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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Daejan Holdings Plc | LSE:DJAN | London | Ordinary Share | GB0002502036 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8,050.00 | 8,040.00 | 8,050.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDJAN
RNS Number : 3389D
Daejan Holdings PLC
06 July 2016
6 July 2016
DAEJAN HOLDINGS PLC
UNAUDITED PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2016
The Chairman, Mr B S E Freshwater, today announced Preliminary Results for the year to 31 March 2016.
The financial highlights for the year ended 31 March 2016 are as follows:
2016 2015 GBP000 GBP000 (Restated) Investment property 2,009,361 1,855,230 Net rental and related income from investment property 68,189 58,935 Profit before taxation 173,242 277,539 Total equity 1,480,094 1,345,874 Equity shareholders' GBP90.82 GBP82.59 funds per share Earnings per share GBP8.77 GBP13.95
The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of GBP117,947,000 (2015 - GBP229,722,000). The board has recommended a final dividend of 58p per share in respect of the year ended 31 March 2016 payable on 11 November 2016 to shareholders on the register on 14 October 2016. This will make a total dividend for the year of 93p (2015 - 88p).
Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of the parent of GBP142,900,000 (2015 - GBP227,395,000) and 16,295,357 (2015 - 16,295,357) ordinary shares being the weighted average number of ordinary shares in issue during the year.
DAEJAN HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2016
Year Year ended ended 31 March 31 March 2016 2015 GBP000 GBP000 (Restated) Gross rental income 117,733 112,847 Service charge income 20,464 16,129 ------------------------------------------ --------- ----------- Total rental and related income from investment property 138,197 128,976 Property operating expenses (70,008) (70,041) ------------------------------------------ --------- ----------- Net rental and related income from investment property 68,189 58,935 Profit on disposal of investment property 11,725 12,036 Net valuation gains on investment property 117,947 229,722 Administrative expenses (13,041) (11,821) ------------------------------------------ --------- ----------- Net operating profit before net financing costs 184,820 288,872 ------------------------------------------ --------- ----------- Fair value gains on derivative financial instruments 788 137 Fair value (losses)/gains on current investments (10) 7 Other financial income 336 286 Financial expenses (12,692) (11,763) ------------------------------------------ --------- ----------- Net financing costs (11,578) (11,333) ------------------------------------------ --------- ----------- Profit before taxation 173,242 277,539 Income tax (30,237) (49,979) ------------------------------------------ --------- ----------- Profit for the year 143,005 227,560 ------------------------------------------ --------- ----------- Attributable to:- Equity holders of the parent 142,900 227,395 Minority interest 105 165 ------------------------------------------ --------- ----------- Profit for the year 143,005 227,560 ------------------------------------------ --------- ----------- Basic and diluted earnings per share GBP8.77 GBP13.95 ------------------------------------------ --------- -----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2016
Year ended Year ended 31 March 31 March 2016 2015 GBP000 GBP000 (Restated) Profit for the year 143,005 227,560 Foreign exchange translation differences 5,649 14,273 -------------------------------- ----------- ----------- Total comprehensive income for the year 148,654 241,833 -------------------------------- ----------- ----------- Attributable to: Equity holders of the parent 148,547 241,647 Minority interest 107 186 -------------------------------- ----------- ----------- Total comprehensive income for the year 148,654 241,833 -------------------------------- ----------- -----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2016
Issued Equity share Share Translation Retained shareholders' Minority Total capital premium reserve earnings funds interest equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 1 April 2014 4,074 555 12,796 1,093,043 1,110,468 169 1,110,637 Restatement - - (644) 7,709 7,065 - 7,065 ----------------------------- --------- --------- ------------ ---------- --------------- ---------- ---------- 4,074 555 12,152 1,100,752 1,117,533 169 1,117,702 Profit for the year - - - 227,395 227,395 165 227,560 Foreign exchange translation differences - - 14,252 - 14,252 21 14,273 Movements in minority interest - - - - - (299) (299) Dividends to equity shareholders - - - (13,362) (13,362) - (13,362) ----------------------------- --------- --------- ------------ ---------- --------------- ---------- ---------- Balance at 1 April 2015 4,074 555 26,404 1,314,785 1,345,818 56 1,345,874 Profit for the year - - - 142,900 142,900 105 143,005 Foreign exchange translation differences - - 5,647 - 5,647 2 5,649 Movements in minority interest - - - - - (94) (94) Dividends to equity shareholders - - - (14,340) (14,340) - (14,340) ----------------------------- --------- --------- ------------ ---------- --------------- ---------- ---------- Balance at 31 March 2016 4,074 555 32,051 1,443,345 1,480,025 69 1,480,094 ----------------------------- --------- --------- ------------ ---------- --------------- ---------- ----------
DAEJAN HOLDINGS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2016
31 March 31 March 2016 2015 GBP000 GBP000 (Restated) Assets Investment property 2,009,361 1,855,230 Deferred tax assets 571 792 Total non-current assets 2,009,932 1,856,022 ------------------------------------- ---------- ----------- Trade and other receivables 63,119 55,586 Current investments 159 187 Cash and cash equivalents 84,863 52,293 ------------------------------------- ---------- ----------- Total current assets 148,141 108,066 ------------------------------------- ---------- ----------- Total assets 2,158,073 1,964,088 ------------------------------------- ---------- ----------- Equity Issued capital 4,074 4,074 Share premium 555 555 Translation reserve 32,051 26,404 Retained earnings 1,443,345 1,314,785 ------------------------------------- ---------- ----------- Total equity attributable to equity holders of the parent 1,480,025 1,345,818 Minority interest 69 56
------------------------------------- ---------- ----------- Total equity 1,480,094 1,345,874 ------------------------------------- ---------- ----------- Liabilities Loans and borrowings 306,412 285,747 Deferred tax liabilities 255,296 232,210 ------------------------------------- ---------- ----------- Total non-current liabilities 561,708 517,957 ------------------------------------- ---------- ----------- Loans and borrowings 15,516 18,663 Trade and other payables 55,987 45,879 Current taxation 44,768 35,715 ------------------------------------- ---------- ----------- Total current liabilities 116,271 100,257 ------------------------------------- ---------- ----------- Total liabilities 677,979 618,214 ------------------------------------- ---------- ----------- Total equity and liabilities 2,158,073 1,964,088 ------------------------------------- ---------- -----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2016
Year Year ended ended 31 March 31 March 2016 2015 GBP000 GBP000 GBP000 GBP000 Cash flows from operating activities Cash receipts from rent and service charges 141,487 134,113 Cash paid to suppliers and employees (79,958) (92,908) ---------------------------------- --------- --------- --------- --------- Cash generated from operations 61,529 41,205 Interest received 336 289 Interest paid (12,598) (11,731) Distributions to minority interest (94) (299) Tax paid (772) (3,383) Net cash from operating activities 48,401 26,081 ---------------------------------- --------- --------- --------- --------- Cash flows from investing activities Acquisition and development of investment property (26,939) (43,460) Proceeds from sale of investment property 12,807 16,772 ---------------------------------- --------- --------- --------- --------- Net cash absorbed by investing activities (14,132) (26,688) ---------------------------------- --------- --------- --------- --------- Cash flows from financing activities Repayment of bank loans (1,302) (33,353) New bank loans and overdrafts - 36,611 Repayment of mortgages (21,341) (23,793) New mortgages 34,379 25,085 Dividends paid (14,340) (13,362) ---------------------------------- --------- --------- --------- --------- Net cash generated from financing activities (2,604) (8,812) ---------------------------------- --------- --------- --------- --------- Net increase/(decrease) in cash and cash equivalents 31,665 (9,419) Cash and cash equivalents brought forward 52,293 59,149 Effect of exchange rate fluctuations on cash held 905 2,563 ---------------------------------- --------- --------- --------- --------- Cash and cash equivalents 84,863 52,293 ---------------------------------- --------- --------- --------- ---------
DAEJAN HOLDINGS PLC
Notes
1. The financial information set out in this Preliminary Announcement does not constitute the Company's statutory accounts for the years ended 31 March 2016 or 2015. The financial information for 2015 is derived from the statutory accounts for 2015 which have been delivered to the Registrar of Companies, except as set out below. The Auditors have reported on the 2015 accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors 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. The statutory accounts for 2016 will be finalised on the basis of the financial information presented by the Directors in this Preliminary Announcement and using policies consistent in all material respects with the policies applied in the Company's statutory accounts for 2015, as set out in those accounts as delivered to the Registrar of Companies, except as set out below. The statutory accounts for 2016 will be delivered to the Registrar of Companies following the Company's next Annual General Meeting.
2. During the year ended 31 March 2016 the Group changed its accounting policy for loans and borrowings. Prior to the change, the Group initially recognised and subsequently recorded fixed rate loans and borrowings at fair value. Following the change, the Group will continue to initially recognise loans and borrowings at fair value, but will subsequently record them at amortised cost.
The Directors believe that the change in accounting policy will be beneficial to users of the financial statements as most, if not all, other large property investment companies in the United Kingdom have adopted this policy. This will provide more reliable and relevant comparisons between the Group's financial position and results with that of other property investment companies.
To maintain consistency between reporting periods, the Group has applied this change retrospectively. The Group has therefore adjusted the comparative figures for the year ended 31 March 2015 so that these figures are presented as if the change in accounting policy had always applied.
The impact of the change in policy affects the carrying value of loans and borrowings, the fair value of gains and losses recognised and the associated deferred tax credits and assets.
Loans and borrowings cumulatively decreased by GBP18,380,000 at 31 March 2015 and by GBP11,679,000 at 1 April 2014. Deferred tax assets cumulatively decreased by GBP6,155,000 at 31 March 2015 and by GBP4,614,000 at 1 April 2014. The translation reserve cumulatively decreased by GBP39,000 at 31 March 2015 and by GBP644,000 at 1 April 2014. Retained earnings cumulatively increased by GBP12,264,000 at 31 March 2015 and by GBP7,709,000 at 1 April 2014.
The fair value losses on fixed rate loans and borrowings recognised in the consolidated income statement were eliminated in each period. The impact was a gain of GBP5,599,000 for the year ended 31 March 2015. The income tax charge increased by GBP1,045,000 for the year ended 31 March 2015.
Basic and diluted earnings per share increased by 27 pence for the year ended 31 March 2015.
3. Segmental Analysis UK USA Eliminations Total ---------- ---------- ------------- ---------- For the year ended GBP000 GBP000 GBP000 GBP000 31 March 2016 Rental and related income 97,079 41,118 - 138,197 Property operating expenses (46,390) (23,618) - (70,008) Profit on disposal of property 11,352 373 - 11,725 Net valuation movements on property 75,829 42,118 - 117,947 Administrative expenses (12,341) (700) - (13,041) Profit before finance costs 125,529 59,291 - 184,820 Net financing expense (4,306) (7,272) - (11,578) Profit before taxation 121,223 52,019 - 173,242 Income tax charge (9,688) (20,549) - (30,237) Profit for the period 111,535 31,470 - 143,005 ========== ========== ============= ========== Capital expenditure 11,065 15,874 - 26,939 ========== ========== ============= ========== As at 31 March 2016 Investment property 1,522,621 486,740 - 2,009,361 Other assets 98,125 60,761 (10,174) 148,712 ---------- ---------- ------------- ---------- Total segment assets 1,620,746 547,501 (10,174) 2,158,073 Total segment liabilities (361,923) (326,230) 10,174 (677,979) ---------- ---------- ------------- ---------- Capital employed 1,258,823 221,271 - 1,480,094 ========== ========== ============= ========== UK USA Eliminations Total ------------- ------------- ------------- ------------- For the year ended GBP000 GBP000 GBP000 GBP000 31 March 2015 (Restated*) (Restated*) (Restated*) Rental and related income 92,697 36,279 - 128,976 Property operating
expenses (48,096) (21,945) - (70,041) Profit/(loss) on disposal of property 12,923 (887) - 12,036 Net valuation movements on property 185,427 44,295 - 229,722 Administrative expenses (11,167) (654) - (11,821) Profit before finance costs 231,784 57,088 - 288,872 Net financing expense (4,676) (6,657) - (11,333) Profit before taxation 227,108 50,431 - 277,539 Income tax charge (37,045) (12,934) - (49,979) Profit for the period 190,063 37,497 - 227,560 ============= ============= ============= ============= Capital expenditure 39,515 3,945 - 43,460 ============= ============= ============= ============= As at 31 March 2015 Investment property 1,437,890 417,340 - 1,855,230 Other assets 69,516 48,863 (9,521) 108,858 ------------- ------------- ------------- ------------- Total segment assets 1,507,406 466,203 (9,521) 1,964,088 Total segment liabilities (341,950) (285,785) 9,521 (618,214) ------------- ------------- ------------- ------------- Capital employed 1,165,456 180,418 - 1,345,874 ============= ============= ============= ============= * See Note 2 4. Significant judgements and estimates
In preparing the financial information the Group must make a number of judgements and estimates. Management consider the following judgements and estimates to be particularly significant because of the level of complexity, judgement or estimation involved in their application and their impact on the financial information.
i. Property valuations
The valuation of the Group's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions following the EU Referendum. All the Group's properties are valued by external valuers with appropriate qualifications and experience.
In the UK the aggregate amount of the valuation is GBP1,532,817,000 at 31 March 2016 and in the US the aggregate amount of the valuation is GBP487,872,000 at 31 March 2016. Both are based on the open market values assessed in accordance with professional standards. The aggregate professional valuations included in the balance sheet have been reduced by an amount of GBP11,328,000 relating to lease incentives included in Trade and other receivables.
ii. Income taxes
The tax treatment of some transactions and calculations cannot be determined until a formal resolution has been reached with the relevant tax authorities. In such cases, a best estimate of the relevant tax charge or credit is made, having regard to the extent of uncertainties associated with it. Where the final outcome of such matters is different from amounts initially recorded, those differences will be reflected in the income and deferred tax amounts at the time of the formal resolution.
Additionally, judgement has been exercised in relation to the recognition of deferred tax assets where the utilisation of the underlying tax losses is uncertain. Such resolution can take a long time to achieve due to the complexity of tax legislation.
5. The Annual General Meeting will be held at 2:00 pm on Tuesday 13 September 2016 in The Grand Saloon, Theatre Royal, Drury Lane, Catherine Street, London WC2B 5JF.
For further information call:
Mark Jenner
Company Secretary
Daejan Holdings PLC
020 7836 1555
Nick Oborne
Weber Shandwick Financial
020 7067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXXSELSKEFF
(END) Dow Jones Newswires
July 06, 2016 02:00 ET (06:00 GMT)
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