Final Results

Mountview Estates PLC 28 June 2007 MOUNTVIEW ESTATES P.L.C. FINANCIAL HIGHLIGHTS 2007 2006 Increase £ £ % Turnover (million) 68.2 47.5 43.6 Gross Profit (million) 43.1 28.1 53.4 Profit Before Tax (million) 50.2 22.7 121.1 Shareholders' Funds (million) 172.9 143.2 20.7 Earnings per share (pence) 899.2 408.4 120.2 Net assets per share 44.3 36.7 20.7 Dividend per share (pence) 150 130 15.4 Mountview Estates P.L.C. advises its shareholders that, following the issue of the final results, the relevant dates in respect of the proposed final dividend payment of 100 pence per share are as follows: Ex-dividend date 18 July 2007 Record date 20 July 2007 Payment date 20 August 2007 MOUNTVIEW ESTATES P.L.C. CHAIRMAN'S STATEMENT Opposite are the financial highlights for the year ended 31 March 2007. It is always a pleasure to announce increased profits, particularly when those profits represent a new high for the Company. No sooner has such a record high been announced that it becomes regarded as the norm, but I do believe that these profits must be regarded as exceptional. That is not to say that we do not respect this new benchmark as the target to which we must aspire and we shall strive to match it and, indeed, exceed it in years to come. My loyal staff have accepted new and increased responsibilities which have been thrust upon them and have risen to these challenges admirably. So successful have they been that our second six months were even better than the first six months. I am happy not only to thank my staff and colleagues for all their hard work in difficult and changed circumstances but also to know that they are relishing the challenges ahead. I have often emphasised the need to make the right purchases for the future success of the Company. This does not become any easier but happily the number of purchases made in the year to 31 March 2007 exceeded the number for the previous year and this trend has continued as our new financial year gets under way. We have the necessary financial facilities in place and so we are ready to take advantage of the right purchasing opportunities. We have purchased more life tenancies during the year ended 31 March 2007 and will continue to pursue this source of trading stock. Whilst the income from these investments is negligible the discount to vacant possession value at which they can be bought is substantial at a time when the discount in respect of regulated tenancies is narrower than ever. We have continued our policy of maintaining our properties and making the necessary improvements to enhance rental income and thus ensuring that properties are in optimum condition at the point of sale. Whilst the strength of our sales figures during the last year rightly takes greater emphasis than anything else, the continuing security of our rental income covering so many of our costs is most welcome. I believe that this Company is in good shape to continue to deliver strong results but, if government and monetary policies are to have their intended effect, we must expect a quietening of the housing market. We continue to have in position firm financial and internal controls and we are well placed to deal with any challenges that may arise. I have previously reported the departure of Christopher Maunder Taylor as at 30 September 2006. There is no intention to appoint a Director in his place. I now report that Nigel Palmer left the Company as a Non-Executive Director as at 31 December 2006. He has been replaced as a Non-Executive Director by John Fulton. As a Chartered Accountant John is ideally suited to be Chairman of the Audit Committee and will stand for election at the Annual General Meeting on 15 August 2007. Your Board is recommending an increased final dividend of 100 pence per share in respect of the year ended 31 March 2007. This dividend is payable on 20 August 2007 to shareholders on the Register of Members as at 20 July 2007. This will make a total dividend for the year ended 31 March 2007 of 150 pence per share. MOUNTVIEW ESTATES P.L.C. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2007 Year Year ended ended 31.3.2007 31.3.2006 £000 £000 Revenue 68,168 47,456 Cost of sales (25,076) (19,402) -------- -------- Gross profit 43,092 28,054 Administrative Expenses (4,526) (3,058) Gain on sale of investment properties - 599 -------- -------- Operating profit before changes in fair value of investment properties 38,566 25,595 Increase in fair value of investment properties 14,224 337 -------- -------- Profit from operations 52,790 25,932 Finance costs (2,583) (3,299) Income from investments 20 27 -------- -------- Profit before taxation 50,227 22,660 Taxation - current (11,029) (7,266) Taxation - deferred tax (4,138) 528 -------- -------- Total taxation (15,167) (6,738) -------- -------- Profit attributable to equity shareholders 35,060 15,922 ======== ======== Basic and diluted earnings per share (pence) 899.2p 408.4p MOUNTVIEW ESTATES P.L.C. CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2007 As at As at 31.03.2007 31.3.2006 £000 £000 Assets Non current assets Property, plant and equipment 2,607 2,735 Investment properties 34,080 20,780 ----------- --------- 36,687 23,515 Current assets Inventories of trading properties 183,889 176,095 Trade and other receivables 1,061 651 Cash and cash equivalents 646 2,338 ----------- --------- 185,596 179,084 ----------- --------- Total assets 222,283 202,599 =========== ========= Equity and liabilities Capital and reserves attributable to equity holders of the company Share capital 195 195 Capital redemption reserve 55 55 Capital reserve 25 25 Other reserves 56 56 Retained earnings 172,606 142,849 ----------- --------- 172,937 143,180 ----------- --------- Non-current liabilities Long-term borrowings 29,644 29,716 Deferred tax 9,194 5,056 ----------- --------- 38,838 34,772 Current liabilities Bank overdrafts and loans 1,030 20,149 Trade and other payables 2,952 1,420 Current tax payable 6,526 3,078 ----------- --------- 10,508 24,647 ----------- --------- Total liabilities 49,346 59,419 ----------- --------- ----------- --------- Total equity and liabilities 222,283 202,599 =========== ========= MOUNTVIEW ESTATES P.L.C. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Capital Share Capital redemption Other Retained capital reserves reserves reserves earnings Total £000 £000 £000 £000 £000 £000 Changes in equity for year ended 31 March 2006 Balance as at 1 April 2005 195 25 55 56 131,840 132,171 Profit for the year 15,922 15,922 Dividends (4,913) (4,913) ------ ----- ------- ------- ------- ------- Balance at 31 March 2006 195 25 55 56 142,849 143,180 ------ ----- ------- ------- -------- ------- Changes in equity for year ended 31 March 2007 Balance as at 1 April 142,849 143,180 2006 Profit for the year 35,060 35,060 Dividends (5,303) (5,303) ------ ----- ---------- ------- -------- ------- Balance at 31 March 2007 195 25 55 56 172,606 172,937 ------ ----- ---------- ------- -------- ------- MOUNTVIEW ESTATES P.L.C. CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2007 Year Year ended ended 31.03.2007 31.3.2006 £000 £000 Cash flows from operating activities Profit from operations 52,790 25,932 Adjustments for: Depreciation 146 159 Loss on disposal of property, plant and equipment 45 30 Increase in fair value of investment properties (14,224) (337) Gain on sale of investment properties - (599) -------- ------- Operating cash flows before movement in working capital 38,757 25,185 (Increase) in inventories (7,794) (1,320) (Increase) in receivables (410) (331) Increase in payables 1,532 317 -------- ------- Cash generated from operations 32,085 23,851 Interest paid (2,583) (3,299) Income taxes paid (7,581) (7,343) -------- ------- Net cash from operating activities 21,921 13,209 -------- ------- Investing activities Interest received 20 27 Proceeds from sale of investment properties 925 3,122 Proceeds from disposal of property , plant and equipment 41 61 Purchase of property, plant and equipment (69) (165) Capital expenditure on investment properties (35) (498) -------- ------- Net cash from investing activities 882 2,547 -------- ------- Cash flows from financing activities Repayment of borrowings (1,268) (12,711) Dividends paid (5,303) (4,913) -------- ------- Net cash used from financing activities (6,571) (17,624) -------- ------- Net increase/(decr ease) in cash and cash equivalents 16,232 (1,868) Cash and cash equivalents at beginning of the period (15,586) (13,718) -------- ------- Cash and cash equivalents at end of year 646 (15,586) ======== ======= Notes to the Preliminary Announcement 1. Financial Information The financial information contained in this report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The full accounts for the year ended 31 March 2006, which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and which received an unqualified audit report and did not contain a statement under s237(2) or (3) of the Companies Act 1985, have been filed with the Registrar of Companies. Financial statements for the year ended 31 March 2007 will be presented to the Members at the Annual General Meeting on 15 August 2007. The auditors have indicated that their report on these Financial Statements will be unqualified. 2. Basis of Preparation The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') but does not contain sufficient information to comply fully with IFRS. The Financial Statements to be presented to Members at the 2007 AGM are expected to comply fully with IFRS. The preliminary announcement has been prepared under the historical cost convention as modified by the revaluation of investment properties. This information is provided by RNS The company news service from the London Stock Exchange

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