We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Columbia International ESG Equity Income ETF | AMEX:ESGN | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.4153 | 0 | 01:00:00 |
RNS Number:3748P Estates & General PLC 04 September 2003 Estates & General PLC Interim results for the six months to 30 June 2003 ESTATES & GENERAL REPORTS ROBUST RESULTS Estates & General PLC, ("Estates & General") the strategic property investment company, has today announced its interim results for the six months to 30 June 2003. Estates & General has a #120 million property portfolio weighted towards the South East of England. Highlights: * Underlying rental surplus up by 12.4% to #1.81 million (2002: #1.61 million) * Pre-tax profits #2.52 million (2002: #3.40 million) * Interim dividend maintained at 1.5 pence per share (2002: 1.5 pence) * NAV per share up 3.2% to 227 pence (31 December 2002: 220 pence) Commenting on the results, Roger Dossett, Managing Director said: "Over the past few years we have re-structured our portfolio considerably. We have sold assets where the potential for adding further value had been maximised and invested in assets with longer-term growth prospects. We have a substantial asset base of well-let property, securely funded with limited exposure to interest rate movements. The resultant income surplus provides a sound foundation for our trading activity. Net asset value has been enhanced by a combination of rental profits and trading surpluses and we have the firepower available for further acquisitions as opportunities occur." -ends- Date: 4 September 2003 For further information contact: Roger Dossett, Managing Director Estates & General PLC 01923-285999 Phil Holland, Finance Director Estates & General PLC 01923-285999 e-mail: info@estates-general.co.uk Web: http://www.estates-general.co.uk/ Simon Courtenay City Profile 020-7448-3244 CHAIRMAN'S STATEMENT The restructuring of the property portfolio over the last few years has provided an excellent base for the continuing strong performance of the Group. Whilst the level of transactions has been much reduced from 2002, the underlying strength of the rental income is evident in the results for the first period of 2003. Financial performance Profit before tax for the half year to 30 June 2003 was #2.52 million (2002 - #3.40 million) with underlying rental profitability increasing by 12.4% to #1.81 million (2002 - #1.61 million). Profit in the period from asset sales was #0.71 million (2002 - #2.46 million). The utilisation of brought forward tax losses and the impact of property sales give rise to a deferred tax charge of #0.10 million (2002 - #0.43 million). There is no cash tax liability. Earnings per ordinary share for the period were 8.7 pence (2002 - 10.7 pence). Net asset value per ordinary share has increased by 3.2% to 227 pence (31 December 2002 - 220 pence). On a "triple net" basis net assets per ordinary share would be 200 pence (31 December 2002 - 192 pence). This would include the post-tax adjustment to mark the Group's debt to market and reflect the fact that there is no inherent tax liability in the Group revaluation reserve. Dividend The Board has declared an unchanged interim dividend of 1.5 pence per share. This will be paid on 3 October 2003 to shareholders on the register at the close of business on 19 September 2003. Portfolio activity In February I announced the disposal of the Group's office investment at Regents Wharf, Kings Cross, London. The gross consideration totalled #21.11 million, giving a profit of #0.46 million over 31 December 2002 book value. This sale was in line with the Group's strategy of disposing of assets where their potential value had been maximised with little scope for further upside in the short to medium term. The impact of falling rents in the City and the West End of London, together with the increasing availability of space, has reinforced the view that the time was right to reduce our exposure to the London market. A significant increase in the demand for retail property has been evident in recent months. Improving rental values coupled with robust consumer spending have made retail investments appear stronger for the "income" buyer. With medium term interest rates falling over the first six months of the year, investors were prepared to accept lower yields from retail property. This will not continue indefinitely and advantage was taken of this trend to dispose of a retail warehouse in Swansea, South Wales. The property comprised approximately 37,000 square feet let to B&Q for a further 20 years. Proceeds totalled #4.29 million representing and exit yield of 6.18% and giving a profit after costs of #0.21 million. In addition the proceeds from small land sales at Hayle in Cornwall totalled #0.11 million, giving a surplus of #0.04 million over book value. The property portfolio continues to be well occupied with vacant space representing less than 1% of the total rent roll. The underlying covenant strength of the Group's tenants significantly reduces the risk of default on the payment of rent and therefore improves the predictability of future cash flows. Portfolio analysis by capital value* _____________________________________________________________________________________________________________ Office Industrial Retail Development Total 30 Jun 03 31 Dec 02 Site #m #m #m #m #m _____________________________________________________________________________________________________________ South East 75.20 9.53 - 0.14 84.87 69% 71% West & South West 6.00 0.72 - 1.35 8.07 6% 8% North & Midlands 15.19 6.27 6.22 - 27.68 23% 19% East Anglia 0.97 - - - 0.97 1% 1% Scotland - 1.39 - - 1.39 1% 1% _____________________________________________________________________________________________________________ 97.36 17.91 6.22 1.49 122.98 100% 100% _____________________________________________________________________________________________________________ 30 Jun 03 79% 15% 5% 1% 100% 31 Dec 02 80% 12% 7% 1% 100% _____________________________________________________________________________________________________________ *Value is 31 December 2002 valuation adjusted for additions and disposals. Acquisition Contracts were exchanged on 2 September 2003 for the acquisition of a modern industrial property in Redditch. The property consists of 103,000 square feet of production space, together with 19,000 square feet of office space producing a total rent of #648,560 per annum and is let to a strong covenant for a further 12 years. The property is being acquired for #8.20 million, representing an initial yield of 7.5%. The Group's investment criteria continue to be focused on good quality property that provides a secure underlying income stream from a strong covenant with the potential to add value through active management. Funding The sales that I have detailed above produced net proceeds totalling #25.19 million. These have been used to reduce Group debt, with higher rate bank loans being repaid in full, releasing a large value of uncharged property. As at 30 June 2003 net Group debt stood at #57.22 million (31 December 2002 - #84.80 million) with gearing reduced to 91% (31 December 2002 - 140%). Variable rate loans are 91% hedged by derivative products acquired in recent years. The average rate of interest incurred by the Group, including derivatives and debenture coupons, is 7.29% (31 December 2002 - 7.35%). Compliance A revised Combined Code on Corporate Governance for all companies listed on the London Stock Exchange will be effective for financial periods commencing on or after 1 November 2003. This draws from the recommendations of both the Higgs Report on non-executive directors and the Smith Report on audit committees that were published earlier this year. The Code recognises that smaller companies may find it difficult to fully comply with all its provisions but the Board is committed to ensuring that the highest possible standards of governance are maintained and our compliance will be detailed in future Annual Reports. In this era of increasing "internationalisation" of business, greater comparability of company accounts has long been desired when evaluating performance. The European Union has stated that for financial periods starting on or after 1 January 2005 all companies listed on European exchanges must prepare their group accounts in accordance with International Accounting Standards. There are many differences between the requirements of UK and International Standards in both presentation and accounting policies. This means that from 2005 onwards the Group's financial statements will be in a form somewhat different from those in this and previous reports. Prospects The current year is proving to be challenging for the property sector. Whilst yields continue to be very keen, disposals can be profitable but reinvestment is increasingly difficult at sensible prices. Evidence shows that office rental values have stabilised, providing increased optimism for future growth. Stock markets across the world have shown signs of making progress toward recovering losses seen in recent years. However, uncertainty remains with regard to the performance of major economies, the rate at which they will grow and the sustainability of the stock market recovery. Short and medium term interest rates have been historically low, although medium and longer-term rates have seen small increases in recent months. For as long as this continues and overall returns from property compare well with alternative investment choices, property investment will retain its attraction. The results achieved for this period underline the success of the Group's investment strategy. We will continue to look to acquire good property assets let to quality covenants with a secure recurring income stream and to seek added value through our management approach. Based on this strategy I am confident that 2003 will prove to be another successful year for the Group. David G M Cull Chairman 3 September 2003 INDEPENDENT REVIEW REPORT TO ESTATES & GENERAL PLC Introduction We have been instructed by the Company to review the financial information for the six months ended 30 June 2003 which comprises the Group profit and loss account, Group balance sheet, Group cash flow statement, Group statement of total recognised gains and losses and related notes 1 to 12. We have read the other information contained in the Interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The Interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the Interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts, except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied, unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2003. Deloitte & Touche LLP, Chartered Accountants London 3 September 2003 GROUP PROFIT AND LOSS ACCOUNT Six months to Six months to Year to 30 Jun 03 30 Jun 02 31 Dec 02 Notes (Reviewed) (Reviewed) (Audited) #m #m #m _____________________________________________________________________________________________________________ Turnover - continuing operations 1 13.65 6.74 16.82 Cost of sales (7.71) (0.46) (2.46) _____________________________________________________________________________________________________________ Gross profit 1 5.94 6.28 14.36 Administrative expenses (0.91) (0.91) (2.32) Other operating income - - 0.03 _____________________________________________________________________________________________________________ Operating profit - continuing operations 5.03 5.37 12.07 Profit on sale of investment properties 0.38 2.46 2.57 Interest receivable and similar income 0.09 0.15 0.19 _____________________________________________________________________________________________________________ Profit on ordinary activities before interest payable 5.50 7.98 14.83 Net interest payable and similar charges (2.98) (4.58) (8.07) _____________________________________________________________________________________________________________ Profit on ordinary activities before taxation 2.52 3.40 6.76 Tax on profit on ordinary activities 2 (0.10) (0.43) (0.65) _____________________________________________________________________________________________________________ Profit on ordinary activities after taxation 2.42 2.97 6.11 Equity dividends (0.42) (0.42) (1.25) _____________________________________________________________________________________________________________ Profit attributable to ordinary shareholders 9 2.00 2.55 4.86 Earnings per 10p ordinary share - basic 3 8.7p 10.7p 22.0p _____________________________________________________________________________________________________________ Earnings per 10p ordinary share - diluted 3 8.6p 10.5p 21.7p _____________________________________________________________________________________________________________ GROUP BALANCE SHEET As at As at As at 30 Jun 03 30 Jun 02 31 Dec 02 Notes (Reviewed) (Reviewed) (Audited) #m #m #m ____________________________________________________________________________________________________________ Fixed assets Intangible assets 4 0.26 0.32 0.32 Tangible assets 5 115.30 134.00 132.28 ____________________________________________________________________________________________________________ 115.56 134.32 132.60 ____________________________________________________________________________________________________________ Current assets Stocks 7.84 17.10 15.28 Debtors 6 1.00 5.91 3.80 Investments 7 9.29 1.60 0.59 Cash at bank and in hand 1.67 1.81 1.63 ____________________________________________________________________________________________________________ 19.80 26.42 21.30 ____________________________________________________________________________________________________________ Creditors: amounts falling due within one year (5.06) (13.93) (12.72) ____________________________________________________________________________________________________________ Net current assets 14.74 12.49 8.58 ____________________________________________________________________________________________________________ Total assets less current liabilities 130.30 146.81 141.18 Creditors : amounts falling due after more than one year (67.29) (86.95) (80.17) ____________________________________________________________________________________________________________ Net assets 63.01 59.86 61.01 ____________________________________________________________________________________________________________ Capital and reserves 2.77 2.77 2.77 Called up share capital Share premium account 9 9.93 9.93 9.93 Revaluation reserve 9 4.60 9.29 8.22 Capital redemption reserve 9 0.34 0.34 0.34 Other reserves 9 11.44 11.44 11.44 Profit and loss account 9 33.93 26.09 28.31 ____________________________________________________________________________________________________________ Equity shareholders' funds 63.01 59.86 61.01 ____________________________________________________________________________________________________________ Net asset value per ordinary share 10 227p 216p 220p GROUP CASH FLOW STATEMENT Six months to Six months to Year to 30 Jun 03 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) Notes #m #m #m _________________________________________________________________________________________________________ Net cash inflow from operating activities 11a 11.84 5.93 15.49 Returns on investments and servicing of finance (3.00) (3.56) (8.03) Capital expenditure and financial investment 19.57 (33.04) (33.41) Equity dividends paid (0.83) (0.72) (1.16) _________________________________________________________________________________________________________ Cash inflow / (outflow) before management of liquid resources and financing 27.58 (31.39) (27.11) Management of liquid resources (8.70) 2.56 3.57 Financing (18.84) 28.66 23.19 _________________________________________________________________________________________________________ Increase / (decrease) in cash in the period 0.04 (0.17) (0.35) _________________________________________________________________________________________________________ Reconciliation of net cash flow to movement in net debt Increase / (decrease) in cash in the period 0.04 (0.17) (0.35) Cash outflow / (inflow) from decrease / (increase) in 18.84 (28.66) (23.19) debt Cash outflow / (inflow) from increase/(decrease) in liquid resources 8.70 (2.56) (3.57) _________________________________________________________________________________________________________ Change in net debt resulting from cash flows 27.58 (31.39) (27.11) Net debt - opening balance 11b (84.80) (57.69) (57.69) _________________________________________________________________________________________________________ Net debt - closing balance 11b (57.22) (89.08) (84.80) _________________________________________________________________________________________________________ GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Six months to Six months to Year to 30 Jun 03 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) #m #m #m ____________________________________________________________________________________________________________ Profit for the financial period 2.42 2.97 6.11 Deficit arising on revaluation of properties - - (1.16) ____________________________________________________________________________________________________________ Total recognised gains and losses relating to the period 2.42 2.97 4.95 ____________________________________________________________________________________________________________ NOTES TO THE INTERIM REPORT 1. Turnover and profit analysis Turnover Gross Profit Six months Six months Year to Six months Six months Year to to 30 Jun 03 to 30 Jun 02 31 Dec 02 to 30 Jun 03 to 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) (Reviewed) (Reviewed) (Audited) #m #m #m #m #m #m ________________________________________________________________________________________________________________ Rental income from investment 5.17 5.72 11.26 5.12 5.56 11.02 properties Rental income from properties held 0.51 0.76 1.55 0.49 0.72 1.50 as stock ________________________________________________________________________________________________________________ Total rental income 5.68 6.48 12.81 5.61 6.28 12.52 Sale of properties held as stock 7.97 0.26 4.01 0.33 - 1.84 ________________________________________________________________________________________________________________ Total 13.65 6.74 16.82 5.94 6.28 14.36 ________________________________________________________________________________________________________________ 2. Tax on profit on ordinary activities Six months Six months Year to to 30 Jun 03 to 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) #m #m #m _____________________________________________________________________________________________________________ UK Corporation tax charge for the period - - - Deferred tax Capital allowances in excess of depreciation 0.25 - 0.40 Removal of timing differences on sale of asset (0.44) - - Utilisation of losses 0.29 0.43 0.25 _____________________________________________________________________________________________________________ 0.10 0.43 0.65 _____________________________________________________________________________________________________________ Total 0.10 0.43 0.65 _____________________________________________________________________________________________________________ Taxation has been calculated at a rate of 30% (2002: 30%), being an estimate applicable to the full year ending 31 December 2003. 3. Earnings per 10p ordinary share Earnings per 10p ordinary share are based upon the profit after tax attributable to ordinary shareholders of #2.42 million (30 June 2002: #2.97 million; 31 December 2002: #6.11 million). The calculation of the basic earnings per 10p ordinary share is based on the average number of ordinary shares in issue during the period of 27,735,542 (30 June 2002: 27,735,542; 31 December 2002: 27,735,542). The calculation of the diluted earnings per 10p ordinary share is based on a weighted average of 28,051,341 ordinary shares (30 June 2002: 28,165,605; 31 December 2002: 28,150,495). The difference in the number of ordinary shares between the basic and diluted earnings per share reflects the impact were the outstanding share options exercised. 4. Intangible assets - Goodwill #m ______________________________________________________________________________________________________________ Cost At 1 January 2003 0.32 Disposals during the period (0.06) ______________________________________________________________________________________________________________ At 30 June 2003 0.26 ______________________________________________________________________________________________________________ The Companies Act 1985 provides that goodwill be systematically amortised. This conflicts with the principle set out in FRS 10 that goodwill with an indefinite useful economic life should not be amortised. The Directors consider that in order to give a true and fair view the principle as set out in FRS 10, not to amortise the goodwill should be adopted. Goodwill stated above at historical cost represents the difference between the value of the underlying property assets of subsidiaries when acquired and the consideration paid to the vendor. This is due to the different basis of valuation used to value property assets and that used to value the share capital of the companies. The acquisition of single asset property companies provides scope for the recovery of that difference in value. It is not possible to quantify the effects of the departure from the requirement of the Companies Act 1985 as under current legislation the asset has an indefinite useful economic life. The amount charged during the period relates to the proportion of purchased goodwill allocated to property sold during the period. This charge has been made against the profit on sale of investment properties. 5. Tangible assets Investment properties totalling #115.14 million are included in tangible fixed assets. These have been stated at 31 December 2002 valuation, adjusted for additions and disposals during the period. Other tangible fixed assets totalling #0.16 million are included at net book value. 6. Debtors Included within debtors is the net deferred tax asset as follows: 30 Jun 03 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) #m #m #m ____________________________________________________________________________________________________________ Tax losses carried forward 2.26 2.37 2.55 Capital allowances in excess of depreciation (1.77) (1.56) (1.96) ____________________________________________________________________________________________________________ Total net asset 0.49 0.81 0.59 ____________________________________________________________________________________________________________ Tax losses carried forward and recognised in the financial statements relate mainly to excess management expenses incurred in previous years. The Directors are of the opinion that based on current forecasts, profits for the foreseeable future will be of a level to utilise these losses in full. In addition tax losses totalling #18.18 million are carried forward at 30 June 2003 but have not been recognised in the financial statements. These may be utilised to offset profits that arise on future property sales. 6. Debtors (continued) No provision has been made for deferred tax assets or liabilities arising on the revaluation of investment properties to their market value. #m Analysis of movement in the net deferred tax asset: ______________________________________________________________________________________________________________ Asset at 1 January 2002 1.24 Items in profit and loss account for the six months to 30 June 2002 (0.43) ______________________________________________________________________________________________________________ Asset at 30 June 2002 0.81 Items in profit and loss account for the six months to 31 December 2002 (0.22) ______________________________________________________________________________________________________________ Asset at 31 December 2002 0.59 Items in profit and loss account for the six months to 30 June 2003 (0.10) ______________________________________________________________________________________________________________ Asset at 30 June 2003 0.49 ______________________________________________________________________________________________________________ 7. Investments 30 Jun 03 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) #m #m #m ____________________________________________________________________________________________________________ Secured cash 9.21 - - Cash on deposit 0.08 1.60 0.59 ____________________________________________________________________________________________________________ Total 9.29 1.60 0.59 ____________________________________________________________________________________________________________ 8. Fair values of financial assets and liabilities Book value Fair value 30 Jun 03 30 Jun 02 31 Dec 02 30 Jun 03 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) (Reviewed) (Reviewed) (Audited) #m #m #m #m #m #m _____________________________________________________________________________________________________ Assets Cash deposits held at variable rates 0.07 1.60 2.22 0.07 1.60 2.22 _____________________________________________________________________________________________________ Liabilities Primary financial instruments: Debenture stock at fixed rates 20.43 20.43 20.43 29.62 24.66 29.60 Bank loans at fixed rates - 4.45 - - 4.52 - Bank loans at variable rates 48.15 67.45 67.05 48.15 67.45 67.05 Derivative instruments held to manage the Group's interest rate cost: Interest rate swaps - - - 1.65 0.87 2.03 _____________________________________________________________________________________________________ 68.58 92.33 87.48 79.42 97.50 98.68 _____________________________________________________________________________________________________ Total fair value adjustment 10.84 5.17 11.20 _____________________________________________________________________________________________________ 9. Reserves Share Capital Profit and premium Revaluation redemption Other loss account reserve reserve reserves account Total #m #m #m #m #m #m _____________________________________________________________________________________________________________ As at 1 January 2003 9.93 8.22 0.34 11.44 28.31 58.24 Profit for the period - - - - 2.00 2.00 Realised on disposal - (3.62) - - 3.62 - _____________________________________________________________________________________________________________ As at 30 June 2003 9.93 4.60 0.34 11.44 33.93 60.24 _____________________________________________________________________________________________________________ 10. Net asset value per share Net asset value per share has been calculated using the number of ordinary shares in issue on 30 June 2003: 27,735,542 (30 June 2002: 27,735,542; 31 December 2002: 27,735,542). 11. Cash flow statement a) Reconciliation of operating profit to operating cash flows Six months Six months Year to to 30 Jun 03 to 30 Jun 02 31 Dec 02 (Reviewed) (Reviewed) (Audited) #m #m #m ____________________________________________________________________________________________________________ Operating profit 5.03 5.37 12.07 Depreciation 0.03 0.05 0.08 Decrease in stocks 7.44 0.23 2.05 Decrease / (increase) in debtors 0.50 (2.19) 0.64 (Decrease) / increase in creditors (1.16) 2.47 0.65 ____________________________________________________________________________________________________________ Net cash inflow from operating activities 11.84 5.93 15.49 ____________________________________________________________________________________________________________ b) Analysis of net debt At 1 Jan Non-cash At 30 Jun 2003 Cash Flow changes 2003 #m #m #m #m ____________________________________________________________________________________________________________ Cash at bank and in hand 1.63 0.04 - 1.67 Debt due after one year (79.73) 12.20 0.65 (66.88) Debt due within one year (7.29) 6.64 (0.65) (1.30) ____________________________________________________________________________________________________________ (85.39) 18.88 - (66.51) ____________________________________________________________________________________________________________ Cash on deposit and secured cash 0.59 8.70 - 9.29 ____________________________________________________________________________________________________________ Net debt (84.80) 27.58 - (57.22) ____________________________________________________________________________________________________________ 12. Basis of accounting The Interim report has been prepared by the Directors in accordance with applicable United Kingdom accounting standards and is consistent with the accounting policies set out in the 2002 Report and Accounts. The Interim report was approved by the Directors on 3 September 2003. The Interim report does not constitute statutory accounts. The comparative figures for the year to 31 December 2002 have been extracted from the Group's financial statements that have been delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END IR NKNKQCBKDACK
1 Year Columbia International E... Chart |
1 Month Columbia International E... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions