French Property Tst. - Interim Results
28 July 1998 - 8:12PM
UK Regulatory
RNS No 9072n
FRENCH PROPERTY TRUST PLC
28th July 1998
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 1998
Investment Objective
To provide investors with the opportunity to participate primarily in French
and also in other continental European property assets in prime locations.
The Company achieves this by investing in the quoted shares of property owning
companies.
Key Points
* Net asset value increased over the six months by 42.5% to 126.43p per share
* Ordinary share price increased by 46.3% to 109p per share
* SBF Property Index in sterling increased over the six months by 29.9%
* Earnings per share up 3.6% over the corresponding period last year
* Interim dividend maintained at 0.5p per share, and again paid as a Foreign
Income Dividend
* Geographical distribution of portfolio as follows: France 93%, Portugal 7%
Fund Managers Comment
Commenting on the results, Mark Townsend of Ivory & Sime Asset Management,
said:
" The performance of the French property sector has been strong over the six
months to 30 June 1998, as reflected in the increase in the SBF Property Index
in sterling terms of 29.9%. French Property Trusts net asset value increased
by 42.5% over the six months and the share price increased by 46.3%. The
combination of low interest rates, increasing company and consumer
confidence, together with concentration on companies owning prime quality
assets, is expected to continue to drive asset values in the sector and
provide attractive returns for the Trusts shareholders."
For further information, please contact:
Mark Townsend Michael Campbell
Ivory & Sime Asset Management Friends Ivory & Sime plc, Secretaries
Tel: 0171-600 6655 Tel: 0131-225 1357
Statement of total return (incorporating the revenue account) of the Group
6 Months to 30 June 1998
Revenue Capital Total
PDS 000 PDS 000 PDS 000
Gains on investments - 9,379 9,379
Exchange differences - (38) (38)
Income 657 - 657
Investment management fee (163) - (163)
Other expenses (77) - (77)
Net return before finance costs and tax 417 9,341 9,758
Interest payable (63) - (63)
Return on ordinary activities
before tax 354 9,341 9,695
Tax on ordinary activities (138) - (138)
Return attributable to
equity shareholders 216 9,341 9,557
Dividends in respect of equity (125) - (125)
_____ _____ _____
Transfers to reserves 91 9,341 9,432
Return per ordinary share 0.86p 37.35p 38.21p
Statement of total return (incorporating the revenue account) of the Group
6 Months to 30 June 1997
Revenue Capital Total
PDS 000 PDS 000 PDS 000
Gains on investments - 936 936
Exchange differences - 175 175
Gains on warrants lapsing - 1,248 1,248
Income 607 - 607
Investment management fee (152) - (152)
Other expenses (88) - (88)
Net return before finance costs and tax 367 2,359 2,726
Interest payable (51) - (51)
Return on ordinary activities before tax 316 2,359 2,675
Tax on ordinary activities (109) - (109)
Return attributable to equity shareholders 207 2,359 2,566
Dividends in respect of equity shares (125) - (125)
_____ _____ _____
Transfer (from)/to reserves 82 2,359 2,441
Return per ordinary share 0.83p 9.43p 10.26p
Statement of total return (incorporating the revenue account) of the Group
Year to 31 December 1997
Revenue Capital Total
PDS 000 PDS 000 PDS 000
Gains on investments - 1,372 1,372
Exchange differences - 123 123
Gains on warrants lapsing - 1,248 1,248
Income 1,195 - 1,195
Investment management fee (304) - (304)
Other expenses (172) - (172)
Net return before finance costs and tax 719 2,743 3,462
Interest payable (107) - (107)
Return on ordinary activities before tax 612 2,743 3,355
Tax on ordinary activities (161) - (161)
Return attributable to equity shareholders 451 2,743 3,194
Dividends in respect of equity shares (488) - (488)
_____ ______ _____
Transfer from reserves (37) 2,743 2,706
Return per ordinary share 1.80p 10.97p 12.77p
Group Balance Sheet (Unaudited)
As at As at
30 June 1998 31 December 1997
# 000 # 000
Fixed Assets
Investments 33,182 25,226
Current Assets
Investments held by dealing subsidiary 123 40
Debtors 1,060 1,013
Cash at bank and on deposit 186 71
1,369 1,124
Creditors: amounts falling due
within one year (2,932) (4,163)
Net current liabilities (1,563) (3,039)
Total assets 31,619 22,187
Capital reserves and reserves
Called-up share capital 6,252 6,252
Share premium account 16,761 16,761
Other reserves -
Capital reserve - realised (317) (1,210)
Capital reserve - unrealised 8,584 136
Revenue reserve 339 248
Equity shareholders' funds 31,619 22,187
Net asset value per share:
Ordinary
Basic 126.43p 88.72p
Notes
1. The unaudited interim results have been prepared on the basis of the
accounting policies set out in the statutory accounts of the Group for the
year ended 31 December 1997.
2. In view of the pattern of French company dividend payments, earnings for
the first six months should not be taken as a guide to the results of the full
year.
3. The return per ordinary share is based on 25,009,000 shares in issue (1997
- weighted average of 25,003,033). On 30 April 1997, 9,000 warrants were
exercised, subscribing for ordinary shares at 100p. On 30 April 1997, the
final exercise date, 4,991,000 warrants lapsed.
4. An interim foreign income dividend of 0.50 pence has been declared. It
will be payable on 11 September 1998 to Shareholders on the Register on 21
August 1998.
5. The Group results consolidate those of FPT Securities Limited, a wholly
owned subsidiary which deals in securities.
6. These are not statutory accounts in terms of Section 240 of the Companies
Act 1985 and are unaudited. Statutory accounts for the year to 31 December
1997, which were unqualified, have been lodged with the Registrar of
Companies. No statutory accounts in respect of any period after 31 December
1997 have been reported on by the Companys auditors or delivered to the
Registrar of Companies. A full interim report will be sent to shareholders in
August 1998, and will be available for inspection at Princes Court, 7 Princes
Street, London, the registered office of the Company.
END
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