RNS Number : 2742H
Cardiff Property PLC
23 November 2022
 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

LEI: 213800GE3FA4C52C1N05

 

 

 

FOR RELEASE                           7.00 AM                                    23 November 2022

 

THE CARDIFF PROPERTY PLC

(The Group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio including the jointly controlled Campmoss investment and development portfolio, valued in excess of £22m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

 

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

 

 

Highlights:

 

 


 


 



Richard Wollenberg, Chairman, commented:

 

"During the financial year under review the Thames Valley property market saw a marked upturn in activity with new lettings and investment sales reaching pre-pandemic levels. The last few months have however, seen a downturn in confidence following rising inflation worries and increases in interest rates and building costs.

 

In the current economic climate, the property market will be sensitive to economic and fiscal projections.  Whilst the Thames Valley has historically remained resilient compared to the general market, the impact of current uncertainties cannot be underestimated."

 

 

For further information:

 

The Cardiff Property plc

Richard Wollenberg

01784 437444

Shore Capital

       Patrick Castle

020 7468 7923



THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

 

 

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

 

Chairman's Statement

 

 

Dear Shareholder,

 

www.cardiff-property.com.

 



 

Consolidated Income Statement

 

 

 

 

              

              

 

              

              

 


 

 



Consolidated Balance Sheet

                

                



Consolidated Cash Flow Statement

FOR THE YEAR ENDED 30 SEPTEMBER 2022

 

 

 

Cash flows from operating activities

 

   Profit for the year

 

   Adjustments for:

 

      Depreciation right of use assets

 

      Financial income

 

  Financial expense

 

  Profit on sale of investments

 

      Share of profit of Joint Venture

 

      Fair value movement on investment properties

 

      Taxation

 


 

Cash flows from operations before changes in working capital

 

  Acquisition of inventory and work in progress

 

  (Increase)/decrease in trade and other receivables

 

  (Decrease)/increase in trade and other payables

 


 

Cash generated from operations

 

   Tax paid

 


 

Net cash flows from operating activities

 


 


 

Cash flows from investing activities

 

   Interest received

 

Dividend from Joint Venture

 

Proceeds from sale of investment property

 

   Acquisition of investment property, and plant and equipment

 

   Acquisition of investments

 

Proceeds from sale of investments

 

    Increase in held term deposits

 


 

Net cash flows from investing activities

 


 


 

Cash flows from financing activities

 

   Purchase of own shares

 

Lease payments

 

   Dividends paid

 


 

Net cash flows (used in)/from financing activities

 


 


 

Net increase/(decrease) in cash and cash equivalents

 

   Cash and cash equivalents at beginning of year

 


 

Cash and cash equivalents at end of year

 

 

 

                

                



 

Consolidated statement of changes in equity
FOR THE YEAR ENDED 30 SEPTEMBER 2022

 

 

Total transactions with equity holders

 

Profit for the year

Total transactions with equity holders

______

__   ____

______

______

______

___   ___

               

* - Includes fair value movements on investment properties held by Campmoss Group, our Joint Venture, which are presented in investment property fair value reserve to demonstrate these are unrealised. 

 

 

Notes to the Financial Statements

The financial statements have been prepared on a going concern basis, which assumes that the Group will continue to meet its liabilities as they fall due. The Group's activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement and Strategic Report. The financial position of the Group, its property portfolio under management, asset base, liquidity and key performance indicators.

The Group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. The Group is ungeared, and the cash flow forecasts do not assume any debt being required. Therefore, the Directors believe that the Group is well placed to manage its business risks successfully despite the current economic uncertainty.

 

 

 

Notes to the Financial Statements

(continued)

 

 

The Group manages its operations in two segments, being property and other investment and property development. Property and other investment relates to the results for The Cardiff Property Company Limited where properties are held as investment property with Property Development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes Limited. The results of these segments are regularly reviewed by the Board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

 

 

 

 

£'000

              

 

 

 

 

 

 

Notes to the Financial Statements

(continued)

 

 

 


£'000

              

 "Eliminations" relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on consolidation.

                 

                 

 

23 November 2022            Results announced for the year ended 30 September 2022

19 January 2023               Annual General Meeting/General Meeting

19 January 2023               Ex-dividend date for the final dividend

20 January 2023               Record date for the final dividend

3 February 2023               Final dividend to be paid

May 2023                           Interim results for 2023 to be announced

30 September 2023           Year end

 

 

 

 

Directors and Advisers

First Choice Estates plc
Derek M Joseph BCom, FCIS

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