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PPR
PPR
PPR - Putprop - Provisional Financial Statements - Year Ended 30 June 2008 and
dividend declaration
PUTPROP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR & ISIN: ZAE000072310
("Putprop" or "the Company")
Provisional Financial Statements - Year Ended 30 June 2008
Provisional Income Statement for the financial year ended 30 June 2008
Reviewed Audited
Group Group
2008 2007
R`000 R`000
Rent received 28 902 17 249
Interest received 4 317 3 332
Revenue 33 219 20 581
Operating income 15 631 13 903
Operating expenses 5 518 3 934
Operating profit 43 332 30 550
Profit before taxation 43 332 30 550
Taxation 10 840 9 426
Profit attributable to equity holders 32 492 21 124
Earnings per share (cents) 112.8 73.4
Dividend per share (cents) 35.0 35.0
- Interim 15.0 15.0
- Final 20.0 20.0
Dividend declared after year end 22.0 20.0
Notes:
1. Earnings per share (cents) 112.8 73.4
The calculation is based on earnings
of R32 492 000(2007: R21 124 000) and
on the weighted average number of 28
793 000 (2007: 28 793 000) shares in
issue for the year.
2. Headline earnings per share (cents) 66.2 59.8
Reconciliation of headline earnings:
Profit attributable to equity holders 32 492 21 124
Adjusted for:
- Fair value and impairment (15 631) (4 575)
adjustments
- Deferred taxation effect of these 2 188 663
adjustments
Headline earnings 19 049 17 212
Provisional Balance Sheet at 30 June 2008
Reviewed Audited
Group Group
2008 2007
ASSETS R`000 R`000
Non-current assets
Investment properties 132 577 111 429
Other tangible assets 97 93
Other investments 8 527 8 098
141 201 119 620
Current assets
Accounts receivable 8 544 3 534
Taxation receivable 1 100 12
Cash and cash equivalents 37 145 50 439
46 789 53 985
Total assets 187 990 173 605
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 4 146 4 146
Accumulated profit 174 242 151 829
178 388 155 975
Non-current liabilities
Deferred taxation 6 375 3 035
6 375 3 035
Current liabilities
Taxation payable - 2 353
Accounts payable 1 906 10 980
Amount due to fellow subsidiary 1 321 1 262
3 227 14 595
Total equity and liabilities 187 990 173 605
Number of shares issued 28 793 000 28 793 000
Net asset value per share (cents) 619.6 541.7
Provisional Statement of Changes in Equity for the financial year ended 30 June
2008
Stated Accumulated Total
Capital Profit
Group R`000 R`000 R`000
Balance at 1 July 2006 4 146 140 783 144 929
Profit attributable to equity holders - 21 124 21 124
Dividends paid - (10 078) (10 078)
Balance at 30 June 2007 4 146 151 829 155 975
Profit attributable to equity holders - 32 492 32 492
Dividends paid - (10 078) (10 078)
Balance at 30 June 2008 4 146 174 243 178 389
Provisional Cash Flow Statement for the financial year ended 30 June 2008
Reviewed Audited
Group Group
2008 2007
R`000 R`000
Cash inflow from operating activities (7 373) 33 196
Cash receipts from customers 23 892 48 348
Cash paid to suppliers (14 562) (1 081)
Net cash generated from operations 9 330 47 267
Interest received 4 317 3 332
Taxation paid (10 942) (7 325)
Dividends paid (10 078) (10 078)
Cash outflow from investing activities (5 980) (2 804)
Additions to tangible assets (5 551) (2 804)
Additions to other investments (429) -
Cash inflow from financing activities 59 -
Increase in loan from fellow 59 -
subsidiary
Net (decrease)/increase in cash and (13 294) 30 392
cash equivalents
Cash and cash equivalents at beginning 50 439 20 047
of year
Cash and cash equivalents at end of 37 145 50 439
year
BASIS OF PREPARATION
The results have been prepared in accordance with International Financial
Reporting Standards ("IFRS"). These provisional financial statements set out in
this report have been prepared in terms of IAS 34, the Companies Act, 1973 (Act
61 of 1973), as amended, and the Listings Requirements of the JSE. IFRS 8, which
deals with financial and descriptive information about reportable segments, has
not been applied as it does not become effective until years commencing on or
after 1 January 2009.
RESULTS OVERVIEW
Background
Putprop is a property company which has investments in industrial and commercial
properties, including an investment holding property for future residential
development.
Overview
Revenue increased from R20.6 million to R33.2 million, when compared to the
previous year, mainly as a result of the straightlining effects following the 1
January 2007 re-negotiation of the long-term lease with our major tenant Putco.
The detailed effects on straightlining were as follows:
Reviewed Audited
Group Group
2008 2007
R`000 R`000
New Putco and other leases 4 559
New Putco lease - six months to 30 - 2 620
June 2007
Old Putco lease agreement - prior to - (3 626)
31 December 2006
- effect at 31 December 2006 of early - (7 632)
cessation
4 559 (8 638)
Following the trend indicated in the interim report the Company`s properties
were professionally re-valued upwards by R15.6 million at 30 June 2008, as
compared with R9.7 million upward at 30 June 2007.
Profit before tax increased from R30.6 million to R43.3 million.
Endeavours to diversify into industrial and commercial properties were hampered
by the strong sellers market which persisted during the past year. However,
acquisitions in progress of two properties since the year end are reflected in
the capital commitments for R28.4 million at 30 June 2008.
Operating Income and Expenses
The increase in operating income from R13.9 million to R15.6 million is the
result of this year`s comparatively favourable revaluation of our properties,
that there was no disposal of property this year to create
a result comparable with last year`s profit on the disposal of Lonehill, and
that this year there was no necessity for a comparable write down of other
investments.
Operating expenses increased from R3.9 million to R5.5 million, mainly due to
incurring additional administration remuneration and increased property
utilities.
Valuation of properties
A registered valuator conducted a valuation of our properties at year end. The
revaluation increase amounted to R15.6 million and is shown in the Income
statement.
Future Prospects
Centurion Gate, a major commercial and residential complex in Centurion, is
still being developed and should produce an income flow for next year.
Our strategy is still to invest in suitable industrial and commercial properties
to improve our income streams.
Dividend declaration
The directors have resolved to declare a final dividend of 22 cents per share to
all ordinary shareholders recorded in the share register on the record date. The
dividend is declared out of consolidated current year profits before tax of
R43.332 million. Including the interim dividend of 15 cents per share, the total
dividend declared for the year is 37 cents per share (2007: 35 cents per share).
In compliance with the requirements of Strate and Schedule 24 of the JSE
Listings Requirements, the following dates are applicable:
Last day to trade cum the dividend Friday, 17 October 2008
Date trading commences ex the Monday, 20 October 2008
dividend
Record date Friday, 24 October 2008
Date of payment Monday, 27 October 2008
Share certificates may not be dematerialised or rematerialised between Monday,
20 October 2008 and Friday, 24 October 2008, both dates inclusive.
Post Balance Sheet events
There are no significant post balance sheet events that have a material impact
on the financial statements at 30 June 2008.
Audit report
Ernst and Young Inc. have conducted a review in accordance with the statement of
Internal Standards of Auditing applicable to review engagements. This standard
requires that we plan and perform a review to obtain moderate assurance that the
condensed consolidated voluntary announcement of annual results is free of
material misstatement.
Based on our review, nothing has come to our attention that causes us to believe
that the accompanying condensed consolidated voluntary announcement of annual
results is not fairly presented, in all material respects, in accordance with:
- the requirements for provisional annual financial statements in terms of
the 4th Schedule to the Companies Act in South Africa,
- the recognition and measurement requirements of International Financial
Reporting Standards, and
- the presentation and disclosure requirements of the International Financial
Reporting Standards on Interim Financial Reporting.
Ernst and Young Inc. review report is available for inspection at the Company`s
registered office.
DIRECTORATE
A B Adrian (Chairman and independent non-executive)
A Carleo (Chief executive officer)
A L Carleo-Novello (Managing director)
B C Carleo (General manager)
P Senatore (Non-executive)
P Nucci (Independent-non-executive)
Company Secretary
D Campbell
Registered Office and Postal Address
91 Protea Road
Chislehurston
Sandton, 2196
Share Transfer Secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Marshalltown
(PO Box 61051, Marshalltown, 2107)
Sponsor
Merchantec (Proprietary) Limited
(Registration number 1992/000070/07)
2nd Floor North Block Hyde Park Office Tower
Cnr 6th Rd & Jan Smuts Ave
Hyde Park, 2196
(PO Box 41480, Craighall, 2124)
Auditors
Ernst & Young Inc.
Wanderers Office Park
52 Corlett Drive, Illovo
(Private Bag X14, Northlands, 2116)
Chislehurston, Sandton
30 September 2008
Date: 01/10/2008 07:05:05 Produced by the JSE SENS Department.
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