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Interim Results

20th Nov 2009 12:00

RNS Number : 8511C

Daejan Holdings PLC

20 November 2009

DAEJAN HOLDINGS PLC

INTERIM RESULTS ANNOUNCEMENT

for the half year ended 30 September 2009

The Board is pleased to present the Interim Statement for the half year ended 30 September 2009.

	30/9/09	30/9/08
	£000	£000

Profit before Investment Property Valuation Movements	20,718	16,216

Profit/(Loss) before tax	16,163	(118,814)

Profit/(Loss) after tax	11,513	(86,021)

Profit before investment property valuation movements has improved due to the impact of income from new acquisitions of £1.625m. Additionally, fair value gains on financial instruments has yielded a gain of £6.651m (2008 £2.762m). An interim dividend of 25p per share will be paid on 5 March to shareholders on the register on 5 February 2010. The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisors. Refurbishment projects at Worship Street in the City of London and Great Marlborough Street in the West End have been completed and the properties are being marketed to let. There have been no material changes in overall vacancy and rental levels within the portfolio since March 2009 and the total rental income has continued in line with expectations. The principal risk factor affecting the remainder of the financial year continues to be exposure to movements in the valuation of the Group's investment properties, although it is anticipated that property values may now have stabilised. The Group's prudent approach to risk has resulted in its continued stability and low-gearing of 14.8%. This should enable it to benefit from new opportunities as they arise.

B S E Freshwater

Chairman

20 November 2009

For further information please contact:

Mark Jenner	Terry Garrett
Company Secretary	Weber Shandwick Financial
Daejan Holdings PLC
Tel: 020 7836 1555	Tel: 020 7067 0700

Consolidated Income Statement for the six months ended 30 September 2009

	Unaudited		Unaudited		Audited
	6 Months		6 Months		Year
	Ended		Ended		ended
	30/9/09		30/9/08		31/3/09

	£000		£000		£000

Total Rental & Related Income	47,676		43,352		95,973

Property Operating Expenses	(26,249)		(25,213)		(53,470)

Net Rental & Related Income	21,427		18,139		42,503
Profit on Disposal of Investment Properties	2,435		3,684		6,758

Administrative Expenses	(4,714)		(4,792)		(12,039)

Operating Profit before Net Financing Costs	19,148		17,031		37,222
Fair Value Gains/(Losses) on Financial Instruments and current investments	6,651		2,762		(15,403)
Financial Income	395		1,063		2,980
Financial Expenses	(5,476)		(4,640)		(11,233)

Net Financing Costs	1,570		(815)		(23,656)

Profit Before Investment Property Valuation Movements	20,718		16,216		13,566



Net Valuation Losses on Investments Properties	(4,555)		(135,030)		(261,603)

Profit/(Loss) Before Taxation	16,163		(118,814)		(248,037)

Income Tax (Expense)/Credit	(4,650)		32,793		69,341

Profit/(Loss) for the Period	11,513		(86,021)		(178,696)
Attributable to :
Equity holders of the parent	11,500		(86,019)		(178,690)
Minority Interest	13		(2)		(6)

Profit/(Loss) for the Period	11,513		(86,021)		(178,696)


Basic Diluted Earnings/(Loss) per Share	70.6	p	(527.9)	p	(1096.6)	p

Consolidated Interim Statement of Recognised Income & Expense for the six months ended 30 September 2009

	Unaudited	Unaudited	Audited
	6 Months	6 Months	Year
	ended	ended	ended
	30/9/09	30/9/08	31/3/09

	£000	£000	£000


Foreign Exchange (Losses)/Gains	(14,667)	14,039	47,125
Income & Expense Recognised Directly in Equity	(14,667)	14,039	47,125

Profit/(Loss) for the Period	11,513	(86,021)	(178,696)

Total Recognised Income & Expense for the Period	(3,154)	(71,982)	(131,571)


Attributable to :
Equity Holders of the Parent	(3,167)	(71,980)	(131,588)
Minority Interest	13	(2)	17

Total Recognised Income & Expense for the Period	(3,154)	(71,982)	(131,571)

Consolidated Balance Sheet as at 30 September 2009

	Unaudited	Unaudited	Audited
	30/9/09	30/9/08	31/3/09

	£000	£000	£000
Assets
Investment Properties	1,100,804	1,184,023	1,126,694

Deferred Tax Assets	5,982	2,755	7,842

Total Non-Current Assets	1,106,786	1,186,778	1,134,536
Trade & Other Receivables	37,631	33,029	35,479
Investments	249	263	198
Cash at Bank	28,949	33,029	26,447

Total Current Assets	66,829	66,321	62,124

Total Assets	1,173,615	1,253,099	1,196,660
Equity
Issued Capital	4,074	4,074	4,074
Share Premium Account	555	555	555
Retained Earnings	751,497	826.169	754,664

Total Equity Attributable to Equity
Holders of the Parent	756,126	830,798	759,293
Minority Interest	134	115	135

Total Equity	756,260	830,913	759,428
Liabilities
Interest Bearing Loans & Borrowings	171,371	148,350	179,440
Deferred Tax Liabilities	182,760	219,326	184,034

Total Non-Current Liabilities	354,131	367,676	363,474
Bank Overdrafts	500	303	273
Interest Bearing Loans & Borrowings	1,492	5,045	6,325
Trade & Other Payables	52,897	44,230	60,648
Taxation	8,335	4,932	6,512
Total Current Liabilities	63,224	54,510	73,758
Total Liabilities	417,355	422,186	437,232
Total Equity & Liabilities	1,173,615	1,253,099	1,196,660
Equity Shareholders Funds Per Share	£46.40	£50.98	£46.60


Consolidated Statement of Cash Flows for the six months ended 30 September 2009
		Unaudited		Unaudited		Audited
		6 Months		6 Months		Year
		Ended		ended		ended
		30/9/09		30/9/08		31/3/09

	£000	£000	£000	£000	£000	£000
Cash Flows From Operating Activities
Net Cash Generated from Operations	14,327		15,420		29,261
Interest Received	409		1,053		2,977
Interest Paid	(5,295)		(4,826)		(11,401)
Drawings by Minority Interests in USA partnership	(14)		(1)		-
U.K. Corporation Tax Paid	(3,769)		(4,970)		(6,706)
Overseas Tax Paid	(179)		(178)		(693)

Net Cash from Operating Activities		5,479		6,498		13,438
Cash Flows from Investing Activities
Acquisitions and Additions to Investment Properties	(2,992)		(39,476)		(60,011)
Proceeds from Sale of Investment Properties	2,439		4,072		7,629

Net cash from Investing Activities		(553)		(35,404)		(52,382)
Cash Flows from Financing Activities
New Secured Loans	0		25,000		30,250
Repayment of Secured Loans	(687)		(500)		(1,094)
Repayment of Mortgage Advances	(5,025)		(4,294)		(6,118)
New Mortgage Advances	4,957		8,976		17,929
Dividends Paid	0		0		(11,897)

Net Cash from Financing Activities		(755)		29,182		29,070
Net Increase/(Decrease) in Cash & Cash Equivalents		4,171		276		(9,874)
Cash & Cash Equivalents Brought Forward		26,174		30,937		30,937

Effect of Exchange Rate Fluctuations on Cash Held		(1,896)		1,513		5,111

Cash & Cash Equivalents		28,449		32,726		26,174

Basis of preparation

This interim financial information has been prepared in accordance with International Financial Reporting Standard 34 (IFRS) interim financial reporting, applying the accounting policies and presentation that were applied in the preparation of the company's published consolidated financial statements for the year ended 31 March 2009. As required by the Listing Rules of the Financial Services Authority, the directors have considered the result of the endorsement by the EU of new or changed IFRSs that are applicable or available for early adoption in the preparation of the company's next consolidated financial statements for the year ending 31 March 2010 and concluded that they have no material effect on either the current or prior periods.

The interim financial information in this statement has not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on review of interim financial information and does not constitute statutory accounts, as defined in section 435 of the Companies Act 2006. The auditors' report on the statutory accounts for the year to 31 March 2009 was unqualified and did not contain a statement under section 237 of the Companies Act 1985. Statutory accounts for the year to 31 March 2009 have been delivered to the Registrar of Companies. The interim financial statements were approved by the Board of Directors on 19 November 2009. The preparation of the interim financial statements requires management to make assumptions and estimates about future events which are uncertain, the actual outcome of which may result in a materially different outcome from that anticipated.

Dividends

No dividends were paid in the 6 months to 30 September 2009 (6 months to 30 September 2008 (Nil).

Investment Properties

The Directors have estimated the value of the investment properties at the half-year after consultation with the Group's advisors. A full valuation of all the Group's properties will be carried out by independent professional valuers at 31 March 2010.

Related Party Transactions

Day-to-day management of the Group's properties in the United Kingdom is mainly carried out by Highdorn Co Limited and by Freshwater Property Management Limited. Mr BSE Freshwater and Mr SI Freshwater are directors of both companies and are also interested in the share capital of Highdorn Limited.

Mr BSE Freshwater, Mr SI Freshwater and Mr D Davis are also directors of the parent company of Freshwater Property Management Limited but have no beneficial interest in either company.

The net amounts payable for the provision of various management services charged by the Group's managing agents Highdorn Co Limited and Freshwater Property Management Limited were £1.5 million (year to 31 March 2009 £3.0million).

At 30 September 2009 £Nil was due to Highdorn Co Limited and Freshwater Property Management Limited (31 March 2009 due from £1.9million).

Statement of Director's Responsibilities

The Directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 427 and DTR 428.

The Directors of Daejan Holdings PLC are listed in the Daejan Holdings PLC Annual Report for 31 March 2009. A list of current directors is maintained on the Daejan Holdings PLC website www.daejanholdings.com.

B S E Freshwater

Chairman

20 November 2009

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR URVARKSRAUAA

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