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PAP
PAP
PAP - Pangbourne - Revised Headline Earnings And Additional Information
Pertaining To The Annual Financial Statements For The Year Ended 30 June 2007
PANGBOURNE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/002352/06)
Share code: PAP & ISIN: ZAE000005252
("Pangbourne" or "the Company")
REVISED HEADLINE EARNINGS AND ADDITIONAL INFORMATION PERTAINING TO THE ANNUAL
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2007
Revised headline earnings
Further to the audited results of Pangbourne for the financial year ended 30
June 2007, published on SENS on Thursday, 30 August 2007 and in the press on
Friday, 31 August 2007, combined unitholders are advised of revised headline
earnings and revised headline earnings per combined unit for the 2006 and 2007
financial years in order to comply with the SAICA circular on headline
earnings. The adjustments relate to "Debenture interest-debt portion" as set
out below, which are now included in the calculation of the revised headline
earnings and the revised headline earnings per combined unit.
Revised headline earnings for the combined units of R 198 237 000 (2006: R 68
793 000) have been based on the weighted average number of units in issue
during the year of 247 579 797 (2006: 205 235 904) and on net profit for the
year, adjusted for headline reconciling items.
The earnings per combined unit is calculated on the weighted average number of
units in issue during the year of 247 579 797 (2006: 205 235 904) and profit
for the year of R 521 327 000 (2006: R264 428 000).
Reconciliation between 2007 2007 2007 2006
earnings and headline Profit Taxation Profit for Profit for
earnings before the year the year
taxation
R`000 R`000 R`000 R`000
Profit after share of 676 656 (155 329) 521 327 264 428
profits from associates
Adjustments:
Net revaluation of (278 256) 47 310 (230 946) (303 374)
investment properties
Net goodwill written - - - 156 199
off
Net profit on disposal (8 343) 1 209 (7 134) (47 505)
of investment
properties
Debenture interest - 104 244 (30 231) 74 013 71 099
debt portion
Adjustments for (223 955) 64 931 (159 024) (72 055)
associates:
Goodwill written off - - - 20 992
Revaluation of (222 118) 64 414 (157 704) (94 882)
associate investment
properties
(Profit)/Loss on (3 565) 517 (3 048) 154
disposal of investment
properties
Amortisation of 1 728 - 1 728 1 681
listing, debenture
mortgage and
securitisation expenses
Revised headline 270 346 (72 110) 198 237 68 793
earnings
Previously reported 166 102 (41 879) 124 223 (2 307)
headline
earnings/(loss)
Revised headline 80.07 33.52
earnings per combined
unit (cents)
Previously reported 50.18 (1.12)
headline
earnings/(loss) per
combined unit (cents)
Additional information pertaining to the annual financial statements for the
year ended 30 June 2007
Geographical Profile by Rentable Area
Gauteng 85.5%
Other 14.5%
Geographical Profile by Revenue
Gauteng 83.1%
Other 16.9%
Sectoral Profile by Rentable Area
Industrial 93.4%
Commercial 3.7%
Retail 2.9%
Sectoral Profile by Revenue
Industrial 85.2%
Commercial 6.5%
Retail 8.3%
Tenant Profile
Definitions
A Grade - large nationals, listed companies, government
B Grade - small nationals, franchisees, professional firms
C Grade - other
A Grade 38%
B Grade 27%
C Grade 35%
Vacancy Profile by Sector
Industrial 97.7%
Commercial 96.2%
Retail 100%
Lease Expiry Profile By Sector
Industrial - by area
Vacant 2.3%
Monthly 5.7%
07/07-06/08 24.2%
07/08-06/09 22.5%
07/09-06/10 11.2%
07/10-06/11 9.9%
07/11 onwards 24.2%
Industrial - by revenue
Monthly 5.6%
07/07-06/08 22.0%
07/08-06/09 20.0%
07/09-06/10 13.8%
07/10-06/11 12.4%
07/11 onwards 26.2%
Office - by area
Vacant 3.8%
Monthly 5.1%
07/07-06/08 19.0%
07/08-06/09 25.1%
07/09-06/10 11.6%
07/10-06/11 14.1%
07/11 onwards 21.3%
Office - by revenue
Monthly 3.5%
07/07-06/08 20.4%
07/08-06/09 29.7%
07/09-06/10 8.5%
07/10-06/11 21.8%
07/11 onwards 16.1%
Retail- by area
Vacant 0.0%
Monthly 4.9%
07/07-06/08 13.5%
07/08-06/09 25.1%
07/09-06/10 13.2%
07/10-06/11 23.2%
07/11 onwards 20.1%
Retail - by revenue
Monthly 5.0%
07/07-06/08 15.1%
07/08-06/09 27.9%
07/09-06/10 17.4%
07/10-06/11 13.2%
07/11 onwards 21.4%
Weighted Average Rental Escalation
All 9.1%
Industrial 9.3%
Office 9.4%
Retail 7.0%
The Average Annualized Property Yield
The average annualized property yield for the property portfolio is 9.16%
Craighall
25 October 2007
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 25/10/2007 15:30:01 Produced by the JSE SENS Department.
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