RNS Number:5325J
CLS Holdings PLC
6 September 2001
For release: 0700 hours, 6th September 2001
CLS Holdings plc
Interim Report 2001
Highlights
* NAV per share of 337.0 pence, up 3.5 per cent since 31 December 2000
* Further distribution of #5.1million proposed by way of tender offer
buy-back on the basis of 1 for 60 at 285 pence per share
* Cash at bank at 30 June 2001 of #79.2 million (30 June 2000: #31.5
million)
* Profit before tax #7.4 million (#13.1 million for the period to 30 June
2000)
Sten Mortstedt, Executive Chairman, commented,
" We continue to grow the Net Asset Value of the company and we have
substantial cash reserves which will fund our future expansion plans."
For further information please contact:-
Sten Mortstedt 020 7582 7766
Executive Chairman enquiries@clsholdings.com
CLS Holdings plc www.clsholdings.com
Glyn Hirsch 020 7582 7766
Chief Executive enquiries@clsholdings.com
CLS Holdings plc www.clsholdings.com
Adam Reynolds/Takki Sulaiman 020 7735 9415
Hansard Communications mail@hansardcommunications.com
www.hansardcommunications.com
CLS Holdings plc
Interim Report 2001
Chairman's Statement
The Board is pleased to announce the Group's results for the six months ended
30 June 2001. Once again we are pleased to report record NAV per share of
337.0 pence, up 3.5 per cent since 31 December 2000 despite a 7.4 pence per
share reduction caused by foreign exchange movements. Had the NAV been
calculated at the prevailing rates of exchange at 31 August 2001, the
resultant NAV per share would have been 339.7 pence.
The underlying business has continued to perform well. After adjusting for
one off property profits, the inclusion of Citadel and the performance of our
share investment division, our core property profit before tax has increased
by 14.3 per cent from #6.3 million to #7.2 million.
During the first half of the year we have seen the economic environment
becoming more uncertain. We have reacted to this by accelerating the
refinancing of our property portfolio to increase our free cash resources,
which amounted to #79.2 million at 30 June 2001 (up 102.6 per cent since 31
December 2000), and by scaling down our share investment division business.
Financial Highlights
- NAV per share of 337.0 pence, (up 3.5 per cent since 31
December 2000) after external valuation.
- Profit before tax #7.4 million (#13.1 million for the period
to 30 June 2000).
- Core property profit before tax of #7.2 million (up 14.3 per
cent on period to 30 June 2000).
- Share buy-back of 2.4 million shares since 31 December 2000
representing 2.3 per cent of opening share capital
- Further distribution of #5.1 million proposed by way of tender
offer buy-back on the basis of 1 for 60 at 285 pence per share.
- Cash at bank at 30 June 2001 of #79.2 million (30 June 2000:
#31.5 million).
- Potential gross annual rent roll of #75.6 million.
Key Statistics
30 June 2001 30 June 2000
NAV per share 337.0 p 284.0 p Up 18.7 %
FRS 13 adjustment (after tax) (12.8) p (10.9) p Up 17.4 %
Earnings per share 5.9 p 12.4 p Down 52.4 %
Shares in issue (000's) 106,878.5 94,539.5 Up 13.1 %
Distribution per share 4.75 p 3.92 p Up 21.2 %
Profit before taxation #7.4 m #13.1 m Down 43.8 %
Core profit before taxation #7.2 m #6.3 m Up 14.3 %
Other Financial Information
30 June 31 December
2000 2000
30 June 2001 Restated
Property # 682.3 m # 509.6 m up 33.9 % # 671.4 m
portfolio
Net rental # 25.4 m # 19.0 m up 33.3 % # 42.1 m
income
Other # 3.2 m # 0.6 m up 433.3 % # 1.3 m
property
related
income
Investment # (3.1) m # 7.2 m down 142.9 % # 0.5 m
division
(loss)/
profit
Operating # 19.5 m # 22.5 m down 13.3 % # 34.7 m
profit
Financial # 0.9 m # 0.6 m up 50.0 % # 1.4 m
income
Profit # 7.4 m # 13.1 m down 43.5 % # 14.8 m
before
taxation
Profit # 6.4 m # 12.1 m down 47.1 % # 14.8 m
after
taxation
Value of # 360.2 m # 268.5 m up 34.2 % # 351.9 m
net assets
Cash # 79.2 m # 31.5 m up 151.4 % # 39.1 m
Interest # 405.8 m # 277.7 m up 46.1 % # 355.7 m
bearing
debt
Non-
interest # 26.7 m # 26.1 m up 2.2 % # 27.5 m
bearing
debt
Gearing 90.6 % 91.7 % down 1.2 % 90.6 %
Interest 1.56 2.10 down 25.7 % 1.61
Cover
The comparatives for 30 June 2000 have been restated to reflect the result
from the Investment Division contributing to operating profit. In last year's
interim results announcement, these were included within interest receivable.
A summary of the results for the six months to 30 June 2001 is detailed below:
Financial
The first six months of the year show a continuing increase in our core
property profits to #7.2 million (30 June 2000: #6.3 million). The poor share
investment market and our reduction in exposure to this business has resulted
in a loss of #3.1 million. However, this has been more than offset by
significant property transaction profits, primarily the successful settlement
of an ongoing dispute in Paris (#2.8 million) and the sale of Scriptor Court
(#0.5 million).
The growth in core profit of #0.9 million (14.3 per cent) over the same period
last year is analysed below, having made adjustment for the inclusion of
Citadel Holdings plc as a full subsidiary in 2001, and the exceptional
investment profits made in the six months ended 30 June 2000.
30 June 30 June
2001 2000
#m #m
Profit before taxation 7.4 13.1
less:
Investment division loss/(profit) 3.1 (7.2)
Sale of investment property (0.5) (1.4)
Non-recurring settlement (2.8) -
Pro-forma adjustment for Citadel as if it were
a full subsidiary - 1.8
Core profit 7.2 6.3
The balance sheet has also strengthened. Net asset value per share of 337.0
pence represents an increase of 3.5 per cent since 31 December 2000, whilst
our continuing programme of refinancing resulted in cash balances of #79.2
million at 30 June 2001 (up 102.6 per cent from 31 December 2000).
The results of the Group analysed by location and main business activity are
as set out below:
Profit and Loss 2001 Full
year
Total UK* Sweden France 2000
#m #m #m #m #m
Net rental and property related
income 28.0 15.9 3.6 8.5 41.5
(excluding associate / JV)
Operating expenses (5.5) (3.9) (0.9) (0.7) (7.4)
Other operating income-investment (3.1) (3.1) - - 0.6
division
Associate / JV operating profit 0.5 0.5 - - 1.6
Operating profit 19.9 9.4 2.7 7.8 36.3
Gains from sale of investment 0.5 0.4 0.1 -
properties
Net interest payable and related (13.0) (8.7) (1.8)+ (2.5) (24.5)
charges
Profit on ordinary activities 7.4 1.1 1.0 5.3 14.8
before tax
+ Of the net interest payable of #1.8 million, #0.5 million relates to
vacant space undergoing refurbishment at Solna
Balance sheet
Total
Balance
Sheet UK * Sweden France
June 2001 #m % #m % #m % #m %
Investment 683.2 100 412.9 60.7 128.8 18.9 141.5 20.4
Properties
Loan (401.5) 100 (252.7) 62.9 (61.2) 15.2 (87.6) 21.8
Equity in 281.7 100 160.2 57.5 67.6 24.3 53.9 18.3
Property
Assets
Other 78.5 100 77.6 98.9 (5.2) -6.6 6.1 7.8
Net Equity 360.2 100 237.9 66.6 62.4 17.5 59.9 16.0
Equity in
Property
as a 41.2% 38.8% 52.5% 38.1%
Percentage
of
Investment
* results from Germany are included within the UK segment.
NB : Inter-company loans have been excluded in the above Balance Sheet table
Share capital
No of shares No of shares
Million Million
2001 2000
Opening shares 108.1 102.0
Tender offer buy back (1.9) (4.0)
Buybacks in the market for cancellation (0.5) (6.6)
Issue for Citadel portfolio - 16.6
Share options exercised 1.2 0.1
Closing shares 106.9 108.1
Net rental income
Net rental income at #25.4 million is inclusive of the Group's share of joint
venture turnover and has increased by #6.4 million over 30 June 2000. This
reflects the inclusion this year of Citadel Holdings plc as a wholly owned
subsidiary (#4.8 million) and the underlying rising trend in our core
business.
Rental income is shown net of service charges of #1.5 million (30 June 2000: #
1.6 million). As we continue to let the remaining vacant space in the
portfolio, our net rental income should rise to an annualised amount of #53.2
million.
Other property related income
Other property related income of #3.2 million (30 June 2000: #0.6 million)
comprises #2.8 million received in settlement of a dispute in Paris and #0.4
million profit on lease surrenders.
Administrative expenditure
Administrative expenditure of #3.9 million (30 June 2000: #2.6 million)
includes #0.6 million of Citadel Holdings plc overheads for the first time, a
provision of #0.3 million in respect of aborted transaction costs, and a #0.2
million increase in salary costs in respect of a further strengthening of the
management team.
Net property expenses
Net property expenses of #1.6 million (30 June 2000: #0.6 million) includes
amortisation costs of #0.7 million relating to the remaining short lease to
NIG at Elan House, and letting fees and marketing costs in respect of our
Solna refurbishment project.
Gains from sale of investment property
The gain from sale of investment property of #0.5 million is mostly
represented by profit on the disposal of Scriptor Court, Farringdon Road,
London EC1, which was sold in June 2001 for #3.0 million.
Financial income and costs
Interest income at #0.9 million was arrived at after adverse foreign exchange
movements of #0.3 million.
Interest payable of #13.6 million comprises bank interest of #12.9 million,
net interest rate cap depreciation of #0.2 million and depreciation of bank
loan issue costs of #0.5 million. The figure includes additional interest of #
2.3 million reflecting the consolidation of the Citadel Holdings plc
portfolio. The Company's policy is to expense all interest payable and
financial costs to the profit and loss account, including interest incurred in
the funding of refurbishment and development projects.
At the period end floating rate loans totalled #186.3 million. All of our
floating rate debt is hedged by interest rate caps at an average cap rate of
7.9 per cent for Sterling, 6 per cent for Swedish Kronor and 7 per cent for
French franc. Three month LIBOR sterling rate moved from 6.2 per cent at 30
June 2000 to 5.3 per cent at 30 June 2001. The average cost of borrowing for
the UK portion of our debt was 7.7 per cent, inclusive of the cost of interest
rate caps and amortisation of arrangement fees, and 5.5 per cent for the
international element.
Taxation
Within the total charge of #1.0 million is a provision of #0.8 million in
respect of the negotiated settlement in Paris referred to above.
Buy-backs and dividends
In place of a final dividend for 2000 a distribution by way of a tender offer
buy-back was taken up in full in May of this year. With the current share
price remaining at a considerable discount to net asset value we are proposing
an interim distribution of #5.1 million by way of a further tender offer
buy-back of shares on the basis of 285 pence per share for 1 in 60 shares
held. This will enhance net asset value per share and is equivalent in cash
terms to an interim net dividend of 4.75 pence per share (30 June 2000: 3.92
pence per share), an increase of 21.2 per cent.
At 31 December 2000 there were 108,128,651 ordinary shares in issue. Since
that date the Company has purchased 490,000 shares in the market for
cancellation and completed the 2000 year end tender offer buy back of
1,959,211 shares. This has involved a total cash expenditure of #7.3 million
and leaves the number of shares in issue at 30 June 2001 of 106,878,493 after
taking into account the exercise of management options during the half year.
Investment Properties
Tangible Assets, at #682.3 million, have increased by #10.9 million (1.6 per
cent) since 31 December 2000. This is the net effect of a #16.0 million
valuation increase, property additions of #14.7 million (principally
investment in Solna) reduced by adverse foreign exchange movements of #16.5
million, disposals of #2.6 million and short leasehold depreciation of #0.7
million.
Debt Structure
The net borrowings of the Group at 30 June 2001 were #322.2 million (31
December 2000:# 305.7 million), the increase reflecting the refinancing
referred to above. The strengthening of sterling against the Swedish Kronor
and French Franc reduced the sterling equivalent of foreign currency loans by
#8.8 million.
The fair value of the Group's fixed rate debt was in excess of book value by
an amount of #19.6 million (31 December 2000: # 26.3 million). The notional
after tax adjustment to NAV, at a corporation tax rate of 30 per cent (31
December 2000: 30 per cent), resulting from holding loans at fair value was #
13.7 million or 12.8 pence per share (31 December 2000: #18.5 million or 17.1
pence per share).
Whilst the FRS13 adjustment is noteworthy the additional interest cost is of
course expensed through the Profit & Loss Account. This excess interest charge
amounted to approximately #1.25 million in the six months to 30 June 2001.
Gearing at 30 June 2001 was 90.6 per cent (31 December 2000: 90.6 per cent).
Property
The valuation of the portfolio at 30 June 2001 shows an increase from the
year-end of #10.9 million, rising from #671.4 million to #682.3 million.
Both our UK and French portfolios are substantially fully let and mostly
reversionary, particularly in Paris. This provides us with significant
security of income. Our development at Solna in Stockholm, Sweden, represents
our only significant ongoing refurbishment project, which is planned on a
phased basis and at which we are making good progress on pre-letting.
UK
Despite the reported slowdown in the UK economy which may have affected demand
for office space in areas such as the Thames Valley, the Group's property
portfolio is almost exclusively within Greater London in locations which have
seen no significant downturn in tenant demand.
Scriptor Court
In June 2001 we sold Scriptor Court, Farringdon Road, EC1 for #3.0 million,
having been purchased by CLS in 1996 for #0.9 million. The property was sold
at an initial yield of 5 per cent and reflected a 20 per cent premium to book
value.
Spring Gardens
Planning consent was granted for an additional 1,016 sq.m. (10,936 sq.ft.) of
offices on the estate and these offices have been prelet to one of the
existing tenants on a ten year lease at a rent of #32 per sq.ft..
The same tenant took an additional 661 sq.m. (7,115 sq. ft.) in unit 6 at a
rent of #33.50 per sq. ft for ten years and at the same time agreed the rent
reviews for December 2001 and March 2002 on three other buildings at rents
varying from #31.50 to #33.50 per sq.ft..
Tinworth Street
A planning application was submitted for a new office building of 9,740 sq.m.
(104,840 sq.ft) gross and 7,548 sq.m. (81,251 sq.ft.) net and negotiations are
proceeding with Lambeth Borough Council.
Great West House
Discussions are being held with Hounslow Borough Council for a new building on
this site, adjacent to the existing buildings, which would provide
approximately 7,900 sq.m. (85,000 sq.ft.) gross of new accommodation.
Cap Gemini
The tenant at Cap Gemini South Bank, Vauxhall has extended its lease which was
to expire in March 2003 for a further six years; this lease now expires in
March 2009. There is a rent review in March 2003. The tenant occupies 10,427
sq.m. (112,235 sq.ft.) and pays a total rent of #1,516,500 per annum
exclusive.
Buspace Studios
An extension of approximately 550 sq.m. (6,000 sq. ft.) has been completed at
this property which increases the net lettable area from 2,500 sq.m. (27,000
sq.ft.) to 3,050 Sq.m. (33,000 sq.ft.), thereby increasing the estimated
rental value by approximately #72,000 per annum exclusive.
Coventry House
Work has now commenced on the creation of 18 flats on the upper floors of this
building
Drury Lane
The rent review of the ground floor and part basement Nightclub was settled
resulting in an increase from #45,000 per annum exclusive to #105,000 per
annum exclusive.
One Leicester Square
The major tenant is in receivership however rent continues to be paid by way
of bank guarantee. An application for assignment of the lease is currently
being considered.
SouthwarkTowers
We remain optimistic for the potential of our 33.33 per cent interest in the
company that owns Southwark Towers. Detailed planning permission for a new
tower designed by Renzo Piano was submitted on 26 March 2001 and we await the
outcome of this application.
Sweden
Solna Business Park
Our refurbishment of Frasaren 11 continues to progress well and is on time
and on budget. Pre-lettings have been announced to Green Cargo AB (owned by
the Swedish State) of 4,000 sq.m. (43,056 sq.ft.) at an average rent of SEK
2,955 per sq.m. (#18 per sq.ft.) for seven years and seven months and an
additional 2,850 sq.m. (30,677 sq.ft.) has been let to an Administrative
Department of the Swedish Government at an average rent of SEK 2,300 per sq.m.
(#14 per sq.ft.) for five years. Strong tenant demand continues to be shown
for available space.
In January of this year planning consent was granted to enable CLS to change
the use of each of the buildings and to construct an additional floor on each
of the buildings. This results in the total floor area of the estate being
increased by 23,480 sq.m. (252,726 sq.ft.) to 131,80 sq.m. (1,410,900 sq.ft.),
thereby increasing the value of this asset significantly.
Other small lettings of vacant space on the estate in the unrefurbished
buildings have also been made at record rental levels
Vanerparken
In May we let an additional 2,330 sq.m. (25,080 sq.ft.) of office and
educational premises to the local college for a term of four and a half years
at an aggregate rent of SEK2,340,000 (#152,590) per annum. At the same time
the tenant extended their existing lease at a current rent of SEK3,664,309 (#
238,947) per annum which expired on 30 June 2003 to a new expiry date of 30
June 2006 making it co-terminus with the new accommodation.
France
The letting and investment markets in France continue to perform well and we
have announced several lettings showing record rents within our buildings.
These include a letting to GEFCO, a subsidiary of PSA Peugeot Citroen at a
rent of Frf. 2,850 per sq.m. (#24.35 per sq.ft.) in 56 Boulevard de la
Mission Marchand to the west of Paris which showed an increase of 113 per cent
over the previous rent payable; as well as a letting to TEVA Pharma, a
Nasdaq quoted company, at a rent of Frf. 3,000 per sq.m. (#25.64 per sq.ft.)
at 53-55 rue du Captaine Guynemer and this showed an increase of 162 per cent
over the previous rent payable.
In our view, existing passing rents from the French portfolio are nearly 40
per cent below market rents. In due course rents will increase to reflect
market levels and this will enhance our cash inflows and uplift the capital
value of the portfolio.
In February we announced the purchase of two buildings, one to the west of
Paris at 5 Boulevard Marcel Pourtout, Rueil Malmaison for Frf. 18,500,000 (#
1.698 million) showing an initial yield of 9 per cent. The second building,
Chorus, located in Nova-Antipolis, Antibes in the South of France purchased at
a cost of Frf 37 million (#3.396 million) to show a net initial yield of 9.7
per cent. These properties show a return on equity of 22.0 per cent and 23.9
per cent per annum respectively.
Set out below is an analysis of the portfolio
Book Yield
value
Description in
Sq.m. Sq.ft. # %
UK > 10 y 43,596 469,284 139,837,450 6.8
UK 5 - 10 y 61,857 665,844 168,050,000 7.7
UK < 5 y 42,693 459,557 78,450,000 10.1
UK refurb. &
development 7,405 79,704 22,700,000 6.3
Sub total 155,551 1,674,389 409,037,450 7.8
UK
Germany 5,409 58,220 3,118,487 6.5
Sub total
Germany 5,409 58,220 3,118,487 6.5
France
France 0 - 3 y 68,277 734,922 94,776,139 7.7
France 3 - 6 y 26,700 287,402 46,675,978 7.7
Sub total
France 94,977 1,022,324 141,452,117 7.7
Sweden
Sweden 0 - 5 y 113,288 1,219,464 88,684,856 5.8
Solna
(Light - -
refurb)
(Heavy - -
refurb)
Sweden 10 y + 45,240 486,975 40,103,813 9.7
Sub total
Sweden 158,528 1,706,439 128,788,669 7.0
TOTALS 414,465 4,461,372 682,396,723 7.6
Contracted Contracted Unlet space Space under Yield
Aggregate but not at ERV in refurb. or when
Rent in income with plan. fully
producing consent at let
in ERV in
Description # # # # %
UK > 10 y 9,474,739 - - - 6.8
UK 5 - 10 y 12,912,585 - 335,358 - 7.9
UK < 5 y 7,920,762 - 267,484 - 10.4
UK refurb. &
development 1,426,688 - 819,430 - 8.3*
Sub total 31,734,774 - 1,422,272 - 8.0
UK
Germany 212,188 - - - 6.5
Sub total
Germany 212,188 - - - 6.5
France
France
0 - 3 y 7,252,660 173,175 - - 7.8
France
3 - 6 y 3,573,259 - - - 7.7
Sub total
France 10,825,919 173,175 - - 7.8
Sweden
Sweden
0 - 5 y 5,173,262 - - - 5.8
Solna
(Light - - 1,291,302 (202,378)***
refurb)
(Heavy - 1,199,577 - 9,203,534 10.4**
refurb)
Sweden 10 y + 3,872,088 - - 8.6
Sub total
Sweden 9,045,350 1,199,577 1,291,302 9,001,156 10.4
TOTALS 51,818,231 1,372,752 2,713,574 9,001,156 8.7
The above table shows the categories of assets we own and the future potential
income available from new lettings and refurbishments.
(*) Yields based on receivable rent and potential rents have been calculated on
the assumption that year end book values will increase by anticipated
refurbishment expenditure of #4.47 million in respect of projects in the UK.
(**)Yields based on receivable rent and potential rents have been calculated on
the assumption that year-end book values will increase by anticipated
refurbishment expenditure of #60.6 million in respect of projects in Solna,
Stockholm, Sweden.
(***) This represents existing rents lost on space to be refurbished.
In addition to the above rental shown, we estimate that open market rents are #
10.8 million higher than rent receivable (excluding additional rents we will
receive as a result of our refurbishment programme).
Investment Division
Poor investment markets have adversely affected this division's results.
During the period we have rationalised our portfolio and sold a number of our
listed investments, which have realised losses at 30 June 2001. We believe a
number of our unlisted investments still have significant potential and we are
concentrating our efforts on these opportunities whilst proceeding to dispose
of our other investments. We do not currently have any plans to make further
investments in this area. The book value of our investments at 30 June 2001
has reduced to #8.0 million representing only 2.2 per cent of our net assets
(31 December 2000: #10.6 million).
Conclusion
Having produced a satisfactory first half result we approach the remainder of
the year with confidence. We have a strong balance sheet and a well-let
portfolio that is being actively managed and our substantial cash reserves
enable us to continue to take advantage of attractive opportunities as and
when they arise.
Our investment in Solna is a significant element in the future growth in the
property portfolio. I am pleased to say that our plans here are progressing
well as evidenced by the strong interest being shown in the property by
prospective tenants.
At today's date the Group's aggregate annual contracted rent roll stands at #
51.8 million, with a further #13.1million projected to be receivable as we let
vacant space and complete the re-development of Solna. This will provide the
fuel for further growth.
S. A. Mortstedt
Executive Chairman
6 September 2001
CLS Holdings plc
Consolidated Profit and Loss Account
6 months
to 12
6 months 30 June months
to 2000 to
30 June # 000 31
2001 December
# 000 Restated 2000
(unaudited) (unaudited) # 000
Net rental income (including 25,375 19,038 42,112
associates & joint ventures)
Less: Joint venture (470) (340) (706)
Associate - (883) (1,191)
24,905 17,815 40,215
Other property related income 3,174 621 1,315
28,079 18,436 41,530
Administrative expenses (3,943) (2,573) (6,358)
Net property expenses (1,574) (570) (1,026)
(5,517) (3,143) (7,384)
Other operating (loss)/income (3,100) 7,223 552
Group Operating Profit 19,462 22,516 34,698
Share of joint ventures' 460 332 690
operating profit
Share of associates' operating - 710 959
profit
Operating profit including 19,922 23,558 36,347
joint ventures and associates
Gains from sale of investment 533 1,423 2,969
property
Profit on Ordinary Activities 20,455 24,981 39,316
Before Interest
Interest receivable and
financial income: Group 853 622 1,353
Joint Venture 8 1 13
Associate - 12 25
Interest payable and related
charges: Group (13,538) (11,867) (24,772)
Joint Venture (414) (302) (622)
Associate - (344) (484)
Profit on Ordinary Activities 7,364 13,103 14,829
Before Taxation
Tax on ordinary activities:
Group (963) (950) 46
Joint Venture - - -
Associate - (43) (57)
Profit on ordinary activities 6,401 12,110 14,818
after taxation
Equity minority interest - - (7)
Retained Profit For The Period 6,401 12,110 14,811
Earnings per Share 5.9 p 12.4p 14.6 p
Diluted Earnings per Share 5.9p 12.3 p 14.5 p
'000 '000 '000
Ordinary shares in issue
Cumulative total 106,878 94,540 108,129
Weighted average number during 107,943 97,806 101,287
the period
CLS Holdings plc
Consolidated Balance Sheet
30 June 30 June 31
2001 2000 December
2000
# 000 # 000 # 000
Restated
(unaudited) (unaudited)
Fixed assets
Tangible assets 683,183 510,239 672,150
Investments:
Interest in joint venture:
Share of gross assets 12,703 9,983 12,320
Share of gross (10,547) (9,270) (10,547)
liabilities
2,156 713 1,773
Interest in associate - 7,342 -
Other investments 163 170 161
685,502 518,464 674,084
Current assets
Stocks - trading properties 2,185 - 2,185
Debtors - amounts falling due 2,683 2,562 2,363
after more than one year
Debtors - amounts falling due 11,931 7,880 6,787
within one year
Investments 8,012 9,897 10,609
Cash at bank and in hand 79,236 31,527 39,100
104,047 51,866 61,044
Creditors: amounts falling (54,993) (51,371) (41,086)
due within one year
Net current assets 49,054 495 19,958
Total assets less current 734,556 518,959 694,042
liabilities
Creditors: amounts falling
due after more than one year
Bank and other loans (374,327) (250,442) (342,094)
Net Assets 360,229 268,517 351,948
Capital and Reserves
Called up share capital 26,720 23,635 27,032
Share premium account 68,280 37,678 67,293
Revaluation reserve 187,119 129,960 178,851
Capital Redemption Reserve 6,723 5,327 6,111
Other reserves 18,428 19,426 20,196
Profit and loss account 52,896 52,491 52,351
Total Equity Shareholders' 360,166 268,517 351,834
Funds
Equity minority interests 63 - 114
Capital employed 360,229 268,517 351,948
CLS Holdings plc
Statement of Total Recognised
Gains and Losses
20 June 30 June 31
2001 2000 December
2000
# 000 # 000 # 000
(unaudited) (unaudited)
Profit for the period/year 6,401 12,110 14,811
Unrealised surplus on 16,020 20,177 72,602
revaluation of properties
Share of Joint Venture/
Associate unrealised surplus - 208 1000
on revaluation of properties
Currency translation
differences on foreign (7,870) (73) 658
currency net investments
Share of Associate other - 167 (10)
reserves
Other recognised gains 8,150 20,479 74,250
relating to the period/year
Total gains and losses
recognised since last annual
report 14,551 32,589 89,061
CLS Holdings plc
Consolidated Cash Flow Statement
30 June 30 June 31
2001 2000 Dec
2000
# 000 # 000 # 000
(unaudited) (unaudited)
Restated
Net cash inflow from operating 19,126 16,816 34,575
activities
Returns on investments and
servicing of finance
Interest received 1,114 419 1,753
(Outflow)/income from current (3,323) 7,223 3,671
asset investments
Interest paid (11,934) (10,376) (22,860)
Issue costs on new bank loans (1,403) - (753)
Interest rate caps purchased (586) - (72)
Net cash outflow from returns on
investments and servicing of
finance (16,133) (2,734) (18,261)
Taxation 138 (13) 247
Capital expenditure and financial
investment
Purchase and enhancement of (15,152) (8,290) (16,262)
properties
Sale of investment properties 105 19,923 39,729
Disposal of other fixed assets - 13 -
Purchase of other fixed assets (214) (141) (123)
Purchase of own shares (7,300) (12,983) (19,790)
Net cash (outflow )/inflow for (22,561) (1,478) 3,554
capital expenditure and
financial investment
Cash (outflow)/inflow before use (19,430) 12,591 20,115
of liquid resources and financing
Management of liquid resources
Cash released from/(placed on) 5,178 - (4,998)
short term deposits
Current asset investments 2,017 (4,982) (9,161)
Financing
Issue of ordinary share capital 1,236 46 211
New loans 107,211 450 28,188
Repayment of loans (50,814) (12,651) (35,916)
Net cash inflow/(outflow) from 57,632 (12,155) (7,517)
financing
Increase/(decrease) in cash 45,398 (4,546) (1,561)
Basis of Preparation and Accounting policies
The unaudited results for the half-year to 30 June 2001 have been prepared in
accordance with UK generally accepted accounting principles. The accounting
policies applied are those set out in the Group's 2000 Annual Report and
Accounts. The information relating to the year ended 31 December 2000 is an
extract from the latest published accounts which have been delivered to the
Registrar of Companies. The audit report on the published accounts was
unqualified and did not contain a statement under section 237 (2) or section
237 (3) Companies Act 1985.
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