DJ Conygar Investment Company PLC(The) Interim Results
Interim Results for the six months ended 31 March 2016
Highlights
— Net asset value per share 201.0p at 31 March 2016 decreased from 203.3p at 30 September 2015. EPRA NAV per share decreased 1.1% to 201.0p from 203.2p.
— The development pipeline is advancing. The Haverfordwest infrastructure works have completed and we are making significant progress on the approvals for the other projects.
— Acquired a 9.96 acre site from Sainsbury's at Cross Hands, west of Swansea, for GBP2.25 million plus an overage provision, and the 203 acre freehold of the former gas storage facility site near Rhosgoch, Anglesey, for GBP3 million.
— In April 2016, completed the refinancing of the TAPP, TOPP and Lamont portfolios with a new GBP48.1 million facility with Lloyds Bank, Jersey, releasing GBP21 million after repayment of the two existing RBS loans and transaction costs.
— Total cash available for acquisitions and development funding of GBP60 million after the refinancing in April 2016. Net debt of GBP26.1 million as at March 2016, representing gearing of 16.8% against net asset value and 20.6% on loan to value basis. Post refinancing, net debt of GBP27.2 million representing gearing of 17.5% against net asset value and 21.4% on loan to value basis.
— Investment property portfolio valuation of GBP126.7 million at 31 March 2016. Due to a fall in the value of our asset in Aberdeen, there is a reduction of GBP2.4 million on a like for like basis.
— Disposed of three investment properties in the period for a total consideration of GBP5.4 million after costs, a deficit of GBP0.1 million to the September 2015 valuation.
— Bought back 5.3 million shares (6.4% of ordinary share capital) at an average price of 167 pence per share, enhancing NAV per share by 2.5p.
Summary Group Net Assets as at 31 March 2016
Per Share
GBP'm p
Investment Properties 126.7 164.1
Investment Properties Under Construction 9.0 11.6
Development Projects 46.2 59.8
Cash 41.6 53.9
Other Net Liabilities (1.0) (1.3)
——- ———-
222.5 288.1
ZDP Liability (33.4) (43.2)
Bank Loans (33.9) (43.9)
Net Assets 155.2 201.0
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Robert Ware, Chief Executive, commented:
“We envisage that the markets we trade in will be volatile over the summer months, and potentially the rest of this year, due to the EU referendum, continuing economic problems in the Eurozone and the US presidential election and we are cautious about the growth prospects of the UK economy over the medium term.
Historically, we have performed strongly in difficult markets and following the recent refinancing of a large portion of the investment property portfolio, we hold cash of more than GBP60 million and are therefore well positioned to take advantage of opportunities, should they arise.”