EXPERTS IN REGIONAL PROPERTY
PALACE CAPITAL PLC INTERIM RESULTS
H A L F Y E A R E N D E D 3 0 S E P T E M B E R 2 0 2 2
Agenda
- Key highlights
- Financial review
- Operational review
- Outlook
- Appendices
Page 1 | Palace Capital plc | Investor Presentation November 2022 | palacecapitalplc.com
OVERVIEW
Key Highlights
- Disposals of investment properties for £4.8m in H1 at 25% above FY 22 book value. Post H1 further £4.1m sold totalling £8.9m YTD at 22% above FY 22 book value.
- HQ York residential sales - 9 apartments H1 for £3.9m, YTD 13 apartments for £5.7 m
- Gross debt reduced by 12.9% or £13.1m to £88.7m (FY 22: 101.8m), a further £5.4m post half year end to £83.3m
- Like-for-likeinvestment property portfolio valuation reduction of -6.5% (FY 22: +3.9%), -4.6% excluding Bank House, Leeds
- Portfolio ERV growth +3.6%, +7.1% for industrial portfolio
- WAULT resilient at 4.8 years (March 2022: 4.7 years)
- Additional £0.9m of annualised net rental income created in H1 at 12% above March 2022 ERVs
Page 2 | Palace Capital plc | Investor Presentation November 2022 | palacecapitalplc.com
H1 23: FINANCIAL REVIEW
Key Financial Highlights
ADJUSTED PROFIT
BEFORE TAX
£3.5m
H1 22: £4.0m
EPRA NTA
PER SHARE
356p
FY 22: 390p
GROSS DEBT*
£88.7m
FY 22: £101.8m
ANNUALISED COST SAVINGS
>£1.2m
*Gross debt reduced by a further a £5.4m to £83.3m at 23 November 2022 following £5.0m
ADJUSTED EPS
7.9p
H1 22: 8.7p
DIVIDENDS
PAID
7.0p
H1 22: 5.5p
NET LTV
32%
FY 22: 28%
SHARE
BUYBACK
£6.0m
repayment to Santander facility and £0.4m of amortisation
Page 3 | Palace Capital plc | Investor Presentation November 2022 | palacecapitalplc.com
H1 23: FINANCIAL REVIEW
Financial Statement Review
INCOME STATEMENT | 30 Sept 22 | 30 Sept 21 | 30 Sept 22 | 31 March 22 | ||
Gross property income (excl. ECL provision) | £8.7m | £8.6m | BALANCE SHEET | |||
Property operating expenses | (£1.3m) | (£1.2m) | Portfolio value | £235.6m | £259.0m | |
ECL provision | (£0.1m) | - | Cash | £12.9m | £28.1m | |
Net property income (excl. trading profit) | £7.3m | £7.4m | Drawn debt | £88.7m | £101.8m | |
Dividend income from listed equity investments | - | £0.1m | Net debt | £75.8m | £73.6m | |
Recurring admin expenditure | (£2.0m) | (£2.0m) | IFRS net assets | £155.7m | £177.2m | |
Finance costs | (£1.8m) | (£1.5m) | Basic NAV per share | 354p | 383p | |
Adjusted profit before tax | £3.5m | £4.0m | EPRA NTA per share | 356p | 390p | |
Tax | £0.1m | - | Loan to value | 32% | 28% | |
Adjusted profit after tax | £3.6m | £4.0m | NAV gearing | 49% | 41% | |
Payments to former Directors (incl. associated costs) | (£1.4m) | - | ||||
Share based payments & development loan interest | (£0.1m) | (£0.3m) | ||||
EPRA earnings | £2.1m | £3.7m | ||||
(Loss)/gain on revaluations | (£15.6m) | £1.3m | ||||
HQ trading profit | £0.1m | £2.8m | ||||
Profit on disposal - investment properties | £0.9m | £0.3m | ||||
Changes in fair value of interest rate derivatives and | £0.2m | (£0.1m) | ||||
debt termination costs | ||||||
IFRS earnings | (£12.3m) | £8.0m |
Page 4 | Palace Capital plc | Investor Presentation November 2022 | palacecapitalplc.com
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Palace Capital plc published this content on 24 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2022 09:53:05 UTC.