Interim Results

Wynnstay Properties PLC 28 November 2000 INTERIM RESULTS FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000 CHAIRMAN'S STATEMENT Following the excellent results for the last financial year on which I reported in June, I am pleased to inform you of further satisfactory progress in Wynnstay's activities during the first half of the current year. The headline figures are: 2000 1999 Profit before exceptional items and taxation: - 8.9% £228,521 £250,754 Profit before taxation: + 40.4% £228,521 £162,743 Earnings per share: + 39.5% 5.3p 3.8p Interim dividend per share: + 4.2% 1.875p 1.8p Despite the disposals announced with last year's results, property income, totalling £701,391, remained almost unchanged compared with last year, reflecting a full contribution from the industrial property at Aldershot acquired in July 1999. Following a series of interest rate rises in late 1999 and early 2000, net finance costs increased by £8,055 to £238,999, whilst property outgoings of £36,545 were some £7,982 higher owing to certain irrecoverable repair items. Administration and other overheads, totalling £197,326, were again tightly controlled, showing a year on year increase of only 1.9%, despite incurring significant unbudgeted costs relating to various actions taken by our former shareholder, Panther Securities PLC, including the Extraordinary General Meeting it requisitioned which was held on 9th May. Having included a Balance Sheet last year, this interim report also incorporates for the first time a Cashflow Statement. Shareholders' funds at 29th September 2000 totalled £6,988,964, equivalent to 221 pence per share, representing an increase on the corresponding figure of £6,589,572, or 209p per share, last year. As a result of disposals and strong cashflow, borrowings reduced significantly and net gearing at the half-year was 79.3%, compared with 101.5% last year. Since 29th September, we have concluded the profitable sale of our last remaining retail property at Swindon. Shareholders will recall from my last Chairman's statement that we disposed of the two other Swindon properties towards the end of last year. We have now decided to market certain of our other retail properties and are actively considering other disposals in pursuance of our strategy of re-orientating the portfolio. With this strategy in mind we have investigated a number of potential property acquisitions in central southern England. Although our offers have not always proved successful, I am pleased to report that we expect very shortly to exchange contracts for the purchase of an 11,000 sq.ft. industrial unit in north Hampshire. We have also taken steps to explore the possibility of enlarging and improving one of our major office properties. This is a longer-term project given the current letting of the premises. At the time of writing, prospects for the full year appear satisfactory. The future direction of interest rates remains unclear, with commentators being almost equally divided as to whether the next move will be up or down. We have a portfolio that is fully let to a diverse range of tenants in a variety of business sectors and are well placed to make further, selective investments as and when we identify attractive opportunities. From a corporate perspective, we continue to review a number of opportunities to expand and develop the Company. In the light of the results, the Directors have decided to increase the interim dividend by 4.2% from 1.8p per share to 1.875p per share and this will be paid on 18th December 2000 to shareholders on the register at 8th December 2000. I take this opportunity both to remind Shareholders that next year's Annual General Meeting will be held at The Royal Automobile Club on Thursday 26th July 2001, which I hope as many as possible will be able to attend and, in conclusion, to wish you and your families a period of peace, reflection and happiness over the Christmas and New Year holiday. Philip G.H. Collins Chairman 28th November 2000 WYNNSTAY PROPERTIES PLC UNAUDITED PROFIT & LOSS ACCOUNT FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000 Six Months ended Year ended 29th September 25th March 2000 1999 2000 (Unaudited) (Audited) £ £ £ Gross Rental Income 687,670 696,096 1,424,475 Fees and Commissions 13,721 7,809 18,249 Sales of Trading Properties - - 590,000 --------- ---------- ------------ Property Income 701,391 703,905 2,032,724 Cost of Sales of Trading - - 595,070 Properties Property Outgoings 36,545 28,563 56,705 -------- --------- ------------ 664,846 675,342 1,380,949 Administration and Other Costs 197,326 193,644 383,558 -------- ------- ------------ Operating Profit 467,520 481,698 997,391 Finance Costs (Net) 238,999 230,944 476,718 -------- ------- ------------ Profit on Ordinary Activities before Exceptional Items and 228,521 250,754 520,673 Taxation Exceptional Items - (88,011) (20,611) -------- ------- ------------ Profit on Ordinary Activities before Taxation 228,521 162,743 500,062 Taxation 61,948 43,784 102,808 -------- ------- ------------ Profit on Ordinary Activities after Taxation 166,573 118,959 397,254 Interim Dividend 2000: 1.875p 1999: 1.8p 59,161 56,795 Total Dividend 1999-2000: 6.0p 189,316 -------- ------- ------------ Profit Retained £107,412 £62,164 £207,938 -------- ------- ------------ Basic & Diluted Earnings per share (Note 2) 5.3p 3.8p 12.6p Notes 1. The figures in this statement do not constitute statutory accounts; those for the year ended 25th March 2000 are extracted from the Group Accounts which have been filed with the Registrar of Companies and which received an unqualified report from the Auditors and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985 as amended. 2. Basic and Diluted Earnings per share have been calculated on profits after taxation attributable to ordinary shareholders of £166,573 (1999: £118,959) and on 3,155,267 ordinary shares, being the weighted average number in issue during both periods. 3. The interim dividend of 1.875p per share will be paid on 18th December 2000 to those shareholders on the register at 8th December 2000. 4. This interim report is being posted to all shareholders and will be available on application to the Company's registered office at Cleary Court, 21 St. Swithin's Lane, London EC4N 8AD. WYNNSTAY PROPERTIES PLC UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 29TH SEPTEMBER 2000 29th 29th 25th March September September 2000 2000 1999 (Audited) (Unaudited) (Unaudited) £ £ £ Fixed Assets Tangible Assets 13,086,293 13,107,191 13,089,548 Investments 52,641 51,677 52,641 ---------- ---------- ---------- 13,138,934 13,158,868 13,142,189 Current Assets Trading Properties - 495,000 - Debtors 125,839 94,878 351,429 Cash at Bank and in Hand 239,232 300,298 601,863 ---------- ---------- --------- 365,071 890,176 953,292 Creditors: Amounts falling due within one year (733,085) (468,068) (731,973) ---------- ---------- ---------- Net Current (Liabilities)/Assets (368,014) 422,108 221,319 ---------- ---------- ---------- Total Assets Less Current Liabilities 12,770,920 13,580,976 13,363,508 Creditors: Amounts falling due after more than one year (5,781,956) (6,991,404) (6,481,956) ---------- ---------- ---------- Net Assets £6,988,964 £6,589,572 £6,881,552 ---------- ---------- ---------- Capital and Reserves Share Capital 788,817 788,817 788,817 Capital Redemption Reserve 204,528 204,528 204,528 Share Premium Account 1,135,249 1,135,249 1,135,249 Capital Reserve 151,400 151,400 151,400 Revaluation Reserve 2,362,641 2,341,682 2,362,641 Distributable Reserves 2,346,329 1,967,896 2,238,917 ---------- ---------- ---------- Equity Shareholders' Funds £6,988,964 £6,589,572 £6,881,552 ---------- ---------- ---------- WYNNSTAY PROPERTIES PLC UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000 Six Months Year ended ended 25th March 29th 2000 September (Audited) 2000 (Unaudited) £ £ Cash Flow from Operating Activities (Note 1) 715,947 1,335,337 Returns on Investment and Servicing of Finance Dividends Received 66 Interest Received 17,074 18,489 Interest Paid (265,354) (402,783) -------- ------------ Net Cash (Outflow) from Returns on Investment and Servicing of Finance (248,245) (384,228) -------- ------------ Taxation Paid - (27,963) Taxation Refunded 2,643 534 -------- ------------ 2,643 (27,429) -------- ------------ Capital Expenditure and Financial Investment Purchase of Tangible Fixed Assets - (787,934) Disposal of Tangible Fixed Assets - 163,489 Sinking Fund Policy Premium (455) (910) -------- ------------ Net Cash (Outflow) from Investing Activities (455) (625,355) -------- ------------ Equity Dividends Paid (132,521) (181,428) -------- ------------ Net Cash Inflow before Financing 337,369 116,897 -------- ------------ Financing Drawdown of Bank Loan - 764,747 Repayment of Bank Loan (700,000) (509,448) -------- ------------ (700,000) 255,299 -------- ------------ (Decrease)/Increase in Cash in the £(362,631) £372,196 Period -------- ------------ Reconciliation of Net Cash Flow to Movement in Net Debt (Decrease)/Increase in Cash in the (362,631) 372,196 Period Cash Outflow/(Inflow) from Decrease/(Increase) in Debt 700,000 (255,299) Financing -------- ------------ Movement in Net Debt in the Period 337,369 116,897 Net Debt at 25th March 2000 (5,880,093) (5,996,990) ---------- ------------ Net Debt at 29th September 2000 £(5,542,724) £(5,880,093) (Note 2) ---------- ------------ NOTES TO CASH FLOW STATEMENT (1)Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities Six Months Year ended ended 25th March 29th September 2000 2000 £ £ Operating Profit 467,520 997,391 Depreciation and Amortisation 3,710 12,871 Profit on disposal of Motor Vehicle - (4,100) Decrease in Stock of Trading Properties - 570,000 Decrease/(Increase) in Debtors 225,590 (237,550) Increase/(Decrease) in 19,127 (3,275) Creditors ------------ ------------- Net Cash Inflow from Operating Activities £715,947 £1,335,337 ------------ ------------- (2)Analysis of Net Debt 25th Cash 29th March Movement September 2000 2000 £ £ £ Cash at Bank and in Hand 601,863 (362,631) 239,232 Debt due after more than one (6,481,956) 700,000 (5,781,956) year --------- --------- ---------- Net Debt £(5,880,093) £337,369 £(5,542,724) --------- --------- ----------

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