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Property
Trust(PVT) Holdings Ld
18 December 2000 |
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PROPERTY TRUST (PVT) HOLDINGS LIMITED
Interim
results for the six months ended 30th September 2000
For the six months ended 30th September 2000 the Group achieved a
profit of £1,103,000 before taxation.
During this six month period the Group has acquired a 10,000 sq ft
newly constructed high quality freehold office building and a
portfolio of properties.
The 10,000 sq ft freehold office building is located at Meridian
Business Park, Leicester. Approximately 50% of the property is let to
McLean Homes Holdings Ltd for a term of 10 years from 24th May 2000.
The net rental income before the remainder is let is £62,850 per
annum representing a gross initial yield of almost 6% on the purchase
price of £1,065,000.
The portfolio consists of approximately 85,000 sq ft of freehold
industrial and office accommodation which are let to Delifrance (UK)
Ltd, Herman Miller, Prudential, UDT Ltd and the Secretary of State
for the Environment for an average unexpired term of eleven and half
years. The net rental income is £537,100 per annum representing
a gross initial yield of approximately 10.13% on the purchase price
of £5,300,000.
We have in this period disposed of a freehold office property at The
Point, Parkway, Newbury for a cash consideration of £900,000, a
freehold office building at Ambassador Place, Altrincham for
£370,000 and a freehold industrial property at Pearson Street
Industrial Estate Lancashire for £500,000. The respective yields
after allowing for costs are 8.9%, 7.7% and 9.4%.
We have also disposed of the entire issued share capital of Carlton
Real Estates Developments Ltd to Newport Holdings PLC. The sole asset
of the company is a virtual freehold interest in a property situated
at Green Lane, Walsall which has an annual rental income of
approximately £150,000 pa. Theconsideration of £1,900,000
was satisfied through the issue to the Group of 1,192,663 new
ordinary shares in Newport Holdings PLC at an issue price of 125p per
share, representing approximately 9% of the enlarged share capital of
Newport Holdings PLC, and the balance of approximately £400,000
in cash. The new ordinary shares are held by us as a long term
investment. On completion, Mr N Chan and I joined the board of
Newport Holdings PLC.
Silvergain Ltd, the joint venture vehicle through which the Group has
a one third interest in a development project in Guangzhou, is
negotiating to buy out the minority interest from its local partner
in China. The cost attributable to the Group is estimated to be
£3m. I have proposed to provide any funding required on normal
commercial terms. Continuing progress is being made in the
development project. The directors remain confident that it will be a success.
Anthony Cheng
Chairman 18th December 2000 |
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Consolidated
Balance Sheets
|
Data for the 6 months ended, Year ended. |
|
Unaudited £'000 |
30 September |
31 March |
|
|
2000 |
1999 |
2000 |
|
Fixed Assets |
|
|
Tangible assets |
60,691 |
55,116 |
60,613 |
|
Investments |
|
|
Associate |
2,234 |
1,451 |
1,451 |
|
Other Investments |
6,900 |
4,348 |
5,156 |
|
Assets Total |
69,825 |
60,915 |
67,220 |
|
Current Assets |
|
|
Stocks |
450 |
450 |
450 |
|
Debtors |
436 |
446 |
567 |
|
Cash at bank and in hand |
2,059 |
2,935 |
1,481 |
|
------- |
2,945 |
3,831 |
2,498 |
|
Creditors: amounts falling due within one year |
(10,676) |
(10,442) |
(10,866) |
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Net current liabilities |
(7,731) |
(6,611) |
(8,368) |
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Total assets less current liabilities |
62,094 |
54,304 |
58,852 |
|
Creditors amounts falling due after
more than one year |
(37,238) |
(32,362) |
(36,000) |
|
24,856 |
21,942 |
22,852 |
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Capital and Reserves |
|
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Called up share capital |
11,964 |
11,964 |
11,964 |
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Share premium account |
6,846 |
6,846 |
6,846 |
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Revaluation reserve |
636 |
314 |
570 |
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Capital reserve |
293 |
293 |
293 |
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Profit and loss account |
5,117 |
2,525 |
3,179 |
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Equity shareholders' funds |
24,856 |
21,942 |
22,852 |
Consolidated
Cash Flow Statement
|
6 months ended Year ended |
|
|
30 September |
31 March |
|
Unaudited £'000 |
Note |
2000 |
1999 |
2000 |
|
Net cash inflow from operating activities |
1(a) |
2,011 |
3,414 |
4,734 |
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Returned on investments and servicing of finance |
1(b) |
(1,626) |
(1,230) |
(2,918) |
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Taxation: UK corporation tax repaid |
|
- |
- |
5 |
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Capital expenditure and financial investment |
1(b) |
(1,544) |
(11,987) |
(18,153) |
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Acquisitions and disposals |
|
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Net cash balance on disposal of subsidiary undertakings |
|
376 |
1,313 |
1,313 |
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Financing |
|
|
Cost of redeeming shares |
|
- |
(213) |
(213) |
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Increase/(decrease) in short term loans |
|
459 |
(282) |
433 |
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New secured bank loans |
|
1,449 |
4,106 |
17,841 |
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Bank loans repaid |
|
(262) |
(363) |
(10,023) |
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Bank loan on disposal of subsidiary |
|
- |
3,827 |
3,827 |
|
------- |
|
1,646 |
7,075 |
11,865 |
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Increase/(decrease) in cash |
1(c) |
863 |
(1,415) |
(3,154) |
Reconciliation
of net cash flow to movement in net debt
|
6 months ended Year ended |
|
Unaudited £'000 |
30 September |
31 March |
|
2000 |
1999 |
2000 |
|
Increase/(Decrease) in cash in the period |
863 |
(1,415) |
(3,154) |
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Cash (outflow)/inflow from (decrease)/increase in debt |
(1,500) |
53 |
(12,078) |
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Change in net debt resulting from cashflows |
(637) |
(1,362) |
(15,232) |
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Loans and cash disposed with subsidiaries |
- |
3,827 |
3,827 |
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Movement in net debt in the period |
(637) |
2,465 |
(11,405) |
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Net debt at 1 April 2000 |
(43,297) |
(31,892) |
(31,892) |
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Net debt at 30 September 2000 ======= |
(43,934) |
(29,427) |
(43,297) |
Consolidated
Cash Flow Statement - Notes
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1(a) Reconciliation of operating profit to net cash flow from
operating activities |
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6 months ended Year ended |
30 September |
31 March |
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Unaudited £'000 |
2000 |
1999 |
2000 |
|
Operating profit |
2,394 |
2,031 |
4,182 |
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Depreciation charge |
16 |
15 |
33 |
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Decrease/(Increase) in debtors |
128 |
(377) |
(498) |
|
(Decrease)/increase in creditors |
(527) |
1,745 |
1,017 |
|
======= |
2,011 |
3,414 |
4,734 |
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1(b) Analysis of cash flows for headings netted in the cash flow statement |
|
6 months ended Year ended |
30 September |
31 March |
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Unaudited £'000 |
2000 |
1999 |
2000 |
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Returns on investments and servicing of finance |
|
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Interest received |
21 |
86 |
155 |
|
Interest paid |
(1,647) |
(1,316) |
(3,073) |
|
======= |
(1,626) |
(1,230) |
(2,918) |
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Capital expenditure and financial investments |
|
|
6 months ended Year ended |
30 September |
31 March |
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Unaudited £'000 |
2000 |
1999 |
2000 |
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Purchase of investment properties |
(2,997) |
(11,779) |
(21,805) |
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Purchase of equipment |
(12) |
(49) |
(49) |
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Sale of investment properties |
1,770 |
- |
3,910 |
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Cost associated with sale of investment properties |
(70) |
- |
(50) |
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Investment in associate |
(212) |
(87) |
(87) |
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Cost associated with disposal of subsidiary undertaking |
(23) |
(72) |
(72) |
|
======= |
(1,544) |
(11,987) |
(18,153) |
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1(c) Analysis of net debt |
|
£'000 |
At 1 April |
Cash Flow |
At 30 September |
|
2000 |
|
2000 |
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Cash at bank and overdrafts |
1,196 |
863 |
2,059 |
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Debt due within one year |
(8,493) |
(262) |
(8,755) |
|
Debt due after more than one year |
(36,000) |
(1,238) |
(37,238) |
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Total |
(43,297) |
(637) |
(43,934) |
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Notes:
The unaudited financial statements for the 6 months ended 30
September 2000 do not constitute statutory accounts. The have been
drawn up using accounting policies and presentation consistent with
those applied in the year ended 31 March 2000.
The abridged accounts for the year ended 31 March 2000 comprise
non-statutory accounts within the meaning of Section 240 of the
Companies Act 1985 and are extracts from the latest published
accounts of the group which have been delivered to the Registrar of
Companies and contain an unqualified auditors' report.
The Directors do not recommend an interim dividend.
Copies of the interim statement are being posted to all shareholders. |
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