RNS Number:7922F
Warner Estate Holdings PLC
30 November 2004
ASSET GROWTH PROPELS WARNER FORWARD, AS DEVELOPMENTS GATHER MOMENTUM
Warner Estate Holdings PLC ("Warner Estate"), the property investment company
has today announced its interim results for the six months to 30 September 2004.
Warner Estate has #1.12 billion of property assets under management. It is a
co-investor in four specialist property funds, the Agora Shopping Centre Fund,
the Skipper Regional Office Fund, the Radial Distribution Fund and the Bareway
Industrial Fund.
Highlights
* Property under management up 27% to #1.1bn (March 2004: #0.9bn)
* Property development pipeline of nearly 1m sq ft
* Adjusted* revenue earnings per share up 16% to 11.7p (September 2003:
10.1p). Basic EPS up 21% 12.9p (September 2003: 10.7p)
* Commercial rent roll under management up 22% to #76m (March 2004:#62m)
* Adjusted* NAV up 11% to 553p (March 2004: 498p).
* Triple NAV** up 10% to 524p (March 2004: 475p)
* Adjusted* shareholders' funds up 11% to #278m (March 2004: #251m). Equity
shareholders' funds #273m (March 2004: #246m)
* Dividend raised by 6% to 8.75p (September 2003: 8.25p)
*adjusted for deferred tax
**adjusted for deferred tax and fair value debt
Philip Warner, Executive Chairman of Warner Estate commented,
"Warner Estate continues to deliver good performance, driven by our evolving
asset management strategy. With partners, we now own over #1.1 billion of
property, managed by our team which focuses on adding value, primarily through
increasing revenue streams.
"We intend to attract further partners to invest in our specialist property
funds. Our development programme and signs of rental growth give cause for
optimism and I am confident of continuing progress ."
-ends-
Date: 30 November 2004
For further information contact:
Warner Estate Holdings PLC City Profile Group
Philip Warner, Chairman Simon Courtenay
Peter Collins, Finance Director Oliver Winters
Richard Moore, Property Director 020-7448-3244
020-7907-5100 e-mail: simon.courtenay@city-profile.com
Web: www.warnerestate.co.uk
CHAIRMAN'S STATEMENT
The first six months have produced an excellent performance with adjusted net
assets rising by 11% and good progress made in both balancing our wholly owned
core portfolio and expanding our jointly owned funds. Property assets under
management have already exceeded the #1.1bn target set for the full year and
reported in June. The total annualised rent roll managed by the Group is now
#75.6m. As, also heralded in June, there has been an increase in development
activity during this period and our investment in Bride Hall has further
increased our development capability.
RESULTS
A full property revaluation showed improvement across all sectors, in both the
core portfolio and the funds, and accounted for the bulk of the 11% increase in
adjusted net assets to 553p per share (March 2004: 498p). Triple net asset
value, as calculated in Table 8, which adjusts for deferred tax and the fair
value of debt, rose by 10% to 524p per share (March 2004: 475p).
Pre tax profits increased by 28% to #8.7m (September 2003: #6.8m) and adjusted
earnings per share by 25% to 13.4p (September 2003: 10.7p). Trading profits
accounted for most of the difference in percentage compared to recurring
revenue.
Recurring revenue profits, the measure of core maintainable income which does
not include profits arising from property trading and fixed asset disposals,
were #6.6m (September 2003: #6.4m) as shown in Table 3, a rise of 4%. Over 50%
of these profits now come from joint venture activity. Recurring revenue
earnings per share were 10.04p (September 2003: 9.92p), a smaller rise of 1% due
to the higher tax charge in this period.
The Board has increased the interim dividend by 6% to 8.75p against 8.25p last
year. The dividend is covered 1.15 times by recurring revenue earnings
(September 2003: 1.20 times) and will be paid on 25 February 2005 to
shareholders on the register at close of business on 28 January 2005.
PROPERTY
Considerable activity has continued throughout the first six months with the
implementation of our strategy across every facet of the Group. The
jointly-owned funds and the wholly-owned core portfolio have benefited from
additional product, yield shift and, more pleasingly, growth in rental income.
Adding value through increasing income streams continues to be our main
objective.
Total Total under management Wholly owned*
30 September 31 March 30 September 31 March
2004 2004 2004 2004
Capital Value #1,117m #877m #347m #317m
Annualised rent roll #75.6m #62.0m #25.8m #24.4m
Initial Yield 6.48% 6.85% 7.1% 7.39%
Average Unexpired Lease Term 9.9 yrs 10.5 yrs 11.6 yrs 12.3 yrs
Void Rate 3.4% 3.3% 3.7% 3.3%
Number of Properties 115 112 80 79
Average Lot Size #9.71m #7.83 #4.34m #4.01m
* Investment properties only
The breakdown by sector at 30 September 2004 was as follows:
No. of Value #m Annual Rent Net initial Weighting
Properties Roll #m yield
Retail
Retail Warehouses 7 28.5 2.0
High Street 12 60.5 3.9
Retail sub total 19 89.0 5.9 6.29% 26%
Offices
London 4 10.2 0.8
South East 21 95.3 7.3
Rest of UK 9 48.5 3.8
Offices sub total 34 154.0 11.9 7.40% 44%
Distribution and
Industrial
London 9 12.4 0.9
South East 2 40.4 3.0
South West 12 44.2 0.6
Midlands & North 4 6.6 3.5
Distribution & Industrial 27 103.6 8.0 7.41% 30%
sub total
Total 80 346.6 25.8 7.10% 100%
Trading 6 9.5 0.7 6.15%
Total wholly owned 86 356.1 26.5
Funds (50% owned)
Agora Shopping Centres 8 400.2 24.5 5.96%
Skipper Regional 8 173.7 11.7 6.43%
Offices
Radial Distribution 10 167.1 11.4 6.53%
Bareway Industrial 3 20.4 1.5 7.17%
Total under management 115 1,117.5 75.6
PROPERTY FUNDS
DTZ carried out an interim valuation of all four property funds as at 30
September 2004 which, together with the Directors' valuation of #205m, produced
a figure of #761m.
Agora Shopping Centre Fund
Value - #400m
The fund expanded further through the purchase of The Grange, Birkenhead for
#86m, bringing the number of Northwest shopping centres to eight. Our
development programmes for both Sale and Ellesmere Port have been completed with
the latter close to being fully let. Cavern Walks in Liverpool has attracted
further high fashion interest with La Paloma (Jimmy Choo) and Goodman
International (Versace and Dolce & Gabbana) taking units. The last floor in the
office tower is now under offer. At Preston, we have received planning consent
for a 190,000 sq. ft. extension and already 50% of the space is under offer. We
anticipate a decision on our planning application for 100,000 sq. ft. in Bolton
during the next half year. At Middleton, consent for our Phase 1 scheme has
been granted and all the proposed units are under offer. The application for
Phase 2 will be submitted in January 2005. In addition to development activity,
an improvement in income has been generated at every centre and the total net
rent roll now stands at #24.5m.
Skipper Regional Office Fund
Value - #174m
The purchase in July of an office building in Birmingham for #44m represents the
fund's largest single asset. In addition, two buildings in Manchester were
acquired for a total of #26m during the period, one from our own core portfolio.
A planning application has been lodged in respect of the property in Kingston
and in Edinburgh some 18,000 sq. ft. of space has been refurbished ready for
letting. The profitable disposal in June of Holland House, Bournemouth, for
#13m brought that particular asset management project to a satisfactory
conclusion. Total net rent roll now stands at #11.7m.
Radial Distribution Fund
Value - #167m
Growth of this fund continued during the period through the purchases of three
units for #43m at DIRFT Logistics Park, Daventry, one of the UK's prime
locations for distribution and of a unit for #6m at Cambuslang, Glasgow,. The
total net rent roll now stands at #11.4m.
Bareway Industrial Fund
Value - #20m
Currently the smallest of the funds, expansion is intended and activity on all
three industrial estates has generated rental improvement. The total net rent
roll now stands at #1.5m.
WHOLLY-OWNED CORE PORTFOLIO
Value - #356m
The core investment portfolio was valued as at 30 September 2004 by Cushman &
Wakefield Healey & Baker which, with the Directors' valuation of #39m, resulted
in a figure of #347m. Like with like comparisons over the period show an uplift
of #15m, a rise of 4.9%.
1st Half Share of Joint Venture
Valuation Stamp Total Valuation Stamp Total Total
#m #m #m #m #m #m #m
Retail 3.0 - 3.0 7.1 0.2 7.3 10.3
Offices - M25 & 0.9 - 0.9 - - - 0.9
Greater London
Offices - Rest of UK 5.3 - 5.3 1.4 - 1.4 6.7
Industrial 5.3 0.1 5.4 1.2 - 1.2 6.6
Total 14.5 0.1 14.6 9.7 0.2 9.9 24.5
Sales and purchases during the six months have effected necessary adjustments in
weighting between the sectors as indicated in the annual report. The key
changes have been the purchase of Hale Leys Shopping Centre, Aylesbury, for #27m
and the disposal of an office building in Manchester for #16m to the Skipper
Regional Office Fund. In income terms, again comparing like with like, a
further #240,000 has been added to the net rent roll which now stands at #25.8m.
The overall yield is 7.1%, a slight reduction from the March 2004 figure of
7.39%. Active property management has ensured that our void space continues
to remain low at 3.7% (March 2004: 3.3%).
Turning to the trading portfolio, disposals have continued, in line with our
stated strategy, producing a profit of #1.3m and reducing the number of
remaining properties to six, with a book value of #9.5m (March 2004: nine and
#17.5m).
FINANCE
As reported in our March 2004 results, the Group measures its performance on a
total return that incorporates both profit and net revaluation achieved on
shareholders' triple net asset funds. On this measure, as illustrated in Table
1, the return for the six months on an annualised basis is 24.3% compared to
16.9% for the comparative period and 19.1% for the whole of last year. This
has been driven by strong property revaluation uplifts supported by post tax
profits.
Table 1 Six months to Six months to 30 Year to 31
30 September September 2003 March 2004
2004 restated
#m #m #m
Profit before tax 8.74 6.75 15.70
Tax (pre FRS 19) (1.96) (1.35) (1.75)
6.78 5.40 13.95
Gains taken through the reserves 25.09 9.18 24.91
Deferred tax arising on unrealised gains (3.56) (1.50) (5.69)
Change in the fair value of the cost of 0.78 4.63 6.70
group debt
Total return for the period 29.09 17.71 39.87
Shareholders' triple net asset funds at 239.7 209.1 209.1
start of period
Return on shareholders' triple net asset 24.3% 16.9% 19.1%
funds
Of which:
post tax profit 5.8% 5.1% 6.6%
net property revaluation 17.9% 5.7% 9.2%
net (decrease)/increase in value of (0.1%) 1.7% 0.1%
investments
change in fair value of debt 0.7% 4.4% 3.2%
The following analysis presents statutory information as reported in the
accounts, followed by adjusted and non- statutory information that is considered
more relevant for a property company.
Profitability
Overall profitability is up at #8.7m from #6.8m largely due to an increase in
non-recurring profits to #2.1m from #0.4m for the comparable period last year.
Recurring profit has also risen to #6.6m (September 2003: #6.4m). The
movement in profitability is analysed in Table 2.
Table 2 Six months to Six months to Year to 31
30 September 30 September March 2004
2004 2003
#m #m #m
Recurring profit 6.6 6.4 14.2
Non-recurring profit
Non-recurring revenue items (0.1) 0.1 (0.2)
Trading profit/(loss) 1.3 - (0.1)
Capital profits
Own 0.7 0.3 1.6
Share of joint venture 0.2 - -
Joint ventures - trading profits - - 0.2
8.7 6.8 15.7
A breakdown of recurring profitability, as shown in Table 3, demonstrates that
over 50% now comes from the Group's investment in joint ventures compared to
just under 25% in the comparable period last year. This is mainly due to the
timing of the setting up last year of three of the funds, which were established
in July and August 2003, and the change in the status of the Bareway Fund from a
subsidiary to a joint venture in the second half of the year.
Table 3 Six months to Six months to 30 Year to 31 March
September 2004 September 2003 2004
Recurring profits
Wholly owned property 2.8 4.6 8.8
Rental and service charge income 14.3 15.3 30.3
Property and service charge (4.3) (3.7) (8.4)
outgoings
Administration expenses (0.9) (1.1) (1.7)
Non-recurring profits 0.1 - 0.2
Group interest (6.4) (5.9) (11.6)
Investment income 0.3 0.3 0.5
Joint ventures 3.5 1.5 4.9
Income from joint ventures 3.5 1.3 4.4
Management fees 1.0 0.6 1.4
Management costs (0.5) (0.3) (0.7)
Interest receivable from joint 3.0 1.0 3.7
ventures
Share of profits of joint 0.0 0.2 0.5
ventures
Share of operating profit 9.0 5.0 13.7
Share of net interest (9.0) (4.8) (12.9)
Less: non-recurring trading - - (0.3)
profits
6.6 6.4 14.2
It can also be seen that, whilst Group interest has only risen by #0.5m to #6.4m
largely reflecting the rise in average short term interest rates from 3.625% to
4.46%, joint venture interest has risen substantially to #9.0m (September 2003:
#4.8m). This rise is due to the expansion in the joint ventures. At 30
September this year, the joint ventures owned properties worth #761m with debt
of #610m compared to the position a year ago when the properties were worth
#542m with debt of #482m.
In terms of interest cover, because most of the interest burden relates to off
balance sheet non-recourse debt, the Group's net interest is covered 2.9 times
by recurring profit before interest and tax (September 2003: 1.7 times).
Before the impact of FRS 19, the underlying tax rate on revenue profits is 25%
(September 2003: 21%) and there is no tax payable in either period on capital
gains. Table 4 shows the calculation of the tax charge before and after the FRS
19 provision.
Table 4 Six months to 30 Six months to 30 Year to 31
September 2004 September 2003 March 2004
#m #m #m
Profit on ordinary activities 8.7 6.8 15.7
Tax at 30% 2.6 2.1 4.7
Use of losses (0.3) (0.1) (0.5)
Use of allowances
Capital and industrial building (0.4) (0.6) (1.0)
Other - (0.1) (0.1)
Releases of prior year's provision - - (1.3)
Pre FRS 19 deferred tax provision 1.9 1.3 1.8
FRS 19 deferred tax net charge 0.3 - 1.4
Total tax charge in the accounts 2.2 1.3 3.2
Recurring revenue earnings per share were 10.04p (September 2003: 9.92p) an
increase of only 1.2%, despite recurring revenue profits being up 3.8%, the
lower increase being the result of the higher tax charge in this period.
However, basic earnings per share were up 21% at 12.9p (September 2003: 10.7p)
and total adjusted earnings per share up 25% at 13.4p (September 2003: 10.7p) of
which 11.7p was attributable to revenue (September 2003: 10.1p) and 1.7p to
capital profits (September 2003: 0.65p). The increase in revenue profits is
largely attributable to #1.3m of trading profits (September 2003: Nil).
Cash flow
The nature of the Group's business is such that there are large non-recurring
cash flows which are transaction driven by the purchase or sale of property.
The recurring cash flow, excluding these transactions, which funds the day to
day activities of the business, is shown in Table 5 and the major non-recurring
cash inflows/(outflows) are shown in Table 6.
Table 5 Six months Six months Year to 31
2004 2003 March 2004
#m #m #m
Net cash inflow from operations 20.6 37.1 55.7
Less disposal of trading properties (7.9) (27.1) (28.6)
Recurring cash flow 12.7 10.0 27.1
Net interest paid (5.7) (5.9) (9.3)
Taxation (1.4) (1.2) (2.6)
Net dividends paid (4.1) (3.9) (7.8)
Recurring surplus/(deficit) 1.5 (1.0) 7.4
The major non-recurring cash inflows/(outflows) in the six months were:
Table 6 #m #m
Trading property disposals 7.9
Investment property
additions (30.5)
disposals 18.3 (12.2)
Investment in Bride Hall (5.0)
Additional investments in joint ventures
Agora (Shopping Centres) (8.9)
Radial (Distribution) (8.2)
Skipper (Offices) (0.5) (17.6)
(26.9)
Balance sheet
The Group's net worth has risen substantially over the six months largely as a
result of a net #24.5m property revaluation surplus, of which #14.6m was
attributable to the Group's wholly owned properties and #9.9m arose from our
share of the revaluation surpluses in the joint ventures.
Table 7 Property Share of Total Total under
wholly joint management
owned ventures
#m #m #m #m
Investment property 317.4 270.9 588.3 859.2
Trading property 17.5 - 17.5 17.5
At March 2004 334.9 270.9 605.8 876.7
Investment property
Externally valued 308.0 278.0 586.0 864.0
Directors' valuation 38.6 102.7 141.3 244.0
346.6 380.7 727.3 1,108.0
Trading property 9.5 - 9.5 9.5
At September 2004 356.1 380.7 736.8 1,117.5
Movement in six months
Revaluation 14.6 9.9 24.5 34.4
(Disposals)/additions to joint ventures
Investment property (15.0) 8.1 (6.9) 1.2
Other additions/(disposals)
Investment property 29.6 91.8 121.4 213.2
Trading property (8.0) - (8.0) (8.0)
Total 21.2 109.8 131.0 240.8
Overall, adjusted shareholders' funds, after the declared interim dividend of
#4.5m, rose by #27.1m to #278.5m, an 11% increase. The adjusted NAV per share
increased to 553p (March 2004: 498p) and triple net asset value per share to
524p (March 2004: 475p).
Table 8 As at Sept 2004 As at March 2004
#m Pence per #m Pence per
share share
Shareholders' funds 273.2 542.0 246.3 487.6
Add back FRS 19 adjustment 5.3 10.6 5.1 10.2
Adjusted shareholders' funds 278.5 552.6 251.4 497.8
Less potential deferred tax (9.8) (19.3) (6.2) (12.2)
Less fair value adjustment for debt, net of (4.7) (9.4) (5.5) (10.9)
tax
Triple net asset value 264.0 523.9 239.7 474.7
As with the revenue account, the Group's balance sheet also shows the increase
in the Group's investment in joint ventures over the six months in terms of both
additional investment and revaluation uplift with joint ventures now accounting
for 24% of gross assets compared to 21% at 31 March.
Borrowings
The Group's net debt increased over the period by #25.4 to #200.0m at 30
September 2004 (March 2004: #174.6m), including non-recourse debt of #56.0m
(March 2004: #56.8m). The Group's share of joint venture debt was #286.7m, all
of which was non recourse except #7.2m (March 2004: #235.7m and #7.2m). Most
of the movement of debt on balance sheet reflects the sale of property to and
loans made for investment in joint ventures, the purchase of a shopping centre
in Aylesbury and the disposal of trading properties. The increase in the share
of joint venture debt reflects net property purchases made by joint ventures.
Gearing, based on balance sheet debt, has risen to 72% from 69% and recourse
gearing to 52% from 47%. Although debt increased during the period, the
substantial growth in adjusted shareholders' funds has resulted in gearing only
rising marginally.
On 3rd October, post the period end, the purchase of The Grange, Birkenhead
completed. If it had completed at the period end Group debt and gearing would
have remained unchanged as the funds for this acquisition had already been drawn
down and were with the vendors solicitors but the Group's share of joint venture
debt would have increased by #39.4m to #326.1m and total debt to #526.1m
increasing total gearing by 14% to 189%.
Table 9 On balance Share of joint Total
sheet venture
#m #m #m
Net short term debt 46.3 77.1 123.4
Long term debt 153.7 221.9 375.6
Total net debt at 30 September 2004 200.0 299.0 499.0
Of which:
Total net recourse debt 144.0 7.2 151.2
Long term non-recourse debt 56.0 291.8 347.8
Gearing (on adjusted shareholders' funds) 72% 179%
Recourse gearing 52% 54%
Total debt at 31 March 2004 174.6 235.7 410.3
Gearing (on adjusted shareholders' funds) 69% 163%
Recourse gearing 47% 50%
The rise in short term interest rates has had an impact on recurring
profitability because only #87m of the Group's debt is fixed. Most of the
balance is covered by swaps and caps, which protect against more significant
rises. In respect of our share of the joint venture debt of #286.7m, #164.9m
is swapped at between 4.1% and 5.56% with the remainder to be fixed in due
course in accordance with joint venture policy.
International Financial Reporting Standards ("IFRS")
IFRS are due to become mandatory. The Group currently expects to prepare the
financial statements for the year ending 31 March 2006 in compliance with IFRS.
The process of evaluating the impact of the changes is continuing and progress
has been made by the business community and our industry sector to reach
consensus and establish best practice as to how the standards should be applied.
As a result, we believe we are on target, but we are concerned about the
burden imposed by the requirement to implement the new reporting standards.
Prospects
Investment demand for property remains strong. Despite the hardening of yields
across all sectors, we expect current levels to be maintained due to the sheer
weight of money being allocated to the property market. Such demand makes
purchasing more difficult and we shall only buy where we still see opportunity
for our asset management to add value at the price sought. We intend to augment
value still further through our development programme currently a pipeline of
almost one million sq. ft. Investor interest in indirect ownership through funds
such as those managed by the Group is also increasing and we await news from the
government on their proposals for REITs which may provide further scope for the
Group. There are more encouraging signs of rental growth and interest rates
appear closer to their peak than was the case when I reported in June, factors
which give us cause for optimism. Although a wary eye should be kept on the
global picture, I am confident of continuing progress for the Group in the
current year.
General
A copy of the Interim Results Presentation for the six months to September 2004
may be viewed on the Company's website at warnerestate.co.uk.
Philip Warner
Chairman
30 November 2004
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2004
Notes Unaudited Unaudited Audited
6 months 6 months year ended
ended ended 31.3.2004
30.9.2004 30.9.2003 restated
restated
#'000 #'000 #'000
TURNOVER: GROUP AND SHARE OF JOINT 38,168 40,186 69,665
less: Share of joint ventures (12,372) (10,507) (22,502)
GROUP TURNOVER 2 25,796 29,679 47,163
Cost of sales and other property outgoings (14,080) (17,790) (24,701)
GROSS PROFIT 2 11,716 11,889 22,462
Administrative expenses (870) (1,150) (1,685)
GROUP OPERATING PROFIT 2 10,846 10,739 20,777
Share of operating profit in joint ventures 8,991 4,988 13,655
TOTAL OPERATING PROFIT 19,837 15,727 34,432
Profit on sale of fixed assets 4 913 329 1,576
Income from fixed asset investments 342 334 518
PROFIT ON ORDINARY ACTIVITIES BEFORE 21,092 16,390 36,526
INTEREST
Net interest payable and similar charges 5 (12,357) (9,638) (20,825)
PROFIT ON ORDINARY ACTIVITIES BEFORE 8,735 6,752 15,701
TAXATION
Taxation on profit on ordinary activities 6 (2,233) (1,349) (3,177)
PROFIT ON ORDINARY ACTIVITIES AFTER 6,502 5,403 12,524
TAXATION
Minority interests - (5) -
6,502 5,398 12,524
Dividends (4,458) (4,128) (8,587)
RETAINED PROFIT 2,044 1,270 3,937
p p P
EARNINGS PER SHARE 7
Revenue 11.18 10.04 21.72
Capital 1.72 0.65 3.12
12.90 10.69 24.84
p p P
FULLY DILUTED EARNINGS PER SHARE 7
Revenue 11.15 10.04 21.69
Capital 1.71 0.65 3.12
12.86 10.69 24.81
p p P
ADJUSTED EARNINGS PER SHARE 7
Revenue 11.72 10.07 24.54
Capital 1.72 0.65 1.77
13.44 10.72 26.31
CONSOLIDATED BALANCE SHEET
Notes Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
restated
#'000 #'000 #'000
FIXED ASSETS
Tangible fixed assets
Investment properties 8 346,619 327,036 317,453
Other tangible assets 387 469 429
347,006 327,505 317,882
Joint ventures 9
Share of gross assets 391,309 258,973 280,595
Share of gross liabilities (366,770) (251,061) (266,081)
Loan accounts 92,066 62,712 74,498
116,605 70,624 89,012
Investments 10 18,291 12,363 13,371
481,902 410,492 420,265
CURRENT ASSETS
Property stock 9,525 18,916 17,477
Debtors 10,430 21,011 9,580
Cash at bank and in hand 12,829 9,026 16,647
32,784 48,953 43,704
CURRENT LIABILITIES
Creditors: amounts falling due within one year (83,689) (56,267) (58,848)
NET CURRENT LIABILITIES (50,905) (7,314) (15,144)
TOTAL ASSETS LESS CURRENT LIABILITIES 430,997 403,178 405,121
Creditors: amounts falling due after more than (153,780) (170,564) (155,061)
one year
Provision for liabilities and charges
Deferred taxation 11 (3,730) (4,367) (3,496)
Net assets excluding pension liability 273,487 228,247 246,564
Pension liability 3 (329) (180) (313)
NET ASSETS 273,158 228,067 246,251
CAPITAL AND RESERVES
Called up share capital 13 2,548 2,548 2,548
Other reserves 13 258,146 215,281 232,308
Profit and loss account 13 14,217 11,802 13,084
Investment in own shares 13 (1,753) (1,669) (1,689)
EQUITY SHAREHOLDERS' FUNDS 273,158 227,962 246,251
Minority interest - 105 -
273,158 228,067 246,251
p p P
Net assets per share 542 452 487
FRS 19 reversal 11 9 11
Adjusted net assets per share 553 461 498
STATEMENT OF TOTAL RECOGNISED GAINS & LOSSES
Unaudited Unaudited Audited
6 months 6 year
ended months ended
30.9.2004 ended 31.3.2004
30.9.2003
#'000 #'000 #'000
Profit on ordinary activities after taxation and minority 6,502 5,398 12,524
interest
Unrealised surplus on revaluation of properties:
Group 14,628 6,421 13,525
Joint ventures 9,912 - 8,607
Unrealised surplus on disposal of investment properties 548 - -
into joint ventures
Tax on realisation of joint venture revaluation surpluses (35) - -
Unrealised (deficit)/surplus on revaluation of (80) 2,709 2,777
investments
Actuarial (loss)/gain on pension scheme assets (53) 72 (122)
Deferred tax arising on pension scheme assets 7 (23) 34
TOTAL RECOGNISED GAINS RELATING TO THE PERIOD 31,429 14,577 37,345
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Unaudited Unaudited Audited
6 months 6 year
ended months ended
30.9.2004 ended 31.3.2004
30.9.2003
restated
#'000 #'000 #'000
Profit on ordinary activities after taxation 6,502 5,398 12,524
Dividends (4,458) (4,128) (8,587)
2,044 1,270 3,937
New share capital issued - 12 11
Disposal of investment in own shares 86 119 119
Acquisition of investment in own shares (150) (111) (130)
Other recognised gains and losses 24,927 9,179 24,821
Net increase in shareholders' funds 26,907 10,469 28,758
Opening shareholders' funds as reported 246,251 219,171 217,493
Prior year adjustment on adoption of UITF 37 and UITF 38 - (1,678) -
Opening shareholders' funds as restated 246,251 217,493 217,493
CLOSING EQUITY SHAREHOLDERS' FUNDS 273,158 227,962 246,251
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 year
ended months ended
30.9.2004 ended 31.3.2004
30.9.2003
restated
#'000 #'000 #'000
Net cash inflow from operating activities 20,899 37,075 55,741
Dividends received from joint ventures and associate - 39 42
Returns on investments and servicing of finance (5,499) (5,519) (9,187)
Taxation (1,408) (1,188) (2,630)
Capital expenditure and financial investments (29,761) 27,908 (24,441)
Acquisitions and disposals (5,000) (35,596) 7,513
Equity dividends paid (4,418) (4,165) (8,332)
Net cash (outflow)/inflow before financing (25,187) 18,554 18,706
Financing (1,587) 36,379 20,744
(DECREASE)/ INCREASE IN CASH (26,774) 54,933 39,450
RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW
Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Operating profit 10,846 10,739 20,777
Depreciation of tangible fixed assets 56 58 127
Loss on sale of other tangible fixed assets - - 5
Decrease in stocks 7,952 27,128 28,567
Decrease/(increase) in debtors 1,518 (8,922) 3,702
Increase in creditors 527 8,072 2,563
Net cash inflow from operating activities 20,899 37,075 55,741
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The interim accounts have been prepared on the basis of accounting policies set
out in the published accounts of the Group for the year ended 31 March
2004,except for turnover which now includes turnover arising from monies
received from tenants in respect of service charges. The associated costs are
included in property outgoings.
The comparatives for the six months ended 30 September 2003 and the year ended
31 March 2004 have been restated accordingly.
The comparatives for the six months ended 30 September 2003 have been restated
for the adoption of UITF Abstract 37 (Purchases and Sales of Own Shares) and
UITF Abstract 38 (Accounting for ESOP Trusts) which was first adopted in the
statutory accounts to 31 March 2004.
2. TURNOVER AND OPERATING PROFIT
The Directors believe that the Group operates in only one segment, namely
property. The following analysis is provided for information only:
Property Property Group Share of
Investment Trading Total Joint Total
Ventures
#'000 #'000 #'000 #'000 #'000
6 months to 30 September 2004
Turnover:
Rents receivable 12,795 389 13,184 10,593 23,777
Service charges (a) 858 173 1,031 1,759 2,790
Management fees (b) 1,006 - 1,006 - 1,006
Property trading - 10,575 10,575 20 10,595
Total turnover 14,659 11,137 25,796 12,372 38,168
Property outgoings (a) (3,752) (567) (4,319) (3,244) (7,563)
Management fee costs (519) - (519) - (519)
Cost of sales - (9,242) (9,242) (4) (9,246)
Gross profit 10,388 1,328 11,716 9,124 20,840
Administrative expenses (836) (34) (870) (133) (1,003)
Operating profit 9,552 1,294 10,846 8,991 19,837
6 months to 30 September 2003
restated
Turnover:
Rents receivable 13,228 893 14,121 5,500 19,621
Services charges (a) 962 258 1,220 1,731 2,951
Management fees (b) 564 - 564 - 564
Property trading - 13,774 13,774 3,276 17,050
Total turnover 14,754 14,925 29,679 10,507 40,186
Property outgoings (a) (3,183) (996) (4,179) (2,550) (6,729)
Management fee costs (282) - (282) - (282)
Cost of sales - (13,329) (13,329) (2,939) (16,268)
Gross profit 11,289 600 11,889 5,018 16,907
Administrative expenses (1,080) (70) (1,150) (30) (1,180)
Operating profit 10,209 530 10,739 4,988 15,727
Property Property Group Share of Total
Investment Trading Total Joint
Ventures
#'000 #'000 #'000 #'000 #'000
Year to 31 March 2004 restated
Turnover:
Rents receivable 25,932 1,526 27,458 15,379 42,837
Services charges (a) 2,282 515 2,797 3,839 6,636
Management fees costs (b) 1,391 - 1,391 - 1,391
Property trading - 15,517 15,517 3,284 18,801
Total turnover 29,605 17,558 47,163 22,502 69,665
Property outgoings (a) (7,110) (1,358) (8,468) (5,786) (14,254)
Management fee costs (656) - (656) - (656)
Cost of sales - (15,393) (15,393) (2,939) (18,332)
Writedown cost of trading stock - (184) (184) - (184)
Gross profit 21,839 623 22,462 13,777 36,239
Administrative expenses (1,649) (36) (1,685) (122) (1,807)
Operating profit 20,190 587 20,777 13,655 34,432
(a) Service charges include monies received from tenants in respect of service
charge costs the tenants bear on their properties. The associated costs
are reflected in property outgoings.
(b) Management fees receivable are now material and are included in turnover.
The comparatives have been restated since in previous periods management
fees receivable were set off against property outgoings or administrative
expenses as appropriate.
3. PENSION COMMITMENTS
The Group operates and contributes to pension schemes for certain Directors and
employees and makes some discretionary allowances. The costs charged to the
profit and loss account for the six months to 30 September 2004 in respect of
these amounted to #154,000 (half year to 30.9.03: #98,000; year to 31.3.04:
#285,000). Pension premiums paid in advance were #105,000 (half year to
30.9.03: #46,000; year to 31.3.04: #61,000).
The Group operated a defined benefit scheme in the UK, The Warner Estate Group
Retirement Benefits Scheme. A full valuation was carried out at 1 October
2003. The values at and updated to 30 September 2004, and 31 March 2004 were
updates of the 1 October 2003 valuation carried out by a qualified independent
actuary.
It has been agreed with the Trustees that the Group contributions for the next
four years will be at 28.4% of pensionable salaries, subject to review by the
Scheme Actuary.
The value of the assets and liabilities of the Scheme were as follows:
Value at Value at Value at
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Total market value of assets 4,966 4,742 4,925
Present value of scheme liabilities (5,436) (4,999) (5,372)
Deficit (470) (257) (447)
Related deferred tax asset 141 77 134
Net pension liability (329) (180) (313)
Analysis of amount charged to operating profit
Unaudited Unaudited 6 Audited year
6 months months ended ended
ended 30.9.2003 31.3.2004
30.9.2004
#'000 #'000 #'000
Current service cost 21 16 33
The impact of the adoption of FRS 17: Retirement Benefits is as follows:
Unaudited Unaudited 6 Audited year
6 months months ended ended
ended 30.9.2003 31.3.2004
30.9.2004
#'000 #'000 #'000
Decrease in shareholders' funds (329) (180) (313)
Decrease in administrative expenses 35 12 22
Other finance cost (5) (6) (12)
Increase in profit on ordinary activities before taxation 30 6 10
4. PROFIT ON SALE OF FIXED ASSETS
Unaudited Unaudited Audited
6 6 year
months months ended
ended ended 31.3.2004
30.9.2004 30.9.2003
#'000 #'000 #'000
Surplus/(deficit) over book value
Investment properties 111 340 888
Arising on disposal of properties into joint ventures 549 - 679
Share of joint ventures 253 (11) 9
913 329 1,576
5. NET INTEREST PAYABLE AND SIMILAR CHARGES
Unaudited Unaudited Audited
6 6
months months year
ended ended ended
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Interest payable on bank loans and overdrafts, mortgages
and other loans
repayable within five years not by instalments 1,543 1,787 2,565
repayable wholly or partly in more than five years 4,813 4,116 9,056
6,356 5,903 11,621
Charges in respect of cost of raising finance 193 254 503
6,549 6,157 12,124
Interest receivable and similar income :
From joint ventures (3,042) (1,007) (3,679)
Other interest (170) (293) (466)
3,337 4,857 7,979
Other finance cost/(income)
Expected return on pension scheme assets (139) (145) (259)
Interest on pension scheme liabilities 144 151 271
5 6 12
3,342 4,863 7,991
Share of joint ventures' net interest 9,015 4,775 12,834
12,357 9,638 20,825
6. TAXATION
The taxation charge for the period has been estimated from the expected taxable
profits of the Group after taking account of capital allowances available.
7. EARNINGS PER SHARE
Earnings per share of 12.90p (half year to 30 September 2003: 10.69p; year to
31 March 2004: 24.84p) are calculated on the profit on ordinary activities
after taxation of #6,502,000 (half year to 30 September 2003: #5,398,000; year
to 31 March 2004: #12,524,000) and the weighted average of 50,387,275 (half
year to 30 September 2003: 50,475,295; year to 31 March 2004: 50,411,074)
shares in issue throughout the period. Profit on ordinary activities after
taxation includes capital profits on the sale of investments net of tax of
#865,000 (half year to 30 September 2003: #329,000; year to 31 March 2004:
#1,576,000).
Diluted earnings per share are based on the profit available for distribution as
above divided by the weighted average number of shares in issue, being
50,542,900 (half year to 30 September 2003: 50,475,295; year to 31 March 2004:
50,473,891) after the dilutive impact of share options granted.
Adjusted earnings per share are calculated on the same weighted average number
of shares as for the basic earnings per share, but exclude from revenue profits
the deferred taxation charge of #271,000 (half year to 30 September 2003:
#10,000; year to 31 March 2004: #1,422,000) arising on the adoption of FRS
19. This deferred tax has been excluded as the Group's experience is that it
is very unusual for capital and industrial building allowances to be claimed
back on the disposal of a property.
8. INVESTMENT PROPERTIES
Freehold Leasehold Total
with over
50
years unexpired
#'000 #'000 #'000
At 31 March 2004 263,446 54,007 317,453
Additions 30,783 838 31,621
Disposals (17,083) - (17,083)
277,146 54,845 331,991
Surplus on revaluation 11,777 2,851 14,628
AT 30 SEPTEMBER 2004 288,923 57,696 346,619
Properties purchased within twelve months of the balance sheet date are included
at Directors' valuation. The remainder of the Group's investment portfolio was
valued by Cushman & Wakefield Healey & Baker on an open market basis in
accordance with the recommended guidelines of the Royal Institution of Chartered
Surveyors as at 30 September 2004.
Investment properties were valued as follows:
#'000
Cushman & Wakefield Healey & Baker 308,045
Directors' valuation 38,574
346,619
9. JOINT VENTURES Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Share of joint ventures
Opening balance 89,012 24,973 24,973
Share of profit for the period 148 154 599
Surplus on revaluation of investments 9,912 940 8,607
Tax on realisation of joint venture revaluation surpluses (35) - -
Net equity movements - 1,199 (311)
Net loan movements 17,568 43,358 55,144
Closing balance 116,605 70,624 89,012
Unlisted shares at cost less amounts written off 6,865 6,763 6,865
Group's share of post acquisition retained profits and reserves 17,674 1,149 7,649
24,539 7,912 14,514
Amounts owed by joint ventures 92,066 62,712 74,498
116,605 70,624 89,012
Included in share of joint ventures' gross assets and
liabilities are:
To 30th September 2004 Agora Skipper Radial Bareway Others Total
Shopping Offices Distribution Industrial
Centres Limited Limited Properties
(a) (b) Limited
(c) (d)
Group share of results
Turnover
Rents receivable (a) 5,511 2,595 2,089 398 - 10,593
Service charges 1,149 596 4 10 - 1,759
Property trading - - - - 20 20
Total turnover 6,660 3,191 2,093 408 20 12,372
Operating profit 4,507 2,182 1,915 352 35 8,991
Capital profits - 263 - - (10) 253
Net interest payable and (4,269) (2,131) (2,254) (337) (24) (9,015)
similar charges
Profit/(loss) on ordinary 238 314 (339) 15 1 229
activities before taxation
Taxation on profits on ordinary (21) (64) 6 (3) 1 (81)
activities
Profit/(loss) on ordinary 217 250 (333) 12 2 148
activities after taxation
Asset management fees 491 246 231 38 - 1,006
Interest receivable 509 1,422 894 216 - 3,041
Group share of:
Investment properties 200,100 86,855 83,550 10,215 - 380,720
Other current assets 4,530 2,049 3,132 608 270 10,589
Gross assets 204,630 88,904 86,682 10,823 270 391,309
Current liabilities
Loans (130,449) (82,763) (81,818) (9,799) - (304,829)
Other liabilities (52,299) (3,314) (4,060) (554) (64) (60,291)
Deferred taxation (461) (1,155) (34) (1,650)
Gross liabilities (183,209) (87,232) (85,912) (10,353) (64) (366,770)
Share of net assets 21,421 1,672 770 470 206 24,539
Effective Group share 50% 50% 50% 50% 50%
Potential recourse to the Group Nil Nil Nil 7,150 Nil
To 30th September 2003 Agora Skipper Fairway Others Total
Shopping Offices Industrial
Centres Limited Limited
(a) (b) (c)
Group share of results
Turnover
Rents receivable 4,335 804 361 - 5,500
Service charges 1,359 372 - - 1,731
Property trading - - - 3,276 3,276
Total turnover 5,694 1,176 361 3,276 10,507
Operating profit 3,675 667 342 304 4,988
Capital losses - - - (11) (11)
Net interest payable and similar (3,730) (657) (314) (74) (4,775)
charges
(Loss)/profit on ordinary activities (55) 10 28 219 202
before taxation
Taxation on profits on ordinary (3) (9) (9) (27) (48)
activities
(Loss)/profit on ordinary activities (58) 1 19 192 154
after taxation
Asset management fees 422 80 36 - 538
Interest receivable 357 473 108 69 1,007
Group share of:
Investment properties 136,656 54,807 56,521 154 248,138
Other current assets 5,209 3,935 1,316 375 10,835
Gross assets 141,865 58,742 57,837 529 258,973
Current liabilities
Loans (126,135) (54,829) (55,799) - (236,763)
Other liabilities (8,228) (3,800) (1,969) (301) (14,298)
Gross liabilities (134,363) (58,629) (57,768) (301) (251,061)
Share of net assets 7,502 113 69 228 7,912
Effective Group share 50% 50% 50% 50%
Potential recourse to the Group Nil Nil Nil Nil
To 31st March 2004 Agora Skipper Fairway Bareway Others Total
Shopping Offices Industrial Industrial
Centres Limited Limited Properties
(a) (b) (c) Limited
(d)
Group share of results
Turnover
Rents receivable (a) 9,374 3,072 2,486 447 - 15,379
Service charges 3,048 782 - 9 - 3,839
Property trading - - - - 3,284 3,284
Total turnover 12,422 3,854 2,486 456 3,284 22,502
Operating profit 7,924 2,680 2,346 405 300 13,655
Capital profit - - - - 9 9
Net interest payable and (7,920) (2,393) (2,102) (346) (73) (12,834)
similar charges
Profit on ordinary 4 287 244 59 236 830
activities before taxation
Taxation on profits on 9 (85) (74) (18) (63) (231)
ordinary activities
Profit on ordinary 13 202 170 41 173 599
activities after taxation
Asset management fees 762 315 244 46 - 1,367
Interest receivable 880 1,747 780 248 69 3,724
Group share of:
Investment properties 146,451 56,349 58,202 9,889 - 270,891
Other current assets 4,294 2,419 2,147 478 366 9,704
Gross assets 150,745 58,768 60,349 10,367 366 280,595
Current liabilities
Loans (127,354) (55,024) (48,887) (9,797) - (241,062)
Other liabilities (9,007) (2,573) (11,242) (429) (162) (23,413)
Deferred taxation (461) (1,145) - - - (1,606)
Gross liabilities (136,822) (58,742) (60,129) (10,226) (162) (266,081)
Share of net assets 13,923 26 220 141 204 14,514
Effective Group share 50% 50% 50% 50% 50%
Potential recourse to the Group Nil Nil Nil 7,150 Nil
(a) Agora Shopping Centres was set up on 5 March 2003 and subsequently acquired
the Pyramids in Birkenhead on 25 June 2003 and The Grange Shopping Centre,
Birkenhead on 30 September 2004.
(b) Skipper Offices Limited was set up on 23 July 2003.
(c) Fairway Industrial Limited was set up on 29 August 2003 and changed its
name to Radial Distribution Limited on 14 October 2004.
(d) Bareway Industrial Properties Limited was set up on 29 August 2003. The
venture was initially consolidated, for the half year. However, following
changes in the nature of the relationship it was treated as a joint venture
in the full year accounts to 31 March 2004 and continues to be so.
Amounts owed by joint ventures comprise: Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Agora Shopping Centres 32,528 20,212 23,596
Skipper Offices Limited 29,441 28,600 29,000
Fairway Industrial Limited 24,713 13,900 16,518
Bareway Industrial Properties Limited 5,384 - 5,384
92,066 62,712 74,498
10. FIXED ASSET INVESTMENTS
Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Listed investments 13,291 12,363 13,371
Unlisted investments 5,000 - -
18,291 12,363 13,371
11. DEFERRED TAXATION
Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Deferred taxation arising from the timing differences
noted below:
Short term timing difference (22) 49 10
Capital and industrial buildings allowances claimed on 3,752 4,318 3,486
investment properties
3,730 4,367 3,496
The movement in the capital and industrial building allowances claimed on
investment properties in the six months to 30 September 2004 represent #412,000
of allowances claimed reduced by #146,000 on disposal of properties.
The potential amount of deferred taxation, for which no 9,727 3,005 6,165
provision has been made and which would arise if the
assets held as long term investments were sold at the
values at which they appear in the balance sheet, has
been calculated as follows:
12. FINANCIAL INSTRUMENTS
Financial Liabilities
The interest rate profile of the Group's financial liabilities at 30 September
2004, after taking account of interest rate instruments taken out by the Group
was:
Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Floating rate liabilities 21,554 - -
Capped rate financial liabilities 100,000 88,366 98,751
Fixed rate financial liabilities 91,911 95,837 93,169
Total 213,465 184,203 191,920
The benchmark rate for determining interest payments for the floating rate
financial liabilities was LIBOR/base rate depending upon the facility.
The weighted average interest rate on the fixed rate debt and the average
maturity of that debt was as follows:
Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
% % %
Weighted average interest rate
Group 7.99 7.99 8.00
Joint Ventures 5.76 5.52 5.52
Weighted average period for which interest rate is fixed Years Years Years
Group 5.56 6.43 6.00
Joint Ventures 3.62 4.62 4.12
Maturity of financial liabilities Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Within one year or on demand 59,102 12,717 36,146
Between one and two years 23,044 17,344 23,544
Between two and five years 6,882 27,757 6,882
In five years or more 124,436 126,385 125,348
213,464 184,203 191,920
Borrowing facilities
The Group has various borrowing facilities that were not fully utilised at the
period end in which the conditions for utilising those facilities were met.
Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
#'000 #'000 #'000
Expiring in one year or less:
Total facilities 72,442 50,865 72,442
Unutilised 16,384 42,817 39,340
Fair values of financial assets and liabilities
The table below sets out by category the changes to the balance sheet values
that would occur if "fair values" applied.
Unaudited Unaudited Audited
At At At
30.9.2004 30.9.2003 31.3.2004
Fair value Fair value Fair value
adjustment adjustment adjustment
#'000 #'000 #'000
Group
Primary financial instruments
Liabilities
Long term debt (over one year) (9,171) (10,625) (10,394)
Assets
Long term loan notes (over one year) (692) (426) (707)
Fixed rate loan (68) - (30)
Derivative instruments held to manage debt
Interest rate swaps (1,229) (2,337) (1,562)
Interest rate caps (297) (186) (215)
Joint Ventures
Primary financial instruments
Long term debt (over one year)
Long term loan notes 692 426 707
Fixed rate loan 33 - 15
Derivative instruments held to manage debt
Interest rate swaps 3,988 2,333 4,328
(6,744) (10,815) (7,858)
The effect on net assets per share of the total fair value adjustment
(#6,744,000 less tax #2,023,000) would be a decrease of 9.4 pence (31 March
2004: 10.8 pence)
The calculation of the fair values has been arrived at as follows:
Debt has been calculated by discounting cash flows at prevailing rates of
interest.
The equity assets have been valued at the quoted share price based upon the
strategic nature of the holdings compensating for any discount.
Interest rate swaps have been valued at the market rate for such swaps.
13. CAPITAL AND RESERVES
Other reserves
Group Share Share Revaluation Other Profit Investment Total
Capital premium reserve reserves and loss in own
account account shares
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Company and 2,548 5,559 25,125 192,950 12,500 (1,689) 236,993
subsidiaries
Joint ventures - - 8,605 69 584 - 9,258
At 31 March 2004 2,548 5,559 33,730 193,019 13,084 (1,689) 246,251
Revaluation - - 25,008 - - - 25,008
Other reserve - - (559) 1,389 (911) (64) (145)
movements
Retained profit for - - - - 2,044 - 2,044
period
At 30 September 2004 2,548 5,559 58,179 194,408 14,217 (1,753) 273,158
Company and 2,548 5,559 39,662 194,169 13,690 (1,753) 253,875
subsidiaries
Joint ventures - - 18,517 239 527 - 19,283
At 30 September 2004 2,548 5,559 58,179 194,408 14,217 (1,753) 273,158
14. ANALYSIS OF NET DEBT MOVEMENTS
Audited Cash flow Non-cash Unaudited
At items At
31.3.2004 31.9.2004
#'000 #'000 #'000 #'000
Cash at bank and in hand 16,647 (3,818) - 12,829
Bank overdrafts/short term (33,102) (22,956) - (56,058)
borrowings
(26,774) -
Debt due within one year:
Mortgage and other loans (794) - - (794)
Bank loan (2,250) - - (2,250)
- -
Debt due after one year:
Mortgage and other loans (79,520) 398 (25) (79,147)
Bank loan (75,541) 1,125 (217) (74,633)
1,523 (242)
Net Debt (174,560) (25,251) (242) (200,053)
SIGNIFICANT EVENTS DURING SIX MONTH PERIOD TO 30 SEPTEMBER 2004
DATE
Sale of Holland House, Bournemouth by Skipper Office joint venture for #12.7m. June 2004
Purchase of office building - Edmund Street, Birmingham by Skipper Offices joint July 2004
venture for #43.9m.
Purchase of office building - Fountain Street, Manchester by Skipper Offices joint July 2004
venture for #10.3m.
Sale of office building - Norfolk House, Manchester to Skipper Office joint venture for August 2004
#16.1m.
Purchase of Hale Leys Shopping Centre, Aylesbury for #27.6m. September 2004
Acquisition of 25% stake in the property development company, Bride Hall Group Limited. September 2004
Purchase of DIRFT Logistics Park, Daventry into the Radial joint venture for #43.1m. September 2004
Purchase of The Grange Shopping Centre, Birkenhead for #85.9m. September 2004
SIGNIFICANT EVENTS POST 30 SEPTEMBER 2004
There have been no significant events post 30 September 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DKLFLZFBEFBV
Wt Wner Usd (LSE:WNER)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Wt Wner Usd (LSE:WNER)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
