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Share Name | Share Symbol | Market | Type |
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Fibria Celulose S.A. | NYSE:FBR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 17.01 | 0.00 | 01:00:00 |
RNS Number:8541M Fairbriar PLC 27 June 2003 FairBriar PLC Interim Results for the six months to 31 March 2003 27 June 2003 FairBriar PLC ("FairBriar"), the specialist residential property developer, announces its interim results for the six months ended 31 March 2003: Financial highlights * Post tax profit of #0.1m (2002: loss #1.8 million) * Interim dividend of 1.0p (2002: 1.0p) * Turnover for the Group and its joint ventures of #5.5 million, which includes #3.7 million of Group turnover, which compares with #92,000 for both the Group and the joint turnover over the same period last year * Reduced gearing Corporate highlights * Group - First phase of refurbishment at Nell Gwynn House, Sloane Avenue, London SW3, completed and sold - Construction and marketing commenced at N1rvana, Islington Green, London N1 - Site acquisitions * Joint ventures - MacLeod & FairBriar: development of 67 residential units in Greater London for an end development value of #33.5 million - CPL (UK) Pte Ltd: first phase of Riverside Quarter, Wandsworth, to be completed by the end of the year and development project of 70 residential units at Rochester Row Police Station, London, SW1 Kevin McCabe, Chairman of FairBriar PLC, commented: "Our intention is to concentrate the Group's principal activities on the core business of residential development either directly or in partnership with others. The focus will remain on acquiring high quality, well located projects in London and the Home Counties. However, should opportunities arise in other locations where we have a good knowledge and local contacts, they will also be considered." For further information please contact: Philip Van Reyk Jeremy Carey/Marylene Guernier FairBriar PLC Tavistock Communications Tel: 01753 655 375 Tel: 020 7600 2288 Chairman's Statement Results & Dividend In the six months ended 31 March 2003, the Group achieved a post tax profit of #0.1m (2002: loss #1.8 million) on a turnover of #3.7 million (2002: #0.1 million). This result accords with our expectation that the majority of turnover and earnings would materialise in the second half of the financial year, when a number of developments are due to complete. I am pleased to report a significant reduction in the level of debt within the Group, with #22.2 million cash being generated before financing in the period. The Board has declared an interim dividend of 1.0p which is maintained at the same level as the previous year, and this will be paid on 15 August 2003 to those shareholders on the register on 11 July 2003. Residential Developments During the period the first of three phases of refurbishment at Nell Gwynn House, Sloane Avenue, London, SW3 was completed and sold. Apartments in the second and third phases are currently being refurbished and marketed and there is strong interest from prospective purchasers with good levels of reservations in place. It is pleasing to report that alongside the refurbishment of the apartments, we have also obtained planning consent to enlarge the basement health club and restaurant facilities. Additionally, an application will shortly be lodged for consent to add a further storey to the building. At Heronsbrook, Ascot, seven newly built houses have now been completed and sold at prices ranging between #340,000 and #495,000, and the restoration of the original house is well advanced. Once the restoration is completed it will provide seven apartments and already there is keen interest from likely purchasers. Construction commenced at our prestigious N1rvana scheme on Islington Green at the beginning of this financial year. It is satisfying to note that from the first marketing initiative, 22 of the 72 apartments and houses have been reserved off plan. FairBriar has always maintained a cautious approach to land acquisition and thus was not tempted to acquire any significant property during 2002 given what we perceived to be high prices desired by vendors. We have, however, made a number of careful acquisitions since then, which we believe, offer good earnings potential. Firstly, a site in Uckfield, East Sussex was acquired in January 2003, for #1.6 million; it comprises a former school building set in five acres. We have lodged a planning application for an initial scheme of 22 residential units, with the prospect of further development in future years. We anticipate construction to commence later in 2003. Three separate properties have been acquired in Tunbridge Wells, Kent, two unconditionally and one subject to planning. In all cases the properties comprise town centre refurbishments to provide some 43 residential units with a gross development value approaching #11.5 million. Joint Venture Developments The relationship with our joint venture partners remains a key part of FairBriar's ongoing development programme. MacLeod & FairBriar Limited This long established joint venture vehicle has now expanded its operations and currently has four projects underway. Two of these, totalling 24 apartments, are situated in Wapping High Street, London, E1. The third, a 29 unit scheme, was recently granted planning consent, in Harrow on the Hill, Middlesex and the fourth, a 14 unit scheme, is situated in Dryburgh Road, Putney, SW15. These four schemes will provide a total of 67 houses or apartments with an end development value of approximately #33.5 million. In conjunction with our partner, we continue to look carefully at further opportunities. CPL (UK) Pte Limited The relationship with our Singaporean partners continues to flourish. Our joint venture at Wandsworth Riverside Quarter is progressing according to schedule, with the first phase, where 32 apartments have already been sold, due to complete by the year end. Riverside Quarter will eventually provide 315 apartments together with accompanying commercial and retail space. More recently in a separate joint venture vehicle with CPL (UK) Pte Limited, we have acquired the site of the former Rochester Row Police Station, London, SW1. The property, overlooking Vincent Square, is close to various developments undertaken by FairBriar some years ago. We anticipate that the project will consist of a total of around 70 apartments. Future Prospects Our intention is to concentrate the Group's principal activities on the core business of residential development either directly or in partnership with others. The focus will remain on acquiring high quality, well located projects in London and the Home Counties. However, should opportunities arise in other locations where we have a good knowledge and local contacts, they will also be considered. Finally, I would like to thank Bruce Walker who left FairBriar in April 2003 for the commitment and effort applied whilst with us. Kevin McCabe Chairman 27 June 2003 Consolidated profit & loss account 6 months to 6 months to 12 months to 31 March 2003 31 March 2002 30 Sept 2002 #000 #000 #000 (unaudited) (unaudited) (audited) Turnover: Group & share of 5,457 92 29,756 joint venture Less: share of joint venture (1,713) - (22) turnover ----------- ----------- ----------- Group turnover 3,744 92 29,734 Cost of sales (2,197) (133) (25,005) ----------- ----------- ----------- Gross profit 1,547 (41) 4,729 Administrative expenses (1,243) (1,299) (3,176) Other operating income 613 1,290 2,517 ----------- ----------- ----------- Group operating profit 917 (50) 4,070 ----------- ----------- ----------- Share of joint venture operating profit/(loss) 568 (27) (161) ----------- ----------- ----------- Total operating profit including share of joint ventures 1,485 (77) 3,909 Profit on disposal of subsidiary undertakings - - 192 Profit on disposal of investment properties 646 319 3,061 Interest payable - group (2,140) (2,164) (4,105) Interest payable - joint 1 - - ventures ----------- ----------- ----------- (Loss)/profit on ordinary activities before taxation (8) (1,922) 3,057 ----------- ----------- ----------- Taxation on profit on ordinary - - 5 activities Minority interest 63 93 (19) ----------- ----------- ----------- Profit for the period 55 (1,829) 3,043 Dividend (353) (353) (741) ----------- ----------- ----------- Retained profit for the (298) (2,182) 2,302 period Earnings per share - basic 0.16p (5.18)p 8.63p Earnings per share - diluted 0.16p (5.07)p 8.45p Consolidated balance sheet as at as at as at 31 March 2003 31 March 2002 30 Sept 2002 #000 #000 #000 (unaudited) (unaudited) (audited) Fixed assets Intangible assets 1,163 1,350 1,193 Tangible assets 41,352 54,874 43,646 Investments 5,012 5,012 5,012 Investment in joint ventures - share of gross assets 33,739 21,230 27,854 - share of gross liabilities (24,593) (15,090) (19,277) ----------- ----------- ----------- 9,146 6,140 8,577 ----------- ----------- ----------- 56,673 67,376 58,428 Current assets Stock & WIP 12,068 27,986 10,361 Debtors 17,635 1,503 42,012 Cash 130 - 1,309 ----------- ----------- ----------- 29,833 29,489 53,682 Creditors : amounts falling due within one year Bank loans & overdraft (36,709) (48,488) (58,680) Creditors (4,058) (6,127) (6,080) ----------- ----------- ----------- (40,767) (54,615) (64,760) ----------- ----------- ----------- Net current liabilities (10,934) (25,126) (11,078) ----------- ----------- ----------- Total assets less current 45,739 42,250 47,350 liabilities Creditors: amounts falling due after one year Bank loans (34,400) (36,783) (35,650) ----------- ----------- ----------- (34,400) (36,783) (35,650) ----------- ----------- ----------- Net assets 11,339 5,467 11,700 Capital & reserves Called up share capital 353 353 353 Capital redemption reserve 28,886 28,886 28,886 Share premium account 3,822 3,822 3,822 Revaluation reserve 2,145 1,000 2,145 ----------- ----------- ----------- Profit & loss account (24,834) (29,020) (24,536) ----------- ----------- ----------- Equity shareholders' funds 10,372 5,041 10,670 Minority interest - equity 967 426 1,030 ----------- ----------- ----------- 11,339 5,467 11,700 ----------- ----------- ----------- Consolidated cash flow statement 6 months to 6 months to 12 months to 31 March 2003 31 March 2002 30 Sept 2002 #000 #000 #000 (unaudited) (unaudited) (audited) Cash flow from operating 22,587 6,295 2,108 activities Returns on investments and servicing of finance (2,978) (2,236) (4,378) Taxation - - (12) Capital expenditure and financial investment 2,947 717 (844) Acquisitions and disposals - 348 1,241 ----------- ----------- ----------- Equity dividends paid (388) - (741) ----------- ----------- ----------- Cash flow before use of 22,168 5,124 (2,626) financing ----------- ----------- ----------- Financing (5,300) (408) (4,814) ----------- ----------- ----------- Increase/(decrease) in cash in 16,868 4,716 (7,440) the period ----------- ----------- ----------- Reconciliation of net cash flow to movement in net debt 6 months to 6 months to 12 months to 31 March 2003 31 March 2002 30 Sept 2002 (unaudited) (unaudited) (audited) Increase/(decrease) in cash in 16,868 4,716 (7,440) the period Cash outflow from repayment of secured loan 5,300 1,250 5,656 New secured loans - (842) (842) Amortisation of finance (126) - - costs ---------- ----------- ---------- Movement in net debt in 22,042 5,124 (2,626) period Net debt at beginning of (93,021) (90,395) (90,395) period ---------- ----------- ---------- Net debt at close of period (70,979) (85,271) (93,021) ---------- ----------- ---------- Notes to the Interim results 1. The Interim results, which were approved by the Board on 26 June 2003, have been prepared on the basis of the accounting policies set out in the Group's 2002 statutory accounts. 2. The calculation of the earnings per share for the period, on both a basic and diluted basis, is calculated on the profit for the period of #55,000 (2002: loss of #1,829,000). The undiluted weighted average number of ordinary shares in issue during the period was 35,278,647 (2002:35,278,647). The diluted earnings per share as disclosed takes account of share options held by directors and other senior employees. The weighted average number of shares used for this purposes is 35,278,647 (2002: 36,084,792). 3. The figures are not the Company's statutory accounts and are not audited. The results for the year ended 30 September 2002 are extracted from the audited financial statements on which the auditors gave an unqualified report. Full accounts for that period have been filed with the Registrar of Companies. 4. These Interim results are being circulated to all shareholders. Further copies can be obtained from the registered office at Ashby House, 64 High Street, Walton-on-Thames, Surrey KT12 1BW. This information is provided by RNS The company news service from the London Stock Exchange END IR PUUPCQUPWGMQ
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