Half Yearly Report

RNS Number : 7484R
Helical Bar PLC
22 November 2012
 



 

 

 

22 November 2012

 

 

 

 

 

H E L I C A L   B A R   P L C

("Helical"/"Company"/"Group")

 

H a l f    Y e a r   R e s u l t s

 

For the Six Months to 30 September 2012

 

 

 

Financial Highlights:

 

§ Profit before tax of £5.2m (2011: £4.1m) - up 27%

§ Group's share of net rental income of £12.2m (2011: £11.0m) - up 11%

§ Development profits of £4.7m (2011: £1.8m) - up 161%

§ Diluted EPRA earnings per share of 4.4p (2011: 4.1p) - up 7%

§ Diluted EPRA net assets per share at 252p (31 March 2012: 250p)

§ Group's share of property portfolio £582m (31 March 2012: £573m)

§ Ratio of net borrowings to property portfolio of 46% (31 March 2012: 49%)

§ Cash and unused bank facilities of over £85m

§ Reduction in effective rate of interest to 3.8% (31 March 2012: 4.2%)

§ Interim dividend increased to 1.85p per share (2011: 1.75p) - up 6%

 

 

Operational Highlights:

 

Development Programme

·      Conditional planning consent granted post the period end at Barts Square, London EC1, for a 425,000 sq ft mixed use scheme

·      Planning application submitted at Brickfields, White City, London W12 for a c. 1.5m sq ft mixed use scheme

·      Fulham Wharf, London SW6 sold during the period crystallising our additional development management fee

·      74,000 sq ft under offer at 200 Aldersgate, London EC1

·      Helical appointed as development partners to build a new 220,000 sq ft headquarters for Scottish Power in Glasgow

·      Sales of £24m of non-income producing development sites, including Milton retirement village site (£6.9m) and part of the Exeter retirement village site (£7.6m)

 

 

Investment Portfolio

·      Investment portfolio valuationsup 0.1% including capex, sales and purchases (0.2% on a like-for-like basis) during the six months, comparing favourably to the IPD monthly index which fell 2.35% over the same period

·      Like for like rents up 0.9% (£249,000). Increase driven by new lettings (£885,000) and rental increases (£409,000), more than compensating for losses from administrations and breaks / expiries

·      32 new leases signed in the period, with 68.3% of rent retained at lease expiries and 78.4% retained at breaks

·      Vacancy by ERV fell to 10.4% from 11.5% in March 2012

 

 

 

Commenting on the results, Michael Slade, Chief Executive said:

 

"Returns are hard to find in a market where only a few asset classes in very specific locations show any rental or capital growth. We see three ways to make profits for our business: by buying well, proactively managing surplus cash flow and creating value through repositioning and development. Our focus remains very much on those three areas.

 

"Overseas equity continues to drive the prime end of the investment market which may, in time, become over-bought. We anticipate a move to more investment in good quality secondary property. Development will remain the realm of the experienced and well-funded and we, with our partners, feel particularly well placed to capitalise on these opportunities."

 

For further information, please contact:

 

Helical Bar plc                                                                       020 7629 0113

Michael Slade (Chief Executive)                        

Tim Murphy (Finance Director)

 

Address:           11-15 Farm Street, London W1J 5RS

Fax:                 020 7408 1666

Website:           www.helical.co.uk

 

FTI Consulting                                                                        020 7831 3113

Stephanie Highett/Dido Laurimore/Daniel O'Donnell

 

FINANCIAL HIGHLIGHTS

 

 

 

Adjusted Income Statement

 

 

 

Notes

Half Year To

30 September 2012

£m

Half Year To

30 September 2011

£m

Year  To

31 March

2012

£m

Group's share of net rental income

1

12.2

11.0

22.9

Development property profits


4.7

1.8

0.7

Group's share of gain on sale and revaluation

2

0.5

1.2

3.9

Total property return


17.4

14.0

27.5






Profit before tax


5.2

4.1

7.4

EPRA earnings


5.2

4.7

4.0

 

 

 

Earnings Per Share and Dividends

 

Basic earnings per share

Diluted earnings per share

 

 

 

 

 

3

3

 

 

 

pence

 

3.5

3.5

 

 

 

pence

 

3.4

3.4

 

 

 

pence

 

6.5

6.5

EPRA earnings per share

Dividends per share paid in period

3

4.4

3.40

4.1

3.15

3.4

4.90






 

 

 

 

 

Adjusted Balance Sheet

 

Value of investment portfolio in subsidiaries

Trading and development stock at directors' valuation in subsidiaries

Group's share of property portfolio in joint ventures and held for      sale investments

 

Net debt in subsidiaries

Group's share of net debt of joint ventures

Group's share of total net borrowings

 

Net assets

 

Diluted EPRA Net Asset Value per share

 

Ratio of net borrowings to fair value of property portfolio

Net gearing

 

 

 

 

 

 

 

 

 

 

 

4

4

 

 

 

6

 

 

 

 

 

5

 

 

6

 

 

At

30 September 2012

£m

 

326.6

122.2

132.8

581.6

 

216.8

49.4

266.2

 

254.1

 

252p

 

46%

105%

 

 

 

 

At

31 March

2012

£m

 

326.9

132.8

112.9

572.6

 

231.3

51.1

282.4

 

253.7

 

250p

 

49%

111%

Notes





 

1.   Includes Group's share of net rental income of joint ventures of £2.4m (2011: £2.6m).

 

2.   The Group's share of the results of entities controlled equally by the Group and its joint venture partner.

 

3.   Calculated in accordance with IAS 33 and the best practice recommendations of the European Public Real Estate Association ("EPRA"). See note 9 of Half Year Statement.

 

4.   Includes the trading and development stock surplus of £36.4m (31 March 2012: £34.5m).  See notes 11 and 12 of Half Year Statement.

 

5.   Calculated in accordance with the best practice recommendations of EPRA. See note 21 of Half Year Statement.

 

6.   Net gearing is the ratio of net borrowings, including the Group's share of net borrowings of joint ventures and held for sale investments, to net assets.

 

 

CHAIRMAN'S STATEMENT

 

Review of the Half Year

 

The results for the six months to 30 September 2012 showed a continued improvement in profits as net rental income from the investment portfolio and increased development profits contributed to a pre-tax profit of £5.2m (2011: £4.1m) and EPRA earnings per share of 4.4p (2011: 4.1p). Asset management initiatives helped to maintain investment values, while progress on the development programme allowed the Group to add to its surplus on the valuation of trading and development stock. These results increase the Group's EPRA net asset value per share to 252p (31 March 2012: 250p) and have enabled the Board to approve an increased interim dividend of 1.85p per share (2011: 1.75p), the first increase at the half year since 2007, reinforcing the Board's commitment to a progressive dividend policy.

 

Outlook

 

I am pleased that Helical has had a good start to the current financial year and it is gratifying to see profits beginning to flow from our development pipeline after several years spent identifying sites and working up schemes. With the sound financial base of a growing surplus of rents over finance and administration costs, these development profits, in many cases generated with negligible capital employed by Helical, will enable the Company to expand its investment portfolio and increase returns to shareholders. The focus on developments in Central and West London in schemes where equity requirements are kept to a minimum enable a company of Helical's size to increase its exposure to a wider range of opportunities, in joint venture with larger financial institutions, than would otherwise be the case. With a backdrop of continued economic uncertainty and political turmoil in Europe and the Middle East, it is understandable that London continues to be seen as a 'safe haven' for investors' money. Helical's development programme is primarily targeted at office and residential schemes in the capital and these schemes, together with the food store and retirement village programmes, hold much promise for a profitable future for Helical.

 

Board Changes

 

During the half year there have been several changes to the Board of Helical Bar plc. As noted in the 2012 Report and Accounts, Giles Weaver, Antony Beevor and Wilf Weeks stepped down from the Board at the 2012 Annual General Meeting. On behalf of the remaining Board members, I would like to thank all three for their contribution to the success of the Company. In particular, as Chairman, Giles has been a firm hand on the tiller for many years providing sound guidance and assistance to the Executive Board and I look forward to making a similar contribution in my time as Chairman. I welcome to the Board, as non-executive directors, Richard Gillingwater, who has taken on the role of Senior Independent Director, and Richard Grant, who is the new Chairman of the Audit Committee. I am confident the Company, and its shareholders, will benefit from the considerable experience and fresh perspective the renewed non-executive team will bring to Helical. Finally, I welcome the appointment of Tim Murphy as my successor as Finance Director of the Company.

 

 

Nigel McNair Scott

Chairman

22 November 2012

 

CHIEF EXECUTIVE'S STATEMENT

 

 

Helical's Strategy

 

Helical Bar plc is a property investment and development company whose objective is to maximise returns to shareholders through income returns, development and trading profits and capital growth. The Group's strategy to achieve these returns is:

 

§ To maintain and expand our investment portfolio, providing a blend of high yielding retail and office property which offers considerable opportunity to increase income and enhance capital values through proactive asset management and skilful stock selection;

§ To have the majority of our gross assets in the investment portfolio creating positive net cash flow for the business;

§ To carry out developments (mainly London based), whether new build or refurbishment, creating value through land assembly, planning and implementation in the office, residential, mixed use and retail sectors to maximise returns by minimising the use of equity in development situations;

§ To carry out food store led / pre-let regional retail developments; and

§ To divest itself of non-core assets i.e. overseas properties.

 

 

Our Market

 

Returns are hard to find in a market where only a few asset classes in very specific locations show any rental or capital growth. We see three ways to make profits for our business: by buying well, proactively managing surplus cash flow and creating value through repositioning and development. Our focus remains very much on those three areas.

 

Overseas equity continues to drive the prime end of the investment market which may, in time, become over-bought. We anticipate a move to more investment in good quality secondary property. Development will remain the realm of the experienced and well-funded and we, with our partners, feel particularly well placed to capitalise on these opportunities.

 

 

Helical's Progress

 

Helical has historically been renowned for maximising performance, "punching above its weight" by working off a very small equity base and carrying out its development work either on a forward funded basis with UK and overseas funds or in partnership with financial institutions. Having had a flat five years working through our portfolio during the most challenging market conditions, we now look forward to our development portfolio coming to fruition and enhancing shareholder returns. We are happily concentrating our development efforts in those areas and sectors where we see both capital growth and a continuing demand from both occupiers and co-investors. Mindful of the slowdown within the banking industry which has impacted their take-up of space within the City we are pleased to control a site in Mitre Square, in the heart of the insurance market. We are delighted that the City resolved this week to grant planning consent for our Barts Square scheme, which has an office and residential provision of c. 450,000 sq ft. This will allow us to take forward the scheme at the end of 2014, once vacant possession of the first few buildings is achieved. Helical Retail, after five years of relative inactivity due to a dead marketplace, is now engaged in some seven projects in the Midlands, East Midlands and the South East, acquiring sites by way of option or exclusivity arrangements, pre-letting to food-stores and pre-funding with major UK institutions.

 

Having successfully finished our development management role on behalf of Sainsbury's at Fulham Wharf, we continue in our joint venture with Grainger plc to redevelop around Hammersmith Town Hall where we anticipate gaining approval for a modified scheme in mid 2013. At Brickfields, White City, in joint venture with Aviva, we anticipate receipt of planning consent for our 1.5m sq ft scheme prior to our year end.

 

Each of the above projects should, on completion, have a significant effect on our balance sheet and lead to a pipeline of future schemes.

 

 

Summary

 

All of the above are made possible by our excellent relationships with our bankers and the sizeable cash flow we enjoy from our acquisition of carefully chosen investment stock. Continuing to find a suitable safe haven in multi-let assets yielding a substantial margin over fixed borrowing costs remains challenging as a higher yield attracts higher risks. As we reap the cash rewards of the development projects, we will continue our current trend of investing in Central London, in particular in multi-let offices in the villages around the centre which demonstrate the potential for both income and capital growth.

 

Michael Slade

Chief Executive

22 November 2012

 

 

Financial Review

 

Review of the Half Year

 

Net rents from the Company's property portfolio increased by 11% from £11.0m to £12.2m, comprising £9.8m (2011: £8.4m) from wholly owned assets and £2.4m (2011: £2.6m) from assets held in joint venture.

 

The sale of the site at Fulham Wharf enabled the Company to recognise further profits arising out of its development management agreement with Sainsbury's. Together with continued development profits from the retirement village scheme at Bramshott Place, Liphook, this increased the Company's net development profits in the half year from £1.8m to £4.7m.


Administration costs, before performance related awards, increased to £4.2m (2011: £3.6m). Net finance costs rose from £3.3m to £4.8m reflecting an increase in borrowings from a larger investment portfolio, increased refinancing costs and a lower level of capitalised interest compared to the corresponding period last year. The decline in medium and long term rates since the year end contributed a £0.7m (2011: £1.4m) loss when comparing the fair value of the Company's derivative financial investments to their book value. Exchange rate movements on the Company's share of the assets and liabilities relating to its Polish developments generated a loss of £0.7m (2011: gain of £0.3m).

 

The investment portfolio rose 0.1% including capex, sales and purchases (31 March 2012: 0.7%), reflected as a gain on revaluation of £0.7m (31 March 2012: £3.7m) and 0.2% on a like-for-like basis. A loss on sale of investment properties of £0.2m (31 March 2012: £0.4m) primarily reflects the transaction costs of the sales.

 

The net result for the half year was a pre-tax profit of £5.2m compared to a profit of £4.1m in the corresponding period last year. This profit resulted in a diluted EPRA earnings per share of 4.4p (2011: 4.1p). The Directors have declared an interim dividend of 1.85p (2011: 1.75p) an increase of 5.7%. This dividend will be paid on 28 December 2012 to shareholders on the register on 30 November 2012.

 

EPRA earnings of £5.2m added 4.4p to the EPRA net assets per share which, when added to the gain on sale and revaluation of the investment portfolio and the increase in the surplus on the directors' valuation of trading and development stock, increased EPRA net assets per share to 255p. However, the dividend paid in the half year of 3.40p reduced this to 252p.

 

Debt and Bank Facilities

 

Since 31 March 2012, Helical has continued to release cash and repay bank debt from non-income producing assets, receiving £24m from sales, with a further £7m of sales either agreed or in solicitors' hands. In total £16m of debt has been repaid with new loans of £6m drawn down during the period.

 

At 30 September 2012 the Group had net borrowings of £266.2m (31 March 2012: £282.4m) and gross property values of £581.6m (31 March 2012: £572.6m). These net borrowings and property values include the Group's share of the properties and borrowings held in joint ventures. The ratio of net borrowings to the value of the property portfolio (including the surplus on directors' valuation of stock) was 46% (31 March 2012: 49%). Net debt to equity gearing at 30 September 2012 was 105% (31 March 2012: 111%).

 

Included within borrowings at 30 September 2012, Helical had £81m of debt due for repayment within one year. Of this, terms have been agreed to extend £70m for an average of four years, with the remainder to be repaid upon sale of properties.

 

At 30 September 2012, the Group's share of fixed rate borrowings was £139.1m (31 March 2012: £138.3m) with an effective rate of 4.4% (31 March 2012: 4.9%) and an average maturity of 2.6 years (31 March 2012: 2.4 years). The Group's share of floating rate borrowings was £181.8m (31 March 2012: £183.9m) with an effective interest rate of 3.3% (31 March 2012: 3.6%). The Group's share of interest rate caps at 30 September 2012 was £102.9m at an average rate of 4.1% (31 March 2012 £144.2m at 4.6%). Overall, the Group's share of borrowings of £320.9m at 30 September 2012 had an effective rate of interest of 3.8% (31 March 2012: 4.2% on £322.2m) and an average maturity of 2.5 years (31 March 2012: 2.8 years).

 

Since the year end the Group has taken advantage of the low interest rate environment to acquire a £75m interest rate swap at 2%, effective from January 2015 to January 2020. The acquisition of this swap will allow the Group to continue to protect itself from rises in interest rates during that period.

 

Tim Murphy

Finance Director

22 November 2012

 

 

PROPERTY PORTFOLIO

 

A complete list of the Group's ongoing projects is set out in the tables at the end of this Half Year Statement but a summary of the more significant matters that have progressed since 31 March 2012 follows.

 

The table below shows how we invest our capital.

 

 

 


London Offices

South East Offices

In Town Retail

Out of Town Retail

Poland

Industrial

Change of Use

Mixed Use

Retirement Villages

TOTAL

March 2012

Investment

22.0%

1.5%

41.0%

3.0%

-

3.0%

-

-

1.0%

71.5%

73.0%

Trading and Development

0.5%

2.0%

2.5%

0.5%

10.5%

0.5%

1.0%

1.0%

10.0%

28.5%

27.0%

TOTAL

22.5%

3.5%

43.5%

3.5%

10.5%

3.5%

1.0%

1.0%

11.0%

100.0%

100.0%

 

 

Further portfolio statistics are included in the appendices to this statement.

 

Development Programme

 

 

Central London

 

Barts Square, London EC1 (www.bartssquare.com) - a 452,000 sq ft new mixed use development

 

In joint venture with The Baupost Group LLC we own the freehold interest in land and buildings at this location adjacent to the new Barts Hospital and close to a major intersection of Crossrail. The buildings are currently let to the NHS for c. £3.5m per annum on leases expiring in 2014 and 2016.


In February 2012, we submitted a planning application for a new urban mixed use quarter integrating this historic location into a high quality scheme comprising c. 226,000 sq ft of offices, 206,000 sq ft of residential and 24,000 sq ft of retail/restaurant use. In November 2012, the City resolved to grant planning permission for the scheme. Work will commence on the first phase when vacant possession is achieved at the end of 2014.

 

200 Aldersgate Street, London EC1 (www.200aldersgate.com) - a 370,000 sq ft office refurbishment

 

Appointed under an asset and development management agreement by Deutsche Pfandbriefbank, we have refreshed and re-clad parts of the building, creating a 'vertical village' for office users. We have let 112,000 sq ft of office space and currently have 73,000 sq ft under offer. In addition, 35,000 sq ft has been let to Virgin Active. Upon completion of a successful letting programme and a subsequent sale of the building, we will receive a development management profit share to supplement the annual fee we currently receive.

 

Mitre Square, London EC3 (www.mitresquareec3.com) - a 276,000 sq ft new office development

 

Helical has contracted to purchase two adjoining sites from the City of London and SFL2 Limited (previously Ansbacher) on which it intends to construct a 276,000 sq ft office development scheme. Construction is ready to commence when a forward funding or substantial pre-let is agreed.

 

 

West London

 

Brickfields, White City, London W12 (www.brickfieldsw12.com) - a c. 1,550,000 sq ft new mixed use development

 

In joint venture with Aviva we own a c. 10 acre site adjacent to White City underground station and just north of the Westfield London Shopping Centre, Shepherds Bush. An outline planning application was submitted for this scheme in July 2012 and we anticipate a Planning Committee hearing at the end of 2012 or early 2013. The scheme comprises 1,250,000 sq ft of residential (c. 1,150 units), 210,000 sq ft of offices and c. 60,000 sq ft of retail, leisure and community uses. Assuming planning consent is granted, we hope to be in a position to make a start on site at the end of 2013.

 

Fulham Wharf, London SW6

 

At Sands End, Fulham Wharf, on behalf of landowner Sainsbury's, we secured planning permission for a new 100,000 sq ft food store, together with 463 residential units (590,000 sq ft) and 11,000 sq ft of restaurant/retail/community use. In June 2012 the site was sold to housebuilder Barratts, in a joint venture with housing association London & Quadrant, and construction of the first phase, consisting of the food store and 267 residential units has commenced. Helical received a fee of £1.5m in 2011 for obtaining planning permission for the scheme and has recognised a profit share from the sale of the site and will receive the cash as phased payments are made to Sainsbury's. In accordance with the Group's income recognition policies and IFRS, the Group has recognised this additional income in these accounts.

 

King Street, Hammersmith, London W6

 

At King Street, Hammersmith we have a development agreement with the London Borough of Hammersmith & Fulham, in partnership with residential specialist Grainger plc, for the regeneration of King Street, Hammersmith. A resolution to grant planning consent was obtained in November 2011 for new council offices, a food store, restaurants and 300 homes around a new public square. This scheme was not supported by the Mayor and hence we are working with the Borough on a new brief. Public consultations on the new design ideas are to commence shortly with an application being submitted during 2013.

 

Scotland

 

Scottish Power Headquarters, Glasgow

 

Helical has been appointed, alongside its joint venture partners Dawn Group, by Scottish Power to work as development partners on Scottish Power's new 220,000 sq ft headquarters on St Vincent Street in central Glasgow. It is anticipated that a planning application will be submitted in December 2012 with construction expected to commence in 2013.

 

 

Retail

 

Good progress is being made in securing a number of potential food store and non-food retail sites by way of options or conditional contracts, with a view to satisfying specific retailers' store requirements.  New opportunities have been secured in Evesham, Truro, Birmingham and Nottingham to supplement the existing schemes which are progressing at:-

 

Parkgate, Shirley, West Midlands

 

The mixed use regeneration project is now in the construction phase and completion is on track for April 2014.  Anchored by an 85,000 sq ft Asda, discussions are now actively underway with a number of non-food retailers and a mainstream housebuilder as a partner for the residential element of the scheme.    

 

Tyseley, Birmingham

 

An outline planning consent was secured in the summer and the scheme is now being amended to reflect the requirements of the 68,000 sq ft anchor Asda store and the 70,000 sq ft of open A1 non-food space. A detailed planning application will be submitted in spring 2013.

 

Cortonwood

 

An outline planning application has recently been submitted for a 96,000 sq ft open A1 retail park, which will serve as an extension to the very successful Cortonwood Retail Park. A planning decision is anticipated in spring 2013. The conditional purchase of the site is then subject to pre-lettings of a percentage of the retail space.

 

 

Poland

 

Europa Centralna, Gliwice - A 720,000 sq ft new retail development

 

In joint venture with a client of Standard Life, we will complete this retail park and shopping centre comprising 720,000 sq ft of retail space by the end of 2012. The scheme is over 70% pre-let to Tesco, Castorama and others and will open in early spring 2013. We continue to work with our joint venture partners to let the remaining space and will sell our remaining interest in the scheme to Standard Life's client two years after its completion.

 

Park Handlowy Myln, Wroclaw - A 103,000 sq ft new retail development

 

This out of town retail development was completed in 2008 and is fully let to a number of domestic and international retailers. The scheme has been marketed for sale and discussions are at an advanced stage with a purchaser and we hope to complete a sale by the end of 2012.

 

Retirement Villages

 

A retirement village is a private residential community in which active over-55's are able to live independently in retirement. Residents have typically down-sized from a larger family home into a cottage or apartment with no maintenance or security issues. With access to a central clubhouse containing a bar and restaurant facilities and health and fitness rooms and surrounded by maintained grounds, this retirement option is proving increasingly popular.

 

Bramshott Place, Liphook, Hampshire - 151 cottages and apartments

 

Bramshott Place is a retirement village located adjacent to the A3 and Liphook in Hampshire. The development was started in 2007 and, built in phases, has now been completed. To date we have sold 104 units with reservations on a further 15 units.

 

Durrants Village, Faygate, Horsham - 171 cottages and apartments

 

Durrants Village is a retirement village located near Horsham in West Sussex. Construction of the first phase of 36 units has started and we have reservations on eight of these units with a further 14 'up-field' reservations on future phases.

 

Maudslay Park, Great Alne, Warwickshire

 

Maudslay Park, Great Alne is a retirement village located c. 11 miles north-west of Stratford-upon-Avon in Warwickshire. Outline planning permission was granted in 2011 for a retirement village of 132 units. Demolition of the existing buildings on site is starting in December 2012 with construction due to commence in summer 2013.

 

St Loye's College, Exeter

 

St Loye's College is a retirement village site located on the outskirts of Exeter. A resolution to grant planning permission for a retirement village was granted in 2009 and in 2011 we received planning consent for 63 open market housing units on part of the site. This part was sold in August 2012 to Linden Homes and a retirement village of c. 164 units is planned for the remaining site, with construction due to start in early 2013.

 

Ely Road, Milton, Cambridge

 

We acquired this site in 2006 and obtained an amended planning consent for 89 open market housing units in 2011. The site was sold in September 2012 to Bellway Homes for its book value of £6.9m.

 

 

 

Investment Portfolio

 

 

There was a valuation increase of 0.1% in the six months to September including capex, sales and purchases (0.2% on a like-for-like basis) which compares favourably to the IPD monthly index which fell 2.35% over the same period.

 

The yields on the investment portfolio as at 30 September 2012 were as follows:

 


Portfolio Weighting

Initial Yield

Reversionary Yield

Yield on letting voids

Equivalent Yield (AiA)



%

%

%

%

%


Industrial

4.1

8.4

10.3

10.0

9.5


London Offices

30.9

5.5

8.3

7.3

7.7


South East Offices

2.0

8.3

8.5

8.3

8.6


Retail - in town

57.5

7.3

8.2

7.8

7.8


Retail - out of town

3.8

5.9

6.6

6.0

6.6


Other

1.7

n/a

n/a

n/a

n/a


Total

100.0

6.9

8.3

7.7

7.8









Note: Includes our share of Clyde Shopping Centre. Yield calculations exclude Barts (Barts initial yield is 5.3%). Valuation movements include Barts.

 

 

Sales

 

We have continued to make good progress selling non-income producing properties. Sales totalled £28.7m of which £24.8m was non-income producing. The sales included the retirement village site at Milton (£6.9m) and part of the retirement village site at Exeter (£7.6m), as well as £5.6m of sales of completed units at Bramshott Place, Liphook. Merlin Park, Manchester, a 62,000 sq ft fully let industrial unit, was sold for £3.6m.

 

Acquisitions

 

There have been no new acquisitions in the period.

 

Asset Management

 

We completed 32 new lettings, increasing our contracted income by £885,000, and have completed 27 lease renewals, securing a further £778,000 of annual rent (an increase of £75,000 pa). We also secured £334,000 of rental uplifts through rent reviews and final uplifts. This was offset by the loss of 51 tenants during the six months due to lease expiries, breaks or tenants falling into administration, resulting in a reduction of £1,045,000 to our annualised income. The loss solely attributable to administrations totalled £468,000. Overall our portfolio's annual income increased by £249,000.

 

 

Principal investment properties:

 

During the period from December 2009 to October 2011 we acquired interests in four retail investment assets, to add to our existing core holding at the Morgan Quarter, Cardiff. These assets were bought as they provided a good yield whilst offering a number of opportunities to use our asset management skills to deliver income growth in the near term and capital appreciation in the longer term.

 

Retail

 

 

Clyde Shopping Centre, Clydebank, Scotland

 

The Clyde Shopping Centre is the dominant retail location in Clydebank and the north west quarter of Glasgow. The centre comprises over 625,000 sq ft of net retail space with six anchor stores, including Asda, Primark, BHS, Dunnes, Boots and Argos, over 120 shops, cafes and parking for c. 2,000 cars. The centre was originally opened in 1978 and subsequent phases were built in 1980, 1987 and 2003. Acquired in December 2009 for £69m, reflecting an initial yield of 8.3%, this long leasehold interest was acquired in joint venture with Prime Commercial Properties with Helical owning a 60% economic interest. Since acquisition, new leases have been signed with Poundworld, JD Sports, Costa, Bank, Claire's Accessories, Watt Brothers, Trespass, The Post Office, Greggs and Argos as well as many other smaller retailers. Net of head rents, rental income has moved from £5.8m at acquisition to £6.4m once rent free periods expire.

 

 

The Morgan Quarter, Cardiff

 

The Morgan Quarter is a prime retail freehold investment asset comprising 220,000 sq ft. The asset was acquired as the former David Morgan Department Store in 2005, refurbished in 2006/7 and subsequently let to TK Maxx, Urban Outfitters, Jack Wills, White Stuff, Joules, Fred Perry and Dr Martens amongst other retailers. Alongside the main retail units are two arcades; the Royal and Morgan Arcades which are multi-tenanted and provide a number of asset management opportunities. With current contracted rent of £3.6m and an ERV of £4.3m, there is a good opportunity for rental growth in the medium term.

 

 

Corby Town Centre, Corby

 

Corby Town Centre is a freehold investment asset comprising over 700,000 sq ft of primarily retail space including the Oasis Retail Park, Willow Place and Corporation Street. We acquired this asset in October 2011 for c. £70m, reflecting an initial yield of 8.0%. In the 12 months since acquisition we have concluded 10 new lettings including Greenwoods, Grace & Co, Coral, Henderson Connellan & Clearkut and completed 22 lease renewals. We have removed canopies and installed new street lighting to Corporation Street, opened up Market Walk by removing concrete bridge links and removing the redundant bus station roof, with new lighting to be installed shortly. We have secured planning permission for the relocation of the market back to Corporation Street with new stalls under construction. We have also sold Deene House for £1.5m (representing a 4.9% yield).

 

 

The Guineas, Newmarket

 

In December 2010 we purchased The Guineas, Newmarket, a regional shopping centre, at an initial yield of c. 8%. Acquired from administrators, this 142,000 sq ft shopping centre is let to Marks & Spencer, Argos, Poundland, Superdrug and others. A minor refurbishment has recently been completed. Upon conclusion of deals in solicitors' hands we will have only two vacant retail units.

 

 

Idlewells Shopping Centre, Sutton-in-Ashfield

 

In January 2011 we purchased the Idlewells Shopping Centre, Sutton-in-Ashfield for c. £16m, at an initial yield of c. 8.5%. This 143,000 sq ft shopping centre is let to New Look, Argos, B+M Bargains and others. The centre is fully let and four lease renewals have been concluded in the last six months.

 

Offices

 

Shepherds Building, Shepherds Bush, London W14

 

Shepherds Building is a 151,000 sq ft refurbished office block let to 63 tenants with less than 500 sq ft vacant. The occupiers are mainly media related businesses including Endemol, Crow TV, Fox and others and the average rent is £23.50 psf. Contracted rents are c. £3.6m and the freehold interest is valued at an initial yield of 7%.

 

 

Silverthorne Road, Battersea, London SW8

 

Acquired with vacant possession in 2005, we refurbished the existing building, Battersea 1, to create a multi-let TV production and office hub of c. 56,000 sq ft.

 

In 2007-2009 we obtained planning consent and built Battersea 2, a 51,000 sq ft new office building. This building is now c. 62% let with interest in the remaining space. Contracted rents for the two buildings are c. £1.5m and, once fully let, should yield in excess of 8%.

 

 

Broadway House, Hammersmith, London W6

 

Broadway House, Hammersmith was bought for c. £14m from receivers in January 2012, reflecting a net initial yield of 5.7% and a targeted reversionary yield of c. 8.7%. This 35,000 sq ft multi-let investment has retail on the ground floor with four floors of offices above. The retail is let to Dollond & Aitchison, Lloyds TSB, Café Nero, Ryman and Ladbrokes with two floors above let to Pakistan International Airlines and Kaplan Financial. The two remaining office floors have been refurbished and are being actively marketed, with interest being shown by a number of potential tenants. Current contracted rents are c. £0.9m and the freehold interest is valued at an initial yield of 5.4%.

 

 

Independent review report to the members of Helical Bar plc

 

 

Introduction

We have reviewed the condensed set of financial statements in the half-yearly financial report of Helical Bar plc for the six months ended 30 September 2012 which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated cash flow statement, the consolidated statement of changes in equity, and the related notes. We have read the other information contained in the half yearly financial report: Chairman's Statement, Chief Executive's Statement, Financial Highlights, Financial Review and Property Portfolio and have considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

This report is made solely to the company's members, as a body, in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company's members those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our review work, for this report, or for the conclusion we have formed.

 

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.

 

Our responsibility

Our responsibility is to express a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

 

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September is not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

 

 

 

Grant Thornton UK LLP

Auditor

London

22 November 2012

 

 

Consolidated Income Statement

For the Half Year to 30 September 2012

 

 


 

 

 

Notes

Half Year To 30 September

2012

£000

Half Year To

30 September

2011

£000

Year To

31 March

2012

£000

 

Revenue

3

44,225

31,333

52,968

 

Net rental income

4

9,794

8,354

17,876

 

Development property profit

 

4,739

1,845

655

 

Trading property loss

 

(6)

-

-

 

Share of results of joint ventures

11

1,219

1,028

2,472

 

Other operating income

 

2

111

113

 

Gross profit before gain on sale and revaluation of investment properties

 

15,748

11,338

21,116

 

Net gain on sale and revaluation of investment properties

5

557

486

3,288


Gross profit

 

16,305

11,824

24,404

 

Administrative expenses


(4,957)

(3,264)

(7,800)

 

Operating profit

 

11,348

8,560

16,604

 

Finance costs

6

(5,042)

(3,499)

(8,409)

 

Finance income

 

258

227

583

 

Change in fair value of derivative financial instruments

 

(659)

(1,434)

(306)

 

Foreign exchange (loss)/gain

 

(662)

255

(1,064)

 

Profit before tax

 

5,243

4,109

7,408

 

Tax on profit on ordinary activities

7

(1,169)

(126)

158

 

Profit after tax

 

4,074

3,983

7,566

 

- attributable to non-controlling interests

 

(7)

-

(9)

 

- attributable to equity shareholders

 

4,081

3,983

7,575

 

Profit for the period

4,074

3,983

7,566

 


 




 

Earnings per 1p share

9




 


 




 

Basic

 

3.5p

3.4p

6.5p

 

Diluted

 

3.5p

3.4p

6.5p

 

 

 

Consolidated Statement of Comprehensive Income

For the Half Year to 30 September 2012

 


Half Year To

30 September

2012

£000

Half Year To

30 September

2011

£000

 Year To

31 March

2012

£000





Profit for the period

4,074

3,983

7,566

Impairment of available-for-sale investments

(432)

-

(3,521)

Exchange difference on retranslation of net investments in foreign operations

(34)

(23)

(39)

Total comprehensive income for the period

3,608

3,960

4,006

-    attributable to equity shareholders

3,615

3,960

4,015

-    attributable to non-controlling interests  

(7)

-

(9)


3,608

3,960

4,006









 

 

Consolidated Balance Sheet

At 30 September 2012

 


 

 

 

Notes

At

30 September

2012

£000

At

30 September

2011

£000

At

31 March

2012

£000






Non-current assets





Investment properties

10

326,601

236,244

326,876

Owner occupied property, plant and equipment


1,138

1,353

1,251

Investment in joint ventures

11

41,344

36,409

40,592

Derivative financial instruments

18

260

184

629

Trade and other receivables

14

6,141

-

-

Deferred tax asset

7

8,010

8,904

9,050



383,494

283,094

378,398

Current assets





Land, developments and trading properties

12

86,810

142,864

99,741

Available-for-sale investments

13

6,766

10,778

7,003

Trade and other receivables

14

24,256

26,762

23,076

Corporation tax receivable


-

1,046

1,178

Cash and cash equivalents

15

38,893

46,726

35,411

 


156,725

228,176

166,409

Total assets


540,219

511,270

544,807

 





Current liabilities





Trade and other payables

16

(29,477)

(23,506)

(24,807)

Corporation tax payable


(21)

-

-

Borrowings

17

(81,088)

(25,866)

(59,203)

 


(110,586)

(49,372)

(84,010)

Non-current liabilities





Borrowings

17

(172,137)

(200,220)

(203,992)

Derivative financial instruments

18

(3,365)

(6,313)

(3,075)

 


(175,502)

(206,533)

(207,067)

Total liabilities


(286,088)

(255,905)

(291,077)

Net assets                 


254,131

255,365

253,730

 

Equity





Called-up share capital

19

1,447

1,447

1,447

Share premium account


98,678

98,678

98,678

Revaluation reserve


2,608

171

2,612

Capital redemption reserve


7,478

7,478

7,478

Other reserves


291

291

291

Retained earnings


143,523

147,178

143,111

Equity attributable to equity holders of the parent


254,025

255,243

253,617

Non-controlling interests


106

122

113

Total equity


254,131

255,365

253,730

 





 

 

 

Consolidated Cash Flow Statement

For the Half Year to 30 September 2012


Half Year To

30 September 2012

£000

Half Year To

30 September       2011

£000

Year To

31 March 2012

£000

Cash flows from operating activities




Profit before tax

5,243

4,109

7,408

Depreciation

140

164

309

Revaluation gain on investment properties

(739)

(1,223)

(3,664)

Loss on sales of investment properties

182

737

376

Net financing costs

4,822

3,272

7,826

Change in value of derivative financial instruments

659

1,434

306

Share based payment charge/(credit)

766

(329)

35

Share of results of joint ventures

(1,219)

(1,028)

(2,472)

Fair value adjustment for disposal of interest in subsidiary

-

-

(4,278)

Foreign exchange movement

496

(239)

896

Other non-cash items

-

14

7

Cash inflows from operations before changes in working capital

10,350

6,911

6,749





Change in trade and other receivables

(7,772)

11,570

12,503

Change in land, developments and trading properties

13,700

6,312

19,691

Change in trade and other payables

5,374

(21,645)

(19,617)

Cash inflows generated from operations

21,652

3,148

19,326





Finance costs

(7,133)

(5,994)

(13,119)

Finance income

320

257

623

Tax received/(paid)

1,250

(128)

-


(5,563)

(5,865)

(12,496)





Cash flows from operating activities

16,089

(2,717)

6,830





Cash flows from investing activities




Purchase of investment property

(2,775)

(12,532)

(102,750)

Sale of investment property

3,572

46,152

50,434

Cost of acquiring derivative financial instruments

-

(932)

(1,276)

Cost of cancelling interest rate swap

-

(891)

(3,102)

Return of investment in joint ventures

367

683

2,098

Dividends from joint ventures

-

-

500

Sale of plant and equipment

-

-

7

Purchase of leasehold improvements, plant and equipment

(33)

(37)

(63)

Net cash generated from/(used in) investing activities

 

Cash flows from financing activities

1,131

32,443

(54,152)

Borrowings drawn down

5,971

31,430

206,637

Borrowings repaid

(15,685)

(42,073)

(149,502)

Equity dividends paid

(3,973)

(3,663)

(5,707)

Net cash (used in)/generated from financing activities

(13,687)

(14,306)

51,428

Net increase in cash and cash equivalents

3,533

15,420

4,106

Exchange losses on cash and cash equivalents

(51)

(21)

(22)

Cash and cash equivalents at start of period

35,411

31,327

31,327

Cash and cash equivalents at end of period

38,893

46,726

35,411






Consolidated statement of changes in equity

At 30 September 2012

 

 

 

 

 

Share

capital

£000

 

Share

premium

£000

 

Revaluation

reserve

£000

Capital

redemption

reserve

£000

 

Other reserves

£000

 

Retained

earnings

£000

Non-controlling interests

£000

 

 

Total

£000










At 31 March 2011

 

1,447

98,678

3,495

7,478

291

143,886

122

255,397

Total comprehensive income                                        

-

-

-

-

-

4,015

(9)

4,006

Revaluation  surplus

-

-

3,664

-

-

(3,664)

-

-

Realised on disposals

-

-

(4,547)

-

-

4,547

-

-

Performance share plan

-

-

-

-

-

35

-

35

Dividends paid

 

-

-

-

-

-

(5,708)

-

(5,708)

At 31 March 2012

 

1,447

98,678

2,612

7,478

291

143,111

113

253,730

Total comprehensive income 

-

-

-

-

-

3,615

(7)

3,608

Revaluation  surplus

-

-

739

-

-

(739)

-

-

Realised on disposals

-

-

(743)

-

-

743

-

-

Performance share plan

-

-

-

-

-

766

-

766

Dividends paid

-

-

-

-

-

(3,973)

-

(3,973)

At 30 September 2012

1,447

98,678

2,608

7,478

291

143,523

106

254,131










The adjustment against retained earnings of £766,000 (31 March 2012: £35,000) adds back the share based payments charge in accordance with IFRS 2 Share Based Payments.

 

There were net transactions with shareholders of £3,973,000 (31 March 2012: £5,708,000) made up of dividends paid.

 

 

 

 

 

 

Share

capital

£000

 

Share

premium

£000

 

Revaluation

reserve

£000

Capital

redemption

reserve

£000

 

Other reserves

£000

 

Retained

earnings

£000

Non-controlling interests

£000

 

 

Total

£000










At 31 March 2011

1,447

98,678

3,495

7,478

291

143,886

122

255,397

Total comprehensive  income    

-

-

-

-

-

3,960

-

3,960

Revaluation  surplus

-

-

1,223

-

-

(1,223)

-

-

Realised on disposals

-

-

(4,547)

-

-

4,547

-

-

Performance share plan

-

-

-

-

-

(329)

-

(329)

Dividends paid

-

-

-

-

-

(3,663)

-

(3,663)

At 30 September 2011

1,447

98,678

171

7,478

291

147,178

122

255,365

 

There were net transactions with shareholders of £3,663,000 made up of dividends paid.

 

Unaudited notes to the Half Year Statement

 

1.         Financial Information

 

The financial information contained in this statement does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The full accounts for the year ended 31 March 2012, which were prepared under International Financial Reporting Standards and which received an unqualified report from the Auditors, and did not contain a statement under Section 498 of the Companies Act 2006, have been filed with the Registrar of Companies.

 

These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The principal accounting policies have remained unchanged from the prior financial period to 31 March 2012.

 

They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ending 31 March 2012.

 

The directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and have, therefore, used the going concern basis in preparing the financial statements.

 

Principal risks and uncertainties

 

The responsibility for the governance of the Group's risk profile lies with the Board of Directors of Helical. The Board is responsible for setting the Group's risk strategy by assessing risks, determining its willingness to accept those risks and ensuring that the risks are monitored and that the Group is aware of and, if appropriate, reacts to, changes in those risks. The Board is also responsible for allocating responsibility for risk within the Group's management structure.

 

The Group considers its principal risks to be:

 

-       strategic risk

-       financial risk

-       development risk

-       reputational risk, and

-       people risk.

 

There have been no significant changes to these risk areas in the period.  A further analysis of these risks is included within the consolidated financial statements of the Group for the year ended 31 March 2012.

 

The half year statement was approved by the Board on 22 November 2012 and is being sent to shareholders and will be available from the Company's registered office at 11‑15 Farm Street, London W1J 5RS and on the Company's website at www.helical.co.uk.

 

 

2.         Statement of directors' responsibilities

 

The directors confirm that, to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

 

Balances with related parties at 30 September 2012 and 31 March 2012 are disclosed in note 22.

 

A list of current directors is maintained at 11-15 Farm Street, London W1J 5RS and at www.helical.co.uk.

 

On behalf of the Board

Tim Murphy

Finance Director

22 November 2012

 

3.         Segmental information

 

The Group identifies two discrete operating segments whose results are regularly reviewed by the Chief Operating Decision Maker (the Chief Executive) to allocate resources to these segments and to assess their performance. The segments are:  

 

·      investment properties, which are owned or leased by the Group for long-term income and for capital appreciation, and trading properties, which are owned or leased with the intention to sell; and,

·     development properties, which include sites, developments in the course of construction, completed developments available for sale, and pre-sold developments. 

 

 

                                          Investment                                                      Investment                                                           

                                          and trading Developments               Total     and trading     Developments                   Total

                                           Half year to     Half year to     Half year to     Half year to           Half year to        Half year to

                                                   30.9.12             30.9.12             30.9.12             30.9.11                   30.9.11                30.9.11

Revenue                                     £000                £000                £000                £000                      £000                   £000

Rental income                        12,129                  846            12,975               9,665                        787                10,452

Development income                       -             31,140            31,140                        -                  10,507                10,507

Trading property sales               100                        -                  100             10,263                              -               10,263                                         

                                                  12,229             31,986            44,215             19,928                   11,294               31,222                                                                                                                            

Other revenue                                                                                   10                                                                              111                                                                                                  

Revenue                                                                                    44,225                                                                        31,333                                                                                                                                                        

                                                                                                                     Investment                                                           

                                                                                                                      and trading     Developments                   Total

                                                                                                                             Year to                  Year to               Year to

                                                                                                                               31.3.12                   31.3.12                31.3.12

Revenue                                                                                                                 £000                      £000                   £000

Rental income                                                                                                   21,391                     1,667                23,058

Development income                                                                                                  -                   19,666                19,666

Trading property sales                                                                                     10,131                              -                10,131

                                                                                                                              31,522                   21,333                52,855

Other revenue                                                                                                                                                                      113

Revenue                                                                                                                                                                          52,968

 

 

                                                              

                                          Investment                                                       Investment                                                           

                                          and trading Developments               Total     and trading     Developments                   Total

                                           Half year to     Half year to     Half year to     Half year to           Half year to        Half year to

                                                   30.9.12             30.9.12             30.9.12              30.9.11                   30.9.11                30.9.11                           

Profit before tax                         £000                 £000                 £000                 £000                       £000                    £000    

Net rental income                          9,069                   725                9,794                7,680                         674                   8,354

Development property profit                 -                4,739                4,739                        -                      1,845                   1,845

-

Trading property loss                        (6)                        -                    (6)                        -                              -                           -

Share of results of joint ventures 1,124                     95                1,219                1,003                           25                   1,028

Gain on sale and revaluation           557                        -                   557                   486                              -                      486

of investment properties                                                                                                   

                                                    10,744                5,559              16,303                9,169                      2,544                 11,713

Other operating income                                                                          2                                                                               111

Gross profit                                                                                   16,305                                                                          11,824

Administrative expenses                                                              (4,957)                                                                         (3,264)

Net finance costs                                                                         (5,443)                                                                         (4,706)

Foreign exchange (loss)/gain                                                          (662)                                                                               255

Profit before tax                                                                              5,243                                                                            4,109    

 

                                                                                                                     Investment                                                           

                                                                                                                      and trading     Developments                   Total

                                                                                                                              Year to                  Year to               Year to

                                                                                                                               31.3.12                   31.3.12                31.3.12

Profit before tax                                                                                                     £000                       £000                    £000

Net rental income                                                                                                    16,740                      1,136                 17,876

Development property profit                                                                                             -                         655                      655

Share of results of joint ventures                                                                            2,616                       (144)                   2,472

Gain on sale and revaluation of investment properties                                            3,288                              -                   3,288

                                                                                                                               22,644                      1,647                 24,291

Other operating income                                                                                                                                                           113

Gross profit                                                                                                                                                                        24,404

Administrative expenses                                                                                                                                                   (7,800)

Net finance costs                                                                                                                                                              (8,132)

Foreign exchange loss                                                                                                                                                      (1,064)

Profit before tax                                                                                                                                                                   7,408

 

Investment                                                                      Investment                                                                            

                                          and trading Developments               Total     and trading     Developments                   Total

                                                           At                     At                     At                     At                           At                        At

                                                   30.9.12             30.9.12             30.9.12             31.3.12                   31.3.12                31.3.12

Balance sheet                             £000                 £000                 £000                 £000                       £000                    £000

Investment properties               326,601                        -            326,601            326,876                              -               326,876

Land, development and                 2,510              84,300              86,810                2,638                    97,103                 99,741
trading properties                                                                       

Investment in joint ventures        32,576                8,768              41,344              31,919                      8,673                 40,592

                                                  361,687              93,068            454,755            361,433                  105,776               467,209

Other assets                                                                                 85,464                                                                          77,598

Total assets                                                                                540,219                                                                        544,807

Liabilities                                                                                   (286,088)                                                                     (291,077)

Net assets                                                                                   254,131                                                                        253,730

 

 

4.         Net rental income

 

 

Half Year To

30 September

2012

£000

Half year To

30 September 2011

£000

Year To

31 March

2012

£000

Gross rental income

12,975

10,452

23,058

Rents payable

(172)

(210)

(418)

Property overheads

(2,618)

(1,490)

(3,938)

Net rental income

10,185

8,752

18,702

Net rental income attributable to profit share partner

(391)

(398)

(826)

Group share of net rental income

9,794

8,354

17,876

 

 

 

5.         Net gain on sale and revaluation of investment properties

 


Half Year To

30 September

2012

£000

Half Year To

30 September 2011

£000

Year To

31 March

2012

£000

Net proceeds from the sale of investment properties

3,936

49,166

50,427

Book value (note 10)

(3,753)

(49,469)

(50,768)

Other costs

(365)

(434)

(35)

Loss on sale of investment properties

(182)

(737)

(376)

Revaluation surplus on investment properties

739

1,223

3,664

Net gain on sale and revaluation of investment properties

557

486

3,288

 

 

6.         Finance costs

 


Half Year To

30 September

2012

£000

Half Year To

30 September 2011

£000

Year To

31 March

2012

£000

Interest payable on bank loans and overdrafts

(5,597)

(4,905)

(10,808)

Other interest payable and similar charges

(791)

(462)

(901)

Interest capitalised

1,346

1,868

3,300

Finance costs

(5,042)

(3,499)

(8,409)

 

 

7.         Taxation on profit on ordinary activities

 


Half Year To

30 September

2012

£000

Half Year To

30 September 2011

£000

Year To

31 March

2012

£000

The tax (charge)/credit is based on the profit for the period and represents:

United Kingdom corporation tax at 24%.

-   Group corporation tax

 

 

 

(88)

 

 

 

(20)

 

 

 

-

-   Adjustment in respect of prior periods

-

-

153

-   Overseas tax

(41)

(131)

(163)

Current tax charge

(129)

(151)

(10)





Deferred tax     

                          - capital allowances

-  tax losses

                        - other temporary differences

 

2

(1,213)

171

 

25

35

(35)

 

348

1,045

(1,225)

Deferred tax

(1,040)

25

168

Total tax (charge)/credit for period

(1,169)

(126)

158

 

 

Deferred tax provision

 

 

At
30 September 2012

£000

 

 

At 

31 March 2012

£000

Capital allowances

(2,465)

(2,467)

Tax losses

9,359

10,572

Other temporary differences

1,116

945

Deferred tax asset

8,010

9,050

 

Under IAS 12, deferred tax provisions are made for the tax that would potentially be payable on the realisation of investment properties and other assets at book value. 

 

If upon sale of the investment properties the group retained all the capital allowances, the deferred tax provision in respect of capital allowances of £2.5m would be released and further capital allowances of £8.4m would be available to reduce future tax liabilities. 

 

The deferred tax asset in respect of other temporary differences (income statement) arises from the recognition of tax relief available to the Company on the mark to market valuation of financial instruments and the future vesting of share awards.

 

8.        Dividends

 

 

 

Half Year To

30 September

2012

£000

 

Half Year To

30 September

2011

£000

 

Year To

31 March

2012

£000





Attributable to equity share capital




Ordinary

-    Interim paid 1.75p per share

-    Prior period final paid 3.40p per share (2011: 3.15p)

 

-

3,973

 

-

3,663

 

2,044

3,663


3,973

3,663

5,707

 

The interim dividend of 1.85p (30 September 2011: 1.75p per share) was approved by the board on 22 November 2012 and will be paid on 28 December 2012 to shareholders on the register on 30 November 2012. This interim dividend, amounting to £2,162,000 has not been included as a liability as at 30 September 2012.

 

 

9.         Earnings per 1p share

 

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. This is a different basis to the net asset per share calculations which are based on the number of shares at the year end. Shares held by the ESOP, which has waived its entitlement to receive dividends, are treated as cancelled for the purpose of this calculation.

 

The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends on the assumed exercise of all dilutive options.

 

The earnings per share is calculated in accordance with IAS 33 and the best practice recommendations of the European Public Real Estate Association ("EPRA").

 

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.

 


Half Year to

30 September 2012 

£000s

Half Year to 30 September 2011

£000s

Ordinary shares in issue

118,138

118,138

Weighting adjustment

(1,292)

(1,292)

Weighted average ordinary shares in issue for calculation of basic earnings per share

116,846

116,846

Weighting adjustment

499

6

Weighted average ordinary shares in issue for calculation of diluted earnings per share

117,345

116,852


£000s

£000s

Earnings used for calculation of basic and diluted EPRA and diluted earnings per share                                         

4,081

3,983

Net gain on sale and revaluation of investment properties

(557)

(486)

Share of net gain on revaluation of investment properties in joint ventures

61

(637)

Tax on profit on disposal of investment properties

(42)

(192)

Trading property loss

6

-

Fair value movement on derivative financial instruments

659

1,434

Share of fair value movement on derivative financial instruments in joint ventures      

96

824

Deferred tax on adjusting items 

871

(192)

Earnings used for calculation of diluted EPRA earnings per share

5,175

4,734

Basic earnings per share

3.5p

3.4p

Diluted earnings per share

3.5p

3.4p

Diluted EPRA earnings per share

4.4p

4.1p

 

The earnings used for the calculation of diluted EPRA earnings per share includes net rental income and development property profits but excludes trading property losses.

 

 

10.       Investment properties

 






£000

Fair value at 1 April 2012


326,876

Additions at cost


2,774

Disposals


(3,753)

Revaluation


739

Revaluation deficit attributable to profit share partner


(35)

As at 30 September 2012


326,601

 

All properties are stated at market value as at 30 September 2012, and are valued by professionally qualified external valuers (Cushman & Wakefield LLP).

 

Interest capitalised in respect of the refurbishment of investment properties at 30 September 2012 amounted to £5,767,000 (31 March 2012: £5,767,000).  Interest capitalised during the period in respect of the refurbishment of investment properties was £nil.

 

The historical cost of investment property is £321,736,000 (31 March 2012: £321,970,000).

 

11.       Investment in joint ventures        

 


Half year to 30 September 2012

Half year to

30 September 2011

Year to

31 March 2012


£000

£000

£000

Summarised statements of consolidated income








Net rental income

2,418

2,552

5,060

(Loss)/gain on revaluation of investment properties

(61)

671

581

Other operating (expenses)/income

(29)

68

(282)

Net financing costs

(1,035)

(2,168)

(2,902)

Profit before tax

1,293

1,123

2,457

Tax

(74)

(95)

15

Profit after tax

1,219

1,028

2,472

 

 


At

30 September 2012

At

31 March

2012


£000

£000




Summarised balance sheets






Investment properties

67,278

67,187

Other non-current assets

26

28

Land, development and trading properties

20,468

15,709

Held for sale investments

4,792

4,792

Other current assets

14,943

6,267

Current liabilities

(30,273)

(14,849)

Non-current liabilities

(35,890)

(38,542)

Share of net assets

41,344

40,592

 

The directors' valuation of trading and development stock shows a surplus of £1m (31 March 2012: £1m) above book value.

 

12.       Land, developments and trading properties



At

30 September

2012

£000

At

31 March

2012

£000

Development properties


84,300

97,103

Properties held as trading stock


2,510

2,638



86,810

99,741

 

The directors' valuation of trading and development stock shows a surplus of £35m (31 March 2012: £33m) above book value.

 

Total interest to date in respect of the development of sites is included in stock to the extent of £6,337,000 (31 March 2012: £6,379,000). Interest capitalised during the period in respect of development sites amounted to £1,346,000.

 

13.       Available-for-sale investments



 

Current

£000

Fair value at 1 April 2012


7,003

Fair value additions


271

Fair value adjustments


(508)

As at 30 September 2012


6,766

 

 

 

14.       Trade and other receivables



Due after 1 year


Due within 1 year


At

30 September

2012

£000

At

31 March

2012

£000

At

30 September

2012

£000

At

31 March

2012

£000

Trade receivables

-

-

9,411

8,025

Other receivables

-

-

13,445

13,467

Prepayments and accrued income

6,141

-

1,400


6,141

-

24,256

23,076

 

Prepayments and accrued income due after one year relate to monies receivable in 2015 and 2016 which have been discounted under the requirements of IAS 18.

 

 

15.       Cash and cash equivalents


At

30 September

2012

£000

At

31 March

2012

£000

Rent deposits and cash held at managing agents

5,875

2,438

Cash held by solicitors / in blocked accounts

1,169

4,693

Cash deposits

31,849

28,280


38,893

35,411

 

 

 

16.       Trade and other payables

 


At

30 September

2012

£000

At

31 March

2012

£000

Trade payables

6,507

5,274

Other payables

8,009

5,689

Accruals and deferred income

14,961

13,844


29,477

24,807

 

 

 

17.       Borrowings

 

 

 

 

At

30 September

2012

£000

At

31 March

2012

£000

 

Current borrowings:- less than one year

 

81,088

 

59,203

 

Bank loans repayable within:-        one to two years

                                                  two to three years

                                                  three to four years

                                                  four to five years

 

11,037

40,577

19,965

100,558

 

71,551

656

21,600

110,185

Non-current borrowings

172,137

203,992

 

 

 

 

Net Gearing

 

At

30 September

2012

£000

                       At

At

31 March

2012

£000

Total borrowings

253,225

263,195

Cash

(38,893)

(35,411)

Net borrowings

214,332

227,784

 

The Group's share of net borrowings in joint ventures and held for sale investments is £49,440,000 (31 March 2012: £51,152,000).

 

 


£000

£000

Net assets

254,131

253,730

Gearing

84%

90%

 

 

18.       Derivative financial instruments


At

30 September

2012

£000

At

31 March

2012

£000

Derivative financial instruments asset

260

629

Derivative financial instruments liability

(3,365)

(3,075)


(3,105)

(2,446)

 

 

 

19.       Share capital


At

30 September

2012

£000

At

31 March

2012

£000

Authorised

39,577

39,577


39,577

39,577

The authorised share capital of the Company is £39,576,626.60 divided into ordinary shares of 1p each and deferred shares of 1/8p each

 

Allotted, called up and fully paid

- 118,137,522 ordinary shares of 1p each

 

1,182

 

1,182

-212,145,300 deferred shares of 1/8 p each

265

265


1,447

1,447

 

As at 1 April 2012 and 30 September 2012, the Company had 118,137,522 ordinary 1p shares in issue.

 

Share options

 

At 30 September 2012 there were 34,713 unexercised options over new ordinary 1p shares (31 March 2012: 34,713).

 

 

 

20.       Own shares held

 

Following approval at the 1997 Annual General Meeting the Company established the Helical Bar Employees' Share Ownership Plan Trust (the "Trust") to be used as part of the remuneration arrangements for employees.  The purpose of the Trust is to facilitate and encourage the ownership of shares by or for the benefit of employees by the acquisition and distribution of shares in the Company.

 

The Trust purchases shares in the Company to satisfy the Company's obligations under its Share Option Schemes and Performance Share Plan.

 

At 30 September 2012 the Trust held 1,291,844 ordinary shares in Helical Bar plc (31 March 2012: 1,291,844).

 

At 30 September 2012 options over nil (31 March 2012: nil) ordinary shares in Helical Bar plc had been granted through the Trust.  At 30 September 2012 awards over 9,310,162 (31 March 2012: 7,230,850) ordinary shares in Helical Bar plc, made under the terms of the Performance Share Plan, were outstanding.

 

 

21.       Net assets per share

 


 

 At

30 September

2012

£000

 

 

Number of shares

000's

At

 30 September 2012

pence

per share

Net asset value

Less:   own shares held by ESOP 

254,131

-

118,138

(1,292)


            deferred shares

(265)



Basic net asset value

253,866

116,846

217

Unexercised share options

90

34


Dilutive effect of the Performance Share Plan

2,881

1,508


Diluted net asset value

256,837

118,388

217

Adjustments for




      fair value of financial instruments

4,208



      deferred tax

1,033



Adjusted diluted net asset value

262,078

118,388

221

Adjustment for




      fair value of trading and development properties

      (including in joint ventures)

36,428



Diluted EPRA net asset value

298,506

118,388

252

Adjustment for




      fair value of financial instruments

(4,208)



      deferred tax

(1,033)



Diluted EPRA triple NAV 

293,265

118,388

248





 

The adjustment for the fair value of trading and development properties represents the surplus as at 30 September 2012.


 

At

31 March

2012

£000

 

 

Number of shares

000's

At

31 March

2012

pence

per share

Net asset value

Less: own shares held by ESOP

253,730

-

118,138

(1,292)


         deferred shares

(265)



Basic net asset value

253,465

116,846

217

Unexercised share options

90

34


Dilutive effect of the Performance Share Plan

1,757

901


Diluted net asset value

255,312

117,781

217

Adjustment for

      fair value of financial instruments

 

3,494



      deferred tax

1,050



Adjusted diluted net asset value

259,856

117,781

221

Adjustment for

      fair value of trading and development properties

      (including in joint ventures)

 

34,542



Diluted EPRA net asset value

Adjustment for

      fair value of financial instruments

      deferred tax

294,398

 

(3,494)

(1,050)

117,781

250

Diluted EPRA triple net asset value

289,854

117,781

246

 

The net asset values per share have been calculated in accordance with the best practice recommendations of the European Public Real Estate Association ("EPRA").

 

 

22.       Related party transactions

 

At 30 September 2012 and 31 March 2012 the following amounts were due from the Group's joint ventures.

 

 


At

30 September

2012

£000

At

31 March

2012

£000

Abbeygate Helical (Leisure Plaza) Ltd

2,316

2,316

Haslucks Green Ltd

138

135

Abbeygate Helical (C4.1) LLP

10

10

King Street Developments (Hammersmith) Ltd

2,150

2,150

Shirley Advance LLP

4,173

4,468

The Asset Factor Ltd

1

8

PH Properties Limited (BVI)

-

-

Barts Two Investment Property Ltd

186

3

Helical Sosnica Sp zoo

4,130

3,367

 

 

APPENDIX

 

Investment Portfolio Breakdown (Helical's Share)

 


Value (m)

Equity (m)


London office

£115.3

£46.8

30.5 %

South East office

£7.8

£2.7

1.8 %

Industrial

£15.6

£4.6

3.0 %

In town retail

£214.9

£86.5

56.5 %

Out of town retail

£14.1

£6.7

4.3 %

Retirement village

£6.0

£6.0

3.9 %

Total

£373.7

£153.3

100 %

Note: Barts is held as an investment

 

 

Trading & Development Portfolio Breakdown (Helical's Share)

 


Book Value

(m)

Fair Value (m)

Surplus Over Book Value

 (m)

Equity (from Fair Value)

(m)

% Equity

London Office Dev

£2.9

£9.4

£6.5

£9.4

9.3%

Provincial Office Dev

£9.8

£9.8

£0

-£1.8

-1.8%

Industrial Dev

£2.7

£2.7

£0

£2.0

2.0%

In Town Retail Dev

£14.8

£16.1

£1.3

£16.1

16.0%

Out of Town Retail Dev

£3.6

£3.7

£0.1

£2.2

2.2%

Retirement Village Dev

£52.6

£67.7

£15.1

£31.4

31.3%

Change of Use

£4.4

£6.3

£1.9

£4.4

4.4%

Mixed Use Dev

£4.6

£16.1

£11.5

£16.1

16.0%

Polish Dev

£55.9

£55.9

£0

£20.7

20.6%

Total

£151.3

£187.7

£36.4

£100.5

100.0%

 

 

Investment Portfolio: Valuation Movements and Yield Analysis

 

Valuation increase of 0.2% in half year to September, including capex, sales and purchase.

 


% of Portfolio (HB Share)

Valuation Change

Initial Yield

Reversionary Yield

Yield on Letting Voids

Equivalent Yield

(AiA)

Equivalent Yield

(True QiA)

Industrial

4.1%

-6.1%

8.4%

10.3%

10.0%

9.5%

10.0%

London Offices

30.9%

0.7%

5.5%

8.3%

7.3%

7.7%

8.1%

South East Offices

2.0%

0.0%

8.3%

8.5%

8.3%

8.6%

9.0%

In Town Retail

57.5%

-0.1%

7.3%

8.2%

7.8%

7.8%

8.1%

Out of Town Retail

3.8%

-0.1%

5.9%

6.6%

6.0%

6.6%

6.9%

Other

1.7%

18.8%

N/A

N/A

N/A

N/A

N/A

Total

100.0%

0.2%

6.9%

8.3%

7.7%

7.8%

8.2%

Note: Yield calculations exclude Barts. Valuation movements include Barts

 

 

 

Investment Portfolio - Changes to ERVs

 


Half year to September 2012

Year to March 2012

Industrial

0.0%

-0.9%




London Offices

2.6%

2.8%

South East Offices

0.0%

0.8%




All Offices

2.2%

2.5%




In Town Retail

-0.1%

1.0%

Out of Town Retail

0.0%

-2.0%




All Retail

-0.1%

0.8%

Total

0.5%

1.2%

 

 

Asset Management Overview: Changes to Rental Income

 


Rent

No. of leases

% of rent roll

Rent lost at break/expiry

-£577,078

36

2.1%

Net rent lost through administration

-£467,906

15

1.7%

Leases renewed

£778,254 (£74,733 uplift)

27

2.9%

Fixed uplifts

£230,487

31

0.8%

Rent reviews

£103,503

32

0.4%

New lettings

£884,885

32

3.2%

Net increase

£248,624


 

Asset Management Overview: Cash on Cash Returns

 

Centre

Free Cash Post Interest

Cash on Cash

Basildon

£380,000

11.1%

Clydebank

£2,230,000

11.2%

Corby

£3,170,000

14.5%

Newmarket

£780,000

15.0%

Sutton in Ashfield

£770,000

17.2%

Total

£7,330,000

13.3%

 

Across the portfolio, rent collection was 99.34% within two weeks of quarter day.

 

 

Asset Management Overview: Action at Lease End/Break

 


Renew / Don't Break

Do not Renew / Do Break

% Income Retained

Action at Lease End

£778,454

£362,096

68.3%

Action at Break

£781,985

£214,983

78.4%

Total

£1,560,438

£577,078

73.0%

 

68.3% of rent was retained at lease end compared with an average of 41%¹. 78.4% of tenants by rental value did not exercise their breaks compared to an average of 48%¹.

 

¹Source IPD / Strutt and Parker Lease Events Review

 

 

Investment Portfolio: Lease Expiries/Breaks

 


Lease expiries and tenant break options within:







1 year

2 years

3 years

4 years

5 years

> 5 years

 

Percentage of rent roll

9.4%

11.3%

11.8%

6.9%

14.1%

46.5%

 

Number of leases

96

84

96

57

65


 

Average rent per lease

£26,800

£36,800

£33,500

£33,000

£59,400


 

 

 

 

Top Tenants (Helical's Share of Rent)

 

Rank

Tenant

Rent (£m)

% of Rent Roll

1

Endemol

£1.53

5.6%

2

Barts and The London NHS Trust

£1.18

4.3%

3

TK Maxx

£1.16

4.2%

4

Quotient Bioscience

£0.67

2.4%

5

Asda

£0.5

1.9%

6

Argos

£0.45

1.7%

7

Fox International

£0.45

1.6%

8

Metropolis Group

£0.4

1.5%

9

Urban Outfitters

£0.4

1.5%

10

Hitchcock & King

£0.4

1.5%

 

Top 10 tenants account for 26.2% of the rent roll.

 

 

 

PROPERTY PORTFOLIO

 

 

INCOME PRODUCING ASSETS

 

 

Retail - In Town

 

Address

Area sq ft (NIA)

Helical interest

Zone A range

Vacancy rate by ERV

The Morgan Quarter, Cardiff

220,000

100%

£80-£175

4.1%

78-104 Town Square, Basildon

54,000

100%

£75-£100

8.3%

The Guineas, Newmarket

142,000

100%

£35-£50

6.3%

Idlewells Shopping Centre, Sutton-in-Ashfield

143,000

100%

£30-£40

1.1%

Corby Town Centre, Corby

700,000

100%

£40-£60

5.7%

Clyde Shopping Centre, Clydebank

627,000

60%

£40-£60

4.4%


1,886,000



5.4%

 

Retail - Out of Town

 

Address

Area sq ft (NIA)

Helical interest

Average passing rent per sq ft

Vacancy rate by ERV

Otford Road Retail Park, Sevenoaks

42,000

75%

£18.50

0%

Stanwell Road, Ashford

32,000

75%

£16.50

0%


74,000



0%

London Offices

 

Address

 

 

Area sq ft (NIA)

 

 

Helical interest

 

Average passing rent per sq ft

 

 

Vacancy rate by ERV

Shepherds Building, Shepherds Bush, W14

151,000

100%

£24.00

0.1%

200 Great Dover Street, SE1

36,000

100%

-

100.0%

Silverthorne Road, Battersea SW8

107,000

75%

£21.20

39.9%

Barts Square, EC1

420,000

33%

£8.00

n/a

Broadway House, W6

41,000

100%

(office) £24.50

23.3%

The Powerhouse, Chiswick W4

43,000

100%

£10.00

0%


798,000



22.7%

 

  

Provincial Offices

 

Address

Area sq ft (NIA)

Helical interest

Average passing rent per sq ft

Vacancy rate by ERV

Fordham, Newmarket

70,000

53%

£17.70

0%

Botleigh Grange, Hedge End, Southampton

23,000

100%

-

100%


93,000




 

Industrial

 

Address

Area sq ft (NIA)

Helical interest

Average passing rent per sq ft

Vacancy rate by ERV

Dales Manor Business Park, Sawston, Cambridge

62,000

67%

£7.70

0%

Winterhill Industrial Estate, Milton Keynes

25,000

50%

£7.20

0%

Crownhill Business Centre, Milton Keynes

108,000

100%

£6.66

19.8%

Langlands Place Industrial Estate, East Kilbride

153,000

100%

£4.90

27.6%


348,000



21.6%

 

DEVELOPMENT PROGRAMME

 

London Offices

 

Address

Area sq ft

Helical interest

Description

200 Aldersgate Street, EC1

370,000

Dev. Man.

Refurbished and in course of letting

Mitre Square, EC3

273,000

100%

Site for new consented office building


643,000



 

 

Provincial Offices

 

Address

Area sq ft

Helical interest

Description

The Hub, Pacific Quay, Glasgow

60,000

100%

Media focused multi-let offices

 

 

Industrial

 

Address

Area sq ft

Helical interest

Description

Ropemaker Park, Hailsham

70,000

90%

New build - completed

 

 

Retail - In Town

 

Address

Area sq ft

Helical interest

Description

Parkgate, Shirley, West Midlands

157,000

50%

Asda food store, retail and residential

C4.1 Milton Keynes

33,000

50%

Retail and office units


190,000



 

 

Retail - Out of Town

 

Address

Area sq ft

Helical interest

Description

Leisure Plaza, Milton Keynes

305,500

50%

Consent for 133,000 sq ft retail store,

65,000 sq ft ice rink

 

 

Retirement Villages

 

Address

Units

Helical interest

Description

Bramshott Place, Liphook, Hampshire

151

100%

104 units sold, 15 under offer. Construction of all phases completed.

Durrants Village, Faygate, Horsham

171

100%

Construction of first phase commenced

St Loye's College, Exeter

164

100%

Detailed consent for a retirement village. Part of site with consent for 63 open market housing units sold in period

Maudslay Park, Great Alne

132

100%

82 acre site with consent for a retirement village


618



 

 

Change of Use Potential

 

Address

Area

Helical interest

Description

Cawston, Rugby

32 acres

100%

32 acres greenfield site with residential potential

Arleston, Telford

19 acres

100%

19 acres greenfield site with residential potential


51 acres



 

Mixed Use Developments

 

Address

Helical interest

Description

White City, London W12

Joint venture

Planning application for 1.5m sq ft mainly residential scheme submitted July 2012

King Street, Hammersmith, London W6

50%

Planning application to be re-submitted




 

 

Retail - Poland

 

Address

Area

Fund/Owner

Helical interest

Description

Park Handlowy Mlyn, Wroclaw

103,000

Helical

100%

Completed development, fully let, under offer to be sold

Europa Centralna, Gliwice

720,000

Helical/

Standard Life Client

37.5%

Construction to complete December 2012


823,000




 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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