UACN Property Development Company PLC

[pumping]

Q-3 2009

Originally Posted by muranay@yahoo.com

12-11-2009
UACN PROPERTY DEVELOPMENT COMPANY PLC (THIRTH QUARTER)
INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 30TH SEPTEMBER 2009
2009 2008
TURNOVER N11.452b N11.155b
PROFIT/LOSS BEFORE TAXATION N3.053b N3.821b
TAXATION (N976.865m) (N1.223m)
PROFIT/LOSS AFTER TAXATION N2.076b N2.598b
30-09-09 31-12-08
FIXED ASSETS N15.214b N13.683b
STOCK N12.156b N15.275b
TRADE DEBTORS N2.342b N2.262b
CASH AND BANK BALANCES N2.399b N260.782m
OTHER DEBIT BALANCES N30.829b N32.393b
TRADE CREDITS N6.169b N9.712b
SHORT TERM BORROWINGS N8.803b N5.243b
OTHER CREDIT BALANCES N15.187b N19.080b
WORKING CAPITAL (N5.429b) (N3.397b)
NET ASSETS N32.782b N33.236b

----------------------------------------------------------------------

FY 2010

Profit and Loss Information
Turnover 09 N13.331b 08 N13.328b
Profit Before Tax 09 N2.828b 08 N3.716b
Taxation 09 (N441.982m) 08 (N33.725m)
Profit After Taxation 09 N2.386b 08 N3.682b

Balance Sheet Information
Fixed Assets 09 N16.262b 08 N13.820b
Trade Debtors 09 N1.094b 08 N2.262b
Cash And Bank Balances 09 N516.348m 08 N260.782m
Other Debit Balances 09 N44.410b 08 N47.668b
Trade Creditors 09 N5.809b 08 N9.711b
Short Term Borrowings 09 N9.280b 08 N5.243b
Other Credit Balances 09 N17.350b 08 N18.042b
Working Capital 09 (N5.952b) 08 (N3.396b)

Net Assets 09 N44.410b 08 N47.668b

-------------------------------------------------------------------------

I'm baffled. How did net assets grow by over 30% in 3 months from N32B to N44B when PAT even dropped?

[pumping]

Originally Posted by pumping

Q-3 2009

[/B]

----------------------------------------------------------------------

FY 2010

Profit and Loss Information
Turnover 09 N13.331b 08 N13.328b
Profit Before Tax 09 N2.828b 08 N3.716b
Taxation 09 (N441.982m) 08 (N33.725m)
Profit After Taxation 09 N2.386b 08 N3.682b

Balance Sheet Information
Fixed Assets 09 N16.262b 08 N13.820b
Trade Debtors 09 N1.094b 08 N2.262b
Cash And Bank Balances 09 N516.348m 08 N260.782m
Other Debit Balances 09 N44.410b 08 N47.668b
Trade Creditors 09 N5.809b 08 N9.711b
Short Term Borrowings 09 N9.280b 08 N5.243b
Other Credit Balances 09 N17.350b 08 N18.042b
Working Capital 09 (N5.952b) 08 (N3.396b)

Net Assets 09 N44.410b 08 N47.668b

-------------------------------------------------------------------------

I'm baffled. How did net assets grow by over 30% in 3 months from N32B to N44B when PAT even dropped?

Does anyone have the results for UAC-PROP from other sources for Q-3 and Q-4 2009? See my question above. There is a sharp rise in the net assets. Need to verify if this is correct.

[123.rado]

UACN PROPERTY DEV. CO. PLC
26 May 2010
Unaudited Q1 (March) 2010

Profit and Loss Information
Turnover 10 N1.153b 09 N4.174b
PBT 10 N305.686m 09 N525.341m
Tax 10 (N102.108m) 08 (N168.109m)
PAT 10 N203.578m 09 N357.232m

Balance Sheet Information
Fixed Assets 31-03-10 N16.244b 31-12-09 N16.262b
Stocks 10 N3.272b 09 N3.139b
Trade Debtors 10 N1.086b 09 N1.094b
Cash And Bank Balances 10 N545.782m 09 N516.348m
Other Debit Balances 10 N41.365b 09 N41.270b
Trade Creditors 10 N4.668b 09 N5.809b
Short Term Borrowings 10 N10.276b 09 N9.280b
Other Credit Balances 10 N17.870b 09 N17.350b
Working Capital 10 (N5.771b) 09 (N5.952b)
Net Assets 10 N29.700b 08 N29.844b

[123.rado]

UACN PROPERTY DEV. COMPANY PLC
04 June 2010
Q3 (September) 2010 Earning Forecast

Forecast Profit and Loss Information
Turnover 10 N5.520b
PBT 10 N1.535b
Forecast Taxation 10 (N491.219m)
PAT 10 N1.043b

[manemi]

Originally Posted by 123.rado

UACN PROPERTY DEV. COMPANY PLC
04 June 2010
Q3 (September) 2010 Earning Forecast

Forecast Profit and Loss Information
Turnover 10 N5.520b
PBT 10 N1.535b
Forecast Taxation 10 (N491.219m)
PAT 10 N1.043b

Has anyboby done a correlation between these forecasts and eventual performance of these campanies? In the major exchanges a company's price can go up or down depending on the performace meeting the forecast. In that case I imagine the forecasts are done by independent parties? Are these forecasts of any use in the case of NSE?

[123.rado]

Originally Posted by manemi

Has anyboby done a correlation between these forecasts and eventual performance of these campanies? In the major exchanges a company's price can go up or down depending on the performace meeting the forecast. In that case I imagine the forecasts are done by independent parties? Are these forecasts of any use in the case of NSE?

On the NSE, me think the forecasts are meant to be hors d'œuvre.

[hispy99]

Originally Posted by manemi

Has anyboby done a correlation between these forecasts and eventual performance of these campanies? In the major exchanges a company's price can go up or down depending on the performace meeting the forecast. In that case I imagine the forecasts are done by independent parties? Are these forecasts of any use in the case of NSE?

Companies in the U.S provide "guidance" which is just a forecast of their expected revenue and eps. These numbers come from the companies directly and are not provided by any independent parties. Analysts provide "independent" forecasts though, bu this is different from the guidance companies provide.

[pumping]

Originally Posted by hispy99

Companies in the U.S provide "guidance" which is just a forecast of their expected revenue and eps. These numbers come from the companies directly and are not provided by any independent parties. Analysts provide "independent" forecasts though, bu this is different from the guidance companies provide.

Yes, and all these NSE forecasts are directly from the companies. The problem is that they usually miss their mark by far! Has anyone noticed that many of these companies release forecasts when the prices are tanking or the bears are in control.

[Oracle]

Originally Posted by muranay@yahoo.com
12-11-2009
UACN PROPERTY DEVELOPMENT COMPANY PLC (THIRTH QUARTER)
INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 30TH SEPTEMBER 2009
2009 2008
TURNOVER N11.452b N11.155b
PROFIT/LOSS BEFORE TAXATION N3.053b N3.821b
TAXATION (N976.865m) (N1.223m)
PROFIT/LOSS AFTER TAXATION N2.076b N2.598b
30-09-09 31-12-08
FIXED ASSETS N15.214b N13.683b
STOCK N12.156b N15.275b
TRADE DEBTORS N2.342b N2.262b
CASH AND BANK BALANCES N2.399b N260.782m
OTHER DEBIT BALANCES N30.829b N32.393b
TRADE CREDITS N6.169b N9.712b
SHORT TERM BORROWINGS N8.803b N5.243b
OTHER CREDIT BALANCES N15.187b N19.080b
WORKING CAPITAL (N5.429b) (N3.397b)
NET ASSETS N32.782b N33.236b

Originally Posted by pumping

Q-3 2009

[/B]

----------------------------------------------------------------------

FY 2010

Profit and Loss Information
Turnover 09 N13.331b 08 N13.328b
Profit Before Tax 09 N2.828b 08 N3.716b
Taxation 09 (N441.982m) 08 (N33.725m)
Profit After Taxation 09 N2.386b 08 N3.682b

Balance Sheet Information
Fixed Assets 09 N16.262b 08 N13.820b
Trade Debtors 09 N1.094b 08 N2.262b
Cash And Bank Balances 09 N516.348m 08 N260.782m
Other Debit Balances 09 N44.410b 08 N47.668b
Trade Creditors 09 N5.809b 08 N9.711b
Short Term Borrowings 09 N9.280b 08 N5.243b
Other Credit Balances 09 N17.350b 08 N18.042b
Working Capital 09 (N5.952b) 08 (N3.396b)

Net Assets 09 N44.410b 08 N47.668b

-------------------------------------------------------------------------

I'm baffled. How did net assets grow by over 30% in 3 months from N32B to N44B when PAT even dropped?

I think the reason the net asset grew by over 30% was cos they sold the stock(in bold) seen in Q-3 and that was why stock didn't appear in the FY 2010. Maybe the stock got a reasonable level of appreciation and they sold off.

[123.rado]

Originally Posted by Oracle

I think the reason the net asset grew by over 30% was cos they sold the stock(in bold) seen in Q-3 and that was why stock didn't appear in the FY 2010. Maybe the stock got a reasonable level of appreciation and they sold off.

They must have sold off at a loss of 528m if that is the case abi. This should FY 2009 though.

[Oracle]

Originally Posted by 123.rado

They must have sold off at a loss of 528m if that is the case abi. This should FY 2009 though.

It could be possible. They may have added the loss (-N0.528b) that u said to the working capital in Q-3 (-N5.429b) to give a FY 2010 working capital of -N5.957b. anything is possible here.

or they may have got higher than what they invested and they use some of it to offset the trade credits. anything is still possible.

Anyway sha, me I don't know if the stocks they bought gained or lost. but what I noticed in the balance sheet was that there was no stock on the FY 2010 seen on SMN.

[hispy99]

UACN Property to Raise N30bn Bond

[123.rado]

UACN PROPERTY DEV. COMPANY PLC
30 July 2010
Unaudited Q2 (June) 2010

Profit and Loss Information
Turnover 10 N3.356b 09 N2.203b
PBT 10 N1.253b 09 N947.831m
Tax 10 (N401.126m) 09 (N299.018m)
PAT 10 N852.390m 09 N648.813m

Balance Sheet Information
Fixed Assets 31-06-10 N16.224b 31-12-09 N16.262b
Stock 10 N16.070b 09 N14.510b
Trade Debtors 10 N2.194b 09 N1.094b
Cash And Bank Balances 10 N105.928m 09 N516.348m
Other Debit Balances 10 N27.030b 09 N27.759b
Trade Creditors 10 N4.716b 09 N5.809b
Short Term Borrowings 10 N3.067b 09 N3.330b
Other Credit Balances 10 N20.993b 09 N16.488b
Working Capital 10 (N5.174b) 09 (N5.952b)
Net Assets 10 N28.225b 09 N29.844b

[Monwowo]

Analysis from FSDH securities

[Monwowo]

Originally Posted by Monwowo

Analysis from FSDH securities

Sorry, this should have been posted on the UACN thread and not their subsidiary.

[Waves]

UPDC PLC
02 November 2010
Unaudited Q3 (September) 2010

Profit and Loss Information
Turnover 10 N5.718b 09 N11.452b
Profit Before Tax 10 N2.056b 09 N3.052b
Taxation 10 (N658.229m) 09 (N976.865m)
Profit After Taxation 10 N1.398b 09 N2.075b

Balance Sheet Information
Fixed Assets 30-09-10 N16.214b 31-12-09 N16.262b
Investment 10 N2.150b 09 N2.140b
Stock 10 N21.017b 09 N14.510b
Trade Debtors 10 N1.872b 09 N1.094b
Cash And Bank Balances 10 N4.663b 09 N516.348m
Other Debit Balances 10 N23.055b 09 N26.251b
Trade Creditors 10 N4.272b 09 N5.809b
Short Term Borrowings 10 N4.465b 09 N9.280b
Other Credit Balances 10 N31.796b 09 N17.350b
Working Capital 10 N10.519b 09 (N5.952b)
Net Assets 10 N28.439b 09 N29.844b

[knightofdelta]

Originally Posted by Waves

UPDC PLC

Rubbish...

[BigSeun]

Originally Posted by knightofdelta

Rubbish...

But is not unexpected. With the number of vacant apartments in choice area, the company is bound to have assets that is not generating any income now.

[emmanuel ewumi]

Originally Posted by BigSeun

But is not unexpected. With the number of vacant apartments in choice area, the company is bound to have assets that is not generating any income now.

They need to change their business strategy. I was at the AGM around may 2010, and shareholders were complaining that they can not afford to buy the houses sold or rented by this company.
If they can focus on apartments and houses that sell for between N5 million to N20 million Naira, l think a large number of working class people will be able to buy their house.
No wonder the last time the MD was interviewed, he was saying that it is more economical to rent in lkoyi or Victoria lsland than to buy a house on the mainland.

[aysok1]

UAC Property Dev. Company Plc rewards investors with 55 kobo dividend in 2010 Audited results - Proshare