Daejan Holdings (DJAN)

 

LSE:DJAN: Final Results

Daejan Holdings

09 Jul 2014 10:30:01

Daejan Hldgs PLC

RNS Number : 8382L
Daejan Holdings PLC
09 July 2014
 

 

9 July 2014                                                              

 

 

DAEJAN HOLDINGS PLC

UNAUDITED PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2014

 

The Chairman, Mr B S E Freshwater, today announced Preliminary Results for the year to 31 March 2014.

 

The financial highlights for the year ended 31 March 2014 are as follows:

                                                                                                                                               


2014


2013



£000


£000


 

 

Investment property

1,546,718


 

1,407,544


Net rental and related income from investment property

 

43,413


 

44,020

     

Profit before taxation

164,505


111,683


Total equity

1,110,637


984,953


Equity shareholders' funds per share

£68.15


        £60.44


Earnings per share

£9.19


£5.50












 

 

 

The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of £119,648,000 (2013 - £82,694,000). The board is pleased to recommend a final dividend of 47p per share in respect of the year ended 31 March 2014 payable on 13 March 2015 to shareholders on the register on 13 February 2015.  This will make a total dividend for the year of 82p (2013 - 79p).

 

Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of £149,772,000 (2013 - £89,601,000) and 16,295,357  (2013 - 16,295,357) ordinary shares being the weighted average number of ordinary shares in issue during the year.

 

 

 

 

 

 

 


Year


Year


ended


ended


31 March


31 March


2014


2013






£000


£000





Gross rental income

97,751


97,081

Service charge income

14,451


13,956

112,202


111,037





Property operating expenses

(68,789)


(67,017)

43,413


44,020




11,320


6,612

119,648


82,694

(10,550)


(10,936)

163,831


122,390





Fair value gains/(losses) on fixed rate loans and borrowings

8,737


(36)

Fair value gains/(losses) on derivative financial instruments

2,375


 (321)

Fair value (losses)/gains on current investments

(14)


      8      

Other financial income

705


740

Financial expenses

(11,129)


(11,098)

674


(10,707)




164,505


111,683

(14,337)


(21,923)

150,168


89,760







Equity holders of the parent

149,772


89,601

Non-controlling interest

396


159

150,168


89,760




£9.19


£5.50

 

 

                                                                                   

 

 

 

DAEJAN HOLDINGS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2014

 


Year ended

Year ended


31 March

31 March


2014

2013





£000

£000




Profit for the year

150,168

89,760

Foreign exchange translation differences

(9,678)

3,847

Total comprehensive income for the year

140,490

93,607




Attributable to:



Equity holders of the parent

140,101

93,448

Non-controlling interest

389

159

Total comprehensive income for the year

140,490

93,607

 

All comprehensive income may be reclassified as profit and loss in the future.

 

 

 

 

 


DAEJAN HOLDINGS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2014

 


Share capital

Share premium

Translation reserve

Retained earnings

Equity shareholders' funds

Non-controlling interest

Total equity


£000

£000

£000

£000

£000

£000

£000









Balance at 1 April 2012

4,074

555

18,620

880,557

903,806

318

904,124

Profit for the year

-

-

-

89,601

89,601

159

89,760

Foreign exchange translation differences

-

-

3,847

-

3,847

-

3,847                                  

Payments to non-controlling interest

-

-

-

-

-

(394)

(394)

Dividends to equity shareholders

-

-

-

(12,384)

(12,384)

-

(12,384)

Balance at 1 April 2013

4,074

555

22,467

957,774

984,870

83

984,953

Profit for the year

-

-

-

149,772

149,772

396

150,168

Foreign exchange translation differences

-

-

(9,671)

-

(9,671)

(7)

(9,678)

Payments to non-controlling interest

-

-

-

-

-

(303)

(303)

Dividends to equity shareholders

-

-

-

(14,503)

(14,503)

-

(14,503)

Balance at 31 March 2014

4,074

555

12,796

1,093,043

1,110,468

169

1,110,637

 

 

 

 

 

 


 


31 March


31 March


2014


2013






£000


£000




Investment property

1,546,718


1,407,544

Deferred tax assets

5,433


8,741

Total non-current assets

1,552,151


1,416,285





Trade and other receivables

46,833


43,150

Current investments

2,033


236

Cash and cash equivalents

59,149


63,513

Total current assets

108,015


106,899

1,660,166


1,523,184







Share capital

4,074


4,074

Share premium

555


        555

Translation reserve

12,796


22,467

Retained earnings

1,093,043


957,774

Total equity attributable to equity holders of the parent

1,110,468


984,870

Non-controlling interest

169


     83        

1,110,637


984,953







Loans and borrowings

283,869


268,943

Deferred tax liabilities

182,271


174,017

Total non-current liabilities

466,140


442,960









Loans and borrowings

7,710


18,256

Trade and other payables

45,305


41,844

Current taxation

30,374


35,171

Total current liabilities

83,389


95,271

549,529


538,231

1,660,166


1,523,184

 


 

 


Year

Year


ended

ended


31 March

31 March


2014

2013

 


£000

£000

£000

£000





Cash receipts from rent and service charges

120,455


123,511


Cash paid to suppliers and employees

(88,288)


(88,132)


Cash generated from operations

32,167


35,379


Interest received

1,154


303


Interest paid

(11,329)


(11,014)


Payments to non-controlling interest

(303)


(394)


Tax paid

(2,304)


(294)


Net cash from operating activities


19,385

  

23,980









Acquisition and development of investment property

(47,797)


(57,668)


Proceeds from sale of investment property

13,093


28,454


Net cash absorbed by investing activities


(34,704)


(29,214)










Repayment of bank loans                                     

(16,375)


(1,525)


New bank loans and overdrafts                                                                                                  

-


44,611


Repayment of mortgages

(32,320)


(24,363)


New mortgages

76,050


29,374


Dividends paid

(14,503)


(12,384)


Net cash generated from financing activities


12,852


35,713






Net (decrease)/increase in cash and cash equivalents


(2,467)


30,479

Cash and cash equivalents brought forward


63,513


32,324

Effect of exchange rate fluctuations on cash held

 

(1,897)

 

 

 

710


59,149


63,513

 

 

 

 

DAEJAN HOLDINGS PLC

 

Notes

1.   The financial information set out in this Preliminary Announcement does not constitute the Company's statutory accounts for the years ended 31 March 2014 or 2013.  The financial information for 2013 is derived from the statutory accounts for 2013 which have been delivered to the Registrar of Companies.  The Auditors have reported on the 2013 accounts; their report was unqualified and did not contain a statement under Section 498 of the Companies Act 2006.  The statutory accounts for 2014 will be finalised on the basis of the financial information presented by the Directors in this Preliminary Announcement and using policies consistent in all material respects with the policies applied in the Company's statutory accounts for 2013, as set out in those accounts as delivered to the Registrar of Companies.  The statutory accounts for 2014 will be delivered to the Registrar of Companies following the Company's next Annual General Meeting.

 

2.   The Annual General Meeting will be held at 2:00 pm on Thursday 11 September 2014 in The Grand Saloon, Theatre Royal Drury Lane, Catherine Street, London WC2B 5JF.

 

 

 

 

 

For further information call:

 

Mark Jenner

Company Secretary

Daejan Holdings PLC

020 7836 1555

 

Nick Oborne

Weber Shandwick Financial

020 7067 0700


This information is provided by RNS
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