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:
|
2019 |
|
2018 |
|
|
£000 |
|
£000 |
|
|
|
|
|
|
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 Profit for the year Total equity |
(17,853) 119,979 1,940,521 |
|
1,696 202,958 1,812,993 |
|
Equity shareholders' funds per share |
£119.07 |
|
£111.25 |
|
Earnings per share |
£7.36 |
|
£12.45 |
|
|
|
|
|
|
|
|
|
|
|
· The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of £83,928,000 (2018 – £146,438,000).
· 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 £119,893,000 (2018 – £202,889,000) 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 £1,940,354,000 (2018 – £1,812,902,000) and the ordinary shares detailed above.
DAEJAN HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2019
|
Year |
|
Year |
|
ended |
|
ended |
|
31 March |
|
31 March |
|
2019 |
|
2018 |
|
£000 |
|
£000 |
|
|
|
|
|
|
|
|
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 |
£7.36 |
|
£12.45 |
DAEJAN HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2019
|
Year ended |
Year ended |
|
31 March |
31 March |
|
2019 |
2018 |
|
£000 |
£000 |
|
|
|
|
|
|
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 YEAR ENDED 31 MARCH 2019
|
Issued share capital |
Share premium |
Translation reserve |
Retained earnings |
Equity shareholders' funds |
Minority interest |
Total equity |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
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 |
|
£000 |
|
£000 |
|
|
|
|
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 YEAR ENDED 31 MARCH 2019
|
Year |
Year |
||
|
ended |
ended |
||
|
31 March |
31 March |
||
|
2019 |
2018
|
||
|
£000 |
£000 |
£000 |
£000 |
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 Payments to non-controlling interest |
(16,784) (17) |
|
(15,969) (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 |