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MIP
MIP
MIP - Merchant & Industrial Properties Limited - Unaudited Interim Report For
The Six Months Ended 31 March 2009 And Dividend Declaration
MERCHANT & INDUSTRIAL PROPERTIES LIMITED
(Registration number: 1987/002656/06)
(JSE code: MIP & ISIN: ZAE000102265)
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2009
AND DIVIDEND DECLARATION
INCOME STATEMENT
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2009 2008 2008
R`000 R`000 R`000
Confirming fees and
interest 79 70 283
Investment income 281 224 807
10 019 8 727 18 223
Rental and parking
income
Cash flows inherent
in leases and
parking income 10 037 8 667 18 070
Lease smoothing
effect (18) 60 153
Revenue 10 379 9 021 19 313
Profit before
interest 3 871 3 300 7 836
Interest received 75 374 437
(Loss)/surplus on
revaluation of
derivative
instruments (429) 331 94
Interest expense (1 253) (1 190) (2 407)
Profit after interest 2 264 2 815 5 960
Unrealised surplus
on revaluation of
investment
properties - - 4 075
Realised net
surplus/(loss) on
disposal of listed
investments 202 (1 024) (976)
Realisation of
foreign currency
translation reserve - - 2 406
Cost of corporate
restructuring (103) (25) (25)
Profit before
taxation 2 363 1 766 11 440
Taxation 766 349 2 454
Profit for the period 1 597 1 417 8 986
Earnings per share (cents) 9,2 8,2 51,7
Headline earnings
per share (cents) 8,0 14,1 40,2
Dividend per share -
ordinary (cents) 7,0 9,0 16,0
Shares in issue 17 372 300 17 372 300 17 372 300
Net asset value per
share (cents) 671 701 696
Reconciliation of
headline earnings
net of taxation
Profit for the period 1 597 1 417 8 986
Unrealised surplus
on revaluation of
investment
properties - - (2 973)
Realised net
(surplus)/loss on
disposal of listed
investments (202) 1 024 976
Headline earnings
for the period 1 395 2 441 6 989
ABRIDGED BALANCE SHEET
Investment properties 128 459 117 795 128 447
Listed investments 17 308 31 452 26 374
Property, plant and
equipment 2 932 3 034 2 949
Derivative
instruments - 457 220
Non-current
amortised lease
receivables 403 503 631
Current assets 1 479 1 673 1 699
Bank and cash
balances 5 520 4 859 1 425
Total assets 156 101 159 773 161 745
Equity and reserves 116 637 121 700 120 945
Interest-bearing
borrowings 16 854 15 631 17 165
Deferred taxation 18 269 18 561 18 862
Current liabilities 4 341 3 881 4 773
Total equity and
liabilities 156 101 159 773 161 745
STATEMENT OF CHANGES IN EQUITY
Stated capital 26 809 26 809 26 809
Non-distributable
reserves 67 691 65 614 67 691
Balance at beginning
of period 67 691 65 616 65 616
Transfer to
distributable
reserves - - 141
Transfer from
distributable
reserves - - 4 336
Currency translation
movement - (2) (2 402)
Distributable
reserves 22 137 29 277 26 445
Balance at beginning
of period 26 445 25 414 25 414
Profit for the period 1 597 1 417 8 986
Transfer of property
revaluation to
non-distributable
reserves - - (4 336)
Transfer from
non-distributable
reserves - - (141)
Unrealised
(loss)/surplus on
revaluation of
listed investments (4 487) 2 952 (1 674)
Realised
(surplus)/deficit on
disposal of listed
investments (202) 1 057 976
Dividends paid (1 216) (1 563) (2 780)
Total equity and
reserves at the end
of the period 116 637 121 700 120 945
SUMMARISED CASH FLOW STATEMENT
Cash
inflow/(outflow)
from operating
activities 4 452 3 183 7 893
Net interest and
taxation paid (2 278) (1 950) (3 638)
Operating cash inflow 2 174 1 233 4 255
Dividends paid (1 216) (1 563) (2 780)
Net cash
inflow/(outflow)
from operating
activities 958 (330) 1 475
Net cash
inflow/(outflow)
from investing and
financing activities 3 137 (639) (5 878)
Net cash
inflow/(outflow) for
the period 4 095 (969) (4 403)
SEGMENTAL ANALYSIS
Revenue
Properties division 10 019 8 727 18 223
Confirming division 79 70 283
Investment division 281 224 807
Profit before
interest 10 379 9 021 19 313
Properties division 3 704 3 018 6 971
Confirming division 76 42 245
Investment division 91 240 620
3 871 3 300 7 836
COMMENTS
Review of operating results
The unaudited results for the six months ended 31 March 2009 reflect profit
before interest of R3 871 000 (2008: R3 300 000). The bulk of this profit
remains derived from the group`s property division. Headline earnings per share
have decreased to 8,0 cents from 14,1 cents. Interest expense amounted to
R1 253 000 (2008: R1 190 000).
Property division
The group is confident that its letting profile should not change significantly
due to the increased risks facing the general economy. Although there are
indications of increased market risk due to tenants experiencing financial
difficulties which may indicate static or lower valuations, overall, the
group`s portfolio remains well positioned and vacancy levels are currently
within acceptable norms.
Investment division
The group`s permanent portfolio of shares in foreign listed investments and
currencies reflects a market value in South African currency of R22 575 000
(2008: R32 341 000). The decrease is due to devaluation of international
markets and the strengthening rand.
International Financial Reporting Standards
This report has been prepared in accordance with International Financial
Reporting Standards and complies with IAS 34: Interim Financial Reporting
Standards. Except for the revaluation of investment properties, the same
accounting policies were used as those applied in the annual financial
statements for the period ended 30 September 2008 in which these policies are
fully described.
Marshall Monteagle Holdings Societe Anonyme
Attention is drawn to the fact that the current offer being made of 33 shares
in Marshall Monteagle Holdings SA ("Marshall") for every 100 shares held in
Merchant & Industrial Properties Limited ("Merchant") has been extended to 31
July 2009.
As at the date of this announcement, Marshall has received acceptances for 2
781 415 shares of Merchant, representing 16% of the issued share capital of
Merchant. This, in addition to the 69,7% already owned by Marshall, represents
85,7% of the issued share capital of Merchant. The directors are still strongly
recommending that shareholders accept the offer.
Shareholders` attention is drawn to the fact that, in terms of the JSE Listings
Requirements should the shareholder spread not be maintained by Merchant once
the offer has been closed and the 90% not achieved, those shareholders who do
not accept the offer will remain shareholders in a company that might face
possible suspension and termination of its listing.
Dividend declaration
Notice is hereby given that an interim dividend of 7,0 cents per ordinary share
has been declared in respect of the six months ended 31 March 2009.
In accordance with the settlement procedures of Strate, Merchant has determined
that the last date to trade to participate in the interim dividend shall be
Thursday, 11 June 2009. The shares will commence trading ex-dividend from
Friday, 12 June 2009, and the record date will be Friday, 19 June 2009.
Dividends will be paid on Monday, 22 June 2009.
Share certificates may not be dematerialised, or rematerialised, between
Friday, 12 June 2009 and Friday, 19 June 2009, both days inclusive.
By order of the board
DC Marshall, PN Lonsdale, (Directors)
27 May 2009
Registered office
11 Sunbury Park
La Lucia Ridge Office Estate
La Lucia
4319
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
PDNA Building, 25 Scott Street
Waverley, Johannesburg, 2090
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street
Johannesburg
2001
Directors: DC Marshall (Chairman), PN Lonsdale*, BA Hose*, ME Stewart*,
SM Mylrea (Financial)
*Non-executive directors
Date: 27/05/2009 14:35:01 Produced by the JSE SENS Department.
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