | 6,758 | 6,578 | |
| Valuation Gains on Investment Properties | 6,646 | 46,646 | |
| Valuation Losses on Investment Properties | (268,249) | (25,982) | |
| Net Valuation (Losses)/Gains on Investment Properties | (261,603) | 20,664 | |
| Administrative Expenses | (12,039) | (8,629) | |
| Net Operating (Loss)/Profit before Net Financing Costs | (224,381) | 59,101 | |
| Fair Value Losses on Financial Instruments | (15,378) | (6,491) | |
| Fair Value Losses on Current Investments | (25) | (5) | |
| Other Financial Income | 2,980 | 2,287 | |
| Financial Expenses | (11,233) | (7,825) | |
| Net Financing Costs | (23,656) | (12,034) | |
| (Loss)/Profit Before Taxation | (248,037) | 47,067 | |
| Income Tax Credit | 69,341 | 7,040 | |
| (Loss)/Profit for the Year | (178,696) | 54,107 | |
| Attributable to:- | |||
| Equity Holders of the Parent | (178,690) | 54,064 | |
| Minority Interest | (6) | 43 | |
| (Loss)/Profit for the Year | (178,696) | 54,107 | |
| Basic and Diluted (Loss)/ Earnings per Share | (£10.97) | £3.32 |
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE YEAR ENDED 31 MARCH 2009
| Year ended | Year ended | ||
| 31 March | 31 March | ||
| 2009 | 2008 | ||
| £000 | £000 | ||
| Foreign Exchange Translation Differences | 47,125 | (1,606) | |
| Income & Expense Recognised Directly in Equity | 47,125 | (1,606) | |
| (Loss)/Profit for the Year | (178,696) | 54,107 | |
| Total Recognised Income & Expense for the Year | (131,571) | 52,501 | |
| Attributable to:- | |||
| Equity Holders of the Parent | (131,588) | 52,458 | |
| Minority Interest | 17 | 43 | |
| Total Recognised Income & Expense for the Year | (131,571) | 52,501 | |
DAEJAN HOLDINGS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2009
| 31 March | 31 March | ||
| 2009 | 2008 | ||
| £000 | £000 | ||
| Assets | |||
| Investment Properties | 1,126,694 | 1,258,940 | |
| Deferred Tax Assets | 7,842 | 8,148 | |
| Total Non-Current Assets | 1,134,536 | 1,267,088 | |
| Trade and Other Receivables | 35,479 | 29,701 | |
| Investments | 198 | 213 | |
| Cash at Bank | 26,447 | 31,295 | |
| Total Current Assets | 62,124 | 61,209 | |
| Total Assets | 1,196,660 | 1,328,297 | |
| Equity | |||
| Issued Capital | 4,074 | 4,074 | |
| Share Premium | 555 | 555 | |
| Retained Earnings | 754,664 | 898,149 | |
| Total Equity Attributable to Equity Holders of the Parent | 759,293 | 902,778 | |
| Minority Interest | 135 | 118 | |
| Total Equity | 759,428 | 902,896 | |
| Liabilities | |||
| Interest Bearing Loans and Borrowings | 179,440 | 114,378 | |
| Deferred Tax Liabilities | 184,034 | 261,994 | |
| Total Non-Current Liabilities | 363,474 | 376,372 | |
| Bank Overdrafts | 273 | 358 | |
| Interest Bearing Loans and Borrowings | 6,325 | 1,117 | |
| Trade and Other Payables | 60,648 | 41,955 | |
| Taxation | 6,512 | 5,599 | |
| Total Current Liabilities | 73,758 | 49,029 | |
| Total Liabilities | 437,232 | 425,401 | |
| Total Equity & Liabilities | 1,196,660 | 1,328,297 |
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2009
| Year | Year | |||
| ended | Ended | |||
| 31 March | 31 March | |||
| 2009 | 2008 | |||
| £000 | £000 | £000 | £000 | |
| Cash Flows From Operating Activities | ||||
| Cash Receipts - Rent and Charges | 103,118 | 91,498 | ||
| Cash Paid to Suppliers and Employees | (73,857) | (59,472) | ||
| Cash Generated from Operations | 29,261 | 32,026 | ||
| Interest Received | 2,977 | 2,279 | ||
| Interest Paid | (11,401) | (7,661) | ||
| Drawings By Minority Interests in US Partnership | --- | (60) | ||
| U.K. Corporation Tax Paid | (6,706) | (17,506) | ||
| Overseas Tax Paid | (693) | (466) | ||
| Net Cash from Operating Activities |
| 13,438 | 8,612 | |
| Cash Flows from Investing Activities | ||||
| Acquisition of Investment Properties | (60,011) | (7,761) | ||
| Proceeds from Sale of Investment Properties | 7,629 | 8,403 | ||
| Net cash from Investing Activities | (52,382) | 642 | ||
| Cash Flows from Financing Activities | ||||
| Repayment of Secured Loans New Secured Loans | (1,094) 30,250 | (2,000) --- | ||
| Repayment of Mortgage Advances | (6,118) | (87) | ||
| New Mortgage Advances | 17,929 | 3,429 | ||
| Dividends Paid | (11,897) | (11,407) | ||
| Net Cash from Financing Activities | 29,070 | (10,065) | ||
| Net Decrease in Cash and Cash Equivalents | (9,874) | (811) | ||
| Cash and Cash Equivalents Brought Forward | 30,937 | 31,896 | ||
| Effect of Exchange Rate Fluctuations on Cash Held | 5,111 | (148) | ||
| Cash and Cash Equivalents | 26,174 | 30,937 | ||
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 2009 or 2008. The financial information for 2008 is derived from the statutory accounts for 2008 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2008 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 2009 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and of policies consistent in all material respects with the policies applied in the Company's statutory accounts for 2008 as amended by IFRS. The statutory accounts for 2009 will be delivered to the Registrar of Companies following the Company's next Annual General Meeting.
The Annual General Meeting will be held at 12:30 pm on Friday 11 September 2009 in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU.
For further information call:
Mark JennerCompany SecretaryDaejan Holdings PLC020 7836 1555
Terry Garrett
Weber Shandwick Financial
020 7067 0700