Development Securities PLC Preliminary Results -17-
29 April 2015 - 4:01PM
UK Regulatory
As at 28th February 2015
2015 2014
Notes GBP'000 GBP'000 GBP'000 GBP'000
==================================== ===== ========= ========= ========= =========
NON-CURRENT ASSETS
Direct real estate interests
Investment properties 6 203,336 159,693
Operating property 820 680
Trade and other receivables 9(a) 4,238 7.652
==================================== ===== ========= ========= ========= =========
208,394 168,025
Indirect real estate interests
Investments in associates 7(a) 8,253 4,276
Investments in joint ventures 7(b) 40,544 31,780
Intangible assets - goodwill 2,059 238
Loans to joint operations and
other real estate businesses 11(a) 37,261 28,202
88,117 64,496
Other non-current assets
Other plant and equipment 2,402 2,797
Deferred income tax assets 1,588 362
==================================== ===== ========= ========= ========= =========
3,990 3,159
==================================== ===== ========= ========= ========= =========
Total non-current assets 300,501 235,680
==================================== ===== ========= ========= ========= =========
CURRENT ASSETS
Inventory - development and trading
properties 8 217,474 192,483
Other financial assets 11(a) 1,700 1,700
Trade and other receivables 9(b) 44,834 40,835
Monies held in restricted accounts
and deposits 19,380 27,263
Cash and cash equivalents 59,949 40,051
==================================== ===== ========= ========= ========= =========
343,337 302,332
==================================== ===== ========= ========= ========= =========
Investment properties held for
sale 6 - 42,410
==================================== ===== ========= ========= ========= =========
Total assets 643,838 580,422
==================================== ===== ========= ========= ========= =========
CURRENT LIABILITIES
Trade and other payables 10(b) (73,897) (31,920)
Current income tax liabilities (2,547) (413)
Borrowings 11(b) (36,020) (24,674)
Provisions for other liabilities
and charges 10(c) (250) (193)
==================================== ===== ========= ========= ========= =========
(112,714) (57,200)
NON-CURRENT LIABILITIES
Trade and other payables 10(a) (9,857) (1,500)
Borrowings 11(b) (169,012) (196,404)
Derivative financial instruments 11(c) (21) (2,195)
Deferred income tax liabilities (3,442) -
Provisions for other liabilities
and charges 10(c) (2,412) (2,843)
==================================== ===== ========= ========= ========= =========
(184,744) (202,942)
Total liabilities (297,458) (260,142)
==================================== ===== ========= ========= ========= =========
Net assets 346,380 320,280
==================================== ===== ========= ========= ========= =========
EQUITY
Share capital 62,529 61,176
Share premium 104,094 103,961
Other reserves 48,677 41,021
Retained earnings 130,358 114,087
==================================== ===== ========= ========= ========= =========
Equity attributable to the owners
of the Parent 345,658 320,245
Non-controlling interest 722 35
==================================== ===== ========= ========= ========= =========
Total equity 346,380 320,280
==================================== ===== ========= ========= ========= =========
Basic/diluted net assets per
share attributable to the owners
of the Parent 5 276p/276p 262p/262p
==================================== ===== ========= ========= ========= =========
Approved and authorised for issue by the Board of Directors on
29th April 2015 and signed on its behalf by
M H Marx
Director
Consolidated Statement of Changes in Equity
For the year ended 28th February 2015
Non-
Share Share Other Retained controlling Total
capital premium reserves earnings Total interest equity
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
============================================================== ===== ======= ======= ======== ======== ======== =========== ========
At 1st March 2013 61,176 103,961 39,742 101,731 306,610 56 306,666
============================================================== ===== ======= ======= ======== ======== ======== =========== ========
Profit for the year ended
28th February 2014 - - - 18,236 18,236 3 18,239
Other comprehensive income:
* Gain on valuation of cross-currency interest rate
swap - - 73 - 73 - 73
* Exchange gain on valuation of cross-currency interest
rate swap - - 1,725 - 1,725 - 1,725
* Currency translation differences - - (104) - (104) - (104)
* Deferred income tax charged directly to equity - - (415) - (415) - (415)
============================================================== ===== ======= ======= ======== ======== ======== =========== ========
Total comprehensive income
for the year ended 28th
February 2014 - - 1,279 18,236 19,515 3 19,518
============================================================== ===== ======= ======= ======== ======== ======== =========== ========
Share-based payments - - - (12) (12) - (12)
Final dividend relating
to 2013 4 - - - (2,934) (2,934) - (2,934)
Interim dividend relating
to 2014 4 - - - (2,934) (2,934) - (2,934)
============================================================== ===== ======= ======= ======== ======== ======== =========== ========
Total contributions by
and distributions to
owners of the Company - - - (5,880) (5,880) - (5,880)
Transactions with non-controlling
interest - - - - - (24) (24)
============================================================== ===== ======= ======= ======== ======== ======== =========== ========
Balance at 28th February
2014 61,176 103,961 41,021 114,087 320,245 35 320,280
============================================================== ===== ======= ======= ======== ======== ======== =========== ========
Profit for the year ended
28th February 2015 - - - 33,276 33,276 747 34,023
Other comprehensive income:
* Gain on valuation of cross-currency interest rate
swap 11(c) - - 7,647 - 7,647 - 7,647
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