Cardiff Property PLC Final Results (4528Q)

TIDMCDFF

RNS Number : 4528Q

Cardiff Property PLC

30 November 2016

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

   FOR RELEASE                           7.00 AM                                    30 November 2016 

THE CARDIFF PROPERTY PLC

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of GBP39m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2016

Highlights:

 
                                   2016    2015 
 
 Rental income         GBP'000      580     577 
 Profit before 
  tax                  GBP'000    2,673   2,586 
 Earnings per share    pence      195.3   191.3 
 Dividend per share 
  - 
  paid and proposed     pence      14.0    13.5 
 Net assets per 
  share                pence      1,876   1,684 
 Gearing               %            Nil     Nil 
 

Richard Wollenberg, Chairman, commented:

"During the period prior to the UK European Referendum vote the Thames Valley commercial property market enjoyed increased activity. The leave vote brought about uncertainty with commentators predicting falls in rental levels and capital values. Despite this, activity in the investment and occupational markets has been higher than expected with office, retail and industrial rents in parts of the Thames Valley showing small increases."

For further information:

 
       The Cardiff Property plc          Richard Wollenberg    01784 437444 
       Stockdale Securities              Richard Johnson       020 7601 6100 
 
 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of GBP39m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2016

Chairman's Statement and Property Review

Dear Shareholder

During the period prior to the UK European Referendum vote the Thames Valley commercial property market enjoyed increased activity. The leave vote brought about uncertainty with commentators predicting falls in rental levels and capital values. Despite this, activity in the investment and occupational markets has been higher than expected with office, retail and industrial rents in parts of the Thames Valley showing small increases.

Institutional and private investors continue to remain active, assisted by low interest rates and the availability of funding. Enquiries from occupiers who wish to purchase their own freehold have noticeably increased.

Residential values in Surrey and Berkshire have in the main retained increases achieved over the last few years with those at the higher level experiencing some softening in demand. Letting activity continues to indicate a stable market.

The group's development programme is primarily directed towards small retail units and 1, 2 and 3 bedroom apartments. Although residential investors have encountered tax and stamp duty changes, various government Help to Buy schemes continue to assist first time home buyers.

FINANCIAL

For the year to 30 September 2016 the group profit before tax was GBP2.67m (2015: GBP2.59m). This figure includes a revaluation increase of GBP0.25m (2015: GBP0.18m) for the group and a profit of GBP1.87m (2015: GBP1.92m) in respect of our after-tax profit share of Campmoss Property Company Limited, our 47.62% owned joint venture.

Revenue for the year which represented gross rental income, excluding Campmoss, totalled GBP0.58m (2015: GBP0.58m).

The group's share of revenue from Campmoss was GBP2.54m (2015: GBP1.70m) represented by gross rental income of GBP1.23m (2015: GBP1.39m) and property sales, as referred to later in this report, of GBP1.31m (2015: GBP0.31m). These figures are not included in group revenue.

The profit after tax attributable to shareholders for the financial year, was GBP2.49m (2015: GBP2.49m) and the earnings per share was 195.3p (2015: 191.3p).

At the year-end, the group's commercial and residential portfolio was valued by Cushman & Wakefield LLP and Nevin & Wells totalling GBP4.88m (2015: GBP4.66m). This value excludes own use freehold property, which is included under property, plant and equipment in the balance sheet and held at valuation.

Property when completed and held for re-sale is held as stock at the lower of cost or net realisable value. At the year end this represented commercial property at The Windsor Business Centre.

Chairman's Statement and Property Review (continued)

The group's total property portfolio, including the Campmoss investment and development portfolio, was valued at GBP39.1m (2015: GBP37.5m). The company's share of the net assets of Campmoss was GBP13.03m (2015: GBP11.16m).

In view of the contracted sale of Worplesdon View, Guildford at GBP15.85m, the directors of Campmoss increased the value of this property at the half year to GBP13m. Further details of the contracted sale are included in the Campmoss section of this report.

The group's net assets as at the year-end were GBP23.84m (2015: GBP21.56m) equivalent to 1,876p per share (2015: 1,684p) an increase of 11.4% over the year (2015: 13.0%). The group, including Campmoss, has adequate financial facilities and resources to complete works in progress and the proposed development programme. Cash balances are held on short term deposit. At the year end the company had nil gearing (2015: nil). During the year, the company purchased and cancelled 9,037 ordinary shares at a total cost of GBP136,066.

Your directors are proposing the annual renewal of their authority to acquire shares and the approval of the Rule 9 Waiver. Both will be included in the resolutions being placed before shareholders at the Annual General Meeting and General Meeting respectively, both to be held on 19 January 2017. Full details of the Rule 9 Waiver are set out in the document accompanying this report and are also available on the company's website www.cardiff-property.com.

Current IFRS accounting recommends that deferred tax is chargeable on the difference between, the indexed cost of properties and quoted investments and their current market value. Campmoss has also adopted this policy as required under FRS 102. However current IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss Property our 47.62% owned joint venture. The investment in Campmoss is a substantial part of the company's net assets and for indicative purposes a disposal of this investment based on the value in the company's balance sheet at the year-end could generate a tax liability that would equate to GBP2.34m (2015: GBP2.16m) equivalent to 185p (2015: 169p) per share. This information is provided to shareholders as an additional, non-statutory disclosure.

Due to the withdrawal of UK GAAP accounting, the figures for Campmoss as at the half year were based on Financial Reporting Standard 101 (FRS 101). As Campmoss is not required to produce consolidated group accounts, FRS 102 must now instead be adopted. There is no difference in the results for Campmoss under FRS 101 or FRS 102 and a reconciliation of the impact on the results from old UK GAAP is set out in note 29.

DIVID

The directors recommend a final dividend of 10.4p per share (2015: 10p) making a total dividend for the year of 14p (2015: 13.5p) an increase of 3.7%. The final dividend will be paid on 16 February 2017 to shareholders on the register at 27 January 2017.

THE PROPERTY PORTFOLIO

The group continues to concentrate its property activities in the Thames Valley primarily to the west of London close to Heathrow Airport and in Surrey and Berkshire.

The Windsor Business Centre, Windsor, comprises 4 business units totalling 9,500 sq. ft. All 4 units are let. Following discussions with the local authority, planning has recently been granted to increase the office area within one of the units and discussions with the current tenant are in progress.

The office and retail investment at The White House, Egham, comprises 5 ground floor retail units with offices above. The retail and office space are fully occupied on medium term leases, three of the agreements include annual rental increases.

Chairman's Statement and Property Review (continued)

The Maidenhead Enterprise Centre, Maidenhead, comprises 6 business units totalling 14,000 sq. ft. Each unit comprises industrial use on the ground floor with offices above. One unit was let during the year and all are now occupied on either short or medium term leases. Two leases expire during the next 6 months and discussions are in hand with new tenants at increased rental levels.

At Heritage Court, Egham, adjacent to the company's offices, the building comprises 4 retail units, 3 of which are let on medium term leases. One lease is due to expire this year and negotiations are in progress with the existing tenant at an expected increased rent.

The company occupies its own freehold office in Egham and retains a freehold residential property in Egham which is let on an Assured Shorthold Tenancy Agreement. A planning application has been submitted to extend the residential property.

The property at Cowbridge Road, Cardiff, comprises a 14,650 sq. ft. commercial property on two floors and let on a medium term lease to Royal Mail for use as a mail sorting centre.

At Tilehurst, Reading, discussions are taking place with the Local Planning Authority to achieve residential use on part of the site. The site is now owned by Thames Valley Retirement Homes Limited following the lapse of a joint venture option.

CAMPMOSS PROPERTY COMPANY LIMITED AND SUBSIDIAIRES

During the year, the Campmoss group completed works to convert part of its office portfolio in Bracknell to residential use, finalised a number of residential and commercial property sales and negotiated several new commercial and residential lettings. Following detailed discussions with the respective planning authorities three residential planning applications were submitted on existing commercial properties. The group's' freehold investment portfolio includes office, retail and residential property in Bracknell, Burnham, Slough, Maidenhead, Woking and a care home in Worplesdon.

At Worplesdon View, Worplesdon, Guildford, the 78-bedroom care home is let to Barchester Healthcare Homes on a 35-year institutional lease with annualised RPI increases. During the first half of this year contracts were exchanged with the tenant for the freehold sale at a price of GBP15.85m. Rental income will be received until completion which is expected to take place by August 2017. Following completion of the sale Campmoss will continue to own an adjacent 2-acre site which, subject to planning, could be available for development.

At Gowring House, Bracknell conversion of the 3 upper floors to 18 residential units has been completed and similar works are now underway on the first and second floors to achieve a further 12 residential units. Sales of 15 apartments have now been completed of which 12 took place during the year. Of the 3 remaining apartments 2 are currently let. Works to the first and second floors are anticipated to complete early next year with the units being offered either for sale or letting. Three commercial units on the ground floor are all let on medium term leases.

At Westview, Market Street, Bracknell, adjacent to Gowring House the development of 8 retail units on ground and first floor has now been completed and all units have been let on medium to long term leases.

Adjacent to Westview (to be known as Alston House) demolition of the existing building was completed and planning permission granted to construct 10 new retail units on the ground and first floors. Following detailed discussions with the local authority a further planning application has been submitted for 12 residential units on the third and fourth floors. Commencement of any development will depend on the outcome of the planning application.

At the north-eastern end of Market Street Bracknell the company retains an investment in 12 retail units, 11 of which are currently let to local businesses on medium term leases. One unit was sub-divided during the year creating an additional unit which was subsequently let, one unit remains available.

Chairman's Statement and Property Review (continued)

At Brickfields Industrial Park, Bracknell 16 business units and an adjoining office unit are all let on short or medium term leases. One unit was sold on a long leasehold basis during the early part of the year making a total of 4 units now sold to owner occupiers. Subsequent to the year-end Campmoss Property Company Limited has exchanged contracts to sell the freehold at Brickfields, Bracknell for a consideration of GBP3.7m. At 30 September 2016 Brickfields was valued at GBP3.1m.

At The Priory, Burnham, the 26,000 sq ft building comprises new office premises on 3 floors totalling 17,000 sq ft and an adjoining grade II Listed office building of 9,000 sq ft which is used as a Business Centre. The new building is let to 3 tenants on a medium-term lease whilst the Business Centre is partly let on short term leases expiring over the next 3 years. Further lettings at the Business Centre have recently been completed.

Planning applications have been submitted for the re-development of Britannia Wharf, Woking for either a care home or residential scheme. The building comprises four floors of offices totalling 27,743 sq ft. Following negotiations and expiry of leases, vacant possession of the whole building is anticipated in early 2017. Comprehensive proposals from a number of care home operators have been received and interest in the potential residential scheme has been considerable. The outcome of our planning applications is expected early next year.

Highway House and Clivemont House, Maidenhead are both vacant sites with planning permissions to develop individual office schemes. At Highway House a pre-letting continues to be sought prior to the commencement of any development. At Clivemont House a planning application for residential use was submitted early in the year and discussions with the Local Authority are in progress.

At the year end the investment portfolio was valued by the directors of Campmoss, taking into account external advice where available and assessed at a current market value of GBP32.8m (2015: GBP29.95m). This figure includes property under development but excludes stock.

Total revenue for Campmoss for the year amounted to GBP5.3m (2015: GBP3.6m) representing gross rental income of GBP2.6m (2015: GBP2.9m) and sales of property of GBP2.7m (2015: GBP0.7m). At the year-end net borrowing amounted to GBP2.9m (2015: GBP5.8m) and gearing was 11% (2015: 24%).

QUOTED INVESTMENTS

The company retains a small portfolio of quoted retail bonds and equity investments comprising, The Renewables Infrastructure Group Limited, A2D Funding Plc, ImmuPharma plc, Galileo Resources plc and Aquila Services Group plc (formerly General Industries plc). I remain a director of Galileo Resources plc and Aquila Services Group plc. The value of the portfolio at the year-end exceeds the original cost.

RELATIONSHIP AGREEMENT

The company has entered into a written and legally binding relationship agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AR of the Listing Rules.

MANAGEMENT AND TEAM

Following the retirement of David Whitaker, our Finance Director, I would like to take this opportunity of welcoming Karen Chandler as Finance Director and Company Secretary. Karen together with the group's small management team and our joint venture partner have been extremely busy during the year and I thank them all for their efforts, achievements and support. The intensive day to day management of the group's portfolio remains essential in achieving continued success.

OUTLOOK

Progressing our residential programme together with exciting projects in Bracknell and Woking should provide for a busy year ahead. Completion of the contracted sale at Worplesdon and the successful achievement of further planning permissions will be important. The economic uncertainties surrounding Brexit will influence the market, and whilst our properties and most tenants are UK resident the precise impact of Brexit is uncertain. However, I look forward to reporting further progress at the half year stage.

Chairman's Statement and Property Review (continued)

Subsequent to the year-end Campmoss Property Company Limited has exchanged contracts to sell the freehold at Brickfields, Bracknell for a consideration of GBP3.7m. At 30 September 2016 Brickfields was valued at GBP3.1m.

J. Richard Wollenberg

Chairman

29 November 2016

Consolidated Income Statement

FOR THE YEARED 30 SEPTEMBER 2016

 
                                      2016      2015 
                                   GBP'000   GBP'000 
 
 Revenue                               577       577 
 Cost of sales                        (31)      (31) 
 
 Gross profit                          546       546 
 Administrative expenses             (540)     (540) 
 Other operating income                406       406 
 
 Operating profit before 
  gains on 
  investment properties and 
  other 
  properties                           412       412 
 Surplus on revaluation of 
  investment properties                150       150 
 Surplus on revaluation of 
  other properties                      25        25 
 
 Operating profit                      587       587 
 Financial income                       77        77 
 Share of results of joint 
  venture                            1,976     1,922 
 
 Profit before taxation              2,640     2,586 
 Taxation                             (96)      (96) 
 
 Profit for the financial 
  year attributable to equity 
  holders                            2,544     2,490 
 
 
 
 Earnings per share on profit 
  for the 
   financial year - pence 
 Basic                             195.5   191.3 
 Diluted                           195.5   191.3 
 
 
 
 Dividends 
 Final 2015 paid 10p (2014: 
  9.55p)                            128   126 
 Interim 2016 paid 3.6p (2015: 
  3.5p)                              46    46 
 
                                    174   171 
 
 Final 2016 proposed 10.4p 
  (2015: 10p)                       132   128 
 
 

These results relate entirely to continuing operations. There were no acquisitions or disposals in either year.

Consolidated Balance Sheet

AT 30 SEPTEMBER 2016

 
                                                  2016                   2015 
                                     GBP'000    GBP'000    GBP'000     GBP'000 
Non-current assets 
Freehold investment properties                    4,880                  4,660 
Investment in joint venture                      13,025                 11,156 
Property, plant and equipment                       278                    238 
Other financial assets                              842                    744 
Deferred tax asset                                    5                      5 
 
                                                 19,030                 16,803 
 
Current assets 
Stock and work in progress               668                   668 
Trade and other receivables            1,594                   132 
Financial assets                       1,047                 1,050 
Cash and cash equivalents              2,198                 3,579 
 
                                                  5,507                  5,429 
 
Total assets                                     24,537                 22,232 
 
Current liabilities 

Corporation tax                        (103)                  (99) 
Trade and other payables               (461)                 (516) 
 
                                                  (564)                  (615) 
Non-current liabilities 
Deferred tax liability                            (134)                   (60) 
 
Total liabilities                                 (698)                  (675) 
 
Net assets                                       23,839                 21,557 
 
Equity 
Called up share capital                             254                    256 
Share premium account                             5,076                  5,076 
Other reserves                                    2,699                  2,544 
Investment property revaluation 
 reserve                                          3,749                  2,158 
Retained earnings                                12,091                 11,523 
 
Shareholders' funds attributable 
 to equity holders                               23,839                 21,557 
 
 
Net assets per share                             1,876p                 1,684p 
 
 
 

Consolidated Cash Flow Statement

FOR THE YEARED 30 SEPTEMBER 2016

 
                                                  2016      2015 
                                               GBP'000   GBP'000 
 
 Cash flows from operating activities 
   Profit for the year                           2,494     2,490 
   Adjustments for: 
      Depreciation                                   2         1 
      Financial income                            (79)      (77) 
      Share of profit of joint venture         (1,869)   (1,922) 
      Surplus on revaluation of investment 
       properties                                (220)     (150) 
      Surplus on revaluation of other 
       properties                                 (25)      (25) 
      Taxation                                     179        96 
 
 Cash flows from operations before 
  changes in working capital                       482       413 
   Decrease in trade and other receivables          38       632 
   Increase in trade and other payables           (57)        19 
 
 Cash generated from operations                    463     1,064 
   Tax paid                                       (97)      (96) 
 
 Net cash flows from operating activities          366       968 
 
 
 Cash flows from investing activities 
   Interest received                                77        77 
   Acquisition of investments and 
    property, plant and equipment                 (17)       (1) 
   Held to maturity deposits                         3     1,154 
 
 Net cash flows from investing activities           63     1,230 
 
 
 Cash flows from financing activities 
   Purchase of own shares                        (136)     (305) 
   Dividends paid                                (174)     (171) 
  Loan to Joint Venture                        (1,600)         - 
 
 Net cash flows from financing activities      (1,810)     (476) 
 
 
 Net increase/(decrease) in cash 
  and cash equivalents                         (1,381)     1,722 
   Cash and cash equivalents at beginning 
    of year                                      3,579     1,857 
 
 Cash and cash equivalents at end 
  of year                                        2,198     3,579 
 
 

Consolidated statement of comprehensive income and expense

FOR THE YEARED 30 SEPTEMBER 2016

Consolidated statement of comprehensive income and expense

 
 
                                               2016      2015 
                                            GBP'000   GBP'000 
 
 Profit for the financial year                2,494     2,490 
 
 Other items recognised directly in 
  equity 
 Net change in fair value of available 
  for sale financial assets                      98        19 
 
 Total comprehensive income and expense 
  for the year 
  attributable to the equity holders 
  of the parent company                       2,592     2,509 
 
 

Consolidated statement of changes in equity

FOR THE YEARED 30 SEPTEMBER 2016

Consolidated statement of changes in equity

 
                                 Share      Share       Other     Investment    Retained      Total 
                               capital    premium    reserves       property    earnings     equity 
                                          account                revaluation 
                                                                     reserve 
                               GBP'000    GBP'000     GBP'000        GBP'000     GBP'000    GBP'000 
 At 1 October 2014                 262      5,076       2,494            577      11,115      9,524 
 Profit for the year                 -          -           -              -       2,490      2,490 
 Other comprehensive 
  income - revaluation 
  of investments                     -          -          19              -           -         19 
 
   Transactions with 
   equity holders 
 Dividends                           -          -           -              -       (171)      (171) 
 Purchase of own shares            (6)          -           6              -       (305)      (305) 
 
 Total transactions 
  with equity holders              (6)          -           6              -       (476)      (476) 
 
 Realisation of investment 
  reserve                            -          -           -           (41)          41          - 
 Transfer on revaluation 
  of investment properties           -          -           -          1,622     (1,622)          - 
 Transfer on revaluation 
  of other properties                -          -          25              -        (25)          - 
 
 At 30 September 2015              256      5,076       2,544          2,158      11,523     21,557 
 Profit for the year                 -          -           -              -       2,494      2,494 
 Other comprehensive 
  income - revaluation 
  of investments                     -          -          98              -           -         98 
 
 
   Transactions with 
   equity holders 
 Dividends                           -          -           -              -       (174)      (174) 
 Purchase of own shares            (2)          -           2              -       (136)      (136) 
 
 Total transactions 
  with equity holders              (2)          -           2              -       (310)      (310) 
 
 Realisation of investment 
  reserve                            -          -           -           (41)          41          - 
 Transfer on revaluation 
  of investment properties           -          -           -          1,632     (1,632)          - 
 Transfer on revaluation 
  of other properties                -          -          25              -        (25)          - 
 
 At 30 September 2016              254      5,076       2,669          3,749      12,091     23,839 
 
 

Notes to the Financial Statements

FOR THE YEARED 30 SEPTEMBER 2016

   1.     Basis of preparation 

The consolidated results for the year ended 30 September 2016 and 2015 are prepared by the group under applicable International Financial Reporting Standards adopted by the EU ("adopted IFRS") and applicable law.

The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2016 or 30 September 2015 but is derived from those financial statements. Statutory financial statements for 2015 have been delivered to the Registrar of Companies and those for 2016 will be delivered in due course. The auditor has reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor 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 in respect of the financial statements for 2015 nor 2016.

Going concern

The group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. As a consequence, the directors believe that the group is well placed to manage its business risks successfully.

After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

New, revised or changes to existing financial reporting standards

Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.

IFRS

The following accounting standards and interpretations, issued by the IASB and endorsed by the EU or International Financial Reporting Interpretations Committee (IFRIC), are effective for the first time in the current financial year and have been adopted by the group with no significant impact on the consolidated results or financial position:

   --    IFRS 14 Regulatory Deferral Accounts 
   --    Accounting for Acquisitions of Interests in Joint Operations - Amendments to IFRS 11 

-- Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38.

   --    Agriculture: Bearer Plants - Amendments to IAS 16 and IAS 41 
   --    Equity Method in Separate Financial Statements - Amendments to IAS 27 

-- Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28

   --    Annual Improvements to IFRSs - 2012-2014 Cycle 

-- Investment entities: Applying the Consolidation Exception - Amendments to IFRS 10, IFRS 12 and IAS 28

   --    Disclosure Initiative - Amendments to IAS 1 
   --    IFRS 15 - Revenue from Contracts with Customers. 

None of these standards and interpretations, when applied, are expected to have a material impact upon the consolidated results of financial position of the group (other than in relation to disclosures or presentation), except for IFRS16 "Leases". This standard requires lessees to recognise a lease liability reflecting future lease payments and a "right-of-use asset" for virtually all lease contracts. For lessors, the accounting stays almost the same. However, as the IASB has updated the guidance on the definition of a lease (as well as the guidance on the combination and separation of contracts), lessors will also be affected by the new standard. At the very least, the new accounting model for lessees is expected to impact negotiation between lessors and lessees. The group has not yet assessed the full impact of this standard.

Notes to the Financial Statements

FOR THE YEAR ENDED 30 SEPTEMBER 2016 (continued)

   2.     Segmental analysis 

The group manages its operations in two segments, being property and other investment and property development. The results of these segments are regularly reviewed by the board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

 
                                               2016      2015 
                                            GBP'000   GBP'000 
 Revenue (wholly in the United Kingdom): 
   Property and other investment being 
    gross rents receivable                      580       577 
   Property development being sales of            -         - 
    development properties 
 
                                                580       577 
 
 Profit before taxation: 
   Property and other investment              2,511     2,455 
   Property development                         162       131 
 
                                              2,673     2,586 
 
 Net operating assets: 
   Assets 
   Property and other investment             23,783    21,472 
   Property development                       4,033     3,919 
   Eliminations                             (3,279)   (3,159) 
 
 Total assets                                24,537    22,232 
 
   Liabilities 
   Property and other investment            (3,760)   (3,602) 
   Property development                       (217)     (232) 
   Eliminations                               3,279     3,159 
 
 Total liabilities                            (698)     (675) 
 
 Net operating assets                        23,839    21,557 
 
 

Of the group's share of the profit in its joint venture of GBP1,869,000 (2015: GBP1,922,000), GBP450,000 (2015: GBP167,000) relates to property development and GBP1,419,000 (2015: GBP1,755,000) relates to property investment. The interest income of GBP4,000 (2015: GBP2,000) relates entirely to property investment. Of the income tax expense of GBP395,000 (2015: GBP187,000), GBP282,000 (2015: GBP146,000) relates to property investment and GBP113,000 (2015: GBP41,000) to property development. Due to the reportable segments being accounted for in separate legal entities it is possible to directly allocate the group results and net assets to the reportable segments.

3. Earnings per share

Earnings per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial year of GBP2,494,000 (2015: GBP2,490,000) and the weighted average number of shares as follows:

 
                                 Weighted average 
                                 number of shares 
                                 2016        2015 
 
 Basic and diluted basis    1,276,736   1,301,461 
 
 

Financial Calendar

 
 2016   30 November    Final results for 2016 announced 
 2017   19 January     Annual General Meeting/General Meeting 
        26 January     Ex-dividend date for the final dividend 
        27 January     Record date for the final dividend 
        16 February    Final dividend to be paid 
        May            Interim results for 2016 to be announced 
        July           Interim dividend for 2016 to be paid 
        30 September   Year end 
 

Directors and Advisers

 
 Directors                                 Auditor 
 J Richard Wollenberg                      KPMG LLP 
 Chairman and chief executive 
 
 Karen L Chandler FCA 
 Finance director                          Stockbrokers and financial advisers 
                                           Stockdale Securities Ltd 
 Nigel D Jamieson BSc, FCSI 
 Independent non-executive director 
 
 Secretary                                 Bankers 
 Karen L Chandler FCA                      HSBC Bank Plc 
 
 
 Non-executive director of wholly owned    Solicitors 
  subsidiary 
 First Choice Estates plc                  Blake Morgan LLP 
 Derek M Joseph BCom, FCIS 
 
 
 Head office                               Registrar and transfer office 
 56 Station Road                           Neville Registrars Ltd 
 Egham                                     Neville House 
 Surrey TW20 9LF                           18 Laurel Lane 
 Telephone: [phone]                   Halesowen 
 Fax: [phone]                         B63 3DA 
 E-mail: [e-mail]    Telephone: [phone] 
 Web: www.cardiff-property.com 
 
 
 Registered office                         Registered number 
 3 Assembly Square                         227050 
 Britannia Quay 
 Cardiff Bay 
 CF10 4AX 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 30, 2016 02:00 ET (07:00 GMT)