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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 : 3380G
Daejan Holdings PLC
23 July 2019
23 July 2019
DAEJAN HOLDINGS PLC
UNAUDITED PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2019
The Chairman, Mr B S E Freshwater, today announced Preliminary Results for the year to 31 March 2019.
The financial highlights for the year ended 31 March 2019 are as follows:
Hot Features
Premium
2019 2018
GBP000 GBP000
Investment property 2,532,518 2,373,184
Properties held for sale 70,997 -
Net rental and related income
from investment property 76,581 66,478
Profit before taxation 137,832 201,262
Income tax (17,853) 1,696
Profit for the year 119,979 202,958
Total equity 1,940,521 1,812,993
Equity shareholders' funds GBP119.07 GBP111.25
per share
Earnings per share GBP7.36 GBP12.45
-- The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of GBP83,928,000 (2018 - GBP146,438,000).
-- Rental and related income from investment property has increased in the year by 9.3% (2018 - 1.5%) The increase has principally been driven in the UK by the completion of the Travelodge hotel and other developments. In the USA the main factor has been the acquisition of three new residential properties at a total cost of $98 million.
-- The Board has recommended a final dividend of 71p per share in respect of the year ended 31 March 2019 payable on 1 November 2019 to shareholders on the register on 4 October 2019. This will make a total dividend for the year of 106p (2018 - 103p).
-- Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of the parent of GBP119,893,000 (2018 - GBP202,889,000) and 16,295,357 (2018 - 16,295,357) ordinary shares being the weighted average number of ordinary shares in issue during the year. Equity shareholders' funds per share is calculated by reference to total equity attributable to equity holders of the parent of GBP1,940,354,000 (2018 - GBP1,812,902,000) and the ordinary shares detailed above.
DAEJAN HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2019
Year Year
ended ended
31 March 31 March
2019 2018
GBP000 GBP000
Gross rental income 142,364 131,323
Service charge income 13,797 11,562
--------------------------------------------------- --------- ---------
Total rental and related income from investment
property 156,161 142,885
Property operating expenses (79,580) (76,407)
--------------------------------------------------- --------- ---------
Net rental and related income from investment
property 76,581 66,478
Profit on disposal of investment property 12,203 11,893
Net valuation gains on investment property 83,928 146,438
Administrative expenses (13,904) (13,263)
--------------------------------------------------- --------- ---------
Net operating profit before net financing costs 158,808 211,546
--------------------------------------------------- --------- ---------
Fair value (losses)/gains on derivative financial
instruments (167) 1,923
Fair value (losses)/gains on current investments (5) 6
Other financial income 1,048 581
Financial expenses (21,852) (12,794)
--------------------------------------------------- --------- ---------
Net financing costs (20,976) (10,284)
--------------------------------------------------- --------- ---------
Profit before taxation 137,832 201,262
Income tax (17,853) 1,696
--------------------------------------------------- --------- ---------
Profit for the year 119,979 202,958
--------------------------------------------------- --------- ---------
Attributable to:-
Equity holders of the parent 119,893 202,889
Non-controlling interest 86 69
--------------------------------------------------- --------- ---------
Profit for the year 119,979 202,958
--------------------------------------------------- --------- ---------
Basic and diluted earnings per share GBP7.36 GBP12.45
--------------------------------------------------- --------- ---------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2019
Year ended Year ended
31 March 31 March
2019 2018
GBP000 GBP000
Profit for the year 119,979 202,958
Foreign exchange translation differences 24,350 (29,759)
------------------------------------------ ----------- -----------
Total comprehensive income for the year 144,329 173,199
------------------------------------------ ----------- -----------
Attributable to:
Equity holders of the parent 144,236 173,156
Non-controlling interest 93 43
------------------------------------------ ----------- -----------
Total comprehensive income for the year 144,329 173,199
------------------------------------------ ----------- -----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2019
Issued Equity
share Translation Retained shareholders' Minority
capital Share premium reserve earnings funds interest Total 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
year - - - 202,889 202,889 69 202,958
Foreign exchange
translation
differences - - (29,733) - (29,733) (26) (29,759)
Distributions to
minority
interest - - - - - (192) (192)
Dividends to
equity
shareholders - - - (15,969) (15,969) - (15,969)
----------------- ---------- -------------- ------------ ----------- ----------------- ---------- -------------
Balance at 31
March 2018 4,074 555 31,384 1,776,889 1,812,902 91 1,812,993
Profit for the
year - - - 119,893 119,893 86 119,979
Foreign exchange
translation
differences - - 24,343 - 24,343 7 24,350
Distributions to
minority
interest - - - - - (17) (17)
Dividends to
equity
shareholders - - - (16,784) (16,784) - (16,784)
----------------- ---------- -------------- ------------ ----------- ----------------- ---------- -------------
Balance at 31
March 2019 4,074 555 55,727 1,879,998 1,940,354 167 1,940,521
----------------- ---------- -------------- ------------ ----------- ----------------- ---------- -------------
DAEJAN HOLDINGS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2019
31 March 31 March
2019 2018
GBP000 GBP000
Assets
Investment property 2,532,518 2,373,184
Deferred tax assets 226 197
Total non-current assets 2,532,744 2,373,381
--------------------------------------------- ---------- ----------
Trade and other receivables 66,716 62,714
Current investments 151 158
Cash and cash equivalents 95,895 98,752
Properties held for sale 70,997 -
Total current assets 233,759 161,624
--------------------------------------------- ---------- ----------
Total assets 2,766,503 2,535,005
--------------------------------------------- ---------- ---------- Equity Share capital 4,074 4,074 Share premium 555 555 Translation reserve 55,727 31,384 Retained earnings 1,879,998 1,776,889 --------------------------------------------- ---------- ---------- Total equity attributable to equity holders of the parent 1,940,354 1,812,902 Non-controlling interest 167 91 --------------------------------------------- ---------- ---------- Total equity 1,940,521 1,812,993 --------------------------------------------- ---------- ---------- Liabilities Loans and borrowings 418,069 296,501 Deferred tax liabilities 293,431 271,807 --------------------------------------------- ---------- ---------- Total non-current liabilities 711,500 568,308 --------------------------------------------- ---------- ---------- Loans and borrowings 12,685 53,958 Trade and other payables 58,677 52,489 Current taxation 43,120 47,257 --------------------------------------------- ---------- ---------- Total current liabilities 114,482 153,704 --------------------------------------------- ---------- ---------- Total liabilities 825,982 722,012 --------------------------------------------- ---------- ---------- Total equity and liabilities 2,766,503 2,535,005 --------------------------------------------- ---------- ----------
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2019
Year Year
ended ended
31 March 31 March
2019 2018
GBP000 GBP000 GBP000 GBP000
Cash flows from operating activities
Cash generated from operations 61,506 56,480
Interest received 1,048 581
Interest paid (15,486) (12,592)
Tax paid (8,855) (8,967)
Net cash from operating activities 38,213 35,502
------------------------------------------- ---------- --------- --------- ----------
Cash flows from investing activities
Acquisition and development of investment
property (108,463) (39,424)
Proceeds from sale of investment
property 16,098 16,085
------------------------------------------- ---------- --------- --------- ----------
Net cash absorbed by investing activities (92,365) (23,339)
------------------------------------------- ---------- --------- --------- ----------
Cash flows from financing activities
Repayment of bank loans (59,603) (2,509)
New bank loans 60,000 15,000
Repayment of mortgages (40,063) (58,398)
New mortgages 102,814 70,216
Dividends paid to equity holders
of the parent (16,784) (15,969)
Payments to non-controlling interest (17) (192)
------------------------------------------- ---------- --------- --------- ----------
Net cash generated by financing
activities 46,347 8,148
------------------------------------------- ---------- --------- --------- ----------
Net (decrease)/increase in cash
and cash equivalents (7,805) 20,311
Cash and cash equivalents brought
forward 98,752 84,283
Effect of exchange rate fluctuations
on cash held 4,948 (5,842)
------------------------------------------- ---------- --------- --------- ----------
Cash and cash equivalents 95,895 98,752
------------------------------------------- ---------- --------- --------- ----------
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 2019 or 2018. The financial information for 2018 is derived from the statutory accounts for 2018 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2018 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 2019 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 2018, as set out in those accounts as delivered to the Registrar of Companies. The statutory accounts for 2019 will be delivered to the Registrar of Companies following the Company's next Annual General Meeting.
2. 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 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. 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 GBP1,875,195,000 at 31 March 2019 and in the US the aggregate amount of the valuation is GBP750,468,000 at 31 March 2019. Both are based on the open market values assessed in accordance with professional standards. The aggregate professional valuations included in Investment property on the balance sheet have been reduced by an amount of GBP70,997,000 transferred to Properties held for sale and GBP22,148,000 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 particular, the Group is discussing the treatment of historical financing arrangements with 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.
3. Segmental Analysis
UK USA Eliminations Total
---------- ---------- ------------- ----------
For the year ended 31 March GBP000 GBP000 GBP000 GBP000
2019
Rental and related income 100,364 55,797 - 156,161
Property operating expenses (48,831) (30,749) - (79,580)
Profit/(loss) on disposal
of property 12,728 (525) - 12,203
Net valuation movements on
property 51,845 32,083 - 83,928
Administrative expenses (13,085) (819) - (13,904)
Profit before finance costs 103,021 55,787 - 158,808
Net financing expense (12,212) (8,764) - (20,976)
Profit before taxation 90,809 47,023 - 137,832
Income tax charge (13,725) (4,128) - (17,853)
Profit for the year 77,084 42,895 - 119,979
========== ========== ============= ==========
Capital expenditure 23,644 81,858 - 105,502
========== ========== ============= ==========
As at 31 March 2019
Investment property 1,785,746 746,772 - 2,532,518
Other assets 152,777 92,979 (11,771) 233,985
---------- ---------- ------------- ----------
Total segment assets 1,938,523 839,751 (11,771) 2,766,503
Total segment liabilities (396,165) (441,588) 11,771 (825,982)
---------- ---------- ------------- ----------
Capital employed 1,542,358 398,163 - 1,940,521
========== ========== ============= ==========
UK USA Eliminations Total
---------- ---------- ------------- ----------
For the year ended 31 March GBP000 GBP000 GBP000 GBP000
2018
Rental and related income 92,395 50,490 - 142,885
Property operating expenses (47,278) (29,129) - (76,407)
Profit/(loss) on disposal
of property 12,900 (1,007) - 11,893
Net valuation movements on
property 97,504 48,934 - 146,438
Administrative expenses (12,600) (663) - (13,263)
Profit before finance costs 142,921 68,625 - 211,546
Net financing expense (3,352) (6,932) - (10,284)
Profit before taxation 139,569 61,693 - 201,262
Income tax (charge)/credit (21,883) 23,579 - 1,696
Profit for the year 117,686 85,272 - 202,958
========== ========== ============= ==========
Capital expenditure 32,057 8,580 - 40,637
========== ========== ============= ==========
As at 31 March 2018
Investment property 1,783,506 589,678 - 2,373,184
Other assets 84,777 87,821 (10,777) 161,821
---------- ---------- ------------- ----------
Total segment assets 1,868,283 677,499 (10,777) 2,535,005
Total segment liabilities (385,452) (347,337) 10,777 (722,012)
---------- ---------- ------------- ----------
Capital employed 1,482,831 330,162 - 1,812,993
========== ========== ============= ==========
4. Taxation
The Group's overall effective tax rate was 13.0% charge (2018 - 0.8% credit). In the UK, the effective tax rate was 15.1% (2018 - 15.7%). In the USA, the effective rate was 8.8% charge (2018 - 38.2% credit). In the USA we had a tax credit in 2018 due to the Trump administration change in the USA corporate tax rate from 35% to 21% which led us to recalculate our USA deferred tax liabilities as well.
5. Dividends
Dividends of GBP16.8m (2018:GBP16.0m) were paid in the year ended 31 March 2019.
6. Investment Properties
A full valuation of the Group's properties has been carried out by individual professional valuers at 31 March 2019.
2019 2018
GBP000 GBP000
Opening valuation 2,373,184 2,256,800
New acquisitions 77,477 1,069
Additions to existing properties 28,025 39,568
Transfer to properties held for sale (70,997) -
Disposals (4,339) (4,134)
---------- ----------
2,403,350 2,293,303
---------- ----------
Revaluation gain 83,928 146,438
Foreign exchange gain/(loss) 45,240 (66,557)
---------- ----------
Closing valuation 2,532,518 2,373,184
---------- ----------
7. Cash generated from operations
2019 2018
GBP000 GBP000
Net operating profit before net financing
costs 158,808 211,546
Adjusted for:
Net valuation gain on investment property (83,928) (146,438)
Net gain on sale of investment property (12,203) (11,893)
Net valuation loss on listed investments 2 10
--------- --- ----------
Cash flows from operations before changes
in working capital
Changes in working capital: 62,679 53,225
Change in trade and other receivables (2,982) 366
Change in trade and other payables 1,809 2,889
--------- --- ----------
Working capital movement (1,173) 3,255
--------- --- ----------
Cash generated from continuing operations 61,506 56,480
--------- --- ----------
8. 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 the 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 interest rate swaps are initially recognised and subsequently recorded at fair value, with any movement being recorded in the consolidated income statement. The fair values of all interest rate swaps and fixed rate loans 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, it's counterparty and fees.
Unaudited Audited
31 March 2019 31 March 2018
Book Value Fair Value Book Value Fair Value
GBP000 GBP000 GBP000 GBP000
Loans and borrowings 430,754 450,770 350,459 358,199
Interest rate swaps 1,328 1,328 1,161 1,161
----------- ----------- ----------- -----------
432,082 452,098 351,620 359,360
----------- ----------- ----------- -----------
Current 14,013 15,927 55,119 55,898
Non-current 418,069 436,171 296,501 303,462
----------- ----------- ----------- -----------
432,082 452,098 351,620 359,360
----------- ----------- ----------- -----------
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 instruments of the Group.
9. Related party transactions
Day-to-day management of the Group's properties in the UK is mainly carried out by Highdorn Co. Limited ("Highdorn") and by Freshwater Property Management Limited ("FPM"). Mr BSE Freshwater and Mr SI Freshwater are directors of both companies. They have no beneficial interest in the share capital of Highdorn. Mr BSE Freshwater, Mr SI Freshwater and Mr D Davis are directors of the parent company of FPM 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.
In their capacity as property managing agents, Highdorn and FPM collect rents and incur direct property expenses on behalf of the Group. At 31 March 2019, the aggregate net amount due from the Group to Highdorn and FPM was GBP0.5 million (2018 - GBP2.7 million due to the Group from Highdorn and FPM). 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 amount charged to the Group for the provision of property and other management services by Highdorn and FPM for the year ended 31 March 2019 was GBP4.9 million (2018 - GBP6.2 million).
10. The Annual General Meeting will be held at 2:30 pm on Tuesday 17 September 2019 in The Connaught Rooms, 61-65 Great Queen Street, London WC2B 5DA.
For further information call:
Mark Jenner
Company Secretary
Daejan Holdings PLC
020 7836 1555
Victoria Dodson
Weber Shandwick
020 7067 0700
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
FR QLLFLKDFEBBX
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July 23, 2019 02:00 ET (06:00 GMT)
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