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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Energiser Investments Plc | LSE:ENGI | London | Ordinary Share | GB00B06CZD75 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.65 | 0.60 | 0.70 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMENGI
29 May 2018
ENERGISER INVESTMENTS PLC
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2017
CHAIRMAN'S STATEMENT
Introduction
I am delighted to report on the Group's performance for the year ended 31
December 2017.
During the year we sold the investment properties at Wellingborough for a
consideration of GBP2,800,000, the majority of the priority return from the
Kingswood 12 unit development loan was also received in the year for a total of
GBP773,000.
Results
The gross rental income from the Wellingborough investment portfolio of 20
residential properties prior to the sale was GBP138,000 (2016: GBP160,000). The net
rental income, after relevant operating costs, was GBP104,000 (2016: GBP118,000).
Administrative costs were GBP235,000 (2016: GBP110,000) due to increasing
investment activity in the year. Finance costs fell to GBP54,000 (2016: GBP208,000)
due to lower interest payments following the repayment of the funding for the
development at Kingswood, Surrey. The profit before taxation was GBP604,000
(2016: loss GBP211,000) mainly due to the GBP773,000 priority return received from
the mezzanine funding project with earnings per share of 0.46p (2016: loss
0.40p).
Net assets have increased slightly to GBP1,774,000 (2016: GBP1,748,000) following
disposals and repayment of debt. This results in a net asset value per share at
the year end of 1.43p (2016: 1.41p). Net asset value per share is calculated by
dividing the net assets of the Group by the number of ordinary shares in
existence at the balance sheet date.
Operations
The 20 properties in Wellingborough were sold during the year as outlined was
being considered in last year's announcement.
Our investment in the development funding of 12 residential properties in
Kingswood, Surrey was repaid in the prior year. As at the year end the
remaining monies owed via the priority were repaid albeit at slightly less than
the full amount.
The Group has continued to fully provide against its investment in EiRx
Therapeutics plc, which was placed in creditors' voluntary liquidation in 2015.
The key investment activity came after the year end, in February and April
2018. This involved investment in a GBP491,100 short term loan secured on
property in Croydon paying 7.5% p.a., and an investment of GBP1,704,997 for a
24.7% shareholding in KCR Residential REIT Plc, an AIM quoted Real Estate
Investment Trust focused on owning rented blocks of one and two bed reanted
apartments in the residential property sector. This activity is not reflected
in the 2017 year end accounts. It will be reported in full in the Interim
statement for the period to 30 June 2018.
Outlook
The Group's strategy is to invest in quoted and unquoted companies to achieve
capital growth. Our focus is predominantly on investment opportunities within
the real estate sector. In 2018 we will continue to actively manage our
investments and uncover and transact in further accretive investment
opportunities.
Stephen Wicks
Group strategic report
for the year ended 31 December 2017
The Directors present their Strategic Report on the Group for the year ended 31
December 2017.
Review of the business
The Company is registered as a Public Limited Company (plc). The Company's
shares of 0.1p each are listed on AIM, part of the London Stock Exchange.
The Group invests in quoted and unquoted companies to achieve capital growth.
The Group also held investment properties during the year whereby the
properties are held with rental income arising from short-term lets. It also
provides mezzanine finance to housebuilders.
Results and performance
The results of the Group for the year, show a profit on ordinary activities
before and after taxation of GBP604,000 and GBP572,000 respectively (2016: loss GBP
211,000). The shareholders' funds for the Group total GBP1,774,000 (2016: GBP
1,748,000).
The performance of the rental investment during 2017 was less than 2016 due to
the sale of the properties part way through the year. During the year the Group
received GBP773,000 out of the GBP785,000 priority return relating to the Kingswood
development of 12 residential units in Surrey, being slightly less than the
full amount originally expected due to less profit being made by the
development.
Strategy
Energiser's strategy as an Investing Company is to invest, directly or
indirectly, in quoted and unquoted companies and in the property sector to
achieve capital growth in the medium term.
Key performance indicators ('KPIs')
The Group's KPIs are the return on project investment and the net assets
position of the Group including net assets per share. These indicators are
monitored by the Board and the details of performance against these are given
below.
2017 2016
Return on project investment GBP104,000 GBP118,000
Return on project funding GBP
773,000 -
Net assets GBP GBP1,748,000
1,774,000
Net assets per ordinary share 1.43p 1.41p
Principal risks and uncertainties
The management of the business and the nature of the Group's strategy are
subject to a number of risks. The Directors have set out below the principal
risks facing the business. Where possible, processes are in place to monitor
and mitigate such risks. The Group operates a system of internal control and
risk management in order to provide assurance that the Board is managing risk
whilst achieving its business objectives. No system can fully eliminate risk
and, therefore, the understanding of operational risk is central to the
management process.
To enable shareholders to appreciate what the business considers are the main
operational risks, they are briefly outlined below:
Risk Potential impact Strategy
Housing market A fall in the Inability to realise The Group seeks to ensure that
housing market in maximum value in a funding provided to housebuilders
the regions in timely fashion is for developments in areas that
which the Group Adverse effect on the are likely to be least affected
operates timing of sales by a decline in the housing
market
Interest rates Significant upward Increased borrowing The Group mitigates any adverse
changes in costs and a detrimental exposure to interest rate changes
interest rates effect on profit by controlling its gearing
Future developments
The Group will continue to focus on direct investment in the equity and debt
capital of property assets. It will also look to increase its exposure to
property by investing in property operating companies such
as serviced-residential, serviced-storage or serviced-leisure that combine an
interest in a property portfolio with an overriding operating business.
By order of the Board
Stephen Wicks
Non-executive Chairman
Group statement of comprehensive income
for the year ended 31 December 2017
2017 2016
GBP'000 GBP'000
Continuing operations
Revenue arising in the course of ordinary activities 138 160
Cost of sales (34) (42)
Gross profit 104 118
Administrative expenses (235) (110)
Operating (loss)/profit (131) 8
Finance costs (54) (208)
Finance income - (11)
Gain on sale of investment properties 16 -
Gain on financial instrument 773 -
Profit/(loss) before taxation 604 (211)
Taxation (32) -
Profit/(loss) for the year attributable to shareholders of 572 (211)
the Group
Other comprehensive income/(loss)
Items that may be subsequently reclassified to profit or loss
Change in value of available-for-sale financial assets - (5)
Related deferred taxation - 14
Other comprehensive income for the year, net of tax - 9
Total comprehensive profit/(loss) for the year attributable 572 (202)
to shareholders of the Group
Profit per share
Basic and diluted profit/(loss) per share from total and 0.46p (0.40)p
continuing operations
Diluted profit/(loss) per share is taken as equal to the basic profit/(loss)
per share as the Company's average share price during the period is lower than
the exercise price of the share options and therefore the effect of including
share options is anti-dilutive.
Group statement of financial position
as at 31 December 2017
2017 2016
GBP'000 GBP'000
ASSETS
Non-current assets
Investment property - 2,844
- 2,844
Current assets
Trade and other receivables 33 72
Available-for-sale financial assets - 553
Cash and cash equivalents 1,959 1,120
1,992 1,745
Total assets 1,992 4,589
LIABILITIES
Current liabilities
Trade and other payables 185 733
Short-term borrowings - 694
Tax and social security 33 126
218 1,553
Non-current liabilities
Long-term borrowings - 1,288
- 1,288
Total liabilities 218 2,841
Net assets 1,774 1,748
EQUITY
Share capital 2,392 2,392
Share premium account 7,189 7,198
Convertible loan 88 88
Merger reserve 1,012 1,012
Revaluation reserve - 537
Retained earnings (8,907) (9,479)
Total equity 1,774 1,748
Group statement of changes in equity
for the year ended 31 December 2017
Share Share Convertible Merger Revaluation Retained Total
capital premium loan reserve reserve earnings equity
GBP'000 account GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
At 1 January 2016 2,312 5,747 88 1,012 528 (9,268) 419
Total comprehensive loss - - - - 9 (211) (202)
Issue of equity 80 1,451 - - - - 1,531
Balance at 31 December 2,392 7,198 88 1,012 537 (9,479) 1,748
2016
Total comprehensive - - - - (537) 572 35
profit
Issue of equity - (9) - - - - (9)
Balance at 31 December 2,392 7,189 88 1,012 - (8,907) 1,774
2017
Group statement of cash flows
for the year ended 31 December 2017
2017 2016
GBP'000 GBP'000
Cash flows from operating activities
Profit/(Loss) before taxation 604 (211)
Adjustments for:
Profit on sale of investment properties (16) -
Interest expense 54 208
Interest income
- 11
Decrease/(Increase) in trade and other receivables 51 (33)
(Decrease)/Increase in trade and other payables (641) (127)
Net cash generated by/(used in) operating activities 52 (152)
Cash flows from investing activities
Mezzanine finance facility repaid 16 3,408
Sale of investment properties 2,816 -
Net cash generated by investing activities 2,832 3,408
Cash flows from financing activities
Net proceeds on the issue of ordinary shares (9) 1,530
Repayment of borrowings (1,982) (3,670)
Interest paid (54) (214)
Net cash used in financing activities (2,045) (2,354)
Net increase in cash and cash equivalents 839 902
Cash and cash equivalents at beginning of financial year 1,120 218
Cash and cash equivalents at end of financial year 1,959 1,120
Note:
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2017 or 2016 but is derived
from those accounts. Statutory accounts for 2016 have been delivered to the
registrar of companies, and those for 2017 will be delivered in due course. The
auditors have reported on those accounts; their reports were (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
in respect of the accounts for 2017 or 2016.
The AGM will be held at Decimal Place, Chiltern Avenue, Amersham,
Buckinghamshire, HP6 5FG at 11.00 am on 29 June 2018.
The Company's Annual Report and Accounts along with the Notice of Annual
General Meeting will be posted to shareholders shortly and will be available to
view and download on the Company's website at http://
www.energiserinvestments.co.uk/.
For further information contact:
Energiser Investments plc +44 (0) 1494 762450
Dominic White
Nishith Malde
Cairn Financial Advisers LLP +44 (0)20 7213 0880
Jo Turner
Sandy Jamieson
END
(END) Dow Jones Newswires
May 29, 2018 02:00 ET (06:00 GMT)
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