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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 |
From Apr 2019 to Apr 2024
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:
Hot Features
Premium
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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