24 Jun 2010 09:00
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
|
| 2010 | 2009 | Increase |
|
|
| £ | % |
| Turnover (millions) | 56.7 | 53.6 | 5.8 |
|
|
|
|
|
| Gross Profit (millions) | 34.5 | 25.9 | 33.2 |
|
|
|
|
|
| Profit Before Tax (millions) | 29.3 | 13.1 | 123.7 |
|
|
|
|
|
| Profit Before Tax excluding investment properties revaluations (millions) | 27.1 | 16.3 | 66.3 |
|
|
|
|
|
| Shareholders' Funds (millions) | 203.1 | 187.5 | 8.3 |
|
|
|
|
|
| Earnings per share (pence) | 554.8 | 241.0 | 130.2 |
|
|
|
|
|
| Net assets per share | 52.1 | 48.1 | 8.3 |
|
|
|
|
|
| Dividend per share (pence) | 165 | 155 | 6.5 |
Mountview Estates P.L.C. advises its shareholders that, following the issue of the final results, the relevant dates in respect of the proposed final dividend payment of 115 pence per share are as follows:
| Ex-dividend date
| 14 July 2010 |
| Record date | 16 July 2010
|
| Payment date | 16 August 2010
|
MOUNTVIEW ESTATES P.L.C.
CHAIRMAN'S STATEMENT
It has been a very encouraging year:
·; Turnover up by 5.8 per cent.
·; Gross Profit up by a third.
·; Profit Before Tax more than doubled.
·; Earnings per share up by more than 130 per cent.
·; Proposed final dividend up by 10 pence per share giving an annual increase of 6.5 per cent.
These are the sort of figures which one would imagine could only be achieved against the backdrop of a strong and thriving economy but they have in fact been achieved in a very poor financial climate. As the General Election approached various artificial stimuli had been put in place. Of these only low interest rates continue and this may not be for long.
This statement is necessarily being written before the new government's first budget statement and so I cannot know what further difficulties may be imposed upon us. However I believe that the Company is very soundly positioned to survive the difficult times that may lie ahead and indeed to take advantage of the opportunities that may arise. During the year the Company has reduced its long-term borrowings by £23 million and has further reduced them since 1 April. I believe that during the next twelve months and more the Company will be presented with opportunities to make the asset purchases that will serve it well for years to come.
My staff and colleagues have worked hard and are to be congratulated on the results achieved. I am happy that on the strength of these results it has been possible to be more generous with bonuses this year. I am also happy that these results make it possible to recommend an increased final dividend.
The final dividend of 115 pence per share in respect of the year ended 31 March 2010 recommended by your Board is payable on 16 August 2010 to shareholders on the Register of Members as at 16 July 2010. This will make a total dividend for the year ended 31 March 2010 of 165 pence per share which is more than three times covered by the earnings per share.
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2010
|
| Year | Year |
|
| ended | ended |
|
| 31.03.2010 | 31.03.2009 |
|
| £000 | £000 |
|
|
|
|
| REVENUE | 56,697 | 53,599 |
|
|
|
|
| Cost of sales | (22,191) | (27,657) |
|
|
|
|
| GROSS PROFIT | 34,506 | 25,942 |
|
|
|
|
| Administrative Expenses | (4,046) | (3,767) |
|
|
|
|
| Operating profit before changes in fair value of investment properties |
30,460 |
22,175 |
|
|
|
|
| Increase/(decrease) in fair value of investment properties | 2,142 | (3,210) |
|
|
|
|
| PROFIT FROM OPERATIONS | 32,602 | 18,965 |
|
|
|
|
| Net Finance costs | (3,347) | (5,903) |
|
|
|
|
| PROFIT BEFORE TAXATION | 29,255 | 13,062 |
|
|
|
|
| Taxation - current (net) | (7,969) | (4,864) |
| Taxation - deferred | 349 | 1,191 |
| Total taxation | (7,620) | (3,673) |
|
|
|
|
| PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS | 21,635 | 9,389 |
|
|
|
|
| Basic and diluted earnings per share | 554.8p | 241.0p |
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2010
|
| As at | As at |
|
| 31.03.2010 | 31.03.2009 |
|
| £000 | £000 |
| Assets |
|
|
|
|
|
|
| Non-Current Assets |
|
|
| Property, plant and equipment | 2,422 | 2,567 |
| Investment properties | 32,872 | 32,195 |
|
|
|
|
|
| 35,294 | 34,762 |
| Current Assets |
|
|
| Inventories of trading properties |
256,964 |
268,806 |
| Trade and other receivables | 1,197 | 660 |
| Cash and cash equivalents | 443 | 840 |
|
|
|
|
|
| 258,604 | 270,306 |
|
|
|
|
| Total Assets | 293,898 | 305,068 |
|
|
|
|
| Equity and Liabilities |
|
|
|
|
|
|
| Share Capital | 195 | 195 |
| Capital redemption reserve | 55 | 55 |
| Capital reserve | 25 | 25 |
| Other reserves | 56 | 56 |
| Cash flow hedge reserve | (3,640) | (3,614) |
| Retained earnings | 206,366 | 190,773 |
|
|
|
|
|
| 203,057 | 187,490 |
| Non-Current Liabilities |
|
|
| Long-term borrowings | 65,000 | 88,000 |
| Deferred Tax | 8,157 | 8,506 |
|
|
|
|
|
| 73,157 | 96,506 |
| Current Liabilities |
|
|
| Bank overdrafts and short term loans | 8,876 | 13,026 |
| Trade and other payables | 1,355 | 2,055 |
| Current tax payable | 3,813 | 2,377 |
| Derivative financial instruments | 3,640 | 3,614 |
|
|
|
|
|
| 17,684 | 21,072 |
|
|
|
|
| Total Liabilities | 90,841 | 117,578 |
|
|
|
|
| Total Equity and Liabilities | 293,898 | 305,068 |
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2010
|
|
|
|
|
|
|
|
|
|
|
|
| Capital | Cash Flow |
|
|
|
|
| Share | Capital | Redemption | Hedge | Other | Retained |
|
|
| Capital | Reserve | Reserve | Reserve | Reserves | Earnings | Total |
|
| £000 | £000 | £000 | £000 | £000 | £000 | £000 |
|
|
|
|
|
|
|
|
|
| Changes in Equity for |
|
|
|
|
|
|
|
| year ended 31 March 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as at 1 April 2008 | 195 | 25 | 55 | - | 56 | 187,426 | 187,757 |
|
|
|
|
|
|
|
|
|
| Profit for the year |
|
|
|
|
| 9,389 | 9,389 |
|
|
|
|
|
|
|
|
|
| Cash flow hedge |
|
|
| (3,614) |
|
| (3,614) |
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
|
|
| (6,042) | (6,042) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as at 31 March 2009 | 195 | 25 | 55 | (3,614) | 56 | 190,773 | 187,490 |
|
|
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|
|
|
|
|
|
|
|
|
|
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| Changes in Equity for |
|
|
|
|
|
|
|
| year ended 31 March 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as at 1 April 2009 | 195 | 25 | 55 | (3,614) | 56 | 190,773 | £187,490 |
|
|
|
|
|
|
|
|
|
| Profit for the year |
|
|
|
|
| 21,635 | 21,635 |
|
|
|
|
|
|
|
|
|
| Movements in cash flow hedge |
|
|
| (26) |
|
| (26) |
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
|
|
| (6,042) | (6,042) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as at 31 March 2010 | 195 | 25 | 55 | (3,640) | 56 | 206,366 | 203,057 |
|
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|
|
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|
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2010
|
| Year | Year |
|
| Ended | ended |
|
| 31.03.2010 | 31.03.2009 |
|
| £000 | £000 |
| Cash flow from operating activities |
|
|
|
|
|
|
| Profit from operations | 32,602 | 18,965 |
| Adjustments for: |
|
|
| Depreciation | 156 | 192 |
| Loss on disposal of property, plant & equipment | 5 | 145 |
| (Increase)/decrease in fair value of investment properties | (2,142) | 3,210 |
|
|
|
|
| Operating cash flows before movement in working capital | 30,621 | 22,512 |
|
|
|
|
| Decrease in inventories | 11,841 | 2,555 |
| (Increase)/Decrease in receivables | (538) | 459 |
| (Decrease) in payables | (822) | (1,053) |
|
|
|
|
| Cash generated from operations | 41,102 | 24,473 |
|
|
|
|
| Interest paid | (3,347) | (5,906) |
| Income taxes paid | (6,410) | (6,443) |
|
|
|
|
| Net cash inflow from operating activities | 31,345 | 12,124 |
|
|
|
|
| Investing activities |
|
|
| Interest received | - | 3 |
| Proceeds from disposal of investment properties | 1,895 | 1,005 |
| Proceeds from disposal of property, plant and equipment | - | 15 |
| Purchase of property, plant and equipment | (11) | (58) |
| Capital expenditure on investment properties | (434) | (350) |
|
|
|
|
| Net cash inflow from investing activities | 1,450 | 615 |
|
|
|
|
| Cash flow from financing activities |
|
|
|
|
|
|
| Repayment of borrowings | (23,800) | (9,110) |
| Equity dividend paid | (6,042) | (6,042) |
|
|
|
|
| Net cash (outflow) from financing activities | (29,842) | (15,152) |
|
|
|
|
| Net increase/(decrease) in cash and cash equivalent | 2,953 | (2,413) |
|
|
|
|
| Cash and cash equivalent at beginning of the period | (11,211) | (8,798) |
|
|
|
|
| Cash and cash equivalent at end of year | (8,258) | (11,211) |
|
|
|
|
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2010
|
| Year | Year |
|
| Ended | ended |
|
| 31.03.2010 | 31.03.2009 |
|
| £000 | £000 |
|
|
|
|
| Profit for the year | 21,635 | 9,389 |
|
|
|
|
| Net (expense) recognised directly in equity | (26) | (3,614) |
|
|
|
|
|
|
|
|
| Total recognised income | 21,609 | 5,775 |
|
|
|
|
| The total recognised income |
|
|
| in the year is attributable to: |
|
|
| Equity shareholders of the parent | 21,609 | 5,775 |
Notes to the Preliminary Announcement
| 1. | Financial Information |
|
|
The financial information contained in this report does not constitute statutory accounts for the years ended 31 March 2010 or 31 March 2009 within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2009 which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and which received an unqualified audit report and did not contain a statement under s237(2) or (3) of the Companies Act 1985, have been filed with the Registrar of Companies.
|
|
| Financial statements for the year ended 31 March 2010 will be presented to the Members at the Annual General Meeting on 11 August 2010. The auditors have indicated that their report on these Financial Statements will be unqualified.
|
| 2. | Basis of Preparation |
|
|
The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS. The Financial Statements to be presented to Members at the 2010 AGM are expected to comply fully with IFRS.
|
The preliminary announcement has been prepared under the historical cost convention as modified by the revaluation of investment properties.
Mountview Est. (MTVW)