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20 November 2009

DAEJAN HOLDINGS PLC

INTERIM RESULTS ANNOUNCEMENT 

for the half year ended 30 September 2009

The Board is pleased to present the Interim Statement for the half year ended 30 September 2009.

	30/9/09		30/9/08
	£000		£000
Profit before Investment Property Valuation Movements	20,718		16,216
Profit/(Loss) before tax	16,163		(118,814)
Profit/(Loss) after tax	11,513		(86,021)

• Profit before investment property valuation movements has improved due to the impact of income from new acquisitions of £1.625m. Additionally, fair value gains on financial instruments has yielded a gain of £6.651m (2008 £2.762m).
  
  
• An interim dividend of 25p per share will be paid on 5 March to shareholders on the register on 5 February 2010.
  
  
• The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisors.
  
  
• Refurbishment projects at Worship Street in the City of London and Great Marlborough Street in the West End have been completed and the properties are being marketed to let.
  
  
• There have been no material changes in overall vacancy and rental levels within the portfolio since March 2009 and the total rental income has continued in line with expectations.
  
  
• The principal risk factor affecting the remainder of the financial year continues to be exposure to movements in the valuation of the Group's investment properties, although it is anticipated that property values may now have stabilised.
  
  
• The Group's prudent approach to risk has resulted in its continued stability and low-gearing of 14.8%. This should enable it to benefit from new opportunities as they arise.

B S E Freshwater

Chairman

20 November 2009

For further information please contact:

Mark Jenner	Terry Garrett
Company Secretary	Weber Shandwick Financial
Daejan Holdings PLC
Tel: 020 7836 1555	Tel: 020 7067 0700

Consolidated Income Statement for the six months ended 30 September 2009
								Unaudited		Unaudited		Audited
								6 Months		6 Months		Year
								Ended		Ended		ended
								30/9/09		30/9/08		31/3/09
								£000		£000		£000
Total Rental & Related Income								47,676		43,352		95,973
Property Operating Expenses								(26,249)		(25,213)		(53,470)
Net Rental & Related Income								21,427		18,139		42,503
Profit on Disposal of Investment Properties								2,435		3,684		6,758
Administrative Expenses								(4,714)		(4,792)		(12,039)
Operating Profit before Net Financing Costs								19,148		17,031		37,222
Fair Value Gains/(Losses) on Financial Instruments and current investments								6,651		2,762		(15,403)
Financial Income								395		1,063		2,980
Financial Expenses								(5,476)		(4,640)		(11,233)
Net Financing Costs								1,570		(815)		(23,656)
Profit Before Investment Property Valuation Movements								20,718		16,216		13,566
Net Valuation Losses on Investments Properties								(4,555)		(135,030)		(261,603)
Profit/(Loss) Before Taxation								16,163		(118,814)		(248,037)
Income Tax (Expense)/Credit								(4,650)		32,793		69,341
Profit/(Loss) for the Period								11,513		(86,021)		(178,696)
Attributable to :
Equity holders of the parent								11,500		(86,019)		(178,690)
Minority Interest								13		(2)		(6)
Profit/(Loss) for the Period								11,513		(86,021)		(178,696)
Basic  Diluted Earnings/(Loss) per Share								70.6	p	(527.9)	p	(1096.6)	p

Consolidated Interim Statement of Recognised Income & Expense for the six months ended 30 September 2009
						Unaudited		Unaudited		Audited
						6 Months		6 Months		Year
						ended		ended		ended
						30/9/09		30/9/08		31/3/09
						£000		£000		£000
Foreign Exchange (Losses)/Gains						(14,667)		14,039		47,125
Income & Expense Recognised Directly in Equity						(14,667)		14,039		47,125
Profit/(Loss) for the Period						11,513		(86,021)		(178,696)
Total Recognised Income & Expense for the Period						(3,154)		(71,982)		(131,571)
Attributable to :
Equity Holders of the Parent						(3,167)		(71,980)		(131,588)
Minority Interest						13		(2)		17
Total Recognised Income & Expense for the Period						(3,154)		(71,982)		(131,571)

Consolidated Balance Sheet as at 30 September 2009
							Unaudited		Unaudited		Audited
							30/9/09		30/9/08		31/3/09
							£000		£000		£000
Assets
Investment Properties							1,100,804		1,184,023		1,126,694
Deferred Tax Assets							5,982		2,755		7,842
Total Non-Current Assets							1,106,786		1,186,778		1,134,536
Trade & Other Receivables							37,631		33,029		35,479
Investments							249		263		198
Cash at Bank							28,949		33,029		26,447
Total Current Assets							66,829		66,321		62,124
Total Assets							1,173,615		1,253,099		1,196,660
Equity
Issued Capital							4,074		4,074		4,074
Share Premium Account							555		555		555
Retained Earnings							751,497		826.169		754,664
Total Equity Attributable to Equity
Holders of the Parent							756,126		830,798		759,293
Minority Interest							134		115		135
Total Equity							756,260		830,913		759,428
Liabilities
Interest Bearing Loans & Borrowings							171,371		148,350		179,440
Deferred Tax Liabilities							182,760		219,326		184,034
Total Non-Current Liabilities							354,131		367,676		363,474
Bank Overdrafts							500		303		273
Interest Bearing Loans & Borrowings							1,492		5,045		6,325
Trade & Other Payables							52,897		44,230		60,648
Taxation							8,335		4,932		6,512
Total Current Liabilities							63,224		54,510		73,758
Total Liabilities							417,355		422,186		437,232
Total Equity & Liabilities							1,173,615		1,253,099		1,196,660
Equity Shareholders Funds Per Share							£46.40		£50.98		£46.60

Consolidated Statement of Cash Flows for the six months ended 30 September 2009
								Unaudited									Unaudited						Audited
								6 Months									6 Months						Year
								Ended									ended						ended
								30/9/09									30/9/08						31/3/09
						£000		£000								£000	£000			£000			£000
Cash Flows From Operating Activities
Net Cash Generated from Operations						14,327										15,420				29,261
Interest Received						409										1,053				2,977
Interest Paid						(5,295)										(4,826)				(11,401)
Drawings by Minority Interests in USA partnership						(14)										(1)				-
U.K. Corporation Tax Paid						(3,769)										(4,970)				(6,706)
Overseas Tax Paid						(179)										(178)				(693)
Net Cash from Operating Activities								5,479									6,498						13,438
Cash Flows from Investing Activities
Acquisitions and Additions to Investment Properties						(2,992)										(39,476)				(60,011)
Proceeds from Sale of Investment Properties						2,439										4,072				7,629
Net cash from Investing Activities								(553)									(35,404)						(52,382)
Cash Flows from Financing Activities
New Secured Loans						0										25,000				30,250
Repayment of Secured Loans						(687)										(500)				(1,094)
Repayment of Mortgage Advances						(5,025)										(4,294)				(6,118)
New Mortgage Advances						4,957										8,976				17,929
Dividends Paid						0										0				(11,897)
Net Cash from Financing Activities								(755)									29,182						29,070
Net Increase/(Decrease) in Cash & Cash Equivalents								4,171									276						(9,874)
Cash & Cash Equivalents Brought Forward								26,174									30,937						30,937
Effect of Exchange Rate Fluctuations on Cash Held								(1,896)									1,513						5,111
Cash & Cash Equivalents								28,449									32,726						26,174

Basis of preparation

This interim financial information has been prepared in accordance with International Financial Reporting Standard 34 (IFRS) interim financial reporting, applying the accounting policies and presentation that were applied in the preparation of the company's published consolidated financial statements for the year ended 31 March 2009.  As required by the Listing Rules of the Financial Services Authority, the directors have considered the result of the endorsement by the EU of new or changed IFRSs that are applicable or available for early adoption in the preparation of the company's next consolidated financial statements for the year ending 31 March 2010 and concluded that they have no material effect on either the current or prior periods.

The interim financial information in this statement has not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on review of interim financial information and does not constitute statutory accounts, as defined in section 435 of the Companies Act 2006. The auditors' report on the statutory accounts for the year to 31 March 2009 was unqualified and did not contain a statement under section 237 of the Companies Act 1985.  Statutory accounts for the year to 31 March 2009 have been delivered to the Registrar of Companies.  The interim financial statements were approved by the Board of Directors on 19 November 2009. The preparation of the interim financial statements requires management to make assumptions and estimates about future events which are uncertain, the actual outcome of which may result in a materially different outcome from that anticipated.

Dividends

No dividends were paid in the 6 months to 30 September 2009 (6 months to 30 September 2008 (Nil).

Investment Properties

The Directors have estimated the value of the investment properties at the half-year after consultation with the Group's advisors. A full valuation of all the Group's properties will be carried out by independent professional valuers at 31 March 2010.

Related Party Transactions

Day-to-day management of the Group's properties in the United Kingdom is mainly carried out by Highdorn Co Limited and by Freshwater Property Management Limited. Mr BSE Freshwater and Mr SI Freshwater are directors of both companies and are also interested in the share capital of Highdorn Limited.

Mr BSE Freshwater, Mr SI Freshwater and Mr D Davis are also directors of the parent company of Freshwater Property Management Limited but have no beneficial interest in either company.

The net amounts payable for the provision of various management services charged by the Group's managing agents Highdorn Co Limited and Freshwater Property Management Limited were £1.5 million (year to 31 March 2009 £3.0million).

At 30 September 2009 £Nil was due to Highdorn Co Limited and Freshwater Property Management Limited (31 March 2009 due from £1.9million).

Statement of Director's Responsibilities

The Directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 427 and DTR 428.

The Directors of Daejan Holdings PLC are listed in the Daejan Holdings PLC Annual Report for 31 March 2009. A list of current directors is maintained on the Daejan Holdings PLC website www.daejanholdings.com.

B S E Freshwater

Chairman

20 November 2009

ENDIR URVARKSRAUAA