|
MYT
MYT
MYT - Monyetla - Reviewed Financial Results For The Year Ended 30 June 2007
Monyetla Property Fund Limited
(formerly Calulo Property Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1987/006274/06)
Share code: MYT
ISIN: ZAE000093761
("Monyetla" or "the Company")
Member of the Property Loan Stock Association
24 August 2007
Reviewed financial results for the year ended 30 June 2007
- Distribution of 16,6 cents
- Total assets R1 billion
- Issued share capital 206 471 849 (30 June 2006: 90 173 979) ordinary shares
of 1 cent each
- Issued debentures 206 471 849 (30 June 2006: 90 173 979) unsecured
subordinated variable rate debentures of R1,99 each
- Issued linked units 206 471 849 (30 June 2006: 90 173 979)
-Weighted average linked units 92 892 127
(30 June 2006: 76 677 109)
Condensed consolidated income statement
Restated
Year to Year to
R`000 30.06.07 30.06.06
Revenue 81 191 69 758
Operating lease income 76 746 62 560
Straight line operating lease adjustment 4 445 7 198
Sundry income - 152
Direct property expenses (19 529) (14 435)
Other operating expenses (5 756) (4 094)
Net fair value adjustment of investment (54 361) 68 412
properties
Straight line operating lease adjustment (4 445) (7 198)
Fair value adjustment of investment properties (49 916) 75 610
- Revaluation adjustment as previously reported
at 31 December (83 684) 37 039
- Revaluation adjustment for 6 months to 30 June 33 768 38 571
Operating profit 1 545 119 793
Finance costs (36 486) (30 832)
Finance income 419 704
Movement in fair value of derivative financial 21 975 3 208
instruments
Net amortisation of debenture premium 339 220
Distribution to linked unitholders (15 785) (16 909)
- Interim (7 213) (8 789)
- Final (8 572) (8 120)
(Loss)/profit before taxation (27 993) 76 184
Taxation 15 063 (21 880)
(Loss)/profit for the year (12 930) 54 304
Attributable to:
Equity holders of the Company (12 930) 54 304
Basic and diluted (loss)/earnings per share (13,91) 70,82
(cents)
Condensed consolidated balance sheet
Restated
As at As at
R`000 30.06.07 30.06.06
ASSETS
Non-current assets 1 036 914 589 501
Investment properties 1 004 480 580 133
Straight-line operating lease receivable 13 262 8 817
Investment properties at fair value 1 017 742 588 950
Equipment, furniture and fittings 304 102
Long term other receivables 1 567 241
Derivative financial instruments 2 505 -
Deferred tax asset - 208
Loans to participants of the Unit Purchase Trust 14 796 -
Current assets 45 073 12 247
Trade and other receivables 12 656 5 251
Derivative financial instruments 17 256 -
Cash and cash equivalents 15 161 6 996
Total assets 1 081 987 601 748
EQUITY
Capital and reserves attributable to
shareholders
Share capital and share premium 3 372 943
Accumulated profits 36 278 49 834
Total equity 39 650 50 777
LIABILITIES
Non-current liabilities 829 770 519 688
Borrowings 285 990 309 960
Debentures and debenture premium 538 972 187 435
Derivative financial instrument - 2 214
Deferred tax liabilities 4 808 20 079
Current liabilities 212 567 31 283
Trade & other payables 13 052 16 870
Distribution payable 633 8 120
Borrowings 198 882 6 293
Total equity and liabilities 1 081 987 601 748
Condensed consolidated statement of changes in equity
Share Share Accumulated
R`000 capital premium profit/(loss) Total
Balance at 30 June 2005 745 25 (4 470) (3 700)
Issue of linked units 157 19 - 176
Issue costs - (3) - (3)
Profit for the year - - 54 304 54 304
restated
Balance at 30 June 2006 902 41 49 834 50 777
restated
As previously reported 902 41 51 717 52 660
Prior year adjustment - - (1 883) (1 883)
(refer note 5)
Issue of linked units 1 163 640 - 1 803
Loss for the year - - (12 930) (12 930)
Transfer of amortised - 626 (626) -
debenture premium
(cumulative)
Balance at 30 June 2007 2 065 1 307 36 278 39 650
Reconciliation between (loss)/earnings and headline earnings/(loss)
Loss before taxation Taxation
Cents Cents
R`000 per unit R`000 per unit
(Loss)/profit for the (27 993) (30,13) 15 063 16,22
year
Adjustments
Fair value adjustment of 54 361 58,53 (15 764) (16,98)
investment properties
Distribution to linked 15 785 17,00 - -
unitholders
Headline earnings/(loss) 42 153 45,40 (701) (0,76)
per linked unit
Loss after taxation Year to 30.06.06
Cents Cents
R`000 per unit R`000 per unit
(Loss)/profit for the (12 930) (13,91) 54 304 70,82
year
Adjustments
Fair value adjustment of 38 597 41,55 (48 572) (63,35)
investment properties
Distribution to linked 15 785 17,00 (16 909) (22,05)
unitholders
Headline earnings/(loss) 41 452 44,64 (11 177) (14,58)
per linked unit
Condensed consolidated cash flow statement
Restated
Year to Year to
R`000 30.06.07 30.06.06
Cash generated from operations 40 466 55 337
Finance costs (36 113) (30 631)
Finance income 419 704
Taxation paid (153) -
Distributions to linked unitholders (23 272) (11 992)
Cash flows from operating activities (18 653) 13 418
Cash flows from investing activities (495 107) (131 920)
Cash flows from financing activities 528 183 117 386
Net increase/(decrease) in cash
and cash equivalents 14 423 (1 116)
Cash and cash equivalents at beginning of year 738 1 854
Cash and cash equivalents at end of year 15 161 738
Distributable earnings for the period ended 22 June 2007
Compliance with International Financial Reporting Standards (IFRS), and their
application on the property loan stock structure, which is unique to South
Africa, has made it difficult for users to interpret these financial statements.
This investor information insertion is aimed at disclosing to the users the
basis on which the distribution per weighted average number of combined units in
issue, was calculated. Shareholders are reminded that the distribution period
ended on 22 June 2007, as announced on SENS on Thursday, 5 April 2007.
2007 2006
R`000
Revenue 73 732 62 560
Net building costs (18 725) (14 435)
Other operating expenses (5 575) (4 094)
Sundry income - 152
Finance costs (34 774) (30 631)
Finance income 373 704
Distributable earnings 15 031 14 256
Investors distributable earnings per linked
unit
Weighted average number of linked units in 90 390 76 677
issue
Distributable earnings per linked unit (cents) 16,63 18,60
Opening share price (cents) 240,00 216,00
Closing share price (cents) 270,00 240,00
Distribution (cents) 16,60 21,90
Net growth 30,17 24,22
Total return 19% 21%
Reconciliation to (loss)/profit for the year
Distributable earnings 15 031 14 256
Fair value adjustment of investment properties (49 916) 75 610
Amortised borrowing costs (270) (201)
Movements in fair value of derivative financial 21 975 3 208
instruments
Distribution to linked unitholders (15 785) (16 909)
Net amortisation of debenture premium 339 220
(Loss)/profit before taxation (28 626) 76 184
Taxation 15 063 (21 880)
Distributable earnings for 23 June 2007 to 30 633 -
June 2007 which will be incorporated into the
interest payment for the period ending 31
December 2007
(Loss)/profit for the year (12 930) 54 304
Restated
Year to Year to
R`000 30.06.07 30.06.06
Headline earnings/(loss) per linked unit (cents) 44,64 (14,58)
Earnings per linked unit (cents) 3,07 48,77
Headline earnings per share (cents) 27,63 7,47
(Loss)/earnings per share (cents) (13,91) 70,82
Notes to the financial statements
1. Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). The accounting
policies are consistent with those applied for the year ended 30 June 2006.
2. Related party transactions
Related party transactions concluded during the reporting period were
concluded at arm`s length terms as would be negotiated between unrelated
willing parties.
Transactions between the Company and its subsidiaries, which are related
parties of the Company have been eliminated on consolidation and are not
disclosed in this note.
Details of transactions between the Group and other related parties are
disclosed below.
The subsidiaries of the Company are Monyetla Realty Holdings (Proprietary)
Limited (formerly Annuity (Albert) Property Holdings (Proprietary) Limited)
and Monyetla Property Holdings (Proprietary) Limited (formerly Calulo
Property Investments (Proprietary) Limited).
The loan accounts with Monyetla Property Holdings (Pty) Ltd and Monyetla
Realty Holdings (Pty) Ltd are payable on demand, are unsecured, have no
fixed terms of repayment and interest is charged at the discretion of the
directors.
Transactions with Pangbourne Properties Limited ("Pangbourne")
Day-to-day property portfolio, secretarial and financial administration was
carried out by Pangbourne during the year.CM Hutchison and RN Wesselo are
executive directors of Pangbourne at 30 June 2007.
Pangbourne owns 61% of Monyetla Property Fund Limited.
It was announced on SENS on Monday, 12 March 2007 and in the press on
Tuesday, 13 March 2007 that Monyetla concluded an agreement to acquire a
portfolio of 24 properties from Pangbourne.
Monyetla acquired the Pangbourne portfolio for an aggregate purchase
consideration of R470 million and incurred a R2 million (excluding VAT)
facilitation fee in order to reimburse Pangbourne for the administrative
expenses incurred by Pangbourne in the execution of the acquisition.
Monyetla raised third party debt funding for the settlement of the cash
portion of the purchase consideration; the cash portion of the purchase
consideration comprises 50% thereof and will be settled on the date of
transfer of the properties included in the property portfolio.
The remaining 50% of the purchase consideration will be settled initially
by way of a loan account and thereafter be settled from the proceeds of a
rights offer.
The rights offer was an offer of 114 168 870 rights offer linked units to
the Monyetla linked unitholders at R3,10 which closed on 22 June 2007.
The rights offer was fully underwritten by Pangbourne and the commission
payable for this was R6 million, excluding VAT.
Pangbourne took 68 903 276 linked units of the full offer. This is the
reason for the large increase in share capital, share premium, debentures
and debenture premium. Refer above for effect on earnings per share and
headline earnings per share.
The loan account with Pangbourne has interest charged at 9,65%, it is
unsecured, no fixed terms of repayment and no demand clauses.
2007 2006
R`000 R`000
Acquisition of properties & capital raising
- Facilitation fee 2 000 -
- Underwriting fee 6 000 -
Fees and interest
- Management/administration fees paid 3 476 -
- Interest on Monyetla Property Holdings (Pty) Ltd
loan account @ 9,65% 3 282 -
Transactions with Calulo Property Management (Pty)
Ltd
Fees and interest
- Management/administration fees paid 708 2 863
Transactions with Calulo Asset Management (Pty)
Ltd
Fees and interest
- Management/administration fees paid 996 2 140
Loan to/(from) related parties
Pangbourne (198 882) -
Calulo Property Management (Pty) Ltd 208 -
Directors` remuneration
Executive directors
RJ Harman - 817
N Madikizela - 563
Independent non-executive director
IP Smith 46 -
Remuneration paid by Pangbourne
Executive director of Monyetla Property Fund Ltd
CE Wendelken
Remuneration 1 100 -
Bonus 450 -
Retirement funding 157 -
3. Capital commitments and contingencies
There are no material contingencies at balance sheet date.
The operating lease commitment for rented premises from 1 July 2007 amounts
to:
> 1 year 86
1 - 5 years 195
> 5 years -
The operating lease commitment for rented equipment from 1 June 2007
amounts to:
< 1 year 31
1 - 5 years 176
> 5 years -
There is approximately R4,5 million of capital expenditure approved but not
yet contracted for, which will be funded from available facilities.
There are no material contingencies at balance sheet date.
4. Subsequent events
During September 2007 Monyetla securitised R362 million of its debt. This
entailed the issue of bonds through Prime Realty Obligors Packaged
Securities "PROPS", which is listed on the South African Securities
Exchange. Seventy seven percent of the bonds issued were rated AAA, by
Fitch`s, for which there was an over subscription. The maturing dates of
the bonds issued were a combination of three and five years. The effective
rate achieved on the securitised debt was 9,06 NACS, for the first three
years and 10,10% for years four and five.
5. Prior year adjustment
During the year to 30 June 2006 certain expenses of the Company and it`s
subsidiary amounting to R2 653 000 (R1 883 000 after tax) were not brought
to account. The financial statements for the year ended 30 June 2006 have
been restated to correct this error. There is no effect in 2007.
This was as a result of certain errors that had occurred in the
finalisation of settlement accounts between buyers and sellers in the
subsidiary.
6. Review report
PricewaterhouseCoopers Inc. have reviewed the results for the year ended 30
June 2007 and their report is available for inspection at the company`s
registered office.
Segmental information
2007
R`000 Retail/showrooms Office Industrial
Business segment
Revenue 40 597 23 254 17 340
Operating lease income 38 420 22 341 15 985
Straight-line operating 2 177 913 1 355
lease adjustment
Operating profit/(loss) 2 952 (12 712) 17 081
Fair value adjustment of (24 291) (27 859) (2 234)
investment properties
Assets 278 186 604 174 139 342
Liabilities - - -
Acquisition of investment - 471 899 -
properties
Depreciation - - -
Gauteng and Eastern Cape Western
Geographic segments Mpumalanga Cape
Revenue 54 223 12 272 5 646
Operating lease income 51 902 11 447 5 292
Straight-line operating 2 321 825 354
lease adjustment
Investment properties
Retail/Showrooms 221 169 - 38 900
Office 528 889 - 13 901
Industrial 25 699 94 600 -
775 757 94 600 52 801
Straight-line operating (7 065) (3 297) (1 353)
lease adjustment
Carrying value of 768 692 91 303 51 448
investment properties
Acquisition of investment 439 204 - -
properties
2006
R`000 Retail/showrooms Office Industrial
Business segment
Revenue 32 639 18 526 13 966
Operating lease income 29 656 16 553 11 724
Straight-line operating 2 983 1 973 2 242
lease adjustment
Operating profit/(loss) 54 461 40 254 23 654
Fair value adjustment of 33 233 29 606 12 771
investment properties
Assets 311 495 156 376 124 055
Liabilities 227 - 12 600
Acquisition of investment 110 799 18 189 26 850
properties
Depreciation - - -
Gauteng and Eastern Cape Western
Geographic segments Mpumalanga Cape
Revenue 45 969 12 356 7 166
Operating lease income 41 818 10 549 6 516
Straight-line operating 4 151 1 807 650
lease adjustment
Investment properties
Retail/Showrooms 250 700 - 32 600
Office 117 150 - 15 800
Industrial 12 600 94 500 -
380 450 94 500 48 400
Straight-line operating (4 744) (2 472) (999)
lease adjustment
Carrying value of 375 706 92 028 47 401
investment properties
Acquisition of investment 103 792 - -
properties
2007
R`000 Sold Other Total
Business segment
Revenue - - 81 191
Operating lease income - - 76 746
Straight-line operating - - 4 445
lease adjustment
Operating profit/(loss) - (5 776) 1 545
Fair value adjustment of - - (49 916)
investment properties
Assets - 60 285 1 081 987
Liabilities - 1 042 337 1 042 337
Acquisition of investment - 471 899
properties
Depreciation (13) (13)
KwaZulu- Free State
Geographic segments Natal and North Total
Revenue 3 485 5 565 81 191
Operating lease income 3 251 4 854 76 746
Straight-line operating 234 711 4 445
lease adjustment
Investment properties
Retail/Showrooms - 15 900 275 969
Office 40 035 20 269 603 094
Industrial 17 000 1 380 138 679
57 035 37 549 1 017 742
Straight-line operating (330) (1 217) (13 262)
lease adjustment
Carrying value of 56 705 36 332 1 004 480
investment properties
Capital expenditure 32 695 - 471 899
2006
R`000 Sold Other Total
Business segment
Revenue 4 627 - 69 758
Operating lease income 4 627 - 62 560
Straight-line operating - - 7 198
lease adjustment
Operating profit/(loss) 3 623 (2 199) 119 793
Fair value adjustment of - - 75 610
investment properties
Assets 305 9 517 601 748
Liabilities - 538 144 550 971
Capital expenditure - - 155 838
Depreciation (46) (46)
KwaZulu- Free State
Geographic segments Natal and North Total
Revenue 1 519 2 748 69 758
Operating lease income 1 435 2 242 62 560
Straight-line operating 84 506 7 198
lease adjustment
Investment properties
Retail/Showrooms - 28 350 311 650
Office 6 350 15 100 154 400
Industrial 15 800 - 122 900
22 150 43 450 588 950
Straight-line operating (96) (506) (8 817)
lease adjustment
Carrying value of 22 054 42 944 580 133
investment properties
Capital expenditure 14 250 37 796 155 838
Date: 24/08/2007 12:12:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
