RNS No 4063v
CLS HOLDINGS PLC
9 April 1999
Results for the year ended 31st December 1998
HIGHLIGHTS
Total return on shareholders' funds of 18.3% (1997 : 18.3%)
NAV per share up 15% to 184.1p (1997 :160.3p)
Profit before tax up 6% to #11.1 million (1997 : #10.5 million)
Year end available cash up 53% to #29 million (1997 : #18.9 million)
Property sales produced a profit of #3.2 million (1997 : #0.4 million)
Portfolio valued at #404.7 million (1997 : #374.4 million)
Gearing reduced by 11% to 93% (1997: 104%)
Total distribution to shareholders (including dividend & buybacks) 10.0p per
share (1997: 5.75p)
Interest cover of 1.6 times (1997: 1.6 times)
The year ended 31 December 1998 was another successful year of organic growth
and the Group is reporting record net asset value per share and increased
profits.
The Group's long term performance is continuing to improve and the 1998
results show a total return on shareholders' funds of 18.3 per cent based on
movement in shareholders' funds, dividends declared and share buy backs
implemented during the year.
We are focused on cash flow and profitability as a means of delivering
shareholder value.
We have continued to improve our portfolio through acquisitions, disposals,
new lettings and refurbishment.
Sten Mortstedt, Executive Chairman
For further information please contact:
Glyn Hirsch, CLS Holdings plc 0171-582-7766
Brian Basham / Adam Reynolds, Basham & Co 0171-242-8005
Chairman's Statement
Introduction. The year ended 31 December 1998 was another successful year of
organic growth and the Group is reporting record net asset value per share and
increased profits.
The Group's long term performance is continuing to improve and the 1998
results show a total return on shareholders' funds of 18.3 per cent based on
movement in shareholders' funds, dividends declared and share buy backs
implemented during the year. This follows returns of 13.9 per cent and 18.3
per cent in 1996 and 1997 respectively.
Results for the Year. For the year ended 31 December 1998 the Group achieved a
5.5 per cent increase in profit before tax to #11.1 million (1997: #10.5
million). Profit after tax was up by 3.5 per cent to #10.1 million (1997:
#9.8 million). Gross rental income, represented by rents and service charge
income received from tenants, increased slightly to #32.5 million from #32.3
million in 1997. This increase would have been greater but for empty space in
the course of refurbishment and the timing of acquisitions and disposals. The
planned timing of our refurbishment programme was anticipated to cause a
temporary reduction in rental income in 1998 and 1999.
Disposals during the year have ensured continuing growth in profits. These
amounted to a total of #3.2 million of which #2.6 million related to
investment properties and #0.6 million to trading properties.
At the year-end our portfolio was valued by Allsop & Co at #404.7 million and
as at that date was producing net rental income of #30.3 million (on an
annualised basis) equating to a yield of 7.5 per cent per annum. This should
increase to at least #36.8 million (8.8 per cent) assuming the letting of
vacant space following further investment on property improvements of
approximately #14.7 million. The rental increase does not include any
potential uplift from rental growth in the portfolio. Nearly all of this
further investment will be bank financed leaving our cash resources available
for further expansion.
As a result of increased rents, refurbishment and new lettings, we have
achieved an improvement in the value of our London properties. In addition,
the Swedish property market has continued to improve since our acquisition of
Vanerparken, which was valued at the year end at #3.5 million above cost (a
near 100% return on equity). These factors have resulted in a 14.8 per cent
increase in net assets per share to 184.1 pence (1997: 160.3 pence). This
increase is calculated after taking into account a dividend payment of 2.4
pence per share for 1998 and the tender offer buy back of 3.1 pence net of
tax, but does not include the 4.5 pence capital dividend currently proposed.
The group has adopted the requirements of FRS 13, which deals with the
extension of disclosure in relation to derivatives and other financial
instruments. If loans were held at fair value, the notional after tax
adjustment to NAV that could be made, would equate to a reduction of 20.4
pence per share. A substantial amount of this is attributable to one long term
loan secured against a property with government covenanted income for the
period of the loan, which is sufficient (without any increase in rent over the
term of the lease) to cover both the interest and capital repayment of the
loan. It should also be noted that a tax liability of #15.1 million or 13.3
pence per share would arise on the sale of the entire portfolio at current
valuations. Even if these two notional adjustments were taken into account the
NAV would be 150.4 pence per share.
Gearing at 31 December 1998 was 93 per cent (104 per cent at 31 December
1997).
Dividend. Since flotation, in May 1994, the Group has maintained a
progressive dividend policy with the annual dividend distribution increasing
from #5.53 million in 1995 to #6.47 million in 1997. Total cash distributions
to shareholders, since flotation have amounted to #17.4 million.
We are focused on cash flow and profitability as a means of delivering
shareholder value. With current share price levels at a considerable discount
to net asset value your board believes there are significant benefits in
distributing cash as capital dividends to shareholders by way of a tender
offer buy back. The Board has therefore decided to recommend that instead of
the payment of a final income dividend, the Company utilises a similar amount
of cash for a tender offer buy back of 1 in 30 shares held at a price of 135
pence per share, which will enhance net asset value per share. This is
equivalent in cash terms to a final net dividend of 4.5 pence per share.
The Mortstedt family have indicated their intention to take up the tender
offer in respect of their shareholding.
Property Activities. We have continued to improve our portfolio through
acquisitions, disposals, new lettings and refurbishment.
Acquisitions during 1998 totalled #43.1 million, and rents increased by #4
million per annum.
During the same period disposals totalled #41.4 million and showed a profit of
#2.6 million. The properties sold had a rental income of #3 million per annum.
The net effect of acquisitions and disposals has been a significant increase
in cash, since acquisitions required #4 million of our own equity and
disposals realised #14 million.
As reported at the interim stage all of our available residential units have
been sold at a profit of #0.6 million.
Our current refurbishment projects have considerable potential for further
expected income of #4.3 million per annum, of which #2.2 million is already
contracted.
Progress is continuing with our planned retail leisure scheme at Vauxhall and
we expect to submit a planning application shortly.
Strategy. Our aim remains to provide shareholders with high returns from a
secure base. In 1998 total return to shareholders was 18.3 per cent.
We have made strategic acquisitions and disposals to enhance returns and by
efficient financing have ensured cash is available for expansion. At the year
end we held #29 million of cash reserves.
The success of Citadel Holdings plc, in which we hold 12.31% of its share
capital and whose results were announced on 7th April, has demonstrated our
expertise in overseas markets. This together with Vanerparken illustrates the
attractive investment opportunities available outside the UK.
Our acquisition of Vanerparken shows the significant returns available from
well financed investments with long term secure cash flows from strong
tenants. We believe that there are considerable opportunities available from
these types of investments outside the UK. In order to clearly define these
non-UK investments we have formed a new wholly owned intermediate holding
company and this will enable us to manage and account for our international
investments separately from the core London portfolio.
Our refurbishment programme provides a high return on investment and underpins
further growth as well as upgrading the quality of our properties.
During the year we have taken the opportunity to strengthen our management
team to ensure our refurbishment projects and acquisition programme is
adequately resourced.
Since the year end we have purchased 4,775,907 ordinary shares in the market
at 111 pence per share for cancellation. The company now has 107,971,786
ordinary shares in issue prior to the proposed buyback.
Prospects. Interest rates are historically low, our rents are increasing and
we are continuing to find attractive investment opportunities, both in London
and overseas.
Refinancing activities and disposals have put us in a strong cash position to
move forward.
Our refurbishment activities are creating significant contracted future rent
increases.
The year has started extremely well with the receipt of #8 million from
Hoechst UK Ltd for the surrender of their lease at the rebranded Vista Office
Centre and the letting of Citadel House. This surrender will generate a
one-off profit in the first half of 1999 of at least #2.0 million. We have
already let 48,000 square feet at the Vista Office Centre to produce income of
#660,000 per annum, which demonstrates the increasing potential of this
investment.
Board. Having been a non-executive Director since flotation, Sir David
Rowe-Ham is leaving the Board today and we wish to thank him for his
contribution. He is replaced by James Dean FRICS, who is aged 44 and as a
director of Savills PLC will bring additional property expertise to the Board.
I take this opportunity to thank my fellow Directors, our staff, professional
advisers and shareholders for their support during the year.
Sten Mortstedt
Executive Chairman
Property Review
Introduction. During 1998 we have made significant progress with our portfolio
through acquisitions, disposals and the enhancement of existing buildings. At
the year end the group portfolio comprised 39 properties of 210,212sq m.
(2,262,780sq.ft.) of which 198,117sq.m. (2,132,583sq. ft.) or 94.2% was fully
let. At the year end our annualised net rental income was #30.3 million. On
the basis of our year end portfolio valuation of the #404.7 million this gives
an initial yield of 7.5%
Group Property Strategy. Our aim is to generate significant returns on equity
and our work with our existing portfolio and through acquisitions and
disposals is focused on achieving this and consequently providing increased
value for shareholders.
Acquisition & Disposals. The market for London investments was particularly
strong during the first 9 months of the year and we took the opportunity to
sell a number of investment properties for a total of #41.4 million at an
average yield of 7.9%. This provided a surplus over book value of #2.6
million. During the first half of the year we also sold our remaining
available residential units at a total profit of #0.6 million. Our
involvement in the residential market has proved profitable and timely.
In September we purchased Vanerparken in Vanersborg, Sweden for a total cost
of SEK516.8 million (#38.9 million). The total net rent from the property at
the date of acquisition was SEK 50.5 million (#3.8 million) which rises
upwards annually in line with inflation representing a net yield of 9.8%. 80%
of the income is secured until 2015 and most of the remainder to 2006, all
from Swedish government covenants. We have fixed our external funding for
this investment at under 6% on SEK 460 million (#34.7 million). This provides
a return of 48% per annum on our cash investment of #3.6 million.
In August we acquired Bus Space Studios, London W10 for #2.0 million. The
property, which consists of a business centre, comprises 2,512 sq.m. (27,035
sq. ft.) and produced a net annual income of #195,943 per annum giving an
initial yield of 9.87%. Since acquisition we have increased this to #223,171
per annum.
In December we acquired two freehold nightclub properties in Ipswich and
Wolverhampton. Although these acquisitions were outside our usual
geographical area for UK investments at the time of completion we were able to
simultaneously sign new 25 year leases with a leisure operator at rents which
rise annually with inflation. The initial yield on the acquisitions was 16.6%
Portfolio Management. Last year we reported that we had agreed terms with NIG
Skandia our tenant at Citadel House, Fetter Lane, London EC4 to enable us to
refurbish the property. Our refurbishment is now completed and we have fully
let the building. In September we announced the letting of the office space
at a rent of #1,037,026 per annum - #336.38 per sq. m. (#31.25 per sq. ft.).
Since the year end we have let the remaining space on the ground floor,
basement and subbasement to Whitbread Plc for a 25 year term at a rising rent
which averages #194,000 over the first five years. Our total additional net
income after completion of the refurbishment is #1.23 million per annum.
During 1998 we let 14,229 sq. m (153,160 sq. ft.) of the vacant space in the
portfolio generating income for the group #2,324,126 per annum (although with
rent free periods not all of this will become income producing until later in
1999). In particular we have let the remaining space at Brent House 3,215 sq.
m. (34,600 sq. ft.) to Air France and Dialog Corporation.
At the year end the portfolio's annualised rent amounted to #30.3 million.
The letting of vacant space following improvement will bring approximately
#6.5 million of additional annual rental income. Of this amount, #3.9 million
is already contracted.
We continue to make good progress on the redevelopment of One Leicester Square
with the construction of a major new entertainment venue and anticipate
completion of our works this Spring with the venue opening in the late Summer.
We are currently commencing refurbishment at Conoco House SE1 and Coventry
House SW1. These projects will require a further investment of approximately
#11.4 million and once completed will contribute approximately an additional
#4.3 million to annual rental income.
We have continued to work with the London Borough of Lambeth to develop a
major leisure/retail development at Spring Gardens, Vauxhall. The scheme
totalling approximately 139,340 sq. m. (1.5 million sq. ft.) of leisure and
retail activities, a cinema complex and other ancillary use, including private
and social housing should be formally submitted for planning approval very
shortly. This demonstrates our ability to take a long term view of projects,
which have the potential to generate significant returns.
Our three business centres now comprise 5,346 sq. m. (57,731 sq. ft) and
produce a total gross rent of #934,317 p.a.. Our success in this sector of the
market has led us to look at other centres and also the benefits of the short
term letting market where we can achieve premium rents for giving occupiers
flexibility.
At Ingram House WC2 we have re-let three floors of unrefurbished accommodation
within three months of the space becoming vacant on short term leases at very
good rents. All the leases in the building now expire in 2001/2002, which
gives us the ability to refurbish or redevelop the building.
During the year we have successfully completed a number of varied projects
including the construction of 20 flats in SE11, the refurbishment of Citadel
House EC4, and the refurbishment of both Cambridge House and Brent House for
incoming tenants. All of these projects have provided us with excellent
returns on the equity invested.
Set out below is an analysis of the portfolio:
Property Area Area Year Yield Receivable Rent ERV Yield
Type sq.m sq.ft End based Rent Contracted of based on
(000's)(000's)Book on Not yet unlet receivable
Value receiv- receivable space rent +
able potential
rent rents
#m % #m #m #m %
Intern- 48.6 523.5 45.5 9.90 4.5 - - 9.9
ational
London 45.7 491.3 126.2 7.13 9.0 1.6 - 8.4
Property
let > 10
years
London 53.0 570.3 115.2 8.07 9.3 0.1 0.4 8.51
Property
let 5-10
years
London 36.9 397.6 48.9 10.63 5.2 - 0.1 10.84
Property
let <
5 years
Refurb- 26.0 280.1 68.9 3.34 2.3 2.2 2.1 -
ishment
projects
Totals 210.2 2,262.8 404.7 7.49 30.3 3.9 2.6 -
The above table shows the categories of assets we own and the future potential
available from new lettings and refurbishments.
FINANCIAL REVIEW
Results. During the course of 1998 the Group has delivered record results with
pre-tax profit of #11.1 million showing a growth of 5.5% over the previous
year. The Balance Sheet has been further strengthened with net asset value
increasing to 184.1 p per share, an increase of 15%. Gearing has reduced by
11% to 93% and cash reserves of #29 million were held at the balance sheet
date.
The underlying strength of the current year's results combined with the
imaginative redevelopment of a number of significant properties provide the
Group with a solid platform on which future growth will be based.
Net Rental Income. Due to the divestment of a number of properties during the
year, net rental income has fallen slightly to #29.8 million. The acquisition
in September 1998 of Vanerparken, a major Swedish property portfolio,
significantly increased the contribution of international net rental income to
#1.5 million.
Other Property Related Income. Other property related income increased by 53%
to #2.7 million. The three main elements were a profit of #0.8 million
relating to a dilapidation receipt at Conoco House, a profit of #0.6 million
on the sale of our remaining available residential units and the management
charge to Citadel Holdings plc of #0.5 million.
Administration Expenses. Administration expenses increased by #0.7 million to
#3.4 million. This is mainly as a result of the addition of a number of
senior staff, strengthening our team in the areas of development,
international investment and finance. Of the annual increase, #0.2 million was
recovered through an increased management charge to Citadel Holdings plc.
Net Property Expenses. Net property expenses increased by #1.2 million to
#2.5 million. Of the increase, #0.3 million relates to business centre costs
(business centre rents of #0.9 million are included in rental income). Also
included is letting fees and non-recoverable costs in respect of vacant space
being refurbished.
Gains from the Sale of Investment Properties and the Sale of a Subsidiary
Company. During the year a number of properties were sold, contributing #2.6
million to profit (1997 : #0.4 million), of which #1.7 million related to the
sale of Princes Court.
Financial Costs. Net interest and financial charges at #18.2 million showed
no increase over expenditure in 1997.
Increased interest payable and related charges at #20.3 million (1997 : #19.3
million), was partially offset by interest receivable and other financial
income of #2.1 million (1997 : #1.0 million), of which #0.7 million related
to treasury activities. The reduction in the base rate during the latter part
of the year was reflected in the average cost of borrowing falling to 8.8 per
cent at 31 December 1998 (1997 : 9.7 per cent).
A substantial development programme for a number of properties has been
undertaken during the year. This has resulted in interest amounting to # 0.7
million having been incurred on properties for which no rental income has been
received for the duration of the works. The interest has been expensed
through the profit and loss account as it is incurred.
Financial costs also include the depreciation of interest rate caps amounting
to #0.8 million.
Taxation. The Group's taxation charge is maintained at a relatively low rate
as a result of substantial corporation tax losses brought forward in some
subsidiaries and significant capital allowances on many of the Group's
properties. These factors should continue to benefit the Group in the
immediate future.
The Group has made a tax payment in order to utilise surplus ACT. The
utilisation of ACT increases the tax losses which are available to be offset
against future tax liabilities.
Financial Results by Location. The results of the Group analysed by location
are set out below:
Total London International
#000's #000's #000's
Turnover 32,533 30,985 1,548
Operating expenses (5,891) (5,418) (473)
Operating profit 26,642 25,567 1,075
Gains from sale of investment properties 2,596 2,596 -
Net interest payable and related charges (18,184) (17,544) (640)
Profit on ordinary activities before tax 11,054 10,619 435
Investment Properties. The investment property assets of the group have
increased by 8.1% to #404.7 million (1997 : #374.4million) . During the year
the quality of the portfolio was substantially improved with additional
properties acquired at a cost of #43.1 million. Net cash received from the
sale of investment properties amounted to #41.4 million.
Annualised rent at 31 December 1998 was #30.3 million equating to a yield of
7.5 %.
An analysis of the location of investment property assets and related loans is
set out below :
Total % London % International %
#m #m #m
Investment Properties 404.7 100% 359.2 88.8% 45.5 11.2%
Loan (222.0) 100% (185.9) 83.7% (36.1) 16.3%
Equity Investment 182.7 100% 173.3 94.8% 9.4 5.2%
Equity as a Percentage of 45.1% 48.2% 20.6%
Investment
Debt Structure. Financial instruments are held by the Group principally to
finance the acquisition of investment properties and to manage interest and
exchange rate risk. In addition, various other financial instruments have
arisen in the normal course of trading and the active management of Group
treasury activities. The Group's management of treasury activities includes
the purchase of shares and financial instruments together with investment in
equity options and future contracts up to a specified amount approved by the
Board.
The activities of the Group are mainly financed through share capital and
reserves and long term loans, which are secured against the properties to
which they relate.
During the last three years, the Group has pursued a financial strategy in
relation to its London based portfolio to raise floating rate long term loans
linked to interest rate caps. Caps are normally purchased on a five year
basis with interest capped at an average rate of 8.5% in order to provide
protection against a rise in interest rates.
International property acquisitions have been financed through a combination
of long term fixed rate loans at an average interest rate of 6% and floating
rate loans which have been capped at 6%. In addition, the Group entered into
forward foreign exchange commitments in order to hedge the receipts from
overseas investments.
The net borrowings of the Group at 31 December 1998 were #193.0 million, an
increase of #5.3 million over the previous year, reflecting the Group's active
investment programme of #53.8 million compared to property sales in the year
of #41.4 million.
Of the net debt at 31 December 1998, #92.5 million (48%) represented fixed
rate loans.
The fair value of the Group's fixed rate debt was in excess of book value by
an amount of #33.2 million, which net of tax at 31% equates to #23.0 million.
The contracted future cash flows from the properties securing the loans are
sufficient to meet all interest payments and repay the loans in total over
their term. Only #10.3 million (4.6%) of the Group's total debt of #222.0
million matures within the next 12 months with #96.9 million (43.7%) maturing
after five years.
In order to protect the Group from movements in foreign currency, direct
international property investments are matched with borrowings in the local
currency.
At 31 December 1998, #36.1 million (79%) of overseas asset value was financed
by local currency borrowings. These principally related to the acquisition of
Vanerparken.
Dividend. An interim dividend of 2.4p per share was paid to shareholders
during the course of the year. Your Board is recommending that in lieu of
paying a cash dividend, an offer will be made to purchase 1 share for every 30
held, at a price of 135 pence per share. This will result in a final
distribution of 4.5 pence per share. This equates to an overall return
inclusive of the tender offer in November 1998 of 10.0 pence per share.
Corporate Structure. The strategy has been to continue for the most part, to
hold individual properties within separate subsidiary companies, each with one
loan on a non-recourse basis.
Year 2000. The management of the Group is addressing the risk arising from
the Millenium date change as a matter of priority. Having taken professional
advice, the Group's approach to its in house systems and those of its
properties, where appropriate, is to carry out four essential steps. These
are:
- taking an inventory of computer environments, applications and systems,
- testing microprocessor reliant equipment and computer systems and
prioritising action,
- upgrading / replacing equipment and systems where necessary
- verifying the result.
Additionally, the Group is assessing the risk that might be encountered in
respect of tenants and suppliers. The cost of this work will be met from
existing capital and revenue budgets and is not expected to be significant.
Consolidated Profit and Loss Account...
for the year ended 31 December 1998
1998 1997
#000 #000
Turnover
Net rental income 29,792 30,535
Other property related income 2,741 1,796
32,533 32,331
Administrative expenses (3,397) (2,728)
Net property expenses (2,494) (1,305)
(5,891) (4,033)
Operating Profit 26,642 28,298
Gains from sale of subsidiary 465 -
Gains from sale of investment properties 2,131 428
Profit on Ordinary Activities Before Interest 29,238 28,726
Interest receivable and financial income 2,080 1,017
Interest payable and related charges (20,264) (19,265)
Profit on Ordinary Activities Before Taxation 11,054 10,478
Tax on Profit on ordinary activities (961) (726)
Profit For The Financial Year 10,093 9,752
Dividends (3,406) (6,473)
Retained Profit For The Year 6,687 3,279
Basic Earnings per Share 8.8p 8.7p
Diluted Earnings per Share 8.8p 8.7p
The results in the consolidated Profit and Loss account derive from continuing
operations.
Consolidated Balance Sheet...
at 31 December 1998
1998 1997
#000 #000
Fixed Assets
Tangible assets 404,966 373,719
Investments 4,435 4,294
409,401 378,013
Current Assets
Stocks - trading properties 83 1,385
Debtors - amounts falling due after more 2,594 3,203
than one year
Debtors - amounts falling due within one 4,735 4,349
year
Investments 3,217 211
Cash at bank and in hand 28,975 18,944
39,604 28,092
Creditors: amounts falling due within (29,764) (25,618)
one year
Net Current Assets 9,840 2,474
Total Assets Less Current Liabilities 419,241 380,487
Creditors: amounts falling due after more
than one year
Deferred taxation 3 -
Bank and other loans (211,674) (199,364)
Net Assets 207,570 181,123
Capital and Reserves
Called up share capital 28,187 28,245
Share premium account 49,211 46,098
Revaluation reserve 80,707 63,705
Capital Redemption Reserve 723 -
Other reserves 19,010 18,892
Profit and loss account 29,732 24,183
Total Equity Shareholders' Funds 207,570 181,123
Consolidated Cash Flow Statement...
for the year ended 31 December 1998
1998 1997
#000 #000
Net cash inflow from operating activities 28,389 28,294
Returns on investments and servicing of
finance
Interest received 2,020 976
Interest paid (18,730) (18,848)
Interest rate caps purchased (51) (281)
Net cash outflow from returns on
investments and servicing of finance (16,761) (18,153)
Taxation paid (899) (893)
Capital expenditure
Purchase and enhancement of properties (51,352) (2,242)
Sale of investment properties 41,392 11,730
Disposal of other fixed assets 53 -
Purchase of other fixed asset (296) (4,362)
Net cash (outflow)/inflow from capital (10,203) 5,126
expenditure
Acquisitions and disposals
Sale of subsidiary undertaking 2,803 -
Equity dividends paid (3,517) (3,128)
Cash (outflow)/inflow before management of (188) 11,246
liquid resources and financing
Management of liquid resources
Cash (placed) / released on short term (10,324) 596
deposits
Current asset investments (1,576) (9)
Net cash (outflow)/inflow from the (11,900) 587
management of liquid resources
Financing
Share buyback (3,614) -
Expenses paid in connection with share (9) (6)
issue
New loans 51,733 21,968
Repayment of loans (36,310) (30,049)
Net cash inflow/(outflow) from financing 11,800 (8,087)
(Decrease) / increase in cash (288) 3,746
Statement of Total Recognised Gains & Losses...
for the year ended 31 December 1998
1998 1997
#000 #000
Profit for the financial year 10,093 9,752
Unrealised surplus on revaluation of properties 19,478 18,770
Realised surplus on revaluation of properties - 1,000
Currency translation differences on foreign 118 (408)
currency net investments
Other recognised gains relating to the year 19,596 19,362
Total gains and losses recognised since last 29,689 29,114
annual report
Reconciliation of Historical Cost Profits & Losses...
For the year ended 31 December 1998
1998 1997
#000 #000
Profit for the financial year 10,093 9,752
Realisation of property revaluation gains and 2,476 (1,243)
losses of previous years
Historical cost profit for the financial year 12,569 8,509
Reconciliation of Movements in Shareholders' Funds...
for the year ended 31 December 1998
1998 1997
#000 #000
Profit for the financial year 10,093 9,752
Dividends (3,406) (6,473)
6,687 3,279
Other recognised gains/(losses) relating to the year 19,596 19,362
New share capital issued 3,787 3,097
Share buyback (3,614) -
Expenses of share issue (9) (6)
Net additions to shareholders' funds 26,447 25,732
Opening shareholders' funds 181,123 155,391
Closing shareholders' funds 207,570 181,123
END
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