Interim Results

Safeland PLC 22 November 2006 November 22 2006 SAFELAND PLC Interim Results CHAIRMAN'S STATEMENT SIX MONTHS TO 30 September 2006 I am pleased to report that for the six months ended September 30 2006, the company is reporting a profit before taxation of Â£3.95m compared to Â£79,000 for the same period last year. Included in the profit is Â£3.57m in respect of the sale of the company's shares in Bizspace Plc details of which were included in my statement accompanying the accounts for the year ended March 31 2006. Also included is the loss in respect of Espazio, the Italian self storage company, of Â£242,000 (2005: Â£331,000). Revenue has gone up from Â£10.8m to Â£12.5m and the company will not be declaring a dividend. Net asset value per share at September 30 2006 is 114p compared with 111p as at both September 30 2005 and March 31 2006. Earnings per share are 14.53p (2005: 0.30p). Post the period end the company has announced a joint venture with Electra Partners Europe Limited ('Electra') to establish an opportunistic property fund into which Safeland has committed equity in the sum of Â£1m and Electra has contributed Â£15m. Bank debt has been arranged for Â£35m which will allow for investment of just over Â£50m after initial costs. Your board is very excited by this venture as it presents an opportunity to source and manage a number of properties with minimal capital cost to the business. Whilst the marketplace continues to be difficult we have managed to trade profitably during the first six months and I am hopeful that this will continue through to the year end. Raymond Lipman Chairman November 22 2006 SAFELAND PLC UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 September 2006 Neither Neither audited Audited audited nor nor reviewed Year ended reviewed Six months 31 March Six months ended 2006 ended 30 September 30 September 2005 2006 Â£'000 Â£'000 Â£'000 Notes Revenue 12,490 10,819 15,588 Cost of sales (10,048) (9,316) (13,526) Gross profit 2,442 1,503 2,062 Sales and distribution costs (160) (285) (394) Administrative expenses (2,404) (1,940) (3,770) Other operating income 231 83 132 Gains on revaluation of investment properties - - 391 Profit on disposal of investment properties 165 - 103 Profit on disposal of subsidiaries 192 818 852 Operating profit/(loss) 466 179 (624) Share of results of associate - post tax - (8) (17) Profit on disposal of available-for-sale investments 3,571 - - Profit/(loss) before interest 4,037 171 (641) Finance income 121 275 285 Finance costs (206) (367) (795) Profit/(loss) before tax 3,952 79 (1,151) Tax (1,264) (24) 269 Profit/(loss) for the financial period 2,688 55 (882) Basic and diluted earnings/(loss) per share 2 14.53p 0.30p (4.77p) SAFELAND PLC UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 September 2006 Neither audited Neither audited nor reviewed nor reviewed Audited 30 September 30 September 31 March 2006 2005 2006 Â£'000 Â£'000 Â£'000 Non-current assets Property, plant and equipment 5,355 5,943 6,095 Investment properties 1,661 4,271 4,632 Interests in associates 14 28 14 Available-for-sale investments 203 5,146 6,544 Deferred tax assets 55 - 290 Total non-current assets 7,288 15,388 17,575 Current assets Trading properties 14,587 19,541 16,387 Trade and other receivables 922 2,957 1,408 Cash and cash equivalents 3,267 2,084 1,903 Total current assets 18,776 24,582 19,698 Total assets 26,064 39,970 37,273 Current liabilities Bank loans and overdrafts 332 805 11,932 Trade and other payables 1,376 1,730 1,043 Current tax liabilities 1,660 551 226 Total current liabilities 3,368 3,086 13,201 Non-current liabilities Bank loans 1,570 15,474 2,247 Deferred tax liabilities 107 751 1,254 Derivative financial instruments - 51 16 Total non-current liabilities 1,677 16,276 3,517 Total liabilities 5,045 19,362 16,718 Net assets 21,019 20,608 20,555 Equity Share capital 925 925 925 Share premium account 5,351 5,351 5,351 Capital redemption reserve 765 765 765 Translation reserve 7 (12) (50) Retained earnings 13,971 13,579 13,564 Total equity 21,019 20,608 20,555 SAFELAND PLC UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 September 2006 Neither audited Neither audited nor reviewed nor reviewed Six months Six months Audited ended ended Year ended 30 September 30 September 31 March 2006 2005 2006 Â£'000 Â£'000 Â£'000 Notes Operating activities Net cash outflow from operations 4 (450) (11,493) (10,187) Interest paid (222) (367) (830) Tax paid - (114) (205) Net cash outflow from operating activities (672) (11,974) (11,222) Investing activities Interest received 121 239 249 Purchase of investment properties (568) (177) (412) Purchase of property, plant and equipment (267) (374) (675) Purchase of available for sale investments - - (65) Proceeds from sale of property, plant and 909 184 184 equipment Proceeds from sale of investment properties 3,704 - 349 Proceeds from sale of available-for-sale 6,889 - - investments Dividends received from available-for-sale - 36 36 investments Proceeds from the sale of subsidiaries 3,525 6,006 7,415 Net cash inflow from investing activities 14,313 5,914 7,081 Financing activities New loans 2,000 19,066 21,251 Loan repayments (13,940) (13,390) (17,993) Net cash (outflow)/inflow from financing (11,940) 5,676 3,258 activities Net increase/(decrease) in cash and cash 1,701 (883) equivalents (384) Cash and cash equivalents at beginning of period 1,547 2,430 2,430 Cash and cash equivalents at end of period 3,248 2,046 1,547 SAFELAND PLC UNAUDITED CONSOLIDATED Statement of RECOGNISED INCOME AND EXPENSE FOR THE SIX MONTHS ENDED 30 September 2006 Neither audited Neither audited nor reviewed nor reviewed Six months Six months Audited ended ended Year ended 30 September 30 September 31 March 2006 2005 2006 Â£'000 Â£'000 Â£'000 Fair value gains on available-for-sale investments 30 1,042 2,370 Exchange differences on translation of foreign operations 57 15 (23) Tax on items taken directly to equity (10) (300) (706) Net income recognised directly in equity 77 757 1,641 Transfer to profit on disposal of available-for-sale (3,053) - - investments Tax on items transferred from equity 752 - - Profit/(loss) for the period 2,688 55 (882) Total recognised income and expense for the period 464 812 759 available to equity shareholders NOTES TO THE FINANCIAL INFORMATION (UNAUDITED) 1. Basis of preparation and accounting policies This interim financial information was approved by the Board of Directors on 21 November 2006. The results for the year ended 31 March 2006 are not statutory accounts within the meaning of s240, Companies Act 1985. Statutory accounts for that period were prepared and filed with the Registrar of Companies and received an unqualified audit report. The results for the six months to 30 September 2006 and 2005 are unaudited and do not constitute the Group's statutory accounts within the meaning of s240 of the Companies Act 1985. This financial information has been prepared in accordance with applicable International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The accounting policies adopted in the preparation of this financial information are consistent with those used in the preparation of the 2006 statutory accounts. 2. Earnings/(loss) per share Basic and diluted earnings per share of 14.53p (30 September 2005: earnings of 0.30p; 31 March 2006 loss of 4.77p) are based on the profit for the period of Â£2,688,000 (30 September 2005: profit of Â£55,000; 31 March 2006: loss of Â£882,000) and on 18,500,530 ordinary shares being the weighted average number of shares in issue for each period. The calculation of diluted earnings/(loss) per share uses the same earnings figure and weighted average number of shares as the basic calculation, as there are no dilutive options or instruments. 3. Dividend No interim dividend has been declared. 4. Reconciliation of operating profit/(loss) to net cash outflow from operations Neither audited Neither audited nor reviewed nor reviewed Neither audited Six months Six months nor reviewed ended ended Year ended 30 September 30 September 31 March 2006 2005 2006 Â£'000 Â£'000 Â£'000 Operating profit/(loss) 466 179 (624) Adjustments for: Depreciation of property, plant and equipment 264 194 343 Profit on sale of property, plant and equipment (166) (7) (7) Profit on sale of investment properties (165) - (103) Gains on revaluation of investment properties - - (391) Profit on sale of subsidiaries (192) (818) (852) Other non-cash changes 57 15 (23) Changes in working capital: Increase in trading properties (1,533) (12,975) (11,177) Decrease in trade and other receivables 486 2,490 3,890 Increase/(decrease) in trade and other payables 333 (571) (1,243) Net cash outflow from operations (450) (11,493) (10,187) 5. Copies of this statement are being sent to all shareholders and are available to the public for collection at the company's Registered Office at 94-96 Great North Road, London N2 0NL. This information is provided by RNS The company news service from the London Stock Exchange GVZG

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