RNS Number:1420T
Daejan Holdings PLC
11 December 2003
11 December 2003
DAEJAN HOLDINGS PLC
INTERIM RESULTS ANNOUNCEMENT for the half year ended 30 September 2003
The Board is pleased to present the Interim Statement for the half year ended 30
September 2003.
* Profits for the half year are slightly less than for the comparative period in
the previous year. Nevertheless, and despite an increase of #2.2 million in
expenditure on property repairs, profits for the full year are anticipated to
be of a similar order to those of the previous year.
* The interim dividend is maintained at 22p per share.
* The Group maintains a strong balance sheet which continues to provide a good
platform for further progress.
For further information please contact:
Mark Jenner Terry Garrett
Company Secretary Weber Shandwick Square Mile
Daejan Holdings PLC
Tel: 020 7836 1555 Tel: 020 7067 0700
consolidated profit and loss account
for the half year ended 30 September 2003
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Turnover 45,464 42,282 84,132
________________________________________________________________________________
Net Rental Income 19,675 20,066 37,723
Surplus on Sale of Trading Properties 3,118 3,590 6,587
Other Income 118 83 159
________________________________________________________________________________
Gross Profit 22,911 23,739 44,469
Administrative and Other
Expenses (3,675) (3,427) (6,472)
________________________________________________________________________________
Operating Profit 19,236 20,312 37,997
Surplus on Sale of Investment
Properties 416 1,097 1,378
________________________________________________________________________________
Profit on Ordinary Activities
before interest 19,652 21,409 39,375
Net Interest Payable and Other
Similar items (3,934) (4,337) (8,683)
________________________________________________________________________________
Profit on Ordinary Activities
before Taxation 15,718 17,072 30,692
Tax on Profit on Ordinary Activities (4,898) (5,114) (10,057)
________________________________________________________________________________
Profit on Ordinary Activities
after Taxation 10,820 11,958 20,635
Minority Interests - Equity - (35) (51)
________________________________________________________________________________
Profit for the Period 10,820 11,923 20,584
________________________________________________________________________________
Dividends: Interim (3,585) (3,585) (3,585)
Final - - (5,377)
________________________________________________________________________________
Retained Profit for the Period 7,235 8,338 11,622
________________________________________________________________________________
________________________________________________________________________________
Earnings per Share 66.4p 73.2p 126.3p
________________________________________________________________________________
All activities are continuing.
consolidated balance sheet
for the half year ended 30 September 2003
Unaudited Unaudited Audited
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Fixed Assets
Tangible Assets 546,520 530,515 548,651
Investments 617 617 617
________________________________________________________________________________
547,137 531,132 549,268
Current Assets
Properties held for Trading 60,767 54,540 65,920
Debtors: Due within one year 27,347 29,121 30,206
Due after one year 795 2,131 1,699
________________________________________________________________________________
28,142 31,252 31,905
________________________________________________________________________________
Investments 153 144 128
Cash at Bank 41,726 66,606 57,204
________________________________________________________________________________
130,788 152,542 155,157
Creditors: Amounts falling due within
one year (65,113) (94,149) (93,494)
________________________________________________________________________________
Net Current Assets 65,675 58,393 61,663
________________________________________________________________________________
Total Assets Less Current Liabilities 612,812 589,525 610,931
Creditors: Amounts falling due after
more than one year (129,218) (133,046) (132,557)
Provisions for liabilities and charges (8,812) (8,520) (8,695)
________________________________________________________________________________
Net Assets 474,782 447,959 469,679
________________________________________________________________________________
Capital and Reserves
Called up Share Capital 4,074 4,074 4,074
Share Premium Account 555 555 555
Revaluation Reserve 244,384 227,685 246,095
Other Reserves 6,784 5,968 6,784
Profit and Loss Account 218,838 209,515 211,998
________________________________________________________________________________
Equity Shareholders' Funds 474,635 447,797 469,506
Minority Interests - Equity 147 162 173
________________________________________________________________________________
474,782 447,959 469,679
________________________________________________________________________________
Equity Shareholders' Funds per share #29.13 #27.48 #28.81
consolidated cash flow statement
for the half year ended 30 September 2003
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Operating activities
Net cash inflow from operating activities 26,876 18,545 27,393
Returns on investments and servicing of
finance
Interest received 847 1,122 1,510
Interest paid (4,900) (5,561) (11,174)
Minority interests (18) (27) (31)
________________________________________________________________________________
Net cash outflow from returns on
investments and servicing of finance (4,071) (4,466) (9,695)
Taxation
UK Corporation tax paid (3,632) (4,382) (9,728)
Overseas tax paid (131) (43) (480)
________________________________________________________________________________
(3,763) (4,425) (10,208)
Capital expenditure
Investment properties 1,241 1,793 2,334
________________________________________________________________________________
Net cash inflow for capital expenditure 1,241 1,793 2,334
Equity dividends paid - - (8,474)
________________________________________________________________________________
Cash inflow before financing 20,283 11,447 1,350
Financing
Repayment of secured loans (2,036) (2,501) (5,064)
Repayment of bank loans (32,381) - -
Repayment of mortgage advances (5,249) (2,258) (407)
New mortgage advances 4,508 13,402 14,663
________________________________________________________________________________
Net cash (outflow)/inflow from
financing (35,158) 8,643 9,192
________________________________________________________________________________
(Decrease)/increase in cash in the
period (14,875) 20,090 10,542
________________________________________________________________________________
notes to the financial statements
1. Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Operating profit 19,236 20,312 37,997
Decrease/(Increase) in properties
held for trading 2,992 (326) (11,834)
Decrease/(Increase) in debtors 2,930 (1,676) (1,488)
Increase in creditors 1,742 234 3,102
(Increase)/Decrease in investments held
as current assets (24) 1 16
Release of provision against trading properties - - (400)
________________________________________________________________________________
Net cash inflow from operating activities 26,876 18,545 27,393
________________________________________________________________________________
2. Reconciliation of Net Cash Flow to Movement in Net Debt
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
(Decrease)/Increase in cash (14,875) 20,090 10,542
New mortgage advances (4,508) (13,402) (14,663)
Repayment of financing 39,666 4,759 5,471
________________________________________________________________________________
Change in net debt resulting from
cash flows 20,283 11,447 1,350
Exchange movements 1,852 3,070 3,388
________________________________________________________________________________
Change in net debt 22,135 14,517 4,738
Opening net debt (130,971) (135,709) (135,709)
________________________________________________________________________________
Closing net debt (108,836) (121,192) (130,971)
________________________________________________________________________________
3. Interim Financial Statements
The interim financial statements included in this document do not comprise
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The statutory accounts for the year ended 31 March 2003 have been filed with the
Registrar of Companies. The auditors have reported on those accounts; their
report was unqualified and did not contain a statement under Section 237(2) or
(3) of the Companies Act 1985. The interim financial information is unaudited.
4. Tangible Assets
Tangible assets are included in the Balance Sheet at a professional valuation
carried out at 31 March 2003 and additions made since that date are included at
cost.
5. Interim Dividend
The Board has decided to maintain the interim dividend at 22p per share
(2002-22p per share). This dividend will be paid on 12 March 2004 to
shareholders registered at the close of business on 13 February 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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