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

Town Centre SecuritiesAnnouncement

29/10/2014 12:23

RNS Number : 8639R
Town Centre Securities PLC
17 September 2014
For immediate release 
Wednesday 17 September 2014
TOWN CENTRE SECURITIES PLC
Final results for the year ended 30 June 2014
Town Centre Securities PLC ("TCS"), the Leeds based property investment, development and car parking company, today announces its unaudited final results for the year ended 30 June 2014.
Financial highlights
 Underlying* profit before tax 7.6m (2013: 7.4m)
 Underlying* earnings per share 14.4p (2013: 13.7p)
 Net assets per share 308p(2013: 267p); discount to net asset value of 25.3% at last night's closing share price of 230p
 Triple net assets per share 320p (2013: 285p per share); discount to triple net asset value of 28.1%
 Total dividends per share 10.44p (2013: 10.44p); proposed final dividend unchanged at 7.34p (2013: 7.34p)
 Statutory profit before tax (including revaluation gains) 27.4m (2013: 3.6m)
 Basic earnings per share (including revaluation gains) 51.6p (2013: 6.7p)
*Excluding valuation movement
Operational highlights
 Another strong year's earnings
 15.3% growth in net assets per share on the back of 10% like for like portfolio growth
 Total shareholder return over 19%
 Dividends unchanged at 10.44p per share
 Good progress with Merrion Centre on New Front. Car Park upgrade underway
 Morrisons lease renewed with 20% increase in the size of the store
 Land acquired at Milngavie and development of a Waitrose supermarket underway
 Property sales 8.9m with a further 7.5m completed in July
 Apperley Bridge, value now 4.5m (2013: 2.8m), to be sold this year
 Car park profit up 5% and first acquisition completed
Commenting on the results, Chairman and Chief Executive Edward Ziff, said:
"We have produced another strong trading performance and our properties are now starting to show some of the growth which we have seen in London recently.
Our returns to shareholders are showing the benefit of our continuing intensive management and regular churning of the portfolio. Recent letting deals in the Merrion Centre have been exceptional and we have seen excellent growth in value as well. The car park business has also out performed. We remain conservatively funded and committed to delivering superior cash returns to shareholders"
For further information, please contact:
Town Centre Securities PLC
www.tcs-plc.com
Edward Ziff, Chairman and Chief Executive
0113 222 1234
Duncan Syers, Finance Director
MHP Communications
Reg Hoare / Adam Leviton
020 3128 8100
Chairman and Chief Executive's statement
Introduction
I have now worked in Town Centre for 33 years and this is my eleventh year as Chairman. Throughout that time our strategy has been clear and constant - to produce exceptional cash returns for shareholders. We are extremely proud of our achievements - an investment of 1,000 in 1969 would now be worth 562,700. Against a sector average of 297,900 this is the 3rd best out of 12 comparable property companies.
These returns have been achieved through a combination of intensive management of our assets along with a conservative management style. We have extensively churned the portfolio in recent years to ensure that our funds are invested where there is likely to be growth. Our property management team have completed 184 transactions in the year in the process of maximising returns from the portfolio.
Portfolio performance
The like for like increase in value of our investment portfolio this year has been 10% which reflects an initial yield of 6.4% (2013: 7.2%) and a reversionary yield of 7.4% (2013: 7.5%). The total return from the portfolio is in line with the IPD index for all properties at 17.6%.
The strongest performing property was the Merrion Centre with a 16.3% increase in capital value and growth of over 1m pa in both passing rent and ERV, reflecting the benefit of the capital expenditure during the year. Overall the ERV has grown by 15% (3m) to 22.7m.
After including acquisitions and developments the portfolio at the year end stood at 325.2m (2013: 301.0m). The current occupancy rate is 97.5%.
Results
Our underlying profit before tax and exceptional items of 7.6m (2013: 7.3m) (excluding property revaluation) is ahead of expectations. Both the property and the car park businesses are ahead of the prior year.
We report a statutory profit for the year, after revaluation, of 27.4m (2013: 3.6m) which reflects the property revaluation surplus of 19.8m this year (2013 deficit 3.8m). On a like for like basis the investment portfolio showed an increase in value of 27m or 9.9%.
Underlying earnings per share were 14.4p (2013: 13.7p). Basic earnings per share (including the property valuation surplus) were 51.6p (2013: 6.7p).
Net assets at 30 June 2014 were 163.9m, representing 308 pence per share (2013: 141.9m, 267 pence per share). Triple net asset value was 170.4m, representing 320 pence per share (2013: 156.1m, 285 pence per share), the change reflecting principally the valuation gains this year.
Dividend
The Board is recommending a final dividend of 7.34 pence per share, which, together with the interim dividend of 3.1 pence per share, provides an unchanged total dividend of 10.44 pence per share. The final dividend will be paid on 5 January 2015 to shareholders on the register on 5 December 2014.
Funding
Net debt at 30 June 2014 amounted to 160.5m (2013: 158.4m). This comprised 106.1m of 5.375% First Mortgage Debenture Stock 2031 and 54.4m of revolving credit facilities and overdrafts. Gearing stands at 97.9% (2013: 112%) and borrowings represent 49.4% of property values (2013: 52.6%)
Following the completion of a 10m extension of our facility with RBS to fund the Milngavie development, the company retains revolving credit facilities of 100m (expiring 2015/16) and an overdraft facility of 5m. Our interest cover was 2.01 times (2013: 1.95 times)
Property portfolio
Merrion Centre - this has been a special year for the Merrion Centre which celebrated its 50th anniversary in May and is very much at the heart of our portfolio being by far our largest asset. We continue to see good returns on our refurbishment and investment programme with our Arena Quarter retail, leisure and car park project (the New Front) opposite the new First Direct Arena nearing completion with further expenditure of 6.5m this year bringing the total to 9.4m. We leased a further four units, renewed the lease on MFA Bowl and as a result, 76% of the rental income is now secured on an average weighted unexpired term of 13.6 years. Interest in the remaining units is strong with the adjoining new Leeds Arena building upon an excellent first year hosting a diverse range of international concerts (from artists including: Prince, Bruce Springsteen, Andrea Bocelli, Rod Stewart and Elton John) family shows (Cirque du Soleil, Strictly Come Dancing, Ant and Dec) to national conferences for Teach First and sports events including BBC's Sports Personality of the Year and the launch of the Grand Depart to the Tour de France. The additional 7.6m refurbishment of the multi storey car park began in February and is scheduled to complete in December this year.
I am also delighted to announce that we have agreed a significant lease renewal with Morrisons. This will result in an expansion of their store by around 20% and will add approximately 500,000 pa to rental income. The transaction relocates Peacocks and 3 Store within the Centre significantly improving the overall retail offering.
We continue to work with Leeds City Council on Merrion House; the deal we have agreed will lead to the construction of 50,000 sq ft of new office space together with a complete refurbishment of the existing offices creating 170,000 sq ft of purpose designed space for their occupation. Upon completion the Council will take a new long lease and become a co-owner. The valuation of TCS' share of the asset will significantly increase as well as adding around 250,000 pa to rental income. Construction is scheduled to commence in 2015 for occupation in 2017.
We have other schemes coming through at Merrion and we continue to manage the income intensively. During the year in addition to the New Front, we completed 22 new leases and other transactions taking the non-car park income from 7,156,000 to 7,491,000 maintaining an average occupancy level of over 98%. There are now:
 Over 130 leases and licences with an average weighted unexpired term of 11.4 years
 10 tenants including Leeds City Council that produce 62% of total income with an average weighted unexpired term of 14.6 years
Scotland - We regard ourselves as one of the few quoted property companies with specialist knowledge actively investing in provincial property in the North of England and Scotland. In these markets local know-how is crucial to delivering above average returns.
We await the outcome of the independence referendum in Scotland where we have 65m of investment property principally in Glasgow and Edinburgh. In the most part these properties are prime and very well let so we remain confident that their quality will ensure long term performance. Given the uncertainty created by the vote, during the last 12 months we have disposed of approximately 20% of the portfolio at prices in excess of book value to ensure that those properties that remain will perform whatever the outcome.
As testament to our confidence and commitment we have progressed our development in Milngavie near Glasgow of a 36,500 sq ft foodstore let to Waitrose with construction due for completion in late spring 2015. This will add over 10m to our current portfolio.
Residential Development - we obtained planning consent for our residential scheme at Apperley Bridge near Leeds. Demolition and site preparation is now nearing completion and we will report further progress in due course.
Whitehall Riverside - we have detailed planning consent for a 128 bedroom hotel and outline consent for 600,000 sq ft of mixed use development including 3 eight storey office buildings and a 500 space multi-storey car park. Tenant demand is growing as there is little or no grade A space with 25,000 sq ft floor plates available in Leeds. We are pursuing a number of preliminary discussions as we continue to maximise our development gain.
Property sales - we have sold 5 properties in Scotland this year for a total of 8.9m which is around 250,000 in excess of book value. We also exchanged a contract for the sale of 6/7 Park Row Leeds for 7.5m during the year with completion in July. There was an imminent lease expiry at this property which would have necessitated a significant refurbishment and as a result of the sale we have seen a total return of nearly 20% during our period of ownership.
These sales were at a blended yield of 8% so they will impact on income in future years; we believe that they had stagnated in value and income terms so the funds will be better utilised elsewhere.
Property acquisitions - we have added a property in Holloway Road London to our portfolio of suburban shops let to excellent covenants and, immediately after the year end we completed the purchase of a retail/office investment in Duke Street London W1 for 3.1m.
Car parking
Car parking revenue has increased by 4% to 5.1m and profit is up to 2.6m. Performance has been strong at Whitehall Road, Leeds (due to contraction of supply) and Manchester (due to increased business contracts). Revenue has decreased at Merrion due to the refurbishment works although the disruption has been minimised through intensive management. We are scheduled to complete the works in December this year and we will be aggressively marketing what will be one of the best car parks in Leeds.
We are also re-branding the business this year as CitiPark and we made our first acquisition of a 600 space multi-storey car park in Ilford. We acquired a long leasehold interest for 2.5m and we are currently upgrading it with a new parking management system. We will be controlling the operations from our 24/7 control room in Leeds to minimise local overheads and maximise customer service. We have a number of further deals in the pipeline and expect the portfolio to expand significantly over the next year.
We will also be upgrading the Manchester car park this year after which all of our branches will have state of the art technological systems. This will be our model for our future expansion.
Outlook
As we emerge from the problems of recent years we are seeing some extraordinary figures emanating from London and the South East. While we have seen growth in the regions it has been and remains patchy.
In this environment it is extremely important to keep focused on hands-on intensive management, to be selective in acquisitions and to sell assets which do not fit this strategy.
We expect to see continued growth from the Merrion Centre as we continue with its regeneration and we are optimistic about our Scottish portfolio once the disruption from the referendum settles down. Manchester as a city remains active and we hope to make further progress this year. We have also started investing selectively in London, particularly in suburban shops.
We expect to see good performance from all these sectors this year along with the expansion of the car park business; and we look forward to continuing to provide shareholders with above average cash returns.
As ever, I would like to thank our loyal and dedicated staff for their commitment to Town Centre Securities PLC. They remain focused on maintaining and creating value on behalf of our shareholders.
Edward M Ziff
Chairman and Chief Executive
17 September 2014








INCOME ANALYSIS

Passing rent
Proportion of 
ERV
Initial yield
Reversionary 



m
portfolio %


Yield








Retail and Leisure
4.5
23.0%
5.2
5.8%
6.6%
Merrion Centre (excl offices)
7.8
40.0%
8.4
7.5%
8.1%
Office
4.3
22.0%
4.4
6.4%
6.5%
Out of Town Retail
2.5
12.9%
4.3
5.2%
8.9%
Residential
0.4
2.1%
0.4
4.8%
4.9%








Let portfolio
19.5
100.0%
22.7
6.4%
7.4%






























PORTFOLIO PERFORMANCE
Value
Proportion of 
Valuation 
LIKE FOR LIKE

m
Portfolio %
Movement %






Retail and Leisure

 73.9 
24.6%
5.9%
Merrion Centre (excl offices)

 98.0 
32.6%
23.3%
Office


 63.6 
21.1%
5.2%
Out of Town Retail

 45.9 
15.2%
2.2%
Residential and car parking

 19.7 
6.5%
1.4%






Total Portfolio

 301.0 
100%
9.9%





.
RENT ROLL BY LEASE EXPIRY AND VOIDS







Analysis by lease expiry




0-5 years
5-10 years
Over 10 years
Retail & Leisure


30.8%
52.9%
16.3%
Shopping Centres


25.0%
41.6%
33.4%
Office



31.9%
36.9%
31.1%
Out of Town Retail


22.6%
77.4%
0.0%







Total Portfolio


27.5%
49.0%
23.5%













GEOGRAPHICAL SPLIT BY LOCATION



INCLUDING ACQUISITIONS








m
% by value
Leeds City Region



 195.8 
62.0%
Greater Manchester


 46.5 
14.7%
Glasgow and Edinburgh


 65.3 
20.7%
London



 8.1 
2.6%












Total Portfolio


315.6
100.0%






TOP 10 TENANTS










- Passing Rent 1m+

Leeds City Council
- Between 500k - 1m

Wm Morrison



Waitrose



Homebase



Matalan



Lloyds Bank Plc



Pure Gym
- Between 250k - 500K

Stepchange



Aldi 



Dune Group Ltd






Consolidated income statement




for the year ended 30 June 2014











2014
2013


Notes
'000
'000

Gross revenue

 22,633 
 22,427 

Property expenses
[2]
 (3,679)
 (3,879)

Net revenue

 18,954 
 18,548 

Administrative expenses
[3]
 (4,679)
 (4,183)

Other income

 852 
 734 

Valuation movement on investment properties

 19,805 
 (3,806)

Operating profit

 34,932 
 11,293 

Finance costs

 (7,585)
 (7,676)

Share of post tax profits from joint ventures

 87 
 (54)

Profit before taxation

 27,434 
 3,563 

Taxation
[4]
 - 
 (5)

Profit for the year attributable to owners of the Parent

 27,434 
 3,558 

Earnings per ordinary share of 25p each




Basic
[5]
51.6p
6.7p

Diluted
[5]
51.6p 
6.7p

Underlying (non-GAAP measures)
[5]
14.4p
13.7p

Dividends per ordinary share




Paid during the year

10.44p
10.44p

Proposed

7.34p
7.34p





















Consolidated statement of comprehensive income

for the year ended 30 June 2014
















2014
2013


Notes
'000
'000

Profit for the year

 27,434 
 3,558 

Other comprehensive income




Revaluation gain on cash flow hedges

298
 237 

Revaluation gains on other investments

 112 
 20 

Total comprehensive income for the year

 27,844 
 3,815 

All recognised income for the year is attributable to owners of the Parent.

















Consolidated balance sheet




as at 30 June 2014











2014
2013


Notes
'000
'000

Non-current assets




Investment properties
[8]
 317,696 
 301,037 

Fixtures, equipment and motor vehicles
[8]
 1,112 
 904 

Investments in joint ventures

 1,748 
 1,662 

Unamortised tenant lease incentives

 3,789 
 3,705 

Total non-current assets

 324,345 
 307,308 

Current assets




Non Current assets held for sale

 7,500 


Investments

 1,734 
 1,766 

Trade and other receivables

 4,705 
 4,190 

Total current assets

 13,939 
 5,956 

Total assets

 338,284 
 313,264 

Current liabilities




Trade and other payables

 (13,908)
 (12,691)

Financial liabilities - borrowings

 (1,845)
 (3,688)

Derivative financial instruments


 (298)

Total current liabilities

 (15,753)
 (16,677)

Net current liabilities

 (1,814)
 (10,721)

Non-current liabilities




Financial liabilities - borrowings

 (158,660)
 (154,684)

Total non-current liabilities

 (158,660)
 (154,684)

Total liabilities

 (174,413)
 (171,361)

Net assets

 163,871 
 141,903 

Equity attributable to the owners of the Parent




Called up share capital

 13,290 
 13,290 

Share premium account

 200 
 200 

Other reserves

 559 
 261 

Retained earnings

 149,822 
 128,152 

Total equity

 163,871 
 141,903 

Net assets per share

308p
267p












Consolidated statement of changes in equity




as at 30 June 2014















Share

Capital



Share
premium
Hedging
redemption
Retained
Total

capital
account
Reserve[1]
Reserve[1]
earnings
equity

'000
'000
'000
'000
'000
'000
Balance at 1 July 2013
 13,290 
 200 
 (298)
 559 
 128,152 
 141,903 
Profit for the year




 27,434 
 27,434 
Other comprehensive income:





 - 
- Revaluation gain on cash flow hedge


298


 - 
- Revaluation gains on other investments




 112 
 112 
Total comprehensive income
 - 
 - 
 298
 - 
 27,546 
 27,844 
for the year ended 30 June 2014





 - 
Other adjustments





 
Final dividend relating to the year




 (3,902)
 (3,902)
ended 30 June 2013 paid in January 2014





 
Interim dividend relating to the year




 (1,974)
 (1,974)
ended 30 June 2014 paid in June 2014





 








 - 
 - 
 - 
 - 
 (5,876)
 (5,578)
Balance at 30 June 2014
 13,290 
 200 
 -
 559 
 149,822 
 163,871 












Consolidated cash flow statement





for the year ended 30 June 2014















2014

2013

Notes
000
000

000
000
Cash flows from operating activities






Cash generated from operations 
[10]
 14,938 


 14,977 

Interest Received/Paid

 (7,585)


 (7,861)

Tax paid

 - 


 (5)

Net cash generated from operating activities


 7,353 


 7,111 
Cash flows from investing activities






Purchases and refurbishment of investment properties

 (13,215)


 (12,406)

Acquisition of shares in Apperley Bridge Limited

 - 


 (1,370)

Settlement of Apperley Bridge Limited Obligations

 - 


 (1,000)

Purchases of plant and equipment

 (490)


 (389)

Proceeds from sale of investment properties

 9,010 


 2,496 

Other Sundry Items

 - 


 101 

Net cash (used in)/generated from investing activities


 (4,695)


 (12,669)
Cash flows from financing activities






Proceeds from other non-current borrowings

 970 


 8,900 

Dividends paid to shareholders

 (5,085)


 (4,787)

Net cash generated from/(used in) financing activities


 (4,115)


 4,113 
Net increase in cash and cash equivalents


 (1,457)


 (1,344)
Cash and cash equivalents at 1 July


 (388)


 956 
Cash and cash equivalents at 30 June


 (1,845)


 (388)


Segment assets







2014
2013





000
000




Property rental
 302,775 
 300,835 




Car park operations
 13,621 
 12,429 





 316,396 
 313,264 












Segmental results








2014

2013

Property
Car park


Property
Car park


rental
operations
Total

rental
operations
Total

000
000
000

000
000
000
Gross revenue
 17,532 
 5,101 
 22,633 

 17,499 
 4,928 
 22,427 
Property expenses
 (1,634)
 (2,045)
 (3,679)

 (1,815)
 (2,064)
 (3,879)
Net revenue
 15,898 
 3,056 
 18,954 

 15,684 
 2,864 
 18,548 
Administrative expenses
 (4,259)
 (420)
 (4,679)

 (3,830)
 (353)
 (4,183)
Other income
 852 
 - 
 852 

 732 
 2 
 734 
Property valuation movement
 20,155 
 (350)
 19,805 

 (1,816)
 (1,990)
 (3,806)
Operating profit
 32,646 
 2,286 
 34,932 

 10,770 
 523 
 11,293 
Finance Income/costs
 (7,585)
 - 
 (7,585)

 (7,676)
 - 
 (7,676)
Share of post tax profits from joint ventures
 87 
 - 
 87 

 (54)
 - 
 (54)
(Loss)/profit before taxation
 25,148 
 2,286 
 27,434 

 3,040 
 523 
 3,563 
Taxation charge
 - 
 - 
 - 

 (5)
 - 
 (5)
(Loss)/profit for the year
 25,148 
 2,286 
 27,434 

 3,035 
 523 
 3,558 
All results are derived from the UK.







2. Administrative expenses



2014
2013

000
000
Employee benefits
 3,086 
 2,817 
Depreciation
 203 
 186 
Charitable donations
 108 
 91 
Other
 1,282 
 1,089 

 4,679 
 4,183 






3. Taxation



2014
 2,013 

000
000
Analysis of tax charge in year


Current tax:


- Adjustment in respect of previous years
 - 
 5 
Total taxation
 - 
 5 



4. Underlying Profit/Earnings per share (EPS)







To assist shareholders in understanding the underlying results and compare to those results in previous accounting periods, adjustments made to the profit before taxation are:









2014

2013


Weighted



Weighted



average



average



number of
Earnings


number of
Earnings

Earnings
shares
per share

Earnings
shares
per share

0
0
p

000
0
p
Basic/Diluted Profit/EPS
 27,434 
 53,162 
 51.6 

 3,558 
 52,967 
 6.7 
Valuation deficit/(surplus) on investment and development properties
 (19,805)

 (37.3)

 3,806 
 - 
 7.2 
Underlying Profit/EPS
 7,629 
 53,162 
 14.4 

 7,364 
 52,967 
 13.9 
The 2013 underlying profit/EPS has increased by 89,000/0.2p per share as immaterial adjustments have been removed from the calculation








5. Dividends



2014
2013

000
000
2012 final paid: 7.34p per 25p share

 3,902 
2013 interim paid: 3.10p per 25p share

 1,648 
2013 final paid: 7.34p per 25p share
 3,902 

2014 interim paid: 3.10p per 25p share 
 1,974 


 5,876 
 5,550 



6. Non-current assets




(a) Investment properties






Long



Freehold
leasehold
Development
Total

000
000
000
000
Valuation at 1 July 2013 - investment properties
274,116 
13,360 
13,561 
 301,037 
Investment property refurbishment
10,071 
 
2,639 
 505 
13,215 
Disposals
 (8,861)
 - 

 (8,861)
Transfer of Assets held for sale
 (7,500)


 (7,500)
Transfer of Apperley Bridge
 (4,500)

 4,500 
 
- 
Valuation movement
 
19,891 
 (78)
 
(8)
19,805 
Valuation at 30 June 2014
 283,217 
15,921 
 
18,558 
317,696 
The fair value of the group's investment and development properties has been determined principally by independent, appropriately qualified external valuers Jones Lang LaSalle (in respect of 109,030,000) and CB Richard Ellis (in respect of 180,750,000 of investment properties and 7,500,000 shown in assets held for sale). The remainder of the portfolio comprising 27,916,000 of development properties have been valued by the Property Director.
Valuations are performed bi-annually and are performed consistently across all properties in the group's portfolio. At each reporting date appropriately qualified employees verify all significant inputs and review computational outputs. Valuers submit and present summary reports to the Property Director and the Board on the outcome of each valuation round.
Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates and selling costs including stamp duty.
The development properties principally comprise land in Leeds and Manchester; these have been valued taking into account the income from car parking and the Property Director's assessment of their realisable value in their existing state and condition based on market evidence of comparable transactions.
The Property Director's valuation of residential property acquired for potential development is supported by market evidence available as at 30 June 2014.
The valuation of investment properties includes 0.02m (2013: 0.1m) in respect of borrowing costs capitalised during the year.
Investment properties are analysed as follows:



2014
2013

000
000
Investment property (externally valued)
 289,780 
 279,304 
Development properties 
18,558 
13,561
Residential property acquired for potential development
3,804 
3,804 
Other
5,554 
4,368 

 317,696 
301,037 



(b) Fixtures, equipment and motor vehicles




Accumulated

Cost
depreciation

000
000
At 1 July 2013
 3,281 
 2,377 
Additions
 490 
 - 
Depreciation
 - 
 282 
At 30 June 2014
 3,771 
 2,659 
Net book value at 30 June 2014

 1,112 
7. Share capital
Authorised
164,879,000 (2013: 164,879,000) ordinary shares of 25p each. 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 [25]p each
0
000
At 30 June 2013
 53,162 
 13,290 
Issued on take up of share options


At 30 June 2014
 53,162 
 13,290 






8. Cash flow from operating activities



2014
2013

000
000
Profit for the financial year
 27,434 
 3,558 
Adjustments for:


- Tax charge
- 
5 
- Depreciation
 282 
 223 
- Profit on disposal of investment properties
 59 
 4 
- Profit on disposal of listed investments
 (140)
 (85)
- Gain on acquisition of subsidiary
- 
 (41)
- Profit on disposal of development properties
- 
- 
- Profit on disposal of other fixed assets
- 
 (3)
- Finance expense
 7,585 
 7,676 
- Share of joint venture profits after tax
 87 
 54 
- Movement in valuation of investment and development properties
 (19,805)
 3,806 
- Increase in receivables
 (678)
 (266)
- Increase/(decrease) in payables
 114 
 46 
Cash generated from operations
 14,938 
 14,977 
9. "Triple" net asset value per share






To assist shareholders in understanding the results, the table below shows how the "triple" net asset value was arrived at:

2014
2013

000
000
Closing net assets
 163,871 
141,903 
Less: debenture issue premium
 (190)
 (201)
Add: debenture mark to market after tax
 6,737 
 9,881 

 170,418 
151,583 
Shares in issue (000)
 53,162 
 53,162 
"Triple" net asset value per share
320p 
285p 

This information is provided by RNS
The company news service from the London Stock Exchange
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