|
OAS
OAS
OAS - Oasis - Reviewed Interim Results For The Six Months Ended
30 September 2007 and distribution declaration
OASIS CRESCENT PROPERTY FUND
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
JSE code: OAS & ISN: ZAE000074332
("Oasis")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
CONDENSED INCOME STATEMENT
for the 6 months ended 30 September 2007
Reviewed Reviewed Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March 2007
2007 2006
R`000 R`000 R`000
Revenue 19,971 13,842 32,341
Rental and related income 18,402 11,963 30,200
Straight lining of lease income 1,569 1,879 2,141
Expenses 7,198 3,813 10,302
Property expenses 5,963 2,795 8,085
Service charges 744 663 1,356
Other operating expenses 491 355 861
12,773 10,029 22,039
Fair value change to investment
properties excluding straight
lining of lease income (1,569) (1,879) 10,307
Fair value change to investment
properties - - 12,448
Straight lining of lease income (1,569) (1,879) (2,141)
Operating profit for the period 11,204 8,150 32,346
Net finance income 790 1,858 2,542
Interest received 790 1,862 2,557
Interest paid - (4) (15)
Net profit for the period 11,994 10,008 34,888
Basic earnings per unit including
non-permissible income (cents) 50.0 46.6 156.9
Headline earnings per unit
including non-permissible
income (cents) 56.5 55.3 110.6
Distribution per unit excluding
non-permissible income (cents) 45.1 36.3 86.1
Weighted average units in issue 23,995,0000 21,487,500 22,231,250
Units in issue 27,055,000 22,975,000 22,975,000
Headline earnings and
distribution income reconciliation
Net profit for the period 11,994 10,008 34,888
Adjusted for:
Fair value change to investment
properties 1,569 1,879 (10,307)
Headline earnings 13,563 11,887 24,581
Less: Straight line lease accrual (1,569) (1,879) (2,141)
Distribution income including
non-permissible income 11,994 10,008 22,440
Non-permissible rental income (382) (354) (731)
Non-permissible interest income (790) (1,862) (2,557)
Distribution excluding
non-permissible income 10,822 7,792 19,152
Interim distribution per
unit (cents) 45.1 36.3 36.3
Final distribution per
unit (cents) - - 49.8
CONDENSED BALANCE SHEET
as at 30 September 2007
Reviewed 30 Reviewed 30 Audited as at 31
September 2007 September 2006 March 2007
R`000 R`000 R`000
ASSETS
Non-current assets 300,022 236,924 264,190
Investment properties 266,578 234,148 261,152
Straight line lease
accrual 4,607 2,776 3,038
Available-for-sale
financial assets 28,837 - -
Current assets 30,704 28,704 17,068
Trade receivables 1,280 912 2,757
Trade receivables
from related parties 185 159 63
Cash and cash
equivalents 29,239 27,633 14,248
Total assets 330,726 265,628 281,258
UNIT HOLDERS FUNDS
AND LIABILITIES
Unit holders funds 314,671 252,701 265,149
Capital of the fund 282,710 233,710 233,710
Retained income - - -
Revaluation reserve 31,961 18,991 31,439
Current liabilities 16,055 12,927 16,109
Trade payables 3,384 2,609 3,948
Trade payables to
related parties 222 263 191
Unit holders for
distribution 11,277 7,839 10,898
Non-permissible
income available for
distribution 1,172 2,216 1,072
Total unit holders
funds and
liabilities 330,726 265,628 281,258
Net Asset Value per
unit (cents) 1,163 1,100 1,154
CONDENSED STATEMENT OF CHANGES IN UNIT HOLDERS FUNDS
for the 6 months ended 30 September 2007
Capital Revaluation
of the fund reserve
R`000 R`000
Balance at 01 April 2006 198,457 18,991
Issue of Units 35,253 -
Net Profit for the period ended
30 September 2006 - -
Distribution to unit holders - -
Distribution of non-permissible income - -
Balance at 30 September 2006 233,710 18,991
Net Profit for the period ended 31 March 2007 - -
Transfer to revaluation reserve - 12,448
Distribution to unit holders - -
Distribution of non-permissible income - -
Balance at 01 April 2007 233,710 31,439
Issue of units 49,000 -
Fair value gain on available-for-sale
financial assets - 522
Net Profit for the period ended
30 September 2007 - -
Distribution to unit holders - -
Distribution of non-permissible income - -
Balance at 30 September 2007 282,710 31,961
Retained
income Total
R`000 R`000
Balance at 01 April 2006 - 217,448
Issue of Units - 35,253
Net Profit for the period ended
30 September 2006 10,008 10,008
Distribution to unit holders (7,792) (7,792)
Distribution of non-permissible income (2,216) (2,216)
Balance at 30 September 2006 - 252,701
Net Profit for the period ended 31 March 2007 24,880 24,880
Transfer to revaluation reserve (12,448) -
Distribution to unit holders (11,360) (11,360)
Distribution of non-permissible income (1,072) (1,072)
Balance at 01 April 2007 - 265,149
Issue of units - 49,000
Fair value gain on available-for-sale
financial assets - 522
Net Profit for the period ended
30 September 2007 11,994 11,994
Distribution to unit holders (10,822) (10,822)
Distribution of non-permissible income (1,172) (1,172)
Balance at 30 September 2007 - 314,671
CONDENSED CASH FLOW STATEMENT
for the 6 months ended 30 September 2007
Reviewed Reviewed Audited
6 months to 6 months to 12 months to
30 September 2007 30 September 2006 31 March 2007
R`000 R`000 R`000
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net profit for
the period 11,994 10,008 34,888
Adjusted for:
Interest received (790) (1,862) (2,557)
Interest paid - 4 15
Bad debt provision 80 - -
Straight line
lease accrual (1,569) (1,879) (2,141)
Fair value change
to investment properties
excluding straight lining
of lease income 1,569 1,879 (10,307)
11,284 8,150 19,898
Trade receivables
decrease/(increase) 1,397 (550) (2,396)
Trade receivables
from related
party increase (122) (92) 5
Trade and other
payables increase (564) 2,448 3,786
Trade payables to
related parties increase 31 134 62
Cash generated
from operations 12,026 10,090 21,355
Interest paid - (4) (15)
Interest received 790 1,862 2,557
Unit holders
distribution (11,422) (4,003) (16,614)
Non permissible income
distribution (1,072) (2,095) -
Net cash inflow
from operating activities 322 5,850 7,283
CASH FLOWS FROM
INVESTING
ACTIVITIES
Acquisition of investments (28,315) - -
Acquisition of investment
properties (6,995) (102,624) (117,442)
Net cash flow from
investing activities (35,310) (102,624) (117,442)
CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds from
issue of units 49,979 35,253 35,253
Net cash flow
from financing
activities 49,979 35,253 35,253
NET
INCREASE/(DECREASE)
IN CASH AND
CASH EQUIVALENTS 14,991 (61,521) (74,906)
CASH AND CASH
EQUIVALENTS
At beginning of
period 14,248 89,154 89,154
At end of period 29,239 27,633 14,248
- - -
Segmental information Retail Offices Industrial
6 months ended 30 September 2007 R`000 R`000 R`000
Segment revenue
Rental and related income 9,942 3,303 5,157
Straight lining of lease income 1,243 234 92
11,185 3,537 5,249
Segment expense
Property expenses 3,990 1,250 723
Service charges - - -
Other operating expenses - - -
3,990 1,250 723
Fair value change to investment
properties excluding straight
lining of lease income (1,243) (234) (92)
Segment result
Operating profit 5,952 2,053 4,434
Segment assets
Investment properties 135,239 37,892 93,447
Straight line lease accrual 1,732 1,198 1,677
Available-for-sale financial assets - - -
Trade receivables 674 6 584
Trade receivables from related parties 185 - -
Cash and cash equivalents - - -
137,830 39,096 95,708
Segment liabilities
Trade payables 1,483 97 1,010
Trade payables to related parties 148 74 -
Unit holders for distribution - - -
Non-permissible income available for
distribution - - -
1,631 171 1,010
Segmental information Corporate Total
6 months ended 30 September 2007 R`000 R`000
Segment revenue
Rental and related income - 18,402
Straight lining of lease income - 1,569
- 19,971
Segment expense
Property expenses - 5,963
Service charges 744 744
Other operating expenses 491 491
1,235 7,198
Fair value change to investment properties
excluding straight lining of lease income - (1,569)
Segment result
Operating profit (1,235) 11,204
Segment assets
Investment properties - 266,578
Straight line lease accrual - 4,607
Available-for-sale financial assets 28,837 28,837
Trade receivables 16 1,280
Trade receivables from related parties - 185
Cash and cash equivalents 29,239 29,239
58,092 330,726
Segment liabilities
Trade payables 794 3,384
Trade payables to related parties - 222
Unit holders for distribution 11,277 11,277
Non-permissible income available for distribution 1,172 1,172
13,243 16,055
Segmental information Retail Offices Industrial
6 months ended 30 September 2006 R`000 R`000 R`000
Segment revenue
Rental and related income 4,902 2,900 4,161
Straight lining of lease income 833 431 615
5,735 3,331 4,776
Segment expense
Property expenses 1,268 1,048 479
Service charges - - -
Other operating expenses - - -
1,268 1,048 479
Fair value change to investment
properties
excluding straight lining of lease income (833) (431) (615)
Segment result
Operating profit 3,634 1,852 3,682
Segment assets
Investment properties 129,107 36,905 68,136
Straight line lease accrual 963 724 1,089
Trade receivables 339 18 329
Trade receivables from related parties 159 - -
Cash and cash equivalents - - -
130,568 37,647 69,554
Segment liabilities
Trade payables 953 29 169
Trade payables to related parties 9 - 50
Unit holders for distribution - - -
Non-permissible income available for
distribution - - -
962 29 219
Segmental information Corporate Total
6 months ended 30 September 2006 R`000 R`000
Segment revenue
Rental and related income - 11,963
Straight lining of lease income - 1,879
- 13,842
Segment expense
Property expenses - 2,795
Service charges 663 663
Other operating expenses 355 355
1,018 3,813
Fair value change to investment properties
excluding straight lining of lease income - (1,879)
Segment result
Operating profit (1,018) 8,150
Segment assets
Investment properties - 234,148
Straight line lease accrual - 2,776
Trade receivables 226 912
Trade receivables from related parties - 159
Cash and cash equivalents 27,633 27,633
27,859 265,628
Segment liabilities
Trade payables 1,458 2,609
Trade payables to related parties 204 263
Unit holders for distribution 7,839 7,839
Non-permissible income available for distribution 2,216 2,216
11,717 12,927
COMMENTARY
1. Basis of preparation and accounting policies
The reviewed interim results of the fund have been prepared in accordance with
International Financial Reporting Standards (IFRS), International Accounting
Standard 34 (IAS 34) and the requirements of the Collective Investment Schemes
Control Act of 2002. The non-permissible income is distributed to the Crescent
Fund Trust which is a registered public benefit organisation. The accounting
policies are consistent with those applied in the most recent annual financial
statements of the fund.
PricewaterhouseCoopers Inc has reviewed the financial information set out in
this report. Their unqualified review report is available for inspection at
the fund`s registered office.
2. Financial results
6 months to 6 months to 12 months
30 September 30 September to 31 March
2007 2006 2007
Distribution per unit
including non-permissible
income (cents) 50.0 46.6 100.9
Non-permissible rental per
unit (cents) (1.6) (1.6) (3.3)
Non-permissible interest
per unit (cents) (3.3) (8.7) (11.5)
Distribution per unit
excluding non-permissible
income (cents) 45.1 36.3 86.1
As at As at As at
30 September 30 September 31 March
2007 2006 2007
Property portfolio
valuation (Rm) 271.2 236.9 264.2
Listed investments (Rm) 28.8 - -
Cash and cash equivalents
(Rm) 29.2 27.6 14.3
Net asset value per unit
(cents) 1163 1100 1154
Listed market price (cents) 1233 1150 1201
Distribution per unit including non-permissible income increased by 7% from
46.6 cents to 50.0 cents, in line with average rental escalations.
Distribution
per unit excluding non-permissible income increased by 24% from 36.3 cents to
45.1 cents and the additional growth is attributable to a decrease in
non-permissible interest income as cash funds were utilised for the
acquisition of The Ridge@Shallcross in July 2006.
During the current reporting period the fund issued 4.08m units at an issue
price of R12.25 per unit to various investors in terms of a private placement,
raising R49.98m which includes an estimated 24 cents income per unit to be
distributed. The funds raised will be applied for investment in the Crescent
Global Property Equity Fund (CGPEF) (as at September 2007: R28.8m was
invested) and for ongoing capital expenditure. The Crescent Global Property
Equity Fund is a listed Shari`ah compliant global collective investment scheme
which will provide substantial geographic, industry and currency
diversification for the fund.
Related party transactions and balances:
Identity of the related parties with whom material transactions have occurred.
Oasis Crescent Property Fund Managers Limited is the management company of the
fund in terms of the Collective Investment Schemes Control Act.
Eden Court Property Fund (Pty) Limited is the entity that owns any property
that is not Shari`ah compliant. Rentals are collected by Eden Court Property
Fund (Pty) Limited and expenses are paid and recovered by Oasis Crescent
Property Fund Managers Limited on behalf of the fund from Eden Court Property
Fund (Pty) Limited.
Oasis Group Holdings (Pty) Limited is a tenant at the Ridge@Shallcross.
As disclosed in the prospectus of CGPEF a management fee is charged for
investing in CGPEF by Oasis Global Management Company (Ireland) Limited, the
manager of the fund.
There are common directors to Oasis Crescent Property Fund Managers Limited,
Eden Court Property Fund (Pty) Limited, Oasis Group Holdings (Pty) Limited,
and Oasis Global Management Company (Ireland) Limited. Transactions with
related parties are executed on terms no less favourable than those arranged
with third parties.
Type of related party transactions
The fund pays a service charge and a property management fee on a monthly
basis to Oasis Crescent Property Fund Managers Limited.
Related party transactions 6 months to 6 months to 12 months
30 September 30 September to 31 March
2007 2006 2007
R`000 R`000 R`000
Service charge paid to Oasis
Crescent Property 744 663 1,356
Fund Managers Limited
Property management fees paid
to Oasis 337 209 529
Crescent Property Fund
Managers Limited
Expense recoveries from Eden
Court Property 477 140 554
Fund (Pty) Limited
Rental, related income and
deposit paid by Oasis 185 - 146
Group Holdings (Pty) Limited
Total 1,743 1,012 2,585
Related party balances As at 30 As at 30 As at 31
September September March
2007 2006 2007
R`000 R`000 R`000
Trade receivables from Eden
Court Property Fund (Pty) Limited 185 159 56
Trade receivables from Oasis Group
Holdings (Pty) Limited - - 7
Trade payables to Oasis
Group Holdings (Pty) Limited 6 75 -
Trade payables to Oasis Crescent
Property Fund
Managers Limited 216 188 191
Sectorial Profile based on
gross rental 30 September 30 September 31 March 2007
2007 2006
Retail 54% 41% 52%
Office 18% 24% 19%
Industrial 28% 35% 29%
Total 100% 100% 100%
Vacancies based on rentable
area 30 September 30 September 31 March 2007
2007 2006
Retail 7% 6% 8%
Office - - -
Industrial - - 15%
As at 30 September 2007 the vacancy at the portfolio level is 1%. This has
reduced substantially due to the completion of the redevelopments at Moorsom
and Nourse Avenue, Epping Industria. At The Ridge@Shallcross 1,096m2 was
vacant resulting from the initiative to improve the tenant mix. An ongoing
programme is in place to ensure that vacant space is filled with the
appropriate tenants.
Outlook
Strong demand, combined with supply constraints, increasing replacement cost
and land cost continue to provide a positive outlook for rental growth. Going
forward, the outlook for the fund is to deliver distribution growth in line
with the average rental escalations as disclosed in the annual report for the
year to March 2007.
Distribution announcement
Notice is hereby given that a distribution, after deducting non-permissible
income, of 45.10 cents per unit has been declared payable to unit holders
recorded in the register of the fund at the close of business on the record
date, Friday, 28 December 2007.
Unit holders are advised that the last day to trade "cum" the distribution
will be Wednesday, 19 December 2007. Payment will be made on Thursday, 03
January 2008. Unit certificates may not be dematerialised or rematerialised
during the period Wednesday, 19 December 2007 to Friday, 28 December 2007,
both days inclusive.
Other
Headline earnings and headline earnings per unit for the 12 months ended 31
March 2007 were adjusted for the effect of the straight lining of lease income
adjustment. This resulted in headline earnings for the year ended 31 March
2007 increasing to R24.6m (previously R22.4m) and headline earnings per unit
of 110,6c (previously 100,9c), in accordance with the guidelines contained in
Circular 8/2007 from the South African Institute of Chartered Accountants.
BY ORDER OF THE BOARD
Oasis Crescent Property Fund Managers Limited
23 November 2007
www.oasiscrescent.com
Designated Adviser
Ernst & Young Sponsors (Pty) Limited
Date: 23/11/2007 17:10:01 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 ] | |||||||||||||
|
|||||||||||||
