Final Results
30 Juillet 2007 - 9:35AM
UK Regulatory
RNS Number:0750B
DEV Property Development PLC
30 July 2007
Dev Property Development plc
30 July 2007
Dev Property Development plc Year-end results
Audited results announcement for the period from 20 December 2006
(date of incorporation) to 31 March 2007
Chairman's Statement
Introduction
I have pleasure in reporting Dev Property Development plc's audit results for
the period from December 20 2006 to March 31, 2007. In January 2007, we raised
GBP 138 million from the AIM market of the London Stock Exchange.
Our strategy is to focus on investment in commercial real estate developments
(which includes the Information Technology ("IT") and Information Technology
Enabled Services ("ITES") sectors) ("Commercial/IT-ITES") and residential real
estate developments in Tier 1 cities in India such as Mumbai, the NCR (being the
area around Delhi), Kolkata, Bangalore, Chennai and Hyderabad. In addition, the
Company also intends to focus on investments in Special Economic Zones ("SEZs")
in India.
Operational Review
We have invested #121 million (about 88%) of the net proceeds raised at
flotation in the Seed Portfolio Assets, comprising minority interests in three
projects, two of which are commercial/IT-ITES projects suitable for a broad
tenant range located in the Lower Parel area of central Mumbai (the "Jupiter
Mills Project" and the "Elphinstone Mills Project") and one multi-product SEZ in
the Mumbai Metropolitan Region (the "Raigarh SEZ Project") in India.
The update on the Seed Portfolio Assets is as follows:
Jupiter Mills
* Construction is currently in full swing at Jupiter site and the project
is currently on schedule to achieve its target completion dates. More than
1500 people are working on site.
* Marketing: Richards/Carlberg, a US based advertising agency has been
appointed and is preparing the marketing collaterals
* Leasing activity: Several international banks, investment banking
firms, consulting firms, large corporates and other international
companies have expressed interest in leasing space from 100,000 -
450,000 sq.ft. space. The lease rental rate discussions are at the
higher end of prior assumptions.
Elphinstone Mills
* Commencement Certificate (CC) received from Municipal Corporation of
Greater Mumbai on 17th February 2007. With this, MCGM has authorised for
construction to begin.
* Appointed international reputed architect firm Adrian Smith + Gordon
Gill architecture for design of the project
* Civil construction work has started at the site. The construction is as
per schedule.
Raigarh SEZ Project
* Land acquisition process at Raigarh SEZ project is under progress.
Outlook
Prospects for the Commercial / IT-ITES market remains good in India, especially
in Mumbai, driven by strong economic growth, lack of competitive supply and
strong underlying demand. The portfolio seed assets are proceeding as per
schedule and I am confident that the excellent ground work laid down by the
local management team of the seed portfolio assets, coupled with strong market
conditions, will yield a profitable return on our investments.
Rishi Khosla
CHAIRMAN
Consolidated Income Statement
For the period from 20 December 2006 (date of incorporation) to 31 March 2007
-------------------------------------- ----------
Period ended
31 March 2007
#'000
-------------------------------------- ----------
Bank interest 86
-------------------------------------- ----------
Investment income 86
Investment manager's fees (427)
Directors' fees (65)
Audit and professional fees (349)
Other expenses (32)
Foreign exchange loss (3)
-------------------------------------- ----------
Administrative expenses (876)
-------------------------------------- ----------
-------------------------------------- ----------
Net income before finance costs (790)
-------------------------------------- ----------
Finance costs -
-------------------------------------- ----------
(Loss) before tax (790)
Income tax expense -
-------------------------------------- ----------
Retained (loss) for the period from continuing operations (790)
-------------------------------------- ----------
-------------------------------------- ----------
Basic and diluted loss per share (pence) 0.57
-------------------------------------- ----------
Consolidated Balance Sheet
As at 31 March 2007
------------------------------------- -----------
At 31 March
2007
#'000
Investments 71,205
Deposits on investments 50,631
------------------------------------- -----------
Total non-current assets 121,836
Trade and other receivables 111
Cash and cash equivalents 10,232
------------------------------------- -----------
Total current assets 10,343
------------------------------------- -----------
Total assets 132,179
Issued share capital 1,380
Share premium 130,572
Retained loss (790)
------------------------------------- -----------
Total equity 131,162
------------------------------------- -----------
Trade and other payables 1,017
------------------------------------- -----------
Total current liabilities 1,017
------------------------------------- -----------
Total liabilities 1,017
------------------------------------- -----------
Total equity & liabilities 132,179
------------------------------------- -----------
Investments
Investments are carried at fair value under IAS 39. All investee companies are
incorporated in India and are unquoted. In the opinion of the directors, as the
investments have been recently acquired, fair value is equivalent to cost.
Percentage of equity held
Indiabulls Properties Private Limited ("IPPL") 5.05%
Indiabulls Real Estate Company Private Limited ("IRECPL") 5.05%
Indiabulls Infrastructure Development Limited ("IIDL") 8.11%
Deposits on investments of #50,631,000 have been made in relation to IPPL and
IRECPL for the acquisition of a further 7.95% stake in each company.
Statement of Changes in Equity
As at 31 March 2007
GROUP Share capital Share premium Retained Total
loss
#'000 #'000 #'000 #'000
----------------- ------------ -------- --------- -------
Balance at beginning of - - - -
period
Shares issued in the
period 1,380 136,620 - 138,000
Share issue costs - (6,048) - (6,048)
Retained (loss) for
the period - - (790) (790)
----------------- ------------ -------- --------- -------
Balance at end of
period 1,380 130,572 (790) 131,162
----------------- ------------ -------- --------- -------
Consolidated Cash Flow Statement
For the period from 20 December 2006 (date of incorporation) to 31 Mach 2007
-------------------------------------- ----------
Period ended
31 March 2007
#'000
-------------------------------------- ----------
Operating activities (790)
(Loss) before tax for the period 3
Adjustments for:
Foreign exchange loss
Operating (loss) before changes in working capital (787)
(Increase) in trade and other receivables (111)
Increase in trade and other payables 580
-------------------------------------- ----------
Cash used in operating activities (318)
Investing activities -
Investments (71,205)
Deposits on investments (50,631)
-------------------------------------- ----------
Cash used in investing activities (121,836)
Financing activities 138,000
Proceeds from the issue of ordinary share capital (5,611)
Share issue expenses paid
-------------------------------------- ----------
Cash flow from financing activities 132,389
Net increase in cash and cash equivalents 10,235
Cash and cash equivalents at start of period -
Foreign exchange loss (3)
-------------------------------------- ----------
Cash and cash equivalents at 31 March 2007 10,232
-------------------------------------- ----------
-------------------------------------- ----------
Interest received in the period 81
-------------------------------------- ----------
Report and Accounts
A copy of these results contained in the audited annual report and accounts for
the period from 20 December 2006 (date of incorporation) to 31 March 2007 will
be posted to shareholders by 24 August 2007 and will be available from the
Company's registered office, Top Floor, 14 Athol Street, Douglas, Isle of Man,
IM1 1JA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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