RNS Number:3441P
Westbury Property Fund Limited
27 July 2005
The Westbury Property Fund Limited
Unaudited Interim Report for the six months ended 30 June 2005
Six Months Highlights
* Unaudited net asset value due to shareholders up 6.4% to 112.00p
compared to 105.25p as at 31 December 2004. This uplift has been achieved after
the payment of all costs, dividends and accrual for the performance fee.
* During the first six months of 2005, the Company has concluded the
purchase of four assets for #23.9m in aggregate and has a further #9.5m
currently in solicitors' hands. Taken together, these assets have been acquired
on an average net initial yield of 7.5%. Three of the assets are located in the
South East and all of the properties have potential for asset enhancement and
growth.
* The Company has made its second profitable realisation of an
investment held in the venture portfolio which crystallised a profit, after all
costs, of #0.75m on an initial investment of #1.14m. This was achieved over a
nine month period.
* The Board has declared two quarterly dividends on the Ordinary Shares
of 1.5p per share in March and June 2005 respectively. The Income Shareholders
continue to receive a fixed dividend, payable quarterly, of 2p per Income Share.
* As at 30 June 2005, the direct property portfolio consisted of 17
properties with an aggregate valuation of #102.7m. The Company now has 62
tenancies in the balanced portfolio producing an annual rent roll of circa
#6.9m.
* The Company has a further #25m to invest in the market and a strong
pipeline of opportunities is currently being considered for inclusion in the
portfolio.
Commenting on the Results, Richard Burrell, Chairman of the Investment
Committee, said:
"The performance is indicative of the quality and mix of properties in the
portfolio, the successful implementation of individual asset business plans and
the continued strengthening of the commercial property market overall. We are
confident that the Company's portfolio remains well placed to meet its
objectives going forward."
On the property market generally, Burrell commented:
"The UK property market remains characterised by significant cash inflows and
all areas of the market are active, particularly with the current cost of money
at the level it is. Signs that the investment market has peaked appear premature
but the ongoing hardening of yields remains questionable. We remain cautious but
opportunistic and whilst we may dispose of individual assets on a tactical
basis, we remain committed to expanding the Company's asset base overall."
For further information, please contact:
Richard Burrell Henrietta Guthrie / Charlotte Edgar
Berrington Fund Management Lansons Communications
020 7659 6271 020 7294 3612 / 020 7294 3622
Chairman's Statement
For the period from 1 January 2005 to 30 June 2005
This Interim Report is published in respect of six months to 30 June 2005. I am
delighted to report the unaudited net asset value has increased to 112.00p
compared to 105.25p as at 31 December 2004. This increase has been achieved
after accounting for all running costs of the Company and after the payment of
all dividends during this six month period. The performance is indicative of
the quality and mix of properties in the portfolio, the successful
implementation of individual asset business plans and the strengthening of the
commercial property market overall.
The Income Shareholders continue to receive a fixed dividend, payable quarterly,
of 2p per Income Share. The Board has also declared two quarterly dividends on
the Ordinary Shares of 1.5p per Ordinary Share in March and June 2005.
In the absence of unforeseen circumstances, I confirm that it is the Board's
intention to continue with the current dividend policy.
I have been pleased by the share price performance of the Ordinary Shares over
the period as they have consistently traded at a premium to NAV. This is again,
I believe, a reflection of the quality and potential of the underlying balanced
portfolio and venture investments.
Property Portfolio - Balanced
As at 30 June 2005, the direct property portfolio consisted of 17 properties
with an aggregate valuation of #102.7m.
During the first six months of 2005, the Company has concluded the purchase of
four assets for #23.9m in aggregate and has a further #9.5m currently in
solicitors' hands. The four assets acquired were a business park in Peterlee,
County Durham, a neighbourhood shopping centre in Debden, Essex, an industrial
unit in Chelmsford, Essex and a single let industrial unit in Park Royal,
London. Taken together, these assets were acquired on an average net initial
yield of 7.5%. Three of the assets are located in the South East and all of the
properties have potential for asset enhancement and growth.
Excluding proceeds from disposals, the Company has a further #25m to invest in
the market and a strong pipeline of opportunities is currently being considered
for inclusion in the portfolio. Central London and the South East remain target
areas for investment, although deals outside these areas will always be
considered.
The Company now has 62 tenancies in the balanced portfolio producing an annual
rent roll of circa #6.9m. In addition to tenant diversification, the portfolio
has exposure to each of the main property sectors and is well diversified
regionally. Whilst the balanced portfolio purposefully has a blend of core,
growth and management intensive assets, the portfolio still benefits from a
weighted average lease length of circa 10 years.
A number of significant asset enhancement initiatives remain ongoing and several
assets, where business plans have been successfully implemented, are currently
being considered for disposal. I am confident that these opportunities will be
well received given the strength of the investment market and I look forward to
reporting further in due course.
Property Portfolio - Ventures
I am pleased to report that the Company has, during the period under review,
made its second profitable realisation of an investment held in the venture
portfolio. The Company disposed of its interest in the joint venture company
set up to hold a large industrial property fronting the North Circular Road,
Edmonton in north London. The sale crystallised a profit, after all costs, of
#0.75m on its initial investment of #1.14m and was achieved over a nine month
period.
The Company's other venture investments in Ropewalks in Liverpool, the Orton
Shopping Centre in Peterborough and the Westlink Investment Syndicate are making
encouraging progress and the Board remains confident that superior returns can
be generated from these assets.
A number of further exciting opportunities are currently being considered for
inclusion in the venture portfolio and I look forward to reporting further on
progress in due course.
Full Year Outlook
The Company remains on course to meet its investment targets for allocating
available money and a number of asset enhancement plans should conclude during
the forthcoming period. I am satisfied that the Company's portfolio remains
well placed to meet its objectives going forward.
The UK market remains characterised by significant cash inflows and all areas of
the market are active, particularly with the current cost of money at the level
it is. Signs that the investment market has peaked appear premature but the
ongoing hardening of yields remains questionable. We remain cautious but
opportunistic and whilst we may dispose of individual assets on a tactical
basis, we remain committed to expanding the Company's asset base overall.
Rodney Baker-Bates
Chairman
26 July, 2005
Unaudited Consolidated Statement of Operations
For the period from 1 January 2005 to 30 June 2005
1/01/2005 1/01/2004 1/01/2004
to to to
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
# # #
Income
Rent receivable 2,836,233 2,320,431 5,183,813
Bank & other interest 455,161 135,279 242,245
Total Income 3,291,394 2,455,710 5,426,058
Expenses
Interest payable and similar charges, including
dividends on Income Shares 1,570,018 2,169,558 4,364,636
Investment Manager's fees (See Note 7.) 955,699 453,780 1,368,618
Legal and professional fees 104,287 56,060 232,325
Share reorganisation expenses 2,284 - 413,086
Property management expenses 108,826 67,894 160,838
Administration fee 67,312 46,101 91,366
Directors' fees 44,000 36,125 68,542
General expenses 70,976 70,688 168,610
Bank charges 11,485 12,133 23,423
Audit and tax fees 19,429 15,591 56,471
Total Expenses 2,954,316 2,927,930 6,947,915
Net profit/(loss) before investment result 337,078 (472,220) (1,521,857)
Realised gain on sale of investment properties - 15,319 768,107
Realised gain on sale of investment 751,789 - 752,357
Movement in unrealised gain on revaluation of
investment properties 4,079,189 3,130,893 7,564,704
Movement in unrealised gain on revaluation of investments - 700,000 -
Net profit before taxation 5,168,056 3,373,992 7,563,311
UK taxation (4,259) (4,778) -
Net profit for the period 5,163,797 3,369,214 7,563,311
Dividends on Ordinary Shares (1,671,100) - -
Profit transferred to reserves 3,492,697 3,369,214 7,563,311
Basic and diluted profit per equivalent Ordinary Share 9.98p 24.60p 54.04p
Unaudited Consolidated Balance Sheet
as at 30 June 2005
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
# # #
Non-current Assets
Investment properties 102,730,936 72,850,062 73,485,000
Investments 2,099,998 4,763,944 3,240,954
104,830,934 77,614,006 76,725,954
Current Assets
Cash and cash equivalents 2,278,922 1,236,702 27,354,108
Debtors 4,475,276 372,826 1,504,789
6,754,198 1,609,528 28,858,897
Total Assets 111,585,132 79,223,534 105,584,851
Current Liabilities
Creditors 5,167,866 970,807 2,689,233
Non-current Liabilities
Long term loan 43,342,299 43,313,584 43,327,942
Income Shares 5,133,573 20,186,998 5,119,036
48,475,872 63,500,582 48,446,978
Total Liabilities 53,643,738 64,471,389 51,136,211
Net Assets 57,941,394 14,752,145 54,448,640
Represented by:
Capital and Reserves
Share capital 5,138,355 981,615 5,138,349
Share premium 39,733,610 8,387,893 39,733,558
Reserves 13,069,429 5,382,637 9,576,733
Issued capital and reserves 57,941,394 14,752,145 54,448,640
Net Asset Value per equivalent Ordinary Share 112.00p 107.73p 105.25p
The unaudited financial statements on pages 4 to 8 were approved at a meeting of the Board of Directors held
on 26 July 2005 and signed on its behalf by:
Rodney Baker-Bates, Chairman )
)
Peter Dickson, Director )
Unaudited Company Balance Sheet
as at 30 June 2005
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
# # #
Non-current Assets
Investment in subsidiary companies 15,614,801 10,000,002 14,000,001
Investments - 2,684,369 -
Loans to subsidiary companies 73,454,847 58,608,355 57,126,463
89,069,648 71,292,726 71,126,464
Current Assets
Cash and cash equivalents 1,381,087 100,000 20,520,882
Other debtors 45,906 27,811 10,699
1,426,993 127,811 20,531,581
Total Assets 90,496,641 71,420,537 91,658,045
Current Liabilities
Creditors 1,610,751 544,520 1,087,031
Non-current Liabilities
Long term loan 43,342,299 43,313,584 43,327,942
Income Shares 5,133,573 20,186,998 5,119,036
48,475,872 63,500,582 48,446,978
Total Liabilities 50,086,623 64,045,102 49,534,009
Net Assets 40,410,018 7,375,435 42,124,036
Represented by:
Capital and Reserves
Share capital 5,138,355 981,615 5,138,349
Share premium 39,733,610 8,387,893 39,733,558
Reserves (4,461,947) (1,994,073) (2,747,871)
Issued capital and reserves 40,410,018 7,375,435 42,124,036
The unaudited financial statements on pages 4 to 8 were approved at a meeting of the Board of Directors
held on 26 July 2005 and signed on its behalf by:
Rodney Baker-Bates, Chairman )
)
Peter Dickson, Director )
Unaudited Consolidated Statement of Changes in Equity
For the period from 1 January 2005 to 30 June 2005
1/01/2005 1/01/2004 1/01/2004
to to to
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
# # #
Equity at 1 January 54,448,640 11,382,930 11,382,930
Profit transferred to reserves 3,492,697 3,369,215 7,563,311
Issue of Ordinary Shares, net of issue costs 57 - 20,376,948
Conversion of Income Shares into Ordinary Shares - - 15,125,451
Equity at 30 June 57,941,394 14,752,145 54,448,640
Unaudited Consolidated Cash Flow Statement
For the period from 1 January 2005 to 30 June 2005
1/01/2005 1/01/2004 1/01/2004
to to to
30/06/2005 30/06/2004 31/12/2004
Unaudited Unaudited Audited
# # #
Operating Activities
Rent received 2,761,642 2,334,544 4,722,186
Interest received 455,160 135,279 242,245
Expenses paid (865,489) (965,132) (1,609,823)
Interest paid and similar charges, including
Dividends on Income Shares (1,807,474) (1,680,788) (3,849,254)
Net cash inflow/(outflow) from operating activities 543,839 (176,097) (494,646)
Investing Activities
Purchase of investments - - (1,640,937)
Proceeds from sale of investments 1,251,789 875,057 2,752,357
Repayment of temporary loan from investment 690,956 - 1,338,983
Temporary loan to investments (1,500,000) - -
Purchase of properties (25,166,747) (6,088,799) (6,237,112)
Sales of properties - 865,319 5,497,293
Net cash (outflow)/inflow from investing activities (24,724,002) (4,348,423) 1,710,584
Financing Activities
Issue of Ordinary Shares 57 - 21,296,399
Issue costs paid on issuance of Ordinary Shares - - (919,451)
Dividends paid on Ordinary Shares (895,080) - -
Draw down of long term loan - 2,500,000 2,500,000
Net cash (outflow)/inflow from financing activities (895,023) 2,500,000 22,876,948
(Decrease)/increase in cash and cash equivalents (25,075,186) (2,024,520) 24,092,886
Cash and cash equivalents at 1 January 2005 27,354,108 3,261,222 3,261,222
Cash and cash equivalents at 30 June 2005 2,278,922 1,236,702 27,354,108
Notes to the Unaudited Financial Statements
For the period from 1 January 2005 to 30 June 2005
1. The results for the six-month period, which are not statutory accounts
and have not been audited, have been prepared on the same basis as set out in
the audited accounts for the year ended 31 December 2004.
2. The results for the year ended 31 December 2004 constitute
non-statutory accounts extracted from the statutory accounts for that period on
which the auditors gave an unqualified report.
3. All turnover and operating profit arose from continuing operations.
4. Basic and diluted profit per Ordinary Share is based on the net profit
for the period and on 51,734,625 Ordinary Shares in issue.
5. Dividends payable on Income Shares:
1/01/2005 1/01/2004
Rate to Rate to
No. of Income pence 30/06/2005 pence 30/06/2004
Shares 2005 # 2004 #
First interim dividend paid 18 April 2005 5,271,678 2.00 105,434 2.00 416,963
(declared March 2005) (2004 - 20,848,140)
Second interim dividend paid 18 July 2005 5,271,678 2.00 105,434 2.00 416,963
(declared June 2005) (2004 - 20,848,140)
210,868 833,926
6. Dividends payable on Ordinary Shares:
1/01/2005 1/01/2004
Rate to Rate to
No. of Ordinary pence 30/06/2005 pence 30/06/2004
Shares 2005 # 2004 #
First interim dividend paid 18 April 2005 51,734,625 1.50 895,081 - -
(declared March 2005)
Second interim dividend paid 18 July 2005 51,734,625 1.50 776,019 - -
(declared June 2005)
1,671,100 -
The first interim dividend was calculated on a time apportioned basis
from 18 December 2004 to 31 March 2005.
7. Investment Manager's fees include a performance fee reserve of #200,000
in the half year (year ended 31 December 2004 - #444,671).
8. The figures for both freehold and long leasehold properties at 30 June
2005, 31 December 2004 and 30 June 2004 are based on valuations determined by
Knight Frank.
9. A copy of this statement has been sent to every shareholder. Further
copies are available from the Company's registered office.
10. The interim financial statements were approved at a meeting of the Board
of Directors held on 26 July 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEMFWMSISEIW
Westbury Property Fund (LSE:WPFI)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Westbury Property Fund (LSE:WPFI)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
