Interim Results
ComProp Limited
13 November 2003
ComProp
Interim Statement
For the half year to 30 September 2003
Chairman's Statement
During the last six months we have continued with the development of Admiral
Park.
It was in our last interim report that I advised of our agreement to develop a
retail warehouse for B & Q. I am pleased to report that the building was
successfully completed on time and within budget. This second major retail unit
will complement the Checkers superstore and the early signs show that there is a
good synergy from the two forms of food and DIY retailing. We have created an
excellent investment, let to B & Q plc for a twenty-five year period, with the
rental contributing significantly to our growing rent roll.
It is our policy to revalue our investment properties on an annual basis. Where
we believe there to have been significant change in asset value we will seek
valuations by our appointed external valuers. Accordingly we anticipate that the
B & Q retail warehouse will be revalued at 31 March 2004 for inclusion within
our Annual Report.
We have also now commenced the construction of the two Flagship office buildings
on the sea front. This follows the second pre-lease agreement with BGL Reads,
which is part of the Fortis Group. We had previously secured a pre-letting of
the first building to Kleinwort Benson.
Each building extends to approximately 45,000 sq.ft. and together represents the
largest office development currently being undertaken in Guernsey. The building
contract has been awarded to local contractors R G Falla who are committed to
deliver the scheme in the early part of 2005.
In St Peter Port, work is well advanced on the office building pre-let to
Generali Worldwide Insurance. The frame and structure has now been formed and
work is scheduled to complete in the first quarter of 2004. The precise timing
of practical completion of this building will determine whether or not it is
also re-valued for inclusion within our forthcoming Annual Report.
The financial highlights (unaudited) are provided below:
Half year to Half year to
30 September 30 September
2003 2002
£'000 £'000
Operating profit 1,229 1,095
Profit on ordinary activities before tax 260 250
Basic earnings per share 0.6p 0.6p
Net assets per share 110.5p 91.6p
The Group finances its operations by a mixture of equity and bank borrowings. At
30 September 2003 bank borrowings falling due for repayment within one year
totalled £17.7 million compared to £1.7 million at 31 March 2003, an increase of
£16 million. This increase is mainly as a result of a facility, which falls due
for repayment in the summer of 2004, being reclassified as a current liability
in the balance sheet. We are currently negotiating refinancing of this facility
with our bankers and expect to complete this process by the end of 2003.
Tom Scott
Chairman
12 November 2003
Unaudited consolidated profit and loss account
For the half year to 30 September 2003
Unaudited Unaudited Audited
Half year to Half year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Turnover 2,165 1,935 4,055
Operating expenses (936) (840) (1,786)
Operating profit 1,229 1,095 2,269
Net interest payable (969) (845) (1,763)
Profit on ordinary activities before tax 260 250 506
Tax on profit on ordinary activities (52) (52) (1)
Profit on ordinary activities after tax 208 198 505
Dividends - - -
Retained profit for the period 208 198 505
Earnings per share
Basic 0.6p 0.6p 1.4p
Diluted 0.6p 0.5p 1.4p
Unaudited consolidated balance sheet
At 30 September 2003
Unaudited Unaudited Audited
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Fixed assets
Tangible fixed assets 79,566 61,651 72,845
Investments 172 172 172
Total fixed assets 79,738 61,823 73,017
Current assets
Stocks and work in progress 20 46 20
Debtors 840 1,147 764
Cash at bank 196 1,252 55
1,056 2,445 839
Creditors
Bank borrowings (17,732) (290) (1,733)
Creditors falling due within one year (1,196) (2,031) (1,509)
(18,928) (2,321) (3,242)
Net current (liabilities)/assets (17,872) 124 (2,403)
Total assets less current liabilities 61,866 61,947 70,614
Creditors
Amounts falling due after more than one year (22,377) (29,492) (31,350)
Deferred taxation (104) - (87)
Net assets 39,385 32,455 39,177
Capital and reserves
Share capital 1,782 1,772 1,782
Reserves 37,603 30,683 37,395
Equity shareholders' funds 39,385 32,455 39,177
Net assets per share 110.5p 91.6p 109.9p
Unaudited consolidated cash flow statement
For the half year to 30 September 2003
Unaudited Unaudited Half Audited
Half year to year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Net cash inflow from operating activities 1,180 984 2,579
Return on investment & servicing of finance (1,018) (838) (1,758)
Taxation (117) (130) (268)
Capital expenditure & financial investment (8,080) (2,432) (7,466)
Acquisitions & disposals 1,150 1,650 1,650
Financing 5,263 (165) 3,135
Decrease in cash balances (1,622) (931) (2,128)
Statement of total recognised gains and losses
For the half year to 30 September 2003
Unaudited Unaudited Audited
Half year to Half year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Profit for the financial period 208 198 505
Surplus on revaluation of properties - - 6,405
Total gains and losses recognised in the period 208 198 6,910
Reconciliation of movements in shareholders' funds
For the half year to 30 September 2003
Unaudited Unaudited Half Audited
Half year to year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Total gains and losses recognised in the period 208 198 6,910
New share capital issued - - 10
Net movement in shareholders' funds 208 198 6,920
Opening shareholders' funds 39,177 32,257 32,257
Closing shareholders' funds 39,385 32,455 39,177
Notes to the interim statement
1. Basis of preparation
The interim financial information has been prepared on the basis of the
accounting policies set out in the Company's 31 March 2003 statutory
accounts.
The results and balance sheet relating to the year ended 31 March 2003
have been extracted from the full accounts on which there was an
unqualified audit report.
The turnover, profit on ordinary activities and net assets are all derived
from the Group's continuing operations.
It is the Group's practice to revalue its investment properties annually.
Accordingly, the valuations have been brought forward without amendment
from the previous annual accounts.
2. Segmental information
Class of business
Unaudited Unaudited Audited
Half year to Half year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Turnover (wholly Channel Islands)
Property 2,165 1,935 4,055
3. Net interest payable
Unaudited Unaudited Audited
Half year to Half year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Interest receivable on loans advanced and
deposits 5 53 64
Interest payable on borrowings (974) (898) (1,827)
(969) (845) (1,763)
4. Taxation
Jersey and Guernsey tax is provided at 20% on the relevant taxable profits.
Deferred tax is provided in accordance with FRS19.
5. Reconciliation of profit on ordinary activities to net cash inflow from operating activities
Unaudited Unaudited Audited
Half year to Half year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Operating profit 1,229 1,095 2,269
Depreciation charge 29 24 70
Loss on disposal of tangible fixed assets - - 3
(Increase)/decrease in stocks - (11) 15
(Increase)/decrease in debtors (56) 121 570
Decrease in creditors (22) (245) (348)
____________ ___________ __________
Net cash inflow from operating activities 1,180 984 2,579
6. Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited Audited
Half year to Half year to Year to
30 September 30 September 31 March
2003 2002 2003
£'000 £'000 £'000
Decrease in cash balances (1,622) (931) (2,128)
Cash inflow from increase in loans (5,409) - (3,446)
Repayment of loans 145 165 321
_____________ ____________ ___________
Change in net debt (6,886) (766) (5,253)
Net debt at 1 April 2003 (33,157) (27,904) (27,904)
______________ ____________ ___________
Net debt at 30 September 2003 (40,043) (28,670) (33,157)
Analysis of changes in net debt
Audited Cash flow Unaudited
1 April 30 September
2003 2003
£'000 £'000 £'000
Cash at bank 55 141 196
Overdraft - (1,763) (1,763)
Debt due within 1 year (1,863) (14,236) (16,099)
Debt due after 1 year (31,349) 8,972 (22,377)
______________ ____________ ___________
(33,157) (6,886) (40,043)
7. The interim results were approved by the Board on 12 November 2003.
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