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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 : 6879I
Daejan Holdings PLC
28 November 2018
28 November 2018
DAEJAN HOLDINGS PLC
INTERIM RESULTS ANNOUNCEMENT for the half year ended 30 September 2018
The Board is pleased to present the Interim Statement for the half year ended 30 September 2018.
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Premium
30 Sep 30 Sep 31 Mar
2018 2017 2018
GBP000 GBP000 GBP000
Profit before tax 61,100 56,643 201,262
Profit after tax 48,858 45,474 202,958
Basic and diluted earnings per GBP2.99 GBP2.79 GBP12.45
share
Equity shareholders' funds per GBP115.77 GBP103.28 GBP111.25
share
-------------------------------- ---------- ---------- ----------
-- The profit before tax for the period was GBP61.1 million (2017: GBP56.6 million) after accounting for the net valuation gain on investment properties of GBP32.5 million (2017: GBP29.5 million).
-- The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisers and in the UK continues to show modest growth whilst the USA has been flat following increases in local interest rates.
-- We continue to see some increase in rental income in the UK and USA, primarily driven by the letting of completed development projects.
-- Brexit continues to provide 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 8 March 2019 to shareholders on the register on 8 February 2019.
B S E Freshwater
Chairman
28 November 2018
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 2018
Unaudited Unaudited Audited
Six
months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2018 2017 2018
---------- ----------- --------------
GBP000 GBP000 GBP000
Total rental & related income
from investment property 73,966 71,270 142,885
Property operating expenses (37,015) (38,923) (76,407)
Net rental & related
income from investment
property 36,951 32,347 66,478
Profit on disposal of investment
property 4,929 6,720 11,893
Net valuation gains on investment
property 32,521 29,536 146,438
Administrative expenses (6,940) (6,395) (13,263)
Net operating profit before net
financing costs 67,461 62,208 211,546
Fair value gains on derivative
financial instruments 840 1,309 1,923
Fair value gains on current investments - - 6
Other financial income 482 266 581
Financial expenses (7,683) (7,140) (12,794)
Net financing expense (6,361) (5,565) (10,284)
---------- ----------- --------------
Profit before taxation 61,100 56,643 201,262
Income tax (12,242) (11,169) 1,696
Profit for the period 48,858 45,474 202,958
========== =========== ==============
Attributable
to:
Equity holders of the
parent 48,789 45,423 202,889
Non-controlling interest 69 51 69
Profit for the period 48,858 45,474 202,958
========== =========== ==============
Basic and diluted earnings per
share GBP2.99 GBP2.79 GBP12.45
========== =========== ==============
Consolidated Statement of Comprehensive Income for the six months
ended 30 September 2018
Unaudited Unaudited Audited
Six Months Six Months Year
ended ended ended
30 Sep
2018 30 Sep 2017 31 Mar 2018
----------- ------------ ------------
GBP000 GBP000 GBP000
Profit for the period 48,858 45,474 202,958
Foreign exchange translation differences 24,830 (18,101) (29,759)
Total comprehensive income for the
period 73,688 27,373 173,199
=========== ============ ============
Attributable to:
Equity holders of the parent 73,612 27,338 173,156
Non-controlling interest 76 35 43
Total comprehensive income for the
period 73,688 27,373 173,199
=========== ============ ============
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 2018
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
2017 4,074 555 61,117 1,589,969 1,655,715 240 1,655,955
Profit for the period - - - 202,889 202,889 69 202,958
Foreign exchange
translation differences - - (29,733) - (29,733) (26) (29,759)
Payments to non-controlling
interest - - - - - (192) (192)
Dividends to equity
shareholders - - - (15,969) (15,969) - (15,969)
Balance at 1 April
2018 4,074 555 31,384 1,776,889 1,812,902 91 1,812,993
Profit for the period - - - 48,789 48,789 69 48,858
Foreign exchange
translation differences - - 24,823 - 24,823 7 24,830
Payments to non-controlling
interest - - - - - (11) (11)
Dividends to equity
shareholders - - - - - - -
Balance at 30 September
2018 4,074 555 56,207 1,825,678 1,886,514 156 1,886,670
======== ======== ============ ========== ============== ============ ==========
Consolidated Balance Sheet as at 30 September
2018
Unaudited Unaudited Audited
30 Sep
2018 30 Sep 2017 31 Mar 2018
----------- ----------------------- ------------
GBP000 GBP000 GBP000
Assets
Investment property 2,468,822 2,262,773 2,373,184
Deferred tax assets 54 302 197
Total non-current assets 2,468,876 2,263,075 2,373,381
----------- ----------------------- ------------
Trade and other receivables 81,398 70,639 62,714
Current investments 154 161 158
Cash and cash equivalents 92,794 79,917 98,752
Total current assets 174,346 150,717 161,624
----------- ----------------------- ------------
Total assets 2,643,222 2,413,792 2,535,005
=========== ======================= ============
Equity
Share capital 4,074 4,074 4,074
Share premium 555 555 555
Translation reserve 56,207 43,032 31,384
Retained earnings 1,825,678 1,635,392 1,776,889
Total equity attributable
to equity
holders of the parent 1,886,514 1,683,053 1,812,902
Non-controlling interest 156 81 91
Total equity 1,886,670 1,683,134 1,812,993
----------- ----------------------- ------------
Liabilities
Loans and borrowings 308,746 297,535 296,501
Deferred tax liabilities 287,981 295,713 271,807
Total non-current liabilities 596,727 593,248 568,308
----------- ----------------------- ------------
Loans and borrowings 58,035 35,669 53,958
Trade and other payables 54,572 54,734 52,489
Current taxation 47,218 47,007 47,257
Total current liabilities 159,825 137,410 153,704
----------- ----------------------- ------------
Total liabilities 756,552 730,658 722,012
----------- ----------------------- ------------
Total equity and liabilities 2,643,222 2,413,792 2,535,005
=========== ======================= ============
Equity shareholders' funds
per share GBP115.77 GBP103.28 GBP111.25
=========== ======================= ============
Consolidated Statement of Cash Flows for the six months ended
30 September 2018
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2018 2017 2018
--------- ----------- --------- ----------- --------- ---------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cash flows from operating
activities
Net cash generated from
operations 17,186 25,417 56,480
Interest received 481 266 581
Interest
paid (7,559) (7,134) (12,592)
Tax paid (4,553) (4,841) (8,967)
Net cash from operating
activities 5,555 13,708 35,502
Cash flows from investing
activities
Acquisition and development
of investment property (21,725) (18,205) (39,424)
Proceeds from sale of investment
property 6,286 7,079 16,085
Net cash absorbed by investing
activities (15,439) (11,126) (23,339)
Cash flows from
financing activities
Repayment of bank loans (1,049) (1,362) (2,509)
New bank loans and overdrafts - - 15,000
Repayment of mortgages (9,775) (13,819) (58,398)
New mortgages 9,737 12,005 70,216
Dividends paid - - (15,969)
Payments to non-controlling
interest (11) (194) (192)
Net cash (absorbed by)
/ generated from financing
activities (1,098) (3,370) 8,148
----------- ----------- ---------
Net (decrease) / increase
in cash and cash equivalents (10,982) (788) 20,311
Cash and cash equivalents brought
forward 98,752 84,283 84,283
Effect of exchange rate fluctuations
on cash held 5,024 (3,578) (5,842)
Cash and cash equivalents 92,794 79,917 98,752
=========== =========== =========
Notes to the Consolidated Interim Financial Statements for the six months ended 30 September 2018
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 2018. 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 2019 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 2018 was unqualified and did not contain a statement under section 498 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2018 have been delivered to the Registrar of Companies. The interim financial statements were approved by the Board of Directors on 27 November 2018. 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 2018
Rental and related income 47,822 26,144 - 73,966
Property operating expenses (22,923) (14,092) - (37,015)
Profit/(loss) on disposal
of property 5,620 (691) - 4,929
Net valuation movements on
property 32,521 - - 32,521
Administrative expenses (6,468) (472) - (6,940)
Profit before finance costs 56,572 10,889 - 67,461
Net financing expense (2,876) (3,485) - (6,361)
Profit before taxation 53,696 7,404 - 61,100
Income tax charge (10,362) (1,880) - (12,242)
Profit for the period 43,334 5,524 - 48,858
========== ========== ============= ==========
Capital expenditure 15,856 3,057 - 18,913
========== ========== ============= ==========
As at 30 September 2018
Investment property 1,831,882 636,940 - 2,468,822
Other assets 83,476 102,618 (11,694) 174,400
---------- ---------- ------------- ----------
Total segment assets 1,915,358 739,558 (11,694) 2,643,222
Total segment liabilities (389,979) (378,267) 11,694 (756,552)
---------- ---------- ------------- ----------
Capital employed 1,525,379 361,291 - 1,886,670
========== ========== ============= ==========
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
========== ========== ============= ==========
4. Taxation
The tax charge in the interim statement is in line with the current UK statutory rate. The higher rate on our US generated profits is offset by a lower future tax rate on our UK deferred property valuation gains.
5. Dividends
No dividends were paid in the six months ended 30 September 2018 (six months ended 30 September 2017: GBPNil).
6. Investment properties
The Directors have estimated the value of the investment properties at 30 September 2018 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 2019.
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 2018 30 Sep 2017 31 Mar 2018
Book Value Fair Book Value Fair Book Value Fair
Value Value Value
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Loans and borrowings 366,781 371,328 333,204 345,403 350,459 358,199
Interest rate
swaps 321 321 1,775 1,775 1,161 1,161
367,102 371,649 334,979 347,178 351,620 359,360
=========== ======== =========== ======== =========== ========
Current 58,356 58,639 37,444 38,992 55,119 55,898
Non-current 308,746 313,010 297,535 308,186 296,501 303,462
367,102 371,649 334,979 347,178 351,620 359,360
=========== ======== =========== ======== =========== ========
In both 2018 and 2017 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 CB Freshwater and Mr RE Freshwater have 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 2018, the aggregate net amounts due to the Group from Highdorn Co. Limited and Freshwater Property Management Limited in relation to such agency receipts and payments was GBP9.4 million (2017: GBP3.9 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 charged 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 GBP2.6 million (six months ended 30 September 2017: GBP3.0 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 2018.
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 2018. A list of current Directors is maintained on the Daejan Holdings PLC website www.daejanholdings.com.
B S E Freshwater
Chairman
28 November 2018
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR FKODKFBDDNDB
(END) Dow Jones Newswires
November 28, 2018 02:00 ET (07:00 GMT)
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