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

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

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.