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FPT
FPT
FPT - Fountainhead - Unaudited interim results for the six months ended
31 March 2009
Fountainhead Property Trust
("Fountainhead")
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No.45 of 2002 and managed by Fountainhead
Property Trust Management Limited
(Registration number 1983/003324/06)
Share code: FPT
ISIN code: ZAE000097416
UNAUDITED INTERIM RESULTS for the SIX MONTHS ended 31 MARCH 2009
* 9% Distribution growth to 25.7 cents per unit
* Gearing of 11%
* Net Asset Value of R6.64 per unit
* Vacancies decreased to 5%
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 2009.
BALANCE SHEET
Unaudited Audited Unaudited
as at as at as at
31 Mar 2009 30 Sep 2008 31 Mar 2008
R`000 R`000 R`000
ASSETS
Property assets 7 431 695 7 335 119 6 917 293
Investment properties 7 187 259 7 103 135 6 697 048
Straight-line lease accrual 244 436 231 984 220 245
Current assets 365 807 355 697 326 695
Trade and other receivables 31 997 38 513 20 188
Cash and cash equivalents 333 810 317 184 306 507
Total assets 7 797 502 7 690 816 7 243 988
UNITHOLDERS` FUNDS AND
LIABILITIES
Unitholders` funds 6 609 335 6 609 335 6 313 892
Capital of the fund 1 933 354 1 933 354 1 933 354
Capital reserve 501 906 501 906 501 905
Revaluation reserve 3 929 579 3 942 031 3 658 327
Retained earnings 244 496 232 044 220 306
Non-current liabilities
Interest-bearing liability 831 000 731 000 609 000
Current liabilities 357 167 350 481 321 096
Trade and other payables 101 184 106 450 86 030
Unitholders for distribution 255 983 244 031 235 066
Total unitholders` funds and
liabilities 7 797 502 7 690 816 7 243 988
INCOME STATEMENT
Unaudited Audited Unaudited
6 months to 12 months to 6 months to
31 Mar 2009 30 Sep 2008 31 Mar 2008
R`000 R`000 R`000
Income 387 841 704 091 336 479
Contractual rental income 375 389 689 439 333 565
Straight-line lease adjustment 12 452 14 652 2 914
Expenses (92 103) (173 598) (81 986)
Administrative expenses (16 844) (35 871) (18 787)
Property operating expenses (75 259) (137 727) (63 199)
Operating profit 295 738 530 493 254 493
Net finance costs (27 303) (36 744) (16 513)
Interest received 19 962 37 969 16 858
Interest paid (47 265) (74 713) (33 371)
Deficit on disposal of
Investment properties - (1 194) (1 194)
Fair value adjustments to
Investment properties (12 452) 280 791 (2 914)
Profit for the period 255 983 773 346 233 872
Basic earnings per unit (cents) 25.7 77.6 23.5
Headline earnings and
distribution income
reconciliation
Profit for the period 255 983 773 346 233 872
Adjust for:
Deficit on disposal of
investment properties - 1 194 1 194
Fair value adjustments to
investment properties 12 452 (280 791) 2 914
Headline earnings 268 435 493 749 237 980
Less: straight-line lease
adjustment (12 452) (14 652) (2 914)
Distribution income 255 983 479 097 235 066
Headline earnings per unit
(cents) 26.95 49.57 23.89
Distribution per unit (cents) 25.70 48.10 23.60
Interim distribution per unit
(cents) 25.70 23.60 23.60
Final distribution per unit
(cents) - 24.50 -
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 2009 30 Sep 2008 31 Mar 2008
R`000 R`000 R`000
Cash effects from operating
activities
Profit for the period 255 983 773 346 233 872
Adjustments for:
Straight-line lease adjustment (12 452) (14 652) (2 914)
Interest received (19 962) (37 969) (16 858)
Interest paid 47 265 74 713 33 371
Deficit on disposal of
investment properties - 1 194 1 194
Fair value adjustments to
investment properties 12 452 (280 791) 2 914
Operating profit before
changes in working capital 283 286 515 841 251 579
Trade and other receivables
decreased/(increased) 6 516 (15 226) 3 099
Trade and other payables
(decreased)/increased (5 266) 24 986 4 566
Cash generated from the
operations 284 536 525 601 259 244
Interest received 19 962 37 969 16 858
Interest paid (47 265) (74 713) (33 371)
Income distributions (244 031) (449 414) (214 348)
Cash flows from operating
activities 13 202 39 443 28 383
Cash effects from investing
activities
Additions to investment
properties (96 576) (252 828) (130 445)
Proceeds from disposal of
investment properties - 5 084 5 084
(96 576) (247 744) (125 361)
Cash effects from financing
activities
Long-term loan raised 100 000 244 000 122 000
100 000 244 000 122 000
Net increase in cash and cash
equivalents 16 626 35 699 25 022
Cash and cash equivalents at
beginning of period 317 184 281 485 281 485
Cash and cash equivalents at
end of the period 333 810 317 184 306 507
STATEMENT OF CHANGES IN UNITHOLDERS` FUNDS
Capital of Capital Revaluation
(R`000) the fund reserve reserve
Balance 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
Balance at 1 October 2008 1 933 354 501 906 3 942 031
Profit/total income and expenses
for the period
Loss and revaluation reserve
realised on sale of properties
transferred to capital reserve
Fair value adjustment on
investment properties transferred
to revaluation reserve (12 452)
Income distributions
Balance as at 31 March 2009 1 933 354 501 906 3 929 579
Total
Retained unitholders`
(R`000) earnings funds
Balance 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
Balance at 1 October 2008 232 044 6 609 335
Profit/total income and expenses
for the period 255 983 255 983
Loss and revaluation reserve
realised on sale of properties
transferred to capital reserve - -
Fair value adjustment on
investment properties transferred
to revaluation reserve 12 452 -
Income distributions (255 983) (255 983)
Balance as at 31 March 2009 244 496 6 609 335
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 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 25.7 cents per unit, 9 percent
greater than the comparable period last year.
3. MAJOR CAPITAL PROJECTS
Significant capital projects:
Kenilworth Centre
The food court, Game and Checkers are complete. The new Virgin Active gym
and the general refurbishment should be completed by August 2009. The total
redevelopment amounts to R122 million. The centre`s trading revenue has
increased 17 percent and foot count is up 4 percent since the opening of
Game.
Benmore Gardens Shopping Centre
The redevelopment of the centre is progressing well. The conversion of the
old Pick n Pay store to parking and retail stores is expected to be
complete by May 2009. The construction of the new parking deck,
refurbishment of the offices above the mall, as well as the general centre
refurbishment is expected to be complete by July 2009.
Centurion Mall
The construction of the 2 024 m2 Edgars extension has commenced and is
expected to be complete by August 2009. Fountainhead Property Trust`s share
of the cost is approximately R19 million at an initial yield of 11 percent.
4. SEGMENTAL INFORMATION
March 2009
6 months
Net
Revenue income % of
Rm Rm total
Retail 268 215 84
Office blocks 56 44 17
Industrial 38 29 12
Specialised 13 13 5
Corporate (45) (18)
Total 375 256 100
September 2008
12 months
Net
Revenue income % of
Rm Rm total
Retail 497 400 83
Office blocks 101 77 16
Industrial 66 51 11
Specialised 25 25 5
Corporate - (74) (15)
Total 689 479 100
March 2008
6 months
Net
Revenue income % of
Rm Rm total
Retail 236 192 81
Office blocks 52 40 17
Industrial 33 26 11
Specialised 13 13 6
Corporate - (36) (15)
Total 334 235 100
5. VACANCY LEVELS
Vacancy levels in terms of rentable area at 31 March were as follows:
Mar 2009 Sep 2008 Mar 2008
Sector % % %
Retail 4 6 6
Office blocks 5 8 7
Industrial 7 6 7
Specialised - - -
Total 5 6 6
By value, the vacancies equated to four percent of potential rental income, an
improvement on the five percent as at year-end.
In the retail sector 79 percent of the vacancies were contained in The
Boulders, The Brightwater Commons and Centurion Mall. Thirteen percent of the
total retail vacant area has been let for future occupation.
The office sector had a vacancy of 5 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 6 percent at
year-end. The slight increase is mainly due to the vacancy at Dismed House.
6. PROSPECTS
As stated in the annual report, the Board anticipates that distribution per
unit for the year ended 30 September 2009 will increase by approximately 8
percent compared with the year ended 30 September 2008. This forecast has
not been reviewed or reported on by Fountainhead Property Trust`s auditors.
7. INCOME DISTRIBUTION ANNOUNCEMENT
Notice is hereby given of distribution no. 52 of 25.7 cents per unit for
the six months ended 31 March 2009.
The last date to trade cum distribution will be Friday, 15 May 2009. The
units of Fountainhead Property Trust will commence trading ex-distribution
on Monday, 18 May 2009 and the record date will be Friday, 22 May 2009. The
distribution will be paid on Monday, 25 May 2009.
Unit certificates may not be dematerialised or rematerialised between
Monday, 18 May 2009 and Friday, 22 May 2009, both dates inclusive.
BY ORDER OF THE BOARD
Fountainhead Property Trust Management Limited
(Reg No 1983/003324/06)
29 April 2009
Directors: WM Kirchmann (Chairman), A Raubenheimer (Managing), VA Christian,
H Laher, JD Rainier, SJ Segar, S Shaw-Taylor
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: 30/04/2009 09:00:01 Produced by the JSE SENS Department.
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