Northacre PLC Interim Results -4-
12 November 2014 - 1:00AM
UK Regulatory
The Board regularly reviews the capital structure, with an
objective to minimise net debt whilst investing in the development
opportunities.
The Group's activities expose it to a variety of financial risks
and those activities involve the analysis, evaluation, acceptance
and management of some degree of risk or combination of risks.
Taking risks is core to the property business and the operational
risks are an inevitable consequence of being in business. The
Group's aim is to achieve an appropriate balance between risk and
return and minimise potential adverse effects on the Group's
performance.
The Group's risk management policies are designed to identify
and analyse these risks, to set appropriate risk limits and
controls, and to monitor the risks by means of a reliable
up-to-date information system. The Group regularly reviews its risk
management policies and systems to reflect changes in markets,
products and emerging best practice.
Risk management is carried out by the Board of Directors.
Directors are responsible for the identification of the major
business risks faced by the Group and for determining the
appropriate course of action to manage those risks. The most
important types of risk are credit risk, liquidity and market risk.
Market risk includes currency, interest rate and other price
risks.
2. Segmental Information
Segmental information is presented in respect of the Group's
business segments. The business segments are based on the Group's
corporate and internal reporting structure. Segment results and
assets include items directly attributable to a segment as well as
those that can be allocated to a segment on a reasonable basis. The
segmental analysis of the Group's business as reported internally
to management is as follows:
Revenue 6 Months 6 Months Year
ended ended ended
31.8.2014 31.8.2013 28.2.2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 2,368 150 901
Interior design 213 723 1,992
Architectural design - - 63
---------- ---------- ----------
2,581 873 2,956
========== ========== ==========
Profit/(loss) before taxation 6 Months 6 Months Year
ended ended ended
31.8.2014 31.8.2013 28.2.2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 832 13,212 12,365
Interior design (308) (171) (105)
Architectural design (4) (8) 43
---------- ---------- ----------
520 13,033 12,303
========== ========== ==========
Assets 31.8.2014 31.8.2013 28.2.2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 41,722 29,487 45,139
Interior design 92 560 454
Architectural design 29 83 138
---------- ---------- ----------
41,843 30,130 45,731
========== ========== ==========
Liabilities 31.8.2014 31.8.2013 28.2.2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 15,663 1,035 5,260
Interior design 497 722 551
Architectural design 700 804 805
---------- ---------- ----------
16,860 2,561 6,616
========== ========== ==========
3. Profit per share 6 Months 6 Months Year
ended ended ended
31.8.2014 31.8.2013 28.2.2014
Unaudited Unaudited Audited
Weighted average number of shares
in issue 42,335,538 26,723,643 30,879,049
Profit for the period attributable
to equity holders of the Company
(GBP'000) 867 13,145 12,200
=========== =========== ===========
Basic profit per share (pence) 2.05 49.18 39.51
=========== =========== ===========
Diluted profit per share (pence) 2.05 49.18 39.51
=========== =========== ===========
There were no potentially dilutive instruments in issue during
the current or preceding periods. All amounts shown relate to
continuing and total operations.
4. Dividends
Interim dividends of 35.43p per share were declared on 14(th) August
2014 and paid on 5(th) September 2014 (2013: 40p per share). The
number of shares in issue was 42,335,538 (2013: 26,723,643) and
the total payment amounted to GBP14.99m (2013: GBP10.69m).
5. Available for sale financial assets
Unaudited
GBP'000
At 1(st) March 2013 22,149
Dividend received (15,000)
------------------
At 31(st) August 2013 7,149
Derecognition (7,149)
Increase in 1 Palace Street and 33 Thurloe
Square fair value 8,825
------------------
At 28(th) February 2014 8,825
Changes in the period -
------------------
At 31(st) August 2014 8,825
==================
The decrease in available for sale financial assets of GBP7.149m
represents derecognition of the available for sale financial assets
following the acquisition of Lancaster Gate (Hyde Park) Limited on
16(th) December 2013.
The Company is committed to invest GBP10m into the 1 Palace
Street development. At 31(st) August 2014 the Company had paid
GBP8.825m of this commitment.
The GBP15 investment in 33 Thurloe Square represents a 15%
equity stake. The property held by the investment was sold in June
2014. At 28(th) February 2014 the Company had paid costs of GBP1.5m
in relation to this project which have been treated as a
shareholder loan and included within trade and other receivables in
the Consolidated and Company Statements of Financial Position. The
shareholder loan was repaid in July 2014 following the disposal of
the project.
6. Investments
31.8.2014 31.8.2013 28.2.2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
33 Thurloe Square - 1,404 -
1 Palace Street - 750 -
- 2,154 -
========== ========== ==========
The amount of GBP2.154m disclosed as investments as at 31(st)
August 2013 related to the initial investments in 33 Thurloe Square
and 1 Palace Street projects. These investments were reclassified
at 28(th) February 2014 as available for sale financial assets of
GBP0.654m and a shareholder loan of GBP1.5m.
7. Trade and Other Payables
31.8.2014 31.8.2013 28.2.2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Trade payables 215 255 297
Social security
and other taxes 58 44 535
Other payables 5 8 5
Accruals and deferred
income 1,583 2,254 5,779
Dividends payable 14,999 - -
16,860 2,561 6,616
========== ========== ==========
8. Capital commitments
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