The Hotel Corporation plc - Final results for the Year ended 31 December 2009
(Thomson Reuters ONE) -
29 March 2010
The Hotel Corporation plc
Final Results for the Year ended 31 December 2009
The Hotel Corporation plc ("the Company"), an AIM listed investment company
owning 49.9% of Puma Hotels plc ("PHP"), announces its final results for the
year ended 31 December 2009. PHP is today separately announcing final results
for the year ended 31 December 2009.
On 29 June 2009, when the PHP 20 million convertible preference share equity
raise was completed, HCP subscribed to 11,770,000 convertible preference shares.
Therefore, if in the future all the convertible preference shares are converted
into ordinary shares, HCP will, on a fully converted basis, own 53.28% of PHP.
Highlights
* Term of PHP senior debt facility extended by three years to 31 December 2012
* £20 million PHP equity raising successfully completed, with HCP subscribing
to £11.77m in preference shares
* Final HCP Dividend of 1.8p (2008: 2.6p), making a total of 3.6p for the year
(2008: 5.3p).
* Significant planning permissions secured by PHP:
? 107 bedroom lodge hotel in Harrogate;
? 42 additional bedrooms, conference space, bar and restaurant at
Brighton Old Ship
* Investment properties prove resilience, despite tough hotel operating
environment, with valuation decline restricted to 4.2%
Barclay Douglas, Chairman of The Hotel Corporation plc, said:
"This has been an encouraging year for the Group. The senior debt facility
extension provides Puma Hotels with the flexibility to optimise shareholder
returns. PHP is also well placed to continue to obtain additional planning
consents and to execute its development plans. We are also expecting the
first distribution from our holding of PHP convertible preference shares during
2010 which we anticipate will enable us to increase the dividend in respect of
the current year."
Press enquiries
+---------------------------------+---------------+
| The Hotel Corporation | |
| | 0207 638 9571 |
| | |
| Barclay Douglas | |
+---------------------------------+---------------+
| Puma Hotels plc | |
| | |
| Howard Shore | 0207 408 4050 |
| | |
| Peter Procopis | |
+---------------------------------+---------------+
| Shore Capital and Corporate Ltd | |
| | 0207 408 4090 |
| | |
| Andrew Raca | |
+---------------------------------+---------------+
Notes to Editors
1. Puma Hotels plc acquired 13 Paramount branded hotels in July 2004. Following
further acquisitions it now owns 20 four-star hotels across Scotland,
Northern England, Central England, Southern England and Wales. See the table
below for a full list of hotels.
2. The hotels offer extensive banqueting, conference and leisure facilities and
many of them have architectural and historical significance. The Group has
2,872 bedrooms and around 20,000 square metres of conference and meeting
space and offers extensive facilities to both corporate and leisure guests.
3. From July 2004 until 6 September 2007, PHP owned and operated each of the
20 hotels. From 6 September 2007 PHP granted 45 year FRI leases for each
hotel to Barceló Group, a leading Spanish operator with substantial global
operations. Since 1 January 2008 all 20 hotels carry the Barceló brand.
4. PHP's hotel locations are shown below:
No. of meeting Health & Leisure Location
CENTRAL ENGLAND Bedrooms rooms
Barceló Billesley Manor 12 Y
1 Hotel, Nr. Stratford* 72 Country
Barceló Cheltenham Park 11 Y
2 Hotel 152 Country
3 Barceló Daventry Hotel 155 8 Y Country
Barceló Hinckley Island 21 Y
4 Hotel 362 Country
5 Barceló Oxford Hotel 168 25 Y City
Barceló Buxton Palace 9 Y
6 Hotel 122 Country
Barceló Walton Hall 20 Y
Hotel & Spa,
7 Warwickshire* + 202 Country
Barceló The Lygon Arms, 8 Y
8 Cotswolds* 77 Country
NORTHERN ENGLAND
Barceló Blackpool 15 Y
9 Imperial Hotel 180 Coast
Barceló Harrogate 10 Y
10 Majestic Hotel 167 City
Barceló Redworth Hall 10 Y
11 Hotel, Co. Durham* 143 Country
12 Barceló Shrigley Hall 148 12 Y Country
Hotel, Cheshire*
SCOTLAND
Barceló Edinburgh 10 Y
13 Carlton Hotel 189 City
Barceló Troon Marine 4 Y
14 Hotel* 89 Coast
Barceló Stirling 7 Y
15 Highland Hotel 96 City
SOUTHERN ENGLAND
Barceló Combe Grove 5 Y
16 Manor, Bath* 42 Country
Barceló Basingstoke 10 Y
17 Country Hotel 100 Country
Barceló Torquay 7 Y
18 Imperial Hotel 152 Coast
Barceló Brighton Old 11 N
19 Ship Hotel 154 Coast
WALES
Barceló Cardiff Angel 7 N
20 Hotel 102 City
Total 2,872 222
* Barceló Premium Hotels
+ Operationally, Barceló split this property into a Barceló Premium Hotel,
Barceló Walton Hall and a Barceló Hotel, Barceló Walton Hotel
Chairman's Statement
I am pleased to report on the results of The Hotel Corporation plc ("the
Company") and its subsidiary Puma Hotels plc ("PHP"), together "the Group". The
Group's Financial Statements are drawn up to include the results of the Company
for the year and the results of PHP from the date of acquisition on 29 June
2009 to 31 December 2009. The Company's Financial Statements are drawn up from
1 January 2009 to 31 December 2009 and comparatives figures are given for a full
year.
The Company's principal asset comprises its interest in PHP and this statement
therefore discusses the results of both the Company itself and PHP. During June
2009 both Companies successfully completed their respective fundraisings and PHP
then concluded the refinancing of its bank borrowings, with a three year
extension to 31 December 2012. The Company raised £12.16m, before placing costs,
in new equity and invested £11.77m in the £20m convertible preference share
issue by PHP. These events have created an environment in which PHP can pursue
its medium term strategy and create value for shareholders in an optimal
fashion. If all the convertible preference shares held by the Company are
converted into ordinary shares in the future the Company will, on a fully
converted basis, own 53.28% of PHP. While we have no present intention of
exercising our conversion rights, International Financial Reporting Standards
("IFRS") rules dictate that we must consolidate the PHP results into our
accounts. I will comment upon the Company results and the consolidated results
separately.
For consistency with previous periods, the consolidated balance sheet of PHP
itself, as at 31 December 2009, the consolidated profit and loss account and
consolidated statement of cash flows of PHP for the year ended 31 December 2009
are also provided as an appendix to this report. I recommend that they be read
in conjunction with the results that follow.
Results of the Company
Revenue for the year, including bank interest, was £2.00m (2008: £2.07m) and,
after deducting administrative expenses and interest but before unrealised gains
and losses, profit amounted to £1.81m (2008: £1.86m). In addition, an investment
loss amounting to £9.7m (2008: loss of £21.6m) arising from the measurement of
the company's investment in the ordinary shares of PHP at their fair value, has
been recognised in accordance with IFRS. Including this investment loss, total
loss before tax was £7.9m (2008: loss of £19.7m). No tax is payable for the year
due to the zero income taxation provisions in the Isle of Man. Basic and diluted
earnings per share were (18.5p) (2008: (57.0p)) including these investment
losses, and 4.3p (2008: 5.4p) without them.
The Company's net asset value per share, as at 31 December 2009 is 131p (2008:
182p) and the company has valued its shareholding in PHP on the basis of the
discounted future net cash flow from PHP. PHP's accounts, prepared under UK
Generally Accepted Accounting Principles, include a valuation of its portfolio
of 20 hotels of £463.2m (2008: £483.5m). This valuation includes £3m
(2008:£3.5m) of land and other assets, at PHP Director's valuation, not subject
to the Barceló lease. The valuation of the assets subject to the Barceló lease
was carried out by Colliers Robert Barry & Co, independent valuers, as at 31
December 2009. Against the backdrop of a general decline in the hotel operating
environment this is a modest reduction of 4.2% from the previous year, and
reflects the quality of the assets and the tenant's covenant strength. The PHP
net-asset value per share is 165p under UK Generally Accepted Accounting
Standards (UK GAAP) (2008: 270p per share), after allowing for the carried
interest attributable to the PHP Founder shares. The movement during the year
reflects the £20m reduction in valuation and assumes a full conversion of the
20m convertible preference shares.
Consolidated Results of the Company
As I indicated above, we are now for the first time consolidating the PHP
results within our own results. I draw your attention to the fact that the
Consolidated Statement of Comprehensive Income therefore reflects the Group
results for the period dating from the Company's investment in PHP convertible
preference shares on 29 June 2009 through to 31 December 2009 and the Company's
results from 1 January 2009 to 31 December 2009.
The Group revenue for the year, including bank interest, was £16.1m and,
following administrative expenses and interest but before unrealised gains and
losses, the loss amounted to £0.7m. After an investment loss of £22.5m the total
loss before tax was £23.2m. A deferred taxation credit of £10.8m reduces the
loss after tax to £12.4m. Basic earnings per share were (9.03p).
As required by IFRS, the consolidated statement of financial position of the
Group takes account of goodwill, the fair value of interest rate swaps and
deferred tax adjustments on consolidation. The resulting consolidated NAV per
share is 138.6p.
Dividend
The Company has proposed a final dividend of 1.8p per ordinary share (2008:
2.6p), making a total of 3.6p for the year (2008: 5.3p). This level of dividend
reflects the enlarged issued share capital. The ex-dividend date will be 31
March 2010 and the record date 6 April 2010. Payment will be made to
shareholders shortly after the Annual General Meeting on 7 May 2010. The total
dividends paid, £1.8m (2008: £2.5m) reflect the profits for the year before
investment losses and tax.
Going Concern
The Group's business activities, together with the factors likely to affect its
future development, performance and position are set out in the Chairman's
Report, together with the financial position of the Group. The Group's valuation
of its properties and borrowing facilities are set out in the Puma Hotels plc
Review of Operations and Financial Performance. The maturity of the Group's debt
facility has been extended until 31 December 2012, interest rate hedges are in
place for 100% of the facility and the rental income benefits from guarantees
provided by Barceló Corporation Empresorial SA. As a consequence, the Directors
believe that the Group is well placed to manage its business risks successfully.
Prospects
It has been an encouraging year for both the Company and PHP. Also, since the
year end significant planning permissions have been secured at Harrogate and
Brighton. PHP is well placed to continue to obtain additional planning consents,
execute its development plans and in due course consider selective asset
disposals as the investment market recovers. The senior debt facility extension
provides the flexibility to optimise the shareholder returns from these
activities. We are also expecting the first distribution from our holding of PHP
convertible preference shares in respect of the period to 30 June 2010 which we
anticipate will enable us to increase the dividend payment in respect of this
period.
Barclay Douglas
Chairman
25 March 2010
Puma Hotels plc Review of Operations and Financial Performance
The operations of the Group are concentrated within Puma Hotels plc ("PHP")
hence a review of operations and financial performance for PHP under UK
Generally Accepted Accounting Standards ("UK GAAP") has been provided.
Introduction
Since the granting of leases to Barceló Group ("Barceló") on 6 September 2007,
PHP trades as an owner of hotel property receiving income from property rents.
PHP's hotels are let on 45 year FRI leases to Barceló, a leading Spanish
hospitality group with substantial global hotel and other leisure related
operations.
Financial Performance
Turnover for the year ended 31 December 2009 of £30.0m represents rent received
from Barceló (2008: £28.5m). Operating profit of £24.0m (2008: £20.6m) has grown
over the prior year reflecting the benefit of the increase in rent and the
reduction in overhead costs.
After deducting bank interest payable on the PHP's senior facility, PHP showed a
net profit of £0.6m (2008: Loss of £1.5m) before bank interest, Shareholder
Finance Costs and exceptional items. The Shareholder Finance Costs comprise £4m
of payments to bondholders of the PHP's deep discounted bonds and a notional,
non-cash finance charge relating to the convertible preference shares of £0.7m.
The exceptional item is the non-cash charge of the deficit on revaluation of
properties of £2.1m. Therefore, after deducting these items the loss on ordinary
activities for the year is £6.2m (2008: £8.8m).
Net bank interest payable was flat against the prior year. As previously
reported the maturity of PHP's senior facility with Anglo Irish Bank was
extended by three years to 31 December 2012. The effective date of this
extension was 13 July 2009, at which time the margin on the facility increased
from 175bps to 250bps. The additional interest arising from the increased margin
was largely offset by a lower cost of funding and by the reduction in the
principal amount of the facility. Commencing on 1 January 2010, the new interest
rate SWAPs executed in April 2009, are in operation and will reduce annual
interest costs by an average of £3.5m p.a. over the next three years (compared
to interest payable for the year ended 31 December 2009).
As discussed below, PHP has had the leased properties professionally revalued as
at 31 December 2009 and, as a result, is now carrying its entire portfolio at a
total value of £463.2m (2008: £483.5m). As part of the revaluation process, each
individual property has been assigned a new value, in some cases eliminating the
brought forward valuation surplus, hence leading to a charge to the profit and
loss account of £2.1m (2007: £3.3m). This charge is a non-cash item which is
shown as a "deficit on revaluation". The remainder of the revaluation deficit
has been taken against the valuation surplus in the balance sheet after which
the 31 December 2009 balance of the revaluation reserve is £84.7m (2008:
£105.1m).
Leases and Property Revaluation
The asset values on the balance sheet of PHP reflect the lease arrangements with
Barceló. These leases place full repairing and insuring ("FRI") obligations on
the tenant and provide guaranteed rental growth over the first four years; this
is inflation-indexed thereafter and can also increase if hotel EBITDA (as
defined in the agreement with Barceló) performs well.
In addition to the tenant's FRI obligation, the agreement with Barceló also
provides for a £10m capital expenditure contribution to be made by PHP in the
first 10 years of the leases. This contribution is to be spent on structural and
mechanical improvements by Barceló. To date, PHP has contributed £4.3m of which
Barceló have spent £2.3m during 2009 bringing the total spent by Barceló since
inception of the lease to £3.0m. The amount spent during 2009 is capitalised by
PHP and taken into account when calculating the year end valuation adjustment.
Since inception of the leases, Barceló have also spent a significant amount of
their own funds on capital improvements and on repairs and maintenance
expenditure.
For the purpose of preparing its annual financial statements for 2009, PHP has
had the property subject to these leases professionally valued by Colliers
Robert Barry. This valuation of each property in the portfolio, which excludes
land held for development and other assets not subject to the Barceló lease, is
at £460.2m. The Board of PHP considers that the current value of the assets
excluded from the lease is a further £3.0m.
Against the backdrop of a general decline in the hotel operating environment,
the 31 December 2009 valuation has fallen by a modest 4.2% from the 2008
valuation, reflecting the quality of the assets, capital expenditure made and an
improvement in the general investment market.
Anglo Irish Bank Debt Facility Extension
As detailed in PHP's 2009 interim results announcement, PHP has extended the
term of its senior debt facility with Anglo Irish Bank Limited ("Anglo Irish").
This facility was due for repayment on 31 December 2009 but will now mature on
31 December 2012. In a volatile and difficult credit market, this extension by
three years represents a key milestone in safeguarding PHP's financial position.
Key features of the extension are:
* The facility was reduced to £332.3m from its previous ceiling of £350m (of
which £347.5m was drawn) on 13 July 2009. PHP funded this reduction,
together with associated costs, by raising an additional £20m in new equity
primarily from PHP's existing shareholders.
* The new equity was issued in the form of cumulative convertible preference
shares. These preference shares bear a cumulative 7% p.a. coupon beginning
in 2010 and are convertible into new ordinary shares on a 1 for 1 basis. Of
the £20m subscribed, £11.77m was subscribed by The Hotel Corporation plc,
the AIM-listed investment company which owns 49.92% of PHP's ordinary
shares.
* Anglo Irish have agreed that there will be no further loan to value covenant
testing for the duration of the facility (i.e. up to and including 31
December 2012). This provides significant stability to shareholders in the
current market.
* The margin on the facility has increased from 1.75% to 2.5% from 13 July
2009.
* The maturity of PHP's outstanding bonds has also been extended to align it
with the Bank facility, although approximately £2m of these bonds was, as
previously scheduled, redeemed on 30 June 2009. Also, the outstanding bonds
have been listed on the Channel Islands Stock Exchange and continue to earn
a return of 12% per annum.
Development Plans
In the past, PHP has successfully exploited the potential for gains in value
through developing the portfolio by adding extra rooms, conference and other
facilities. PHP continues to seek additional planning permissions as well as to
monitor and protect planning permissions already granted. Three significant
applications lodged during 2009 were determined in February 2010, and PHP
secured these planning consents:
1. Harrogate Lodge Hotel: Granted by Harrogate Borough Council this planning
consent allows for the development of a 107 bedroom lodge hotel on land that
is part of the development assets excluded from the Barceló lease. The
proposed hotel will be directly linked into a new 3,400 sq m exhibition
facility which is to be built as part of the first phase in the
redevelopment of the Harrogate International Centre (HIC), approval for
which was granted at the same time as that for the 107 bedroom lodge. We are
in discussions with branded hotel companies in relation to this development
opportunity.
As part of PHP's discussions with the HIC, their building plans will also
provide improved access into the HIC from the four star 170 bedroom Barceló
Majestic Hotel, for which a planning consent already exists to extend the hotel
by a further 85 bedrooms.
2. Brighton Old Ship Hotel: Planning consent has been secured for a 3,000 sq m
development at this waterfront, city centre hotel which will add 42 bedrooms
(a 27% increase to existing room stock), a 248 sq m conference facility and
124 sq m of bar and restaurant facilities.
3. Gatehouse at Combe Grove Manor: Planning and listed building consent
obtained for a 30% extension of the internal space at this attractive
residential property that is part of the development assets excluded from
the Barceló lease.
In overall terms, PHP has the potential to add over 800 rooms (over 25 per cent
of the current estate) of which 519 rooms (2008: 370 rooms, therefore a 40%
increase in consented rooms) have already received the necessary planning or
listed building consent. There are also schemes for over 3,000 sq m (of which
over 70% have planning consent) of additional meeting rooms and upgrades for
several leisure clubs. The economics of adding these rooms and other facilities
can be highly attractive for both PHP and Barceló. The value of the development
potential of the portfolio is not typically fully recognised in a professional
valuation and PHP therefore believes that fulfilling the programme may add
significantly to net asset value over time.
Strategy and Plans
Having concluded the extension of the maturity of its senior debt facility to
31 December 2012, PHP has significantly strengthened its financial position. In
addition, the interest rate SWAPs put in place and the reduction in overheads,
provide predictability over PHP's cashflows. Whilst the value of the Group's
assets reflects a modest reduction, rental income has increased. PHP's financial
position is further supported by Barceló's strong covenant which has proven to
be of significant benefit during the turbulent operating environment which has
impacted the global hotel sector over the last two years.
In the medium term, there is also the opportunity to unlock significant value by
gaining additional planning consents, executing PHP's development plans and
considering selective asset disposals as the investment market recovers. The
Board of PHP considers that as the investment market recovers, PHP's assets
should once again prove highly attractive because of the longevity of the leases
and the associated indexation. The extended maturity of the senior debt provides
the flexibility to optimise the potential returns to shareholders with the
intention of liquidating assets and returning capital to investors prior to the
new maturity of the senior debt and shareholder bonds.
Post balance sheet date events
As detailed above, three planning consents which were lodged during 2009 were
determined in February 2010. Therefore, PHP has secured consent for a 107
bedroom lodge on land excluded from the Barceló lease at Harrogate. At the
Barceló Old Ship Hotel, Brighton PHP secured consent for a 3,000 sq m
development which includes 42 bedrooms, 248 sq m of meeting space, and 124 sq m
of bar and restaurant facilities. At the Gatehouse at Combe Grove, planning and
listed building consent has been obtained for a 30% extension of the internal
space at this attractive residential property that is part of the development
assets excluded from the Barceló lease.
Prospects
PHP is well placed to maximise shareholder value having extended the maturity of
the senior facility, and having reduced interest costs and operating overheads.
The planning permissions secured represent valuable additions to an already
substantial development bank across the portfolio from which PHP expects to
realise value as the hotel operating environment improves. Looking ahead, the
rent from Barceló is due to increase to £31 million in September 2010 and is RPI
linked thereafter.
Consolidated Statement of Comprehensive Income
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
| | || 2009||2008 |
+---------------------------------------------------+-----++--------++---------+
| |Notes|| £'000||£'000 |
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Continuing Operations | || || |
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Revenue | 8 || 16,116|| 1,986|
+---------------------------------------------------+-----++--------++---------+
|Administrative expenses | || (1,891)||(215) |
+---------------------------------------------------+-----++--------++---------+
|Loss on change in fair value of investment property| 3 ||(22,474)|| -|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|(Loss)/Profit from operations | || (8,249)|| 1,771|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Bank interest receivable | || 32||88 |
+---------------------------------------------------+-----++--------++---------+
|Loss on change in fair value of interest rate swaps| || (1,240)||- |
+---------------------------------------------------+-----++--------++---------+
|Investment surplus - unrealised | || 1,117|| (21,602)|
| | || || |
|Interest payable | ||(14,840)||- |
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Loss before tax | ||(23,180)|| (19,743)|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Tax | 5 || 10,803 || -|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Loss after tax for the year | ||(12,377)|| (19,743)|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Total comprehensive loss for the year | ||(12,377)|| (19,743)|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Attributable to: | || || |
+---------------------------------------------------+-----++--------++---------+
|Owners of the Company | || (3,833)||(19,743) |
| | || || |
|Non controlling interests | || (8,544)|| -|
+---------------------------------------------------+-----++--------++---------+
| | ||(12,377)|| (19,743)|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
|Earnings per share | || || |
+---------------------------------------------------+-----++--------++---------+
|Basic and diluted from continuing operations | 7 || (9.03p)|| (57.0p)|
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
+---------------------------------------------------+-----++--------++---------+
+------------------------------------------------------------------------------+
| Consolidated Statement of Financial Position |
+-------------------------------------++-----++----------------++--------------+
+-------------------------------------++-----++----------------++--------------+
|Assets ||Notes|| || |
+-------------------------------------++-----++----------------++--------------+
| || || 2009 ||2008 |
+-------------------------------------++-----++-------++-------++------++------+
| || ||£'000 ||£'000 ||£'000 ||£'000 |
+-------------------------------------++-----++-------++-------++------++------+
|Non - Current Assets || || || || || |
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Intangible assets - Goodwill || 2 || || 28,382|| || -|
+-------------------------------------++-----++-------++-------++------++------+
|Investment Property || 3 || ||463,170|| ||- |
+-------------------------------------++-----++-------++-------++------++------+
|Investments || || || -|| ||61,221|
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Current Assets || || || || || |
+-------------------------------------++-----++-------++-------++------++------+
|Trade and Other Receivables || || 1,502|| || 11|| |
+-------------------------------------++-----++-------++-------++------++------+
|Cash and Cash Equivalents || || 10,401|| || 1,697|| |
+-------------------------------------++-----++-------++-------++------++------+
| || || || 11,903|| || 1,708|
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Total Assets || || ||503,455|| ||62,929|
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Liabilities || || || || || |
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Current Liabilities || || || || || |
+-------------------------------------++-----++-------++-------++------++------+
|Trade and Other Payables || || 14,016|| || 28|| |
+-------------------------------------++-----++-------++-------++------++------+
|Fair Value of Interest Rate Swaps || || 2,251|| || -|| |
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Non - Current Liabilities || || || || || |
+-------------------------------------++-----++-------++-------++------++------+
|Borrowings || 4 ||348,545|| || -|| |
+-------------------------------------++-----++-------++-------++------++------+
|Fair Value of Interest Rate Swaps || || 16,222|| || -|| |
+-------------------------------------++-----++-------++-------++------++------+
|Deferred Tax Liabilities || 5 || 33,718|| || -|| |
+-------------------------------------++-----++-------++-------++------++------+
| || || ||398,485|| || -|
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Total Liabilities || || ||414,752|| || 28|
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Net Assets || || || 88,703|| ||62,901|
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Equity || || || || || |
+-------------------------------------++-----++-------++-------++------++------+
|Share Capital || || 2,491|| || 1,731|| |
+-------------------------------------++-----++-------++-------++------++------+
|Share Premium Account || || 11,015|| || -|| |
+-------------------------------------++-----++-------++-------++------++------+
|Retained Earnings || || 55,540|| ||61,170|| |
+-------------------------------------++-----++-------++-------++------++------+
|Equity attributable to owners of the || || || || || |
|Company || || 69,046|| ||62,901|| |
+-------------------------------------++-----++-------++-------++------++------+
|Non controlling interest || || 19,657|| || -|| |
+-------------------------------------++-----++-------++-------++------++------+
| || || || 88,703|| ||62,901|
+-------------------------------------++-----++-------++-------++------++------+
+-------------------------------------++-----++-------++-------++------++------+
|Net Asset Value per share || || || 138.6p|| || 182p|
| || || || || || |
|(Based on number of shares in issue || || || || || |
|at year end) || || || || || |
+-------------------------------------++-----++-------++-------++------++------+
The financial statements were approved by the Board of Directors and authorised
for issue on 25 March 2010.
They were signed on its behalf by:
....... .......
Barclay Douglas David Craine
Consolidated Statement of Changes in Equity
+------------------+---------++----------+-+-------------++----------++--------+
| | Share|| Share| | Non|| Retained|| Total |
| | Capital || Premium| | controlling|| Earnings || |
| | || Account| | interest|| || |
| | || £'000| | £'000|| || |
| | £'000|| | | || £'000|| £'000|
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
| Balance at 31 | 1,731|| 33,300| | -|| 50,106|| 85,137|
| December 2007 | || | | || || |
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Loss for the year | -|| -| | -|| (19,743)||(19,743)|
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Dividend | -|| -| | -|| (2,493)|| (2,493)|
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Transfer of Share | -|| (33,300)| | -|| 33,300|| -|
|Premium | || | | || || |
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Balance at 31 | || | | || || |
|December 2008 | 1,731|| -| | -|| 61,170|| 62,901|
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Acquisition of | || | | || || |
|Puma Hotels plc on| || | | || || |
|29 June 2009 (note| || | | || || |
|5) | -|| -| | 27,874|| - || 27,874|
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Capital | || | | || || |
|contribution from | || | | || || |
|non-controlling | || | | || || |
|interest | -|| -| | 327|| -|| 327|
+------------------+---------++----------+-+-------------++----------++--------+
| | || | | || || |
|Loss for the year | -|| -| | (8,544)|| (3,833)||(12,377)|
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Issue of share | || | | || || |
|capital | 760|| 11,400| | -|| -|| 12,160|
+------------------+---------++----------+-+-------------++----------++--------+
| | || | | || || |
|Placing costs | -|| (385)| | -|| -|| (385)|
| | || | | || || |
| | || | | || || |
|Dividends | -|| -| | -|| (1,797)||(1,797) |
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
|Balance at 31 | || | | || || |
|December 2009 | 2,491|| 11,015| | 19,657|| 55,540|| 88,703|
+------------------+---------++----------+-+-------------++----------++--------+
+------------------+---------++----------+-+-------------++----------++--------+
Consolidated Statement of Cash Flows
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| || 2009 || 2008 ||
| || || ||
| || £'000 || £'000 ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| Net Cash Inflow/(Outflow) From Operating Activities || 11,135 || (216) ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| Investing Activities || || ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| Interest Received || 32 || 88 ||
+------------------------------------------------------++----------++---------++
| Proceeds received on the maturity of Investments || 1,986 || 1,986 ||
+------------------------------------------------------++----------++---------++
| Net cash on acquisition of a subsidiary || 15,224 || - ||
+------------------------------------------------------++----------++---------++
| Interest paid || (14,605) || - ||
+------------------------------------------------------++----------++---------++
| || || ||
| Net cash from Investing Activities || 2,637 || 2,074 ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| Capital Expenditure || || ||
+------------------------------------------------------++----------++---------++
| Purchase of tangible fixed assets || (97) || - ||
+------------------------------------------------------++----------++---------++
| Sale of tangible fixed assets || 463 || - ||
+------------------------------------------------------++----------++---------++
| || || ||
| || 366 || - ||
+------------------------------------------------------++----------++---------++
| Financing Activities || || ||
+------------------------------------------------------++----------++---------++
| Shares Issued || 12,160 || - ||
+------------------------------------------------------++----------++---------++
| Placing Costs || (384) || - ||
+------------------------------------------------------++----------++---------++
| Dividends Paid || (1,797) || (2,493) ||
+------------------------------------------------------++----------++---------++
| Term loans repaid || (15,000) || - ||
+------------------------------------------------------++----------++---------++
| Bonds repaid || (14) || - ||
+------------------------------------------------------++----------++---------++
| New term loan issue costs || (399) || - ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| || || ||
| Net cash used in Financing Activities || (5,435) || (2,493) ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| || || ||
| Net increase/(decrease) in cash and cash equivalents || 8,704 || (635) ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| Cash and cash equivalents at beginning of year || 1,697 || 2,332 ||
+------------------------------------------------------++----------++---------++
+------------------------------------------------------++----------++---------++
| || || ||
| Cash and cash equivalents at end of year || 10,401 || 1,697 ||
+------------------------------------------------------++----------++---------++
Company Statement of Comprehensive Income
+----------------------------------+-------+----------++----------+
| | | 2009 || 2008 |
+----------------------------------+-------+----------++----------+
| | Notes | £'000 || £'000 |
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
| Continuing Operations | | || |
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
| Revenue | 8 | 1,986 || 1,986 |
+----------------------------------+-------++---------++----------+
| Administrative expenses | | (188) || (215) |
+----------------------------------+--------+---------++----------+
+----------------------------------+-------++---------++----------+
| Profit from operations | | 1,798 || 1,771 |
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
| Bank interest receivable | | 10 || 88 |
+----------------------------------+-------++---------++----------+
| Investment losses - unrealised | | (9,663) || (21,602) |
+----------------------------------+-------++---------++----------+
+----------------------------------+-------+----------++----------+
| Loss before taxation | | (7,855) || (19,743) |
+----------------------------------+-------+----------++----------+
+----------------------------------+-------++---------++----------+
| Taxation | | - || - |
+----------------------------------+-------++---------++----------+
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
| Comprehensive loss for the year | | (7,855) || (19,743) |
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
| Earnings Per Share | 7 | 2009 || 2008 |
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
| Basic and diluted | | (18.5 p) || (57.0p) |
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
+----------------------------------+-------+----------++----------+
Company Statement of Financial Position
+-------------------------------------------+-----++-------------+-------------+
|Assets |Notes|| 2009 | 2008 |
+-------------------------------------------+-----++------+------+------+------+
| | || £'000| £'000| £'000| £'000|
+-------------------------------------------+-----++------+------+------+------+
|Non-Current Assets | || | | | |
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Investments | 6 || |63,328| |61,221|
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Current Assets | || | | | |
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Receivables | || 8| | 11| |
+-------------------------------------------+-----++------+------+------+------+
|Cash and Cash Equivalents | || 1,712| | 1,697| |
+-------------------------------------------+-----++------+------+------+------+
| | || | 1,720| | 1,708|
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Total Assets | || |65,048| |62,929|
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Liabilities | || | | | |
| | || | | | |
| | || | | | |
|Current Liabilities | || | | | |
| | || | | | |
| | || 24| | 28| |
|Trade and Other Payables | || | | | |
+-------------------------------------------+-----++------+------+------+------+
|Total Liabilities | || | 24| | 28|
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Net Assets | || |65,024| |62,901|
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Equity | || | | | |
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Share Capital | || 2,491| | 1,731| |
+-------------------------------------------+-----++------+------+------+------+
|Share Premium Account | ||11,015| | -| |
+-------------------------------------------+-----++------+------+------+------+
|Retained Earnings | ||51,518| |61,170| |
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Equity attributable to owners of the | || | | | |
|Company | || |65,024| |62,901|
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
|Total Equity | || |65,024| |62,901|
+-------------------------------------------+-----++------+------+------+------+
+-------------------------------------------+-----++------+------+------+------+
| | || | | | |
|Net Asset Value per share | || | | | |
| | || | 131p| | 182p|
|(Based on number of shares in issue at year| || | | | |
|end) | || | | | |
+-------------------------------------------+-----++------+------+------+------+
The financial statements were approved by the Board of Directors and authorised
for issue on 25 March 2010.
They were signed on its behalf by:
....... .......
Barclay Douglas David Craine
Company Statement of Changes in Equity
+---------------+++--------------++---------------++--------------+---+--------+
| |||Share Capital || || Retained| | Total |
| ||| || Share Premium|| Earnings | | |
| ||| || Account £'000|| | | |
| ||| £'000|| || | | |
| ||| || || £'000| | £'000|
+---------------+++--------------++---------------++--------------+---+--------+
| ||| || || | | |
| ||| || || | | |
|Balance at 31 ||| || || | | |
|December 2007 ||| 1,731|| 33,300|| 50,106|106| 85,137|
+---------------+++--------------++---------------++--------------+---+--------+
+---------------+++--------------++---------------++--------------+---+--------+
|Loss for the ||| || || | | |
|year ||| -|| -|| (19,743) | |(19,743)|
+---------------+++--------------++---------------++--------------+---+--------+
| ||| || || | | |
|Dividend ||| -|| -|| (2,493)| | (2,493)|
+---------------+++--------------++---------------++--------------+---+--------+
+---------------+++--------------++---------------++--------------+---+--------+
|Transfer of ||| -|| (33,300)|| 33,300| -| -|
|Share Premium ||| || || | | |
+---------------+++--------------++---------------++--------------+---+--------+
+---------------+++--------------++---------------++--------------+---+--------+
+---------------+++--------------++---------------++--------------+---+--------+
|Balance at 31 ||| 1,731|| -|| 61,170| | 62,901|
|December 2008 ||| || || | | |
+---------------+++--------------++---------------++--------------+---+--------+
+---------------+++--------------++---------------++--------------+---+--------+
+---------------+++--------------++---------------++--------------+---+--------+
|Loss for the ||| || || | | |
|year
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Datum: 29.03.2010 - 03:01 Uhr
Sprache: Deutsch
News-ID 1012106
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