Final Results - Replacement

McInerney Holdings PLC 22 March 2000 The issuer has made the following amendment to the Final Results announcement released today at 10.45 under RNS No 7217H. The results previously reported in pounds sterling and pounds Irish should have been reported in Euros and pounds Irish. In each case there is no change to the figures themselves. All other details remain unchanged. The full corrected version is shown below. ------------------------------------------------------------------- McInerney Holdings PLC ---------------------- PRELIMINARY ANNOUNCEMENT Financial Results for the Year ended 31 December 1999 Last year proved to be another successful year of growth for the Group in each of our core businesses, with significant increases in profitability being achieved. Financial Highlights -------------------- The Directors are pleased to report profits before tax of EUR 14.155m (IR£11.148m), an increase of 58% on the 1998 result of EUR 8.977m (IR£7.070m). Basic earnings per share in 1999 were 35.31 cents (IR27.81p), compared to 25.51 cents (IR20.09p) in 1998. Profits after tax for the year were EUR 10.732m (IR8.452m) against EUR 6.415m (IR£5.052m) in the previous year. Group turnover rose from EUR 80.94m (IR£63.74) in 1998 to EUR 109.67m (IR£86.37m) in 1999. The sale of two investment properties in Dublin and Galway provided a contribution before tax of EUR 1.580m (IR£1.245m). Dividend -------- In light of these satisfactory results, an interim dividend of 2.54 cents (IR2.00p), based on the 1999 results, will be paid on the 20th April 2000, to shareholders registered at 7th April 2000. No final dividend will be proposed. Capital Structures ------------------ During 1999, the Group completed a successful share placing to raise gross proceeds of EUR 9.654m (IR£7,603m). A large percentage of this fund has been invested to strengthen the Group's land-bank, particularly in the Dublin and Cork regions. The Group now has control of a quality, broadly spread land-bank, which will meet the projected demand for Irish housing in the medium term. Our land-bank management policy will continue to be based on selective land purchases, balanced with strategic land sales, as the Group fine-tunes its regional land-bank. Operational Highlights ---------------------- The results constitute a solid performance by the Group's operating divisions, with the housing, commercial and leisure operations each substantially increasing their respective contribution to Group profitability. The strong performance of our commercial and leisure activities is particularly encouraging, as they provide us with significant profit generation outside our core Irish housebuilding activities. Residential: Demand for residential housing remained strong in Ireland during 1999, and the Irish housebuilding division, McInerney Construction, was again the major contributor to our results. The number of completions during the year was 600, of which 567 were in private housing and 33 were in contract housing. Improved margins were achieved on all housing activities. A general easing of house price inflation was experienced, particularly in Dublin, in the latter half of the year, while house prices in other regions grew at a faster rate. The Group has maintained its policy of ensuring a broad geographical spread of housing activities in Ireland, and regional price improvement has further helped the performance of the Group. Commercial: Hillview Securities, our commercial arm, increased its profits in 1999 and its performance continued to exceed expectations. This success was due to the strong demand for industrial units. Hillview is currently involved in a number of ongoing projects in this area. The funds from the company's sale of two investment properties in Dublin and Galway are currently being re-invested to secure control of industrial sites in Dublin and Cork. Leisure: The Group's operation at Four Seasons Country Club, Spain, posted a higher profit return for the year. Its focus on rentals continues to pay dividends, with volumes and prices secured ahead of targets. A new block of 12 apartments was completed in the summer of 1999 at the Club. The Group has continued expansion in Spain through securing a freehold site to develop 72 apartments at Carib Playa, located close to Four Seasons. Sales and construction have already commenced. UK Activity: In the second half of 1999, the Group acquired William Hargreaves Holdings Ltd, a small developer and house builder based in Bolton, Lancashire, as part of a measured expansion by the Group into the UK market. We are satisfied with the progress of this acquisition to date. Challenges Ahead ---------------- All economic indicators point to another year of strong growth in the Irish economy. This should ensure continued strong growth for all the Group's Irish based activities. The outlook for our leisure operations in Spain is also very encouraging, and we plan to develop further our freehold activity in this marketplace. We continue to review the UK market and intend to expand our activities if the right opportunities arise. The current year should also gain from the full impact of the capital raising exercise in 1999, as the benefit from new sites acquired will feed through to the Group's earnings. The Group remains focussed on maximising shareholder value and it achieves this objective by obtaining above average return on capital employed on its investments. We continue to see attractive development opportunities in our key markets in Ireland and Spain that will allow us to meet our demanding return on capital criteria. Trading in the first quarter of 2000 is good, and we anticipate further strong growth for the Group in the current year. R B. Ferris Chairman FOR INFORMATION: Greig McCambridge, McInerney Holdings plc 003531 298 5700 John Mumford, Williams de Broe Plc 0207 588 7511 McINERNEY HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31 December 1999 1999 1998 (Unaudited) (Audited) EUR '000 EUR '000 TURNOVER INCLUDING GROUP SHARE OF JOINT VENTURE Continuing Operations 101,307 81,120 Acquisitions 9,878 - ------- ------- 111,185 81,120 Less: Share of Joint Venture Turnover (1,519) (183) ------- ------- GROUP TURNOVER 109,666 80,937 COST OF SALES (86,655) (64,214) ------- ------- GROSS PROFIT Gross Profit Excluding Exceptional Item 23,011 15,344 Exceptional Contribution from Land Sales - 1,379 ------- ------- TOTAL GROSS PROFIT 23,011 16,723 Administrative Expenses (8,519) (6,346) ------- ------- Group Operating Profit Continuing Operations 14,696 10,377 Acquisitions (204) - ------- ------- 14,492 10,377 Share of Operating Profits in Joint Ventures Continuing Operations 155 36 Acquisitions 95 - ------- ------- TOTAL OPERATING PROFITS INCLUDING JOINT VENTURES 14,742 10,413 Surplus on disposal of Investment Properties 1,580 - Interest Payable and Similar Charges (2,167) (1,436) ------- ------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 14,155 8,977 Taxation Charge arising on Ordinary Activities (3,423) (2,562) ------- ------- PROFIT ON ORDINARY ACTIVITIES AFTER TAX 10,732 6,415 Proposed Dividend (804) (543) ------- ------- PROFIT RETAINED FOR THE YEAR 9,928 5,872 ======= ======= BASIC EARNINGS PER SHARE 35.31 c 25.51 c FULLY DILUTED EARNINGS PER SHARE 33.39 c 24.53 c The Auditors have confirmed that they will be issuing an unqualified opinion on the accounts from which the financial information set out on pages 3 to 6 for the year ended 31 December 1999 has been extracted. The financial information for the year ended 31 December 1998 has been extracted from audited accounts on which the Auditors issued an unqualified opinion and which have been delivered to the Registrar of Companies. McINERNEY HOLDINGS PLC CONSOLIDATED BALANCE SHEET As at 31 December 1999 1999 1998 (Unaudited) (Audited) EUR '000 EUR '000 FIXED ASSETS Intangible Assets 6,042 - Tangible Assets 4,934 5,548 Financial Assets Joint Ventures: Share of Gross Assets 9,004 4,719 Share of Gross Liabilities (9,020) (4,664) Loans to Joint Ventures 2,383 1,707 ------ ------ 2,367 1,762 TOTAL FIXED ASSETS 13,343 7,310 ------ ------ CURRENT ASSETS Stocks 64,995 40,668 Debtors 12,613 7,069 Cash at Bank and in Hand 11,793 3,837 ------ ------ 89,401 51,574 ------ ------ CREDITORS (Amounts falling due within one year) Bank Loans and Overdrafts 19,444 12,104 Trade and Other Creditors 43,356 32,361 ------ ------ 62,800 44,465 ------ ------ NET CURRENT ASSETS 26,601 7,109 ------ ------ TOTAL ASSETS LESS CURRENT LIABILITIES 39,944 14,419 ------ ------ CREDITORS (Amounts falling due after more than one year) Bank Loans 6,287 1,135 Other Creditors 1,818 174 ------ ------ 8,105 1,309 ------ ------ PROVISIONS FOR LIABILITIES AND CHARGES Deferred Taxation 921 1,718 ------ ------ 30,918 11,392 ====== ====== FINANCED BY : CAPITAL AND RESERVES Called up Share Capital 4,017 3,192 Share Premium Account 16,271 7,982 Revaluation Reserve 371 1,450 Profit and Loss Account 10,259 (1,232) ------ ------ TOTAL SHAREHOLDERS' FUNDS - ALL EQUITY 30,918 11,392 ====== ====== McINERNEY HOLDINGS PLC CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 1999 1999 1998 (Unaudited) (Audited) EUR '000 EUR '000 Net Cash Inflow/(Outflow) from operating activities 2,159 (704) ------ ------ DIVIDENDS RECEIVED FROM JOINT VENTURES 38 117 ------ ------ RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest Received 165 18 Interest Paid (2,072) (1,294) Interest element of Finance Lease payments (13) (9) ------ ------ (1,920) (1,285) ------ ------ TAXATION (1,836) (860) ------ ------ CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Purchase of Tangible assets (960) (977) Sale of Tangible Assets 4,520 57 Investment in Financial Assets 188 (1,205) ------ ------ 3,748 (2,125) ------ ------ ACQUISITION OF SUBSIDIARY UNDERTAKING (5,953) - ------ ------ EQUITY DIVIDENDS PAID (542) (319) ------ ------ Net Cash Outflow before Financing (4,306) (5,176) FINANCING Share Capital Subscribed 9,114 - Repayment of Loans (15,044) (6,481) Proceeds from Borrowings 18,307 10,591 Capital Element of Finance Lease Rentals (143) (82) ------ ------ 12,234 4,028 ------ ------ Increase/(Decrease) in cash in year 7,928 (1,148) ====== ====== McINERNEY HOLDINGS PLC NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 1999 SEGMENTAL INFORMATION Segmental Analysis of Turnover and Profit 1999 1998 (Unaudited) (Audited) EUR '000 EUR '000 Turnover Private Housing 77,647 60,881 Land & Sites 1,614 4,011 Contracts 13,086 10,784 Leisure 2,762 1,915 Commercial 4,679 3,346 UK Construction - Acquired 9,878 - ------- ------- Group Turnover 109,666 80,937 ======= ======= Profit before Interest & Taxation Private Housing 13,560 7,617 Land & Sites 140 2,239 Contracts 1,307 1,032 Leisure 1,172 747 Commercial 2,015 781 UK Construction - Acquired (203) - ------- ------- Segment Profits 17,991 12,416 Share of Operating Profits in Joint Ventures 250 36 Common Costs (1,569) (1,348) Costs incurred in on-going Development/ Acquisition Activities (350) (691) Net Interest Payable (2,167) (1,436) ------- ------- Profit Before Taxation 14,155 8,977 ======= ======= Segmental Analysis of Net Assets 1999 1998 (Unaudited) (Audited) Business Sectors EUR '000 EUR '000 Continuing Activities Private Housing 25,410 17,914 Leisure 6,808 1,800 Commercial 5,410 3,459 UK Construction 9,667 - ------- ------- Net Operating Assets 47,295 23,173 Unallocated Liabilities (2,439) (2,379) ------- ------- 44,856 20,794 Net Borrowings (13,938) (9,402) ------- ------- Total Net Assets 30,918 11,392 ======= ======= All activities are located in Ireland with the exception of Leisure, which is located in Spain, and UK Construction, which is located in the North of England. Segment profit before interest & taxation arising from Commercial activities, includes the surplus on disposal of Investment Properties.

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