Interim Results

Cardiff Property PLC 18 May 2000 THE CARDIFF PROPERTY PLC (The company's property activities are primarily located close to Heathrow Airport and to the west of London along the M25, M4 and M3 motorway network) INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2000 Summary * Turnover £6.6m (1999: £1.1m)* + 484% * Pre-tax profits £1.9m (1999: £0.4m) + 370% * Earnings 65p per share (1999: 12.2p) +433% * Interim dividend 1.4p per share +12% (1999: 1.25p) * Property portfolio £28m** * Net assets per share 531p (properties not re-valued at half-year) * Includes the group's share of Campmoss ** Includes 100% of Campmoss Richard Wollenberg, chairman, commented: 'Institutional and tenant demand for new, high quality, prime office space remains high. Supply constraints have led to competition amongst investors. Rental levels for commercial property have moved marginally higher over the last six months. Planning policies in the counties of Surrey and Berkshire continue to restrict the availability of land for development and demand for new residential property remains strong.' For further information The Cardiff Property Plc 01784 437444 Richard Wollenberg Old Mutual Securities Ltd 020 7489 4653 Will Martin Binns & Co Public Relations 020 7786 9600 Brian Coleman-Smith THE CARDIFF PROPERTY PLC(The company's property activities are primarily located close to Heathrow Airport and to the west of London along the M25, M4 and M3 motorway network) INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2000 CHAIRMAN'S INTERIM STATEMENT For the six months ending 31 March 2000 the group, including Campmoss, achieved a profit on ordinary activities of £1.9m against £0.4m for the comparable period last year. Turnover totalled £6.6m (1999: £1.1m). The sale of our new office development at Brookwood, Surrey and a new executive house at Thames Ditton contributed substantially to both turnover and profit. Gross rental income amounted to £0.7m (1999: £0.8m). The group's share of profits from its 47.62% joint venture undertaking, Campmoss Property Company Ltd, amounted to £0.1m (1999: £0.2m). Earnings per share rose to 65p (1999: 12.2p). Your board has declared an interim dividend of 1.4p (1999: 1.25p) an increase of 12% which will be paid on 28 July 2000 to shareholders on the register on 30 June 2000. Net assets at the half year, based on 30 September 1999 property values and including our share of Campmoss, totalled £14.8m (1999: £12.2m) equivalent to 531p per share. The group has renewed its borrowing facilities and, following disposals in the first half of the year, currently retains substantial cash balances which are placed on deposit. The cash, together with bank facilities, will be used to fund the group's development programme and further acquisitions. As a result of surplus cash deposits, after accounting for the company's long-term loans of £3.2m, gearing was nil at the half-year (1999: 33%) against 16% at 30 September 1999. The long-term loans continue to be linked to base rate. Heathrow west of London, the M25, M4 and M3 motorways Institutional and private investor demand for new, high quality, prime office space remains high. Supply constraints have led to competition amongst investors with particular interest being shown towards long-term leases and strong covenants. Rental levels for commercial property have moved marginally higher over the last six months. Strong tenant demand should continue to underpin current rental levels. Planning policies in the counties of Surrey and Berkshire continue to restrict the availability of land for development. Demand for new residential property remains strong and values have, therefore, been maintained despite increases in interest rates. The Investment and Development Portfolio Our investment portfolio includes commercial property in Windsor, Egham and Hatton Cross which continue to return a secure source of rental income amounting to just over £0.5m pa. During the first half we disposed of our new office scheme at Brookwood, Surrey. Part of the original site has been retained and a residential unit is in course of development. At the Windsor Business Centre, Windsor, 6 individual business units totalling 20,000 sq ft continue to be marketed. 2 units currently remain available for letting. At Clarence Road, Windsor, we await the outcome of a planning application for 9 flats. This property is adjacent to a site with planning permission for 21 flats, part of which was sold by the group last year to a national house- builder. At Hambledon, Surrey, our 7,000 sq ft new country house set in 7 acres is nearing completion. Marketing through national and local agents will commence shortly. Campmoss Property Company Ltd Campmoss currently receives gross rental income in excess of £1.6m per annum. This income is primarily from three recently developed properties in Woking, Burnham and Bracknell. The company also retains a number of properties located in Maidenhead, Bracknell and Worplesdon, all of which are capable of major re-development, subject to obtaining the necessary planning permissions. Quoted Investments We retain shareholdings in: Grantchester Holdings PLC, a company specialising in the UK retail warehouse market; HACAS Group PLC, the UK's leading social housing consultancy group; and General Industries plc, a cash shell. Other investments offering the prospect for capital growth will continue to be considered by your board. Outlook The group, including Campmoss, continues to focus its activities towards increasing secure rental income and achieving capital growth by developing its portfolio following the grant of planning consents. Campmoss has recently acquired, at a total cost of £2.8m, two commercial properties at Maidenhead, Berkshire, and Worplesdon, Surrey. Both properties are the subject of planning applications for new office buildings. The group is in a strong position to achieve further rental and asset growth in the current year and I look forward to reporting to you again in December with the year end figures. J Richard Wollenberg Chairman 18 May 2000 Consolidated Profit and Loss Account FOR THE SIX MONTHS ENDED 31 MARCH 2000 Six Six Year months months 30 31 March 31 March September 2000 1999 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover Group and share of joint venture undertaking 6,576 1,127 3,413 Less: share of joint venture undertaking (386) (396) (769) --------- --------- --------- Group turnover 6,190 731 2,644 Cost of sales (4,092) (395) (1,109) --------- --------- --------- Gross profit 2,098 336 1,535 Administrative expenses (363) (303) (507) Other operating income 105 54 105 --------- --------- --------- Operating profit Group 1,840 87 1,133 Share of operating profit in joint venture undertaking 287 374 689 --------- --------- --------- Total 2,127 461 1,822 Profit on sale of investment property (group) - 135 307 Profit on sale of other investments (group) - 105 112 --------- --------- --------- Profit on ordinary activities before interest 2,127 701 2,241 Interest receivable and similar income Group 21 62 102 Share of joint venture undertaking 1 2 6 Interest payable Group (109) (189) (297) Share of joint venture undertaking (185) (181) (363) --------- --------- --------- Profit on ordinary activities before taxation 1,855 395 1,689 Tax on profit on ordinary activities - - (13) --------- --------- --------- Profit after taxation for the period 1,855 395 1,676 Dividends (35) (39) (117) --------- --------- --------- Retained profit for the period 1,820 356 1,559 --------- --------- --------- Earnings per share - pence Basic 65.0 12.2 53.3 Fully diluted 64.3 12.1 53.0 --------- --------- --------- Consolidated Balance Sheet AT 31 MARCH 2000 31 March 31 March 30 September 2000 1999 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assets Tangible assets: Investment properties 6,613 7,469 6,600 Other 24 36 31 --------- ---------- --------- 6,637 7,505 6,631 --------- ---------- --------- Investments: Investment in joint venture undertaking Share of gross assets 9,317 7,699 9,274 Share of gross liabilities (5,256) (4,321) (5,316) --------- ---------- --------- 4,061 3,378 3,958 Other investments 468 307 468 --------- ---------- --------- 4,529 3,685 4,426 --------- ---------- --------- Total fixed assets 11,166 11,190 11,057 --------- ---------- --------- Current assets Stock and work in progress 2,990 3,687 5,004 Debtors 176 2,385 389 Cash at bank and in hand 5,613 147 1,179 --------- ---------- --------- 8,779 6,219 6,572 Creditors: amounts falling due within one year (1,759) (1,966) (798) --------- ---------- --------- Net current assets 7,020 4,253 5,774 --------- ---------- --------- Total assets less current 18,186 15,443 16,831 liabilities Creditors: amounts falling due after more than one year (3,200) (3,200) (3,200) Provisions for liabilities and charges (140) - (75) --------- ---------- --------- Net assets 14,846 12,243 13,556 --------- ---------- --------- Capital and reserves Called up share capital 559 620 587 Share premium account 4,815 4,810 4,810 Investment property 3,629 3,099 3,629 revaluation reserve Other reserves 2,075 2,012 2,046 Profit and loss account 3,768 1,702 2,484 ------------ ---------- --------- Shareholders' funds - equity 14,846 12,243 13,556 ------------ ---------- --------- Consolidated Cash Flow Statement FOR THE SIX MONTHS ENDED 31 MARCH 2000 Six months Six months Year 31 March 31 March 30 September 2000 1999 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Cash inflow from 5,175 58 1,412 operating activities Returns on investment and servicing of finance (86) (144) (213) Taxation (3) - (17) Capital expenditure and financial investment (13) 2,435 3,618 Equity dividends paid (82) - (113) ------------ ---------- ---------- Cash inflow before financing 4,991 2,349 4,687 Financing (531) (583) (2,403) ------------ ---------- ---------- Increase in cash 4,460 1,766 2,284 ------------ ---------- ---------- Notes to the Financial Statements 1 Basis of preparation The figures for the half-year ended 31 March 2000 are prepared on the same basis of accounting as for the year ended 30 September 1999 and are unaudited. The figures for the year ended 30 September 1999 are extracted from the statutory financial statements for that year which have been filed with the Registrar of Companies and on which the auditors gave an unqualified report, without any statement under section 237(2) or (3) of the Companies Act 1985. 2 Analysis of turnover, profit on ordinary activities before taxation and net operating assets Six months Six months Year 31 March 31 March 30 September 2000 1999 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover (wholly in the United Kingdom): Gross rents receivable Group 308 366 648 Share of joint venture undertaking 386 396 769 Sale of development properties Group 5,882 365 1,996 Share of joint venture undertaking - - - --------- ---------- ---------- 6,576 1,127 3,413 --------- ---------- --------- Profit on ordinary activities before interest and taxation: Property and other investment Group 36 386 611 Share of joint venture undertaking 287 374 689 Property development Group 1,804 (59) 941 Share of joint venture undertaking - - - --------- ---------- ---------- 2,127 701 2,241 --------- ---------- ---------- Net operating assets: Property and other investment 11,115 8,401 8,950 Property development 3,731 3,842 4,606 --------- ---------- ---------- 14,846 12,243 13,556 --------- ---------- ---------- 3 Taxation The tax position for the half-year is estimated on the basis of the anticipated tax rates applying for the full year. 4 Dividends Year Year 30 30 September September 2000 1999 £'000 £'000 Interim 1.4p per share 39 Interim 1.25p per share 39 Final - Final 2.85p per share 84 Reduction in 1999 final Reduction in 1998 final dividend following dividend following redemption of own redemption of own shares (4) shares (6) ----------- ----------- 35 117 ----------- ----------- The interim dividend of 1.4p per share will be paid on 28 July 2000 to shareholders on the register on 30 June 2000. 5 Earnings per share Earnings per share have been calculated in accordance with Financial Reporting Standard 14 - 'Earnings per share' using the profit for the period of £1,855,000 (March 1999: £395,000; September 1999: £1,676,000) and the weighted average number of shares as follows: Weighted average number of shares 31 March 31 March 30 September 2000 1999 1999 Basic 2,851,648 3,234,324 3,143,482 Adjustment to basic for bonus element of shares to be issued on exercise of options 32,499 17,039 20,574 --------- --------- ---------- Fully diluted 2,884,147 3,251,363 3,164,056 --------- --------- ---------- Financial Calendar 2000 18 May Interim results for 1999/2000 announced 26 June Ex-dividend date 30 June Record date for interim dividend 28 July Interim dividend to be paid 30 September End of accounting year December Final results for 1999/2000 announced 2001 January Annual general meeting February Final dividend to be paid Directors and Advisers Directors Auditors J Richard Wollenberg, KPMG Audit Plc chairman and chief executive David A Whitaker FCA Nigel D Jamieson BSc, ARICS, MSI Stockbrokers and financial (Dip), advisers independent non-executive director Old Mutual Securities Limited Secretary Bankers David A Whitaker FCA HSBC Bank plc Non-executive director of wholly Solicitors owned subsidiary First Choice Estates plc Charles Russell Derek M Joseph BCom, FCIS, MIMC, Morgan Cole MBIM Head office Public relations 56 Station Road Binns & Co Public Relations Limited Egham Surrey TW20 9LF Telephone: 01784 437444 Registrar and transfer office Fax: 01784 439157 Computershare Services plc E-mail: PO Box 82 webmaster@cardiff-property.com The Pavilions Web: www.cardiff-property.com Bridgewater Road Bristol BS99 7NH Registered office Telephone: 0870 702 0001 Marlborough House Fitzalan Court Fitzalan Road Cardiff CF24 0TE Registered number 22705

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