Final Results

Comprop Limited 28 June 2002 ComProp Limited ('ComProp' or 'the Company') Chairman's statement This year has seen great change and development of the Company. Last August we received your support to acquire the property portfolio of International Energy Group. The acquisition marked the first step of progressing to a property investment group. This portfolio gave the Company a solid base of mixed-use properties principally located in Guernsey. We have an investment in Jersey and will seek to extend our investments in that Island when the right opportunity arises. In addition to income producing investments we also own key sites for future development. We successfully concluded the development of Checkers, the flagship store of Le Riche at Admiral Park. This unit is the largest food outlet in both Islands and has a ground floor sales area of 52,500 sq.ft. with extensive car parking facilities offering in excess of five hundred visitor spaces. The unit is leased on full repairing and insuring terms for thirty-five years. In March of this year we concluded the sale of our non-core businesses. Channel Rentals, Perry's and TABS were sold for £1,750,000. These businesses had remained part of the Group following our disposal of the media business of Channel Television. Whilst providing profit to the Company it was the Board's view that these companies did not have a part to play in a long-term plan for the future of the Company. We thank all the staff for their service and wish them all the best under the leadership of the Le Riche Group. The property portfolio is managed by the staff of Jones & Partners. This is Guernsey's principal commercial agency and chartered surveyors, which was acquired as a result of our appointment of Nigel Jones as Chief Executive Officer. We have seen a good level of rental increase through the portfolio. In addition we have effected movement of tenants within the portfolio to facilitate an early development of sites within Admiral Park. This is evidenced by the termination of all leases at the former Retort House site which will now pave the way for the construction of our second store on Admiral Park extending to approximately 50,000 sq.ft. Planning Permission in Principle has been granted and we are in active discussions with a major tenant whilst awaiting detailed planning approval. Other sections of Admiral Park are being considered for development and plans are either being prepared or are currently lodged with the Island Development Committee for their consideration. We were pleased to be given the opportunity of naming the new estate road serving Admiral Park, as Elizabeth Way, in recognition of the Queen's Golden Jubilee. Following the significant changes in our business structure over the last twelve months I feel we can focus on the future. We have the experience and commitment to benefit from the opportunities that our existing portfolio offers and are well placed to expand our property interests. As previously advised the board is not recommending the payment of a dividend this year. John Rowe, who first joined the board in 1983 resigned on his emigration to Australia. John has made a most valuable contribution not only through his special financial skills, but also his wise counsel on a range of issues that have faced the group over many years of great change. I thank him and wish him success in his new life on behalf of his colleagues and shareholders. I am pleased to welcome three new directors to the board. Nigel Jones joined in August last year as chief executive, having run a successful commercial agents and chartered surveyors business. Martin Bralsford, chief executive of Le Riche Group, and Tom R Scott, a chartered accountant, both joined as a non-executive directors. I am sure that all three will make valuable contributions to the board's deliberations in the future. I would like to thank all our staff who have served during the year for their contribution, loyalty and efforts on behalf of the group. Tom Scott Chairman 27th June 2002 Consolidated profit and loss account for the year ended 31st March 2002 2002 2001 £'000 £'000 Turnover Continuing operations 143 219 Acquisitions 2,195 - ---------- ---------- 2,338 219 Discontinued operations 1,976 3,875 ---------- ---------- Total turnover 4,314 4,094 Operating expenses (4,202) (4,883) ---------- ---------- Operating profit / (loss) Continuing operations (452) (164) Acquisitions (69) - ---------- ---------- (521) (164) Discontinued operations 633 (625) ---------- ---------- Total operating profit / (loss) 112 (789) Exceptional items Profit on disposal of businesses 1,284 - Gain on sale of subsidiaries - 13,134 Gain on sale of properties - 3,730 Cost of business restructuring - (2,612) ---------- ---------- Profit on ordinary activities before interest 1,396 13,463 Net interest (payable) / receivable (910) 598 ---------- ---------- Profit on ordinary activities before taxation 486 14,061 Tax on profit on ordinary activities (57) (58) ---------- ---------- Profit on ordinary activities after taxation 429 14,003 Dividends - (17,167) ---------- ---------- Retained profit / (loss) for the financial year 429 (3,164) ---------- ---------- Earnings per share Basic 1.6p 102.6p Diluted 1.5p 102.6p ---------- ---------- Consolidated balance sheet at 31st March 2002 2002 2001 £'000 £'000 Fixed assets Tangible fixed assets 59,662 1,485 Investment in group undertakings - - Investments 172 - ---------- ---------- 59,834 1,485 ---------- ---------- Current assets Stocks 35 34 Debtors 3,118 450 Cash at bank and in hand 2,183 9,541 ---------- ---------- 5,336 10,025 Creditors Amounts falling due within one year (3,276) (1,463) ---------- ---------- Net current assets 2,060 8,562 ---------- ---------- Total assets less current liabilities 61,894 10,047 Creditors Amounts falling due after more than one year (29,637) (3) ---------- ---------- Net assets 32,257 10,044 ---------- ---------- Capital and reserves Share capital 1,772 687 Reserves 30,485 9,357 ---------- ---------- Equity shareholders' funds 32,257 10,044 ---------- ---------- The accounts were approved by the Board on 27th June 2002 and signed on its behalf by : T.H. Scott C.R. Day Consolidated cash flow statement for the year ended 31st March 2002 2002 2001 £'000 £'000 Net cash inflow from operating activities 1,652 1,208 --------- ---------- Returns on investments and servicing of finance Interest received 340 527 Interest paid (888) - --------- ---------- Net cash (outflow) / inflow from investments and servicing of finance (548) 527 --------- ---------- Taxation Jersey and Guernsey income tax paid (274) (350) ---------- ---------- Capital expenditure and financial investment Purchase of tangible fixed assets (4,327) (844) Sale of tangible fixed assets 56 10,554 ---------- ---------- Net cash outflow from capital expenditure and financial investment (4,271) 9,710 ---------- ---------- Acquisitions and disposals Sale of subsidiary businesses net of selling expenses and cash balances 100 15,708 Purchase of subsidiary undertakings plus costs (33,448) (1,150) Cash acquired with subsidiary companies 23 - ---------- ---------- (33,325) 14,558 ---------- ---------- Equity dividend paid Dividends paid - (17,167) ---------- ---------- Financing Bank loans 30,000 - Loan notes issued - 110 Loans repaid (83) (10) Issue of ordinary shares 5 234 Issue costs (514) - ---------- ---------- Net cash inflow from financing 29,408 334 --------- ---------- (Decrease) / increase in cash in the period (7,358) 8,820 --------- ---------- Statement of total recognised gains and losses for the year ended 31st March 2002 2002 2001 £'000 £'000 Profit for the financial year 429 14,003 Surplus on revaluation of properties 2,821 - ---------- ---------- Total gains and losses recognised since last annual report 3,250 14,003 ---------- ---------- Note of historical cost profits and losses There are no material differences between reported profits and historical profits of the Company. Notes 1. Dividends The Board is not recommending a dividend to be paid in respect of the year ended 31 March 2002. 2. Earnings per share The calculation of earnings per share is based on the profit of £429,000 (2001: £14,003,000) and on the weighted average of 27,630,864 (2001: 13,647,039) ordinary shares in issue during the year. The dilutive potential ordinary shares under options amounted to 307,223. 3. Exceptional items Gain on sale of subsidiaries On 30 March 2002 the Company sold its rental, publications and credit vetting businesses to Le Riche Group Limited. Details of the transaction are shown below: £'000 Sale proceeds to be settled in cash 1,750 Value of the assets sold (207) Costs associated with the transaction (25) Goodwill previously written off direct to reserves (234) ----------- Profit on disposal 1,284 ----------- 4. Financial information The financial information set out in this document does not constitute the Company's statutory financial statements for the years ended 31 March 2002 and 2001. The auditors have given an unqualified audit report on the accounts for the year ended 31 March 2002. 5. Annual General Meeting The Annual General Meeting will be held on 31 July 2002 at 12.00 noon at The Atlantic Hotel, Le Mont de la Pulente, St Brelade, Jersey. 6. Annual Report The Annual Report will be sent to shareholders in due course. Once issued, further copies can be obtained from the Company's registered office at La Rue Fondon, St Peter, Jersey JE3 7BF. Contacts: Tom Scott / Charles Day ComProp Limited 01534 83 55 00 This information is provided by RNS The company news service from the London Stock Exchange R ILFEDRIIDFIF

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