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OAS
OAS
OAS - Oasis - Reviewed Results For The 6 Months Ended 30 September 2008 and
distribution declaration
Oasis Crescent Property Fund
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
Share code: OAS
ISN: ZAE000074332
("Oasis")
REVIEWED RESULTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2008
Condensed income statement
for the 6 months ended 30 September 2008
Reviewed Reviewed Audited
6 months 6 months 12 months
to 30 to 30 to 31
September September March 2008
2008 2007
R`000 R`000 R`000
Revenue 23,656 19,971 42,157
Rental and related income 20,120 18,402 38,073
Income from investments 2,808 - 1,285
Straight-lining of lease 728 1,569 2,799
income
Expenses 7,929 7,198 15,093
Property expenses 6,781 5,963 12,702
Service charges 784 744 1,571
Other operating expenses 364 491 820
Net income from rental 15,727 12,773 27,064
operations
Fair value adjustment to 24,824 (1,569) 21,359
investment properties
excluding straight-lining of
lease income
Fair value adjustment to 25,552 - 24,158
investment properties
Straight-lining of lease (728) (1,569) (2,799)
income
Operating profit for the 40,551 11,204 48,423
period
Net non-permissible 1,035 790 1,669
investment income
Non-permissible investment 1,041 790 1,681
income received
Interest paid (6) - (12)
Net profit for the period 41,586 11,994 50,092
Basic earnings per unit 142.3 50.0 196.2
including non-permissible
income (cents)
Headline earnings per unit 57.3 56.5 112.6
including non-permissible
income (cents)
Distribution per unit 54.8 50.0 101.6
including non-permissible
income (cents)
Distribution per unit 51.3 45.1 90.6
excluding non-permissible
income (cents)
Weighted average units in 29,233,153 23,995,000 25,525,000
issue
Units in issue 32,828,290 27,055,000 27,055,000
Headline earnings and
distribution income
reconciliation
Net profit for the period 41,586 11,994 50,092
Adjusted for:
Fair value change to (24,824) 1,569 (21,359)
investment properties
Headline earnings 16,762 13,563 28,733
Less: Straight-line lease (728) (1,569) (2,799)
accrual
Distribution income including 16,034 11,994 25,934
non-permissible income
Non-permissible rental income - (382) (1,128)
Non-permissible investment (1,041) (790) (1,681)
income
Distribution excluding non- 14,993 10,822 23,125
permissible income
Interim distribution per unit 51.3 45.1 45.1
(cents)
Final distribution per unit - - 45.5
(cents)
Condensed balance sheet
as at 30 September 2008
Reviewed Reviewed Audited
30 September 30 September as at
2008 2007 31 March
2008
R`000 R`000 R`000
Assets
Non-current assets 391,838 300,022 342,087
Investment properties 316,449 266,578 291,263
Straight-line lease 6,565 4,607 5,837
accrual
Available-for-sale 68,824 28,837 44,987
financial assets
Current assets 51,199 30,755 15,635
Trade receivables 4,998 705 2,337
Other receivables 433 626 536
Trade receivables from 633 185 123
related parties
Cash and cash equivalents 45,135 29,239 12,639
Total assets 443,037 330,777 357,722
Unitholders` funds and
liabilities
Unitholders` funds 420,992 314,671 339,298
Capital of the fund 348,889 282,710 281,629
Retained income - - -
Non-distributable reserve 81,149 31,439 55,597
Available-for-sale (9,046) 522 2,072
reserve
Current liabilities 22,045 16,106 18,424
Trade payables 2,666 2,257 2,571
Provisions 1,081 181 257
Other payables 840 997 1,122
Trade payables to related 255 222 263
parties
Unitholders for 17,042 11,277 12,574
distribution
Non-permissible income 161 1,172 1,637
available for
dispensation
Total unitholders` funds 443,037 330,777 357,722
and liabilities
NAV (per unit)cents 1,282 1,163 1,254
Condensed statement of changes in unitholders` funds
for the 6 months ended 30 September 2008
Capital of Non-distri-Available Retained Total
the fund butable for-sale income
reserve reserve
R`000 R`000 R`000 R`000 R`000
Balance at 233,711 31,439 - - 265,150
1 April 2007
Issue of units 49,980 - - - 49,980
Fair value gain - - 522 - 522
on available-for-
sale financial
assets
Distribution (981) - - - (981)
received in
advance
Net profit for - - - 11,994 11,994
the period ended
30 September 2007
Distribution to - - - (10,822) (10,822)
unitholders
Dispensation of - - - (1,172) (1,172)
non-permissible
income
Balance at 30 282,710 31,439 522 - 314,671
September 2007
Issue of units - - - - -
Transaction costs (34) - - - (34)
for issue of new
units
Fair value gain - - 1,550 - 1,550
on available-for-
sale financial
assets
Distribution (1,047) - - 1,386 339
received in
advance
Transfer to non- - 24,158 - (24,158) -
distributable
reserve
Net profit for - - - 38,098 38,098
the period ended
31 March 2008
Distribution to - - - (13,689) (13,689)
unitholders
Dispensation of - - - (1,637) (1,637)
non-permissible
income
Balance at 281,629 55,597 2,072 - 339,298
1 April 2008
Issue of units 69,279 - - - 69,279
Transaction costs (174) - - - (174)
for issue of new
units
Fair value loss - - (11,118) - (11,118)
on available-for-
sale financial
assets
Distribution (1,845) - - 1,845 -
received in
advance
Transfer to non- - 25,552 - (25,552) -
distributable
reserve
Net profit for - - - 41,586 41,586
the period ended
30 September 2008
Distribution to - - - (16,838) (16,838)
unitholders
Dispensation of - - - (1,041) (1,041)
non-permissible
income
Balance at 30 348,889 81,149 (9,046) - 420,992
September 2008
Condensed cash flow statement
for the 6 months ended 30 September 2008
Reviewed Reviewed Audited
6 months 6 months 12 months to
to to 31 March 2008
30 September 30 September
2008 2007
R`000 R`000 R`000
Cash flows from
operating activities
Net profit for the 41,586 11,994 50,092
period
Adjusted for:
Non-permissible (1,041) (790) (1,681)
investment income
Interest paid 6 - 12
Bad debt provision 341 80 132
Straight-line lease (728) (1,569) (2,799)
accrual
Fair value adjustment to (24,824) 1,569 (21,359)
investment properties
excluding straight-
lining of lease income
15,340 11,284 24,397
(Increase)/decrease in
current assets
Trade receivables (3,002) 1,647 (36)
Other receivables 103 (301) (212)
Trade receivables from (510) (122) (60)
related party
Increase/(decrease) in
current liabilities
Trade payables 95 (144) 171
Provisions 824 76 152
Other payables (282) (445) (320)
Trade payables to (8) 31 72
related parties
Cash generated from 12,560 12,026 24,164
operations
Interest paid (6) - (12)
Non-permissible 1,041 790 1,681
investment income
Unitholders` (3,091) (11,422) (23,478)
distribution
Non-permissible income (2,517) (1,072) (2,243)
dispensed
Net cash inflow from 7,987 322 112
operating activities
Cash flows from
investing activities
Acquisition of available- (34,955) (28,315) (42,915)
for-sale financial
assets
Acquisition of (362) (6,995) (8,752)
investment properties
Net cash flow from (35,317) (35,310) (51,667)
investing activities
Cash flows from
financing activities
Proceeds from issue of 60,000 49,979 49,980
units
Transaction cost on (174) - (34)
issue on new units
Net cash flow from 59,826 49,979 49,946
financing activities
Net increase/ 32,496 14,991 (1,609)
(decrease) in cash and
cash equivalents
Cash and cash
equivalents
At beginning of period 12,639 14,248 14,248
At end of period 45,135 29,239 12,639
Segmental Retail Offices Indus- Invest- Cor- Total
information trial ments porate
6 months R`000 R`000 R`000 R`000 R`000 R`000
ended
30 September
2008
Segment
revenue
Property
income
Rental and 10,136 3,416 6,568 - - 20,120
related
income
Straight- 473 (1) 256 - - 728
lining of
lease income
Income from
investment
Dividend - - - 2,165 - 2,165
income
offshore
Permissible - - - 70 - 70
investment
income
offshore
Permissible - - - 573 - 573
investment
income
domestic
10,609 3,415 6,824 2,808 - 23,656
Segment
expense
Property 4,878 926 977 - - 6,781
expenses
Service - - - - 784 784
charges
Other - - - - 364 364
operating
expenses
4,878 926 977 - 1,148 7,929
Fair value 16,346 1 8,477 - - 24,824
adjustment
to
investment
properties
excluding
straight-
lining of
lease income
Segment
result
Operating 22,077 2,490 14,324 2,808 (1,148) 40,551
profit
Net finance
income
Non- - - - 1,035 - 1,035
permissible
investment
income
Net profit 22,077 2,490 14,324 3,843 (1,148) 41,586
Segment
assets
Investment 145,395 50,034 121,020 - - 316,449
properties
Straight- 2,623 1,045 2,897 - - 6,565
line lease
accrual
Available- - - - 68,824 - 68,824
for-sale
financial
assets
Trade 1,933 160 139 2,612 154 4,998
receivables
Other 164 43 220 - 6 433
receivables
Trade 633 - - - - 633
receivables
from related
parties
Cash and - - - 45,135 - 45,135
cash
equivalents
150,748 51,282 124,276 116,571 160 443,037
Segment
liabilities
Trade 1,984 228 437 - 17 2,666
payables
Provisions 791 - - - 290 1,081
Other 374 28 86 - 352 840
payables
Trade 105 8 40 - 102 255
payables to
related
parties
Unitholders - - - - 17,042 17,042
for
distribution
Non- - - - - 161 161
permissible
income
available
for
dispensation
3,254 264 563 - 17,964 22,045
Segmental Retail Offices Indus- Invest- Cor- Total
information trial ments porate
6 months R`000 R`000 R`000 R`000 R`000 R`000
ended
30 September
2007
Segment
revenue
Property
income
Rental and 9,942 3,303 5,157 - - 18,402
related
income
Straight- 1,243 234 92 - - 1,569
lining of
lease income
11,185 3,537 5,249 - - 19,971
Segment
expense
Property 3,990 1,250 723 - - 5,963
expenses
Service - - - - 744 744
charges
Other - - - - 491 491
operating
expenses
3,990 1,250 723 - 1,235 7,198
Fair value (1,243) (234) (92) - - (1,569)
adjustment
to
investment
properties
excluding
straight-
lining of
lease income
Segment
result
Operating 5,952 2,053 4,434 - (1,235) 11,204
profit
Net finance
income
Non- - - - 790 - 790
permissible
investment
income
Net profit 5,952 2,053 4,434 790 (1,235) 11,994
Segment
assets
Investment 135,239 37,892 93,447 - - 266,578
properties
Straight- 1,732 1,198 1,677 - - 4,607
line lease
accrual
Available- - - - 28,837 - 28,837
for-sale
financial
assets
Trade 502 - 193 - 10 705
receivables
Other 186 43 391 - 6 626
receivables
Trade 185 - - - - 185
receivables
from related
parties
Cash and - - - 29,239 - 29,239
cash
equivalents
137,844 39,133 95,708 58,076 16 330,777
Segment
liabilities
Trade 1,119 96 930 - 112 2,257
payables
Provisions - - - - 181 181
Other 374 42 80 - 501 997
payables
Trade 148 74 - - - 222
payables to
related
parties
Unitholders - - - - 11,277 11,277
for
distribution
Non- - - - - 1,172 1,172
permissible
income
available
for
dispensation
1,641 212 1,010 - 13,243 16,106
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 dispensed 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 except for the early adoption of IFRS 8 by the fund as
from 1 April 2008.
IFRS 8 replaces IAS 14 - Segment reporting. The new standard requires a
"management approach" in terms of which segment information is presented on the
same basis as that used for internal reporting purposes. In addition, the
segments are reported on in a manner that is more consistent with the internal
reporting provided to the chief operating decision-maker. There has been no
impact on the measurement of the fund`s assets and liabilities. The management
has identified investments as a new segment as a result of the early adoption.
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 6 months 12 months
to 30 to 30 to
September September 31 March
2008 2007 2008
Distribution per unit including 54.8 50.0 101.6
non-permissible income (cents)
Non-permissible rental per unit - (1.6) (4.4)
(cents)
Non-permissible investment (3.5) (3.3) (6.6)
income per unit (cents)
Distribution per unit excluding 51.3 45.1 90.6
non-permissible income (cents)
As at 30 As at 30 As at
September September 31 March
2008 2007 2008
Property portfolio valuation 323 271 297
(Rm)
Listed investments (Rm) 69 29 45
Cash and cash equivalents (Rm) 45 29 13
Net asset value per unit 1,282 1,163 1,254
(cents)
Listed market price (cents) 1,120 1,233 1,200
Distribution per unit including non-permissible income increased by 10% from
50.0 cents to 54.8 cents per unit, in line with average rental escalations.
Distribution per unit, excluding non-permissible income, increased by 14% from
45.1 cents to 51.3 cents.
During the current reporting period the fund issued 5.78 million units (5
million for cash and 0.78 million units in lieu of distribution) at an issue
price of 1,200 cents per unit, raising R69.3 million. The funds raised are being
invested in suitable investments and for ongoing capital expenditure.
The industrial portfolio is fully let. The Moorsom Avenue and Sacks Circle
properties were successfully let at rentals that are higher than the current
rentals by 60% and 51% respectively.
The Ridge@Shallcross footfall is up by 3.5% and 4% for the year to September
2008 and 6 months to September 2008 respectively. Year-to-date turnover number
is up 20.4% with the nationals growing strongly.
The fund is in a strong position, with 16% of the capital invested offshore. It
is in a net cash position of R45 million, ideally positioned to take advantage
of any opportunities.
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 property that is
not Shari`ah compliant. Expenses are paid and recovered by Oasis Crescent
Property Fund Managers Limited on behalf of Eden Court Property Fund (Pty)
Limited.
Oasis Group Holdings (Pty) Limited is a tenant at The Ridge@Shallcross.
As disclosed in the prospectus of Oasis Crescent Global Property Equity Fund
(CGPEF) a management fee net of service fee rebate is charged for investing in
CGPEF by Oasis Global Management Company (Ireland) Limited, the manager of the
fund.
Transactions with related parties are executed on terms no less favourable than
those arranged with third parties. There are common directors to Oasis Crescent
Property Fund Managers Limited, Eden Court Property Fund (Pty) Limited, Oasis
Group Holdings (Pty) Limited, Oasis Global Management Company (Ireland) Limited
and Oasis Crescent Global Income Fund.
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 6 months 12 months
to 30 to 30 to
September September 31 March
2008 2007 2008
R`000 R`000 R`000
Service charge paid to Oasis 784 744 1,571
Crescent Property Fund
Managers Limited
Property management fees paid 367 337 686
to Oasis Crescent Property
Fund Managers Limited
Expense recoveries from Eden 504 477 999
Court Property Fund (Pty)
Limited
Rental, related income and 196 185 322
deposit paid by Oasis Group
Holdings (Pty) Limited
Service fee rebate received 113 - 87
from Oasis Crescent Global
Property Equity Fund
Total 1,964 1,743 3,665
Related party balances As at 30 As at 30 As at
September September 31 March
2008 2007 2008
R`000 R`000 R`000
Trade receivables from Eden 633 185 123
Court Property Fund (Pty)
Limited
Trade payables to Oasis Group 44 6 38
Holdings (Pty) Limited
Trade payables to Oasis 211 216 225
Crescent Property Fund
Managers Limited
Sectorial profile 30 September 30 September 31 March
based on net operating 2008 2007 2008
revenue*
Retail 32% 48% 42%
Office 15% 16% 16%
Industrial 36% 36% 37%
Investments 17% 0% 5%
Total 100% 100% 100%
*Net operating revenue represents gross rentals/investment income less directly
attributable costs.
Vacancies based on 30 September 30 September 31 March
rentable area 2008 2007 2008
Retail 8% 7 % 6%
Office 0% 0% 0%
Industrial 0% 0% 0%
As at 30 September 2008 the vacancy at the portfolio level is 1.5% (September
2007: 1.25%). At The Ridge@Shallcross 1,081 m2 (September 2007: 1,096 m2) was
vacant resulting from the initiative to improve the tenant mix and consolidate
space for the larger stores. 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 continue to deliver distribution growth
in line with the average rental escalations and growth in distribution from
offshore investments subject to any dilutions as disclosed in the annual report
for the year to March 2008.
Distribution announcement
Notice is hereby given that an income distribution, after non-permissible income
in respect of the previous 6 month period of 51.3 cents per unit (in aggregate)
has been declared payable to unitholders recorded in the register of OCPF at
close of business on Friday, 21 November 2008, and the concomitant unit
distribution of 4.579 units at 1120 cents per unit (in aggregate) for every 100
units so held, which such unitholders may elect to receive in lieu of the
aforementioned income distribution, and which income distribution comprises of
the following four payments, namely:
Income category Cents per unit Scrip election (per
100 units)
(i) Property income 42.4 3.78
(ii) Offshore dividend income 6.9 0.61
(iii) Offshore permissible 0.2 0.03
investment income
(iv) Domestic permissible 1.8 0.16
investment income
Total 51.3 4.58
((i) - (iv) collectively referred to as the "income distribution" and/or the
"unit distribution" as the case may be.)
Unitholders should take note of the corporate action timetable as set out below
in respect of the above income and unit distribution and the election in terms
thereof.
Salient dates and times
Declaration announcement on SENS of income Tuesday, 28 October 2008
distribution and right of election to receive
unit distribution
Circular and form of election posted to Friday, 7 November 2008
unitholders
Finalisation announcement on SENS in respect Friday, 7 November 2008
of income distribution and right of election
to receive unit distribution
Last day to trade in order to be eligible for Friday, 14 November 2008
the income distribution / unit distribution
Trading commences ex-entitlement Monday, 17 November 2008
Listing of maximum possible number of unit Monday, 17 November 2008
distribution units at commencement of trade on
Closing date for the election of unit Friday, 21 November 2008
distribution or scrip issue at 12:00 (See note
4)
Record date for income distribution Friday, 21 November 2008
Income distribution cheques and/or unit Monday, 24 November 2008
certificates posted and CSDP/broker accounts
updated
Announcement of the results of the election of Monday, 24 November 2008
the income distribution on SENS
Adjustment of number of new units listed on or Wednesday, 26 November 2008
about
Note:
1. Units may not be dematerialised or rematerialised between
17 November 2008 to 21 November 2008 both dates inclusive.
2. The above dates and times may be subject to change. Any changes will be
released on SENS.
3. All times quoted are South African times.
4. Dematerialised unitholders are requested to ascertain from their broker or
CSDP as to the cut-off time required by them in order to advise the transfer
secretaries of their election.
5. If no election is made, unitholders will receive the cash distribution.
A circular will be posted out to unitholders on or about 7 November 2008 in
respect of the income and unit distribution.
Others
Mr Haroon Jeena, a non-executive director of Oasis Crescent Property Fund
Managers Limited (OCPFM), has resigned as a non-executive director of the OCPFM
with effect from 9 October 2008. This decision was taken by Haroon as a result
of other business commitments impacting on the time that he is able to devote to
his duties as a director of OCPFM. The board wishes to thank Haroon for his
contribution and wishes him well for the future.
By order of the Board
Cape Town
28 October 2008
Date: 28/10/2008 17:30:03 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.
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