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ATS
ATS
ATS - Atlas Properties - Interim Report for the six months ended 31 March 2007
ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
Reg. No. 1988/000742/06
Share Code: ATS & ISIN: ZAE000008975
INTERIM REPORT
for the six months ended 31 March 2007
The consolidated unaudited results of the group for the six months ended
31 March 2007 are as follows:
March March September
2007 2006 2006
DISTRIBUTION
Net income distributed to
unitholders (R`000)
Interest on debentures 35 755 30 134 72 929
Dividend 218 227 590
Total 35 973 30 361 73 519
Linked units in issue (`000) 63 785 63 785 63 785
Distribution per linked unit (cents)
Interest on debentures 56,056 47,243 114,336
Dividend 0,342 0,356 0,924
Total 56,398 47,599 115,260
Unaudited Restated Audited
6 months 6 months 12 months to
to March to March September
2007 2006 2006
R`000 R`000 R`000
ABRIDGED CONSOLIDATED INCOME STATEMENT
Revenue 101 503 86 437 174 564
Straight-line rental adjustment (1 170) 1 414 2 612
100 333 87 851 177 176
Trading income 55 532 49 342 110 615
Depreciation (1 308) (1 106) (2 189)
Loss on disposal of investment
properties - (93) (133)
Profit/(loss) on disposal of
property, plant and equipment 9 (51) (7)
Debenture premium and discount
amortised 1 107 1 107 2 214
Net surplus on revaluation of
investment properties - - 173 254
- Surplus on revaluation - - 175 866
- Straight-line rental adjustment - - (2 612)
Profit before interest 55 340 49 199 283 754
Interest received 876 466 1 121
Interest paid (20 066) (16 696) (33 953)
Profit before interest on debentures 36 150 32 969 250 922
Interest on debentures (35 720) (30 092) (72 884)
Profit before taxation 430 2 877 178 038
Taxation 266 (752) (21 408)
Net profit for the period 696 2 125 156 630
Earnings per linked unit (cents) 57,129 50,544 359,965
Headline earnings per linked unit
(cents) 57,115 50,770 121,584
Weighted average linked units in
issue (`000) 63 743 63 741 63 760
Reconciliation of earnings to
headline earnings
Net profit for the period 696 2 125 156 630
Interest on debentures 35 720 30 092 72 884
Earnings 36 416 32 217 229 514
Net surplus on revaluation of
investment properties - - (173 254)
Deferred taxation thereon - - 21 122
Loss on disposal of investment
properties - 93 133
(Profit)/loss on disposal of property,
plant and equipment (9) 51 7
Headline earnings 36 407 32 361 77 522
Unaudited Restated Audited
March March September
2007 2006 2006
R`000 R`000 R`000
ABRIDGED CONSOLIDATED BALANCE SHEET
Investment properties 1 362 317 1 106 256 1 307 047
- At valuation 1 385 470 1 126 797 1 330 200
- Straight-line rental adjustment (23 153) (20 541) (23 153)
Property, plant and equipment 2 540 2 395 2 502
Goodwill 5 235 5 235 5 235
Available-for-sale investments 68 68 68
Loans 7 564 4 188 8 519
Rental receivable: straight-line
adjustment 20 995 20 199 21 101
- Total 21 983 21 955 23 153
- Included in current assets (988) (1 756) (2 052)
Current assets 41 752 42 185 47 041
Total assets 1 440 471 1 180 526 1 391 513
Capital and reserves 620 052 468 003 620 989
Debentures 312 943 313 290 313 448
Deferred taxation 59 285 39 436 60 102
Long-term loans 332 881 274 000 298 571
Current liabilities 115 310 85 797 98 403
Total equity and liabilities 1 440 471 1 180 526 1 391 513
Capital expenditure
Expenditure incurred 56 672 9 817 38 618
Authorised and unspent - committed 13 618 57 646 32 000
Authorised and unspent - uncommitted 20 129 13 076 27 913
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Treasury Share Debenture
capital shares premium premium
R`000 R`000 R`000 R`000
Balance at 30 September 2005 3 189 (6) 4 370 20 237
Disposal of treasury shares - 5 - -
Net profit for the period - - - -
Dividends - - - -
Transfer to non-distributable
reserves - - - -
Debenture premium amortised - - - (2 530)
Balance at 30 September 2006 3 189 (1) 4 370 17 707
Purchase of treasury shares - (7) - -
Profit for the period - - - -
Dividends - - - -
Transfer to non-distributable
reserves - - - -
Debenture premium amortised - - - (1 264)
Balance at 31 March 2007 3 189 (8) 4 370 16 443
Non- Accumu-
distributable lated
reserves profit Total
R`000 R`000 R`000
Balance at 30 September 2005 434 439 4 565 466 794
Disposal of treasury shares 584 - 589
Net profit for the period - 156 630 156 630
Dividends - (494) (494)
Transfer to non-distributable
reserves 156 083 (156 083) -
Debenture premium amortised - - (2 530)
Balance at 30 September 2006 591 106 4 618 620 989
Purchase of treasury shares - - (7)
Profit for the period - 696 696
Dividends - (362) (362)
Transfer to non-distributable
reserves 270 (270) -
Debenture premium amortised - - (1 264)
Balance at 31 March 2007 591 376 4 682 620 052
Unaudited Restated Audited
6 months 6 months 12 months to
to March to March September
2007 2006 2006
R`000 R`000 R`000
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash generated from operations 64 375 54 860 112 603
Net interest paid (19 190) (16 230) (32 832)
Taxation paid (238) (740) (873)
Distribution to unitholders (43 068) (38 887) (69 625)
Cash flows from operating activities 1 879 (997) 9 273
Cash flows from investing activities (53 922) (6 371) (41 893)
Cash flows from financing activities 51 128 8 173 34 426
Net increase in cash and cash
equivalents (915) 805 1 806
Cash and cash equivalents at
beginning of period 2 962 1 156 1 156
Cash and cash equivalents at end of
period 2 047 1 961 2 962
NOTES
1. Basis of preparation
The interim report complies with IAS 34 Interim Financial Reporting. The
accounting policies and methods of computation used in the preparation of the
interim report are consistent with those used in the annual financial
statements for the year ended 30 September 2006, which were prepared in
accordance with International Financial Reporting Standards. Investment
properties have not been revalued for the interim financial periods.
2. Reclassification of 31 March 2006 amounts
In terms of IAS 1 Presentation of Financial Statements, the following amounts
have been reclassified:
- an unsecured bank loan previously classified as a long-term loan has now
been classified as a short-term loan;
- the income from Bayside Mall which was previously accounted for on a net
basis, has now been reallocated to revenue and expenses.
The effect on comparative amounts is as follows:
Revenue - 2 358 -
Long-term loans - (16 271) -
Current liabilities - 16 271 -
3. Segmental information for the six months ended 31 March 2007
Property
Retail Commercial Industrial services
Six months ended
31 March 2007
- Revenue (contractual) 44 076 40 272 2 829 11 800
- Inter-segment revenue - (167) - (7 755)
44 076 40 105 2 829 4 045
- Trading results 27 570 22 071 1 591 1 909
- Depreciation
- Straight-line rental
adjustment
- Trading income
Six months ended
31 March 2006
- Revenue (contractual) 38 832 35 856 2 379 9 301
- Inter-segment revenue - (154) - (5 561)
38 832 35 702 2 379 3 740
- Trading results 24 669 19 277 1 542 866
- Depreciation
- Straight-line rental
adjustment
- Trading income
Property Unallocated
develop- and
ment corporate Total
Six months ended
31 March 2007
- Revenue (contractual) 10 507 21 109 505
- Inter-segment revenue (80) - (8 002)
10 427 21 101 503
- Trading results 4 325 (2 072) 55 394
- Depreciation 1 308
- Straight-line rental
adjustment (1 170)
- Trading income 55 532
Six months ended
31 March 2006
- Revenue (contractual) 5 849 15 92 232
- Inter-segment revenue (80) - (5 795)
5 769 15 86 437
- Trading results 2 547 (2 079) 46 822
- Depreciation 1 106
- Straight-line rental
adjustment 1 414
- Trading income 49 342
Comments
The distribution for the six months at 56,398 (2006: 47,599) cents per unit is
18,5% higher than the comparable period of the previous year.
Building vacancies were 3,8% (2006: 5,0%) of lettable area, or 2,4% (2006:
3,3%) of gross rental income. It must be noted that the vacancy level during
the corresponding period reduced from 4,6% to 3,3% of gross rental income.
The retail segment increased its rental revenue by 13,5%, partly due to the
completion of the Bayside Mall during the first half of the financial year.
The upgrade and expansion of the Westville Mall complex in Durban at a cost of
R112 million is still subject to certain approvals, after which it is
anticipated that construction will commence in July 2007.
The completion of the development of the first two units at Century Gate,
Century City during the previous year increased rental revenue in the
industrial segment of the portfolio by 13,6%. Construction of the third and
fourth units is under way, and should be completed by July 2007.
Whilst the level of growth in distribution will be lower in the second half of
the year, it is nevertheless anticipated that it will be higher than the
corresponding period of 2006. This is based on information that has not yet
been reviewed by Atlas` external auditors.
Unitholders` attention is drawn to the joint announcement of Acucap Properties
Limited`s firm intention to make an offer to acquire all the linked units of
Atlas not already owned by it, which appeared in the press on 4 May 2007. A
circular containing full details hereof will shortly be posted to unitholders.
E Osrin IS Raubenheimer Cape Town
Chairman Chief Executive Officer 23 May 2007
Declaration of interim dividend and interest on debentures
Notice is hereby given that an interim distribution of 56,398 (2006: 47,599)
cents, consisting of interest of 56,056 (2006: 47,243) cents per debenture and
a dividend of 0,342 (2006: 0,356) cents per share has been declared in respect
of the six months ended 31 March 2007. The record date for this distribution is
Friday, 22 June 2007 with a payment date of Monday, 25 June 2007. The last date
to trade the linked units cum- dividend and interest is Friday, 15 June 2007,
and the linked units will start trading ex-dividend and interest on Monday,
18 June 2007.
Dividend and interest payments will be made to unitholders on Monday,
25 June 2007.
No dematerialisation or rematerialisation of linked unit certificates may take
place between Monday, 18 June 2007 and Friday, 22 June 2007, both days
inclusive.
By order of the Board
Atlas Management Services (Pty) Ltd Cape Town
Secretaries 23 May 2007
Registered address: 121 Roodebloem Road, Woodstock, 7925
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Sponsor: PricewaterhouseCoopers Corporate Finance (Pty) Ltd.
propertyatlas.com
Date: 23/05/2007 16:32:01 Produced by the JSE SENS Department.
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