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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Teesland | LSE:TLD | London | Ordinary Share | GB0031695223 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 189.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0584U
Teesland Plc
30 March 2007
Chairman's Statement for
the Teesland plc Interim Accounts
for 6 months to 31 December 2006
Dear Shareholders
During the six months to 31 December 2006, Teesland continued to expand its
European platform and reinforce its position as a leading pan-European property
fund and asset manager.
The highlight of the period was the successful launch of the Nordic Aktiv Fund
which has an initial target fund size of Euro850 million and was seeded with an
initial portfolio of Euro455 milllion of properties from the SCP joint venture
between SCAMP Holdings (SCAMP) and The Bank of Scotland which had been assembled
and managed by Teesland.
Offer by SCAMP
On 22 December 2006, SCAMP made a recommended cash offer to acquire the entire
issued and to be issued ordinary share capital of Teesland Plc, not already
owned or otherwise contracted to be acquired by SCAMP or its associates, for
159.25 pence per Teesland share in cash. The offer was declared wholly
unconditional by SCAMP on 1 February 2007 and the offer was finally closed on 7
March 2007.
Following the final closing of the offer, SCAMP and its associates now own or
have received acceptances in respect of a total of approximately 72.33% of the
issued share capital of Teesland.
On 18 January 2007 SCAMP informed the Company that, as part of the
reorganisation of its property management interests, it was cancelling
Teesland's Asset Management and Acquisition contract for SCP with effect from
July 2007 by serving the required six months notice. In addition it announced
that Teesland's Project Management contracts with SCAMP would not be renewed
upon their expiry in August 2007.
Following the final closing of SCAMP's offer, Kevin McCabe stood down as
Executive Chairman and I, an Independent Non-Executive Director, succeeded him
as Chairman. Kevin McCabe remains as an Executive Director of the Company.
Results
Profit before tax, share of associates' and joint ventures' tax and amortisation
of intangibles for the 6 months ended 31 December 2006 was in line with the
Company's expectations at #3.64m (2005: #4.70m). Adjusted earnings per share
(diluted) were 2.19p (2005 2.47p)
Dividends
In line with the previous year, the Directors do not intend to pay a dividend at
the half year.
Charles Lewis
Chairman
30 March 2007
GROUP INCOME STATEMENT FOR THE SIX MONTHS
TO 31 DECEMBER 2006 Six Months Six Months
(Unaudited) to 31 to 31 Year to
December December 30 June
2006 2005 2006
Notes #000 #000 #000
Revenue 3 20,112 12,565 30,573
----------------------------------------
Administrative expenses before
amortisation expense (16,980) (10,917) (25,513)
Amortisation expense (1,012) (1,048) (1,920)
----------------------------------------
Total administrative expenses (17,992) (11,965) (27,433)
Profit on sale of properties 179 - 2,144
Profit on disposal of available for sale
investments - - 484
Other operating income 286 1,221 1,412
----------------------------------------
Operating profit before associate and
joint venture results 3 2,585 1,821 7,180
Share of pre tax profit from associates ----------------------------------------
and joint ventures 1,471 2,192 2,437
Share of associates' and joint ventures' tax (263) (736) (1,052)
----------------------------------------
Share of post tax profit from associates
and joint ventures accounted for using
the equity method 1,208 1,456 1,385
Profit on disposal of joint ventures - - 1,969
----------------------------------------
Operating profit after associate and joint
venture results 3,793 3,277 10,534
Finance costs (1,644) (362) (1,294)
Finance revenue 220 2 589
----------------------------------------
(1,424) (360) (705)
----------------------------------------
Profit before taxation 2,369 2,917 9,829
Tax expense (253) (437) (2,083)
----------------------------------------
Profit for the period 2,116 2,480 7,746
========================================
Attributable to:
Equity shareholders of the parent 2,039 2,265 7,228
Minority interest 77 215 518
----------------------------------------
2,116 2,480 7,746
========================================
Earnings per share (pence)
Basic earnings per share 5 1.65 pence 1.87 pence 5.96 pence
Basic earnings per share (diluted) 5 1.63 pence 1.87 pence 5.95 pence
Adjusted earnings per share 5 2.23 pence 2.47 pence 7.07 pence
Adjusted earnings per share (diluted) 5 2.19 pence 2.47 pence 7.06 pence
Dividends per share
Paid 1.95 pence 1.75 pence 1.75 pence
Proposed nil nil 1.95 pence
Dividends paid during the period were #2,373,000 (6 months to December 2006 #2,123,000 and year to
June 2006 #2,123,000). Dividends proposed during the period were #nil (6 months to December 2005
#nil and year to June 2006 #2,373,000).
GROUP BALANCE SHEET
At 31 DECEMBER 2006 As at As at As at
(Unaudited) 31 December 31 December 30 June
2006 2005 2006
Notes #000 #000 #000
ASSETS
Non-current assets
Intangible assets 4 54,914 51,188 50,815
Property, plant and equipment 1,345 982 1,089
Financial assets 14,474 11,103 13,367
Deferred tax assets 60 - 22
Investments accounted for using the equity method 7,315 5,425 6,473
----------------------------------------
78,108 68,698 71,766
----------------------------------------
Current assets
Trade and other receivables 19,768 7,667 24,067
Property developments in progress 5,167 7,305 8,805
Financial assets - 8,423 400
Cash at bank 1,953 1,980 3,509
----------------------------------------
26,888 25,375 36,781
----------------------------------------
Non current assets held for sale - 283 -
----------------------------------------
Total assets 104,996 94,356 108,547
----------------------------------------
LIABILITIES
Non-current liabilities
Financial liabilities (5,396) (6,905) (6,332)
Deferred tax liabilities (4,735) (4,376) (4,537)
----------------------------------------
(10,131) (11,281) (10,869)
----------------------------------------
Current liabilities
Trade and other payables (8,445) (3,969) (9,470)
Income tax liabilities (728) (995) (2,352)
Deferred tax liabilities (90) (225) -
Financial liabilities (10,545) (11,529) (14,166)
----------------------------------------
(19,808) (16,718) (25,988)
----------------------------------------
----------------------------------------
Total liabilities (29,939) (27,999) (36,857)
----------------------------------------
----------------------------------------
Net assets 75,057 66,357 71,690
========================================
CAPITAL AND RESERVES
Equity share capital 1,256 1,213 1,213
Share premium account 56,507 52,454 52,453
Available for sale reserve 210 67 84
Foreign currency translation reserve (151) 11 11
Retained earnings 17,035 12,411 17,369
Share option reserve 200 - 50
----------------------------------------
Teesland plc group shareholders' equity 75,057 66,156 71,180
Minority interest - 201 510
----------------------------------------
Total equity 75,057 66,357 71,690
========================================
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR
THE SIX MONTHS TO 31 DECEMBER 2006
(Unaudited) Six months Six months Year
to to to
31 December 31 December 30 June
2006 2005 2006
#000 #000 #000
Income and expense recognised directly in equity
Gains / (losses) on valuation of available
for sale assets 180 (15) 10
Tax on gains / (losses) on valuation of available
for sale assets (54) 5 (3)
Exchange differences on retranslation of
foreign operations (151) (18) (18)
----------------------------------------
Net income recognised directly in equity (25) (28) (11)
Profit for the period / year 2,116 2,480 7,746
----------------------------------------
Total recognised income and expense for the period/ year 2,091 2,452 7,735
========================================
Attributable to:
Equity shareholders of the parent 2,014 2,237 7,217
Minority interest 77 215 518
----------------------------------------
2,091 2,452 7,735
----------------------------------------
GROUP CASH FLOW STATEMENT FOR
THE SIX MONTHS TO 31 DECEMBER 2006 Six months Six months Year
(Unaudited) to to to
31 December 31 December 30 June
2006 2005 2006
#000 #000 #000
OPERATING ACTIVITIES
Operating profit after associate and joint venture results 3,793 3,277 10,534
Adjusted for:
Decrease / (increase) in trade and other receivables 1,068 2,827 (12,482)
Profit on sale of properties (179) - (2,144)
Increase / (decrease) in trade and other payables 1,727 (922) 5,929
Depreciation of property, plant and equipment 186 145 420
Amortisation of intangible assets 1,012 1,048 1,920
Profits deriving from associates and joint ventures (1,208) (1,456) (3,354)
Profits on disposal of available for sale investments - - (484)
----------------------------------------
Cash flows from operations 6,399 4,919 339
Taxation paid (2,217) (280) (791)
----------------------------------------
Net cash flow from operating activities 4,182 4,639 (452)
----------------------------------------
INVESTING ACTIVITIES
Proceeds on sale of properties 1,528 - 20,596
Purchase of developments in progress (1,050) (1,312) (3,919)
Increases in loans and receivables (876) (2,090) (5,266)
Repayment of loans and receivables 375 378 3,378
Purchases of property, plant and equipment (442) (343) (758)
Sales of property, plant and equipment - - 51
Payments to acquire joint ventures (550) (8,084) (9,789)
Proceeds on sale of joint ventures 4,353 1,999 7,333
Dividends from joint ventures - - 409
Interest received 220 2 589
Purchase of subsidiary undertakings (2,525) (336) (1,127)
Cash acquired with subsidiary undertakings 131 43 32,203
----------------------------------------
Net cash flow from investing activities 1,164 (9,743) 43,700
----------------------------------------
FINANCING ACTIVITIES
Proceeds from issue of share capital 1,661 - -
Interest paid (1,634) (362) (1,294)
Repayments of borrowings (2,396) (4,566) (49,608)
New borrowings - 3,679 1,638
Dividends paid (2,373) (2,123) (2,123)
----------------------------------------
Net cash flow from financing activities (4,742) (3,372) (51,387)
----------------------------------------
Increase / (decrease) in cash and cash equivalents 604 (8,476) (8,139)
Cash and cash equivalents at beginning of the period (7,938) 201 201
----------------------------------------
Cash and cash equivalents at end of period (7,334) (8,275) (7,938)
========================================
1. Basis of Preparation
The unaudited accounts for the six month period ended 31 December 2006 have been
prepared on the same basis as the last annual accounts.
The financial information in this statement does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
statutory accounts for the year ended 30 June 2006, on which the auditors have
given an unqualified audit report, have been filed with the Registrar of
Companies. This report did not contain a statement under section 237 of the
Companies Act 1985. No report has been made by the auditors under section 235 of
the Companies Act 1985.
The interim results were approved by the Board on 30 March 2007 and the interim
statement is available for inspection at the Company's Registered Office.
2. Accounting policies
The six months' figures are unaudited and accounting policies are as stated in
the last annual accounts of the group.
3. Segmental information
At 31 December 2006 the Group operates in one principal area of activity, that
of integrated property, fund and asset management. The group operates in two
geographic markets; the United Kingdom and the Rest of Europe.
Six months Six months Year
to to to
31 December 31 December 30 June
2006 2005 2006
#000 #000 #000
Revenue:
United Kingdom 10,482 8,701 20,531
Rest of Europe 9,630 3,864 10,042
---------------------------------------
Revenue 20,112 12,565 30,573
---------------------------------------
United Kingdom (1,077) 1,024 4,933
Rest of Europe 3,662 797 2,247
---------------------------------------
Operating profit before associate and joint
venture results 2,585 1,821 7,180
---------------------------------------
Net finance cost (1,424) (360) (705)
Share of results of associates and joint
ventures, post tax: 1,208 1,456 3,354
---------------------------------------
Profit before taxation 2,369 2,917 9,829
---------------------------------------
Tax expense (253) (437) (2,083)
---------------------------------------
Profit for the period /year 2,116 2,480 7,746
---------------------------------------
4. Intangible assets
As at As at As at
31 December 31 December 30 June
2006 2005 2006
#000 #000 #000
Brands 5,546 4,876 5,546
Database 336 351 308
Contracts to manage funds 8,742 10,619 9,548
Goodwill 40,290 35,342 35,413
---------------------------------------
Net book value 54,914 51,188 50,815
=======================================
5. Earnings per share
The calculation of earnings per share is based on the following weighted average
number of shares:
Six months Six months
to 31 to 31 Year to
December December 30 June
2006 2005 2006
Number of Number of Number of
shares shares shares
----------------------------------------
Weighted average number of shares 123,376,066 121,315,744 121,315,744
Employee share options 1,934,719 - 197,000
========================================
Issued share capital for the above periods has been weighted to reflect the date
the shares were issued.
Reconciliation of the calculation of the basic earnings per share to the adjusted
earnings per share
Six months Six months
to 31 to 31 Year to
December December 30 June
2006 2005 2006
#'000 #'000 #'000
----------------------------------------
Profit after tax and minority interest
used to calculate basic earnings per
interest used 2,039 2,265 7,228
Amortisation of intangible assets 1,012 1,048 1,920
Deferred tax on amortisation (304) (315) (567)
Profits before amortisation, net
of tax, used to calculate adjusted ----------------------------------------
earnings per share 2,747 2,998 8,581
========================================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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