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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Teesland | LSE:TLD | London | Ordinary Share | GB0031695223 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 189.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7815E Teesland Plc 28 September 2007 1 October 2007 Embargoed for 7.00 Teesland plc ("Teesland" or the "Company") Results for the year to 30 June 2007 Teesland plc (LSE: TLD), the UK and European property fund and asset management group announces preliminary results for the year ended 30 June 2007. Highlights: * Funds under management grew by 25% * Recurring fees increased by 71% across the year * Infrastructure extended and improved throughout Europe * Teesland became part of Valad Property Group in July 2007 FY07 FY06 Growth Funds under management #4.0bn #3.2 bn +25% Revenue #38.4m #30.6 m +25% Other income and trading profits #2.9m #8.4 m -65% Admin expenses, excluding bid costs #34.1m #25.5 m +33% Profits, pre tax, interest depreciation, #7.7m #13.9 m +45% amortisation and bid costs For further information: Teesland plc: 020 7659 6666 Mickola Wilson, Chief Executive Tavistock Communications Limited: 020 7920 3150 Jeremy Carey/ Rachel Drysdale CHAIRMAN'S STATEMENT It gives me pleasure to present my first Chairman's statement of the Company since I assumed the Chairmanship from Kevin McCabe on 12 March 2007. 2007 has been both an interesting and challenging year for Teesland. Funds and assets under management have continued to grow to #4.0bn (#3.2bn at 30 June 2006) with the main areas of increase being in Continental Europe, especially Germany and the Nordic Region, where the Nordic Aktiv Fund was successfully launched and fully invested. This demonstrates the importance of both the Group's wide spread operating platform and the warehousing opportunities offered by the SCP joint venture between the Scarborough Group and Bank of Scotland. The growing trend towards internationally spread real estate operating business and the increasing liquidity of international capital has meant that businesses such as Teesland will attract the interest of real estate groups and investors. As part of its review of its entire real estate business, SCAMP Holdings (SCAMP) (a company related to Kevin McCabe) made an Offer for the Company on 21 December 2006. This Offer was recommended by the Independent Directors of the Company and became unconditional on 1 February 2007 when SCAMP had achieved a holding in the Company's shares of 72.3%. Another investor, Polygon now owns a further 26.1% of the Company's shares. The Group incurred costs of #2.4 m in relation to the Offer, principally for the services of professional corporate advisors. Group turnover for the year ended 30 June 2007 was #38.4 million (2006: #30.6 million). An increase of 25% on the previous year. Profit before tax, bid advisory costs, share of associate's and joint venture's tax, and amortisation of intangibles for the year was #5.9 million (2006: #12.8 million including the Darien profits effect of #1.2 million a transaction originally due to occur in 2004/05) a decrease of 54% on the previous year. During the Offer process, SCAMP announced that it had served notice on Teesland that it was cancelling the management contract for the SCP initiative in the year ending June 2008 and that it would not be renewing certain development project management contracts as they fell due for renewal during the same year. Due to the uncertainty relating to SCP and other contracts, the Board is not recommending a dividend for the year (2006: 1.95p per share). Other significant occurrences during the year were the buy out of the remaining minority interests in the Group's Nordic and Central European operations which result in the Group having 100% ownership of its key European operational platform. In addition the Group acquired Partnership Incorporations Limited (PIL), a specialist launch manager and operator of regulated collective investment vehicles, specialising in the real estate sector. PIL should help the Group to speed up its launch process for new funds as well as enhancing its specialist regulated activities. The year ahead will be exciting as the Group looks to build its business, both in Europe and the UK as well as build its relationship with its new majority owners Valad Property Group which acquired SCAMP on 10 July 2007. I would like to take this opportunity to express my gratitude to all colleagues and staff who have worked so hard during this year. I would like personally to thank those directors, David Pickard and Dr Stanley Quek who have both stood down after several years of hard work for the Group and John Sims who has now become a consultant to the Group rather than a full time director. CHARLES LEWIS Chairman 28 September 2007 CHIEF EXECUTIVE'S REVIEW Investment Funds The funds under management ("FUM") have increased during the year from #3.2bn (Euro4.6bn) to #4.0bn (Euro5.9bn) at 30 June 2007. The main increases occurred in the European markets, with the result that 59% of FUM now derives from Europe. The funds have continued to provide investors with good performance with Osprey and The Industrial Trust placed in leading positions within their relevant index. The EHI fund completed its acquisition programme by December 2006, creating a portfolio of over Euro750m in France, Germany, Netherlands and Denmark. The fund has provided investors with access to these markets at a time of strong growth and achieved a total return of over 25%. The EIP portfolio has also provided strong returns as a product of good market growth and the added value created by a series of asset management initiatives. The total return for this fund to June 2007 is 34%. The Nordic Region increased the assets under management by Euro745m to Euro1.2bn. The Nordic Aktiv fund was launched in November 2006 and completed its acquisition programme by the spring of 2007. The performance to date has also been exceptional and this has been well received by its high quality panel of investors. In Germany the assets under management also increased to almost Euro1bn, with further purchases of two large portfolios of mixed commercial property for SCP (Scarborough Continental Partners) which are being held in a warehouse vehicle pending the launch of the German Activ Fund planned for Autumn 2007. In Central Europe, the CEIF fund has continued to expand with Euro138m being acquired or committed. The fund has also altered its focus slightly by now adding Romania to the existing core target countries of Poland, the Czech Republic and Hungary. In the UK, Osprey continued to grow to reach FUM of #295m by June 2007; it also continued to provide investors with strong performances with total returns of 17.7%, retaining the fund's position of second place in its category of the HSBC /AREF Pooled Property Fund Indices. Our listed fund Teesland Advantage Property Trust TAP with #275m of assets is now in the mid range of its sector following an equity raising and major expansion in the early part of 2006. The Industrial Trust has ended the year with assets of #463m, following a major programme of sales (#42m) and acquisitions (#33m) designed to improve the overall quality of the portfolio. The portfolio performance has improved significantly following the major expansion in 2005 and with a total return of 12.2% to June 2007. The fund achieved 17.3% for the twelve months to June, making it the best performing industrial specialist fund in the HSBC / AREF Index. Similarly the IIP portfolio, a joint venture with GIC has been relatively active with acquisitions of #2.9m and undertaking a number of sales to rationalize the portfolio. Operating Divisions and Joint Ventures The UK operating divisions include TDM, the project management team, and TAM, the property management teams, which provide services to the Group's funds and other third party clients. These divisions have continued to provide a valuable contribution to profits and enhance the services available to our clients. The European divisions continued to expand, reflecting growth in assets under management, with new offices opening in Sweden and Finland in the Nordic Region. An additional office was established in Budapest, Hungary in 2006 and it is planned to open an office in Bucharest in the near future. Ascent insurance brokers, our joint venture with PruPIM continues to expand its coverage across Europe using the launch of new Teesland funds as a platform for entry into each market. Similarly Vine Properties, the property management business, our joint venture with Collingwood Rigby, added an additional 582 properties during the year to their assets under management and has reached a very satisfactory level of profitability for a low margin business and added strength and depth to the resources available to our clients. MICKOLA WILSON Chief Executive 28 September 2007 Operating and Financial Review THE GROUP'S BUSINESS Teesland is a European property fund and asset manager providing specialist services to a range of funds and institutions investing in real estate in the UK, Western and Central Europe. The Group is structured as a network of local offices in each country which provide experienced local market professionals who can both access stock and deliver hands on asset management. This is coupled with an experienced fund management team working out of the UK. The Group principally manages properties which are owned by investors via tax efficient collective investment vehicles located both on and off shore with a view to maximising both income and capital returns to those investors. As part of its fund and asset management business, the Group derives income from ancillary property related services including "warehousing", project management, property management and insurance broking. The Group usually precedes the launch of new funds by assembling a seed corn portfolio of investments into a "warehouse" vehicle, in conjunction with a joint venture partner, and invests an amount of its own capital in these vehicles. On launch of the fund, Teesland participates in the ownership of the property through a long term minority investment stake. This provides annual investment income and long term participation in the capital growth of the underlying investments. The market for both direct and indirect property investment in the UK and Continental Europe has continued to grow over the last year. The weight of capital being invested has created pressure not only in terms of asset prices, but also on operators in the market to be able to both source stock at acceptable prices and also provide an asset management capability which can provide and deliver both income and capital growth from the properties. Teesland has built an infrastructure of local offices and expertise which should enable it to deliver both increases in funds under management and above benchmark returns to investors. RESULTS FOR THE YEAR Group turnover for the year ended 30 June 2007 was #38.4 million (2006: #30.6 million). An increase of 25% on the previous year. The level of recurring fees increased during the year by 71%. Operating costs increased ahead of revenues during the year as the Group continued to invest in its infrastructure and have teams in place to manage the growth in funds, especially in its Continental European platform, as seen by the growth in staff numbers. Profit before tax, bid advisory costs, share of associate's and joint venture's tax, and amortisation of intangibles for the year was #5.9 million (2006: #12.8 million including the Darien profits effect of #1.2 million a transaction originally due to occur in 2004/05) a decrease of 54% on the previous year. Unlike 2006, Teesland did not benefit during the year from significant earnings from the disposal of properties either held for warehousing or development. Earnings Per Share (EPS) before amortisation of intangibles and bid advisory costs were 3.24 pence (2006: 7.07 pence of which 6.07 pence was underlying business with 1.00 pence arising from the transaction deferred from 2004/05). The major occurrence during the year was the offer made for the Group by SCAMP Holdings which resulted in that party achieving a stake of 72.3% in the Group. Teesland incurred costs relating to this bid of #2.4 million. In January 2007, SCAMP announced that it was either terminating or not renewing certain key contracts with the Group from early in 2007/08. The Group's core business is principally carried out by its subsidiary operating companies in the UK and Europe. The Group does have 50% joint venture interests in companies which provide ancillary property management, development management and insurance broking services. These joint ventures delivered profits before tax in the year of #1.4 million (2006: #2.4 million). Following the acquisition of the remaining shareholdings in the Nordic operation during the year the Group's European platform is now 100% owned. Finance costs represent the cost to the Group of investing borrowed funds into warehouse ventures. The cost in 2007 of #1.5 million (2006: #1.3 million) reflects the level of usage of these funds during the year as the Group seeks to launch new funds. An analysis of the Group's taxation charge is set out in Note 11 to the financial statements. The Group's Capital Structure is as follows: 2007 2006 #000 #000 Shareholders Equity 74,074 71,180 Minority Interests - 510 74,074 71,690 Net Debt 18,543 16,989 Capital Employed 92,617 88,679 The increased level of net debt reflects the Group's policy of investing in warehouse ventures for future fund launches. SIGNIFICANT TRANSACTIONS On 1 November 2006, the Company purchased the remaining 24.9% shareholding in its Nordic operation for a consideration of 2 million newly issued ordinary shares of 1 pence each and cash consideration of #476,000, giving 100% ownership of all of the Group's European infrastructure. On 11 September 2006, the Group acquired 100% of the ordinary share capital of Partnership Incorporations Limited, a regulated operator and launch manager of collective investment schemes, for a total consideration of #2.3 million. DIVIDENDS Following the cancellation or non-renewal of certain key contracts for the Group, the Directors recommend that no dividend be paid in relation to year ended June 2007 (2006 1.95 pence per share). TREASURY ACTIVITIES AND POLICIES The Group's treasury operations are designed to reduce the financial risks of funding, liquidity, interest and currency rate exposure. The Group has short term facilities denominated in Sterling which have not been fully utilised. These facilities are in place to provide additional working capital for the core business of the Group if it is required. In addition, these funds are available to finance short term "warehousing" projects prior to fund launches. The Group also has a medium term Euro denominated facility which is used to facilitate the growth of the European office infrastructure and co-invest in Euro denominated funds. The Group's financial instruments comprise borrowings, loan assets, cash at bank and other items including trade receivables and trade payables that arise directly from its operations. The Group does not engage in instruments of a speculative nature. Further details of financial instruments are provided in note 25 to the financial statements. The Board regularly reviews and agrees policies for managing risks associated with treasury activities and financial instruments. CORPORATE SOCIAL RESPONSIBILITY The Board recognises the importance of social, environmental and ethical matters in the conduct of the Group's business. Teesland is committed to environmental awareness and endeavours to make a positive contribution to the quality of the environment, both for the present and the future. The Group's environmental policy is approved by the Board and the Chief Executive who are responsible for all environmental matters. PRINCIPAL RISKS AND UNCERTAINTIES Management throughout the Group uses a common model to identify and assess the impact of risks to the business under the four key headings of operational, financial, strategic and external. For each risk the likelihood and consequence are identified, management controls are confirmed and results reported. The corporate governance report describes more about the Group's risk management process. The more significant risks and uncertainties faced by the Group are set out below. Competition There is no guarantee that the Group's competitors will not offer superior products or services to the market or lower fees. Such companies may have greater financial, marketing, operational and technological resources than the Group. Reliance on Property Market Conditions The majority of the income the Group receives during the term of its management contracts is by way of fund and asset management fees. These fees are based upon the value of the property assets managed by the Group, which could be adversely affected by a downturn in property market conditions across the various markets in which it operates. In addition, fees dependent on the timing and amounts of acquisitions and disposals of property assets may be adversely affected both in terms of values achieved and the ability to effect transactions against the background of difficult property market conditions. In addition, the ability to acquire property in warehouse structures ahead of fund launch could be adversely affected by property market conditions. Loss of Major Clients Whilst the Group enters into long term management contracts for its managed funds, there is the risk that contracts may not be renewed and the lost business would need to be replaced. Attraction and Retention of Key Employees The future success of the business generated by the Group will be dependent upon the experience and skills of the Directors and key employees. Some management contracts require minimum time commitments from key employees and require suitable replacements to be found within a specified period of a key employee departing. The loss of key personnel and the inability to recruit further key personnel could have an adverse affect on the Group's ability to develop new or maintain existing fund and client relationships. Warehouse Phase The financial structure typically used when property assets are first acquired for prospective new funds involves a commitment of capital by Teesland in equity of between 2.5% and 10% of the cost with the remainder being funded by a joint venture partner and through debt. In the event of failure to attract co-investors and/or if the value of the acquired properties falls, Teesland's capital is the most at risk. The effect of a highly leveraged structure is that a relatively small movement in value will have a relatively large effect, whether beneficial or detrimental, on the tier of capital most at risk. The Group's Board considers the investment of capital in warehouse ventures, including the possibility of a fund not launching before any commitment is made. KEY PERFORMANCE INDICATORS The Board has assessed that the following KPI's are the most effective measures of progress towards achieving the Company's strategies and as such towards fulfilling the Company's objectives. Key Performance Indicator 2007 2006 Funds Under Management #4.0 billion #3.2 billion Earnings Per Share (adjusted) 3.24 pence 7.07 pence Funds Under Management This measure is of the total value of properties managed by the Group either within funds or directly. Growth in this measure should lead to an increase in income from both transactional and long term annualised fees. Earnings Per Share (Adjusted) (EPS) EPS is an important measure of both annual performance and growth. EPS is calculated on several different bases, all of which are disclosed at the foot of the Group Income Statement. Details of the calculation of EPS are included in Note 12 to financial statements. GOING CONCERN BASIS The Group has net assets of #74 million, including cash of #3.8 million. The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future and that the financial statements should be prepared on a going concern basis. Group income statement for the year ended 30 June 2007 Year to Year to 30 June 30 June 2007 2006 #'000 #'000 Revenue 38,423 30,573 Administrative expenses before amortisation expense (34,135) (25,513) Bid advisory costs (2,411) - Administrative expenses after bid advisory costs (36,546) (25,513) Amortisation expense (1,133) (1,920) -------- -------- Total administrative expenses (37,679) (27,433) Profit on sale of properties 868 2,144 Profit on disposal of available for sale investments - 484 Other operating income 565 1,412 -------- -------- Operating profit before associate and joint venture results 2,177 7,180 Share of pre tax profit from associates and joint ventures 1,438 2,437 Share of associates' and joint ventures' tax (522) (1,052) Share of post tax profit from associates and joint ventures accounted for using the equity method 916 1,385 Profit on disposal of joint ventures - 1,969 -------- -------- Operating profit after associate and joint venture results 3,093 10,534 Finance revenue 250 589 Finance costs (1,470) (1,294) -------- -------- (1,220) (705) -------- -------- Profit before taxation 1,873 9,829 Tax expense (992) (2,083) -------- -------- Profit for the year 881 7,746 ======== ======== Profit for the year attributable to: Equity holders of the parent 826 7,228 Minority interests 55 518 -------- -------- 881 7,746 ======== ======== Earnings per share (pence) Adjusted earnings per share 3.24 7.07 Adjusted earnings per share (diluted) 3.21 7.06 Basic earnings per share 0.66 5.96 Basic earnings per share (diluted) 0.66 5.95 Dividend per share (pence) Paid 1.95 1.75 Proposed - 1.95 Dividends paid and proposed during the year were #2,373,000 and #nil respectively (2006 : #2,123,000 and #2,366,000 respectively). Group statement of recognised income and expense for the year ended 30 June 2007 Year to Year to 30 June 30 June 2007 2006 #'000 #'000 Income and expense recognised directly in equity (Losses) / Gains on valuation of available for sale assets (10) 10 Tax on losses / (gains) on valuation of available for sale assets 3 (3) Exchange differences on retranslation of foreign operations (51) (18) -------- -------- Net loss recognised directly in equity (58) (11) Profit for the year 881 7,746 -------- -------- Total recognised income for the year 823 7,735 ======== ======== Attributable to: Equity holders of the parent 768 7,217 Minority interests 55 518 -------- -------- 823 7,735 ======== ======== Group balance sheet at 30 June 2007 2007 2006 #'000 #'000 ASSETS Non-current assets Intangible assets 55,348 50,815 Property, plant and equipment 1,436 1,089 Financial assets 16,167 13,367 Deferred tax assets 104 22 Investments accounted for using the equity method 8,040 6,473 -------- -------- 81,095 71,766 -------- -------- Current assets Trade and other receivables 16,021 24,067 Property developments in progress 10,645 8,805 Financial assets 25 400 Cash at bank 3,844 3,509 Income tax assets 72 - -------- -------- 30,607 36,781 -------- -------- -------- -------- Total assets 111,702 108,547 -------- -------- LIABILITIES Non-current liabilities Financial liabilities (8,843) (6,332) Deferred tax liabilities (4,751) (4,537) -------- -------- (13,594) (10,869) -------- -------- Current liabilities Trade and other payables (10,490) (9,470) Income tax liabilities - (2,352) Financial liabilities (13,544) (14,166) -------- -------- (24,034) (25,988) -------- -------- -------- -------- Total liabilities (37,628) (36,857) -------- -------- -------- -------- Net assets 74,074 71,690 ======== ======== Capital and reserves Equity share capital 1,256 1,213 Share premium account 56,507 52,453 Available for sale reserve 77 84 Foreign currency translation reserve (7) 11 Retained earnings 16,241 17,419 -------- -------- Teesland plc group shareholders' equity 74,074 71,180 Minority interests - 510 -------- -------- Total equity 74,074 71,690 ======== ======== Group cash flow statement for the year ended 30 June 2007 Year to Year to 30 June 30 June 2007 2006 #'000 #'000 Operating activities Operating profit after associate and joint venture results 3,093 10,534 Adjusted for: Decrease / (Increase) in trade and other receivables 9,489 (12,482) Profit on sale of properties (868) (2,144) (Increase) / Decrease in trade and other payables (332) 5,929 Profit on disposal of available for sale investments - (484) Depreciation of plant and equipment 573 420 Amortisation of intangible assets 1,133 1,920 Profit deriving from associates and joint ventures (916) (3,354) -------- ------- Cash flows from operations 12,172 339 Taxation paid (3,819) (791) -------- ------- Net cash flow from operating activities 8,353 (452) -------- ------- Investing activities Proceeds on sale of properties 6,694 20,596 Purchase of developments in progress (7,665) (3,919) Purchase of financial assets (1,365) - Purchase of plant and equipment (897) (758) Sales of plant and equipment 37 51 Interest received 250 589 Increases in loans and receivables (1,029) (5,266) Repayment of loans and receivables 474 3,378 Payments to acquire joint ventures (2,619) (9,789) Proceeds on sale of joint ventures - 7,333 Dividends from joint ventures 1,595 409 Loans to joint ventures and associates (852) - Cash acquired with subsidiaries 91 32,203 Purchase of subsidiary undertakings (3,085) (1,127) Repayment of loans from joint ventures and associates 644 - -------- ------- Net cash flow from investing activities (7,727) 43,700 -------- ------- Financing activities Proceeds from issue of share capital 1,661 - Interest paid (1,470) (1,294) Repayments of borrowings (2,781) (49,608) New borrowings 4,809 1,638 Dividends paid (2,373) (2,123) -------- ------- Net cash flow from financing activities (154) (51,387) -------- ------- Increase / (Decrease) in cash and cash equivalents 472 (8,139) Cash and cash equivalents at beginning of the year (7,938) 201 -------- ------- Cash and cash equivalents at the year end (7,466) (7,938) ======== ======= 1. Finance revenue 30 June 30 June 2007 2006 #'000 #'000 Interest receivable on loans to funds 86 427 Bank interest receivable 102 64 Other interest receivable 62 98 -------- -------- Total finance revenue 250 589 ======== ======== Year to Year to 2. Finance costs 30 June 30 June 2007 2006 #'000 #'000 Interest on bank loans and overdrafts 1,258 1,290 Other interest payable 212 4 -------- -------- Total finance costs 1,470 1,294 ======== ======== 3. Segment information The Group's geographical segments are based on the location of the Group's assets and this represents the Group's primary reporting segment. Sales to external customers disclosed in geographical segments are based on the geographical location of the assets generating the revenue. It operates in two geographic markets, the United Kingdom and the Rest of Europe. The Directors are of the opinion that the Group is engaged in a single segment of business, being that of integrated property, project, fund and asset management services. The following tables present revenue and profit information regarding the Group's geographical segments for the years ended 30 June 2007 and 30 June 2006. Year ended 30 June 2007 Rest of UK Europe Total #'000 #'000 #'000 Revenue Sales to external customers 17,887 20,536 38,423 ---------------------------- Segment revenue 17,887 20,536 38,423 ---------------------------- Results Segment result (6,251) 6,995 744 Profit on sale of properties 868 - 868 Other operating income 565 - 565 ---------------------------- Operating (loss) / profit before associate and joint venture results (4,818) 6,995 2,177 ---------------------------- Share of post tax profit from associates 78 - 78 Share of post tax profit / (loss) from joint ventures 846 (8) 838 ---------------------------- Operating (loss) / profit after associate and joint venture results (3,894) 6,987 3,093 Net finance costs (1,218) (2) (1,220) ---------------------------- (Loss) / Profit before taxation (5,112) 6,985 1,873 Tax expense (992) -------- Profit for the year 881 -------- Year ended 30 June 2006 UK Rest of Total Europe #'000 #'000 #'000 Revenue Sales to external customers 20,531 10,042 30,573 ---------------------------- Segment revenue 20,531 10,042 30,573 ---------------------------- Results Segment result 893 2,247 3,140 Profit on sale of properties 2,144 - 2,144 Profit on disposal of available for sale investments 484 - 484 Other operating income 1,412 - 1,412 ---------------------------- Operating profit before associate and joint venture results 4,933 2,247 7,180 Share of post tax profit from associates and joint ventures 1,234 151 1,385 Share of post tax profit from joint ventures 1,969 - 1,969 Operating profit after associate and joint venture results 8,136 2,398 10,534 Net finance costs (673) (32) (705) ---------------------------- Profit before taxation 7,463 2,366 9,829 Tax expense (2,083) -------- Profit for the year 7,746 -------- 4. Taxation a) Tax on profit on ordinary activities Year to 30 Year to 30 June 2007 June 2006 Current tax: #'000 #'000 Tax (credited) / charged in the income statement: UK Corporation tax 567 2,188 Overseas tax 909 799 Adjustments in respect of previous years (171) (444) -------- -------- Total current income tax 1,305 2,543 Deferred tax: Use of tax losses current period - 32 Deferred tax on intangibles (340) (562) Origination and reversal of temporary differences 27 70 -------- -------- Tax charge in the income statement 992 2,083 -------- -------- Tax relating to items charged to equity: Deferred tax: Unrealised (Loss) / Gain on available for sale financial assets (3) 3 -------- -------- (3) 3 -------- -------- b) Reconciliation of the total tax charge Year to 30 Year to 30 June 2007 June 2006 #'000 #'000 The tax expense in the income statement for the year is lower than the standard rate of corporation tax in the UK of 30% (2006: 30%) The differences are reconciled below. Profit before taxation 1,873 9,829 -------- -------- Accounting profit multiplied by the UK standard rate of corporation tax of 30% (2006: 30%) 562 2,949 Effects of: Permanent differences 786 101 Temporary differences 90 - Tax over provided in previous years (171) (444) Share of post tax profit from associates and joint ventures multiplied by 30% (275) (416) Differences in overseas tax rates - (107) -------- -------- Total tax expense reported in the income Statement 992 2,083 ======== ======== Year to 30 Year to 30 c) Deferred tax June 2007 June 2006 #'000 #'000 The deferred tax included in the balance sheet is as follows: Deferred tax asset Decelerated capital allowances 104 22 -------- -------- Deferred tax asset 104 22 ======== ======== Deferred tax liability Deferred tax on fair value adjustments 4,698 4,501 Deferred tax on revaluation of available for sale investments 33 36 Deferred tax other 20 - -------- -------- Deferred tax liability 4,751 4,537 ======== ======== 5. Earnings per ordinary share Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares in issue during the year plus the weighted average number of ordinary shares that would be issued if all share options were exercised. The following reflects the income and share data used in the basic and diluted earnings per share computations: Year to Year to 30 June 2007 30 June 2006 # 000 # 000 Net profit attributable to equity holders of the parent 826 7,228 -------- -------- 826 7,228 ======== ======== The calculation of earnings per share is based on the following weighted average number of shares: Year to Year to 30 June 2007 30 June 2006 000's 000's Weighted average number of shares 124,493 121,316 Employee share options 1,137 197 --------- --------- Diluted weighted average number of shares 125,630 121,513 ========= ========= Issued share capital for the above years has been weighted to reflect the date the shares were issued. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements. Reconciliation of the calculation of the basic earnings per share to the adjusted earnings per share Year to Year to 30 June 30 June 2007 2006 #'000 #'000 Profit after tax and minority interest 826 7,228 -------- -------- Profits after tax and minority interest used to calculate basic earnings per share 826 7,228 Amortisation of intangible assets 1,133 1,920 Deferred tax on amortisation (340) (567) Bid advisory costs 2,411 - -------- -------- Profits before amortisation, after tax, used to calculate adjusted earnings per share 4,030 8,581 ======== ======== 6. Additional information Teesland plc is a public limited company incorporated and domiciled in Scotland. The company's ordinary shares are traded on the London Stock Exchange. The financial information for the year ended 30 June 2007 and 30 June 2006 is abridged and has been extracted from the 2007 statutory accounts of Teesland plc which were approved by the Board of Directors on 28th September 2007, along with this preliminary announcement, but have not yet been delivered to the Registrar of Companies. The auditors have issued an unqualified opinion on the 2007 statutory accounts. The 2006 statutory accounts have been delivered to the Registrar of Companies. The auditors' report on the 2006 statutory accounts was unqualified. The financial statements have been prepared under IFRS and are consistent with the accounting policies from the prior year. This information is provided by RNS The company news service from the London Stock Exchange END FR EVLFLDKBEBBZ
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