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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Daejan Holdings Plc | LSE:DJAN | London | Ordinary Share | GB0002502036 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8,050.00 | 8,040.00 | 8,050.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMDJAN
RNS Number : 7594K
Daejan Holdings PLC
12 July 2017
12 July 2017
DAEJAN HOLDINGS PLC
UNAUDITED PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2017
The Chairman, Mr B S E Freshwater, today announced Preliminary Results for the year to 31 March 2017.
The financial highlights for the year ended 31 March 2017 are as follows:
Hot Features
Premium
2017 2016
GBP000 GBP000
Investment property 2,256,800 2,009,361
Net rental and related income
from investment property 64,800 68,189
Profit before taxation 198,396 173,242
Total equity 1,655,955 1,480,094
Equity shareholders' funds GBP101.61 GBP90.82
per share
Earnings per share GBP9.93 GBP8.77
The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of GBP144,508,000 (2016 - GBP117,947,000). The board has recommended a final dividend of 63p per share in respect of the year ended 31 March 2017 payable on 10 November 2017 to shareholders on the register on 13 October 2017. This will make a total dividend for the year of 98p (2016 - 93p).
Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of the parent of GBP161,779,000 (2016 - GBP142,900,000) and 16,295,357 (2016 - 16,295,357) ordinary shares being the weighted average number of ordinary shares in issue during the year. Equity shareholders' funds per share is calculated by reference to total equity attributable to equity holders of the parent of GBP1,655,715,000 (2016 - GBP1,480,025,000) and the ordinary shares detailed above.
Daejan Holdings PLC is pleased to announce the following appointments as non-executive directors :
Mr Sander Srulowitz, senior partner of Sonnenschein, Sherman & Deutsch, a New York law firm specialising in property law. Daejan now holds approximately 25% of its assets in the United States and will welcome Mr Srulowitz's wide experience in USA property matters.
Mr Chaim B. Freshwater, who is the son of Mr S. I. Freshwater and currently lectures at a London college. His appointment is a further step in our succession planning.
DAEJAN HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2017
Year Year
ended ended
31 March 31 March
2017 2016
GBP000 GBP000
Gross rental income 125,522 117,733
Service charge income 15,216 20,464
------------------------------------------------------ --------- ----------
Total rental and related income from investment
property 140,738 138,197
Property operating expenses (75,938) (70,008)
------------------------------------------------------ --------- ----------
Net rental and related income from investment
property 64,800 68,189
Profit on disposal of investment property 14,594 11,725
Net valuation gains on investment property 144,508 117,947
Administrative expenses (12,559) (13,041)
------------------------------------------------------ --------- ----------
Net operating profit before net financing costs 211,343 184,820
------------------------------------------------------ --------- ----------
Fair value gains on derivative financial instruments 86 788
Fair value losses on current investments - (10)
Other financial income 499 336
Financial expenses (13,532) (12,692)
------------------------------------------------------ --------- ----------
Net financing costs (12,947) (11,578)
------------------------------------------------------ --------- ----------
Profit before taxation 198,396 173,242
Income tax (36,266) (30,237)
------------------------------------------------------ --------- ----------
Profit for the year 162,130 143,005
------------------------------------------------------ --------- ----------
Attributable to:-
Equity holders of the parent 161,779 142,900
Non-controlling interest 351 105
------------------------------------------------------ --------- ----------
Profit for the year 162,130 143,005
------------------------------------------------------ --------- ----------
Basic and diluted earnings per share GBP9.93 GBP8.77
------------------------------------------------------ --------- ----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2017
Year ended Year ended
31 March 31 March
2017 2016
GBP000 GBP000
Profit for the year 162,130 143,005
Foreign exchange translation differences 29,076 5,649
------------------------------------------ ----------- -----------
Total comprehensive income for the year 191,206 148,654
------------------------------------------ ----------- -----------
Attributable to:
Equity holders of the parent 190,845 148,547
Non-controlling interest 361 107
------------------------------------------ ----------- -----------
Total comprehensive income for the year 191,206 148,654
------------------------------------------ ----------- -----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2017
Issued Equity
share Translation Retained shareholders' Minority
capital Share premium reserve earnings funds interest Total equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
April 2015 4,074 555 26,404 1,314,785 1,345,818 56 1,345,874
Profit for the
year - - - 142,900 142,900 105 143,005
Foreign exchange
translation
differences - - 5,647 - 5,647 2 5,649
Distributions to
minority
interest - - - - - (94) (94)
Dividends to
equity
shareholders - - - (14,340) (14,340) - (14,340)
----------------- ---------- -------------- ------------ ----------- ----------------- ---------- -------------
Balance at 31
March 2016 4,074 555 32,051 1,443,345 1,480,025 69 1,480,094
Profit for the
year - - - 161,779 161,779 351 162,130
Foreign exchange
translation
differences - - 29,066 - 29,066 10 29,076
Distributions to
minority
interest - - - - - (190) (190)
Dividends to
equity
shareholders - - - (15,155) (15,155) - (15,155)
----------------- ---------- -------------- ------------ ----------- ----------------- ---------- -------------
Balance at 31
March 2017 4,074 555 61,117 1,589,969 1,655,715 240 1,655,955
----------------- ---------- -------------- ------------ ----------- ----------------- ---------- -------------
DAEJAN HOLDINGS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2017
31 March 31 March
2017 2016
GBP000 GBP000
Assets
Investment property 2,256,800 2,009,361
Deferred tax assets 524 571
Total non-current assets 2,257,324 2,009,932
--------------------------------------------- ---------- -----------
Trade and other receivables 65,062 63,119
Current investments 162 159
Cash and cash equivalents 84,283 84,863
--------------------------------------------- ---------- -----------
Total current assets 149,507 148,141
--------------------------------------------- ---------- -----------
Total assets 2,406,831 2,158,073
--------------------------------------------- ---------- -----------
Equity
Share capital 4,074 4,074
Share premium 555 555
Translation reserve 61,117 32,051
Retained earnings 1,589,969 1,443,345
--------------------------------------------- ---------- -----------
Total equity attributable to equity holders
of the parent 1,655,715 1,480,025
Non-controlling interest 240 69
--------------------------------------------- ---------- -----------
Total equity 1,655,955 1,480,094
--------------------------------------------- ---------- -----------
Liabilities
Loans and borrowings 303,242 306,412
Deferred tax liabilities 299,756 255,296
--------------------------------------------- ---------- -----------
Total non-current liabilities 602,998 561,708
--------------------------------------------- ---------- -----------
Loans and borrowings 49,297 15,516
Trade and other payables 51,360 55,987
Current taxation 47,221 44,768
--------------------------------------------- ---------- -----------
Total current liabilities 147,878 116,271
--------------------------------------------- ---------- -----------
Total liabilities 750,876 677,979
--------------------------------------------- ---------- -----------
Total equity and liabilities 2,406,831 2,158,073
--------------------------------------------- ---------- -----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2017
Year Year
ended ended
31 March 31 March
2017 2016
GBP000 GBP000 GBP000 GBP000
Cash flows from operating activities
Cash receipts from rent and service
charges 135,926 141,487
Cash paid to suppliers and employees (96,776) (79,958)
------------------------------------------- --------- --------- --------- ---------
Cash generated from operations 39,150 61,529
Interest received 500 336
Interest paid (13,529) (12,598)
Tax paid (7,132) (772)
Net cash from operating activities 18,989 48,495
------------------------------------------- --------- --------- --------- ---------
Cash flows from investing activities
Acquisition and development of investment
property (27,726) (26,939)
Proceeds from sale of investment
property 18,242 12,807
------------------------------------------- --------- --------- --------- ---------
Net cash absorbed by investing activities (9,484) (14,132)
------------------------------------------- --------- --------- --------- ---------
Cash flows from financing activities
Repayment of bank loans (1,871) (1,302)
New bank loans - -
Repayment of mortgages (6,899) (21,341)
New mortgages 8,057 34,379
Dividends paid to equity holders
of the parent (15,155) (14,340)
Payments to non-controlling interest (190) (94)
------------------------------------------- --------- --------- --------- ---------
Net cash absorbed by financing activities (16,058) (2,698)
------------------------------------------- --------- --------- --------- ---------
Net (decrease)/increase in cash
and cash equivalents (6,553) 31,665
Cash and cash equivalents brought
forward 84,863 52,293
Effect of exchange rate fluctuations
on cash held 5,973 905
------------------------------------------- --------- --------- --------- ---------
Cash and cash equivalents 84,283 84,863
------------------------------------------- --------- --------- --------- ---------
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 2017 or 2016. The financial information for 2016 is derived from the statutory accounts for 2016 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2016 accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. The statutory accounts for 2017 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 2016, as set out in those accounts as delivered to the Registrar of Companies. The statutory accounts for 2017 will be delivered to the Registrar of Companies following the Company's next Annual General Meeting.
2. Significant judgements and estimates
In preparing the financial information the Group must make a number of judgements and estimates. Management consider the following judgements and estimates to be particularly significant because of the level of complexity, judgement or estimation involved in their application and their impact on the financial information.
i. Property valuations
The valuation of the Group's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions following the EU Referendum and UK general election. All the Group's properties are valued by external valuers with appropriate qualifications and experience.
In the UK the aggregate amount of the valuation is GBP1,668,630,000 at 31 March 2017 and in the US the aggregate amount of the valuation is GBP602,466,000 at 31 March 2017. Both are based on the open market values assessed in accordance with professional standards. The aggregate professional valuations included in the balance sheet have been reduced by an amount of GBP14,296,000 relating to lease incentives included in Trade and other receivables.
ii. Income taxes
The tax treatment of some transactions and calculations cannot be determined until a formal resolution has been reached with the relevant tax authorities. In particular, the Group is discussing the treatment of historical financing arrangements with tax authorites. In such cases, a best estimate of the relevant tax charge or credit is made, having regard to the extent of uncertainties associated with it. Where the final outcome of such matters is different from amounts initially recorded, those differences will be reflected in the income and deferred tax amounts at the time of the formal resolution.
Additionally, judgement has been exercised in relation to the recognition of deferred tax assets where the utilisation of the underlying tax losses is uncertain. Such resolution can take a long time to achieve due to the complexity of tax legislation.
3. Segmental Analysis
UK USA Eliminations Total
---------- ---------- ---------------- ----------
For the year ended 31 March GBP000 GBP000 GBP000 GBP000
2017
Rental and related income 91,859 48,879 - 140,738
Property operating expenses (48,334) (27,604) - (75,938)
Profit on disposal of property 14,204 390 - 14,594
Net valuation movements on
property 109,987 34,521 - 144,508
Administrative expenses (11,782) (777) - (12,559)
Profit before finance costs 155,934 55,409 - 211,343
Net financing expense (4,952) (7,995) - (12,947)
Profit before taxation 150,982 47,414 - 198,396
Income tax charge (17,028) (19,238) - (36,266)
Profit for the year 133,954 28,176 - 162,130
========== ========== ================ ==========
Capital expenditure 23,322 6,856 - 30,178
========== ========== ================ ==========
As at 31 March 2017
Investment property 1,655,922 600,878 - 2,256,800
Other assets 82,730 79,205 (11,904) 150,031
---------- ---------- ---------------- ----------
Total segment assets 1,738,652 680,083 (11,904) 2,406,831
Total segment liabilities (359,078) (403,702) 11,904 (750,876)
---------- ---------- ---------------- ----------
Capital employed 1,379,574 276,381 - 1,655,955
========== ========== ================ ==========
UK USA Eliminations Total
---------- ---------- ------------- ----------
For the year ended 31 March GBP000 GBP000 GBP000 GBP000
2016
Rental and related income 97,079 41,118 - 138,197
Property operating expenses (46,390) (23,618) - (70,008)
Profit on disposal of property 11,352 373 - 11,725
Net valuation movements on
property 75,829 42,118 - 117,947
Administrative expenses (12,341) (700) - (13,041)
Profit before finance costs 125,529 59,291 - 184,820
Net financing expense (4,306) (7,272) - (11,578)
Profit before taxation 121,223 52,019 - 173,242
Income tax charge (9,688) (20,549) - (30,237)
Profit for the year 111,535 31,470 - 143,005
========== ========== ============= ==========
Capital expenditure 11,065 15,874 - 26,939
========== ========== ============= ==========
As at 31 March 2016
Investment property 1,522,621 486,740 - 2,009,361
Other assets 98,125 60,761 (10,174) 148,712
---------- ---------- ------------- ----------
Total segment assets 1,620,746 547,501 (10,174) 2,158,073
Total segment liabilities (361,923) (326,230) 10,174 (677,979)
---------- ---------- ------------- ----------
Capital employed 1,258,823 221,271 - 1,480,094
========== ========== ============= ==========
4. Taxation
The Group's overall effective tax rate was 18.3% (2016 - 17.5%). In the UK, the effective tax rate was 11.3% (2016 - 8.0%); 2016 benefited from a reduction in the rate of future deferred tax from 20% to 18%. A further, but smaller, reduction of the future deferred tax rate from 18% to 17% took place in 2017(effective 1 April 2020). In the USA, the effective rate has remained consistent and in line with the statutory rate at 40.6% (2016 - 39.5%).
5. Dividends
Dividends of GBP15.2m (2016:GBP14.3m) were paid in the year ended 31 March 2017.
6. Investment Properties
A full valuation of the Group's properties has been carried out by individual professional valuers at 31 March 2017.
2017 2016
GBP000 GBP000
Opening valuation 2,009,361 1,855,230
New acquisitions 472 10,380
Additions to existing properties 29,706 16,559
Disposals (1,192) (3,682)
---------- ----------
2,038,347 1,878,487
---------- ----------
Revaluation gain 144,508 117,947
Foreign exchange gain 73,945 12,927
---------- ----------
Closing valuation 2,256,800 2,009,361
---------- ----------
7. Financial Instruments - fair value disclosure
The Group seeks to reduce interest rate risk by fixing rates on the majority of its loans and borrowings, either through the use of the fixed rate mortgage finance or through interest rate swaps. The Group does not speculate in treasury products.
The Group does not hedge account and all its interest rate swaps are initially recognised and subsequently recorded at fair value, with any movement being recorded in the consolidated income statement. The fair values of all interest rate swaps and fixed rate loans are determined by reference to observable inputs that are classified as Level 2 in the fair value hierarchy set out in International Financial Reporting Standard 13 Fair Value Measurement. Fair values have been determined by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument, as adjusted to reflect the credit risk attributable to the Group and, where relevant, its counterparty.
Unaudited Audited
31 March 2017 31 March 2016
Book Value Fair Value Book Value Fair Value
GBP000 GBP000 GBP000 GBP000
Loans and borrowings 352,539 366,968 321,928 342,156
Interest rate swaps 3,084 3,084 3,170 3,170
----------- ----------- ----------- -----------
355,623 370,052 325,098 345,326
----------- ----------- ----------- -----------
Current 52,381 54,551 18,686 22,108
Non-current 303,242 315,501 306,412 323,218
----------- ----------- ----------- -----------
355,623 370,052 325,098 345,326
----------- ----------- ----------- -----------
In both 2017 and 2016 there were no non-recurring fair value measurements and there were no material differences between the fair value and carrying amounts of all the other financial assets of the Group.
8. Related party transactions
Day-to-day management of the Group's properties in the UK is mainly carried out by Highdorn Co. Limited ("Highdorn") and by Freshwater Property Management Limited ("FPM"). Mr BSE Freshwater and Mr SI Freshwater are directors of both companies. They have no beneficial interest in the share capital of Highdorn. Mr BSE Freshwater, Mr SI Freshwater and Mr D Davis are directors of the parent company of FPM but have no beneficial interest in either company. Mr RE Freshwater has a beneficial interest in a trust holding interests in shares in Highdorn.
In their capacity as property managing agents, Highdorn and FPM collect rents and incur direct property expenses on behalf of the Group. At 31 March 2017, the aggregate net amount due to the Group from Highdorn and FPM was GBP6.6 million (2016 - GBP7.7 million due to Highdorn and FPM). These amounts are not secured and are payable on demand. No guarantees have been given or received and the amounts are settled in cash. The amount charged to the Group for the provision of property and other management services by Highdorn and FPM for the year ended 31 March 2017 was GBP4.5 million (2016 - GBP4.0 million).
9. The Annual General Meeting will be held at 2:00 pm on Tuesday 12 September 2017 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 / Tom Jenkins
Weber Shandwick Financial
020 7067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EALXFFLAXEFF
(END) Dow Jones Newswires
July 12, 2017 02:00 ET (06:00 GMT)
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