Final Results

ComProp Limited 26 June 2003 ComProp Limited ('ComProp' or 'the Company') Chairman's statement I am pleased to address you in this second year of trading as an AIM Listed Property Company. Last year I advised you that ComProp had successfully streamlined its activities in order to concentrate on its core aim as a property development and investment vehicle. The last year has been one of laying the foundations for significant development of the company. We have set out our plans for the development of our key site at Admiral Park in Guernsey. A masterplan has now been developed for the entire Admiral Park site. Specific sites having been identified for office, retail, leisure and residential development. The coastal part of the site has been earmarked for extensive office and residential development to take full advantage of the spectacular scenery towards the other Channel Islands and to provide a suitable development as the gateway to Admiral Park. I am pleased to advise that planning permission has been secured for two prestigious office buildings, each offering 45,000 sq.ft. of accommodation. To facilitate this development we have secured a pre-lease agreement for one building, which will be developed to provide headquarter facilities for Kleinwort Benson. Terms have been agreed with a prospective tenant for the second building. It is anticipated that the development of both buildings will be scheduled for completion by mid 2005. The residential element of the scheme has planning approval for extensive development of up to ninety luxury apartments and will be provided in a phased development. We have also submitted our plans to the Island Development Committee for a mixed development of retail and leisure use adjacent to the existing Sydney Vane office block. This will provide a complementary and alternative use to those already on the Admiral Park site. At Admiral Park we are shortly to conclude the development of a new facility for B & Q. In my last report I advised that we had just received planning permission in principle and I am pleased to advise that during the last twelve months we have entered into a pre-lease agreement. The unit extends to approximately 50,000 sq.ft. and will provide a major DIY and Garden Centre facility for B & Q. Not only is this letting an important part of our investment portfolio but it will provide an excellent balance of retailing activities with the adjacent Checkers superstore. We have commenced development of a town centre site adjacent to the Old Government House Hotel. The site had been prepared for development and a planning consent was in place with a tenant contracted to a pre-lease agreement. We acquired the site and immediately reviewed the development scheme, adding more than 10% to the lettable floor area of the proposed building. A revised planning approval was obtained and the tenant has agreed to our amendments, which also allowed for enhancement of the appearance of the building and improved efficiency of space and thus maximizing our return on the development. The steel frame is being erected and completion of the building is scheduled to occur in the spring of next year. The tenant, Generali Worldwide Insurance, will occupy this 20,000 sq.ft. building in the heart of St Peter Port as their Guernsey headquarters. The portfolio of properties continues to perform well under intensive management from Jones & Partners. We have experienced significant improvement in lease structures and enhanced rentals. We therefore felt it appropriate to review the current value of the investment portfolio at this time, employing the services of Cushman & Wakefield Healey & Baker who are our retained valuers. I am pleased to report that these properties have seen a net gain of £6.4 million, representing growth in capital value of approximately 17%. There have been three changes in the composition of the Board. Edward Potter, who first joined the Board in 1991, retired on 23 June 2003. Edward has been a valued member of the Board providing wise counsel over the years. I wish him well in the years to come. Charles Day, Finance Director, resigned on 24 September 2002. His contribution to the company during its period as a media business is appreciated. Our decision to centralize the accountancy function involved the re-location of this facility to Guernsey. I am delighted to welcome Stephen Down as our Finance Director. Stephen, a Chartered Accountant with extensive experience in the finance sector, has already made valuable contributions to the running of the business. This company is demonstrating its ability to be dynamic in the development of its existing sites and is able to respond to other development opportunities that arise. We need to have the financial ability to take advantage of such opportunities and accordingly we are committed to reinvesting profit into further projects. This being the case your Board is not recommending the payment of a dividend in respect of this financial year. I am pleased to advise that during the year the net asset value per share has increased by 18.9p from 91.0p at 31 March 2002 to 109.9p at the year end, an increase of 21%. Tom Scott Chairman 25th June 2003 Consolidated profit and loss account for the year ended 31st March 2003 2003 2002 £'000 £'000 Turnover Continuing operations 4,055 2,338 Discontinued operations - 1,976 ---------- ---------- Total turnover 4,055 4,314 Operating expenses (1,786) (4,202) ---------- ---------- Operating profit / (loss) Continuing operations 2,269 (521) Discontinued operations - 633 ---------- ---------- Total operating profit 2,269 112 Exceptional items Profit on disposal of businesses - 1,284 ---------- ---------- Profit on ordinary activities before interest 2,269 1,396 Net interest payable (1,763) (910) ---------- ---------- Profit on ordinary activities before taxation 506 486 Tax on profit on ordinary activities (1) (57) ---------- ---------- Profit on ordinary activities after taxation 505 429 Dividends - - ---------- ---------- Retained profit for the financial year 505 429 ---------- ---------- Earnings per share Basic 1.4p 1.6p Diluted 1.4p 1.5p ---------- ---------- Consolidated balance sheet at 31st March 2003 2003 2002 £'000 £'000 Fixed assets Tangible fixed assets 72,845 59,662 Investment in group undertakings - - Investments 172 172 ---------- ---------- 73,017 59,834 ---------- ---------- Current assets Stocks 20 35 Debtors 764 3,118 Cash at bank and in hand 55 2,183 ---------- ---------- 839 5.336 Creditors Amounts falling due within one year (3,242) (3,276) ---------- ---------- Net current (liabilities)/assets (2,403) 2,060 ---------- ---------- Total assets less current liabilities 70,614 61,894 Creditors Amounts falling due after more than one year (31,350) (29,637) Deferred Tax (87) - ---------- ---------- Net assets 39,177 32,257 ---------- ---------- Capital and reserves Share capital 1,782 1,772 Reserves 37,395 30,485 ---------- ---------- Equity shareholders' funds 39,177 32,257 ---------- ---------- The financial statements were approved by the Board on 25th June 2003 and signed on its behalf by : T.H. Scott S.H. Down Consolidated cash flow statement for the year ended 31st March 2003 2003 2002 £'000 £'000 Net cash inflow from operating activities 2,579 1,652 ---------- ---------- Returns on investments and servicing of finance Interest received 64 340 Interest paid (1,822) (888) ---------- ---------- Net cash outflow from investments and servicing of finance (1,758) (548) ---------- ---------- Taxation Jersey and Guernsey income tax paid (268) (274) ---------- ---------- Capital expenditure and financial investment Purchase of tangible fixed assets (8,084) (4,327) Sale of tangible fixed assets 618 56 ---------- ---------- Net cash outflow from capital expenditure and financial investment (7,466) (4,271) ---------- ---------- Acquisitions and disposals Sale of subsidiary businesses net of selling expenses and cash balances 1,650 100 Purchase of subsidiary undertakings plus costs - (33,448) Cash acquired with subsidiary companies - 23 ---------- ---------- 1,650 (33,325) ---------- ---------- Equity dividend paid - - ---------- ---------- Financing Bank loans 3,446 30,000 Loans repaid (321) (83) Issue of ordinary shares 10 5 Issue costs - (514) ---------- ---------- Net cash inflow from financing 3,135 29,408 ---------- ---------- Decrease in cash in the period (2,128) (7,358) ---------- ---------- Statement of total recognised gains and losses for the year ended 31st March 2003 2003 2002 £'000 £'000 Profit for the financial year 505 429 Surplus on revaluation of properties 6,405 2,821 ---------- ---------- Total gains and losses recognised since last annual report 6,910 3,250 ---------- ---------- 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 2003. 2. Earnings per share The calculation of earnings per share is based on the profit of £505,000 (2002: £429,000) and on the weighted average of 35,467,940 (2002: 27,630,864) ordinary shares in issue during the year. The dilutive potential ordinary shares under options amounted to 266,675 (2002: 307,223). 3. 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 2003 and 2002. The auditors have given an unqualified audit report on the accounts for the year ended 31 March 2003. 5. Annual General Meeting The Annual General Meeting will be held on 6 August 2003 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 /Steve Down ComProp Limited 01534 83 55 00 This information is provided by RNS The company news service from the London Stock Exchange

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