TIDMCDFF
RNS Number : 6819X
Cardiff Property PLC
10 May 2016
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
FOR RELEASE 7.00 AM 10 May 2016
THE CARDIFF PROPERTY PLC
The group, including Campmoss, specialises in property
investment and development in the Thames Valley. The total
portfolio under management, valued in excess of GBP38m, is
primarily located to the west of London, close to Heathrow Airport
and in Surrey and Berkshire.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31 MARCH 2016
Highlights:
Six months Six months Year
31 March 31 March 30 September
2016 2015 2015
(Unaudited) (Unaudited) (Unaudited)
Revenue GBP'000 300 296 577
Net assets per
share GBP 17.93 15.22 16.84
Profit before
tax GBP'000 1,541 566 2,586
Earnings per
share pence 117.1 39.9 191.3
Interim/total
dividend
per share pence 3.60 3.50 13.50
Gearing % Nil Nil Nil
Richard Wollenberg, Chairman, commented:
"The Thames Valley commercial property market remains positive
with renewed interest from businesses and large corporates wanting
to locate around the M25 motorway. Following the government
planning initiative, a number of existing office buildings are
being converted to residential use and although this has reduced
overall office supply, the availability of second hand office space
is still a restraint on the market. There are shortages of high
grade office space in certain locations which has supported an
increase in rental levels. Despite the improved market conditions
the continuing political and financial uncertainties in the UK and
Europe remain a concern, and until these are resolved further
growth in the Thames Valley commercial property market is expected
to be limited.
The investment market continues to be buoyant. Low interest
rates and the prospect of rental growth are very attractive to
investors but recent stamp duty increases for commercial property
will need to be absorbed.
Residential sales values in Surrey and Berkshire, the group's
main area of operation have remained unchanged despite reduced
volumes. We continue to receive a high level of letting enquiries
with rents retaining previous year's increases."
For further information:
The Cardiff Property
plc Richard Wollenberg 01784 437444
Stockdale Securities Richard Johnson 020 7601 6100
THE CARDIFF PROPERTY PLC
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31 MARCH 2016
INTERIM MANAGEMENT REPORT
The Thames Valley commercial property market remains positive
with renewed interest from businesses and large corporates wanting
to locate around the M25 motorway. Following the government
planning initiative, a number of existing office buildings are
being converted to residential use and although this has reduced
overall office supply, the availability of second hand office space
is still a restraint on the market. There are shortages of high
grade office space in certain locations which has supported an
increase in rental levels. Despite the improved market conditions
the continuing political and financial uncertainties in the UK and
Europe remain a concern and until these are resolved, further
growth in the Thames Valley commercial property market is expected
to be limited.
The investment market continues to be buoyant. Low interest
rates and the prospect of rental growth are very attractive to
investors but recent stamp duty increases for commercial property
will need to be absorbed.
Residential sales values in Surrey and Berkshire, the group's
main area of operation have remained unchanged despite reduced
volumes. We continue to receive a high level of letting enquiries
with rents retaining previous year's increases.
Financial
For the half year ending 31 March 2016 profit before tax
amounted to GBP1.54m (March 2015: GBP0.57m; September 2015:
GBP2.59m). This figure includes an after tax profit from Campmoss
Property Company Limited, our 47.62% joint venture, of GBP1.29m
(March 2015: GBP0.35m; September 2015: GBP1.92m). The figures for
Campmoss are based on Financial Reporting Standard 101 (FRS
101).
Revenue for the six months to 31 March 2016 which represents
gross rental income totalled GBP0.30m (March 2015: GBP0.30m;
September 2015: GBP0.58m). The group's share of revenue from
Campmoss was GBP1.84m (March 2015: GBP0.81m; September 2015:
GBP1.70m) the latter was represented by gross rental income of
GBP0.63m (March 2015: GBP0.55m; September 2015: GBP1.10m) and
property sales, referred to in this report, of GBP1.21m (March
2015: GBP0.26m; September 2015: GBP0.60m). These latter figures are
not included in group revenue.
Campmoss has exchanged contracts for the sale of Worplesdon
View, Guildford for a cash consideration of GBP15.85m. Completion
of the sale may take place at any time up to August 2017. As a
result of this contract the accounting policy for Campmoss and the
Company (as set out in note 1) has been expanded such that when the
period between exchange and completion exceeds 120 days the sale is
recognised on receipt of due notice rather than on exchange.
In view of the contracted sale at Worplesdon View and,
reflecting an improvement in market values for similar investment
property, the directors of Campmoss at 31 March 2016 increased the
value of this property in the Campmoss portfolio to GBP13.0m (30
September 2015: GBP11.3m) an increase of GBP1.70m.
Due to the withdrawal of UK GAAP accounting the directors of
Campmoss have decided to adopt FRS 101 and a reconciliation of the
impact on the results of the joint venture for previous periods is
provided in note 6.
Net assets of the group as at 31 March 2016 were GBP22.95m
(March 2015: GBP19.94m; September 2015: GBP21.56m) equivalent to
GBP17.93 per share (March 2015: GBP15.22; September 2015:
GBP16.84). The company's share of net assets of Campmoss amounted
to GBP12.45m (March 2015: GBP9.59m; September 2015: GBP11.16m).
Your directors are of the opinion that apart from the property
at Worplesdon View held by Campmoss, there is no material change in
the value of the group's property portfolio as at 31 March
2016.
During the 6 months to 31 March 2016 the company did not
purchase any of its own shares (March 2015: nil; September 2015:
30,300) and other than as mentioned in this report there have been
no material events or material changes in assets, liabilities or
related party relationships since 30 September 2015.
Current IFRS accounting does not permit a deferred tax provision
in respect of the company's investment in Campmoss. The investment
in Campmoss is a substantial part of the company's net assets and,
for indicative purposes only, a disposal of the investment based on
the value in the company balance sheet at 31 March 2016, could
generate a potential tax liability that would equate to GBP2.24m
(March 2015: GBP1.82m; September 2015: GBP2.12m) equivalent to 175p
per share (March 2015: 139p; September 2015: 163p). This
information is provided to shareholders as an additional,
non-statutory disclosure.
Dividend
Your directors have declared an interim dividend of 3.6p (March
2015: 3.5p; September 2015: 10.0p) an increase of 3% which will be
paid on 7 July 2016 to shareholders on the register at 3 June
2016.
Investment and Development Portfolio
The group's freehold property portfolio includes offices, retail
and industrial units, a care home and residential property
primarily located close to the M25, M4 and M3 motorways and
Heathrow airport within the counties of Surrey and Berkshire.
The office and retail investment at the White House, Egham
comprising 5 ground floor retail units with offices above, is fully
let on short and medium term leases. A number of these leases
included yearly rental increases.
The Maidenhead Enterprise Centre, Maidenhead, comprises 6
business units totalling 14,000 sq ft. Each unit comprises offices
on the first floor with industrial use on the ground floor. Five of
the units are occupied by local businesses and let on either short
or medium term leases. One unit has recently become vacant and
following completion of dilapidation works is now available for
letting.
At the Windsor Business Centre, Windsor, all four business units
are let. Two existing tenants have recently signed new medium term
leases at a small increase in rent. The remaining two units are let
on short term leases.
At Cowbridge Road, Cardiff, the company retains a commercial
property let on a medium term lease to the Royal Mail. The property
is currently used as a Sorting Office and retail centre.
At Egham, Surrey, the company retains its own freehold office
premises as well as a freehold residential property which is let on
an Assured Shorthold Tenancy Agreement.
At Tilehurst, Reading, plans are being prepared to submit an
application for a residential development. This land is now under
full ownership of the company following the lapse of a joint
venture option.
Campmoss Property Company Limited
Campmoss continues with its extensive programme of
re-development, letting and re-planning which has been challenging
but successful over the past six months.
At Worplesdon View, Guildford, contracts have been exchanged for
the sale, at a price of GBP15.85m, of the 78 bedroom care home let
on a 35 year institutional lease with annualised RPI increases.
Rental income will be received until completion which is expected
to take place by August 2017. Following the sale Campmoss will
continue to own an adjacent 2 acre site which, subject to planning
may be available for other uses.
At Westview, Market Street, Bracknell the recently completed
development of 8 retail units on ground and first floor are now all
let on medium to long term leases.
Adjacent to Westview, demolition of the existing building has
been completed and construction of Alston House, comprising 10 new
retail units on ground and first floor has commenced. The
development is expected to complete by the end of next year and a
marketing strategy is currently in preparation.
Gowring House, Market Street, Bracknell, comprises 3 ground
floor retail units all let on medium term leases. A change of use
is currently being applied for on the first and second floors with
a view to refurbishing for residential use. The upper 3 floors were
previously converted into 18 one and two bedroom apartments of
which 4 remain available for sale.
At Britannia Wharf, Woking, which comprises 4 floors of offices
totalling 27,743 sq ft, negotiations are currently in hand
regarding a change of use to either a care home or residential. The
existing building is let on short term leases which are due to
expire this year. Subject to the outcome of our planning
discussions, development work is programmed to commence towards the
beginning of next year.
Brickfields, Kiln Lane, Bracknell comprises 16 business units
and an adjacent office unit. These are primarily occupied by local
businesses on medium term leases. Three units have been sold in
previous years, one unit was sold in the current period and one
unit is currently available for sale or to let.
At Clivemont House and Highway House, Maidenhead, planning
permission was previously granted for separate office schemes. In
view of the uncertain local office market, commencement of the
development has been placed on hold until a significant pre-letting
is achieved. In the meantime discussions with the local authority
for alternative uses are in progress.
The Priory, Burnham comprises a business centre and 2 adjacent
floors of offices. The offices are let on short and medium terms
leases. Part of the business centre is let to a number of local
tenants on short term leases. Some smaller units are currently
available.
Quoted Investments
The company retains a small equity and bond portfolio all listed
on either the London Stock Exchange or AIM. The portfolio has
achieved a small increase in value over the period under
review.
Relationship Agreement
The company has entered into a written and legally binding
relationship agreement with myself, its controlling shareholder, to
address the requirements of LR9.2.2AR of the Listing Rules.
Outlook
The group is currently progressing new commercial and
residential development projects in Bracknell and negotiating a
number of planning applications as referred to in this report.
Completion of the investment sale of Worplesdon View, Guildford is
expected to take place during the current or next financial
year.
Confidence in the commercial and residential property market is
still evident and I therefore look forward to reporting to you
further at the end of the financial year.
J Richard Wollenberg
Chairman
10 May 2016
Condensed Consolidated Interim Income Statement
FOR THE SIX MONTHSED 31 MARCH 2016
Six months Six months Year
31 March 31 March 30 September
2016 2015 2015
(Unaudited (Unaudited
see note see note
(Unaudited) 6) 6)
GBP'000 GBP'000 GBP'000
Revenue 300 296 577
Cost of sales (5) 3 (31)
______ ______ ______
Gross profit 295 299 546
Administrative expenses (305) (292) (540)
Other operating income 217 175 406
______ ______ ______
Operating profit before
gains on investment properties
and other investments 207 182 412
Surplus on revaluation
of investment properties - - 150
Surplus on revaluation
of other properties - - 25
______ ______ ______
Operating profit 207 182 587
Financial income 42 31 77
Share of results of joint
venture 1,292 353 1,922
______ ______ ______
Profit before taxation 1,541 566 2,586
Taxation (43) (43) (96)
______ ______ ______
Profit for the period attributable
to equity holders 1,498 523 2,490
______ ______ ______
Earnings per share on profit
for the period - pence
Basic and diluted 117.1 39.9 191.3
______ ______ ______
Dividends
Final 2015 paid 10.0p (2014:
9.55p) 128 125 125
Interim 2015 paid 3.4p
(2014: 3.p) - - 46
______ ______ ______
128 125 171
______ ______ ______
Final 2015 proposed 10.0p - - 128
Interim 2016 proposed 3.6p
(2015: 3.5p) 46 46 -
______ ______ ______
46 46 128
______ ______ ______
The above results relate entirely to continuing activities.
There were no acquisitions or disposals of businesses during these
periods.
Condensed Consolidated Interim Balance Sheet
AT 31 MARCH 2016
31 March 31 March 30 September
2016 2015 2015
(Unaudited) (Unaudited (Unaudited
see note see note
6) 6)
GBP'000 GBP'000
GBP'000
Non-current assets
Freehold investment properties 4,660 4,510 4,660
Investment in joint venture 12,448 9,587 11,156
Property, plant and equipment 238 214 238
Other financial assets 769 744 744
Deferred tax asset 5 5 5
______ ______ ______
Total non-current assets 18,120 15,060 16,803
______ ______ ______
Current assets
Stock and work in progress 668 668 668
Trade and other receivables 1,130 244 132
Financial assets 1,350 2,380 1,050
Cash and cash equivalents 2,374 2,254 3,579
______ ______ ______
Total current assets 5,522 5,546 5,429
______ ______ ______
Total assets 23,642 20,606 22,232
______ ______ ______
Current liabilities
Corporation tax (141) (140) (99)
Trade and other payables (491) (463) (516)
______ ______ ______
Total current liabilities (632) (603) (615)
______ ______ ______
Non-current liabilities
Deferred tax liability (58) (62) (60)
______ ______ ______
Total non-current liabilities (58) (62) (60)
______ ______ ______
Total liabilities (690) (665) (675)
______ ______ ______
Net assets 22,952 19,941 21,557
______ ______ ______
Equity
Called up share capital 256 262 256
Share premium account 5,076 5,076 5,076
Other reserves 2,569 2,513 2,544
Investment property revaluation
reserve 2,117 536 2,158
Retained earnings 12,934 11,554 11,523
______ ______ ______
Shareholders' funds attributable
to equity holders 22,952 19,941 21,557
______ ______ ______
Net assets per share GBP17.93 GBP15.22 GBP16.84
______ ______ ______
Condensed Consolidated Interim Statement of Cash Flows
FOR THE SIX MONTHSED 31 MARCH 2016
Six months Six months Year
31 March 31 March 30 September
2016 2015 2015
(Unaudited) (Unaudited (Unaudited
see note see note
6) 6)
GBP'000 GBP'000
GBP'000
Cash flows from operating
activities
Profit for the period 1,498 523 2,490
Adjustments for:
Depreciation - - 1
Financial income (42) (31) (77)
Share of profit of joint
venture (1,292) (353) (1,922)
Surplus on revaluation
of investment properties - - (150)
Surplus on revaluation
of other properties - - (25)
Taxation 43 43 96
______ ______ ______
Cash flows from operations
before changes in
working capital 207 182 413
Decrease/(increase) in
trade and other receivables (998) 520 632
(Decrease)/increase in
trade and other payables (25) (34) 19
______ ______ ______
Cash generated/(used)
from operations (816) 668 1,064
Tax paid (3) - (96)
______ ______ ______
Net cash flows from operating
activities (819) 668 968
______ ______ ______
Cash flows from investing
activities
Interest received 42 31 77
Acquisition of investments,
and property, plant and
equipment - (1) (1)
Held to maturity deposits (300) (176) 1,154
______ ______ ______
Net cash flows from investing
activities (258) (146) 1,230
______ ______ ______
Cash flows from financing
activities
Purchase of own shares - - (305)
Dividends paid (128) (125) (171)
______ ______ ______
Net cash flows from financing
activities (128) (125) (476)
______ ______ ______
Net increase/(decrease)
in cash and cash equivalents (1,205) 397 1,722
Cash and cash equivalents
at beginning of period 3,579 1,857 1,857
______ ______ ______
Cash and cash equivalents
at end of period 2,374 2,254 3,579
______ ______ ______
Other Primary Statements
FOR THE SIX MONTHSED 31 MARCH 2016
Condensed Consolidated Interim Statement of Comprehensive Income
and Expense
Six months Six months Year
31 March 31 March 30 September
2016 2015 2015
(Unaudited) (Unaudited (Unaudited
see note
6)
GBP'000 see note
6)
GBP'000
GBP'000
Profit for the financial
period 1,498 523 2,490
Other items recognised directly
in equity
Net change in fair value
of available for sale assets 25 19 19
______ ______ ______
Total comprehensive income
and expense for the period
attributable to equity holders
of the parent company 1,523 542 2,509
______ ______ ______
Other Primary Statements
FOR THE SIX MONTHSED 31 MARCH 2016 (continued)
Condensed Consolidated Interim Statement of Changes in
Equity
Investment
Share property
Share premium Other revaluation Retained Total
capital account reserves reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2014 262 5,076 2,494 577 11,115 19,524
Profit for the period - - - - 523 523
Other comprehensive
income - - 19 - - 19
Transactions with
equity holders
Dividends - - - - (125) (125)
______ ______ ______ ______ ______ ______
Total transactions
with equity holders - - - - (125) (125)
______ ______ ______ ______ ______ ______
Realisation of revaluation
reserve - - - (41) 41 -
______ ______ ______ ______ ______ ______
At 31 March 2015 262 5,076 2,513 536 11,554 19,941
Profit for the period - - - - 1,967 1,967
Transactions with
equity holders
Dividends - - - - (46) (46)
Purchase of own
shares (6) - 6 - (305) (305)
______ ______ ______ ______ ______ ______
Total transactions
with equity holders (6) - 6 - (351) (351)
______ ______ ______ ______ ______ ______
Transfer on revaluation
of investment properties - - - 1,622 (1,622) -
Transfer on revaluation
of other properties - - 25 - (25) -
______ ______ ______ ______ ______ ______
At 30 September
2015 256 5,076 2,544 2,158 11,523 21,557
Profit for the period - - - - 1,498 1,498
Other comprehensive
income - - 25 - - 25
Transactions with
equity holders
Dividends - - - - (128) (128)
______ ______ ______ ______ ______ ______
Total transactions
with equity holders - - - - (128) (128)
______ ______ ______ ______ ______ ______
Realisation of revaluation
reserve - - - (41) 41 -
At 31 March 2016 256 5,076 2,569 2,117 12,934 22,952
______ ______ ______ ______ ______ ______
Statement of Responsibility
FOR THE SIX MONTHSED 31 MARCH 2016
The directors are responsible for preparing the condensed
consolidated interim financial statements for the six months ended
31 March 2016 and they confirm, to the best of their knowledge and
belief, that:
-- the condensed consolidated set of interim financial
statements for the six months ended 31 March 2016 has been prepared
in accordance with IAS 34 - Interim Financial Reporting, as adopted
by the EU;
-- the interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of interim financial statements and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the group during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
J Richard Wollenberg, Chairman
Karen L Chandler, Finance director
Nigel D Jamieson, Independent non-executive director
10 May 2016
Notes to the Condensed Consolidated Interim Financial
Statements
FOR THE SIX MONTHSED 31 MARCH 2016
1. Basis of preparation
This condensed set of financial statements has been prepared in
accordance with IAS 34 - Interim Financial Reporting as adopted by
the EU.
The annual financial statements of the group are prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the EU. As required by the Disclosure and
Transparency Rules of the Financial Conduct Authority, the
condensed set of financial statements has been prepared applying
the accounting policies and presentation that were applied in the
preparation of the group's published consolidated financial
statements for the year ended 30 September 2015.
The comparative figures for the financial year ended 30
September 2015 are not the group's statutory accounts for that
financial year. Those accounts have been reported on by the group's
auditor and delivered to the registrar of companies. The report of
the auditor was: unqualified; did not give any reference to any
matters to which the auditor drew attention by way of emphasis
without qualifying their report; and did not contain a statement
under sections 498 (2) or (3) of the Companies Act 2006.
Campmoss Property Company Limited intend to adopt Financial
Reporting Standard 101 (FRS 101) for statutory accounts purposes. A
reconciliation of the effect of this transition from UK GAAP is set
out in note 6.
Accounting policies
The condensed consolidated interim financial statements have
been prepared applying the accounting policies that were applied in
the preparation of the group's published financial statements for
the year ended 30 September 2015. With the exception that the
accounting policy for investment properties has been expanded as
follows:
Purchases and sales of investment properties are accounted for
when exchanged contracts become unconditional, or in the event a
notice to complete is required, on receipt of such notice where the
notice period is a period of less than 120 days.
Whilst numerous other IFRSs and Interpretations have been
endorsed in the period to 31 March 2016 and have been adopted by
the group, none of them has had a material impact on these interim
financial statements.
Use of estimates and judgement
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expense. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods
affected. The key areas in which estimates have been used and the
assumptions applied are in valuing investment properties and
properties in the joint venture, in valuing available for sale
assets, in classifying properties and in the calculating of
provisions.
An external, independent valuer, having an appropriate
recognised professional qualification and recent experience in the
location and category of property being valued, values the
company's property portfolio at the end of each financial year. The
directors of the joint venture value its portfolio each year; such
valuation takes into account yields on similar properties in the
area, vacant space and covenant strength. The directors of the
group and joint venture review the valuations for the interim
financial statements.
A provision is recognised in the balance sheet when the group
has a present legal or constructive obligation as a result of a
past event and it is probable that an outflow of economic benefit
will be required to settle the obligation. If the effect is
material, provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and, where appropriate, the
risks specific to the liability.
Going concern
The group has sufficient financial resources to enable it to
continue in operational existence for the foreseeable future, to
complete the current maintenance and development program and meet
its liabilities as they fall due. Accordingly, the directors
consider it appropriate to continue to adopt the going concern
basis in preparing these interim financial statements.
Notes to the Condensed Consolidated Interim Financial
Statements
FOR THE SIX MONTHSED 31 MARCH 2016 (continued)
2. Segmental analysis
The group manages its operations in two segments, being property
and other investments and property development. The results of
these segments are regularly reviewed by the board as a basis for
the allocation of resources, in conjunction with individual site
investment appraisals and to assess their performance. Information
regarding the revenue and profit before taxation for each
reportable segment is set out below:
Six months Six months Year
31 March 31 March 30 September
2016 2015 2015
(Unaudited) (Unaudited (Unaudited
see note see note
6) 6)
GBP'000 GBP'000
GBP'000
Revenue (wholly in the
United Kingdom)
Property and other investments
being gross rents
receivable 300 296 577
______ ______ ______
Profit before taxation
Property and other investments 1,052 430 2,455
Property development 489 136 131
______ ______ ______
1,541 566 2,586
______ ______ ______
The operations of the group are not seasonal.
3. Taxation
The tax position for the six month period is estimated on the
basis of the anticipated tax rates applying for the full year.
4. Dividends
The interim dividend of 3.6p per share will be paid on 7 July
2016 to shareholders on the register on 3 June 2016. Under
accounting standards this dividend is not included in the condensed
consolidated interim financial statements for the six months ended
31 March 2016.
5. Earnings per share
Earnings per share has been calculated using the profit after
tax for the period of GBP1,498,000 (March 2015: GBP523,000;
September 2015: GBP2,490,000) and the weighted average number of
shares as follows:
Weighted average number
of shares
31 March 31 March 30 September
2016 2015 2015
Basic and diluted 1,279,746 1,310,046 1,301,461
_________ _________ _________
6. Explanation of transition to FRS 101
As stated in note 1 Campmoss Property Company Limited intend to
adopt Financial Reporting Standard 101 (FRS 101) for statutory
accounts purposes. The impact on the investment in the joint
venture relates to the recognition of the deferred tax liability on
the difference between indexed cost and valuation is set out
below.
Six months Six months Six moths
31 March 31 March 31 March
2015 2015 2015
Effect
of transition
to FRS
101
(Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000
Revenue 296 - 296
Cost of sales 3 - 3
______ ______ ______
Gross profit 299 - 299
Administrative expenses (292) - (292)
Other operating income 175 - 175
______ ______ ______
Operating profit before
gains on investment properties
and other investments 182 - 182
Surplus on revaluation - - -
of investment properties
Surplus on revaluation - - -
of other properties
______ ______ ______
Operating profit 182 - 182
Financial income 31 - 31
Share of results of joint
venture 335 18 353
______ ______ ______
Profit before taxation 548 18 566
Taxation (43) - (43)
______ ______ ______
Profit for the period attributable
to equity holders 505 18 523
______ ______ ______
Earnings per share on profit
for the period - pence
Basic and diluted 38.6 1.3 39.9
______ ______ ______
Year Year Year
30 September 30 September 30 September
2015 2015 2015
Effect
of transition
to FRS
101
(Audited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000
Revenue 577 - 577
Cost of sales (31) - (31)
______ ______ ______
Gross profit 546 - 546
Administrative expenses (540) - (540)
Other operating income 406 - 406
______ ______ ______
Operating profit before
gains on investment properties
and other investments 412 - 412
Surplus on revaluation
of investment properties 150 - 150
Surplus on revaluation
of other properties 25 - 25
______ ______ ______
Operating profit 587 - 587
Financial income 77 - 77
Share of results of joint
venture 1,976 (54) 1,922
______ ______ ______
Profit before taxation 2,640 (54) 2,586
Taxation (96) - (96)
______ ______ ______
Profit for the period attributable
to equity holders 2,544 (54) 2,490
______ ______ ______
Earnings per share on profit
for the period - pence
Basic and diluted 195.5 (4.2) 191.3
______ ______ ______
31 March 31 March 31 March
2015 2015 2015
Effect
of transition
to FRS
101
(Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000
Non-current assets
Freehold investment properties 4,510 - 4,510
Investment in joint venture 9,703 (116) 9,587
Property, plant and equipment 214 - 214
Other financial assets 744 - 744
Deferred tax asset 5 - 5
______ ______ ______
Total non-current assets 15,176 (116) 15,060
______ ______ ______
Current assets
Stock and work in progress 668 - 668
Trade and other receivables 244 - 244
Financial assets 2,380 - 2,380
Cash and cash equivalents 2,254 - 2,254
______ ______ ______
Total current assets 5,546 - 5,546
______ ______ ______
Total assets 20,722 (116) 20,606
______ ______ ______
Current liabilities
Corporation tax (140) - (140)
Trade and other payables (463) - (463)
______ ______ ______
Total current liabilities (603) - (603)
______ ______ ______
Non-current liabilities
Deferred tax liability (62) - (62)
______ ______ ______
Total non-current liabilities (62) - (62)
______ ______ ______
Total liabilities (665) - (665)
______ ______ ______
Net assets 20,057 (116) 19,941
______ ______ ______
Equity
Called up share capital 262 - 262
Share premium account 5,076 - 5,076
Other reserves 2,513 - 2,513
Investment property revaluation
reserve 536 - 536
Retained earnings 11,670 (116) 11,554
______ ______ ______
Shareholders' funds attributable
to equity holders 20,057 (116) 19,941
______ ______ ______
Net assets per share GBP15.31 GBP(0.09) GBP15.22
______ ______ ______
30 September 30 September 30 September
2015 2015 2015
Effect
of transition
to FRS
101
(Audited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000
Non-current assets
Freehold investment properties 4,660 - 4,660
Investment in joint venture 11,334 (188) 11,156
Property, plant and equipment 238 - 238
Other financial assets 744 - 744
Deferred tax asset 5 - 5
______ ______ ______
Total non-current assets 16,991 (188) 16,803
______ ______ ______
Current assets
Stock and work in progress 668 - 668
Trade and other receivables 132 - 132
Financial assets 1,050 - 1,050
Cash and cash equivalents 3,579 - 3,579
______ ______ ______
Total current assets 5,429 - 5,429
______ ______ ______
Total assets 22,420 (188) 22,232
______ ______ ______
Current liabilities
Corporation tax (99) - (99)
Trade and other payables (516) - (516)
______ ______ ______
Total current liabilities (615) - (615)
______ ______ ______
Non-current liabilities
Deferred tax liability (60) - (60)
______ ______ ______
Total non-current liabilities (60) - (60)
______ ______ ______
Total liabilities (675) - (675)
______ ______ ______
Net assets 21,745 (188) 21,557
______ ______ ______
Equity
Called up share capital 256 - 256
Share premium account 5,076 - 5,076
Other reserves 2,544 - 2,544
Investment property revaluation
reserve 2,158 - 2,158
Retained earnings 11,711 (188) 11,523
______ ______ ______
Shareholders' funds attributable
to equity holders 21,745 (188) 21,557
______ ______ ______
Net assets per share GBP16.99 GBP(0.15) GBP16.84
______ ______ ______
30 September 30 September 30 September
2014 2014 2014
Effect
of transition
to FRS 101
(Audited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000
Non-current assets
Freehold investment properties 4,510 - 4,510
Investment in joint venture 9,368 (134) 9,234
Property, plant and equipment 213 - 213
Other financial assets 725 - 725
Deferred tax asset 5 - 5
______ ______ ______
Total non-current assets 14,821 (134) 14,687
______ ______ ______
Current assets
Stock and work in progress 668 - 668
Trade and other receivables 764 - 764
Financial assets 2,204 - 2,204
Cash and cash equivalents 1,857 - 1,857
______ ______ ______
Total current assets 5,493 - 5,493
______ ______ ______
Total assets 20,314 (134) 20,180
______ ______ ______
Current liabilities
Corporation tax (100) - (100)
Trade and other payables (497) - (497)
______ ______ ______
Total current liabilities (597) - (597)
______ ______ ______
Non-current liabilities
Deferred tax liability (59) - (59)
______ ______ ______
Total non-current liabilities (59) - (59)
______ ______ ______
Total liabilities (656) - (656)
______ ______ ______
Net assets 19,658 (134) 19,524
______ ______ ______
Equity
Called up share capital 262 - 262
Share premium account 5,076 - 5,076
Other reserves 2,494 - 2,494
Investment property revaluation
reserve 577 - 577
Retained earnings 11,249 (134) 11,115
______ ______ ______
Shareholders' funds attributable
to equity holders 19,658 (134) 19,524
______ ______ ______
Net assets per share GBP15.00 GBP(0.10) GBP14.90
______ ______ ______
Directors and Advisers
Directors Auditor
J Richard Wollenberg KPMG LLP
Chairman and chief executive
Karen L Chandler FCA
Finance director Stockbrokers and financial
advisers
Stockdale Securities Limited
Nigel D Jamieson BSc, FCSI
Independent non-executive
director
Secretary Bankers
Karen L Chandler FCA HSBC Bank plc
Non-executive director of Solicitors
wholly owned subsidiary
First Choice Estates plc Blake Morgan LLP
Derek M Joseph BCom, FCIS
Head office Registrar and transfer
office
56 Station Road Neville Registrars Limited
Egham, TW20 9LF Neville House
Telephone: 01784 437444 18 Laurel Lane
Fax: 01784 439157 Halesowen
E-mail: webmaster@cardiff-property.com B63 3DA
Web: www.cardiff-property.com Telephone: 0121 585 1131
Registered office Registered number
3 Assembly Square 22705
Britannia Quay
Cardiff Bay, CF10 4AX
Financial Calendar
2016 10 May Interim results for 2016
announced
2 June Ex-dividend date for interim
dividend
3 June Record date for interim dividend
7 July Interim dividend to be paid
30 September End of accounting year
December Final results for 2016 announced
2017 January Annual general meeting
February Final dividend to be paid
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BXGDUBBGBGLC
(END) Dow Jones Newswires
May 10, 2016 02:00 ET (06:00 GMT)
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