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PPR
PPR
PPR - Putprop Limited - Audited results for the financial year ended 30 June
2007
Putprop Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/001085/06)
JSE code: PPR
ISIN: ZAE000072310
("the Company" or "Putprop")
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
ABRIDGED INCOME STATEMENTS
for the financial year ended 30 June 2007
Group
2007 2006
R`000 R`000
Rent received 17,249 22,826
Interest received 3,332 1,882
Revenue 20,581 24,708
Operating income 13,903 6,871
Operating expenses 3,934 3,334
Operating profit 30,550 28,245
Profit before taxation 30,550 28,245
Taxation 9,426 7,711
Profit attributable to equity holders 21,124 20,534
Earnings per share (cents) 73.4 71.3
Dividend per share (cents) 35.0 45.0
- interim 15.0 20.0
- final 20.0 25.0
- final declared 20.0 20.0
Notes:
1. EARNINGS PER SHARE (CENTS) 73.4 71.3
The calculation is based on earnings of
R21 124 000(2006: R20 534 000) and on the
weighted average number of 28 793 000 (2006:
28 793 000) shares in issue for the year.
2. HEADLINE EARNINGS PER SHARE (CENTS) 59.8 50.9
Headline earnings per share have been
calculated in terms of circular 7 of 2002 and
exclude profits and losses of a capital
nature.
3. Reconciliation of headline earnings:
Profit attributable to equity holders 21,124 20,534
Adjusted for:
- Fair value and impairment adjustments (4,575) (6,871)
- Deferred taxation effect of these 663 996
adjustments
Headline earnings 17,212 14,659
ABRIDGED BALANCE SHEETS
at 30 June 2007
Group
2007 2006
ASSETS
R`000 R`000
Non-current assets
Investment properties 111,429 92,663
Other tangible assets 93 58
Other investments 8,098 13,200
119,620 105,921
Current assets
Work in progress - 13,664
Accounts receivable 3,534 11,421
Taxation receivable 12 1,584
Cash and cash equivalents 50,439 20,047
53,985 46,716
Total assets 173,605 152,637
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 4,146 4,146
Accumulated profit 151,829 140,783
155,975 144,929
Non-current liabilities
Deferred taxation 3,035 4,859
3,035 4,859
Current liabilities
Taxation payable 2,353 -
Accounts payable 10,980 1,807
Amount due to fellow subsidiary 1,262 1,042
14,595 2,849
Total equity and liabilities 173,605 152,637
ABRIDGED STATEMENT OF CHANGES IN EQUITY
for the financial year ended 30 June 2007
Stated Accumulated Total
Capital profit
GROUP R`000 R`000 R`000
Balance at 1 July 2005 4,146 133,206 137,352
Profit attributable to equity 20,534 20,534
holders
Dividends paid (12,957) (12,957)
Balance at 30 June 2006 4,146 140,783 144,929
Profit attributable to equity 21,124 21,124
holders
Dividends paid (10,078) (10,078)
Balance at 30 June 2007 4,146 151,829 155,975
CASH FLOW STATEMENTS
for the financial year ended 30 June 2007
Group
2007 2006
R`000 R`000
Cash inflow from operating activities 33,196 8,534
Cash receipts from customers 48,348 29,778
Cash paid to suppliers (1,081) (2,005)
Net cash generated from operations 47,267 27,773
Interest received 3,332 1,882
Taxation paid (7,325) (8,164)
Dividends paid (10,078) (12,957)
Cash outflow from investing activities (2,804) (16,956)
Additions to tangible assets (2,804) (3,756)
Acquisition of other investments - (13,200)
Net increase / (decrease) in cash and cash 30,392 (8,422)
equivalents
Cash and cash equivalents at beginning of 20,047 28,469
year
Cash and cash equivalents at end of year 50,439 20,047
BASIS OF PREPARATION
The results have been prepared in accordance with International Financial
Reporting Standards ("IFRS") and IAS 34. IFRS 8, which deals with financial and
descriptive information about reportable segments, has not been applied as it
does not become effective until years commencing on or after 1 January 2009.
RESULTS OVERVIEW
Background
Putprop is a property company which has investments in industrial and commercial
properties, including a property for future residential development.
Overview
Revenue decreased from R24,7 million to R20,6 million, when compared to the
previous year, mainly as a result of the re-negotiation of the long-term lease
with our major tenant, Putco, as previously reported. The detailed effects on
straightlining were as follows:
2007 2006
R`000 R`000
Old Putco lease agreement - year to 30 (5,291)
June 2006
Old Putco lease agreement - prior to 31 (3,626)
December 2006
- effect at 31 December 2006 of early (7,632)
cessation
New Putco lease - six months to 30 June 2,620
2007
(8,638) (5,291)
The interim results at 31 December 2006 stated that R12,5 million profit was
achieved on the sale of the Lonehill property. After taking VAT into
consideration, the profit was R9,3 million. Endeavours to diversify into
industrial and commercial properties were hampered by the strong sellers market
which pertained during the past year.
Operating Income and Expenses
The increase in operating income from R6,8 million to R13,9 million is the
result of the revaluation of Putprop`s properties plus profit on the disposal of
Lonehill, less a write down of other investments. Operating expenses increased
from R3,3 million to R3,9 million, mainly due to incurring agency costs and
increased property maintenance.
Maintenance
The cost of maintenance of the properties was R1,56 million (2006: R1,23
million), an increase of 26%. This is in line with Putprop`s budgeted
maintenance plan.
Valuation of properties
A registered valuator conducted a valuation of Putprop`s properties at year end.
The revaluation increase amounted to R9,68 million and is included in operating
income in the Income statement.
Loans
The company has no loans.
Acquisition
Property in Eastgate, Johannesburg was acquired for R7,54 million. This property
will produce a rental income from 1 July 2007.
Capital commitments
The company has committed to purchase three apartments at approximately R6
million in Centurion, Tshwane.
Future Prospects
Centurion Gate, a major commercial and residential complex in Centurion, is
still being developed and will not produce an income flow for another two years.
The strategy is still to invest in suitable industrial and commercial properties
to improve the company`s income streams.
Changes to the Board of directors
Mr EMRL Oldham retired from his position as Managing Director on 30 June 2007.
Mrs AL Carleo-Novello was appointed Managing Director on 1 July 2007.
Dividend declaration
The directors have resolved to declare a final dividend of 20 cents per share to
all ordinary shareholders recorded in the share register on the record date. The
dividend is declared out of consolidated current year profits before tax of
R30,550 million. Including the interim dividend of 15 cents per share, the total
dividend declared for the year is 35 cents per share (2006: 40 cents per share).
In compliance with the requirements of Strate and Schedule 24 of the JSE
Listings Requirements, the following dates are applicable:
Last day to trade cum the dividend Friday, 19 October 2007
Date trading commences ex the Monday, 22 October 2007
dividend
Record date Friday, 26 October 2007
Date of payment Monday, 29 October 2007
Share certificates may not be dematerialised or rematerialised between Monday,
22 October 2007 and Friday, 26 October 2007, both dates inclusive.
Post Balance Sheet events
There are no significant post balance sheet events that have a material impact
on the financial statements at 30 June 2007.
Audit report
Putprop`s abridged consolidated results and the annual financial statements for
the financial year ended 30 June 2007, from which they have been extracted, have
been audited by the company`s auditors, Ernst & Young Inc. Their audit report
which did not contain any qualification is available for inspection at the
company`s registered office.
Annual General Meeting
The annual financial statements and the notice convening the 20th Annual General
Meeting of the shareholders of Putprop, which meeting is to be held at the
registered office of the Company, 91 Protea Road, Chislehurston, Sandton, 2196,
at 11:00 on Wednesday, 14 November 2007, was sent to shareholders on Friday, 28
September 2007.
DIRECTORATE
A B Adrian (Chairman and Independent non-executive)
A Carleo (Chief executive officer)
A L Carleo-Novello (Managing director - 1 July 2007)
E M R L Oldham (Retired - 30 June 2007)
B C Carleo ( General manager - 1 July 2007)
P Senatore ( Non-executive)
P Nucci (Independent - non-executive)
Company Secretary
D Campbell
Registered Office and Postal Address
91 Protea Road
Chislehurston
Sandton, 2196
Share Transfer Secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Marshalltown
(PO Box 61051, Marshalltown, 2107)
Sponsor
Ernst & Young Sponsors (Pty) Ltd
(Registration number 2000/031843/07)
52 Corlett Drive
Illovo, 2196
Auditors
Ernst & Young Inc
Wanderers Office Park
52 Corlett Drive, Illovo
(PO Box 2322, Johannesburg, 2000)
Chislehurston, Sandton
28 September 2007
Date: 28/09/2007 08:00:09 Produced by the JSE SENS Department.
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