Daejan Holdings (DJAN)

 

LSE:DJAN: Final Results

Daejan Holdings

11 Jul 2012 10:30:01

Daejan Hldgs PLC

RNS Number : 4145H
Daejan Holdings PLC
11 July 2012
 



 

11 July 2012

 

 

DAEJAN HOLDINGS PLC

UNAUDITED PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2012

 

The Chairman, Mr B S E Freshwater, today announced Preliminary Results for the year to 31 March 2012.

 

The financial highlights for the year ended 31 March 2012 are as follows:

 


2012


2011

 

 

Investment property

£000

 

1,254,094


£000

 

1,224,800

Net rental and related income from investment property

 

39,058


 

41,949

Profit before taxation

41,849


84,363

Total equity

862,351


838,262

Equity shareholders' funds per share

£52.90


£51.43

Earnings per share

£2.21


£4.16

 

The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of £15,683,000 (2011 - £52,024,000).  The board is pleased to recommend a final dividend of 51p per share in respect of the year ended 31 March 2012 payable on 9 November 2012 to shareholders on the register on 12 October 2012.  This will make a total dividend for the year of 76p (2011 - 75p).

 

Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of £35,951,000 (2011 - £67,823,000) and 16,295,357 (2011 - 16,295,357) ordinary shares being the weighted average number of ordinary shares in issue during the year.

 

 



 

 

DAEJAN HOLDINGS PLC

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2012

 


Year


Year


ended


ended


31 March


31 March


2012


2011


£000


£000





Gross rental income

92,955


88,613

Service charge income

14,139


14,079

Total rental and related income from investment property

107,094


102,692





Property operating expenses

(68,036)


(60,743)

Net rental and related income from investment property

39,058


41,949





Profit on disposal of investment property

16,254


9,257

Net valuation gains on investment property

15,683


52,024

Administrative expenses

(11,135)


(10,558)

Net operating profit before net financing costs

59,860


92,672





Fair value gains on fixed rate loans and borrowings

(4,717)


1,495

Fair value gains on financial instruments

(2,167)


556

Fair value (losses)/gains on current investments

(3)


(16)

Other financial income

512


512

Financial expenses

(11,636)


 (10,856)

Net financing costs

(18,011)


(8,309)





Profit before taxation

41,849


84,363

Income tax

(5,716)


(16,530)

Profit for the year

36,133


67,833





Attributable to:-




Equity holders of the parent

35,951


67,823

Minority interest

182


10

Profit for the year

36,133


67,833





Basic and diluted earnings per share

£2.21


£4.16

 

 

 



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2012

 


Year ended

Year ended


31 March

31 March


2012

2011


£000

£000




Profit for the year

36,133

67,833

Foreign exchange translation differences

204

(2,648)

Total comprehensive income for the year

36,337

65,185




Attributable to:



Equity holders of the parent

36,155

65,183

Minority interest

182

2

Total comprehensive income for the year

36,337

65,185

 

DAEJAN HOLDINGS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2012

 


Issued

Share

capital

Share

premium

Translation

reserve

Retained

earnings

Equity

shareholders'

funds

Minority

interest

Total

equity


£000

£000

£000

£000

£000

£000

£000









Balance at 1 April 2010

4,074

555

21,056

759,291

784,976

143

785,119

Profit for the year

-

-

-

67,823

67,823

10

67,833

Foreign exchange translation differences

-

-

(2,640)

-

(2,640)

(8)

(2,648)

Movements in minority interest

-

-

-

-

-

17

17

Dividends to equity shareholders

-

-

-

(12,059)

(12,059)

-

(12,059)

Balance at 1 April 2011

4,074

555

18,416

815,055

838,100

162

838,262

Profit for the year

-

-

-

35,951

35,951

182

36,133

Foreign exchange translation differences

-

-

204

-

204

-

204

Movements in minority interest

-

-

-

-

-

(26)

(26)

Dividends to equity shareholders

-

-

-

(12,222)

(12,222)

-

(12,222)

Balance at 31 March 2012

4,074

555

18,620

838,784

862,033

318

862,351

 

DAEJAN HOLDINGS PLC

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2012

 


31 March


31 March


2012


2011


£000


£000

Assets




Investment property

1,254,094


1,224,800

Deferred tax assets

8,539


4,378

Total non-current assets

1,262,633


1,229,178





Trade and other receivables

69,578


41,221

Current investments

220


246

Cash and cash equivalents

32,474


75,296

Total current assets

102,272


116,763

Total assets

1,364,905


1,345,941





Equity




Issued capital

4,074


4,074

Share premium

555


555

Translation reserve

18,620


18,416

Retained earnings

838,784


815,055

Total equity attributable to equity holders of the parent

862,033


838,100

Minority interest

318


162

Total equity

862,351


838,262





Liabilities




Loans and borrowings

213,085


194,577

Deferred tax liabilities

194,656


196,204

Total non-current liabilities

407,741


390,781





Bank overdrafts

150


-

Loans and borrowings

17,941


55,248

Trade and other payables

44,528


40,821

Current taxation

32,194


20,829

Total current liabilities

94,813


116,898

Total liabilities

502,554


507,679

Total equity and liabilities

1,364,905


1,345,941

 



 

DAEJAN HOLDINGS PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2012

 


Year

Year


ended

ended


31 March

31 March


2012

2011

 


£000

£000

£000

£000

Cash flows from operating activities





Cash receipts from rent and service charges

111,453


113,164


Cash paid to suppliers and employees

(89,179)


(77,568)


Cash generated from operations

22,274


35,596


Interest received

509


519


Interest paid

(11,525)


(10,942)


(Distributions to)/Receipts from minority interest

(26)


17


UK corporation tax recovered

-


1,523


Overseas tax paid

(122)


(575)


Net cash from operating activities


11,110


26,138






Cash flows from investing activities





Acquisition and development of investment property

(25,618)


(29,990)


Proceeds from sale of investment property

7,620


 10,163


Net cash from investing activities


(17,998)


(19,827)






Cash flows from financing activities





Repayment of bank loans

(42,375)


(1,375)


New bank loans and overdrafts

150


41,000


Repayment of mortgages

(28,900)


(2,171)


New mortgages

47,283


16,089


Dividends paid

(12,222)


(12,059)


Net cash (absorbed by)/ generated from financing activities


(36,064)


(41,484)






Net (decrease)/increase in cash and cash equivalents


(42,952)


47,795

Cash and cash equivalents brought forward


75,296


28,058

Effect of exchange rate fluctuations on cash held

 

 

 

(20)


 

(557)

Cash and cash equivalents


32,324


75,296

 

 

 

DAEJAN HOLDINGS PLC

 

Note

 

The financial information set out in this Preliminary Announcement does not constitute the Company's statutory accounts for the years ended 31 March 2012 or 2011.  The financial information for 2011 is derived from the statutory accounts for 2011 which have been delivered to the Registrar of Companies.  The Auditors have reported on the 2011 accounts; their report was unqualified and did not contain a statement under Section 498 of the Companies Act 2006.  The statutory accounts for 2012 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 2011, as set out in those accounts as delivered to the Registrar of Companies.  The statutory accounts for 2012 will be delivered to the Registrar of Companies following the Company's next Annual General Meeting.

 

 

 

The Annual General Meeting will be held at 2:00 pm on Wednesday 5 September 2012 in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU.

 

 

 

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
The company news service from the London Stock Exchange
 
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