REG - Inland Homes PLC - Final Results <Origin Href="QuoteRef">ILND.L</Origin> - Part 4

Inland HomesAnnouncement

28/09/2017 07:07

- Part 4: For the preceding part double click  ID:nRSb0282Sc 

Directors. Further details of this can
be found in the Directors' Remuneration Report. The Company has used the Monte Carlo simulation technique to determine the
fair value of the grant of the awards as the outcome of the performance targets depends on the Parent Company's share
price. 
 
Volatility was calculated using historical share price information. No share options or Growth Shares were issued in the
current year or prior year. 
 
The charge calculated for the year ended 30 June 2017 is £463,000 (2016: £665,000) with a corresponding deferred tax asset
at that date of £87,000 (2016: £126,000). 
 
Volatility was assessed using the closing prices on the first business day of each month over the period since the shares
have been listed. 
 
A reconciliation of option movements over the year ended 30 June 2017 is shown below: 
 
                                Number  Weighted average exercise price  
                                 000s   pence                            
 Outstanding at 30 June 2015    4,080   30.61p                           
 Granted during the year        -       -                                
 Outstanding at 30 June 2016    4,080   30.61p                           
 Lapsed during the year         (45)    70.25p                           
 Exercised during the year      (855)   45.51p                           
 Outstanding at 30 June 2017    3,180   27.60p                           
 Exercisable at 30 June 2017    2,815   20.30p                           
 Exercisable at 30 June 2016    3,670   20.57p                           
 
 
In addition to the share options in the above table, there were 11,350,504 ordinary shares exchangeable for the Growth
Shares outstanding, issued in December 2013, that do not have an exercise price but are subject to vesting conditions. 
 
At 30 June 2017, outstanding share options granted over 10p ordinary shares were as follows: 
 
 Share option scheme  Option price pence  Number     Dates exercisable                     
 Company unapproved   16.5p               580,000    17 December 2012 to 16 December 2019  
 Company unapproved   18.25p              1,500,000  22 November 2013 to 21 November 2020  
 Company unapproved   17.5p               245,000    25 June 2015 to 24 June 2022          
 Company unapproved   32.5p               490,000    18 June 2016 to 17 June 2023          
 Company unapproved   70.25p              365,000    22 June 2018 to 21 June 2025          
 
 
The weighted average remaining life of share options outstanding at 30 June 2017 is four years and 3 months. 
 
 12. TRADE AND OTHER PAYABLES                                   
                                                                
                                                        2017    2016           
                                                        £000    £000 restated  
 Trade payables                                         7,255   3,871          
 Other creditors                                        6,296   4,687          
 Social security, other taxes and VAT                   1,767   3,770          
 Corporation tax                                        6,532   7,618          
 Provisions                                             -       943            
 Accruals and deferred income                           5,219   5,385          
 Deferred tax due in more than one year                 2,026   960            
 Other creditors falling due in more than one year      -       2,679          
                                                        29,095  29,913         
 
 
 13. OTHER FINANCIAL LIABILITIES                                                                     
                                                                              2017    2016           
                                                                              £000    £000 restated  
 Purchase consideration on inventories falling due within one year    20,130  22,369  
 Zero Dividend Preference shares                                              17,291  14,607         
                                                                              37,421  36,976         
 
 
14. PRIOR YEAR ADJUSTMENTS 
 
During the year the Directors reviewed properties held within inventories and are now of the opinion that given the
complexity and the nature of the developments at Wilton Park and Cheshunt it is more appropriate to capitalise interest in
accordance with IAS 23 Borrowing Costs in relation to the properties at Wilton Park and in the Cheshunt joint venture.
Further information on this assessment can be found in note 1. A prior year adjustment of £1,298,000 has also been made to
recognise an additional deferred tax liability relating to the revaluation gains on investment properties following a
review of the Group's capital losses available for set off against future capital gains that were erroneously calculated in
the prior year. The financial impact of these adjustments is shown below: 
 
                                                     As previously stated  Adjustments  Restated      
                                                     2016                  2015         2016          2015                         2016                         2015     
                                                     £000                  £000         £000          £000                         £000                          £000    
                                                                                        Deferred tax  Capitalis-ation of interest  Capitalis-ation of interest                    
 Group Income Statement                                                                                                                                                           
 - net interest                                      (6,948)               (8,172)      -             849                          691                          (6,099)  (7,481)  
 - profit before tax                                 32,884                34,163       -             849                          691                          33,733   34,854   
 - income tax                                        (3,543)               (5,078)      (1,298)       -                            -                            (4,841)  (5,078)  
 - profit after tax                                  29,341                28,950       (1,298)       849                          691                          28,892   29,641   
                                                                                                                                                                                  
 Earnings per share                                                                                                                                                               
 - basic earnings per share in pence                 14.23                 14.67        (0.64)        0.42                         0.34                         14.01    15.01    
 - diluted earnings per share in pence               13.60                 14.20        (0.61)        0.40                         0.33                         13.39    14.53    
                                                                                                                                                                                  
 Group Statement of Financial Position                                                                                                                                            
 - deferred tax asset due in more than one year      338                   548          (338)         -                            -                            -        548      
 - total non-current assets                          54,801                39,669       (338)         -                            -                            54,463   39,669   
 - inventories                                       146,825               121,031      -             1,613                        764                          148,438  121,795  
 - total current assets                              183,840               150,407      -             1,613                        764                          185,453  151,171  
 - retained earnings                                 56,372                28,806       (1,298)       1,613                        764                          56,687   29,570   
 - total equity attributable to shareholders         116,032               88,797       (1,298)       1,613                        764                          116,347  89,561   
 - deferred tax liability due in more than one year  -                     -            960           -                            -                            960      -        
 - total non-current liabilities                     33,821                25,001       960           -                            -                            34,781   25,001   
 - total equity and liabilities                      238,641               190,076      (338)         1,613                        764                          239,916  190,840  
                                                                                                                                                                                  
 Group Statement of Cash Flows                                                                                                                                                    
 - profit for the year before tax                    32,884                34,163                     849                          691                          33,733   34,854   
 - interest expense                                  7,425                 8,373                      (849)                        (691)                        6,576    7,682    
 
 
15. PUBLICATION OF NON-STATUTORY ACCOUNTS 
 
The financial information does not constitute the Company's statutory accounts for either the year ended 30 June 2017 or
the year ended 30 June 2016, but is derived from those accounts. The Company's statutory accounts for 2016 have been
delivered to the Registrar of Companies and those for 2017 will be delivered following the Company's Annual General
Meeting. The Auditor's reports on both the 2016 and 2017 accounts were unqualified, did not draw attention to any matters
by way of an emphasis of matter and did not contain any statement under Section 498(2) or 498(3) of the Companies Act
2006. 
 
This statement is not being posted to shareholders. The Annual Report and Financial Statements will be posted to
shareholders shortly. A copy will also be available on the Company's website, www.inlandhomesplc.com in due course. Further
copies are available on request to the Company Secretary at Inland Homes plc. 
 
This information is provided by RNS
The company news service from the London Stock Exchange