| Wed 6 Aug 2008, 12:14 | | APA/APB/AXC - ApexHi Properties Limited - Audited Results For The Year Ended 30 |
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APA/APB/AXC - ApexHi Properties Limited - Audited Results For The Year Ended 30
June 2008 And Quarterly Distribution Declaration For The Three Months Ended 30
June 2008
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/000238/06)
Share code: APA & ISIN: ZAE000083598
Share code: APB & ISIN: ZAE000083606
Share code: AXC & ISIN: ZAE000083580
("ApexHi" or "the company")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2008 AND QUARTERLY DISTRIBUTION
DECLARATION FOR THE THREE MONTHS ENDED 30 JUNE 2008
HIGHLIGHTS
- 18% growth in combined distributions
- C unit holders participate in distributions
- Average renewal rental growth of 19%
These results have been audited by the independent auditors, Grant Thornton.
Their unqualified report is available for inspection at the company`s registered
office.
FINANCIAL REVIEW
Summarised operating results
(excluding effects of straight-lining of leases)
2008 % 2007
R`000 change R`000
Investment properties - net operating income
Core portfolio - properties held for 12 857 238 16 740 361
comparative months
Revenue 1 103 802 13 975 320
Turnover rental 15 016 7 14 051
Property expenses (238 336) 8 (221 654)
Tenant installations and letting commissions (23 244) (15) (27 356)
Additions - properties not held for 12 105 721 36 136
comparative months
Disposals - properties not held for 12 40 725 95 179
comparative months
Disposals post balance sheet 5 294 8 791
Net operating income from investment 1 008 978 880 467
properties
Corporate costs and administrative expenses (77 609) 10 (70 674)
Profit from operations 931 369 15 809 793
Non-core income 24 675 (29) 34 711
Profit on sale of properties held for trading 14 243 -
Clearwater guarantee fee 10 432 7 980
Matemeku profit share - 15 231
Development fees on Maxcity - 11 500
Finance costs (134 572) (17) (162 759)
Interest income 70 208 65 42 518
Distributable profits 891 680 23 724 263
Weighted average number of units in issue 264 592 253 682
114 462
Distribution per unit (cents) 337,00 18 285,50
A unit 135,00 5 128,47
B unit 165,00 5 157,03
C unit 37,00 -
Quarterly distributions: 2008 Quarter Quarter Quarter Quarter Total
financial year (cents) 1 2 3 4
A unit 33,75 33,75 33,75 33,75 135,00
B unit 41,25 41,25 41,25 41,25 165,00
C unit 3,00 8,00 10,00 16,00 37,00
Combined 78,00 83,00 85,00 91,00 337,00
Profit from operations
The core portfolio, representing properties held for 12 comparative months,
reflects above average growth of 16%. Total revenue increased by 13% and
property expenses by 8%.
The ratio of property expenses to property income on the core portfolio has
reduced from 22,4% in 2007 to 21,3% in 2008.
Revenue growth has been driven by solid growth in renewal rentals of 19% - 20%
in retail, 14% in offices and 52% in industrial. In addition, the portfolio
benefited from the sale of 103 properties to Dipula Property Investment Trust
(Dipula) and Mergence Africa Property Investment Fund (Mergence), for a total of
R649,7 million, at an average initial yield of 10%. The effective date of the
transaction was 1 February 2008. The transaction was funded by means of a 60%
loan from Standard Bank and a loan from ApexHi of R259,9 million, repayable in
three years, at a fixed interest rate of 11,5% per annum, payable monthly.
Non-core income
The company generated R14,2 million profit from the sale of 101 sectional title
units in Berea Centre, Durban and R10,4 million from the Clearwater guarantee
fee. The guarantee fee is payable by Clearwater in return for ApexHi agreeing to
guarantee repayment of Clearwater`s loans to Nedbank in respect of BEE
transactions concluded in the 2007 financial year. The guarantee fee accrual has
been based on an estimated C unit price in June 2010 of R7,50.
Finance costs and interest income
In April 2008, R184,4 million of variable borrowings was repaid from the
proceeds of the Dipula/Mergence transaction and excess surplus cash was invested
in money market funds and/or short-term fixed deposits yielding 12% per annum.
BALANCE SHEET REVIEW
Revaluation of properties
Properties above R10,0 million as at the last valuation date were valued by
external valuers and those below R10,0 million (82 properties representing 5,5%
of the total) were valued by the directors. The revaluations have resulted in a
fair value adjustment in the income statement of R360,9 million. The valuation
of the R9,2 billion property portfolio (including land) represents an average
forward yield of 11,6% compared to 11,3% in the previous financial year, and a
valuation of R3 800 per m2 of lettable area (2007: R3 500). The number of
properties in the portfolio has reduced from 423 at 30 June 2007 to 304 at 30
June 2008.
Net asset value (excluding the deferred tax liability)
The net asset value, excluding the deferred tax liability, has increased by 6%
from R29,80 at 30 June 2007 to R31,50 per combined unit at 30 June 2008. The
combined market price of R29,33 at 30 June 2008 (2007: R37,55) reflects a
discount of 6,9% over the net asset value (2007: premium of 26,0%).
Acquisitions
Six investment properties (including four residential properties) were acquired
for R150,6 million. R11,0 million was spent acquiring vacant land adjacent to
property already owned and R55,4 million was incurred on price adjustments, of
which R53,6 million relates to a payment in respect of the repurchase of an
interest in the Pretoria inner city properties. The R217,0 million total
acquisition cost at an average yield before gearing of 10,1%, was settled with
borrowings and surplus cash.
Disposals
126 properties were sold for R1,0 billion (at an average yield of 9,1%). Part of
the proceeds were used to reduce variable borrowings with the balance invested
in the money market. The disposals have resulted in a R317,2 million surplus on
original cost and R109,9 million surplus on carrying value. The disposals have
given rise to a capital gains tax liability of R18,8 million. The tax, when
paid, will not affect distributions to unit holders.
Refurbishments and capital expenditure
During 2008, R158,3 million was spent on refurbishments generating an average
yield of 12% and R30,3 million was incurred on capital expenditure generating no
return but maintaining the quality of the portfolio.
Residential portfolio
The Softstone residential portfolio was acquired for R123 million. Three of the
properties will be held for investment purposes while the majority have been
earmarked for redevelopment and sale as sectional title units. The intention was
to sell the units; however with market conditions having deteriorated, the units
will be rented to achieve the best possible return.
Interest bearing borrowings
100% of the R1,37 billion loan has been fixed for approximately eight years at a
fixed weighted average all inclusive rate of 9,7%. The loan represents 15% of
the value of the property portfolio.
OPERATIONAL REVIEW
Leasing
ApexHi has concluded 1 151 leases worth approximately R1,1 billion from 1 July
2007 to 30 June 2008. Of the total leasing deals, 797 were renewals valued at
approximately R900 million and 354 leases worth approximately R200 million were
concluded with new tenants. Leases over 553 466m2 were concluded during the year
under review.
Lettable Vacant area Let area
area
Letting activity for the m2 m2 % m2 %
year under review:
Portfolio as at 1 July 2 682 895 171 242 6 2 511 653 94
2007
Adjustments to lettable (7 977) (7 977)
area
Properties acquired 17 849 65 17 784 100
Properties disposed (253 487) (25 234) 10 (228 253) 90
Leases terminated due to 25 462 (25 462)
refurbishments
Adjusted portfolio as at 2 439 280 171 535 7 2 267 745 93
1 July 2007
Increase in vacancy 249 (249)
Leases expired during year 553 715 (553 715)
Total lettings during year (553 466) 553 466
- Renewals (453 897) 82 453 897
- New lettings (99 569) 99 569
Portfolio as at 30 June 2 439 280 171 784 7 2 267 496 93
2008
Lettable area Vacancy
Sectoral spread and m2 % m2 %
vacancies
Retail 990 583 41 78 287 8
Office 901 882 37 85 195 9
Industrial 546 815 22 8 302 2
2 439 280 100 171 784 7
Vacancies have increased as a result of 25 462m2 being temporarily unlettable
due to refurbishments that are taking place in the portfolio. The majority of
these vacancies have been let with leases to commence from October 2008 to April
2009.
UNIT PERFORMANCE
Liquidity
ApexHi units continue to maintain high trading volumes, above the sector average
of 34%. In the year under review, 56% of the B units, 38% of the A units and 36%
of the C units were traded.
30 June 30 June 2008
2007
Interest Total
distributions capital Total
Unit Unit for the and return
price price year distributions
Total return R R R R %
per unit
A unit 14,09 10,55 1,35 11,90 (16)
B unit 17,00 13,49 1,65 15,14 (11)
C unit 6,46 5,29 0,37 5,66 (12)
37,55 29,33 3,37 32,70 (13)
ApexHi reflects a negative return of 13% over the past year, better than the
Property Loan Stock Index which reflected a negative return of 26%.
POST BALANCE SHEET EVENTS
Disposals Expected
transfer
Property Location Sector date (2008)
Struktura Pretoria Office 30 September
Royal Beechnut* Edenvale Industrial 31 August
Fernridge Shopping Randburg Retail 30 September
Centre
Malvin Court Berea, Johannesburg Residential 31 July
Erf 755 Denver Johannesburg Industrial 30 September
Disposals Net selling Surplus/(deficit) Selling
price on original cost yield
Property R`000 R`000 %
Struktura 23 280 22 662 -
Royal Beechnut* 21 600 (19 163) 13,2
Fernridge Shopping 17 100 8 130 3,9
Centre
Malvin Court 7 303 2 708 6,5
Erf 755 Denver 1 000 750 13,7
70 283 15 087 5,9
* The tenant exercised its option to purchase in terms of the lease entered into
in 2005.
PROSPECTS
In the 2009 financial year, the company expects rental income to grow by 11%,
which is a combination of escalations in existing leases of between 8% and 12%,
increases of 15% as a result of future renewals and costs escalating by 12% for
the year.
In 2008 ApexHi generated five cents per unit in development profits from the
sale of residential property. The conservative outlook scenario assumes that net
rental income from properties held for trading will be offset by trading losses
on units sold, resulting in no earnings per unit for the year. The more
optimistic scenario reflects earnings of nine cents per unit for the year.
Based on the above, management is confident that distributions for the 2009
financial year will fall within the two scenarios - `low note` and `high note`
reflected below.
"Low "High
note" note"
Distributions per combined cents cents Key assumptions
unit
Net income: core 402,34 405,34 "Low note" based on 11%
investment portfolio rental growth and 12%
increase in property
expenses
Residential: rental income - 8,97
and development profits
Clearwater guarantee fee 4,29 5,88 "Low note" based on C unit
price in 2010 of R7,50 and
the "high note" on R8,00
Head office and corporate (28,11) (25,61) "Low note" based on asset
costs management fee of R38 per
combined unit. "High note"
based on asset management
fee of R33 per combined
unit
Interest on debt funding (51,54) (51,54)
Interest on surplus cash 35,69 37,19
Distribution per combined 362,67 380,23
unit
Combined growth for 2009 8 13
(%)
"Low Actual "High Actual
note" note"
2009 2008 2009 2008
Distribution cents cents % growth cents cents % growth
per unit
A unit 135,00 135,00 - 140,04 135,00 4
B unit 165,00 165,00 - 171,16 165,00 4
C unit 62,67 37,00 69 69,03 37,00 87
362,67 337,00 8 380,23 337,00 13
The above forecast has not been reviewed or reported on by the ApexHi auditors.
The distribution structure will change when the 93,75 cents quarterly threshold
is reached. Based on the above"`high note" scenario, the threshold is
anticipated to be reached in the third quarter of the 2009 financial year, when
the A units will receive 36%, the B units 44% and the C units 20% of the
combined quarterly distribution.
FINANCIAL STATEMENTS
Basis of preparation and accounting policies
The annual financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"), including IAS 34 and the
Companies Act of South Africa, 1973.
All accounting policies are consistent with those used in the annual financial
statements for the year ended 30 June 2007.
2008 2007
CONDENSED BALANCE SHEET R`000 R`000
ASSETS
Non-current assets 9 443 667 9 053 723
Investment properties 8 906 771 8 850 806
Straight-line rental income accrual 154 859 153 878
Letting costs 88 169 41 059
Interest bearing loans 275 456 -
Guarantee fee receivable 18 412 7 980
Current assets 683 715 414 392
Properties held for trading 150 084 -
Straight-line rental income accrual 48 353 36 465
Trade and other receivables 70 123 72 072
Cash and cash equivalents 415 155 305 855
Non-current assets held for sale 70 283 280 014
TOTAL ASSETS 10 197 665 9 748 129
EQUITY AND LIABILITIES
Share capital and reserves 3 365 560 2 695 218
Non-current liabilities 6 340 355 6 665 989
Debenture capital and premium 4 115 657 4 190 798
Deferred taxation 854 498 999 072
Interest bearing borrowings 1 370 200 1 476 119
Current liabilities 491 750 386 922
TOTAL EQUITY AND LIABILITIES 10 197 665 9 748 129
Number NAV per unit
of units NAV excluding
in issue per unit deferred tax
Net asset value per unit R R
(NAV)
A unit 264 592 114 11,38 12,45
B unit 264 592 114 9,47 10,55
C unit 264 592 114 7,42 8,50
Total - 30 June 2008 28,27 31,50
A unit 264 592 114 10,62 11,89
B unit 264 592 114 8,73 9,98
C unit 264 592 114 6,68 7,93
Total - 30 June 2007 26,03 29,80
2008 2007
INCOME STATEMENT R`000 R`000
Conventional rental income 1 308 273 1 173 623
Straight-line rental income accrual 12 869 36 449
Revenue 1 321 142 1 210 072
Property expenses (273 424) (262 396)
Administrative expenses and corporate costs (77 609) (70 674)
Tenant installation and letting commissions (25 871) (30 760)
Profit from operations 944 238 846 242
Finance costs (134 572) (162 759)
Interest income 70 208 42 518
Other income 24 675 34 711
Profit before debenture interest 904 549 760 712
Debenture interest (891 680) (724 263)
Profit after debenture interest 12 869 36 449
Capital and other items not distributed 531 771 2 081 500
Change in fair value of investment properties 360 991 2 054 783
Straight-line rental income accrual (12 869) (36 449)
Amortisation of debenture premium 75 400 57 588
Net surplus on disposal of investment properties 108 249 5 578
Profit before taxation 544 640 2 117 949
Taxation 125 702 (574 766)
Net profit after taxation 670 342 1 543 183
Reconciliation between earnings, headline
earnings and distributable earnings:
Net profit after taxation 670 342 1 543 183
Adjusted for:
Debenture interest 891 680 724 263
Earnings 1 562 022 2 267 446
Adjusted for:
Change in fair value of investment properties (496 299) (1 454
(net of deferred tax) 138)
Net surplus on disposal of investment properties (89 377) (5 578)
(net of capital gains tax)
Headline earnings 976 346 807 730
Straight-line rental income accrual - net of (9 266) (25 879)
taxation
Amortisation of debenture premium (75 400) (57 588)
Distributable earnings 891 680 724 263
Weighted Headline
average Distribution Earnings earnings
number of per unit per unit per unit
units
(cents) (cents) (cents)
A unit 264 592 114 135,00 219,54 145,76
B unit 264 592 114 165,00 249,82 176,04
C unit 264 592 114 37,00 120,98 47,20
Total - year to 30 June 337,00 590,34 369,00
2008
A unit 253 682 462 128,47 331,51 139,71
B unit 253 682 462 157,03 360,89 169,08
C unit 253 682 462 - 201,41 9,61
Total - year to 30 June 285,50 893,81* 318,40*
2007
* The split between the A, B and C units has been modified. Previously the
allocation of distributable earnings was based on the percentage attributable to
each unit after the threshold distribution of 93,75 cents has been reached. The
split has been restated to reflect the actual distributions attributable to each
unit.
Non-
Share Share distributable
STATEMENT OF capital premium reserve
CHANGES IN EQUITY R`000 R`000 R`000
Balance at 30 June 2006 50 63 528 77 320
Issue of ordinary shares 3
Net profit for the year
Realised accumulated net write-up of
investment properties sold
Net surplus on disposal of investment
properties
Amortisation of debenture premium transferred 57 588
to non-distributable reserve
Transfer to fair value reserve (net of
deferred tax)
Balance at 30 June 2007 53 63 528 134 908
Net profit for the year
Realised accumulated net write-up of
investment properties sold
Net surplus on disposal of investment
properties (net of capital gains tax)
Amortisation of debenture premium transferred 75 400
to non-distributable reserve
Transfer to fair value reserve (net of
deferred tax)
Balance at 30 June 2008 53 63 528 210 308
Fair
Capital value Accumulated
STATEMENT OF reserve reserve loss Total
CHANGES IN EQUITY R`000 R`000 R`000 R`000
Balance at 30 June 2006 85 831 937 524 (12 221) 1 152 032
Issue of ordinary shares 3
Net profit for the year 1 543 183 1 543 183
Realised accumulated net 70 540 (70 540) -
write-up of investment
properties sold
Net surplus on disposal of 5 578 (5 578) -
investment properties
Amortisation of debenture (57 588) -
premium transferred to non-
distributable reserve
Transfer to fair value 1 480 017 (1 480 017) -
reserve (net of deferred
tax)
Balance at 30 June 2007 161 949 2 347 001 (12 221) 2 695 218
Net profit for the year 670 342 670 342
Realised accumulated net 207 303 (207 303) -
write-up of investment
properties sold
Net surplus on disposal of 89 377 (89 377) -
investment properties (net
of capital gains tax)
Amortisation of debenture (75 400) -
premium transferred to non-
distributable reserve
Transfer to fair value 505 565 (505 565) -
reserve (net of deferred
tax)
Balance at 30 June 2008 458 629 2 645 263 (12 221) 3 365 560
CASH FLOW STATEMENT R`000 R`000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from tenants 1 294 827 1 252 215
Cash paid to suppliers (307 413) (295 774)
Cash paid for properties held for trading (132 972) -
Cash generated from operations 854 442 956 441
Finance costs (134 572) (162 759)
Interest income 70 208 42 518
Other income 24 675 34 711
Debenture interest paid (849 344) (690 239)
Net cash (utilised in)/generated from operating (34 591) 180 672
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment properties (217 096) (775 339)
Capitalised improvements to investment properties (188 666) (259 186)
Tenant installation costs (60 524) (14 275)
Capitalised transaction costs (2 090) (9 837)
Proceeds on disposal of investment properties 1 003 815 414 998
Increase in interest bearing loans (275 456) -
Increase in guarantee fee (10 432) (7 980)
Net cash generated from/(utilised in) investing 249 551 (651 619)
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of A, B and C units - 617 805
Prior period debenture issue expenses refunded 259 -
Interest bearing borrowings repaid (105 919) (79 787)
Net cash (utilised in)/generated from financing (105 660) 538 018
activities
Net increase in cash and cash equivalents 109 300 67 071
Cash and cash equivalents at the beginning of the 305 855 238 784
year
Cash and cash equivalents at the end of the year 415 155 305 855
SEGMENTAL INFORMATION*
Office Retail
R`000 % R`000 %
Conventional rental income 536 078 41 630 065 48
Straight-line rental income accrual 4 896 38 1 204 9
Revenue 540 974 41 631 269 48
Property expenses (117 733) 43 (138 179) 50
Administrative expenses and corporate
costs
Tenant installation and letting (16 236) 63 (7 232) 28
commissions
Segment profit from operations 407 005 40 485 858 48
Finance costs
Interest income
Other income
Segment profit before debenture interest 407 005 40 485 858 48
Debenture interest
Segment profit after debenture interest 407 005 485 858
Change in fair value of investment 199 384 72 058
properties
Straight-line rental income accrual (4 896) (1 204)
Amortisation of debenture premium
Net surplus on disposal of investment 22 075 79 608
properties
Segment profit before taxation 623 568 42 636 320 43
Balance sheet information
Non-current assets 3 498 542 4 554 585
Investment property 3 393 500 4 451 147
Investment property at valuation 3 540 858 38 4 596 127 49
Letting costs (52 078) (27 586)
Straight-line rental income accrual (72 000) (100 294)
Non-current assets held for sale (23 280) (17 100)
Other non-current assets 105 042 103 438
Current assets 40 511 56 936
Non-current assets held for sale 23 280 17 100
Total assets 3 562 333 38 4 628 621 49
Total liabilities 83 997 77 085
Industrial Residential
R`000 % R`000 %
Conventional rental income 138 234 11 3 896
Straight-line rental income accrual 6 769 53
Revenue 145 003 11 3 896
Property expenses (15 460) 6 (2 052) 1
Administrative expenses and corporate
costs
Tenant installation and letting (2 403) 9
commissions
Segment profit from operations 127 140 12 1 844
Finance costs
Interest income
Other income
Segment profit before debenture 127 140 12 1 844
interest
Debenture interest
Segment profit after debenture interest 127 140 1 844
Change in fair value of investment 86 841 2 708
properties
Straight-line rental income accrual (6 769)
Amortisation of debenture premium
Net surplus on disposal of investment 8 227
properties
Segment profit before taxation 215 439 15 4 552
Balance sheet information
Non-current assets 1 047 048 49 624
Investment property 1 012 500 49 624
Investment property at valuation 1 074 523 12 56 927 1
Letting costs (8 505)
Straight-line rental income accrual (30 918)
Non-current assets held for sale (22 600) (7 303)
Other non-current assets 34 548
Current assets 12 379 149 547
Non-current assets held for sale 22 600 7 303
Total assets 1 082 027 11 206 474 2
Total liabilities 13 827 827
Adminis-
trative
expenses
and
Total corporate
properties costs Total
R`000 R`000 R`000
Conventional rental income 1 308 273 1 308 273
Straight-line rental income accrual 12 869 12 869
Revenue 1 321 142 1 321 142
Property expenses (273 424) (273 424)
Administrative expenses and corporate (77 609) (77 609)
costs
Tenant installation and letting (25 871) (25 871)
commissions
Segment profit from operations 1 021 847 (77 609) 944 238
Finance costs (134 572) (134 572)
Interest income 70 208 70 208
Other income 24 675 24 675
Segment profit before debenture interest 1 021 847 (117 298) 904 549
Debenture interest (891 680) (891 680)
Segment profit after debenture interest 1 021 847 (1 008 12 869
978)
Change in fair value of investment 360 991 360 991
properties
Straight-line rental income accrual (12 869) (12 869)
Amortisation of debenture premium 75 400 75 400
Net surplus on disposal of investment 109 910 (1 661) 108 249
properties
Segment profit before taxation 1 479 879 (935 239) 544 640
Balance sheet information
Non-current assets 9 149 799 293 868 9 443 667
Investment property 8 906 771 8 906 771
Investment property at valuation 9 268 435 9 268 435
Letting costs (88 169) (88 169)
Straight-line rental income accrual (203 212) (203 212)
Non-current assets held for sale (70 283) (70 283)
Other non-current assets 243 028 293 868 536 896
Current assets 259 373 424 342 683 715
Non-current assets held for sale 70 283 70 283
Total assets 9 479 455 718 210 10 197 665
Total liabilities 175 736 6 656 369 6 832 105
* Where a property has more than one component, it is classified to the
component which generates the most income.
INTEREST DISTRIBUTION
Unit holders are advised that interest distribution number 29 in respect of the
quarter 1 April 2008 to 30 June 2008 has been declared as follows:
- In respect of the A unit - 33,75 cents (2007: 33,75 cents)
- In respect of the B unit - 41,25 cents (2007: 41,25 cents)
- In respect of the C unit - 16,00 cents (2007: nil)
Salient dates 2008
Last date to trade cum interest Friday, 22 August
Units will trade ex interest Monday, 25 August
Record date Friday, 29 August
Payment of interest distribution number 29 Monday, 1 September
There may be no dematerialisation or re-materialisation of the A, B and C units
between Monday, 25 August 2008 and Friday, 29 August 2008, both days inclusive.
By order of the Board
G G L Leissner
Chief Executive Officer
Johannesburg
6 August 2008
DIRECTORS:
M Wainer (Chairman),
G G L Leissner * (Chief Executive Officer),
D H Rice * (Managing),
J F Bihl #, W E Cesman,
J Dritz #, A Rehman #,
C van Wyk *
* Executive # Independent
Sponsor Java Capital (Proprietary) Limited
www.apexhi.co.za
Date: 06/08/2008 12:14:01 Produced by the JSE SENS Department.
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