Interim Results

Grainger Trust PLC 24 June 2003 FOR IMMEDIATE RELEASE 24th June 2003 GRAINGER TRUST plc RESULTS FOR THE HALF YEAR ENDED 31ST MARCH 2003 HIGHLIGHTS â€¢ Pre-tax profits rise to Â£22.4m from Â£16.8m + 33% â€¢ Earnings per share up to 53.3p from 29.8p + 79% â€¢ Interim dividend increased to 3.51p per share + 15% â€¢ Tenanted Residential Division: â€¢ Sales exceed vacant possession values by 6.5% â€¢ 382 properties sold for Â£36m over period generating approx. 20% rise in trading profits to Â£15.8m â€¢ Overall operating profits increased by 12% to Â£18.7m â€¢ Heavy investment programme as 592 units acquired for Â£45m â€¢ Portfolio investment value stood at Â£411m comprising 5,138 properties â€¢ Provision of property asset management services new area of opportunity â€¢ Bromley Joint Venture: â€¢ Sales over period total Â£81m against cost of Â£58m - taking total sales since acquisition to Â£454m against cost of Â£400m â€¢ Remaining portfolio valued at Â£668m, as at 31st March 2003 â€¢ JV generated Â£4.0m of pre-tax profits to Grainger â€¢ Following refinancing of JV in December Grainger has received a Â£52m dividend - taking total cash generation to Â£85.9m against initial investment of Â£55.8m â€¢ Development and Trading: â€¢ 7 acres of Kennel Farm housing land sale produced profit of Â£4.6m â€¢ Since March sold Victoria office block for Â£8.2m - generating Â£2.6m of net profits â€¢ Contracts exchanged on 75% of Pimlico flats - to produce Â£30m on completion â€¢ Selected by Islington Council for two mixed-use regeneration schemes in North London â€¢ Grainger Homes progressing satisfactorily - 77 units sold or reserved â€¢ Division generated operating profits of Â£5.4m a 10% rise â€¢ Financing and Taxation: â€¢ Net debt fell to Â£199.4m â€¢ Gearing down to 48% from 52% â€¢ Average interest rate on debt is 6.2% against 6.3% in September â€¢ NNNAV is Â£294m or Â£11.88 per share - 1% lower than at year end as there is no interim property valuation 'Progress in the current year has been satisfactory chiefly because the core tenanted residential business has performed strongly. We are taking full advantage of our expertise as residential traders and managers, together with our local knowledge, to deliver returns in a wide range of related areas. These include asset and property management, residential and mixed-use development, and joint venture or partnership arrangements that enable us to apply our skills and knowledge successfully. 'We believe we have the right people with the experience, knowledge and reputation to drive forward the Group's development. We look forward to the future with confidence,' Robert Dickinson, Chairman. Contact: Grainger Trust plc Rupert Dickinson, Chief Executive 020 7795 4700 Andrew Cunningham, Deputy Chief Executive and Finance Director 020 7795 4700/ 0191 261 1819 Baron Phillips Associates Baron Phillips 020 7397 8932 CHAIRMAN'S STATEMENT Once more I am able to report on a very successful period with a strong performance from the Group. This reflects the continuing strength of our sector of the residential property market and our ability to recognise opportunities and maximise value from those opportunities. Demand for the Group's well spread portfolio has remained strong throughout the period under review. Results The impact of this demand is reflected in a 33% increase in Group profit before tax from Â£16.8m to Â£22.4m for the six months to 31st March 2003. Two key factors contributed to this substantial uplift over the period: a 12% increase in Grainger's operating profit, mainly from its tenanted residential division; and a Â£4m contribution from our Bromley joint venture compared to a small loss last year. Earnings per share have risen by 79% to 53.3p from 29.8p, reflecting the lower effective tax rate in the period especially in the Bromley joint venture company. Your Directors are recommending an interim dividend of 3.51p per share, an increase of 15%, which will be payable on 25th July 2003 to shareholders on the register at close of business on 4th July 2003. We do not revalue our portfolio at the half-year and therefore at the interim stage our net asset value per share ('NAV') is decreased by the elimination of valuation surpluses from properties sold since the year end valuation and not offset by any increase in values of the retained portfolio. However the NAV is boosted by retained earnings and therefore the overall impact is only a marginal 2% decline from Â£17.24 per share at 30th September 2002 to Â£16.98. When adjusted to take account of contingent taxation and the market value of our debt (NNNAV), this falls to Â£11.88 per share compared to Â£12.03 at 30th September 2002, a reduction of only 1%. Tenanted Residential Sales of properties in our Tenanted Residential division continue to be strong. Demand for our typical properties, which are often unmodernised and therefore below average value, remains high as purchasers can see opportunities to create development value. While we have seen some slowing down in the market since last Autumn this has been generally concentrated on higher priced areas in London and the South-East, where our exposure is limited. Our properties, with a relatively low average vacant possession value of approximately Â£108,000 and a wide geographic spread, have been less affected by the slowdown. Indeed, sales during the period have exceeded 30th September 2002 vacant possession values by 6.5%. Over the six months to 31st March 2003 we sold 382 properties for a gross consideration of Â£36.0m compared to 395 properties for Â£26.1m during the same period last year. These sales resulted in a near 20% rise in trading profits to Â£15.8m from Â£13.2m. Net rental income fell slightly by 4% to Â£4.5m from Â£4.7m. Overall the division's total operating profits amounted to Â£18.7m, a 12% increase. A good example of our approach to our tenanted residential trading activities is shown by a block of flats in London NW8 which we acquired in May last year for Â£8.8m. Since then we have completed the sale of seventeen flats for Â£8m, generating a Â£1.4m profit, and retained seven regulated flats with a value of Â£2.5m. Concurrently we have continued to invest heavily in stock replacement and during the period we acquired 592 units for a total of Â£45m, of which 426 units (acquired at a cost of Â£24m), were in the life tenancy market. We believe this sector complements our core regulated business and, given the appetite shown by home-owners to realise some or all of the equity in their properties, presents us with significant future opportunities. At 31st March 2003 the investment value (as at 30th September 2002 value, adjusted for additions at cost) of the division's portfolio was Â£411m comprising 5,138 properties compared to Â£394m and 4,928 properties at 30th September 2002 . The great majority of the portfolio comprises Regulated Tenancies which account for almost Â£300m of the total value. As we noted at the year end, another area of opportunity is provision of property asset management services which we are successfully providing to the Schroders Residential Property Unit Trust (ResPUT). ResPUT, with a current portfolio valued at Â£120m, invests primarily in new build properties on assured tenancies. Bromley Joint Venture Rationalisation of the BPT portfolio has continued. This is owned in a joint venture with Deutsche Bank Real Estate Opportunity Fund, and over the period 852 residential properties were sold for Â£81m against an acquisition cost of Â£58m. This takes total sales since acquisition in June 2001 to Â£454m against a cost of Â£377m. As at 31st March 2003 the BPT portfolio comprised a total valuation Â£668m. Large scale bulk sales which mainly took place last year are now virtually complete and we are close to the position of the portfolio being reduced to core regulated and life tenancy assets only. Grainger's share of the joint venture profit before tax has improved to Â£4.0m from a small loss last year of Â£0.8m. This has been achieved by a substantial reduction in interest charges that fell from Â£15.7m to Â£8.6m partially offset by a drop in operating profit from a reducing rent roll as properties are sold. In December the core Bromley debt was refinanced on terms more appropriate to medium term funding. A total of Â£460m was raised which enabled us to repay all the balance of the existing acquisition debt of Â£379m and pay a Â£52m dividend to each partner. Since acquisition in May 2001 Grainger has received a total of Â£85.9m of cash from the joint venture compared to its initial investment of Â£55.8m. Development and Trading Our development and trading division continues to make a significant contribution to the Group's results. During the period we sold a further seven acres of housing land at Kennel Farm for Â£6.9m producing a profit of Â£4.6m and we anticipate additional sales in the second half of the year. We have not sold any other development sites in the first six months but since the end of March we have sold the 19,000 sq ft Townsend House office in Victoria for Â£8.2m, reflecting a net profit of some Â£2.6m. Redevelopment of the former Pimlico bus station is proceeding well. Contracts have been exchanged on 61 of the 79 flats. The sold flats should produce some Â£30m on completion, expected in the next financial year. Practical completion of our mixed-use scheme Landmark Place, Slough, has now been achieved at a cost to date of approximately Â£23m. Following the sale of the hotel site we have now completed the lease of the health and fitness unit. The property is a quality asset but the letting of the office element is likely be affected by the poor market conditions in the Thames Valley. I am pleased to report that we have been selected by Islington Council to undertake two key developments in the Borough that will provide a mixture of office space (for the Council) homes for sale, affordable homes and community buildings. We anticipate receiving planning consent next Spring and commencing development by late Summer 2004. Our residential development and regeneration initiative in the former coalfield areas on the North East Northumbrian coastal plain is bearing fruit. We have developed a good working relationship with local planners and communities and the results reflect the benefits of a regeneration partnership between the public and private sectors. We are focused on areas in the North-East traditionally overlooked by major developers and housebuilders. Grainger Homes, our house building subsidiary, has experienced a satisfactory level of demand for our new build units, and has sold or reserved 77 units in the period. Overall the trading and development division generated operating profits of Â£5.4m, an improvement of 10% over the previous period. Financing and Taxation At 31st March net debt totalled Â£199.4m, down from Â£223.3m at the year end, and gearing fell to 48% from 52% as at September 2002. As outlined earlier net assets were marginally lower at Â£420m, a fall of Â£7m comprising the difference between an increase from retained earnings of Â£12m and a reduction from elimination of valuation surpluses of Â£19m. The average interest rate on our debt at 31st March 2003 was 6.2% compared to 6.3% at 30th September 2002. Total net interest payable over the period fell by Â£5.4m to Â£14.5m as a result of lower interest rates and debt levels. FRS13, marking our debt to market value, reduces our NAV by 53p a share, up from 48p a share at the year end, of which 12p a share relates to our share of the Bromley joint venture. After accounting for both FRS13 and a full provision for contingent tax liabilities our NNNAV is Â£294m or Â£11.88 per share compared to Â£298m or Â£12.03 per share at the year end. Prospects Our progress in the current year has been satisfactory chiefly because the core tenanted residential business has performed strongly. We are taking full advantage of our expertise as residential traders and managers together with our local knowledge to deliver returns in a wide number of related areas. These include asset and property management, residential and mixed use development, and joint venture or partnership arrangements that enable us to apply our skills and knowledge successfully. We believe we have the right people with the experience, knowledge and reputation to drive forward the Group's development. We look forward to the future with confidence. Registered Office:- Robert Dickinson Citygate CHAIRMAN St James Boulevard Newcastle upon Tyne NE1 4JE 24th June 2003 GRAINGER TRUST plc -------------------- CONSOLIDATED PROFIT AND LOSS ACCOUNT -------------------------------------- FOR THE HALF YEAR ENDED 31ST MARCH 2003 ----------------------------------------- Half year Half year Year ended ended ended 31.03.03 31.03.02 30.09.02 Note Â£'000 Â£'000 Â£'000 --------- ------- ------- ------- Turnover (including 83,455 104,924 213,847 share of joint venture) Less: Share of (26,283) (51,150) (110,339) turnover of joint venture -------- -------- ------- Group turnover 57,172 53,774 103,508 -------- -------- ------- Gross rentals 10,878 10,802 21,954 Trading profits 19,933 17,060 33,679 Other income 363 121 425 -------- -------- ------- 31,174 27,983 56,058 Less: Property expenses (4,821) (4,527) (9,673) Administration (2,213) (1,943) (4,369) expenses -------- -------- ------- Group operating 24,140 21,513 42,016 profit Share of operating profit in joint venture (after Â£23,000 (2002 11,106 13,862 32,951 : Â£10,000) amortisation of goodwill) -------- -------- ------- Total operating 35,246 35,375 74,967 profit : group and share of joint venture Net profit on disposal of & -------- -------- ------- provisions against fixed assets - Group 169 198 131 - Joint venture 1,487 1,105 7,392 -------- -------- ------- 1,656 1,303 7,523 -------- -------- ------- Profit on ordinary 36,902 36,678 82,490 activities before interest Net interest payable and similar -------- -------- ------- charges - Group normal (5,885) (4,128) (10,668) - Group - - (3,767) exceptional - Joint venture (8,595) (15,724) (26,945) -------- -------- ------- (14,480) (19,852) (41,380) -------- -------- ------- Profit on ordinary 22,422 16,826 41,110 activities before taxation Tax on profit on 4 (9,239) (9,476) (20,225) ordinary activities -------- -------- ------- Profit on ordinary 13,183 7,350 20,885 activities after taxation Dividends (869) (752) (3,507) -------- -------- ------- Retained profit for 12,314 6,598 17,378 the period -------- -------- ------- Earnings per share 3 53.3 p 29.8 p 84.6 p -------- -------- ------- Diluted earnings per 53.1 p 29.6 p 84.2 p share -------- -------- ------- All results relate to continuing operations GRAINGER TRUST plc -------------------- STATEMENT OF GROUP TOTAL RECOGNISED GAINS AND LOSSES ------------------------------------------------------ FOR THE HALF YEAR ENDED 31st MARCH 2003 ----------------------------------------- Half Year Half Year Year ended ended ended 31.03.03 31.03.02 30.09.02 Â£'000 Â£'000 Â£'000 ------- ------- ------- Profit on ordinary activities after 13,183 7,350 20,885 taxation Taxation on realisation of property - (475) (398) revaluation gains of previous years Unrealised surplus on revaluation of - - 464 properties Diminution transferred from - - 64 revaluation reserve to profit and loss account ------- ------- ------- Total gains and losses recognised - 13,183 6,875 21,015 Group Share of joint venture tax on (79) - - realisation of revaluation gains of previous years Unrealised surplus on revaluation of 474 114 7,762 joint venture properties ------- ------- ------- Total gains and losses recognised 13,578 6,989 28,777 for the period Prior year adjustment - Group - (1,932) (1,932) - Joint venture - (850) (850) Total gains and losses recognised 13,578 4,207 25,995 since the last annual report - Group and Joint Venture ------- ------- ------- GRAINGER TRUST plc -------------------- CONSOLIDATED BALANCE SHEET ---------------------------- AT 31ST MARCH 2003 -------------------- 31.03.03 31.03.02 30.09.02 Note Â£'000 Â£'000 Â£'000 --------- ------- ------- ------- Fixed assets Intangible assets (1,029) (868) (858) Tangible assets 22,197 20,954 21,718 Investments : Investment in joint venture: Share of gross assets 270,917 371,996 306,951 Share of gross (294,956) (360,344) (281,092) liabilities ------- ------- ------- (24,039) 11,652 25,859 Goodwill 303 413 326 ------- ------- ------- (23,736) 12,065 26,185 Loan to Joint Venture 13,735 33,718 13,735 ------- ------- ------- 8 (10,001) 45,783 39,920 Other investments 9,187 1,888 8,882 ------- ------- ------- (814) 47,671 48,802 ------- ------- ------- 20,354 67,757 69,662 ------- ------- ------- Current assets Stocks 334,301 288,086 305,059 Debtors: amounts falling due within 4,005 14,934 3,541 one year 6 Cash at bank and in hand 23,139 23,980 10,477 ------- ------- ------- 361,445 327,000 319,077 Creditors: amounts falling due 44,527 64,534 52,402 within one year 7 ------- ------- ------- Net current assets 316,918 262,466 266,675 ------- ------- ------- Total assets less current 337,272 330,223 336,337 liabilities Creditors: amounts falling due after 200,852 223,452 211,481 more than one year 7 Provision for liabilities and charges Deferred taxation 2,602 4,838 3,747 ------- ------- ------- Net assets 133,818 101,933 121,109 ------- ------- ------- Capital and reserves Called-up share capital 6,186 6,170 6,186 Share premium account 21,364 20,800 21,364 Revaluation reserve 10,732 4,664 11,620 Capital redemption 185 185 185 reserve Profit and loss account 95,351 70,110 81,754 ------- ------- ------- Equity shareholders' 133,818 101,929 121,109 funds Minority interests - 4 - ------- ------- ------- Total capital employed 133,818 101,933 121,109 ------- ------- ------- GRAINGER TRUST plc -------------------- CASHFLOW STATEMENT -------------------- FOR THE HALF YEAR ENDED 31st MARCH 2003 ----------------------------------------- Half Year Half Year Year ended ended ended 31.03.03 31.03.02 30.09.02 Â£'000 Â£'000 Â£'000 ------- ------- ------- Net cash outflow from operating (10,929) (33,395) (18,293) activities Dividends from joint ventures 52,000 - - and associates Returns on investments and servicing of finance Interest received 1,745 4,221 7,618 Interest paid - normal (7,527) (7,185) (18,570) - exceptional - - (3,767) Dividends received 187 19 29 ------- ------- ------- (5,595) (2,945) (14,690) ------- ------- ------- Taxation UK corporation tax paid (6,122) (2,748) (8,149) ------- ------- ------- Capital expenditure and financial investment Purchase of fixed asset (1,352) (1,118) (8,119) investments Purchase of tangible fixed (277) (437) (845) assets Sale of fixed asset - 64 66 investments Sale of tangible fixed assets 544 7,135 7,138 Repayment of loanstock - - 26,265 ------- ------- ------- (1,085) 5,644 24,505 ------- ------- ------- Acquisitions and disposals Purchase of subsidiaries (1,566) (374) (222) Costs on purchase of (147) (56) (56) subsidiaries Cash acquired on purchase of 18 - - subsidiaries Sale of subsidiaries - - 180 Cash disposed of on sale of - - (42) subsidiaries Investment in Joint Venture - 4,722 (1,560) ------- ------- ------- (1,695) 4,292 (1,700) ------- ------- ------- Equity dividends paid (2,755) (2,389) (3,141) ------- ------- ------- Cash inflow/(outflow) before 23,819 (31,541) (21,468) financing ------- ------- ------- Financing New loans raised - 36,600 47,100 Repayment of loans (11,157) (4,169) (38,392) Issue of shares - - 147 ------- ------- ------- Net cash (outflow)/inflow from (11,157) 32,431 8,855 financing ------- ------- ------- Increase/(decrease) in cash in 12,662 890 (12,613) the period ------- ------- ------- Reconciliation of operating profit to net cash outflow from operating activities Half Year Half Year Year ended ended ended 31.03.03 31.03.02 30.09.02 Â£000 Â£000 Â£000 ------ ------ ------ Operating profit 24,140 21,513 42,016 Depreciation 105 113 220 Amortisation of goodwill (215) (435) (445) (Increase)/decrease in debtors (747) (9,203) 1,047 (Decrease)/increase in (18,169) 6,541 7,892 creditors Increase in stocks (16,043) (51,924) (69,023) ------- ------- ------- Net cash outflow from operating (10,929) (33,395) (18,293) activities ------- ------- ------- NOTES TO THE INTERIM STATEMENT 1. Net Asset Value Per Share (NAV) This consists of balance sheet equity plus the excess of market value over book cost of trading stock, together with the excess of market value over book cost of the Group's share of the joint venture in Bromley Property Holdings Limited (properties valued at 30 September 2002, with subsequent additions at cost). NAV at 31st March 2003 before the adjustments referred to below was Â£16.98 (30th September 2002: Â£17.24). Two proforma adjustments are commonly made to NAV: Contingent tax This is the tax that would be payable if all Group and Joint Venture properties were disposed of at valuation, and amounts to Â£4.57 per share (30th September 2002: Â£4.73). FRS 13 This records the difference between the current market value of fixed rate debt and derivatives and their book values. After allowing for tax, this adjustment is 53p (30th September 2002: 48p). This results in a net net net asset per share (NNNAV) of Â£11.88 (30th September 2002:Â£12.03). 2. Pro Forma Net Asset Statement 31.03.03 31.03.02 30.09.02 Â£'000 Â£'000 Â£'000 ------- ------- ------- Properties at market value (at 30 September 2002, with subsequent additions at cost): Tenanted residential 411,203 324,167 393,602 Development and trading 130,909 142,280 132,169 ------- ------- ------- 542,112 466,447 525,771 ------- ------- ------- Investments 99,144 110,642 153,838 Other assets 686 718 673 Cash 23,139 23,980 10,477 ------- ------- ------- Total assets 665,081 601,787 690,759 ------- ------- ------- Debt (222,581) (257,461) (233,738) Net current liabilities (18,793) (15,591) (26,604) Deferred tax (3,541) (4,838) (3,747) Minority interest - (4) - ------- ------- ------- (244,915) (277,894) (264,089) ------- ------- ------- Market Value Net Assets 420,166 323,893 426,670 ------- ------- ------- NAV per share Â£16.98 Â£13.12 Â£17.24 ------- ------- ------- 3. Earnings Per Share The calculation of earnings per share is based on the following number of shares: 31.03.03 31.03.02 30.09.02 No. of No. of No. of Shares Shares Shares 000's 000's 000's ------- ------- ------- Number of shares for basic earnings per 24,745 24,680 24,682 share (September 2002: weighted average) ------- ------- ------- Weighted average number of shares for 24,831 24,800 24,808 diluted earnings per share ------- ------- ------- 4. Taxation Tax on profit on ordinary activities:- 31.03.03 31.03.02 30.09.02 Â£'000 Â£'000 Â£'000 ------- -------- -------- Group: Normal 6,264 6,413 10,609 Exceptional - - (1,130) ------- -------- -------- 6,264 6,413 9,479 Share of joint venture 2,975 3,063 10,746 ------- -------- -------- 9,239 9,476 20,225 ------- -------- -------- 5. Dividends Dividends on ordinary shares:- 31.03.03 31.03.02 30.09.02 Â£'000 Â£'000 Â£'000 ------- -------- -------- Interim of 3.51p per share (2002:3.05p) 869 752 752 Final for year ended 30th September 2002 of - - 2,755 11.13p per share ------- -------- -------- 869 752 3,507 ------- -------- -------- 6. Debtors 31.03.03 31.03.02 30.09.02 Â£'000 Â£'000 Â£'000 ------- -------- -------- Trade debtors 1,882 11,356 1,674 Other debtors 1,154 1,226 640 Prepayments and accrued income 969 2,352 1,227 ------- -------- -------- 4,005 14,934 3,541 ------- -------- -------- 7. Creditors 31.03.03 31.03.02 30.09.02 Â£'000 Â£'000 Â£'000 ------- -------- -------- Amounts fallings due within one year:- Mortgage and other loans 494 12,214 350 Loan notes 1,738 2,757 1,959 Bank loans 19,497 19,038 19,948 Deposits received 616 518 610 Trade creditors 6,476 8,774 7,512 Corporation tax payable 8,620 9,559 8,238 Other taxation and social security 311 290 1,597 Accruals and deferred income 5,906 10,632 9,433 Dividends payable 869 752 2,755 ------- -------- -------- 44,527 64,534 52,402 ------- -------- -------- Amounts falling due after more than one year 101/2% debenture stock 1,913 6,742 1,913 113/4% debenture stock 620 2,875 925 Mortgages and other loans 28,136 28,745 28,618 Loan notes 728 - 728 Bank loans 169,455 185,090 179,297 ------- -------- -------- 200,852 223,452 211,481 ------- -------- -------- Maturity of finance debt (net of issue costs) is as follows: In one year or less 21,729 34,009 22,257 Between one and two years 31,067 20,293 32,519 Between two and five years 54,811 67,600 56,406 Between five and ten years 91,016 85,765 95,652 Over ten years 23,958 49,794 26,904 ------- -------- -------- 222,581 257,461 233,738 ------- -------- -------- 8. Investment in Bromley Joint Venture Market Statutory Value Accounts Balance Basis Sheet Â£'000 Â£'000 -------- -------- Investment at 1 October 2002 39,920 143,994 Share of profit after tax 1,023 1,023 Dividends (52,000) (52,000) Valuation and other movements 1,056 (1,172) Goodwill eliminated - (3,132) -------- -------- Investment at 31 March 2003 (10,001) 88,713 -------- -------- Revaluation surpluses on stock are not reflected in the statutory accounts basis figures. 9. This announcement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 30th September 2002 have been filed with the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. 10. Copies of this statement are being sent to all shareholders. Copies of this statement can be obtained from the Company's registered office, Citygate, St. James' Boulevard, Newcastle upon Tyne, NE1 4JE. Further details of this announcement can be found on our website, www.graingertrust.co.uk. 11. The Board of Directors approved the interim statement on 24th June 2003. This interim report has neither been audited nor reviewed by the auditors. This information is provided by RNS The company news service from the London Stock Exchange

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