RNS Number:4355K
Property Acquisition & ManagementLd
21 September 2001
CHAIRMAN'S STATEMENT
I am pleased to present to Shareholders the unaudited Interim Report of
Property Acquisition and Management Limited for the period ended 30 June 2001.
Ordinary Share and Convertible Redeemable Preference Share dividends of 3.20p
per share and 2.85p per share respectively have been declared and paid during
the period ended 30 June 2001. The period has produced a total return before
tax of #3,989,000, against which a tax charge of #479,000 has been incurred,
leaving a return of #3,510,000 after tax. After non-equity minority interests
of #456,000 and equity and non-equity dividends amounting to #2,305,000, #
749,000 has been retained and transferred to reserves.
CNC Properties Limited ("CNC")
CNC's results have been achieved by a continuation of its policies of seeking
high yielding opportunities and spreading risk by balancing its property
portfolio by use class and geographical location. High yielding acquisitions
of older properties with voids, short leases and break clauses provide the
Collins Stewart Property Fund Management Limited ("CSPFM") management with the
opportunity to increase rental income and capital value. CNC has enjoyed the
benefit during the period of a continuing reduction in void space, increased
rentals and a resultant growth in asset value.
At 30 June 2001, the Group owned properties valued at #161 million (including
unbooked revaluation of #2,116,000 in respect of current asset properties),
reflected in the accounts as investment properties to the value of #145
million and properties held for resale and developments in progress of #14
million.
CNC's investment properties were revalued at 30 June 2001 by DTZ Debenham Tie
Leung, resulting in a total revaluation increase of #4,400,000 for the period.
In addition, a further #2,116,000 increase in the value of properties
(equating to approximately 3.67p per Ordinary Share) at the period end is not
reflected in these accounts. This is the difference between the DTZ Debenham
Tie Leung valuation and the carrying value of the properties held for resale
in current assets, which are held at the lower of cost and net realisable
value.
Letting activity continued to be stronger than expected in the first half of
2001 and the Company reinvested some of the funds realised from the sale of
properties in 2000 by the addition of Mersey House, Liverpool, for
approximately #4,000,000. This property is let to the UK Government for a rent
of #560,000 per annum providing a yield of 14 per cent with a maximum of eight
years remaining on the lease. Ideally situated in the city centre, the
property provides opportunities for residential redevelopment in the longer
term.
During the period, CNC gained planning consent for the first stage of its
580-acre redevelopment in Ashington, Northumbria, which includes 500 new
homes. The project is proceeding as planned and will transform one of the UK's
most depressed areas into a vibrant, outward-looking neighbourhood.
Property Acquisition and Management High Income Limited ("PAM High")
Originally, #33 million was invested in Euro denominated bonds, with the
balance used to purchase sterling denominated issues. In order to hedge the
Euro asset exposure an equivalent amount of bank loan, available to the Group
under the Royal Bank of Scotland International Term Loan Facility, was drawn
down in Euros. However, due to the poor performance of the European high yield
debt market over the period, the market value of the Euro investments as at 30
June 2001 had fallen to #25.6m. The market value of the sterling denominated
investments as at 30 June 2001 stood at #21.3m, against a cost of #21.2m. At
30 June 2001, PAM High held 88 different investments, spread broadly over a
number of sectors, with the largest exposure being to the banking and
telecommunications sectors, accounting for approximately 18 per cent and 12
per cent of the portfolio respectively. There were a number of defaults in the
European high yield debt market, particularly in the telecommunications sector
and at 30 June 2001, the unrealised loss on the bond portfolio stood at #
6,543,000, while the unrealised foreign exchange gain on the Euro bank loan
was #1,519,000. Income generation from PAM High has been somewhat affected by
both bond defaults and the decision to maintain a much higher level of
liquidity in the portfolio than had originally been intended, in order to
maintain a prudent position with regard to the PAM High banking covenants.
Net Asset Value
At 30 June 2001 the net assets of the Group amounted to #65,753,000 which,
after allowing for the Convertible Redeemable Preference Shares, resulted in a
net asset value per Ordinary Share of 95.18p. After allowing for the true
value of properties held as current assets, as noted above, the pro forma net
asset value per Ordinary Share had increased from 97.76p at 31 December 2000
to 98.85p at 30 June 2001. The pro forma net asset value increased due to the
continuing positive results of the property portfolio and despite the payment
of Ordinary and Cumulative Preference Share dividends and the poor performance
of the European high yield debt market.
Current Trading and Prospects
The capital performance of the bond portfolio has been disappointing during
the first half of 2001, with problems in the European high yield debt market
being well documented. The default on interest payments by several issuers
within our bond portfolio, together with the decision to accumulate short term
cash balances amounting to almost #5.9m at the period end, have resulted in
income levels currently running below original forecasts for this sector of
the Company's assets. Since 30 June 2001, a number of holdings have been
disposed of and there had been no material change in the combined bond
portfolio loss and associated sterling equivalent Euro loan movement up to 10
September. Following the terrorist attacks on New York City and the Pentagon,
the combined bond portfolio loss and associated sterling equivalent loan
movement has deteriorated by approximately #1.9m compared to the 30 June
position. Close monitoring of all bond portfolio holdings is being carried out
with Aberdeen Asset Managers Limited and the Board continues to review its
long term options with regard to this aspect of the Company's assets.
On a more positive note, both capital growth and letting activity within the
CNC property portfolio has continued to be encouraging. We are currently in
advanced negotiations to acquire a privately owned property portfolio for
approximately #17.1m at an initial yield of 10 per cent. This portfolio, which
comprises prime industrial property in the South West and Wales, where we are
currently underrepresented, is an ideal addition to our property portfolio. We
anticipate concluding the acquisition of these properties within the next
month and are actively pursuing several other opportunities.
On 6 September, the Board announced the second interim dividend of 3.20p per
Ordinary Share in respect of the year ending 31 December 2001 and a
Convertible Redeemable Preference Share dividend of 2.85p per share in respect
of the four-month period ended 31 August 2001. These dividends will be paid on
25 October 2001 and 31 October 2001 respectively.
The Board remains cautiously optimistic that the Company's property portfolio,
constituting the majority of its assets, will continue to perform in line with
expectations, not withstanding recent fears of a UK economic downturn. The
Board is hopeful that the bond portfolio has already endured the most testing
of times and that further significant losses will not be incurred, subject to
the world financial markets not being unduly destabilised in the wake of the
terrorist attacks on New York City and the Pentagon which occurred on 11
September 2001.
R E Alcock
21 September 2001
CONSOLIDATED STATEMENT OF TOTAL RETURN
(Incorporating the revenue account) for the six months to 30 June 2001
(unaudited)
Six months to 30 June
2001
(unaudited)
Notes Revenue Capital Total
#'000 #'000 #'000
Gains/(losses) on investment properties/ (8) 1,881 1,873
investments
Income 2 8,770 - 8,770
Management fee 3 (490) (360) (850)
Other expenses 4 (1,075) - (1,075)
Net return before finance costs and taxation 7,197 1,521 8,718
Interest payable and similar charges (3,769) (960) (4,729)
Return on ordinary activities before taxation 3,428 561 3,989
Tax on ordinary activities 5 (479) - (479)
Return on ordinary activities after tax for 2,949 561 3,510
the financial period
Minority interests - non-equity - (456) (456)
Return on ordinary activities after minority 2,949 105 3,054
interests
Dividends in respect of non-equity shares 6 (465) - (465)
Return attributable to equity shareholders 2,484 105 2,589
Dividends in respect of equity shares 6 (1,840) - (1,840)
Transfer to reserves 12 644 105 749
Return per Ordinary Share - basic 7 4.32p 0.18p 4.50p
Return per Ordinary Share - fully diluted 7 4.46p 0.16p 4.62p
The revenue column of this statement represents the revenue account of the
Group.
These accounts are unaudited and are not the Group's statutory accounts.
CONSOLIDATED BALANCE SHEET
as at 30 June 2001 (unaudited)
Note 30 June 2001
(unaudited)
#'000
Fixed assets
Intangible Fixed Assets
Goodwill 1,392
Tangible Fixed Assets
Investment properties 8 145,443
Other tangible assets 8 8
Investment in joint ventures 1,362
Listed investments 9 46,925
195,130
Current assets
Property assets 10 13,921
Debtors due within one year 6,366
Debtors due in more than one year 1,342
Cash at bank and in hand 7,259
28,888
Creditors: amounts falling due within one year (20,714)
Net current assets 8,174
Total assets less current liabilities 203,304
Creditors: amounts falling due after more than one (126,648)
year
Minority interests - non-equity shares (10,903)
Net assets 65,753
Capital and reserves
Called up share capital 11 16,703
Share premium account 12 47,498
Capital reserve - realised 12 (2,526)
Capital reserve - unrealised 12 (8,381)
Property revaluation reserve 12 8,686
Revenue reserve 12 3,773
Total Shareholders' funds 13 65,753
Attributable to equity shareholders 13 54,808
Attributable to non-equity shareholders 13 10,945
Net asset value per Ordinary Share - basic 14 95.18p
Pro forma net asset value per Ordinary Share - 14 98.85p
basic
Net asset value per Ordinary Share - fully diluted 14 99.12p
These accounts are unaudited and are not the Group's statutory accounts.
CONSOLIDATED CASHFLOW STATEMENT
for the six months to 30 June 2001 (unaudited)
Six months to 30 June 2001 (unaudited)
Note #'000 #'000
Net cash inflow from operating 16 2,884
activities
Returns on investments and
servicing of finance
Interest paid (4,729)
Dividends paid on Ordinary Shares (1,831)
Dividends paid on Convertible (70)
Redeemable Preference Shares
Net cash outflow from returns on (6,630)
investments and servicing of
finance
Taxation
United Kingdom corporation tax (479)
paid
Net cash outflow from taxation (479)
Capital expenditure and financial
investment
Purchase of investments (4,101)
Sale of investments 5,907
Proceeds from sale of investment 1,341
properties
Investment property additions (5,469)
Proceeds from disposal of tangible 129
fixed assets
Net cash outflow from capital (2,193)
expenditure and financial
investment
Acquisitions and disposals
Purchase of subsidiary (374)
undertakings
Net cash outflow from acquisitions (374)
and disposals
Net cash outflow before financing (6,792)
Financing
New borrowings 3,660
Net cash inflow from financing 3,660
Decrease in cash in the period 15 (3,132)
These accounts are unaudited and are not the Group's statutory accounts.
NOTES TO THE ACCOUNTS
for the six months to 30 June 2001 (unaudited)
1. ACCOUNTING POLICIES
A summary of the principal accounting policies, all of which have been applied
consistently throughout the period, is set out below.
Basis of accounting
The accounts are prepared under the historical cost convention, modified to
include the revaluation of investments and investment properties. The accounts
have been prepared in accordance with applicable accounting standards and with
the Statement of Recommended Practice "Financial Statements of Investment Trust
Companies".
Basis of consolidation
The consolidated statement of total return and consolidated balance sheet
include the financial statements of the Company and its subsidiary undertakings
for the period.
The results of subsidiaries acquired are included in the consolidated statement
of total return from the date control passes. Goodwill arising on consolidation
is capitalised and amortised over a period of 20 years.
Valuation of investments
Quoted investments are valued at mid-market prices.
Realised surpluses or deficits on the disposal of investments, permanent
impairments in the value of investments and unrealised surpluses or deficits on
the revaluation of investments are taken to the consolidated statement of total
return as capital-realised or unrealised as applicable.
Period-end exchange rates are used to translate the value of investments which
are denominated in foreign currencies.
Investment properties
Investment properties are revalued quarterly at open market value in accordance
with Statement of Standard Accounting Practice 19 "Investment Properties". As
such, no depreciation is provided on investment properties. The surplus or
deficit is included in the consolidated statement of total return and the
property revaluation reserve (to the extent that any deficit is temporary).
Permanent deficits are written off to the revenue reserve via the consolidated
statement of total return.
Properties held for resale, land and developments in progress
Properties held for resale, land and developments in progress are valued at the
lower of cost and net realisable value.
Interest
Interest on loans specifically granted for the purchase and development of new
development sites is capitalised up to the date of completion of the property.
Joint ventures
The consolidated statement of total return includes the Group's share of
operating profit, interest and attributable taxation of joint ventures. The
investment in joint ventures disclosed in the consolidated balance sheet
reflects the Group's share of net assets of those companies.
Depreciation
No depreciation is provided on investment properties. The Directors consider
that these properties should be included in the financial statements at their
open market values in order to give a true and fair view and therefore consider
it necessary to adopt Statement of Standard Accounting Practice 19 "Investment
Properties". It would be neither practical nor of real value to determine the
depreciation charge taken into account in arriving at open market values.
Plant, machinery and motor vehicles are depreciated by the straight line method
over periods of between four and five years.
Investment income
Fixed returns on debt securities are recognised on a time apportionment basis
so as to reflect the effective yield on the debt security. Interest on overseas
debt securities is shown gross of any overseas withholding tax. Interest on
United Kingdom securities is shown net of the tax credit in accordance with
Financial Reporting Standard 16 "Current Taxation". The debt securities are
accounted for on a clean basis. Bank interest is accounted for on an accruals
basis.
Expenses
All expenses are accounted for on an accruals basis. Expenses are charged
through the revenue account except as follows:
- expenses which are incidental to the acquisition of an investment are
included within the cost of the investment;
- expenses which are incidental to the disposal of an investment are deducted
from the disposal proceeds of the investment; and
- expenses are charged to the capital reserve - realised where a connection
with the maintenance or enhancement of the value of the investments can be
demonstrated. In this respect, part of the management fee, insofar as it
relates to the listed investments, has been allocated 80 per cent to the
capital reserve - realised and 20 per cent to the revenue account, in line
with the Board's expected long-term split of returns, in the form of capital
gains and income respectively, from the bond portfolio.
Finance costs
Finance costs, including dividends and other finance costs of non-equity
shares, are accounted for on an accruals basis, and in accordance with the
provisions of Financial Reporting Standard 4 "Capital Instruments". Finance
costs of debt, insofar as they relate to the financing of the Group's listed
investments, are allocated 80 per cent to capital and 20 per cent to revenue,
in line with the Board's expected long-term split of returns, in the form of
capital gains and income respectively, from the bond portfolio.
Pension costs
The expected cost of providing pensions, as calculated periodically by
professional qualified actuaries, is charged to the revenue account so as to
spread the cost over the service lives of the employees in the scheme, in such
a way that the pension cost is a substantially level percentage of current and
expected future pensionable payroll.
Financial instruments
Derivative financial instruments utilised by the Group are interest rate swaps,
caps and floors. The Group does not enter into speculative derivative
contracts. All such instruments are used for hedging purposes to alter the risk
profile of an existing underlying exposure of the Group in line with the
Group's risk management policies. Amounts payable or receivable in respect of
interest rate swaps are recognised as adjustments to interest expenses over the
period of the contracts.
Termination payments made or received are spread over the life of the
underlying exposure in cases where the underlying exposure continues to exist.
In other cases, termination payments are taken to the revenue account.
Deferred taxation
Deferred taxation is provided on timing differences, arising from the treatment
of items for accounts and taxation purposes, which are expected to reverse in
future, calculated at rates which it is estimated that tax will arise.
Operating leases
Annual rentals under operating leases are charged to the revenue account as
incurred.
Foreign currency
Transactions denominated in foreign currencies are recorded in the local
currency at actual exchange rates as at the date of the transaction or, where
appropriate, at the rate of exchange in a related forward exchange contract.
Monetary assets and liabilities denominated in foreign currencies at the period
end are reported at the rates of exchange prevailing at the period end or,
where appropriate, at the rate of exchange in a related forward exchange
contract. Any gain or loss arising from a change in exchange rates subsequent
to the date of the transaction is included as an exchange gain or loss in the
consolidated statement of total return as capital or revenue depending on
whether the gain or loss is of a capital or revenue nature respectively.
Capital reserves
Capital reserve - realised
The following are accounted for in this reserve:
- gains and losses on the realisation of investments;
- realised exchange differences of a capital nature; and
- expenses and finance, together with the relaxed taxation effect, charged to
this reserve in accordance with the above policies.
Capital reserve - unrealised
The following are accounted for in this reserve:
- increases and decreases in the valuation of investments held at the
period-end; and
- unrealised exchange differences of a capital nature.
2. INVESTMENT INCOME
Six months to
30 June 2001
#'000
Income from investments
Income from investment properties 6,120
Interest on overseas fixed interest securities 1,368
(gross)
Interest on United Kingdom fixed interest 1,174
securities (gross)
Bank interest 108
8,770
3. MANAGEMENT FEE
Six months to 30 June Six months to 30 Six months to 30
2001 June 2001 June 2001
Revenue Capital Total
#'000 #'000 #'000
Management 490 360 850
fee
The Manager, Collins Stewart Fund Management Limited, is entitled under its
Management Agreement to receive a fee of #3,500,000 per annum from the Group. #
900,000 per annum is charged to PAM High, out of which the Investment Adviser
to PAM High is paid a fee equal to 1 per cent per annum of the value of the
investments managed. Of the balance of #2,600,000 per annum, #800,000 per annum
is charged by the Manager to CNC and, until the conclusion of the CNC
"hive-out" on 19 April 2001, the balance of #1,800,000 per annum was offset
against the continuing administration costs of CNC. Following the conclusion of
the hive-out, Collins Stewart Property Fund Management Limited have commenced
charging CNC a management fee at a rate of #1,800,000 per annum, pro rated for
the period to 31 December 2001, which is included in the administration
expenses detailed in note 4.
On 19 April 2001,the CNC hive-out, involving the transfer of the management and
administrative employees of the CNC Group into Collins Stewart Property Fund
Management Limited, was completed.
4. OTHER EXPENSES
Six months to 30 Six months to 30 Six months to 30
June 2001 June 2001 June 2001
Revenue Capital Total
#'000 #'000 #'000
Administration 880 - 880
expenses
Depreciation of 2 - 2
tangible fixed
assets
Amortisation of 37 - 37
goodwill
Auditors' 30 - 30
remuneration
Directors' 28 - 28
remuneration
Loss on foreign 15 - 15
exchange
Sundry expenses 83 - 83
1,075 - 1,075
5. TAX ON PROFIT ON ORDINARY ACTIVITIES
Six months to 30 June
2001
#'000
UK corporation tax 479
The Company and its Guernsey based subsidiaries PAM High and PAM Securities
Limited are exempt from Guernsey Income Tax under the Income Tax (Exempt
Bodies) (Guernsey) Ordinances 1989 and 1992 and are charged an annual
exemption fee of #600. CNC Properties Limited, a subsidiary company
registered in England and Wales, is subject to United Kingdom corporation
tax.
6. DIVIDENDS
Six months to 30 June
2001
#'000
#0.10 Ordinary Shares
First interim - 3.20p per share 1,840
#1 Convertible Redeemable Preference Shares
Four months ended 30 April 2001 - 2.85p per share 309
Four months ended 31 August 2001 - 2.85p per share 156
pro rated for 2 months
465
Total dividends 2,305
7. RETURN PER ORDINARY SHARE AND DILUTED RETURN PER ORDINARY SHARE
The revenue return per Ordinary Share is based on the net revenue of #
2,949,000 less the non-equity dividends of #465,000 and on 57,503,986
Ordinary Shares, being the weighted average number of shares in issue.
The capital return per Ordinary Share is based on a net capital gain of #
105,000 and on 57,503,986 Ordinary Shares, being the weighted average number
of shares in issue.
The fully-diluted returns per Ordinary Share have been calculated on the
assumption that the Convertible Redeemable Preference Shares were fully
converted on the first day of the period and on each subsequent issue at a
rate of 8 Ordinary Shares for every 10 Convertible Redeemable Preference
Shares, giving a weighted average of 66,136,256 shares. The revenue return of
4.46p per Ordinary Share includes the savings of the finance costs on the
Convertible Redeemable Preference Shares.
8. TANGIBLE FIXED ASSETS
Investment properties Other tangible assets Total
#'000 #'000 #'000
Cost or valuation:
At 1 January 2001 133,982 433 134,415
Additions 5,469 7 5,476
Reclassification of 3,032 - 3,032
property assets
Disposals (1,440) (425) (1,865)
Surplus on Revaluation 4,400 - 4,400
At 30 June 2001 145,443 15 145,458
Depreciation
At 1 January 2001 - 301 301
Charge for the year - 2 2
Disposals - (296) (296)
At 30 June 2001 - 7 7
Net book value:
At 30 June 2001 145,443 8 145,451
Other tangible assets consist of equipment and motor vehicles.
The investment properties were valued on the basis of open market value as at
30 June 2001 by DTZ Debenham Tie Leung, international property advisers, based
on the Royal Institute of Chartered Surveyors, Practice Statement 20.
9. LISTED INVESTMENTS
30 June 2001
#'000
Valuation at 1 January 2001 52,545
Purchases at cost 4,101
Proceeds on sale of investments (5,907)
Realised gains/(losses) on sales (1,070)
Unrealised loss (2,744)
Valuation at 30 June 2001 46,925
Book cost at 30 June 2001 53,468
10. PROPERTY ASSETS
30 June 2001
#'000
Land 2,276
Properties held for resale 5,449
Developments in progress 6,196
13,921
The property assets have been valued at 30 June 2001 by DTZ Debenham Tie Leung,
international property advisers. The effect of this valuation increases the
carrying value of property assets by #2,116,000 to #16,037,000.
11. CALLED UP SHARE CAPITAL
30 June
2001
#'000
Authorised:
200,000,000 Ordinary Shares of #0.10 each 20,000
50,000,000 Convertible Redeemable Preference Shares of #1each 50,000
70,000
Allotted and fully paid:
57,583,795 Ordinary Shares of #0.10 each 5,758
10,945,262 Convertible Redeemable Preference Shares of #1 each 10,945
16,703
70,618 Ordinary Shares and 116,626 Convertible Redeemable Preference Shares
were issued as scrip dividends on 28 June 2001 and 30 June 2001 respectively.
12. RESERVES
Share Capital Capital Property Revenue Total
premium reserve - reserve - revaluation reserve
realised unrealised reserve
#'000 #'000 #'000 #'000 #'000 #'000
As at 1 47,413 (136) (6,476) 4,417 2,998 48,216
January
2001
Movements - (2,390) (1,905) 4,400 644 749
for the
period
Investment - - - (131) 131 -
properties:
Realisation
on
disposals
Scrip 85 - - - - 85
dividend
As at 30 47,498 (2,526) (8,381) 8,686 3,773 49,050
June 2001
13. TOTAL SHAREHOLDERS' FUNDS
30 June
2001
#'000
Equity 54,808
Non-equity - Convertible Redeemable Preference Shares 10,945
65,753
Total Shareholders' funds have been apportioned between equity and non-equity
shareholders in accordance with Financial Reporting Standard 4 "Capital
Instruments". However, the net asset value per share figures have been
calculated on the basis of Shareholders' rights to reserves as specified in the
Articles of Association of the Company.
14. NET ASSET VALUE PER SHARE AND DILUTED NET ASSET VALUE PER SHARE
The net asset value per share and the net asset values attributable to each
class of share at the period end calculated in accordance with the Articles of
Association of the Company:
Ordinary Shares 95.18p
Convertible Redeemable Preference Shares 100.00p
Basic net asset value per Ordinary Share is based on net assets less the
nominal value of Convertible Redeemable Preference Shares outstanding at the
period end and on 57,583,795 Ordinary Shares, being the number of Ordinary
Shares in issue at the period end. The analysis of Shareholders' funds used on
the face of the balance sheet has been computed in accordance with the
provisions of Financial Reporting Standard 4 "Capital Instruments".
If the current property assets were included in the accounts at 30 June 2001 at
open market value (as valued by DTZ Debenham Tie Leung) referred to in note 10,
the net asset value per Ordinary Share would increase from 95.18p to a pro
forma net asset value per Ordinary Share of 98.85p.
Fully diluted net asset value per Ordinary Share is 99.12p. This has been
calculated on the assumption that the Convertible Redeemable Preference Shares
were fully converted on the day of issue on the basis of 8 Ordinary Shares for
every 10 Convertible Redeemable Preference Shares held, giving a weighted
average of 66,340,005 shares.
15. ANALYSIS OF CHANGES IN NET FUNDS/DEBT
Cashflows Acquisitions Exchange 30 June
and disposals difference 2001
1 January 2001
#'000 #'000 #'000 #'000 #'000
Cash at bank 9,545 (3,132) (59) 905 7,259
and in hand
Debt due - (2,064) (490) - (2,554)
within one
year
Debt due after (124,619) (1,296) (1,876) 3,142 (124,649)
more than one
year
Loan notes (1,054) - - - (1,054)
within one
year
Loan notes (1,999) - - - (1,999)
after one year
Total (118,127) (6,492) (2,425) 4,047 (122,997)
16. RECONCILIATION OF NET REVENUE BEFORE FINANCE COSTS AND TAXATION TO NET CASH
INFLOW FROM OPERATING ACTIVITIES
Six
months to
30 June
2001
#'000
Net revenue before finance costs and taxation 7,197
Profit on joint ventures (697)
Loss on sale of investment properties 99
Management fee charged to capital (360)
Amortisation of goodwill 37
Depreciation 2
Increase in accrued income (1,070)
Decrease in property assets 1,953
Reclassification of property assets to investment property (3,032)
Decrease in creditors (2,295)
Decrease in other debtors 1,050
Net cash inflow from operating activities 2,884
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