Hirco Reports Strong Interim ResultsThursday May 8 4:03 PMFirst-half Fiscal 2008 Highlights -- Profit after tax was GBP 52.48 million, representing earnings per share of 69 pence based on 76,526,984 shares outstanding. -- As of 31 March 2008, Hirco's Net Asset Value (NAV) was GBP 6.82 per share, up 11% from a NAV of GBP 6.14 per share as of 30 September 2007. Hirco's NAV as of 31 March 2008 also represents an annualised increase of 34% from a NAV of GBP 4.74 per share at the time of the IPO on the London Stock Exchange's Alternative Investment Market (AIM) on 13 December 2006. -- The Company announced its GBP 96.6-million investment in Panvel Residential on 25 October 2007. Panvel Residential is co-located on a site with Hirco's Panvel Commercial development. The combined Panvel township site is a Special Economic Zone, which will provide tax advantages. The new township is close to the recently announced Navi Mumbai International Airport. Hirco's Chennai and Panvel township developments have in total 66.4 million square feet of buildable area of residential, commercial, retail and social space. Chennai is India's fourth-largest city. Panvel is located in the Mumbai Metropolitan Region. Mumbai is the largest metropolis in India and regarded as the commercial and financial capital of India. Recent Developments -- On 10 April 2008, Hirco announced strong residential pre-sales and pricing at both its Chennai and Panvel residential developments. Niranjan Hiranandani, Chairman of Hirco PLC, said: "Hirco is making great strides towards its goal of capitalising on the diverse and growing Indian real estate market. There continues to be robust and escalating demand for quality residential, commercial and retail space. This demand is fuelled by India's continued economic growth, the rising affluence and purchasing power of the Indian people, as well as the high demand for quality housing. This continues to translate into strong support for our strategy of developing world-class, mixed-use townships in the suburbs of India's major cities." About Hirco Hirco PLC is the investment vehicle for Hiranandani, India's largest residential builder and leading developer of prestigious mixed-use townships for the country's increasingly affluent middle class. Hirco's modern, large-scale developments - combining high-quality residential, commercial and retail components with green space and social and recreational facilities - are strategically located in suburban areas outside major city centres. Hirco's four current projects - in Chennai in southeast India and Panvel, in the Mumbai Metropolitan Region - feature a combined total of 66.4 million square feet of buildable mixed-use space. Hirco PLC shares are traded on the London Stock Exchange's Alternative Investment Market (AIM) under the symbol HRCO. At the time of its admission to trading on AIM in December 2006, Hirco PLC was the largest-ever real estate investment company IPO on the AIM and that year's largest IPO on the AIM. For additional information about Hirco, including the Company's corporate DVD and corporate overview, please visit www.hirco.com.
Hirco Plc
Consolidated Income Statement
for the six months ended 31 March 2008 Amount in GBP
'000
--------------------------
Continuing Operations Unaudited Unaudited
--------------------------
6 Months to 02 Nov 2006
31 March to
2008 31 March 2007
--------------------------
----------------------------------------------------------------------
Investment income 21,385 6,320
----------------------------------------------------------------------
Foreign Exchange (Loss) / Gain (9) 19
----------------------------------------------------------------------
----------------------------------------------------------------------
Net Investment Income 21,376 6,339
--------------------------
----------------------------------------------------------------------
Fair value gain on Investments 33,105 -
----------------------------------------------------------------------
----------------------------------------------------------------------
Administrative Expenses (1,991) (752)
----------------------------------------------------------------------
----------------------------------------------------------------------
Profit before Taxes 52,490 5,587
----------------------------------------------------------------------
----------------------------------------------------------------------
Income Tax Expense (10) (4)
----------------------------------------------------------------------
----------------------------------------------------------------------
Profit for the period 52,480 5,583
--------------------------
Number of ordinary shares 76,526,984 76,526,984
Earnings per share (pence), basic and fully
diluted 68.58 7.30
Hirco Plc
Consolidated Balance Sheet
As at 31 March 2008 Amount in
GBP '000
----------------------------------------------------------------------
Assets Unaudited Audited
----------------------------
31 Mar 2008 30 Sep 2007
----------------------------------------------------------------------
----------------------------------------------------------------------
NON-CURRENT ASSETS
----------------------------------------------------------------------
Property, plant and equipment 37 42
----------------------------------------------------------------------
Investments 471,134 341,392
----------------------------------------------------------------------
----------------------------------------------------------------------
CURRENT ASSETS
----------------------------------------------------------------------
Accrued preference dividends 32,555 12,086
----------------------------------------------------------------------
Other debtors and prepaid expenses 488 158
----------------------------------------------------------------------
Other current assets 162 47
----------------------------------------------------------------------
Cash and cash equivalents 18,724 116,423
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Assets 523,100 470,148
----------------------------------------------------------------------
Liabilities
----------------------------------------------------------------------
----------------------------------------------------------------------
CURRENT LIABILITIES
----------------------------------------------------------------------
Trade & Other Payables 437 69
----------------------------------------------------------------------
Accrued Expenses 434 332
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Liabilities 871 401
----------------------------------------------------------------------
----------------------------------------------------------------------
Net Assets 522,229 469,747
----------------------------------------------------------------------
----------------------------------------------------------------------
Equity
----------------------------------------------------------------------
----------------------------------------------------------------------
Share Capital 765 765
----------------------------------------------------------------------
Share Premium 361,871 361,871
----------------------------------------------------------------------
Foreign Exchange Fluctuation Reserve 2 -
----------------------------------------------------------------------
Retained Earnings 159,591 107,111
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Equity 522,229 469,747
----------------------------------------------------------------------
Total Equity 522,229 469,747
----------------------------------------------------------------------
Number of ordinary shares 76,526,984 76,526,984
Net Asset Value per share (GBP ) 6.82 6.14
Hirco Plc
Statement of changes
in equity
for the six months ended 31 Amount
March 2008 in GBP
'000
----------------------------------------------------------------------
Share Share Foreign Retained Total
Capital Premium Exchange Earnings
Reserve
----------------------------------------------------------------------
----------------------------------------------------------------------
Issue of Share Capital 765 381,869 - - 382,634
----------------------------------------------------------------------
Share issue cost - (19,998) - - (19,998)
----------------------------------------------------------------------
Net Profit for the
period - - - 107,111 107,111
----------------------------------------------------------------------
----------------------------------------------------------------------
As at 30 September 2007
(Audited) 765 361,871 107,111 469,747
----------------------------------------------------------------------
----------------------------------------------------------------------
Translation of foreign
operations - - 2 - 2
----------------------------------------------------------------------
Net Profit for the
period - - - 52,480 52,480
----------------------------------------------------------------------
----------------------------------------------------------------------
As at 31 March 2008
(Unaudited) 765 361,871 2 159,591 522,229
----------------------------------------------------------------------
Hirco Plc
Consolidated cash flow statement
for the six months ended 31 March 2008 Amount in
GBP '000
----------------------------------------------------------------------
Cash flows from operating activities Unaudited Unaudited
--------- ---------
6 Months 02 Nov
to 2006 to
31 March 31 March
2008 2007
----------------------------------------------------------------------
----------------------------------------------------------------------
Net Profit for the period : 52,490 5,587
----------------------------------------------------------------------
Adjustment for:
----------------------------------------------------------------------
Fair Value gains on Investments (33,105) -
----------------------------------------------------------------------
Depreciation 17 -
----------------------------------------------------------------------
Unrealised Fx Gain on Translation of foreign
operations 2 -
----------------------------------------------------------------------
Operating Profit before Working Capital changes 19,404 5,587
----------------------------------------------------------------------
----------------------------------------------------------------------
Change in Trade and Other Receivables (20,914) (2,186)
----------------------------------------------------------------------
Change in Trade and Other Payables 460 289
----------------------------------------------------------------------
----------------------------------------------------------------------
Net cash (used by) / generated from operating
activities (1,050) 3,690
----------------------------------------------------------------------
----------------------------------------------------------------------
Cash flows from investing activities
----------------------------------------------------------------------
----------------------------------------------------------------------
Purchase of Fixed Assets (12) -
----------------------------------------------------------------------
Purchase of Investments (96,637) (125,736)
----------------------------------------------------------------------
----------------------------------------------------------------------
Net cash used in investing activities (96,649) (125,736)
----------------------------------------------------------------------
----------------------------------------------------------------------
Cash flows from financing activities
----------------------------------------------------------------------
----------------------------------------------------------------------
Proceeds from issue of Share Capital (net of issue
costs) - 362,526
----------------------------------------------------------------------
----------------------------------------------------------------------
Net cash generated from financing activities 362,526
----------------------------------------------------------------------
----------------------------------------------------------------------
(Decrease) / Increase in cash and cash equivalents
during the period (97,699) 240,480
----------------------------------------------------------------------
Cash and cash equivalents balance at the beginning
of the period (1 October 2007) 116,423 -
----------------------------------------------------------------------
Cash and cash equivalents balance at the end of
the period 18,724 240,480
----------------------------------------------------------------------
Contact: Hirco Jasper Reiser, +91 22 6671 8522 jreiser@hirco.com or Gutenberg Communications US Hugh Burnham, +1 212-239-8595 hugh@gutenbergpr.com or Michael Gallo, +1 212-239-8594 mgallo@gutenbergpr.com UK Shalini Siromani, +44 (0) 20 3008 5231 shalini@gutenbergpr.com or India Pranav Kumar, +91 98 1007 7898 pranav@gutenbergpr.com |
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