DGAP-News: Haldane McCall Plc: Haldane McCall PLC announces audited 2011 Financials
(firmenpresse) - DGAP-News: Haldane McCall Plc / Key word(s): Final
Results/Miscellaneous
Haldane McCall Plc: Haldane McCall PLC announces audited 2011
Financials
21.02.2012 / 10:00
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Press Release
Haldane McCall PLC announces audited 2011 Financials
Lagos, February 21, 2012
Ticker Symbol: HMK
Huge revenue and profit from emerging market, fast growing operations and
profitable
'This has been an important year for the business, as we have made
significant progress towards our objectives of increasing occupancy and
efficiency across the portfolio. Occupancy up 7%, we are achieving further
significant increases in occupancy. Through the actions we commenced
12months ago, the Group has reduced its irrecoverable, which has led to the
Company's improved performance.' Edward Akinlade
Financial highlights?Property portfolio revalued at EUR119.4m (31 March 2010: EUR105m)?Total turnover of EUR25.4m, 25% higher than expected?Occupancy increased by 7%?Profit after tax was EUR3.96m, 58% higher than expected?Company overheads reduced by EUR0.8m in the period?Operating within banking covenants?LTV across the portfolio as at 31 December 2011 of 45.9% (31 December
2010: 53.2%)?Earning per share 0.028EUR?Net assets per share 0.53EUR?Cash balance of EUR6.7m (31 December 2010: EUR1.4.m)
Operating highlights?Focused on increasing occupancy, revenues and efficiency across the
portfolio?Cost reduction and recovery programme generated savings of EUR0.8m in the
period and a further EUR0.3m expected next period through:
o further reductions in property running costs and overheads
o Better allocation and transparency of property running costs?Strong demand for Best Western Brand?Average monthly sales enquiries increased from 151 to 324?Market conditions remain positive
Introduction
I am pleased to announce the Group's full year results for the year to 31
December 2011. The Group performed well during the period delivering a
strong lettings performance, selling approximately double the homes sold in
the comparable period last year, which offset the expected completions over
the summer. We therefore kept up the momentum of increasing occupancy which
started at the beginning of 2011, an improvement of nearly 7 percentage
points to the year end with a further 1.25 percentage points added in the
first month of 2012. Alongside this, good progress has been made on
improving cost recovery and efficiencies across the business, and although
one-off costs and have impacted profits in this period, the benefits of the
programmes in place are starting to be seen and are expected to be felt
more significantly in the next financial year.
Results
Turnover for the period was EUR25.41 million and profit after tax was
EUR3.96 million, both better than our 5 years projected figures. As at 30
September 2011, the portfolio of properties was revalued at EUR119.4
million. This is EUR15.3 million higher than that stated in the financial
statements; this will be fully reflected in the 2012 year financial
statements.
During the year ended to 31 December 2011 capital expenditure was
restrained, with the Group investing in upgrading the portfolio, due to the
initial development phase of the business being largely completed at the
outset of 2011.
The Company's cash reserves at the period end were EUR6.7m (2010: EUR1.5m)
and all bank facilities were operating within covenants.
Net Asset Value (NAV)
The portfolio has been independently valued by Ubosi Eleh and Co, Chartered
Estate Surveyor as at 30 September 2011 at EUR119.4 million.
Dividend
At this stage, the focus is on increasing income and reducing the cost base
of the business so that the Group can commence paying dividends in due
course. We will continue to review this policy and commence payments once
it is prudent to do so during 2012.
Finance
As at 31 December 2011Haldane McCall PLC's borrowings, excluding
capitalized loan costs, totalled EUR54.8 million (31 December 2010:
EUR58.5m) representing an LTV of 45.9% (31 December 2010: 53.2%). The Board
is therefore confident that the Group has the flexibility to manage its
borrowings and to conclude negotiations for loans swap with lenders in
2012.
Asset Management
As the leading operator of branded businesses, The Group provides flexible
solutions to both business and private clients market in West Africa and
UK, Haldane McCall PLC remains in a good position. During the period the
Asset Management team continued successfully to implement the strategy of
increasing occupancy and driving efficiency levels across the portfolio.
Target Countries for Future M&A
UNITED KINGDON
GERMANY
GHANA
SIERRA LEONE
BENIN
GAMBIA
IPO during 2012
During 2012 the Group intends to issue up to 70m new shares after approval
of its Public Offering Prospectus by BaFin, the German Federal Financial
Services Supervisory Authority. The group intends to use the proceeds from
the capital increase for accelerating its growth through expanding its
portfolios in hotels, real estates, expanding its factory and microfinance
bank.
Standard&Poor's Upgrades Nigeria's Rating to Positive
Standard&Poor's Ratings Services revised its outlook on the Federal
Republic of Nigeria to positive from stable. At the same time, affirmed the
'B+/B' long- and short-term issuer credit ratings and the 'ngA+/ngA-1?long- and short-term Nigeria national scale ratings. The transfer and
convertibility (T&C) assessment is unchanged at 'B+'
The outlook revision indicates that there is at least a one-in-three
likelihood of an upgrade if Nigeria's reform initiatives support economic
growth, build stronger buffers against Nigeria's dependence on petroleum
revenue and reduce pressure on the exchange rate. After national elections
in May 2011 and strong GDP growth rates over the past few years, Nigeria
has tightened its fiscal and monetary stance by reducing projected fiscal
deficits and by raising its monetary policy rate. It plans to cut fuel
subsidy, which we understand has been paid from the Excess Crude Account
(ECA) in the past. This is one of several important reform initiatives
President Goodluck Jonathan has promoted since he succeeded late President
Yar'Adua in February 2010. Over the past two years, the authorities have
also strengthened the banking sector. The government furthermore aims to
improve predictability and transparency in the oil sector by drafting and
passing the Petroleum Industry Bill, and plans an overhaul of the country's
electricity sector that should reduce power supply constraints.
Isle of Man rating
The island was one of the last nations to carry the Standard and Poor's
(S&P) AAA rating, when it was downgraded to AA+ in late 2011. The downgrade
followed S&P assessment that the Isle of Man was 'constrained by its
undiversified small economy, which makes it more vulnerable to external
shocks. The island's current long-term sovereign rating now denotes high
credit quality and a stable outlook.
On a positive note, S&P acknowledged that the crown dependency has a high
income level and strong balance sheet, and said it could return to its
triple-A status if it 'diversified its economy further away from financial
sector-related activities'. 'The Standard&Poor's report maintains its
'stable' outlook for the economy and acknowledges that the Isle of Man is
characterised by a high income level, strong fiscal balance sheet and
political stability.'
Haldane McCall Outlook
The year 2011 has seen the Group deliver on its objectives. Occupancy has
increased by nearly 7 percentage points since the beginning of the calendar
year and significant cost savings are now coming through. This, combined
with the fundamental strength of the unique Haldane McCall PLC business
model, puts the Group in a strong financial position. We are currently
trading in line with expectations; we remain focused on our key objectives
and look forward to delivering a positive result for the coming years.
Haldane McCall PLC owns and operates among others, the Best Western Hotel
Brand in Nigeria, Suru Express Hotels in West Africa , Johnson Product of
Nigeria , Suru Homes Limited and Independent Prolific Micro Finance Bank.
Please send enquiries to: info(at)haldanemccallplc.com or visit our website
for full audited PDF version of our Annual report 2011 :
www.haldanemccallplc.com
Safe Harbor Statement; The statements contained herein are forward-looking
statements that are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed in the forward-
looking statements, including, but not limited to, certain delays beyond
the company's control with respect to market acceptance of new technologies
or products, delays in testing and evaluation of products, and other risks
detailed from time to time.
End of Corporate News
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