14th Dec 2006 07:01
Daejan Holdings PLC14 December 2006 14 December 2006 DAEJAN HOLDINGS PLC INTERIM RESULTS ANNOUNCEMENT for the half year ended 30 September 2006 The Board is pleased to present the Interim Statement for the half year ended 30September 2006. 30/9/06 30/9/05 £000 £000______________________________________________________________________________Profit before tax 15,566 15,973 Profit after tax 10,903 11,621 Total equity 746,743 646,887 • An interim dividend of 25p per share will be paid on 9 March 2007 to shareholders on the register on 9 February 2007. • Properties are not revalued at the half year, a full valuation of all the Group's properties will be carried out by external professional valuers at March 2007. B S E FreshwaterChairman14 December 2006 For further information please contact: Mark Jenner Terry GarrettCompany Secretary Weber Shandwick Square MileDaejan Holdings PLC Tel: 020 7836 1555 Tel: 020 7067 0700 Consolidated Interim Income Statement for the half year ended 30 September 2006 Unaudited Unaudited Audited 6 Months 6 Months Year ended ended ended 30/9/06 30/9/05 31/3/06 _________ __________ _________ £000 £000 £000 Gross Rental Income 44,521 49,265 95,689 Property Operating Expenses (26,514) (24,456) (52,980) _________ __________ _________ Net Rental & Related Income 18,007 24,809 42,709Profit on Disposal of Investment Properties 5,710 2,976 6,173 Net Valuation Gains on Investment Properties 0 0 130,976 Administrative Expenses (4,028) (4,969) (9,091) _________ __________ _________ Operating Profit before Net Financing Costs 19,689 22,816 170,767Fair Value Gains/(Losses) on Financial Instruments 764 (2,682) 1,288Financial Income 759 1,322 2,119Financial Expenses (5,646) (5,483) (11,515) _________ __________ _________ Net Financing Costs (4,123) (6,843) (8,108) _________ __________ _________ _________ __________ _________ Profit Before Taxation 15,566 15,973 162,659 Income Tax Expense (4,663) (4,352) (49,547) _________ __________ _________ Profit for the Period 10,903 11,621 113,112 ========= ========== =========Attributable to : Equity holders of the parent 10,643 11,116 112,460Minority Interest 260 505 652 _________ __________ _________ Profit for the Period 10,903 11,621 113,112 ========= ========== ======== Basic Diluted Earnings per Share 65.3 p 68.2 p 690.1 p ========= ========== ======== Consolidated Interim Statement of Recognised Income & Expense for the halfyear ended 30 September 2006 Unaudited Unaudited Audited 6 Months 6 Months Year ended ended ended 30/9/06 30/9/05 31/3/06 _________ _________ _________ £000 £000 £000 Foreign Exchange (Losses)/ Gains (9,331) 6,987 8,307 _________ _________ _________Income & Expense Recognised Directly in Equity (9,331) 6,987 8,307 Profit for the Period 10,903 11,621 113,112 _________ _________ _________Total Recognised Income & Expense for the Period 1,572 18,608 121,419 ========= ========= ========= Attributable to :Equity Holders of the Parent 1,312 18,103 120,767Minority Interest 260 505 652 _________ _________ _________Total Recognised Income & Expense for the Period 1,572 18,608 121,419 ========= ========= ========= Consolidated Interim Balance Sheet as at 30September 2006 Unaudited Unaudited Audited 30/9/06 30/9/05 31/3/06 _________ _________ _________ £000 £000 £000Assets______Investment Properties 1,087,656 968,160 1,101,048Investment in Associate 0 0 0Other Investments 617 617 617Deferred Tax Assets 2,384 3,789 2,608 _________ _________ _________ Total Non-Current Assets 1,090,657 972,566 1,104,273 _________ _________ _________ Trade & Other Receivables 34,226 32,029 32,043Investments 217 148 160Cash at Bank 31,541 38,291 37,300 _________ _________ _________ Total Current Assets 65,984 70,468 69,503 _________ _________ _________ _________ _________ _________ Total Assets 1,156,641 1,043,034 1,173,776 ========= ========= =========Equity______Issued Capital 4,074 4,074 4,074Share Premium Account 555 555 555Retained Earnings 741,971 642,069 740,659 _________ _________ _________ Total Equity Attributable to Equity Holders of the Parent 746,600 646,698 745,288Minority Interest 143 189 330 _________ _________ _________ Total Equity 746,743 646,887 745,618 _________ _________ _________ Liabilities___________Interest BearingLoans & Borrowings 122,079 141,425 140,212Deferred Tax Liabilities 218,633 180,371 219,045 _________ _________ _________ Total Non-Current Liabilities 340,712 321,796 359,257 _________ _________ _________ Bank Overdrafts 0 7 15Interest Bearing Loans & Borrowings 2,217 12,273 8,448Trade & Other Payables 45,643 47,981 42,209Taxation 21,326 14,090 18,229 _________ _________ _________ Total Current Liabilities 69,186 74,351 68,901 _________ _________ _________ Total Liabilities 409,898 396,147 428,158 _________ _________ _________ _________ _________ _________ Total Equity & Liabilities 1,156,641 1,043,034 1,173,776 ========= ========= ========= Consolidated Interim Statement of Cash Flows for the half year ended 30 September 2006 Unaudited Unaudited Audited 6 Months 6 Months Year ended ended ended 30/9/06 30/9/05 31/3/06 _________ _________ _________ _________ _________ _________ £000 £000 £000 £000 £000 £000Cash Flows From Operating Activities____________________________________Net Cash Generated from Operations 16,008 12,626 30,499Interest Received 759 1,322 2,119Interest Paid (4,879) (5,594) (11,543)Drawings by Minority Interests in USA partnership (447) (506) (528)U.K. Corporation Tax Paid (855) (1,996) (3,352)Overseas Tax Paid (284) (140) (83) _________ _________ _________ Net Cash from Operating Activities 10,302 5,712 17,112Cash Flows from Investing Activities____________________________________Acquisition of Investment Properties (2,709) (1,316) (6,806)Proceeds from Sale of Investment Properties 6,937 3,352 12,165 _________ _________ _________ Net cash from Investing Activities 4,228 2,036 5,359Cash Flows from Financing Activities____________________________________Repayment of Secured Loans (24,681) (14,782) (24,782)Repayment of Mortgage Advances (621) (631) (1,321)New Mortgage Advances 6,188 0 4,728Dividends Paid 0 0 (9,940) _________ _________ _________ Net Cash from Financing Activities (19,114) (15,413) (31,315)Net Decrease in Cash & Cash Equivalents (4,584) (7,665) (8,844) Cash & Cash Equivalents Brought Forward 37,285 44,825 44,825 Effect of Exchange Rate Fluctuations on Cash Held (1,160) 1,124 1,304 _________ _________ _________ Cash & Cash Equivalents 31,541 38,284 37,285 ========== ========= ========= Notes to the Consolidated Financial Statements for the 6 months to 30 September 2006. Basis of preparation This interim financial information has been prepared applying the accountingpolicies and presentation that were applied in the preparation of the company'spublished consolidated financial statements for the year ended 31 March 2006. As required by the Listing Rules of the Financial Services Authority, thedirectors have considered the result of the endorsement by the EU of new orchanged IFRSs that are applicable or available for early adoption in thepreparation of the company's next consolidated financial statements for theyear ending 31 March 2007 and concluded that they have no material effect oneither the current or prior periods. The interim financial information in this statement does not constitutestatutory accounts, as defined in section 240 of the Companies Act 1985. Theauditors' report on the statutory accounts for the year to 31 March 2006 wereunqualified and did not contain a statement under section 237 of the CompaniesAct 1985. Statutory accounts for the year to 31 March 2006 have been deliveredto the Registrar of Companies. The interim financial statements were approvedby the Board of Directors on 12 December 2006. The preparation of the interimfinancial statements requires management to make assumptions and estimatesabout future events which are uncertain, the actual outcome of which may resultin a materially different outcome from that anticipated. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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