Notes to the condensed consolidated interim financial statements

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Notes to the condensed consolidated interim financial statements Powered By Docstoc
					14 December 2006

DAEJAN HOLDINGS PLC INTERIM RESULTS ANNOUNCEMENT for the half year ended 30 September 2006
The Board is pleased to present the Interim Statement for the half year ended 30 September 2006.

Profit before tax Profit after tax Total equity  

30/9/06 £000 15,566 10,903 746,743

30/9/05 £000 15,973 11,621 646,887

An interim dividend of 25p per share will be paid on 9 March 2007 to shareholders on the register on 9 February 2007. Properties are not revalued at the half year, a full valuation of all the Group’s properties will be carried out by external professional valuers at March 2007.

B S E Freshwater Chairman 14 December 2006

For further information please contact: Mark Jenner Company Secretary Daejan Holdings PLC Tel: 020 7836 1555 Terry Garrett Weber Shandwick Square Mile Tel: 020 7067 0700

Daejan Holdings PLC interim statement 2006

Consolidated Interim Income Statement for the half year ended 30 September 2006 Unaudited 6 Months ended 30/9/06 £000 Gross Rental Income Property Operating Expenses Net Rental & Related Income Profit on Disposal of Investment Properties Net Valuation Gains on Investment Properties Administrative Expenses Operating Profit before Net Financing Costs Fair Value Gains/(Losses) on Financial Instruments Financial Income Financial Expenses Net Financing Costs Profit Before Taxation Income Tax Expense Profit for the Period Attributable to : Equity holders of the parent Minority Interest Profit for the Period 10,643 260 10,903 11,116 505 11,621 112,460 652 113,112 44,521 (26,514) 18,007 5,710 0 (4,028) 19,689 764 759 (5,646) (4,123) 15,566 (4,663) 10,903 Unaudited 6 Months ended 30/9/05 £000 49,265 (24,456) 24,809 2,976 0 (4,969) 22,816 (2,682) 1,322 (5,483) (6,843) 15,973 (4,352) 11,621 Audited Year ended 31/3/06 £000 95,689 (52,980) 42,709 6,173 130,976 (9,091) 170,767 1,288 2,119 (11,515) (8,108) 162,659 (49,547) 113,112

Basic Diluted Earnings per Share

65.3

p

68.2

p

690.1

p

Daejan Holdings PLC interim statement 2006

Consolidated Interim Statement of Recognised Income & Expense for the half year ended 30 September 2006 Unaudited 6 Months ended 30/9/06 £000 Foreign Exchange (Losses)/ Gains Income & Expense Recognised Directly in Equity Profit for the Period Total Recognised Income & Expense for the Period (9,331) (9,331) 10,903 1,572 Unaudited 6 Months ended 30/9/05 £000 6,987 6,987 11,621 18,608 Audited Year ended 31/3/06 £000 8,307 8,307 113,112 121,419

Attributable to : Equity Holders of the Parent Minority Interest Total Recognised Income & Expense for the Period

1,312 260 1,572

18,103 505 18,608

120,767 652 121,419

Daejan Holdings PLC interim statement 2006

Consolidated Interim Balance Sheet as at 30 September 2006 Unaudited 30/9/06 £000 Assets Investment Properties Investment in Associate Other Investments Deferred Tax Assets Total Non-Current Assets Trade & Other Receivables Investments Cash at Bank Total Current Assets Total Assets Equity Issued Capital Share Premium Account Retained Earnings Total Equity Attributable to Equity Holders of the Parent Minority Interest Total Equity Liabilities Interest Bearing Loans & Borrowings Deferred Tax Liabilities Total Non-Current Liabilities Bank Overdrafts Interest Bearing Loans & Borrowings Trade & Other Payables Taxation Total Current Liabilities Total Liabilities Total Equity & Liabilities 1,087,656 0 617 2,384 1,090,657 34,226 217 31,541 65,984 1,156,641 4,074 555 741,971 Unaudited 30/9/05 £000 968,160 0 617 3,789 972,566 32,029 148 38,291 70,468 1,043,034 4,074 555 642,069 Audited 31/3/06 £000 1,101,048 0 617 2,608 1,104,273 32,043 160 37,300 69,503 1,173,776 4,074 555 740,659

746,600 143 746,743 122,079 218,633 340,712 0 2,217 45,643 21,326 69,186 409,898 1,156,641

646,698 189 646,887 141,425 180,371 321,796 7 12,273 47,981 14,090 74,351 396,147 1,043,034

745,288 330 745,618 140,212 219,045 359,257 15 8,448 42,209 18,229 68,901 428,158 1,173,776

Daejan Holdings PLC interim statement 2006

Consolidated Interim Statement of Cash Flows for the half year ended 30 September 2006 Unaudited Unaudited 6 Months 6 Months ended ended 30/9/06 30/9/05 £000 Cash Flows From Operating Activities Net Cash Generated from Operations Interest Received Interest Paid Drawings by Minority Interests in USA partnership U.K. Corporation Tax Paid Overseas Tax Paid Net Cash from Operating Activities Cash Flows from Investing Activities Acquisition of Investment Properties Proceeds from Sale of Investment Properties Net cash from Investing Activities Cash Flows from Financing Activities Repayment of Secured Loans Repayment of Mortgage Advances New Mortgage Advances Dividends Paid £000 £000 £000 £000

Audited Year ended 31/3/06 £000

16,008 759 (4,879)

12,626 1,322 (5,594)

30,499 2,119 (11,543)

(447) (855) (284)

(506) (1,996) (140)

(528) (3,352) (83)

10,302

5,712

17,112

(2,709) 6,937

(1,316) 3,352

(6,806) 12,165

4,228

2,036

5,359

(24,681) (621) 6,188 0

(14,782) (631) 0 0

(24,782) (1,321) 4,728 (9,940)

Net Cash from Financing Activities Net Decrease in Cash & Cash Equivalents Cash & Cash Equivalents Brought Forward Effect of Exchange Rate Fluctuations on Cash Held Cash & Cash Equivalents

(19,114)

(15,413)

(31,315)

(4,584) 37,285

(7,665) 44,825

(8,844) 44,825

(1,160) 31,541

1,124 38,284

1,304 37,285

Daejan Holdings PLC interim statement 2006 Notes to the Consolidated Financial Statements for the 6 months to 30 September 2006.

Basis of preparation This interim financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the company’s published consolidated financial statements for the year ended 31 March 2006. As required by the Listing Rules of the Financial Services Authority, the directors have considered the result of the endorsement by the EU of new or changed IFRSs that are applicable or available for early adoption in the preparation of the company’s next consolidated financial statements for the year ending 31 March 2007 and concluded that they have no material effect on either the current or prior periods. The interim financial information in this statement does not constitute statutory accounts, as defined in section 240 of the Companies Act 1985. The auditors' report on the statutory accounts for the year to 31 March 2006 were unqualified and did not contain a statement under section 237 of the Companies Act 1985. Statutory accounts for the year to 31 March 2006 have been delivered to the Registrar of Companies. The interim financial statements were approved by the Board of Directors on 12 December 2006. The preparation of the interim financial statements requires management to make assumptions and estimates about future events which are uncertain, the actual outcome of which may result in a materially different outcome from that anticipated.