TIDMOTE
RNS Number : 9302K
O Twelve Estates Limited
25 July 2011
25 July 2011
O TWELVE ESTATES LIMITED
("O Twelve" / the "Company")
RESULTS FOR THE YEAR ENDED 31 MARCH 2011
O TWELVE WELL PLACED FOR GROWTH FOLLOWING SUCCESSFUL ASSET MANAGEMENT
AND REFINANCING
O Twelve Estates Limited today announces results for the year ended
31 March 2011. The Company's objective is to generate an attractive
return for Shareholders through the assembly of a portfolio of investment
properties in its Target Area, which comprises the Thames Gateway
and the adjacent areas of east London, Essex, south Hertfordshire
and north Kent.
Key points -- Portfolio valuation of GBP158.5 million (31 March
2010: GBP170.2 million) representing a decline of 2.3% on a
like-for-like basis -- Group net loss of GBP8.6 million, (31 March
2010: profit of GBP21.0 million) representing a loss per Ordinary
Share of 4.64p (31 March 2010: profit per Ordinary Share of
17.14p) -- Consolidated net assets of GBP40.1 million (31 March
2010: GBP13.6 million), 8.34 pence per Ordinary Share (31 March
2010: 11.11 pence per Ordinary Share) -- Contracted annual rental
income of GBP12.4 million with an estimated rental value ("ERV")
of GBP13.6 million per annum -- Void rate substantially reduced to
7.7% (31 March 2010: 14.1%) with 25 new leases contracted --
Successful Placing and Open Offer completed on 25 January 2011
raising net proceeds of GBP35.1 million and putting the business
on a strong platform for growth -- Intention announced to broaden
target geographical area for investment, to be voted on by
shareholders at the AGM
Commenting on the results, Phillip Rhodes, Chairman of O Twelve,
said:
"With the financial constraints of the past few years now largely
behind us, your Board is now well placed to consider new projects
and acquisitions which we believe will enhance shareholder value.
Some of the new projects currently under consideration are in central
London or in South East England outside the Group's initial Target
Area to the east of London. Your Board therefore considers it appropriate
to broaden the definition of Target Area and Shareholders' consent
to this will be sought at the forthcoming Annual General Meeting."
For further information please contact:
David Tye / Andrew Wilson
Rugby Asset Management Limited
Tel: +44 (0)20 7016 0050
Simon Bennett / Katy Birkin / Laura Littley
Fairfax I.S. PLC
Tel: +44 (0)20 7598 5368
Dido Laurimore / Will Henderson
Financial Dynamics
Tel: +44 (0)20 7831 3113
CHAIRMAN'S STATEMENT
I am pleased to present the results of O Twelve Estates Limited together
with its subsidiaries (the "Group") for the year ended 31 March 2011.
Results
At 31 March 2011, the Group's property portfolio was valued at GBP158.5
million (31 March 2010: GBP170.2 million). This represented a reduction
of 2.3% on a like-for-like basis. Property sales in the year amounted
to GBP6.2 million.
Rental income for the year was GBP12.2 million (31 March 2010: GBP14.5
million). The reduction from the previous year is attributable principally
to the sale of The Interchange, Swanley in March 2010 and lease expiries
at Solar House, Stratford, which was sold in February 2011.
The Group reported a net loss for the year of GBP8.6 million (31
March 2010: profit of GBP21.0 million), representing a loss per Ordinary
Share of 4.64p (31 March 2010: profit per Ordinary Share of 17.14p).
The major contributors to this result were the unrealised loss of
GBP5.0 million on revaluation of investment properties, realised
losses on disposal of investment properties of GBP0.6 million and
loan arrangement fees of GBP3.1 million. Consolidated net assets
at 31 March 2011 were GBP40.1 million (31 March 2010: GBP13.6 million),
and net asset value per Ordinary Share was 8.34p (31 March 2010:
11.11p).
Placing and Open Offer
On 14 December 2010, the Company announced a proposed Placing and
Open Offer which was completed on 25 January 2011 and 357,700,006
Ordinary Shares were issued at 10.5p, raising net proceeds of GBP35.1
million. Following the completion of this fundraising, Westbrook
Investco holds 69.5% of the Company's share capital and I am pleased
to welcome Mark Donnor and Ben Warner to the Board. Under the Relationship
Agreement with Westbrook, the Group continues to operate as a fully
independent quoted company.
Financing
Simultaneous with the issue of the new Ordinary Shares, the Group
agreed new terms to its loan facilities whereby the Group repaid
GBP19 million principal of the outstanding loans and deposited GBP6.5
million into a cash collateral account. The term of the loan was
extended by two years to December 2016 and the margin was increased
from 1.25% to 2.0%. The Group also paid an arrangement fee of GBP3.1
million, which was expensed during the year. However, a back-end
fee of GBP5.95 million, agreed in a previous refinancing, was waived
by the Lenders. At 31 March 2011, the loan principal outstanding
was GBP124.8 million and restricted cash balances were GBP14.4 million,
of which GBP12.4 million could be used at the Group's option to pay
down the loan. The Loan to Value ratio ("LTV") as at 31 March 2011
was 70.9% which is comfortably below the current covenant level of
85% and the cash lock up level of 75%. At 31 March 2011, GBP115 million
of the loan was at a fixed rate of 5.155% per annum plus margin and
GBP9.8 million was at variable rates, giving a blended interest cost
at that date of 6.8% per annum.
On 9 May 2011, the Group announced that the fixed rate hedging arrangement
on GBP26 million of principal had been broken and reset to variable
rates at a one-off cost of GBP3 million. This has reduced the blended
interest cost, at current rates, to 5.9% per annum and cut the annual
cash cost of loan interest by GBP1.1 million.
Since the year end the Group's largest single tenant, with a rent
payable of GBP800,000 per annum, has advised that it is in financial
difficulty and is unable to meet its rental obligations. The Company
has implemented a strategy to mitigate this, of which further detail
is provided in the Property Adviser's report. The Income Cover Ratio
("ICR") under the loan agreement as at 25 April 2011, the latest
testing date, was 117%, against a current covenant level of 105%
and a cash lock up level of 110%. With the reduction in interest
cost from 9 May, and in the absence of further major tenant default,
the Group expects the ICR to remain above 125% for the foreseeable
future. The Board keeps the balance of fixed and variable rate debt
under regular review.
Dividend
The Board does not recommend the payment of a dividend in respect
of the year (31 March 2010: nil).
Outlook
During the year we made good progress with lettings in a difficult
climate, reducing the void rate to 7.7% at the end of the year (31
March 2010: 14.1%). Whilst letting conditions generally are unlikely
to improve in the year ahead, and may well become more difficult,
the Board believes that the portfolio location, combined with active
management to minimise voids and the continuing low interest rate
environment should provide considerable resilience.
With the financial constraints of the past few years now largely
behind us, your Board is now well placed to consider new projects
and acquisitions which we believe will enhance shareholder value.
Some of the new projects currently under consideration are in central
London or in South East England outside the Group's initial Target
Area to the east of London. Your Board therefore considers it appropriate
to broaden the definition of Target Area and Shareholders' consent
to this will be sought at the forthcoming Annual General Meeting.
P B Rhodes
Chairman
22 July 2011
PROPERTY ADVISER'S REPORT
Rugby Asset Management
Rugby Asset Management Limited ("RAM"), a member of the Rugby Estates
Plc group, was appointed Property Adviser to O Twelve Estates Limited
("O Twelve" or the "Group") on its admission to AIM on 27 March 2006.
Our role is to identify transactions for recommendation to and consideration
by the Board of the Company and to negotiate on its behalf. We undertake,
on a day to day basis, under delegated authority from the Board,
all aspects of assembling, managing and financing O Twelve's property
portfolio. Rugby Estates Plc group holds a 1.6% interest in O Twelve
Estates Limited.
Market Comment
In the year ended 31 March 2011, capital values for UK real estate
generally continued to improve with the IPD Monthly Index showing
an increase of 3.5% over the period. However, this broad index movement
obscures what has been an uneven and skewed recovery with specific
market sub-sectors, most notably retail warehousing and Central London
offices, pulling the wider index along. The Group's portfolio is
to the east of London, with no holdings in Central London and less
than 10% is in retail warehousing. Accordingly, the Group's portfolio
performance for the year did not match the IPD index with a "like-for-like"
capital value fall of 2.3%. "Like-for-like" excludes properties not
held at both the start and end of the year.
The key trends during the year were: the wide gap between property
and bond yields; a divergence between prime and secondary property;
and a lack of meaningful rental growth outside of Central London.
A constant underlying factor has been a continuing risk aversion
on the part of investors. Given the yield compression that has occurred
at the prime end of the market, we are now starting to see investors
considering more secondary product, on a selective basis, given the
higher income yields available.
The occupational market remains fragile and, as we expected, is continuing
to lag the recovery in the investment market. One of our principal
aims is to maximise cashflow with a particular focus on minimising
voids and reducing associated property outgoings. Despite the challenging
occupational markets, we are pleased to report that during the year
we were successful in almost halving the void level within the portfolio,
which at 31 March 2011 stood at 7.7% (31 March 2010: 14.1%). During
the period, twenty five new leases were contracted, accounting for
165,000 sq ft of space and GBP1.1 million of annual rental income
after rent free periods.
Portfolio Review as at 31 March 2011 -- Valuation GBP158.5 million
-- 20 properties -- Average lot size of GBP7.9 million --
Contracted annual rental income of GBP12.4 million -- The
estimated rental value ("ERV") of GBP13.6 million per annum, thus
additional potential rental income from reversions and letting
vacant units is GBP1.2 million per annum -- 186 separately
lettable units* -- 148 units are let to 134 tenants* -- 34 units
are vacant and available for letting with an ERV of GBP1.0 million
per annum* -- 41% of income is from leases with more than 5 years
to expiry -- Weighted average unexpired lease term is 5.9 years *
Excluding long leasehold ground rents and assured shorthold
tenancies
Capital Value Split by Sector
Retail 45%
Industrial 37%
Office 13%
Residential 5%
Valuation
The external valuation of the Group's properties as at 31 March 2011
was GBP158.5 million (31 March 2010: GBP170.2 million). On a like-for-like
basis, the value of the portfolio fell during the year by 2.3%. The
IPD Monthly Index showed a rise of 3.5% for the same period. The
equivalent yield for the portfolio remained stable over the period
at 7.5%; this compares with the IPD Monthly Index which showed an
equivalent yield of 7.3%, a compression of 43 bps over the same period.
Capital Value Movement compared to IPD Monthly Index
O Twelve IPD
All Property -2.3% 3.5%
Retail -2.5% 3.8%
Office -5.3% 4.1%
Industrial -0.7% 1.3%
Rental values within the portfolio have generally moved in line with
the IPD Monthly Index and fell by 1.4% over the period. Both the
industrial and retail sectors performed better than IPD with falls
of 0.3% and 0.9% respectively. Office rental values performed worse
than the IPD Monthly Index, recording a fall of 5.2%, against a rise
of 1.2% within the IPD Monthly Index. The positive IPD Index for
offices is due to the high proportion of prime Central London offices
in the Index.
Rental Value Movement compared to IPD Monthly Index
O Twelve IPD
All Property -1.4% -0.5%
Retail -0.9% -1.6%
Office -5.2% 1.2%
Industrial -0.3% -1.3%
Reversion by Sector
Rent ERV
GBPmillion GBPmillion
Retail 5.6 6.0
Residential 0.4 0.4
Office 1.9 2.2
Industrial 4.5 5.0
Activity During the second half of the year we completed the sale
of Solar House, Stratford for GBP5.5 million and Unit 4 Redwing
Court, Romford for GBP650,000. These assets were mostly vacant and
Solar House would have required significant capital expenditure in
order to re-let. The sale of these assets made a significant
contribution to the reduction of the void rate and greatly reduces
the level of void holding costs for the portfolio. Our focus has
continued to be on asset management and we are delighted to report
that twenty five new leases were contracted over the period,
accounting for 165,000 sq ft of space and GBP1.1 million of annual
rental income after rent free periods. Key events during the year
included: -- Larkfield Mill, Aylesford - All Saints Retail has
taken a further 49,000 sq ft of distribution space. This takes the
total space they occupy in Aylesford, which is their European
distribution hub, to 132,000 sq ft. -- Queen Elizabeth
Distribution Park, Thurrock - our distribution unit of 56,000 sq
ft has been let to DHL Global Forwarding for a five year term and
this property is now fully let. -- Barratt Industrial Estate, Bow
- three further leases have also completed and only three vacant
units remain.
Rental Value Analysis - 31 March 2011
GBP million
Current annualised income 11.6
Rent free periods 0.8
Total Contracted Rent 12.4
Available for letting 1.0
Reversions 0.2
Rental Value 13.6
Void Analysis
Due to the success in letting activity over the period and the two
disposals, the void rate was reduced by almost 50% since March 2010
and at 31 March 2011 stood at 7.7% by rental value. The rental value
of vacant space at 31 March 2011 was GBP1.0 million of which GBP0.3m
was under offer. However, since 31 March 2011, our largest single
tenant, with a rental of GBP800,000 per annum, has advised that it
is in financial difficulty and it has been unable to meet its most
recent rent obligations. We are in discussions with this tenant to
minimise the impact on O Twelve and, in the interim, the distribution
unit at Thurrock is being marketed jointly. This has been taken into
account by the External Valuer in the portfolio valuation as at 31
March 2011. During the coming year our focus will continue to be
on minimising the portfolio void rate and associated void costs.
Income Security
Given the continuing uncertainty in the economy and in the wider
banking and financial markets, investors are increasingly focusing
on security of income and tenant covenant strength. Some 41% of current
rental income is contracted for more than five years. Where leases
have fewer than five years to run, opportunities exist to maximise
value through refurbishment or changes of use, and we will be exploring
all options to ensure the greatest possible returns are achieved
for shareholders. In our view the portfolio offers a good balance
between income security and opportunities to add value.
Rent Collection
Maintaining a high level of rent collection remains one of our key
objectives. Despite the difficult trading conditions the rent collection
statistics through the year remained good with 94% of rental income
collected within the quarter. Tenant default levels generally stabilised
during the course of 2010 although, as noted above, a major tenant
is now in financial difficulty.
Income Expiry Profile - 31 March 2011
<5 years 59%
5-10 years 32%
>10 years 9%
Of the portfolio's 134 tenants, 20 account for 56% of the contracted
rental income with the top 10 accounting for 41%. Tenants of, in
our view, a very strong or "national" standard account for 77% of
the contracted rent, while smaller regional and local businesses
account for 23% of the contracted rent.
Tenants in the portfolio include:
All Saints Chubb Electronic Hitachi Kokusai Staples
Security Ltd Electric UK Ltd
Bank of New York DHL Moss Bros Group Telford Homes plc
Mellon Plc
Barclays GE Transportation O2 (UK) Ltd WH Smith Plc
Systems Ltd
Chelmsford Star Halfords Somerfield Stores Wilkinson Hardware
Co - Operative Ltd Stores Ltd
Society Ltd
Portfolio at 31 March 2011
Valuation band at
31 March 2011
Property Type GBP million
Gascoigne Road, Barking Distribution warehousing 10 - 15
QED, Thurrock Distribution warehousing 5 - 10
Western Avenue, Thurrock Distribution warehousing 5 - 10
Bakers Court, Basildon Industrial 0 - 5
Barratt Industrial Estate,
Bow Industrial 0 - 5
Larkfield Mill, Aylesford Industrial 15 - 20
Mill River Trading Estate,
Enfield Industrial 5 - 10
Baytree Shopping Centre,
Brentwood Shopping centre 25 - 30
George Yard, Braintree Shopping centre 15 - 20
The Mall, Dagenham Shopping centre 5 - 10
214/216 Heathway, Dagenham Retail 0 - 5
38-42 High Street, Brentwood Retail 0 - 5
75 High Street, Brentwood Retail 0 - 5
Grove Farm, Chadwell
Heath Retail park 10 - 15
Inspira House, Welwyn
Garden City Office 0 - 5
Mellon House, Brentwood Office 5 - 10
Queensgate, Waltham
Cross Office 5 - 10
Redwing Court, Romford Office 0 - 5
34 St Thomas Road, Brentwood Residential 0 - 5
Salway Place, Stratford Residential 5 - 10
Going Forward
As Government measures to correct the budget deficit continue, the
occupational market is certain to remain tough over the next twelve
months, particularly in the retail sector. This may have a negative
impact on effective net rental values after incentives, although
interest rates are also likely to remain low which should ameliorate
any effect on capital values. The focus of the portfolio in the London/South
East area generally and on the "Olympic" side of London in particular
should also mitigate the impact if there is a prolonged period of
poor economic growth.
More positively, the portfolio has scope for active asset management
to create value and the financial repositioning during the year provides
the working capital to implement refurbishment and other initiatives
to encourage lettings and maintain a low void rate. We were very
successful in achieving lettings last year and, despite the difficulties
with our tenant at Thurrock, we are optimistic that 2011/12 will
see continued progress in asset management of our existing properties,
and offer opportunities to acquire further good quality assets.
We are actively looking at a number of opportunities on behalf of
O Twelve to make selective disposals and recycle the capital into
opportunities with better growth potential. Some of the opportunities
are outside O Twelve's historic Target Area although all are in London
or South East England.
David Tye
Andrew Wilson
Rugby Asset Management Limited
22 July 2011
INVESTMENT OBJECTIVE
The objective of O Twelve Estates Limited and its subsidiaries is
to generate an attractive return for Shareholders through the assembly
of a portfolio of investment properties in its Target Area, which
comprises the Thames Gateway and the adjacent areas of east London,
Essex, south Hertfordshire and north Kent. The Board believes capital
and rental values will react favourably to the major regeneration
initiatives and infrastructure improvements taking place in these
areas. The Olympic and Paralympic Games to be held in and around
Stratford, east London, in 2012 are a major catalyst for these improvements
which the Board believes will result in a significant structural,
economic and cultural repositioning of the Target Area.
INVESTMENT POLICY
The investment policy of the Group is to establish a property portfolio
that is diverse by sector (whether industrial, retail, office, or
residential), by tenant and by capital value. The Group's key criterion
for property acquisitions is the potential for rental and capital value
growth through active property management and/or through a
re-characterisation of the acquired real estate. Re-characterisation may
arise purely as a result of the so called "Olympic effect" on the
location, or it may need to be actively encouraged. Bringing about such
re-characterisation may range from a simple image improvement programme
for a previously neglected industrial estate to attract better quality
tenants, to a full redevelopment scheme following the grant of planning
consent for a change of use (for example from commercial to a
residential or mixed-use project). Whilst the majority of properties
acquired are income-producing, the creation of further value through
development or refurbishment is actively pursued. Development may be
undertaken selectively across the sectors either by the acquisition of
sites, with or without the benefit of planning consent, or through the
management of income-producing properties into development
opportunities. In certain locations a site assembly programme may be
pursued with a view to obtaining planning consent for a comprehensive
re-development. Joint ventures may also be entered into in circumstances
where the continuing involvement of existing landowners, local
authorities or central government agencies is necessary, or for large
projects where a sharing of financial risk is appropriate. The Group may
also pursue other indirect investments through property investment
partnerships or unit trusts or investments in the equities of other
property investment or property holding companies. The structure used
for each property acquisition is reviewed at purchase. Accordingly, the
Company may, without limit, incorporate further subsidiaries to hold
property or may acquire the share capital of companies, units in unit
trusts, or partnership interests in partnerships which own one or more
properties. Investment Restrictions No property acquisition or new
letting will be made if, immediately after the proposed acquisition or
letting: -- less than 75% of Gross Property Asset Value will be situated
within the Target Area; or -- any single tenant, other than any
government or governmental (central or local), quasi-governmental,
supranational statutory or regulatory body will account for more than
20% of contracted rental income. Provided that these restrictions will
not apply if Gross Property Asset Value is less than GBP100 million.
Life span of the Company There are no specific provisions for the life
span of the Company, although the Directors estimate it to be up to 12
years. In accordance with the Articles of Incorporation, a resolution
will be proposed at the Annual General Meeting of the Company to be held
in 2014 and at each Annual General Meeting held every two years
thereafter giving Shareholders the opportunity to vote on whether the
Company should continue as an investment company or to call for a
winding up of the Company and a return of its distributable assets to
Shareholders. Dividend Policy The initial focus of the Company is the
delivery of capital growth for Shareholders and therefore the Company
will only consider the payment of dividends as and when it is
appropriate to do so. To the extent that any dividends are paid they
will be paid in accordance with any applicable laws and the regulations
to which the Company is subject. Borrowings Borrowings will not normally
exceed 65% of the value of the Group's property portfolio at the time
new borrowings are drawn down. Interest rate hedging is considered in
the light of prevailing conditions at that time.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2011
Year ended Year ended
31 March 2011 31 March 2010
GBP'000 GBP'000
Income
Rent receivable 12,157 14,510
Service charges receivable 2,314 3,194
Bank interest 15 27
Other interest 1 12
--------------- ---------------
Total income 14,487 17,743
--------------- ---------------
Expenses
Other operating expenses (3,156) (2,449)
Service charges payable (2,314) (3,194)
Management fees (1,035) (1,050)
--------------- ---------------
Total expenses (6,505) (6,693)
--------------- ---------------
Investment gains and losses
Unrealised (loss)/gain on revaluation of
investment properties (5,048) 15,579
Realised (loss)/gain from sale of investment
properties (630) 5,494
--------------- ---------------
Total investment gains and losses (5,678) 21,073
--------------- ---------------
Net profit from operating activities 2,304 32,123
--------------- ---------------
Interest payable and similar charges (10,928) (11,004)
Net gains/(losses) on interest rate swap 18 (45)
----------- -----------
Total financing gains and losses (10,910) (11,049)
----------- -----------
(Loss)/profit before taxation (8,606) 21,074
Taxation (37) (81)
----------- -----------
Total comprehensive (loss)/profit for the
year attributable to owners of the Company (8,643) 20,993
------------ ------------
(Loss)/earnings per Ordinary Share - basic (4.64)p 17.14p
and diluted
All items in the above statement are derived from continuing operations.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2011
Share capital Other reserves Total
GBP'000 GBP'000 GBP'000
Balance at 1 April 2010 1,225 12,386 13,611
Loss for the year attributable to
owners of the Company - (8,643) (8,643)
Issue of Ordinary Shares 3,577 31,514 35,091
---------- ---------- ----------
Balance at 31 March 2011 4,802 35,257 40,059
---------- ---------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2010
Share capital Other reserves Total
GBP'000 GBP'000 GBP'000
Balance at 1 April 2009 1,225 (8,607) (7,382)
Profit for the year attributable to
owners of the Company - 20,993 20,993
---------- ---------- ----------
Balance at 31 March 2010 1,225 12,386 13,611
---------- ---------- ----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 March 2011
31 March 31 March
2011 2010
GBP'000 GBP'000
Non-current assets
Investment property 158,540 170,200
Restricted cash and cash equivalents 14,413 1,905
--------------- ---------------
172,953 172,105
--------------- ---------------
Current assets
Receivables and prepayments 4,359 5,145
Cash and cash equivalents 8,137 2,236
--------------- ---------------
12,496 7,381
--------------- ---------------
Total assets 185,449 179,486
--------------- ---------------
Current liabilities
Payables and accruals (5,984) (6,136)
Fair value of interest rate swap (2,990) -
--------------- ---------------
(8,974) (6,136)
--------------- ---------------
Non-current liabilities
Bank loan (124,824) (145,139)
Fair value of interest rate swap (11,592) (14,600)
--------------- ---------------
(136,416) (159,739)
--------------- ---------------
Total liabilities (145,390) (165,875)
--------------- ---------------
Net assets 40,059 13,611
--------------- ---------------
Capital and reserves attributable to
owners of the Company
Called-up share capital 4,802 1,225
Other reserves 35,257 12,386
--------------- ---------------
Attributable to owners of the Company 40,059 13,611
--------------- ---------------
Net asset value per Ordinary Share - 8.34p 11.11p
basic and diluted
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2011
Year ended Year ended
31 March 2011 31 March 2010
GBP'000 GBP'000
Operating activities
(Loss)/profit before taxation (8,606) 21,074
Adjustments for:
Unrealised loss/(gain) on revaluation
of investment properties 5,048 (15,579)
Realised loss/(gain) from sale of
investment properties 630 (5,494)
Net (gains)/losses on interest rate
swap (18) 45
Interest payable and similar charges 10,928 11,004
Rents transferred on sale of property - 338
Taxation refunded/(paid) 39 (201)
------------- -------------
Net cash inflow from operating activities
before working capital changes 8,021 11,187
Decrease/(increase) in receivables and
prepayments 681 (342)
Increase/(decrease) in payables and
accruals 267 (373)
------------- -------------
Net cash inflow from operating activities
([1]) 8,969 10,472
Investing activities
Purchase/refurbishment of investment
property (194) (694)
Proceeds from sale of investment property 6,036 1,761
------------- -------------
Net cash inflow from investing activities 5,842 1,067
Financing activities
Net equity raising proceeds 35,091 -
Repayment of loan (19,874) (5,238)
Loan interest and similar charges paid (8,498) (9,297)
Loan arrangement fees paid (3,121) (850)
------------- -------------
Net cash inflow/(outflow) from financing
activities 3,598 (15,385)
------------- -------------
Increase/(decrease) in cash and cash
equivalents 18,409 (3,846)
------------- -------------
Cash and cash equivalents at beginning
of year 4,141 7,987
Increase/(decrease) in cash and cash
equivalents 18,409 (3,846)
------------- -------------
Cash and cash equivalents at end of year 22,550 4,141
------------- -------------
Cash and cash equivalents at the end
of the year comprise:
Non-current cash and cash equivalents 14,413 1,905
Cash and cash equivalents 8,137 2,236
------------- -------------
22,550 4,141
------------- -------------
([1] ) Net cash inflow from operating
activities includes:
Bank interest received 15 27
NOTES
1. The financial information set out in this announcement does
not constitute the Group's statutory financial statements for the
year ended 31 March 2011 or 2010 but is derived from those
accounts. Statutory accounts for 2010 have been filed with the
Guernsey Financial Services Commission, and those for 2011 will be
filed in due course. The auditors have reported on those accounts
and their reports were unqualified.
2. Annual Report
The Annual Report will be posted to shareholders within two
weeks of the date of this announcement. Copies of the Annual Report
will be available from the Company's office at No.1 Le Truchot, St
Peter Port, Guernsey, GY1 3JX and on its website,
www.otwelveestates.com.
3. Dividends
The Directors do not propose an interim or final dividend for
the year ended 31 March 2011.
4. (Loss)/earnings per Ordinary Share
The (loss)/earnings per Ordinary Share (basic and diluted) is
based on a loss of GBP8,643,000 (31 March 2010: profit of
GBP20,993,000) and on a weighted average number of 186,200,003 (31
March 2010: 122,500,002) Ordinary Shares in issue.
5. Net asset value per Ordinary Shares
Basic and diluted
The net asset value per Ordinary Share is based on the net
assets attributable to owners of the Company of GBP40,059,000 (31
March 2010: GBP13,611,000) and on 480,200,008 (31 March 2010:
122,500,002) Ordinary Shares in issue at the end of the year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SELFLEFFSEIW
O Twelve Estates (LSE:OTE)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
O Twelve Estates (LSE:OTE)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
