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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 : 7536X
Daejan Holdings PLC
29 November 2017
29 November 2017
DAEJAN HOLDINGS PLC
INTERIM RESULTS ANNOUNCEMENT for the half year ended 30 September 2017
The Board is pleased to present the Interim Statement for the half year ended
30 September 2017.
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30 Sep 30 Sep 31 Mar
2017 2016 2017
GBP000 GBP000 GBP000
Profit before tax 56,643 65,112 198,396
Profit after tax 45,474 61,477 162,130
Basic and diluted earnings per GBP2.79 GBP3.76 GBP9.93
share
Equity shareholders' funds per GBP103.28 GBP95.81 GBP101.61
share
-- The profit before tax for the period was GBP56.6 million (2016: GBP65.1 million) after accounting for the net valuation gain on investment properties of GBP29.5 million (2016: GBP38.6 million).
-- The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisers and continues to show modest growth in both the UK and USA.
-- We continue to see some increase in rental income in the UK and USA. The reduction in the sterling/dollar exchange rate in this period has resulted in USA reported rental income increasing by GBP1.5 million (2016: GBP2.4 million).
-- Since the Brexit referendum the UK has been dominated by political and economic uncertainty which has led to reduced forecasts for economic growth. This combination of factors will provide a challenging environment for our UK business. In the USA the economic outlook is more encouraging and should provide a positive environment to grow our business.
-- The principal risk factors affecting the remainder of the financial year continue to be exposure to movements in the valuation of the Group's investment properties, movements in the sterling/dollar exchange rate and the incidence of voids and bad debts.
-- An interim dividend of 35p per share will be paid on 9 March 2018 to shareholders on the register on 9 February 2018.
B S E Freshwater
Chairman
29 November 2017
For further information please contact:
Mark Jenner Nick Oborne
Company Secretary Weber Shandwick Financial
Daejan Holdings PLC
Tel: 020 7836 1555 Tel: 020 7067 0700
Consolidated Income Statement for the six months ended 30
September 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Mar
30 Sep 2017 30 Sep 2016 2017
------------ ------------ --------------
GBP000 GBP000 GBP000
Total rental & related income
from investment property 71,270 70,214 140,738
Property operating expenses (38,923) (38,021) (75,938)
Net rental & related
income from investment
property 32,347 32,193 64,800
Profit on disposal of investment
property 6,720 7,265 14,594
Net valuation gains on investment
property 29,536 38,611 144,508
Administrative expenses (6,395) (5,896) (12,559)
Net operating profit before net
financing costs 62,208 72,173 211,343
Fair value gains/(losses) on
derivative financial instruments 1,309 (630) 86
Fair value gains on current investments - 9 -
Other financial income 266 171 499
Financial expenses (7,140) (6,611) (13,532)
Net financing expense (5,565) (7,061) (12,947)
------------ ------------ --------------
Profit before taxation 56,643 65,112 198,396
Income tax (11,169) (3,635) (36,266)
Profit for the period 45,474 61,477 162,130
============ ============ ==============
Attributable
to:
Equity holders of the
parent 45,423 61,284 161,779
Non-controlling interest 51 193 351
Profit for the period 45,474 61,477 162,130
============ ============ ==============
Basic and diluted earnings per
share GBP2.79 GBP3.76 GBP9.93
============ ============ ==============
Consolidated Statement of Comprehensive Income for the six months
ended 30 September 2017
Unaudited Unaudited Audited
Six Months Six Months Year
ended ended ended
30 Sep
2017 30 Sep 2016 31 Mar 2017
----------- ------------ ------------
GBP000 GBP000 GBP000
Profit for the period 45,474 61,477 162,130
Foreign exchange translation differences (18,101) 20,021 29,076
Total comprehensive income for the
period 27,373 81,498 191,206
=========== ============ ============
Attributable to:
Equity holders of the parent 27,338 81,297 190,845
Non-controlling interest 35 201 361
Total comprehensive income for the
period 27,373 81,498 191,206
=========== ============ ============
All other comprehensive income may be reclassified as profit and loss in the future.
Consolidated Statement of Changes in Equity for the six months ended
30 September 2017
Equity Non-
Share Share Translation Retained shareholders' controlling Total
capital premium reserve earnings funds interest equity
-------- -------- ------------ ---------- -------------- ------------ ----------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 April
2016 4,074 555 32,051 1,443,345 1,480,025 69 1,480,094
Profit for the period - - - 161,779 161,779 351 162,130
Foreign exchange
translation differences - - 29,066 - 29,066 10 29,076
Payments to non-controlling
interest - - - - - (190) (190)
Dividends to equity
shareholders - - - (15,155) (15,155) - (15,155)
Balance at 1 April
2017 4,074 555 61,117 1,589,969 1,655,715 240 1,655,955
Profit for the period - - - 45,423 45,423 51 45,474
Foreign exchange
translation differences - - (18,085) - (18,085) (16) (18,101)
Payments to non-controlling
interest - - - - - (194) (194)
Dividends to equity
shareholders - - - - - - -
Balance at 30 September
2017 4,074 555 43,032 1,635,392 1,683,053 81 1,683,134
======== ======== ============ ========== ============== ============ ==========
Consolidated Balance Sheet as at 30 September
2017
Unaudited Unaudited Audited
30 Sep
2017 30 Sep 2016 31 Mar 2017
----------- ----------------------- ------------
GBP000 GBP000 GBP000
Assets
Investment property 2,262,773 2,117,093 2,256,800
Deferred tax assets 302 539 524
Total non-current assets 2,263,075 2,117,632 2,257,324
----------- ----------------------- ------------
Trade and other receivables 70,639 70,700 65,062
Current investments 161 145 162
Cash and cash equivalents 79,917 88,423 84,283
Total current assets 150,717 159,268 149,507
----------- ----------------------- ------------
Total assets 2,413,792 2,276,900 2,406,831
=========== ======================= ============
Equity
Share capital 4,074 4,074 4,074
Share premium 555 555 555
Translation reserve 43,032 52,064 61,117
Retained earnings 1,635,392 1,504,629 1,589,969
Total equity attributable
to equity
holders of the parent 1,683,053 1,561,322 1,655,715
Non-controlling interest 81 84 240
Total equity 1,683,134 1,561,406 1,655,955
----------- ----------------------- ------------
Liabilities
Loans and borrowings 297,535 330,216 303,242
Deferred tax liabilities 295,713 267,578 299,756
Total non-current liabilities 593,248 597,794 602,998
----------- ----------------------- ------------
Loans and borrowings 35,669 17,376 49,297
Trade and other payables 54,734 53,644 51,360
Current taxation 47,007 46,680 47,221
Total current liabilities 137,410 117,700 147,878
----------- ----------------------- ------------
Total liabilities 730,658 715,494 750,876
----------- ----------------------- ------------
Total equity and liabilities 2,413,792 2,276,900 2,406,831
=========== ======================= ============
Equity shareholders' funds
per share GBP103.28 GBP95.81 GBP101.61
=========== ======================= ============
Consolidated Statement of Cash Flows for the six months ended
30 September 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2017 2016 2017
--------- ----------- --------- ----------- --------- ---------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cash flows from operating
activities
Net cash generated from
operations 25,417 13,486 39,150
Interest received 266 172 500
Interest
paid (7,134) (6,603) (13,529)
Tax paid (4,841) (2,291) (7,132)
Net cash from operating
activities 13,708 4,764 18,989
Cash flows from investing
activities
Acquisition and development
of investment property (18,205) (16,212) (27,726)
Proceeds from sale of investment
property 7,079 7,848 18,242
Net cash absorbed by investing
activities (11,126) (8,364) (9,484)
Cash flows from
financing activities
Repayment of bank loans (1,362) (832) (1,871)
New bank loans and overdrafts - - -
Repayment of mortgages (13,819) (3,685) (6,899)
New mortgages 12,005 7,546 8,057
Dividends paid - - (15,155)
Payments to non-controlling
interest (194) (186) (190)
Net cash (absorbed by) /
generated from financing
activities (3,370) 2,843 (16,058)
----------- ----------- ---------
Net decrease in cash and
cash equivalents (788) (757) (6,553)
Cash and cash equivalents brought
forward 84,283 84,863 84,863
Effect of exchange rate fluctuations
on cash held (3,578) 4,317 5,973
Cash and cash equivalents 79,917 88,423 84,283
=========== =========== =========
Notes to the Consolidated Interim Financial Statements for the six months ended 30 September 2017
1. Basis of preparation
This interim financial information has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting, applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 March 2017. The Directors have considered the result of the endorsement by the EU of new or changed International Financial Reporting Standards that are applicable or available for early adoption in the preparation of the Company's next consolidated financial statements for the year ending 31 March 2018 and concluded that they have no material effect on either the current or prior periods.
The Directors have reviewed the current and projected financial position of the Group and are satisfied that the Group has adequate resources to cover current liabilities. Therefore, the Directors continue to adopt the going concern basis in preparing the half year report.
2. Status of the interim financial information
The interim financial information in this statement has not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on review of interim financial information and does not constitute statutory accounts, as defined in section 435 of the Companies Act 2006. The auditors' report on the statutory accounts for the year ended 31 March 2017 was unqualified and did not contain a statement under section 498 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2017 have been delivered to the Registrar of Companies. The interim financial statements were approved by the Board of Directors on 28 November 2017. The preparation of the interim financial information requires management to make assumptions and estimates about future events which are uncertain, the actual outcome of which may result in a materially different outcome from that anticipated.
3. Segmental Analysis
UK USA Eliminations Total
---------- ---------- ------------- ----------
For the six months ended 30 GBP000 GBP000 GBP000 GBP000
September 2017
Rental and related income 45,602 25,668 - 71,270
Property operating expenses (25,051) (13,872) - (38,923)
Profit on disposal of property 6,527 193 - 6,720
Net valuation movements on
property 24,103 5,433 - 29,536
Administrative expenses (6,085) (310) - (6,395)
Profit before finance costs 45,096 17,112 - 62,208
Net financing expense (1,296) (4,269) - (5,565)
Profit before taxation 43,800 12,843 - 56,643
Income tax charge (6,032) (5,137) - (11,169)
Profit for the period 37,768 7,706 - 45,474
========== ========== ============= ==========
Capital expenditure 15,086 2,866 - 17,952
========== ========== ============= ==========
As at 30 September 2017
Investment property 1,694,357 568,416 - 2,262,773
Other assets 84,627 77,588 (11,196) 151,019
---------- ---------- ------------- ----------
Total segment assets 1,778,984 646,004 (11,196) 2,413,792
Total segment liabilities (360,768) (381,086) 11,196 (730,658)
---------- ---------- ------------- ----------
Capital employed 1,418,216 264,918 - 1,683,134
========== ========== ============= ==========
UK USA Eliminations Total
---------- ---------- ------------- ----------
For the six months ended 30 GBP000 GBP000 GBP000 GBP000
September 2016
Rental and related income 46,436 23,778 - 70,214
Property operating expenses (25,131) (12,890) - (38,021)
Profit/(loss) on disposal
of property 7,502 (237) - 7,265
Net valuation movements on
property 36,731 1,880 - 38,611
Administrative expenses (5,495) (401) - (5,896)
Profit before finance costs 60,043 12,130 - 72,173
Net financing expense (3,088) (3,973) - (7,061)
Profit before taxation 56,955 8,157 - 65,112
Income tax charge (1,292) (2,343) - (3,635)
Profit for the period 55,663 5,814 - 61,477
========== ========== ============= ==========
Capital expenditure 13,273 2,939 - 16,212
========== ========== ============= ==========
As at 30 September 2016
Investment property 1,572,623 544,470 - 2,117,093
Other assets 94,583 76,601 (11,377) 159,807
---------- ---------- ------------- ----------
Total segment assets 1,667,206 621,071 (11,377) 2,276,900
Total segment liabilities (350,247) (376,624) 11,377 (715,494)
---------- ---------- ------------- ----------
Capital employed 1,316,959 244,447 - 1,561,406
========== ========== ============= ==========
4. Taxation
The tax charge in the interim statement is in line with the UK statutory rate. The higher rate on our US generated profits is offset by an indexation credit on the UK deferred property valuation gains.
5. Dividends
No dividends were paid in the six months ended 30 September 2017 (six months ended 30 September 2016: GBPNil).
6. Investment properties
The Directors have estimated the value of the investment properties at 30 September 2017 after consultation with the Group's advisers. A full valuation of the Group's properties will be carried out by independent professional valuers at 31 March 2018.
7. Financial Instruments - fair value disclosure
The Group seeks to reduce interest rate risk by fixing rates on the majority of its loans and borrowings, either through the use of fixed rate mortgage finance or through interest rate swaps. The Group does not speculate in treasury products.
The Group does not hedge account and all its mortgages and interest rate swaps are initially recognised at fair value. Mortgages are subsequently recorded at amortised cost whilst interest rate swaps are subsequently recorded at fair value, with any movement being recorded in the consolidated income statement. The fair values of all these financial instruments are determined by reference to observable inputs that are classified as Level 2 in the fair value hierarchy set out in International Financial Reporting Standard 13 Fair Value Measurement. Fair values have been determined by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument, as adjusted to reflect the credit risk attributable to the Group and, where relevant, its counterparty.
Fair value measurements are as follows:
Unaudited Unaudited Audited
30 Sep 2017 30 Sep 2016 31 Mar 2017
Book Value Fair Book Value Fair Book Value Fair
Value Value Value
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Loans and borrowings 333,204 345,403 347,592 371,301 352,539 367,579
Interest rate
swaps 1,775 1,775 3,800 3,800 3,084 3,084
334,979 347,178 351,392 375,101 355,623 370,663
=========== ======== =========== ======== =========== ========
Current 37,444 38,992 21,176 24,961 52,381 54,661
Non-current 297,535 308,186 330,216 350,140 303,242 316,002
334,979 347,178 351,392 375,101 355,623 370,663
=========== ======== =========== ======== =========== ========
In both 2017 and 2016 there were no non-recurring fair value measurements and there were no material differences between the fair value and carrying amounts of all the other financial assets of the Group.
8. Related party transactions
Day-to-day management of the Group's properties in the UK is mainly carried out by Highdorn Co. Limited and by Freshwater Property Management Limited. Mr BSE Freshwater and Mr SI Freshwater are directors of both companies. They have no beneficial interest in the share capital of Highdorn Co. Limited. Mr BSE Freshwater, Mr SI Freshwater and Mr D Davis are directors of the parent company of Freshwater Property Management Limited but have no beneficial interest in either company. Mr RE Freshwater has a beneficial interest in a trust holding interests in shares in Highdorn Co. Limited.
In their capacity as managing agents, Highdorn Co. Limited and Freshwater Property Management Limited collect rents and incur direct property expenses on behalf of the Group. At 30 September 2017, the aggregate net amounts due to the Group to Highdorn Co. Limited and Freshwater Property Management Limited in relation to such agency receipts and payments was GBP3.9 million (2016: GBP1.1 million). These amounts are not secured and are payable on demand. No guarantees have been given or received and the amounts are settled in cash.
The amounts paid by the Group during the period for the provision of property and other management services by Highdorn Co. Limited and Freshwater Property Management Limited were GBP3.0 million (six months ended 30 September 2016: GBP3.9 million).
The Board considers that the Directors are the key management personnel of the Group and their remuneration is disclosed in the Daejan Holdings PLC Annual Report for 31 March 2017.
9. Statement of Directors' responsibilities
The Directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8.
The Directors of Daejan Holdings PLC are listed in the Daejan Holdings PLC Annual Report for
31 March 2017. A list of current Directors is maintained on the Daejan Holdings PLC website www.daejanholdings.com.
B S E Freshwater
Chairman
29 November 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKFDDQBDDKDB
(END) Dow Jones Newswires
November 29, 2017 02:00 ET (07:00 GMT)
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