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FPT
FPT
FPT - Fountainhead Property Trust - Unaudited Interim Results For The Six Months
Ended 31 March 2008
Fountainhead Property Trust
Short name: FPT
Share code: FPT
ISIN: ZAE000097416
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2008
The directors of Fountainhead Property Trust Management Limited, the manager of
Fountainhead Property Trust, submit their report on the unaudited results of
Fountainhead Property Trust for the six months ended 31 March 2008.
BALANCE SHEET
Unaudited Audited Unaudited
as at as at as at
31 Mar 2008 30 Sep 2007 31 Mar 2007
R`000 R`000 R`000
ASSETS
Property assets 6 917 293 6 793 126 5 577 096
Investment properties 6 697 048 6 575 794 5 361 962
Straight-line lease accrual 220 245 217 332 215 134
Current assets 326 695 304 772 286 670
Trade and other receivables 20 188 23 287 19 707
Cash and cash equivalents 306 507 281 485 266 963
Total assets 7 243 988 7 097 898 5 863 766
UNITHOLDERS` FUNDS AND
LIABILITIES
Unitholders` funds 6 313 892 6 315 086 5 211 381
Capital of the fund 1 933 354 1 933 354 1 933 354
Capital reserve 501 905 498 517 495 476
Revaluation reserve 3 658 327 3 665 823 2 567 357
Retained earnings 220 306 217 392 215 194
Non-current liabilities
Interest-bearing liability 609 000 487 000 369 000
Current liabilities 321 096 295 812 283 385
Trade and other payables 86 030 81 464 70 232
Unitholders for distribution 235 066 214 348 213 153
Total unitholders` funds and
liabilities 7 243 988 7 097 898 5 863 766
INCOME STATEMENT
Unaudited Audited Unaudited
6 months to 12 months to 6 months to
31 Mar 2008 30 Sep 2007 31 Mar 2007
R`000 R`000 R`000
Income 336 479 606 544 297 701
Contractual rental income 333 565 599 295 292 650
Straight-line lease adjustment 2 914 7 249 5 051
Expenses (81 986) (158 625) (74 958)
Administrative expenses (18 787) (37 202) (17 071)
Property operating expenses (63 199) (121 423) (57 887)
Operating profit 254 493 447 919 222 743
Net finance costs (16 513) (13 168) (4 539)
Interest received 16 858 27 774 13 206
Interest paid (33 371) (40 942) (17 745)
(Loss)/profit on disposal of
investment properties (1 194) 13 371 13 305
Fair value adjustments to
investment properties (2 914) 1 096 390 (5 051)
Profit for the period 233 872 1 544 512 226 458
Basic earnings per unit (cents) 23,5 155,1 22,7
Headline earnings and
distribution income reconciliation
Profit for the period 233 872 1 544 512 226 458
Adjust for:
Loss/(profit) on disposal of
investment properties 1 194 (13 371) (13 305)
Fair value adjustments to
investment properties 2 914 (1 096 390) 5 051
Headline earnings 237 980 434 751 218 204
Less: straight-line lease
adjustment (2 914) (7 249) (5 051)
Distribution income 235 066 427 502 213 153
Headline earnings per unit (cents) 23,89 43,65 21,90
Distribution per unit (cents) 23,60 42,92 21,40
Interim distribution per unit(cents) 23,60 21,40 21,40
Final distribution per unit (cents) - 21,52 -
Units in issue 996 043 081 996 043 081 996 043 081
CASH FLOW STATEMENT
Unaudited Audited Unaudited
6 months to 12 months to 6 months to
31 Mar 2008 30 Sep 2007 31 Mar 2007
R`000 R`000 R`000
Cash effects from operating
activities
Profit for the period 233 872 1 544 512 226 458
Adjustments for:
Straight-line lease adjustment (2 914) (7 249) (5 051)
Interest received (16 858) (27 774) (13 206)
Interest paid 33 371 40 942 17 745
Loss/(profit) on disposal of
investment properties 1 194 (13 371) (13 305)
Fair value adjustments to
investment properties 2 914 (1 096 390) 5 051
Operating profit before
changes in working capital 251 579 440 670 217 692
Trade and other receivables
reduced 3 099 1 274 4 854
Trade and other payables
raised/(reduced) 4 566 3 924 (7 308)
Cash generated from the
operations 259 244 445 868 215 238
Interest received 16 858 27 774 13 206
Interest paid (33 371) (40 942) (17 745)
Income distributions (214 348) (409 374) (196 220)
Cash flows from operating
activities 28 383 23 326 14 479
Cash effects from investing
activities
Additions to investment
properties (130 445) (234 147) (117 470)
Proceeds from disposal of
investment properties 5 084 49 852 45 500
(125 361) (184 295) (71 970)
Cash effects from financing
activities
Long-term loan raised 122 000 202 000 84 000
Long-term loan repaid - (14 000) (14 000)
122 000 188 000 70 000
Net increase in cash and cash
equivalents 25 022 27 031 12 509
Cash and cash equivalents at
beginning of period 281 485 254 454 254 454
Cash and cash equivalents at
end of the period 306 507 281 485 266 963
STATEMENT OF CHANGES IN UNITHOLDERS` FUNDS
Capital of Capital Revaluation
(R`000) the fund reserve reserve
Balance as at 1 October 2006 1 933 354 470 243 2 584 336
Profit/Total income and
expenses for the period
Profit and revaluation reserve
realised on sale of properties
transferred to capital reserve 25 233 (11 928)
Fair value adjustment on
investment properties
transferred to revaluation reserve (5 051)
Income distributions
Balance as at 31 March 2007 1 933 354 495 476 2 567 357
Balance as at 1 October 2007 1 933 354 498 517 3 665 823
Profit/Total income and
expenses for the period
Loss and revaluation reserve
realised on sale of properties
transferred to capital reserve 3 388 (4 582)
Fair value adjustment on
investment properties
transferred to revaluation reserve (2 914)
Income distributions
Balance as at 31 March 2008 1 933 354 501 905 3 658 327
Total
Retained unitholders`
(R`000) earnings funds
Balance as at 1 October 2006 210 143 5 198 076
Profit/Total income and
expenses for the period 226 458 226 458
Profit and revaluation reserve
realised on sale of properties
transferred to capital reserve (13 305) -
Fair value adjustment on
investment properties
transferred to revaluation reserve 5 051 -
Income distributions (213 153) (213 153)
Balance as at 31 March 2007 215 194 5 211 381
Balance as at 1 October 2007 217 392 6 315 086
Profit/Total income and
expenses for the period 233 872 233 872
Loss and revaluation reserve
realised on sale of properties
transferred to capital reserve 1 194 -
Fair value adjustment on
investment properties
transferred to revaluation reserve 2 914 -
Income distributions (235 066) (235 066)
Balance as at 31 March 2008 220 306 6 313 892
COMMENTARY
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited interim results have been prepared in accordance with
International Financial Reporting Standards (IFRS), IAS 34 - Interim Financial
Reporting and the requirements of the Collective Investment Schemes Control
Act. The accounting policies are consistent in all material respects with those
applied in the prior year.
2 DISTRIBUTION PER UNIT
Fountainhead Property Trust`s net distributable income for the first six months
of the financial year amounts to 23.6 cents per unit, 10.3 percent greater than
the comparable period last year.
3 CHANGES TO PORTFOLIO
During the period, the following sale was concluded:
Net selling
price Exit yield
Property R`000 %
Cenmag House 5 084 4,4
4 MAJOR CAPITAL PROJECTS
Significant capital projects and planned projects are:
Kenilworth Centre
The R56 million development of a food court and the new Game store of 5 000
square metres is currently underway at the centre and is progressing within
budget.
The Brightwater Commons
The building work has commenced for phase three of the centre in order to
accommodate Virgin Active and Woolworths. The premises will be ready for
occupation during the second half of the year. Management believes this project
will increase foot count to the centre and will be the catalyst for letting of
the remaining space in phase three.
Benmore Gardens Shopping Centre
The redevelopment is progressing well and will be complete within the third
quarter. The major change to the centre will be a new Pick n Pay store, the
relocation of Dischem and the introduction of a Woolworths Food store, Toyzone
and Baby City, as well as a revised restaurant offering.
Douglas Roberts Centre
The construction of the parking garage is complete. The remaining upgrade of
the office block will be completed within the third quarter. The initial rental
is based on 8.5 percent yield on R215 million with a 7 percent annual
escalation. Until the capital commitment of the development is fully taken up,
an interim rental based on spend to date is being paid. Management estimates
that the full rental will be paid from June 2008.
Centurion Mall (75% share)
The East side parking deck is complete. This completion marks the end of the
second phase of the centre`s redevelopment.
The centre continues to perform well with limited and declining vacancies
throughout the centre and adjoining office blocks.
5 SEGMENTAL INFORMATION
March 2008 September 2007
6 months 12 months
Net Net
Revenue income % of Revenue income % of
Rm Rm total Rm Rm total
Retail 236 192 81 437 354 83
Office blocks 52 40 17 85 63 15
Industrial 33 26 11 55 40 9
Specialised 13 13 6 22 22 5
Corporate - (36) (15) - (51) (12)
Total 334 235 100 599 428 100
March 2007
6 months
Net
Revenue income % of
Rm Rm total
Retail 212 172 80
Office blocks 42 32 15
Industrial 28 21 10
Specialised 11 10 5
Corporate - (22) (10)
Total 293 213 100
6 VACANCY LEVELS
Vacancy levels in terms of rentable area at 31 March were as follows:
Mar 2008 Sep 2007 Mar 2007
Sector % % %
Retail 6 6 8
Office blocks 7 2 3
Industrial 7 9 9
Specialised - - -
Total 6 6 7
By value, the vacancies equated to 4 percent of potential rental income, an
improvement on the 5 percent as at year-end.
In the retail sector 89 percent of the vacancies were contained in The
Boulders, The Brightwater Commons and the offices at Centurion Mall,
approximately 40 percent of which have been let for future occupation.
The office sector had a vacancy of 7 percent which is primarily situated in
Grayston Ridge, as a result of Motorola relocating.
The industrial portfolio had a vacancy of 7 percent compared to 9 percent in
September 2007. The improvement is due to the successful letting of the Nashua
and Degussa buildings in Midrand.
7 CHANGE OF SHAREHOLDING IN THE MANAGER
Unitholders are referred to the information announcement dated 27 March 2008 in
which it was stated that The Standard Bank of South Africa Limited had sold 50
percent of its shareholding in Fountainhead Property Trust Management Limited
to Liberty Group Limited with effect from 31 March 2008.
8 PROSPECTS
As stated in the annual report, the Board anticipates that distributions per
unit for the year ending 30 September 2008 will increase by between 12 percent
and 14 percent compared with the year ended 30 September 2007. This forecast
has not been reviewed or reported on by Fountainhead Property Trust`s auditors.
9 DISTRIBUTION ANNOUNCEMENT
Notice is hereby given of distribution no. 50 of 23.6 cents per unit for the
six months ended 31 March 2008.
The last date to trade cum the distribution will be Friday, 16 May 2008 . The
units of Fountainhead Property Trust will commence trading ex-distribution on
Monday, 19 May 2008 and the record date will be Friday, 23 May 2008. The
distribution will be paid on Monday, 26 May 2008.
Unit certificates may not be dematerialised or rematerialised between Monday,
19 May 2008 and Friday, 23 May 2008, both dates inclusive.
BY ORDER OF THE BOARD
Fountainhead Property Trust Management Limited
(Reg No 1983/003324/06)
5 May 2008
Directors: JD Rainier (Managing),
VA Christian, WM Kirchmann,
S Shaw-Taylor, SJ Segar
Transfer secretaries
Computershare Investor Services (Pty) Ltd
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Secretary and registered office
Broll Property Group (Pty) Ltd
Broll House, 27 Fricker Road, Illovo
Johannesburg, 2196
(PO Box 1455, Saxonwold, 2132)
Short name: FPT
Share code: FPT ISIN: ZAE000097416
Sponsor: Standard Bank
E-mail: fountainhead@standardbank.co.za
Website: www.fountainheadproperty.co.za
Date: 05/05/2008 07:05:02 Produced by the JSE SENS Department.
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