Mountview Est. Regulatory News (MTVW)

29 Nov 2007 09:59

Mountview Estates PLC29 November 2007 CHAIRMAN'S STATEMENT On the following pages are the unaudited Accounts for the six months ended on 30September 2007. At this stage last year Profit before Taxation and Earnings perShare had risen by over fifty per cent compared to the same period the previousyear. In what have been acknowledged as difficult market conditions Profit beforeTaxation and Earnings per Share have dropped back by little more than five percent. In market conditions that are expected to continue to be difficult profitsmay well fall back further compared to last year's exceptional results. The Company continues on a strong financial footing and has used its borrowingfacilities to make substantial acquisitions. So much so that purchases for thesix months ended on 30 September 2007 exceed those for the whole year ended on31 March 2007. An analysis of these acquisitions is detailed in note 8 on page9. The interim dividend is maintained at 50 pence per share and will be payable on31 March 2008 to shareholders on the register at 29 February 2008. GROUP INCOME STATEMENT (UNAUDITED) Half year ended Half year ended Year ended 30.09.2007 30.09.2006 31.03.2007 £000 £000 £000 Revenue 24,432 29,244 68,168 Cost of Sales (7,673) (11,842) (25,076) _______ _______ _______ Gross Profit 16,759 17,402 43,092 Administrative expenses (1,874) (1,840) (4,526) _______ _______ _______Operating profit before changes in fair value of investment properties 14,885 15,562 38,566 Increase in fair value of investments - - 14,224 _______ _______ _______ Profit from operations 14,885 15,562 52,790 _______ _______ _______ Net finance costs (1,458) (1,356) (2,563) _______ _______ _______ Profit before taxation 13,427 14,206 50,227 _______ _______ _______ Taxation - current (4,096) (4,430) (11,029) Taxation - deferred 13 97 (4,138) _______ ______ _______ Taxation (4,083) (4,333) (15,167) _______ ______ _______ Profit attributable to equity 9,344 9,873 35,060shareholders _______ ______ _______ Basic and diluted earnings per share 239.7p 253.2p 899.2p(pence) All items within the consolidated income statement relate to continuingoperations. GROUP BALANCE SHEET (UNAUDITED) As at As at As at 30.09.2007 30.09.2006 31.03.2007 £000 £000 £000Assets Non-current assetsProperty plant and equipment 2,701 2,670 2,607Investment properties 34,092 19,846 34,080 ______ ______ ______ 36,793 22,516 36,687 ______ ______ ______ Current assetsInventories of trading properties 210,081 179,876 183,889Trade and other receivables 1,196 1,275 1,061Cash and cash equivalents 772 250 646 ______ ______ ______ 212,049 181,401 185,596 ______ ______ ______ Total assets 248,842 203,917 222,283 Equity and liabilities Capital and reserves attributableto equity holders of the company Share capital 195 195 195Capital redemption reserve 55 55 55Capital reserve 25 25 25Other reserve 56 56 56Retained earnings 178,051 149,369 172,606 ______ ______ ______ 178,382 149,700 172,937 ______ ______ ______Non-current liabilitiesLong-term borrowings 45,828 22,375 29,644Deferred tax 9,181 4,959 9,194 ______ ______ ______ 55,009 27,334 38,838 ______ ______ ______Current liabilities Trade and other payables 1,202 1,149 2,952Bank overdrafts and loans 10,157 20,831 1,030Current tax payable 4,092 4,903 6,526 ______ ______ ______ 15,451 26,883 10,508 ______ ______ ______ Total liabilities 70,460 54,217 49,346 ______ ______ ______ Total equity and liabilities 248,842 203,917 222,283 GROUP CASHFLOW STATEMENT (UNAUDITED) Half year Half year Year ended ended ended 30.09.2007 30.09.2006 31.03.2007 £000 £000 £000 Cash flow from operating activities 14,885 15,562 52,790Adjustment for:Depreciation 81 105 146Loss on disposal of property, plant and 11 - 45equipment(Increase) in fair value of investment - - (14,224)properties ______ ______ ______ Cash flow from operations before changes 14,977 15,667 38,757in working capital ______ ______ ______ (Increase) in inventories (26,192) (3,781) (7,794)(Increase) in receivables (134) (624) (410)(Decrease)/Increase in payables (1,749) (271) 1,532 ______ ______ ______ Cash generated from operations (13,098) 10,991 32,085 ______ ______ ______Interest paid (1,461) (1,356) (2,583)Income taxes paid (6,530) (2,606) (7,581) ______ ______ ______Net cash (outflow)/inflow from operatingactivities (21,089) 7,029 21,921 ______ ______ ______Investing activitiesInterest received 3 - 20Proceeds from disposal of investment properties - 925 925Proceeds from disposal of property, plant and 34 - 41equipmentPurchase of property, plant and equipment (220) (6) (69)Capital expenditure on investment properties (12) (25) (35) ______ ______ ______ Net cash (outflow)/inflow from investing (195) 894 882activities ______ ______ ______Cash flows from financing activities Increase in borrowings 16,928 - -Repayment of borrowings - (6,116) (1,268)Equity dividend paid (3,899) (3,353) (5,303) ______ ______ ______ Net cash inflow/(outflow) from financing 13,029 (9,469) (6,571)activities ______ ______ ______ ______ ______ ______Net (decrease)/increase in cash and cash (8,255) (1,546) 16,232equivalents ______ ______ ______Opening cash and cash equivalents 646 (15,586) (15,586) ______ ______ ______Closing cash and cash equivalents (7,609) (17,132) 646 _______ _______ _______ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Half year Half year Year ended ended ended 30.09.2007 30.09.2006 31.03.2007 £000 £000 £000 Shareholders' funds as at 1 April 172,937 143,180 143,180 Profit for the period 9,344 9,873 35,060 Dividends (3,899) (3,353) (5,303) _______ _______ _______Shareholders' funds at the end of theperiod 178,382 149,700 172,937 _______ _______ _______ Note 8 Page 9 Inventories of Trading Properties Trading properties are held for sale and are shown at the lower of cost and netrealisable value. Net realisable value is the estimated selling price less estimated costs ofcompletion. Analysis of acquisition of trading properties Half year Half year Year ended ended ended 31.03.2007 30.09.2007 30.09.2006 No of Costs No of units Costs No of units Costs £'000 units £'000 £'000 Regulated Tenancies 136 27,705 58 11,220 132 20,489 Life Tenancies 12 1,187 9 766 36 3,289 Ground Rents 10 24 10 7 17 31(or created) ______ ______ ______ ______ ______ ______ 158 28,916 77 11,993 185 23,809 ______ ______ ______ ______ ______ ______ The above analysis does not include legal and commission expense directlyrelated to the acquisition of properties. Properties are treated as acquired or sold on the date of completion. This information is provided by RNS The company news service from the London Stock Exchange