|
OAS
OAS
OAS - Oasis Crescent Property Fund - Final Abridged Audited Results and Income
Distribution Declaration
OASIS CRESCENT PROPERTY FUND
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
Share code: OAS & ISN: ZAE000074332
("Oasis")
FINAL ABRIDGED AUDITED RESULTS AND INCOME DISTRIBUTION DECLARATION
The directors of Oasis Crescent Property Fund Managers Limited ("OCPFM"), the
management company of the Oasis Crescent Property Fund (the "Fund"), present the
abridged audited results of the Fund for the year ended 31 March 2009 as
follows:
Abridged income statement
for the year ended 31 March 2009
12 months 12 months
2009 2008
R`000 R`000
Revenue 50,940 42,157
Rental and related income 43,140 38,073
Income from investments 5,772 1,285
Straight-lining of lease income 2,028 2,799
Expenses 17,015 15,093
Property expenses 14,559 12,702
Service charges 1,749 1,571
Other operating expenses 707 820
Net income from operations 33,925 27,064
Realised gain on sale of available-for sale 2,897 -
investments
Fair value adjustment to investment 31,964 21,359
properties excluding straight-lining of
lease income
Fair value adjustment to investment 33,992 24,158
properties
Straight-lining of lease income (2,028) (2,799)
Profit before financing activities 68,786 48,423
Net finance income 1,678 1,669
Interest received 1,692 1,681
Interest paid (14) (12)
Net profit for the year 70,464 50,092
Basic earnings per unit including non- 224.6 196.2
permissible income (cents)
Headline earnings per unit including non- 113.5 112.6
permissible income (cents)
Distribution per unit including non- 107.0 101.6
permissible income (cents)
Distribution per unit excluding non- 99.5 90.6
permissible income (cents)
Weighted average units in issue 31,366,369 25,525,000
0
Units in issue 33,981,445 27,055,000
Headline earnings and distribution income
reconciliation
Net profit for the year 70,464 50,092
Adjusted for:
Realised gain on sale of available-for-sale (2,897) -
investments
Fair value adjustment to investment (31,964) (21,359)
properties excluding straight-lining of
lease income
Headline earnings 35,603 28,733
Less: Straight-line-lease accrual (2,028) (2,799)
Distribution including non-permissible income 33,575 25,934
Non-permissible rental income (781) (1,128)
Non-permissible interest income (1,574) (1,681)
Distribution excluding non-permissible 31,220 23,125
income
Distribution received in advance 2,615 1,386.00
Total permissible distribution for the year 33,835 24,511
Interim distribution per unit (cents) 51.3 45.1
Final distribution per unit (cents) 48.2 45.5
Abridged balance sheet
as at 31 March 2009
2009 2008
R`000 R`000
Assets
Non-current assets 412,511 342,087
Investment properties 345,436 291,263
Property, plant and equipment 53 -
Straight-line lease accrual 7,865 5,837
Available-for-sale financial assets 59,157 44,987
Current assets 28,469 15,635
Trade receivables 4,063 2,337
Other receivables 2,733 536
Trade receivables from related parties - 123
Cash and cash equivalents 21,673 12,639
Total assets 440,980 357,722
Unitholders` funds and liabilities
Unitholders` funds 419,817 339,298
Capital of the Fund 360,931 281,629
Retained income - -
Non-distributable reserve 89,589 55,597
Available-for-sale reserve (30,703) 2,072
Current liabilities 21,163 18,424
Trade payables 2,607 2,571
Provisions 359 257
Other payables 791 1,122
Trade payables to related parties 239 263
Unitholders for distribution 17,113 12,574
Non-permissible income available for 54 1,637
dispensation
Total unitholders` funds and liabilities 440,980 357,722
NAV (per unit) 1,235 cents 1,254 cents
Abridged statement of changes in unitholders` funds
for the year ended 31 March 2009
Capital of Non-
the Fund distributable
reserve
R`000 R`000
Balance at 01 April 2007 233,711 31,439
Issue of units 49,980 -
Transaction costs for issue of new (34) -
units
Fair value gain on available-for-sale - -
financial assets
Distribution received in advance (2,028) -
Transfer to non-distributable reserve - 24,158
Net profit for the year ended - -
31 March 2008
Distribution to unitholders - -
Dispensation of non-permissible - -
income
Balance at 31 March 2008 281,629 55,597
Issue of units in cash 60,000 -
Issue of units in lieu of 22,194 -
distribution
Transaction costs for issue of new (277) -
units
Fair value loss on available-for-sale - -
financial assets
Transfer of realised gain on - -
available-for sale financial assets
to income statement
Distribution received in advance (2,615) -
Transfer to non-distributable reserve - 33,992
Transfer to available-for-sale - -
reserve
Net profit for the year ended - -
31 March 2009
Distribution to unitholders - -
Dispensation of non-permissible - -
income
Balance at 31 March 2009 360,931 89,589
Abridged statement of changes in unitholders` funds (continued)
for the year ended 31 March 2009
Available- Retained Total
for-sale income
reserve
R`000 R`000 R`000
Balance at 01 April 2007 - - 265,150
Issue of units - - 49,980
Transaction costs for issue of new units - - (34)
Fair value gain on available-for-sale 2,072 - 2,072
financial assets
Distribution received in advance - 1,386 (642)
Transfer to non-distributable reserve - (24,158) -
Net profit for the year ended - 50,092 50,092
31 March 2008
Distribution to unitholders - (24,511) (24,511)
Dispensation of non-permissible income - (2,809) (2,809)
Balance at 31 March 2008 2,072 - 339,298
Issue of units in cash - - 60,000
Issue of units in lieu of distribution - - 22,194
Transaction costs for issue of new units - - (277)
Fair value loss on available-for-sale (32,775) - (32,775)
financial assets
Transfer of realised gain on available- (2,897) - (2,897)
for sale financial assets to income
statement
Distribution received in advance - 2,615 -
Transfer to non-distributable reserve - (33,992) -
Transfer to available-for-sale reserve 2,897 (2,897) -
Net profit for the year ended 31 March - 70,464 70,464
2009
Distribution to unitholders - (33,835) (33,835)
Dispensation of non-permissible income - (2,355) (2,355)
Balance at 31 March 2009 (30,703) - 419,817
Abridged cash flow
for the year ended 31 March 2009
12 months 12 months
2009 2008
R`000 R`000
Cash flows from operating activities
Net profit for the year 70,464 50,092
Adjusted for:
Interest received (1,692) (1,681)
Interest paid 14 12
Depreciation 5 -
Bad debt provision 810 132
Straight-line lease accrual (2,028) (2,799)
Fair value adjustment to investment properties (31,964) (21,359)
excluding straight lining of lease income
35,609 24,397
(Increase)/decrease in current assets
Trade receivables (2,536) (36)
Other receivables (2,197) (212)
Trade receivables from related parties 123 (60)
Increase/(decrease) in current liabilities
Trade payables 36 171
Provisions 102 152
Other payables (331) (320)
Trade payables to related parties (24) 72
Cash generated from operations 30,782 24,164
Interest paid (14) (12)
Interest received 1,692 1,681
Unitholders for distribution (7,101) (23,478)
Non-permissible income dispensed (3,939) (2,243)
Net cash inflow from operating activities 21,420 112
Cash flows from investing activities
Acquisition of available-for-sale financial assets (49,842) (42,915)
Acquisition of fixed assets (58) -
Acquisition of investment properties (22,209) (8,752)
Net cash flow from investing activities (72,109) (51,667)
Cash flows from financing activities
Proceeds from issue of units 60,000 49,980
Transaction cost on issue on new units (277) (34)
Net cash flow from financing activities 59,723 49,946
Net increase/(decrease) in cash and cash 9,034 (1,609)
equivalents
Cash and cash equivalents
At beginning of year 12,639 14,248
At end of year 21,673 12,639
Segmental Retail Offices Indus- Invest- Cor- Total
information for the trial ments porate
year ended 31 March
2009
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and related 21,017 7,215 14,909 - - 43,140
income
Income from
investments
Dividend income - - - 4,178 - 4,178
offshore
Permissible - - - 224 - 224
investment income
offshore
Permissible - - - 1,370 - 1,370
investment income
domestic
Straight-lining of 773 (178) 1,433 - 2,028
lease income
21,790 7,036 16,342 5,772 50,940
Segment expense
Property expenses 10,026 2,608 1,919 - 6 14,559
Service charges - - - - 1,749 1,749
Other operating - - - - 707 707
expenses
10,026 2,608 1,919 - 2,462 17,015
Operating profit 11,764 4,428 14,423 5,772 (2,462) 33,925
before fair value
adjustment
Fair value 8,857 3,004 20,103 - - 31,964
adjustment to
investment
properties
excluding straight-
lining of lease
income
Realised gain on - - - - 2,897 2,897
sale of available-
for-sale
investments
Segment result
Operating profit 20,621 7,432 34,526 5,772 435 68,786
before financing
activities
Net finance income
Net interest - - - 1,678 1,678
received
Net profit 20,621 7,432 34,526 7,450 435 70,464
Segment assets
Investment 146,525 65,883 133,028 - - 345,43
properties 6
Straight-line lease 2,675 1,117 4,073 - - 7,865
accrual
Available-for-sale - - - 59,157 - 59,157
financial assets
Property, Plant & 53 - - - - 53
Equipment
Trade receivables 1,366 - 282 - 2,415 4,063
Other receivables 2,128 44 542 - 19 2,733
Trade receivables - - - - - -
from related
parties
Cash and cash - - 21,673 - 21,673
equivalents -
152,747 67,044 137,925 80,830 2,434 440,98
0
Segment liabilities
Trade payables 1,258 515 492 - 342 2,607
Provisions - - - - 359 359
Other payables 424 29 - 338 791
Trade payables to 148 - 91 - - 239
related parties
Unitholders for - - - - 17,113 17,113
distribution
Non-permissible - - - 54 - 54
income for
dispensation
1,830 515 612 54 18,152 21,163
Capital expenditure 21,594 - 615 - - 22,209
Segmental Retail Offices Indus- Invest- Cor- Total
information for the trial ments porate
year ended 31 March
2008
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property Income
Rental and related 20,418 6,247 11,408 - 38,073
income
Income from
investments
Dividend income - - - 1,285 - 1,285
offshore
Permissible - - - - - -
investment income
offshore
Permissible - - - - - -
investment income
domestic
Straight-lining of 496 1,248 1,055 - 2,799
lease income
20,914 7,495 12,463 1,285 - 42,157
Segment expense
Property expenses 9,341 1,718 1,643 - - 12,702
Service charges - - - - 1,571 1,571
Other operating - - - - 820 820
expenses
9,341 1,718 1,643 - 2,391 15,093
Operating profit 11,573 5,777 10,820 1,285 (2,391) 27,064
before fair value
adjustment
Fair value 540 3,395 17,424 - - 21,359
adjustment to
investment
properties
excluding straight-
lining of lease
income
Segment result
Operating profit 12,113 9,172 28,244 1,285 (2,391) 48,423
after fair value
adjustment
Net finance income
Net interest - - - 1,669 1,669
received
Net profit 12,113 9,172 28,244 2,954 (2,391) 50,092
Segment assets
Investment 137,465 41,488 112,310 - - 291,263
properties
Straight-line lease 985 2,212 2,640 - - 5,837
accrual
Available-for-sale - - - 44,987 - 44,987
financial assets
Trade receivables 999 - 283 - 1,055 2,337
Other receivables 183 47 292 - 14 536
Trade receivables 123 - - - - 123
from related
parties
Cash and cash - - - 12,639 - 12,639
equivalents
139,755 43,747 115,525 57,626 1,069 357,722
Segment liabilities
Trade payables 2,035 104 315 - 117 2,571
Provisions - - - - 257 257
Other payables 309 390 36 - 387 1,122
Trade payables to 81 - 26 - 156 263
related parties
Unitholders for - - - - 12,574 12,574
distribution
Non-permissible - - - 1,637 - 1,637
income for
dispensation
2,425 494 377 1,637 13,491 18,424
Capital expenditure 1,395 - 7,357 - - 8,752
Commentary
1. Basis or preparation and accounting policies
"The financial statements 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.
The financial statements are prepared on the historical cost basis as modified
by the revaluation of investment properties which are carried at fair value and
the revaluation of Available for Sale Investments which are marked to market as
per IAS 39.
The fund`s investment manager follows the guidance of IAS 39 to determine when
an available-for-sale asset is impaired. The determination requires significant
judgment. In making this judgment, the fund`s investment manager evaluates,
among other factors, the duration and extent to which the fair value of an
investment is less than cost and the financial health and business outlook for
the investee, including factors such as industry and sector performance. The
fund`s investment manager does not consider the available- for-sale investment
to be impaired.
PricewaterhouseCoopers Inc. has audited the financial information set out in
this report. Their unqualified audit report is available for inspection at the
Fund`s registered office.
2. Financial results
2009 2008
Distribution per unit including non-permissible income 107.0 101.6
(cents)
Non-permissible rental per unit (cents) (2.5) (4.4)
Non-permissible interest per unit (cents) (5.0) (6.6)
Distribution per unit excluding non-permissible income 99.5 90.6
(cents)
Property portfolio valuation (Rm) 353.3 297.1
Investments portfolio valuation (Rm) 59.2 45.0
Cash and cash equivalents (Rm) 21.7 12.6
Net asset value per unit (cents) 1,235 1,254
Listed market price at year end (cents) 1,210 1,200
Since listing the focus of OCPFM has been primarily on investing to improve:
- The quality of properties in the portfolio;
- The quality of the tenant mix;
- The quality of the operating environment; and
- Investment in listed global property funds for scalability, geographical and
currency diversification.
Distribution per unit including non-permissible income increased by 5.3% from
101.6 cents to 107.0 cents per unit, in line with average rental escalations.
Distribution per unit excluding non-permissible income increased by 9.9% from
90.6 cents to 99.5 cents.
3. Portfolio valuation
"The investment properties were independently valued by Mills Fitchet Magnus
Penny (Pty) Ltd on 31 March 2009 and the portfolio was valued at R353,3
million."
4. Capital commitments
As at 31 March 2009, there were no capital commitments (2008: Nil) to be funded
from existing cash resources.
5. Outlook
Strong demand, combined with supply constraints and increasing replacement and
land cost provide a positive outlook for rental growth. Going forward, the
outlook for the Fund is to deliver distribution growth in line with the growth
in rentals and growth in distribution from offshore investments.
6. Trading statement criteria
"In terms of section 3, paragraph 3.4 (b) (viii) of the Listings Requirements of
the JSE Limited, the Fund advises unitholders that it has adopted distribution
per unit as the financial results measurement for trading statement purposes."
7. Related party transactions and balances
OCPFM 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 owned any property
that is not Shari`ah compliant up to 31 October 2008. Rentals were collected by
Eden Court Property Fund (Pty) Limited and expenses were paid and recovered by
Oasis Crescent Property Fund Managers Limited.
Oasis Group Holdings (Pty) Limited is a tenant at the Ridge@Shallcross.
As disclosed in the prospectus of Crescent Global Property Equity Fund, a
management fee is charged for investing in Crescent Global Property Equity Fund
by Oasis Global Management Company (Ireland) Limited, the manager of the Fund.
There are common directors to OCPFM, Eden Court Property Fund (Pty) Limited,
Oasis Group Holdings (Pty) Limited, and Oasis Global Management Company
(Ireland) Limited. Transactions with related parties are executed on terms no
less favorable then those arranged with third parties.
Type of related party transactions
The Fund pays a service charge and a property management fee on a monthly basis
to OCPFM.
Related party transactions 2009 2008
R`000 R`000
Service charge paid to OCPFM 1,749 1,571
Property management fees paid to OCPFM 799 686
Expense recoveries from Eden Court Property Fund (Pty) 596 999
Limited
Rental, related income and deposit from Oasis Group - 322
Holdings (Pty) Limited at the Ridge@Shallcross
Related party balances
Trade receivables from Eden Court Property Fund (Pty) - 123
Limited
Trade payables to Oasis Group Holdings (Pty) Limited 122 38
Trade payables to OCPFM 117 225
8. Distribution announcement
Notice is hereby given that an income distribution, after non-permissible income
in respect of the previous 6 month period of 48.23 cents per unit (in aggregate)
has been declared payable to unitholders recorded in the register of OCPF at
close of business on Friday, 5 June 2009 and the concomitant unit distribution
of 3.86 units at 1250 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 39.96 3.20
(ii) Offshore dividend income 5.53 0.44
(iii) Offshore permissible investment 0.47 0.04
income
(iv) Domestic permissible investment 2.27 0.18
income
Total 48.23 3.86
(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 2009
Declaration announcement on SENS of income Tuesday, 12 May 2009
distribution and right of election to receive unit
distribution
Circular and form of election posted to unitholders Friday, 22 May 2009
Finalisation announcement on SENS in respect of income Friday, 22 May 2009
distribution and right of election to receive unit
distribution
Last day to trade in order to be eligible for the Friday, 29 May 2009
income distribution / unit distribution
Trading commences ex-entitlement Monday, 1 June 2009
Listing of maximum possible number of unit Monday, 1 June 2009
distribution units at commencement of trade on
Closing date for the election of unit distribution or Friday, 5 June 2009
script issue at 12:00
(See note 4)
Record date for income distribution Friday, 5 June 2009
Income distribution cheques and/or unit certificates Monday, 8 June 2009
posted and CSDP/broker accounts updated
Announcement of the results of the election of the Monday, 8 June 2009
income distribution on SENS
Adjustment of number of new units listed on or about Wednesday, 10 June 2009
Note:
1. Units may not be dematerialised or rematerialised between Monday, 1 June
2009 and Friday, 5 June 2009.
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 unit holders 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, unit holders will receive the cash distribution.
A circular will be posted out to unitholders on or about 22 May 2009 in respect
of the income and unit distribution.
By order of the Board
Cape Town
12 May 2009
Designated Advisor
PSG Capital (Pty) Limited
Date: 12/05/2009 10:30:01 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
