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PPR
PPR
PPR - Putprop - Interim Results for the six months 31 December 2007 and
dividend declaration
PUTPROP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/001085/06)
JSE code: PPR
ISIN: ZAE000072310
("Putprop" or "the Company")
Interim Results for the six months ended 31 December 2007 and dividend
declaration
Income statement
Six months ended Year ended
31 December 30 June
2007
Change (audited)
Rm %
2007 2006
(unaudited) (unaudited
& restated)
Rent received 11.5 14.8 (22.3) 25.8
Rent straightlining 2.7 (11.2) (124.1) (8.6)
adjustments
Interest received 2.2 1.0 120.0 3.3
Revenue 16.4 4.6 256.5 20.5
Operating income 5.0 9.3 13.9
Operating expenses 2.6 2.2 18.2 3.9
Operating profit 18.8 11.7 60.7 30.5
Finance costs - - - -
Profit before taxation 18.8 11.7 60.7 30.5
Taxation 5.2 4.1 26.8 9.4
Profit attributable to 13.6 7.6 78.9 21.1
equity holders
Shares in issue (weighted 28.8 28.8 28.8
average) number
(millions)
Earnings per share 47.2 26.4 78.9 73.3
(cents)
Dividends per share 20.0 20.0 - 35.0
(cents)
Headline earnings per 32.3 26.4 22.4 59.7
share (cents)
Reconciliation of
headline earnings
Net profit for the period 13.6 7.6 78.9 21.1
Adjusted for:
Fair value and impairment - - (4.6)
adjustments
Taxation effect of these - - 0.7
adjustments
Headline earnings 13.6 7.6 78.9 17.2
Cash flow statement for the six months ended 31 December 2007
Six months ended Year ended
30 June
2007
(audited)
Rm
31 December
2007 2006
(unaudited) (unaudited
& restated)
Cash (outflow)/inflow from (0.4) 2.7 33.2
operating activities
Cash receipts from customers 11.8 14.0 48.3
Cash paid to suppliers (2.0) (3.4) (1.0)
Net cash generated from 9.8 10.6 47.3
operations
Interest received 2.2 1.0 3.3
Taxation paid (6.7) (3.1) (7.3)
Dividends paid (5.7) (5.8) (10.1)
Cash (outflow) from investing (12.5) (0.4) (2.8)
activities
Additions to tangible assets (2.7) (0.4) (2.8)
Acquisition of other (0.3) - -
investments
Acquisition of investment (6.3) - -
property
Settlement VAT on Lonehill (3.2) - -
proceeds
Net increase/(decrease) in cash (12.9) 2.3 30.4
and cash equivalents
Cash and cash equivalents at 50.4 20.0 20.0
beginning of the period
Cash and cash equivalents at 37.5 22.3 50.4
end of period
Statement of changes in equity for the six months ended 31 December 2007
State Accu-
capital mulated Total
profits
Half year ended 31 December Rm Rm Rm
2006
At 30 June 2006 4.1 140.8 144.9
Profit attributable to equity 7.6 7.6
holders (restated)
Dividend paid (5.8) (5.8)
At 31 December 2006 4.1 142.6 146.7
Half year ended 31 December Rm Rm Rm
2007
At 30 June 2007 4.1 151.9 156.0
Profit attributable to equity 13.6 13.6
holders
Dividend paid (5.8) (5.8)
At 31 December 2007 4.1 159.7 163.8
Balance sheet as at 31 December 2007
31 December 30 June
2007
(audited)
Rm
2007 2006
(unaudited) (unaudited
& restated)
ASSETS
Non-current assets 127.6 106.3 119.6
Investment properties 119.2 93.1 111.5
Other investments 8.4 13.2 8.1
Current assets 44.0 49.6 53.9
Accounts receivable 5.9 27.3 3.5
Taxation receivable 0.6 - -
Cash and cash equivalents 37.5 22.3 50.4
Total assets 171.6 155.9 173.5
EQUITY AND LIABILITIES
Capital and reserves 163.8 146.8 155.9
Non-current liabilities 4.5 1.6 3.0
Current liabilities 3.3 7.5 14.6
Total equity and liabilities 171.6 155.9 173.5
CAPITAL EXPENDITURE COMMITMENTS
- incurred 6.5 7.5 -
- authorised but not contracted - - -
for
RATIOS
Net asset value per share (cents) 569 510 541
Basis of preparation and accounting policies:These unaudited financial results
for the six months ended 31 December 2007 have been prepared in accordance with
accounting policies that comply with International Financial Reporting Standards
("IFRS"), and IAS 34 interim financial reporting.
The accounting policies are consistent with those applied for the year ended 30
June 2007.
Restatement of 31 December 2006 results:Comparative figures for the six months
ended 31 December 2006 have been restated in order to eliminate the R3.2 million
overstatement of profit before tax on the sale of the Lonehill property.
Commentary:
Overview:In accordance with the 1 January 2007 revised rental agreement with
Putco Ltd gross rentals received decreased by 22%, from R14.8 million to R11.5
million, as compared to the same period last year. Interest received increased
by 120% to R2.2 million. Operating expenditure increased by 18%, from R2.2 to
R2.6 million. Profit before taxation increased by 61%, from R11.7 million to
R18.8 million. Profit after tax increased from R7.6 million to R13.6 million.
Earnings per share ("EPS") increased by 79%, from 26.4 cents to 47.2 cents per
share.
Valuation of properties:The directors have performed an assessment of all the
properties. In their opinion the previous valuations conducted up to year-end
June 2007 had a tendency to undervalue the properties in the light of current
thinking. There has, therefore, been an upward adjustment of R5.0 million in
revaluations of properties in the income statement for the period under review.
In line with the Company`s normal policies, an independent valuation of
properties will be carried out on 30 June 2008.
Loans:The Company has no loans.
Capital commitments:The Company has a capital commitment of R6.5 million for the
acquisition of three apartments in the Centurion development.
Dividend declaration:The directors have decided to declare a dividend of 15
cents (31 December 2006 - 15 cents) per share in respect of the six-month period
ended 31 December 2007.
Declaration date Friday, 28 March 2008
Last date to trade cum dividend Friday, 18 April 2008
First date to trade ex dividend Monday, 21 April 2008
Record date Friday, 25 April 2008
Pay date Tuesday, 29 April 2008
Shareholders may not dematerialise or rematerialise their shares between Monday,
21 April 2008 and Friday, 25 April 2008, both dates inclusive.
A B Adrian A Carleo A L Carleo - NovelloChairman
CEO Managing Director
On behalf of the Board: B C Carleo (General Manager), P Senatore (Non-
executive), P Nucci (Independent Non-executive)
Company SecretaryD Campbell
27 March 2008
Registered Office
91 Protea Road
Chislehurston
Sandton
2196
Share Transfer Secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street, Marshalltown
P O Box 61051
Johannesburg
2107
Auditors
Ernst & Young
Wanderers Office Park
52 Corlett Drive, Illovo
P O Box 2322
Johannesburg
2000
Sponsor
Ernst & Young Sponsors (Pty) Ltd
Incorporated in the Republic of South Africa
(Registration number 2000/031843/07)
Date: 27/03/2008 15:40:01 Produced by the JSE SENS Department.
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