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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 May 2019 to May 2024
TIDMDJAN
RNS Number : 7640U
Daejan Holdings PLC
27 November 2019
27 November 2019
DAEJAN HOLDINGS PLC
INTERIM RESULTS ANNOUNCEMENT for the half year ended
30 September 2019
The Board is pleased to present the Interim Statement for the half year ended
30 September 2019.
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30 Sep 30 Sep 31 Mar
2019 2018 2019
GBP000 GBP000 GBP000
(Loss)/Profit before tax (18,301) 61,100 137,832
(Loss)/Profit after tax (11,271) 48,858 119,979
Basic and diluted earnings per GBP(0.70) GBP2.99 GBP7.36
share
Equity shareholders' funds per GBP119.85 GBP115.77 GBP119.07
share
-------------------------------- ---------- ---------- ----------
-- The loss before tax for the period was GBP18.3 million (2018: Profit GBP61.1 million) after accounting for the net valuation loss on investment properties of GBP43.3 million (2018: Gain GBP32.5 million).
-- The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisers.
-- Before the impact of valuation movements both our UK and US businesses generated profits. Whilst the UK revaluation produced a surplus of GBP2.8m (2018: GBP32.5m), in the USA new rent regulations affecting our properties in New York state produced a downward movement which resulted in a reduction in the valuation of our US portfolio of GBP46.1m (2018: nil)
-- We continued to see strong increases in rental income in the UK and USA, primarily driven by the letting of completed development projects in the UK and property acquisitions in the USA.
-- Until there is greater clarity on the timing and terms of the UK's departure from the EU and the outcome of the UK general election in December, the high levels of political and economic uncertainty in the UK are expected to continue. The economic outlook for the USA remains more promising.
-- 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, incidence of voids and bad debts and adverse changes to the regulatory environment.
-- An interim dividend of 35p per share will be paid on 6 March 2020 to shareholders on the register on 7 February 2020.
B S E Freshwater
Chairman
27 November 2019
For further information please contact:
Mark Jenner Nick Dibden
Company Secretary Powerscourt
Daejan Holdings PLC
Tel: 020 7836 1555 Tel: 020 7250 1446
Consolidated Income Statement for the six months ended 30
September 2019
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 Sep 2019 30 Sep 2018 31 Mar 2019
------------ ------------ --------------
GBP000 GBP000 GBP000
Total rental & related income
from investment property 82,998 73,966 156,161
Property operating expenses (43,658) (37,015) (79,580)
Net rental & related
income from investment
property 39,340 36,951 76,581
Profit on disposal of investment
property 3,264 4,929 12,203
Net valuation (losses)/gains
on investment property (43,280) 32,521 83,928
Administrative expenses (7,099) (6,940) (13,904)
Net operating (loss)/profit before
net financing costs (7,775) 67,461 158,808
Fair value (losses)/gains on
derivative financial instruments (1,294) 840 (167)
Fair value losses on current
investments - - (5)
Other financial income 725 482 1,048
Financial expenses (9,957) (7,683) (21,852)
Net financing expense (10,526) (6,361) (20,976)
------------ ------------ --------------
(Loss)/profit before taxation (18,301) 61,100 137,832
Income tax 7,030 (12,242) (17,853)
(Loss)/profit for the
period (11,271) 48,858 119,979
============ ============ ==============
Attributable
to:
Equity holders of the
parent (11,352) 48,789 119,893
Non-controlling interest 81 69 86
(Loss)/profit for the
period (11,271) 48,858 119,979
============ ============ ==============
Basic and diluted (loss)/earnings
per share GBP(0.70) GBP2.99 GBP7.36
============ ============ ==============
Consolidated Statement of Comprehensive Income for the six months
ended 30 September 2019
Unaudited Unaudited Audited
Six Months Six Months Year
ended ended ended
30 Sep
2019 30 Sep 2018 31 Mar 2019
---------------- ---------------- --------------
GBP000 GBP000 GBP000
(Loss)/profit for the period (11,271) 48,858 119,979
Foreign exchange translation differences 24,029 24,830 24,350
Total comprehensive income for the
period 12,758 73,688 144,329
================ ================ ==============
Attributable to:
Equity holders of the parent 12,667 73,612 144,236
Non-controlling interest 91 76 93
Total comprehensive income for the
period 12,758 73,688 144,329
================ ================ ==============
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 2019
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
2018 4,074 555 31,384 1,776,889 1,812,902 91 1,812,993
Profit for the period - - - 119,893 119,893 86 119,979
Foreign exchange
translation differences - - 24,343 - 24,343 7 24,350
Payments to non-controlling
interest - - - - - (17) (17)
Dividends to equity
shareholders - - - (16,784) (16,784) - (16,784)
Balance at 1 April
2019 4,074 555 55,727 1,879,998 1,940,354 167 1,940,521
(Loss)/profit for
the period - - - (11,352) (11,352) 81 (11,271)
Foreign exchange
translation differences - - 24,019 - 24,019 10 24,029
Payments to non-controlling
interest - - - - - (49) (49)
Dividends to equity
shareholders - - - - - - -
Balance at 30 September
2019 4,074 555 79,746 1,868,646 1,953,021 209 1,953,230
======== ======== ============ ========== ============== ============ ==========
Consolidated Balance Sheet as at 30 September
2019
Unaudited Unaudited Audited
30 Sep
2019 30 Sep 2018 31 Mar 2019
----------- ----------------------- ------------
GBP000 GBP000 GBP000
Assets
Investment property 2,551,808 2,468,822 2,532,518
Deferred tax assets 446 54 226
Total non-current assets 2,552,254 2,468,876 2,532,744
----------- ----------------------- ------------
Properties held for sale 70,139 - 70,997
Trade and other receivables 71,403 81,398 66,716
Current investments 147 154 151
Cash and cash equivalents 156,246 92,794 95,895
Total current assets 297,935 174,346 233,759
----------- ----------------------- ------------
Total assets 2,850,189 2,643,222 2,766,503
=========== ======================= ============
Equity
Share capital 4,074 4,074 4,074
Share premium 555 555 555
Translation reserve 79,746 56,207 55,727
Retained earnings 1,868,646 1,825,678 1,879,998
Total equity attributable
to equity
holders of the parent 1,953,021 1,886,514 1,940,354
Non-controlling interest 209 156 167
Total equity 1,953,230 1,886,670 1,940,521
----------- ----------------------- ------------
Liabilities
Lease obligations payable 6,886 - -
Loans and borrowings 488,173 308,746 418,069
Deferred tax liabilities 291,374 287,981 293,431
Total non-current liabilities 786,433 596,727 711,500
----------- ----------------------- ------------
Loans and borrowings 7,027 58,035 12,685
Trade and other payables 65,184 54,572 58,677
Current taxation 38,315 47,218 43,120
Total current liabilities 110,526 159,825 114,482
----------- ----------------------- ------------
Total liabilities 896,959 756,552 825,982
----------- ----------------------- ------------
Total equity and liabilities 2,850,189 2,643,222 2,766,503
=========== ======================= ============
Equity shareholders' funds
per share GBP119.85 GBP115.77 GBP119.07
=========== ======================= ============
Consolidated Statement of Cash Flows for the six months ended
30 September 2019
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2019 2018 2019
--------- ----------- --------- ----------- ---------- ---------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cash flows from operating
activities
Net cash generated from
operations 31,371 17,186 61,506
Interest received 721 481 1,048
Interest
paid (8,693) (7,559) (15,486)
Tax paid (7,578) (4,553) (8,855)
Net cash from operating
activities 15,821 5,555 38,213
Cash flows from investing
activities
Acquisition and development
of investment property (10,308) (21,725) (108,463)
Proceeds from sale of investment
property 5,182 6,286 16,098
Net cash absorbed by investing
activities (5,126) (15,439) (92,365)
Cash flows from
financing activities
Repayment of bank loans (880) (1,049) (59,603)
New bank loans and overdrafts 30,000 - 60,000
Repayment of mortgages (17,849) (9,775) (40,063)
New mortgages 34,326 9,737 102,814
Dividends paid - - (16,784)
Payments to non-controlling
interest (49) (11) (17)
Net cash generated
from/(absorbed
by) financing activities 45,548 (1,098) 46,347
----------- ----------- ---------
Net increase/(decrease)
in cash and cash equivalents 56,243 (10,982) (7,805)
Cash and cash equivalents brought
forward 95,895 98,752 98,752
Effect of exchange rate fluctuations
on cash held 4,108 5,024 4,948
Cash and cash equivalents 156,246 92,794 95,895
=========== =========== =========
Notes to the Consolidated Interim Financial Statements for the six months ended 30 September 2019
1. Basis of preparation
This interim financial information has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the European Union. The accounting policies, methods of computation and presentation are consistent with those that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 March 2019 with the exception of the accounting policy for leases.
The Group has adopted IFRS 16 Leases for the first time. There have been no changes to the accounting policies where the Group is a lessor. Where the Group is a lessee, a right of use asset and lease liability have been recognised. Prior year figures have not been restated. The Group has recognised as liabilities amounts payable under the leases. The lease liability and corresponding right of use asset, which is included in investment property, of GBP6,903,000 recognised at 30 September 2019 represents the present value of the remaining minimum lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable.
The Directors have considered the result of the endorsement by the EU of all other 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 ended 31 March 2020 and concluded that they have no material effect on either the current or prior periods.
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 2019 was unqualified and did not contain a statement under section 498 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2019 have been delivered to the Registrar of Companies. The interim financial statements were approved by the Board of Directors on 26 November 2019. 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 GBP000 GBP000 GBP000 GBP000
30 September 2019
Rental and related income 50,986 32,012 - 82,998
Property operating expenses (26,771) (16,887) - (43,658)
Profit/(loss) on disposal
of property 3,497 (233) - 3,264
Net valuation movements
on property 2,856 (46,136) - (43,280)
Administrative expenses (6,447) (652) - (7,099)
Profit/(loss) before finance
costs 24,121 (31,896) - (7,775)
Net financing expense (4,381) (6,145) - (10,526)
Profit/(loss) before taxation 19,740 (38,041) - (18,301)
Income tax charge (2,728) 9,758 - 7,030
Profit/(loss) for the period 17,012 (28,283) - (11,271)
========== ========== ============= ==========
Capital expenditure 6,899 3,330 - 10,229
========== ========== ============= ==========
As at 30 September 2019
Investment property 1,802,404 749,404 - 2,551,808
Other assets 189,532 121,437 (12,588) 298,381
---------- ---------- ------------- ----------
Total segment assets 1,991,936 870,841 (12,588) 2,850,189
Total segment liabilities (433,871) (475,676) 12,588 (896,959)
---------- ---------- ------------- ----------
Capital employed 1,558,065 395,165 - 1,953,230
========== ========== ============= ==========
UK USA Eliminations Total
---------- ---------- ------------- ----------
For the six months ended GBP000 GBP000 GBP000 GBP000
30 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 0 - 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
========== ========== ============= ==========
4. Taxation
The tax charge in the interim statement is in line with the current UK and US statutory rates after removing prior year items. The Group reached an agreement with HMRC to settle their enquiry into historical financing arrangements in November 2019. The Group made a payment of tax and associated interest on settlement in line with the accruals made at 31 March 2019.
5. Dividends
No dividends were paid in the six months ended 30 September 2019 (six months ended 30 September 2018: GBPNil).
6. Investment properties
The Directors have estimated the value of the investment properties at 30 September 2019 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 2020. Post period end we completed our sale of the Middlesex Street site to Unite which was shown in Properties held for sale at period end.
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 2019 30 Sep 2018 31 Mar 2019
Book Value Fair Book Value Fair Book Value Fair
Value Value Value
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Loans and borrowings 495,200 531,808 366,781 371,328 430,754 450,770
Interest rate
swaps 2,622 2,622 321 321 1,328 1,328
497,822 534,430 367,102 371,649 432,082 452,098
=========== ======== =========== ======== =========== ========
Current 9,649 13,554 58,356 58,639 14,013 15,927
Non-current 488,173 520,876 308,746 313,010 418,069 436,171
497,822 534,430 367,102 371,649 432,082 452,098
=========== ======== =========== ======== =========== ========
In both 2019 and 2018 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 2019, the aggregate net amounts due to Highdorn Co. Limited and Freshwater Property Management Limited from the Group in relation to such agency receipts and payments was GBP1.7 million (2018: Due from Highdorn/FPM GBP9.4 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 GBP1.9 million (six months ended 30 September 2018: GBP2.6 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 2019.
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 2019. A list of current Directors is maintained on the Daejan Holdings PLC website www.daejanholdings.com.
B S E Freshwater
Chairman
27 November 2019
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 CKADQFBDDPDB
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