Mountview Est. Regulatory News (MTVW)

1 Dec 2005 11:36

Mountview Estates PLC01 December 2005 MOUNTVIEW ESTATES PLCInterim Results On the following pages are the unaudited Accounts for the six months ended on 30September 2005. These are our first Accounts to be prepared under the newInternational Financial Reporting Standards. They are, I have to say,disappointing results as profits on ordinary activities before taxation andearnings per share have fallen by nearly thirty per cent. Our revenue is also down, chiefly because of a fall in the number of disposalswhich is caused by a lengthening of the period being taken to complete sales.Rental income has held up well despite the smaller number of properties owned,but property expenses have risen substantially, both because of the need tomaintain the value of the properties, and the need to make the propertyimprovements which provide us with the opportunity to uncap, and so increase,our rents. Administrative expenses show only a slight increase. Our borrowings continue to decrease and so interest payable has fallen andrecently base rate has been reduced. The Company continues to be soundly basedand when the next upturn in the housing market comes, we will be well placed totake advantage. We are optimistic that the remainder of the current financialyear should see no further deterioration in market conditions, and perhaps evensome improvement. The interim dividend is maintained at 44 pence per share, and will be payable onthe 27 March 2006 to shareholders on the register on the 3 March 2006. D.M. SinclairChairman GROUP INCOME STATEMENT (UNAUDITED) Half year Half year Year ended ended ended 30.09.2005 30.9.2004 31.03.2005 £000 Restated Restated £000 £000Revenue 20,845 25,063 48,778Cost of Sales (7,974) (8,815) (17,758)Gross Profit __________ ___________ ___________ 12,871 16,248 31.020AdministrativeExpenses (1,773) (1,690) (3,019)Group revaluationsurplus - - 331Profit ondisposal ofinvestmentproperties - 325 325Operating profit __________ ___________ ___________ 11,098 14,883 28,657Net interestpayable (1,793) (1,880) (3,809)Profit before Taxation __________ ___________ ___________ 9,305 13,003 24,848 __________ ___________ ___________Taxation (2,810) (3,924) (7,482)Profit for the period __________ ___________ ___________ 6,495 9,079 17,366 __________ ___________ ___________ _Basic and dilutedearnings pershare 167.0p 232.9p 445.4p All items within the consolidated income statement relate to continuingoperations GROUP BALANCE SHEET (UNAUDITED) As at As at As at 30.09.2005 30.09.2004 31.03.2005 £000 Restated Restated £000 £000AssetsNon-current assetsInvestmentproperties 22,418 22,016 22,468Property plantand equipment 2,826 2,801 2,821 ___________ ____________ ___________ 25,244 24,817 25,289 ___________ ____________ ___________Current AssetsInventories oftradingproperties 174,939 174,683 174,775 Trade and otherreceivables 453 426 319 Cash and cashequivalents 178 154 2,288Total Assets ___________ ____________ ___________ 175,570 175,263 177,382 ___________ ____________ ___________ ___________ ____________ ___________Total Assets 200,814 200,080 202,671 ____________ ____________ ___________LiabilitiesCurrent liabilitiesBank loans andoverdraft 32,715 28,076 31,124Tax liabilities 3,140 3,922 3,155Trade and otherpayables 1,250 1,093 1,103 ___________ ____________ ___________ 37,105 33,091 35,382 ___________ ____________ ___________Non-current liabilitiesBorrowings 22,775 35,945 29,534Deferred tax 5,465 5,447 5,584 ------- --------- --------- 28,240 41,392 35,118 ------- --------- --------- ___________ ____________ ___________Total liabilities 65,345 74,483 70,500 =========== =========== =========== ___________ ___________ ___________Net Assets 135,469 125,597 132,171 =========== =========== =========== EquityIssued sharecapital 195 195 195CapitalRedemptionReserve 55 55 55Capital Reserve 25 25 25Other Reserves 56 56 56Retained Earnings 135,138 125,266 131,840 ___________ ____________ ___________Total Equity 135,469 125,597 132,171 =========== ============ =========== GROUP CASHFLOW STATEMENT (UNAUDITED) Half year Half year Year ended ended endedCash flow from operating activities 30.09.2005 30.09.2004 31.03.2005 Restated Restated £'000 £'000 £'000Operating Profit 11,098 14,883 28,657Adjustment for non-cash items:Depreciation 76 57 121Loss on disposal of plant and machinery 10 5 3Profit on disposal of investmentproperties - -325 -325Revaluation surplus on investmentproperties -331 --------- --------- ---------Cash flow from operations beforechanges in working capital 11,184 14,620 28,125 --------- --------- ---------(Increase in inventories) -164 -4,567 -4,659(Increase in receivables) -134 -249 -141(Decrease) in payables -953 -283 -122 --------- --------- ---------Cash generated from operations 9,933 9,521 23,203 --------- --------- ---------Interest paid -1,808 -1,894 -3,979Tax paid -2,945 -4,669 -8,856 --------- --------- ---------Net cash flow from operating activities 5,180 2,958 10,368 --------- --------- --------- Investing activitiesCapital expenditure on investmentproperties -415 -262 -388Purchase of property, plant andequipment -151 -2 -125Proceeds from disposal of investmentproperties 465 385 385Proceeds from disposal of property,plant & equipment 61 - 46 --------- --------- ---------Net cash flow from investing activities -40 121 -82 --------- --------- --------- Financing activitiesIncrease in borrowings 725 1,580 3,365Repayment of borrowings -7,484 -3,775 -9,279Equity dividend paid -3,197 -3,041 -4,754 --------- --------- ---------Net cash used in financing activities -9,956 -5,236 -10,668 --------- --------- --------- Net decrease in cash and cashequivalents -4,816 -2,157 -382 --------- --------- --------- Opening cash and cash equivalents -13,718 -13,336 -13,336 --------- --------- ---------Closing cash and cash equivalents -18,534 -15,493 -13,718 --------- --------- --------- This information is provided by RNS The company news service from the London Stock Exchange