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PPR
PPR
PPR - Putprop Limited - Unaudited interim results for the six months ended 31
December 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" or "the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 AND DIVIDEND
DECLARATION
CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
Unaudited Unaudited Audited
% 31 December 31 December 30 June
Change 2008 2007 2008
R`000 R`000 R`000
Rent received 20.1 13 786 11 482 24 343
Straight-line (15) 2 291 2 695 4 559
lease adjustment
Interest received (43.2) 1 251 2 201 4 317
Revenue 5.8 17 328 16 378 33 219
Operating income 40 7 000 5 000 15 631
Operating 22.9 3 204 2 608 5 518
expenses
Operating profit 12.5 21 124 18 770 43 332
Finance cost - - -
Profit before 12.5 21 124 18 770 43 332
taxation
Taxation 5.7 5 506 5 208 10 840
Profit 15.2 15 618 13 562 32 492
attributable to
equity holders
Weighted average 28 793 28 793 28 793
number of shares
in issue (`000)
Earnings per 15.1 54.2 47.1 112.8
share (cents)
Headline earnings 12.1 33.3 29.7 66.2
per share (cents)
Dividends per (100) - 20 35
share (cents)
Reconciliation between earnings and headline earnings
Profit 15.2 15 618 13 562 32 492
attributable to
equity holders
Adjusted for:
Fair value and (7 000) (5 000) (15 631)
impairment
adjustments
Taxation effect 980 700 2 188
of these
adjustments
Headline earnings 12.1 9 598 8 562 19 049
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008
Unaudited Unaudited Audited
31 December 31 December 30 June
2008 2007 2008
R`000 R`000 R`000
ASSETS
Non-current assets 181 833 127 604 141 201
Investment properties 173 120 119 079 132 577
Furniture and Equipment 81 112 97
Other investments 8 632 8 413 8 527
Current assets 16 055 43 959 46 789
Straight-line rental 9 470 5 315 7 179
income asset
Trade and other 832 585 1 365
receivables
Taxation receivable 2 241 604 1 100
Cash and cash equivalents 3 512 37 455 37 145
Total assets 197 888 171 563 187 990
EQUITY AND LIABILITIES
Capital and reserves 187 672 163 778 178 388
Non-current liabilities 7 964 4 497 6 375
Deferred tax 7 964 4 497 6 375
Current liabilities 2 252 3 288 3 227
Trade and other payables 1 986 1 632 1 906
Taxation payable - - -
Amount due to fellow 266 1 656 1 321
subsidiary
Total equity and 197 888 171 563 187 990
liabilities
Total shares in issue 28 793 28 793 28 793
(`000)
Net asset value per share 651.8 568.8 619.6
(cents)
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
Unaudited Unaudited Audited
31 December 31 December 30 June
2008 2007 2008
R`000 R`000 R`000
Cash flow from operating 1 070 (400) (7 373)
activities
Cash receipts from 14 320 11 800 23 892
customers
Cash paid to suppliers (3 109) (5 200) (14 562)
Cash generated from 11 211 9 800 9 330
operations
Interest received 1 251 2 200 4 317
Taxation paid (5 058) (6 700) (10 942)
Dividends paid (6 334) (5 700) (10 078)
Cash flows from (33 648) (12 500) (5 980)
investing activities
Additions to tangible - (2 700) (5 551)
assets
Acquisition of other (105) (300) (429)
investments
Acquisition of investment (33 543) (6 300) -
property
Cash flows from financing (1 055) - 59
activities
Increase in amount due to - - 59
fellow subsidiary
Reduction of fellow (1 055) - -
subsidiary loan
Net decrease in cash and (33 633) (12 900) (13 294)
cash equivalents
Cash and cash equivalents 37 145 50 439 50 439
at beginning of the
period
Cash and cash equivalents 3 512 37 539 37 145
at end of the period
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Accumulated Total
Capital Profits
R`000 R`000 R`000
Balance as at 30 June 2007 4 147 151 828 155 976
Profit attributable to equity - 13 562 13 562
holders
Dividend paid - (5 800) (5 800)
Balance as at 31 December 4 147 159 590 163 738
2007
Profit attributable to equity - 18 930 18 930
holders
Dividend paid - (4 278) (4 278)
Balance as at 30 June 2008 4 147 174 242 178 388
Profit attributable to equity - 15 618 15 618
holders
Dividend paid - (6 334) (6 334)
Balance at 31 December 2008 4 147 183 525 187 672
Basis of preparation
The accounting policies applied in the preparation of these condensed financial
statements, which are based on reasonable judgments and estimates, are in
accordance with International Financial Reporting Standards ("IFRS") and are
consistent with those applied in the annual financial statements for the year
ended 30 June 2008. These condensed financial statements as set out in this
report have been prepared in terms of IAS 34 - Interim Financial Reporting, the
Companies Act, 1973 (Act 61 of 1973), as amended, and the Listings Requirements
of JSE Limited.
The interim results have not been audited or reviewed by the Group`s auditors.
Comments
The directors of Putprop are pleased to report that the Group`s net profit
before tax increased by 12,5% to R21,1 million for the six months ended 31
December 2008, from R18,8 million for the comparative period. The results once
again reflect the Group`s continued growth record. Rental income increased by
20.1% whilst interest income decreased by 43.2% due to the Group utilising its
cash reserves for the acquisition of additional investment properties.
Property Portfolio
Putprop acquired two properties in Midrand and Roodepoort for a total purchase
price of R28,4 million during the period under review. The combined property
portfolio comprises 16 properties with a gross lettable area ("GLA") of 88 138
square metres. The spread by gross rental income comprises 1% commercial, 90%
industrial and 9% retail.
The Company as at 31 December 2008 had no vacant properties. The lease expiry
profile of the Group reflects that in terms of GLA, 1.5% of the portfolio will
expire in the next 12 months whilst over 90% will only expire from 2012 onwards.
The directors believe this will provide a stable future income stream for the
Group.
Valuation of properties
It is the Group`s policy to perform an annual valuation of the property
portfolio. This valuation is performed by an independent professional valuer.
The next valuation will be as at 30 June 2009.
The board of directors has valued the Group`s property portfolio at R173 million
as at 31 December 2008. This is an increase of R41 million, which is 31.1%
higher than the valuation at 30 June 2008. Included in the R41 million are the
investments properties that were acquired during the period under review. On a
like for like portfolio the increase is 5.3%. An upward adjustment of R7 million
has been made in the income statement for the period under review, as the
directors are of the opinion that the previous valuation performed at 30 June
2008 was an undervaluation of the properties.
Loans
The Company has no loans.
Capital commitments
The Company has no capital commitments
Segment reporting
The Company has not elected early adoption of IFRS 8: Segmental Reporting, and
will only implement IFRS 8 for the period commencing on 1 July 2009, because
management considers the Company to contain only a single reportable operating
segment. This segment contains the business as a whole, as management monitors
the operating results of the business in its entirety, and does not identify
individual segments for the purpose of decision making.
Subsequent events
The board of directors is not aware of any material matters or circumstances
arising since the end of the interim period and up to the date of this report.
Future prospects
Our strategy is to invest in suitable industrial, retail and commercial
properties in order to provide a consistent and growing income stream.
Declaration of Dividend No 40
Notice is hereby given that dividend no 40 of R0.10 (2007: R0.15) per ordinary
share has been declared for the period 1 July 2008 to 31 December 2008. The
interim dividend has been reduced in order to preserve cash for future
acquisitions.
Last date to trade cum dividend Thursday, 16 April 2009
Shares trade ex dividend Friday, 17 April 2009
Record date Friday, 24 April 2009
Payment date Tuesday, 28 April 2009
Shareholders may not dematerialise or rematerialise their shares
between Friday, 17 April 2009 and Friday, 24 April 2009, both
dates inclusive.
A B Adrian A Carleo A L Carleo-Novello
Chairman Chief Executive Officer Managing Director
Company Secretary
D Campbell
C A (Scotland)
24 March 2009
Directorate
A B Adrian* (Chairman), A Carleo (Chief Executive Officer), A L Carleo-Novello,
B C Carleo, P Senatore, P Nucci*
* Independent Non-executive
Registered Office
91 Protea Road
Chislehurston
Sandton
2196
Transfer Secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Johannesburg
PO Box 61051
Marshalltown
2107
Sponsor
Merchantec (Proprietary) Limited
Date: 24/03/2009 07:05:02 Produced by the JSE SENS Department.
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