Business
Half-yearly Report
Half-yearly Report.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nImmediate Release: Friday 29 August 2008\n\n CLS Holdings plc \n\n (`CLS', the `Company' or the `Group') \n\n Interim Report 2008 \n\n For the six month period ended 30 June 2008 \n\nFINANCIAL HIGHLIGHTS\n\n * Adjusted Net Asset Value per share* 765.8 pence, up by 0.2 per cent from\n 764.2 pence at 31 December 2007 (Statutory NAV per share 623.9 pence, up\n 4.8 per cent from 595.1 pence at 31 December 2007).\n \n * Adjusted net assets* compared to market capitalisation £501.3 million\n compared to market capitalisation of £223.4 million as at 30 June 2008, a\n discount of 55 per cent. (Statutory net assets including deferred tax\n provision, £408.4 million).\n \n * Property portfolio valued at £876.0 million, down 25.5 per cent from £\n 1,175.3 million at December after taking into account disposals of £315.6\n million and a revaluation decrement of £26.6 million.\n \n * Period end cash £176.9 million up by 45 per cent from £122.0 million at 31\n December 2007.\n \n * Borrowings £593.2 million down by 26 per cent from £798.7 million at 31\n December 2007.\n \n * Adjusted gearing* was 83.7% compared to 131.7% at 31 December 2007\n (Statutory gearing was 102.8% compared to 169.1% at year end).\n \n * Foreign currency translation gains on net assets of £15.2 million were\n taken to reserves.\n \n * Net rental income £34.2 million, up 5.6 per cent from £32.4 million for six\n months to 30 June 2007.\n \n * Underlying profit* £13.6 million up 63.9 per cent from £8.3 million for the\n six months ended 30 June 2007.\n \n * Loss before tax £24.6 million,(six months to 30 June 2007: profit £31.9\n million).\n \n * Profitafter tax attributable to equity shareholders £1.2 million (six\n months to 30 June 2007: profit £58.2 million).\n \n * Proposed distribution of 1 in every 25 ordinary shares by way of a tender\n offer at 425 pence per share, equivalent to 17 pence per share.\n \n* see glossary of terms\n\nResults at a glance\n\n 30 Jun 08 30 Jun 07 Up /\n 6 months (Down)\n 6 months \n \n £m £m \n \nINCOME STATEMENT (NON STATUTORY FORMAT) \n \nNet Rental Income 34.2 32.4 5.6%\n \nOther income and expense (8.5) (9.5) (10.5%)\n \nNet finance costs (18.2) (20.7) (12.1%)\n \nFair value gains on financial instruments 6.2 6.3 (1.6%)\n \nShare of loss of associates (0.1) (0.2) (50.0%)\n \nUnderlying profit 13.6 8.3 63....