27th Jul 2006 07:00
Daejan Holdings PLC27 July 2006 27 July 2006___________________________________________________________________ DAEJAN HOLDINGS PLCPRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2006___________________________________________________________________ The Chairman, Mr B S E Freshwater today announced Preliminary Results for theyear to 31 March 2006. The interim report published in January 2006 were the first accounts of theGroup to be published under new International Financial Reporting Standardstherefore this is the first preliminary statement to be prepared under IFRS andthe figures for the year ended 31 March 2005 have been adjusted so as to providea true comparison. The financial highlights for the year ended 31 March 2006 are as follows: £000 £000 % 2006 2005 Increase Total Rental and Related Income from InvestmentProperties 95,689 83,427 14.7Profit Before Tax 162,659 96,420 68.7Total Equity 745,618 634,667 17.5Equity Shareholders Funds Per Share £45.74 £38.94 17.5Earnings per share 690.1p 413.7p 66.8 The Board has recommended a final dividend of 40p per share in respect of theyear ended 31 March 2006 payable on 1 November 2006 to shareholders on theregister on 6 October 2006. This will make a total dividend for the year of 65pcompared to 61p in the previous year an increase of 6.6%. Earnings per share is calculated by reference to profit on ordinary activitiesafter taxation and minority interests, of £112,460,000 (2005 - £67,413,000) and16,295,357 (2005 - 16,295,357) Ordinary shares being the weighted average numberof ordinary shares in issue during the year. DAEJAN HOLDINGS PLCCONSOLIDATED INCOME STATEMENTFOR THE YEAR ENDED 31 MARCH 2006 Year Year ended ended 31 March 31 March 2006 2005 £000 £000 Gross Rental Income 77,526 65,985Service Charge Income 18,163 17,442______________________________________________________________________________Total Rental and Related Income from InvestmentProperties 95,689 83,427Property Operating Expenses (52,980) (46,760)______________________________________________________________________________Net Rental & Related Income from Investment Properties 42,709 36,667Profit on Disposal of Investment Properties 6,173 7,959Valuation Gains on Investment Properties 149,728 70,586Valuation Losses on Investment Properties (18,752) (6,207)______________________________________________________________________________Net Valuation Gains on Investment Properties 130,976 64,379______________________________________________________________________________Administrative Expenses (9,091) (7,669)______________________________________________________________________________Net Operating Profit before Net Financing Costs 170,767 101,336______________________________________________________________________________Fair Value Gains on Financial Instruments 1,298 2,908Fair Value (Losses)/Gains on Current Investments (10) 11Financial Income 2,119 2,151Financial Expenses (11,515) (9,986)______________________________________________________________________________Net Financing Costs (8,108) (4,916)______________________________________________________________________________Share of Post Tax Profit of Equity Accounted Associates 0 0______________________________________________________________________________Profit Before Taxation 162,659 96,420Income Tax Expense (49,547) (28,911)______________________________________________________________________________Profit for the Year 113,112 67,509______________________________________________________________________________Attributable to:-Equity Holders of the Parent 112,460 67,413Minority Interest 652 96______________________________________________________________________________Profit for the Year 113,112 67,509______________________________________________________________________________Basic and Diluted Earnings per Share 690.1p 413.7p______________________________________________________________________________ DAEJAN HOLDINGS PLCCONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSEFOR THE YEAR ENDED 31 MARCH 2006 Year ended Year ended 31 March 31 March 2006 2005 £000 £000Foreign Exchange Translation Differences 8,307 1,870______________________________________________________________________________Income & Expense Recognised Directly in Equity 8,307 1,870Profit for the Year 113,112 67,509______________________________________________________________________________Total Recognised Income & Expense for the Year 121,419 69,379______________________________________________________________________________Attributable to:-Equity Holders of the Parent 120,767 69,283Minority Interest 652 96______________________________________________________________________________Total Recognised Income & Expense for the Year 121,419 69,379______________________________________________________________________________ DAEJAN HOLDINGS PLCCONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2006 31 March 31 March 2006 2005 £000 £000AssetsInvestment Properties 1,101,048 955,157Investment in Associate - -Other Investments 617 617Deferred Tax Assets 2,608 2,997_______________________________________________________________________________Total Non-Current Assets 1,104,273 958,771_______________________________________________________________________________Trade and Other Receivables 32,043 26,354Investments 160 169Cash at Bank 37,300 44,825_______________________________________________________________________________Total Current Assets 69,503 71,348_______________________________________________________________________________Total Assets 1,173,776 1,030,119_______________________________________________________________________________EquityIssued Capital 4,074 4,074Share Premium 555 555Retained Earnings 740,659 629,832_______________________________________________________________________________Total Equity Attributable to Equity Holders of theParent 745,288 634,461Minority Interest 330 206_______________________________________________________________________________Total Equity 745,618 634,667_______________________________________________________________________________LiabilitiesInterest Bearing Loans and Borrowings 140,212 154,174Deferred Tax Liabilities 219,045 180,912_______________________________________________________________________________Total Non-Current Liabilities 359,257 335,086_______________________________________________________________________________Bank Overdrafts 15 -Interest Bearing Loans and Borrowings 8,448 9,161Trade and Other Payables 42,209 40,664Taxation 18,229 10,541_______________________________________________________________________________Total Current Liabilities 68,901 60,366_______________________________________________________________________________Total Liabilities 428,158 395,452_______________________________________________________________________________Total Equity & Liabilities 1,173,776 1,030,119_______________________________________________________________________________ DAEJAN HOLDINGS PLCCONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 MARCH 2006 Year Year ended ended 31 March 31 March 2006 2005 £000 £000 £000 £000Cash Flows From Operating ActivitiesCash Receipts - Rent and Charges 90,284 81,254Cash Paid to Suppliers and Employees (59,785) (55,170)_______________________________________________________________________________Cash Generated from Operations 30,499 26,084Interest Received 2,119 2,151Interest Paid (11,543) (10,223)Drawings By Minority Interests in USA (528) (23)PartnershipU.K. Corporation Tax Paid (3,352) (9,152)Overseas Tax Paid (83) (171)_______________________________________________________________________________Net Cash from Operating Activities 17,112 8,666Cash Flows from Investing ActivitiesAcquisition of Investment Properties (6,806) (29,469)Proceeds from Sale of Investment 12,165 24,453Properties _______________________________________________________________________________Net cash from Investing Activities 5,359 (5,016) Cash Flows from Financing ActivitiesRepayment of Secured Loans (24,782) (13,306)Repayment of Mortgage Advances (1,321) (967)New Mortgage Advances 4,728 21,311Dividends Paid (9,940) (9,940)_______________________________________________________________________________Net Cash from Financing Activities (31,315) (2,902)_______________________________________________________________________________Net (Decrease)/Increase in Cash and CashEquivalents (8,844) 748Cash and Cash Equivalents Brought Forward 44,825 43,812Effect of Exchange Rate Fluctuations on Cash Held 1,304 265_______________________________________________________________________________Cash and Cash Equivalents 37,285 44,825_______________________________________________________________________________ DAEJAN HOLDINGS PLC The financial information set out in this Preliminary Announcement does notconstitute the Company's statutory accounts for the years ended 31 March 2006 or2005. The financial information for 2005 is derived from the statutory accountsfor 2005 which have been delivered to the Registrar of Companies. The Auditorshave reported on the 2005 accounts; their report was unqualified and did notcontain a statement under Section 237 (2) or (3) of the Companies Act 1985. Thestatutory accounts for 2006 will be finalised on the basis of the financialinformation presented by the Directors in this preliminary announcement and ofpolicies consistent in all material respects with the policies applied in theCompany's statutory accounts for 2005 as amended by IFRS. The statutory accountsfor 2006 will be delivered to the Registrar of Companies following the Company'snext Annual General Meeting. The Annual General Meeting will be held at 12.00 noon on Friday 27 October 2006in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU. For further information call: Mark JennerCompany SecretaryDaejan Holdings PLC020 7836 1555 Terry GarrettWeber Shandwick Square Mile020 7067 0700 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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