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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fibria Celulose S.A. | NYSE:FBR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.01 | 0.00 | 01:00:00 |
RNS Number:7500U Fairbriar PLC 28 January 2004 28 January 2004 PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2003 FairBriar PLC ("FairBriar" or "the Group"), the specialist residential property development and serviced apartment business, announces its preliminary results for the year ended 30 September 2003. FINANCIAL HIGHLIGHTS o Net debt reduced by #40.7million in the year o Profits for the year of #400,000 (2002: #3.0 million) o Turnover of #4.8 million (2002: #29.7 million) o Total dividend for the year of 1p (2002: 2.1p) o Strategic review completed CORPORATE HIGHLIGHTS o Sale of the majority of refurbished units at Nell Gwynn House, Sloane Avenue, London SW3 o Practical completion of the first block at Wandsworth Riverside Quarter, London SW18 o Planning consent granted for the development of 70 flats, at the former Rochester Row Police Station, Vincent Square, London SW1 o High occupancy levels for serviced apartments in Kensington, Chelsea and Canary Wharf Kevin McCabe, chairman of FairBriar, commented: "This year's profitability was below expectations but nonetheless I am confident that the outcome of the strategic review will prove to be the best option for shareholders in terms of value. I am in no doubt that the release of completed developments during the coming year will provide a higher level of profit than that now reported." For further information: Kevin McCabe Peter Willetts / Marylene Guernier FairBriar PLC Tavistock Communications Tel: 01723 500 208 Tel: 020 7920 3150 www.fairbriar.co.uk Chairman's Statement Key Financials It is disappointing to report that in the financial year ending 30 September 2003 our Group achieved profits for the year of #400,000 (2002: #3.0 million) on turnover of #4.8 million (2002: #29.7 million). This steep reduction in profits is in part due to the timing of completion of certain developments. Many of FairBriar's developments are substantial and the process of land assembly, pre-contract planning, design and construction can cover several years. The results of any one accounting period are materially influenced by the state of completion of any major development. In the period under review none of the Group's more significant projects were concluded, however I am confident that better profits will return in the current fiscal year. During the year the Group has successfully focussed on improving cashflow and reducing debt. Net debt has been reduced by #40.7million in the year to 30 September 2003. #14.9million of this reduction was due to the Group disposing of half of its remaining interest in Pressdale Limited. As a result of the lower level of reported profits, the Board has thought it prudent not to recommend the payment of a final dividend. Strategic Review As we recently announced, for some time the Board has been concerned that the quoted share price of FairBriar does not reflect the underlying value of its activities and the ongoing development work. We expect to be in a position to announce very shortly the outcome following our review of the options open to the company. Residential Developments Over the period since acquisition, 84 out of a total 127 refurbished units at Nell Gwynn House, Sloane Avenue, London SW3, have been sold or contracted and further profits from this transaction are expected in the current year from the sale of the final phase which is now substantially sold. Additionally, planning consent was granted at Nell Gwynn House for a basement health club with ancillary restaurant facilities and negotiations are presently underway with potential operators. Also in London, construction is progressing at N1rvana, our prestigious scheme developed on the site of the Collins Theatre in Islington, with completion due at the end of 2005. N1rvana will consist of 70 one, two and three bedroom apartments, built around a new theatre. The first half of this year saw the sale of seven houses at Heronsbrook, Ascot. We are now delighted to announce the conclusion of the second development phase, comprising seven apartments, which are now being marketed. Two separate town centre refurbishment schemes have also commenced in Tunbridge Wells, namely Victoria House and Garden House. The former comprises seven units created within a former Victorian schoolhouse whilst the latter is the conversion of an existing office block into 24 flats. Both developments should be completed and sold within the next two years. Also due to conclude this year is a 22 apartment, refurbishment and part new build scheme in Uckfield, East Sussex. The former school building, set in five acres of land, was acquired in January 2003, and is expected to provide a significant profit for the Group. Joint Ventures MacLeod & FairBriar Limited The long standing joint venture is progressing a number of projects, and has achieved the sale of 13 flats on Wapping High Street, London E1, whilst the remaining penthouse is being marketed. Additionally planning consent was recently granted for the development of 10 residential units at 131 Wapping High Street, and the site is now on the market for disposal. Finally, construction is about to start on a third project comprising 29 flats and houses at the King's Head Hotel in Harrow on the Hill, Middlesex. Wandsworth Riverside Quarter Limited The results for 2003 include a substantial portion of the profit from the practical completion of the first block at Wandsworth Riverside Quarter, London SW18, and it is anticipated that the remainder of the first block and the entirety of the second block will be completed in this financial year. 66 apartments out of a total 116 have been pre-sold, with first occupiers moving into their new homes shortly. Construction of the third and fourth blocks of flats is to commence in the next few months. The second scheme undertaken in conjunction with Singaporean partners - Centrepoint Properties Limited's, UK subsidiary - is the conversion of the former Rochester Row Police Station, Vincent Square, London SW1. Planning consent has been granted for the development of 70 flats, including 21 social housing units for key workers. Building work should commence shortly. I am confident that the developments undertaken either directly or through joint ventures will generate good returns for the Group over the next two years. Serviced Apartments The rental market has seen a good upturn over the period, and earnings generated by the Fraser Residences Limited joint venture have increased as a result. Occupancy levels at our quality accommodation situated at Kensington's Stanhope Gardens, Chelsea's Bolton Studios, and Canary Wharf's Boardwalk properties exceed budgets. FairBriar and Centrepoint Properties Limited are looking for new management contracts to develop the business further. Prospects This year's profitability was below expectations but nonetheless I am confident that the outcome of the Board's strategic review will prove to be the best option for shareholders in terms of improving value. I am in no doubt that the release of completed developments during the coming year will provide a higher level of profit than that now reported. Kevin McCabe Chairman 28 January 2004 FairBriar PLC Consolidated profit and loss account for the year ended 30 September 2003 Note 2003 2002 #000 #000 #000 #000 Turnover: Group and share of joint venture 15,907 29,756 Less: share of joint venture turnover (11,130) (22) ------- -------- Group turnover 4,777 29,734 Cost of sales (2,904) (25,005) -------- ------- Gross profit 1,873 4,729 Administrative expenses (3,144) (3,176) Other operating income 2 1,181 2,517 -------- ------- Group operating (loss)/profit (90) 4,070 Share of joint venture operating profit/(loss) 2,408 (161) Share of associate operating profit 54 - -------- ------- Total operating profit including share of joint ventures and associates 2,372 3,909 (Loss)/profit on disposal of subsidiary undertakings (886) 192 Profit on disposal of investment properties 1,045 3,061 ------- -------- 159 3,253 Interest payable - group (3,284) (4,105) -------- ------- (Loss)/profit on ordinary (753) 3,057 activities before taxation Tax on (loss)/profit on ordinary activities - group 1,590 5 - joint ventures (716) - ------- -------- 874 5 -------- ------- Profit on ordinary activities after 121 3,062 taxation Minority interest 282 (19) -------- ------- Profit for the year 403 3,043 Dividend 3 (353) (741) -------- ------- Retained profit for the year 50 2,302 ======== ======= Earnings per share - basic 4 1.14p 8.63p - diluted 4 1.14p 8.45p ======== ======= All amounts relate to continuing operations. FairBriar PLC Consolidated balance sheet as at 30 September 2003 2003 2002 #000 #000 #000 #000 Fixed assets Intangible assets 272 1,193 Tangible assets 14,617 43,646 Investments 5,112 5,012 --------------- ---------------- Investment in joint ventures Share of gross assets 47,417 27,854 Share of gross liabilities (34,900) (19,277) --------------- ---------------- 12,517 8,577 --------------- ---------------- Investments 2,176 - in associates --------------- ---------------- Total 19,805 13,589 investments ---------------- ---------------- 34,694 58,428 Current assets Stock and work in progress 16,316 10,361 Debtors 14,099 42,012 Cash 616 1,309 --------------- ---------------- 31,031 53,682 --------------- ---------------- Creditors: amounts falling due within one year Bank loans (35,944) (58,680) and overdraft Creditors (1,962) (6,080) --------------- ---------------- (37,906) (64,760) --------------- ---------------- Net current (6,875) (11,078) liabilities ---------------- ---------------- Total assets 27,819 47,350 less current liabilities Creditors: amounts falling due after more than one year Bank loans (16,955) (35,650) ---------------- ---------------- Net assets 10,864 11,700 ================ ================ Capital and reserves Called up 353 353 share capital Capital 28,886 28,886 redemption reserve Share premium 3,822 3,822 account Revaluation 1,000 2,145 reserve Profit and (23,341) (24,536) loss account ---------------- ---------------- Equity 10,720 10,670 shareholder's funds Minority 144 1,030 interest - equity ---------------- ---------------- 10,864 11,700 ================ ================ FairBriar PLC Consolidated cash flow statement for the year ended 30 September 2003 2003 2002 #000 #000 Net cash inflow from operating activities 20,909 2,108 Returns on investments and servicing of (4,122) (4,378) finance Taxation (7) (12) Capital expenditure and financial investment 9,932 (844) Acquisitions and disposals 268 1,241 Equity dividends paid (741) (741) ---------------- ---------------- Net cash inflow/(outflow) before financing 26,239 (2,626) Financing (14,896) (4,814) ---------------- ---------------- Increase/(decrease) in cash in the year 11,343 (7,440) ---------------- ---------------- Reconciliation of net cash flow to movement in net debt for the year ended 30 September 2003 2003 2002 #000 #000 Increase/(decrease) in cash in the year 11,343 (7,440) Cash outflow from repayment of secured loan 14,896 5,656 New secured loans - (842) -------------- ---------------- 26,239 (2,626) Loans disposed with subsidiaries 14,899 - Amortisation of bank arrangement fee (400) - -------------- ---------------- Movement in net debt in year 40,738 (2,626) Net debt at 1 October (93,021) (90,395) -------------- ---------------- Net debt at 30 September (52,283) (93,021) ============== ================ Notes 1. The financial information set out above does not constitute the company's statutory accounts for the years ended 30 September 2003 or 2002. The financial information for 2002 is derived from the statutory accounts for 2002 which have been delivered to the registrar of companies. The auditors have reported on the 2002 accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2003 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the registrar of companies following the company's annual general meeting. 2. Other operating income 2003 2002 #000 #000 Serviced apartment income (net) 519 1,898 Project fee income 590 500 Property management income - 43 Rent receivable (net) 72 76 --------------- --------------- 1,181 2,517 =============== =============== 3. Dividend The Company paid an interim dividend of 1p per ordinary share in August 2003. The Directors do not recommend the payment of a final dividend, making a total dividend of 1p for 2003 (2002: 2.1p). 4. Earnings per share The calculation of the earnings per ordinary share for the year, on both a basic and diluted basis, is calculated on the profit for the year of #403,000 (2002: #3,043,000). The undiluted weighted average number of ordinary shares in issue during the year was 35,278,647 (2002: 35,278,647). The diluted earnings per share as disclosed takes account of share options held by the Directors and other senior employees. The weighted average number of shares used for this purpose is 35,320,025 (2002: 36,033,053). 5. Reconciliation of movements in shareholders' funds 2003 2002 Group Company Group Company #000 #000 #000 #000 Profit/(loss) 403 (362) 3,043 (2,444) for the year Dividends (353) (353) (741) (741) --------------- --------------- --------------- --------------- 50 (715) 2,302 (3,185) Other net recognised gains and losses relating to the year - revaluation of - - 1,145 - investment properties --------------- --------------- --------------- --------------- Net addition to/ (reduction in) 50 (715) 3,447 (3,185) shareholders' funds Opening 10,670 7,503 7,223 10,688 shareholders' funds --------------- --------------- --------------- --------------- Closing 10,720 6,788 10,670 7,503 shareholders' funds =============== =============== =============== =============== 6. Related party transactions During the year the following transactions were entered into with related parties. All were carried out on an arms length basis. Transactions associated with Mr KC McCabe A limited partnership, Oystercatcher, is an investor in the FairBriar Residential Investment Partnership, ('FRIP'). Oystercatcher is sponsored and operated by Equity Partnerships Fund Management Limited, ('EP'), a wholly owned subsidiary of Teesland PLC, a company in which Kevin McCabe has an interest. EP carried out the FSA regulated role of operator of FRIP during 2003 at an annual fee of #75,864. Of this amount #19,038 was outstanding at the year end. During the year, the Group paid #2,792 (2002: #5,500) in rent to Forsyth Business Centres plc for an office in Central London utilised by the Group. Forsyth Business Centres plc is indirectly controlled by Mr KC McCabe. No amounts were outstanding at the year end on this transaction. Transactions associated with Mrs LA Pairman During the year the Group had contracts with Bison Holdings Limited ('Bison'). During the year and in accordance with the office rental agreement the amount paid to Bison was #88,000 (2002: #88,000) and in addition #3,455 was paid to Bison for sundry purchases of construction materials (2002: #12,000). Mrs LA Pairman is a Director of Bison Limited, the ultimate parent company of Bison. Transactions involving Joint Venture partners During the year the Group recharged costs of #384,000 (2002: #384,000) to Wandsworth Riverside Quarter Limited, a company which is 50% owned by the Group. A balance of #896,000 was unpaid at the year end. No profit was made on this transaction. During the year the Group charged a project management fee of #206,000 (2002: #8,000) to MacLeod & FairBriar Limited, a company which is 50% owned by the Group. No amount was unpaid at the year end. This information is provided by RNS The company news service from the London Stock Exchange END FR BLGDBDXDGGSI
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