Development Securities PLC Preliminary Results -21-
April 29 2015 - 1:01AM
UK Regulatory
Total assets 580,422
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Segment liabilities (168,447) (81,454) (3,667) (253,568)
Unallocated liabilities (6,574)
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Total liabilities (260,142)
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2014
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Development
Investment and trading Operating Total
GBP'000 GBP'000 GBP'000 GBP'000
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OTHER SEGMENT INFORMATION
Capital expenditure 11,674 81 297 12,052
Unallocated capital expenditure 17
Impairment of assets - (232) - (232)
Depreciation - (123) (418) (541)
Unallocated depreciation (227)
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REVENUE
Rental income 14,985 3,664 - 18,649
Serviced office income - - 4,142 4,142
Project management fees - 566 - 566
Trading property sales - 20,608 - 20,608
Other trading property income - 2,846 - 2,846
Construction contract revenue - 8,040 - 8,040
Development proceeds - 24,423 - 24,423
Other 69 - - 69
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15,054 60,147 4,142 79,343
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In the year ended 28th February 2014, two projects with turnover
totalling GBP20,688,000 generated in excess of 10.0 per cent of
total revenue and fell within the development and trading
segment.
2015 2014
GBP'000 GBP'000
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UNALLOCATED ASSETS CAN BE ANALYSED AS FOLLOWS:
Other plant and equipment 206 411
Deferred income tax asset 1,588 362
Trade and other receivables 10,507 7,912
Cash and cash equivalents 45,537 22,309
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57,838 30,994
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UNALLOCATED LIABILITIES CAN BE ANALYSED AS FOLLOWS:
Current borrowings (17) (17)
Trade and other payables (11,044) (4,362)
Deferred income tax liability (3,442) -
Derivative financial instruments (21) (2,195)
Special dividend 2015 (9,995) -
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(24,519) (6,574)
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3 Finance income and costs
2015 2014
a) Finance income GBP'000 GBP'000
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Interest receivable on loans and deposits 2,771 1,377
Other finance income 66 222
Fair value gains on financial instruments - interest rate swaps,
caps and collars 429 953
Net foreign currency differences arising on retranslation of cash
and cash equivalents 4,648 -
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Total finance income 7,914 2,552
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2015 2014
b) Finance costs GBP'000 GBP'000
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Interest on bank loans and other borrowings (10,779) (10,370)
Interest on debenture (2,200) (2,200)
Amortisation of transaction costs (1,413) (606)
Provision: unwinding of discount (94) (116)
Net foreign currency differences arising on retranslation of cash
and cash equivalents - (291)
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(14,486) (13,583)
Capitalised interest on development and trading properties 1,735 51
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Total finance costs (12,751) (13,532)
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Net finance costs (4,837) (10,980)
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Interest was capitalised at an average rate of 5.36 per cent.
Capitalised interest of GBP1,359,000 (2014: GBP63,000) was written
off in the year. The tax treatment of capitalised interest follows
the accounting treatment.
4 Dividends
2015 2014
GBP'000 GBP'000
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DECLARED AND PAID DURING THE YEAR
Equity dividends on Ordinary shares:
Final dividend for 2014: 3.20 pence per share (2013: 2.40 pence
per share) 3,994 2,934
Interim dividend for 2015: 2.40 pence per share (2014: 2.40 pence
per share) 2,995 2,934
Special dividend for 2015*: 8.00 pence per share (2014: nil pence
per share) 9,995 -
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16,984 5,868
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PROPOSED FOR APPROVAL BY SHAREHOLDERS AT THE ANNUAL GENERAL MEETING
Final dividend for 2015: 3.50 pence per share (2014: 3.20 pence
per share) 4,373 3,911
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* On 24th February 2015 the Board approved the payment of a
special dividend of 8.00 pence per share to be paid on 7th April
2015 to ordinary shareholders on the register at the close of
business on 6th March 2015.
Subject to approval by shareholders, the final dividend was
approved by the Board on 28th April 2015 and has not been included
as a liability or deducted from retained earnings as at 28th
February 2015. The final dividend is payable on 20th August 2015 to
ordinary shareholders on the register at the close of business on
24th July 2015 and will be recognised in the year ending 29th
February 2016.
5 Earnings per share and net assets per share
-- Basic earnings per share amounts are calculated by dividing
profit for the year attributable to owners of the Parent by the
weighted average number of Ordinary shares outstanding during the
year, excluding shares purchased by the Parent and held as treasury
shares.
-- Diluted earnings per share amounts are calculated by dividing
the profit attributable to owners of the Parent by the weighted
average number of Ordinary shares outstanding during the year plus
the weighted average number of Ordinary shares that would be issued
on the conversion of all the dilutive potential Ordinary shares
into Ordinary shares.
-- Basic net assets per share amounts are calculated by dividing
net assets by the number of Ordinary shares in issue at the balance
sheet date excluding shares purchased by the Parent and held as
treasury shares.
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