REG - Town Centre Secs. - Final Results <Origin Href="QuoteRef">TCSC.L</Origin> - Part 2

Town Centre SecuritiesAnnouncement

17/09/2015 07:00

- Part 2: For the preceding part double click  ID:nRSQ3085Za 

          
 Disposals                                   (160)  (32)            
 Depreciation                                -      302             
 At 30 June 2015                             4,143  2,929           
 Net book value at 30 June 2015                     1,214           
 
 
7. Investments in joint ventures 
 
                             2015    2014   
                             £000    £000   
 Interest in joint ventures                 
 Opening balance             1,748   1,661  
 Additions                   12,487  -      
 Share of profits after tax  5,109   87     
 At 30 June                  19,344  1,748  
 
 
The Group's share of the joint ventures' net assets are as stated below: 
 
                          2015    2014   
                          £000    £000   
 Non-current assets       19,194  1,661  
 Current assets           182     154    
 Current liabilities      (32)    (65)   
 Non-current liabilities  -       (2)    
 At 30 June               19,344  1,748  
 
 
The Group's share of the joint ventures' post tax profits are as stated
below: 
 
                                                   2015   2014   
                                                   £000   £000   
 Income                                            138    223    
 Expenses                                          (31)   (125)  
 Tax                                               (11)   (11)   
                                                   96     87     
 Increase in revaluation of investment properties  5,013  -      
 Share of post tax profits from joint ventures     5,109  87     
 
 
 8. Share capital                                                                                                                                                                              
 Authorised                                                                                                                                                                                    
 The authorised share capital of the company is164,879,000 (2013: 164,879,000) ordinary shares of 25p each. The nominal value of authorised share capital is £41,219,750 (2013: £41,219,750).  
 Issued and fully paid                                                                                                                                                                                               
                                                                                                                                                                                               Number of  Nominal    
                                                                                                                                                                                               shares     value      
 Ordinary shares of 25p each                                                                                                                                                                              £000       
 At 30 June 2014 and 30 June 2015                                                                                                                                                              53,162     13,290     
                                                                                                                                                                                                                     
 
 
 9. Cash flow from operating activities                                                
                                                                   2015      2014      
                                                                   £000      £000      
 Profit for the financial year                                     24,003    27,434    
 Adjustments for:                                                                      
 - Depreciation                                                    302       282       
 - (Profit)/loss on disposal of investment properties              (236)     59        
 - Loss on disposal of investment properties into joint ventures   2,488     -         
 - Profit on disposal of listed investments                        -         (140)     
 - Finance costs                                                   7,258     7,585     
 - Share of post tax profits from joint venture                    (5,109)   (87)      
 - Movement in valuation of investment and development properties  (14,791)  (19,805)  
 - Increase in receivables                                         (2,345)   (598)     
 - (Decrease)/increase in payables                                 (1,620)   934       
 Cash generated from operations                                    9,950     15,664    
 
 
 10. Adjusted net asset value per share                                                                                                                 
 To assist shareholders in understanding the results, the table below shows how the adjusted net asset value was arrived at:           
                                                                                                                              2015     2014       
                                                                                                                              £000     £000       
 Net assets at 30 June                                                                                                        182,878  163,871    
 Less: debenture issue premium                                                                                                (179)    (190)      
 Add: debenture mark to market after tax                                                                                      305      6,737      
                                                                                                                              183,004  170,418    
 Shares in issue (000)                                                                                                        53,162   53,162     
 Adjusted net asset value per share                                                                                           344p     320p       
                                                                                                                                                          
 
 
This information is provided by RNS
The company news service from the London Stock Exchange