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PPR
PPR
PPR - Putprop Limited - Consolidated condensed preliminary audited results for
the year ended 30 June 2009 and notice of Annual General Meeting
PUTPROP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000072310
("Putprop" or "the company")
Consolidated condensed preliminary audited results for the year ended 30 June
2009 and notice of Annual General Meeting
Consolidated condensed preliminary audited Income Statement for the year ended
30 June 2009
% Change Audited Audited
Year Year ended
ended 30 30 June
June 2009 2008
R`000 R`000
Property revenue 22.1 29 734 24 343
Straight line rental income accrual 3 407 4 559
Gross property revenue 17.7 33 141 28 902
Property expenses (3 213) (2 958)
Net profit from property operations 15.4 29 928 25 944
Administration expenses (2 786) (2 560)
Investment and other income 1 642 4 317
Operating profit before capital items 3.9 28 784 27 701
Fair value adjustments 17 613 15 631
Net profit before taxation 7.1 46 397 43 332
Taxation (11 071) (10 840)
Net profit attributable to equity 8.7 35 326 32 492
holders
Earnings per share (cents) 8.8 122.7 112.8
Consolidated condensed preliminary audited Balance Sheet as at 30 June 2009
Audited Audited
as at as at 30
30 June June
2009 2008
R`000 R`000
ASSETS
Non-current assets
Investment properties 185 132
607 577
Furniture fittings and computer equipment 67 97
Other investments 9 703 8 527
Straight line rental income asset 9 758 4 541
205 145
135 742
Current assets
Trade and other receivables 357 1 365
Straight line rental income asset 828 2 638
Taxation receivable 1 155 1 100
Cash and cash equivalents 8 468 37 145
10 808 42 248
Total assets 215 187
943 990
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 4 146 4 146
Accumulated profit 200 174
354 242
204 178
500 388
Non-current liabilities
Deferred taxation 9 634 6 375
9 634 6 375
Current liabilities
Trade and other payables 1 809 1 906
Amount due to fellow subsidiary - 1 321
1 809 3 227
Total equity and liabilities 215 187
943 990
Number of shares issued 28 792 28 792
961 961
Net asset value per share (cents) 710.0 619.6
Consolidated condensed preliminary audited Statement of Changes in Equity for
the financial year ended 30 June 2009
Stated Accumula Total
Capital ted R`000
R`000 Profit
R`000
Balance at 1 July 2007 4 146 151 828 155 974
Profit attributable to equity holders - 32 492 32 492
Dividends paid - (10 078) (10 078)
Balance at 30 June 2008 4 146 174 242 178 388
Profit attributable to equity holders - 35 326 35 326
Dividends paid - (9 214) (9 214)
Balance at 30 June 2009 4 146 200 354 204 500
Consolidated condensed preliminary audited Cash Flow Statement for the financial
year ended 30 June 2009
Audited Audited
Year Year
ended ended 30
30 June June
2009 2008
R`000 R`000
Cash flow generated from / (utilised in) operating 9 246 (7
activities 373)
Net cash generated from operations 24 683 9 330
Interest received 1 642 4 317
Taxation paid (7 (10
865) 942)
Dividends paid (9 (10
214) 078)
Cash flow utilised in investing activities (36 (5
602) 980)
Improvements to investment properties (6 (5
944) 517)
Acquisition of furniture fittings and computer equipment (9) (34)
Acquisition of investment properties (28 -
473)
Additions to other investments (1 (429)
176)
Cash flow (utilised in) / generated from financing (1 59
activities 321)
Reduction in amount due to fellow subsidiary (1 -
321)
Increase in loan from fellow subsidiary - 59
Net decrease in cash and cash equivalents (28 (13
677) 294)
Cash and cash equivalents at beginning of year 37 145 50 439
Cash and cash equivalents at end of year 8 468 37 145
Segmental reporting
The company operates in one business segment and one geographical segment. No
segment report has therefore been reported. The company`s sector analysis is
included in the annual report.
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 financial statements have been prepared as a going concern and on a
historical cost basis except for investments and investment properties which are
measured at fair value.
Overview
Putprop is a property company which has investments in industrial, retail and
commercial properties and derives its revenue primarily from rental income.
Financial Results
Property revenue increased from R24.3 million to R29.7 million an increase of
22.1%. If property acquisitions are excluded the Group`s net property revenue
increased by 12.5% on a "like for like" basis. The property costs to income
ratio decreased by 9.8% whilst administration costs increase was restricted to
8.8%.
Net profit available for distribution increased by 8.7% to R35.3 million.
Endeavours to diversify further into industrial and commercial properties were
hampered by the poor returns being achieved in the market as well as the quality
of properties being offered. However the company acquired two properties for
R28.4 million both with long term lease agreements.
Reconciliation of headline earnings
% Change Audited Audited
Year ended Year ended
30 June 30 June
2009 2008
R`000 R`000
Profit attributable to equity holders 35 326 32 492
Adjusted for:
- Fair value and impairment (17 613) (15 631)
adjustments
- Deferred taxation effect of these 2 466 2 188
adjustments
Headline earnings 5.9 20 179 19 049
Earnings per share (cents) 8.8 122.7 112.8
The calculation is based on earnings
of R35 325 433 (2008:R32 491 853) and
on the weighted average number of
shares in issue for the year of 28 792
961 (2008: 28 792 961).
Headline earnings per share (cents) 5.7 70.0 66.2
The calculation is based on headline
earnings of R20 179 000 (2008:R19 049
000) and on the weighted average
number of shares in issue for the year
of 28 792 961 (2008: 28 792 961).
Borrowings
The company has no loans at present. In terms of the company`s Articles of
Association borrowings are limited to 100% of the company`s equity.
Valuation of property portfolio
An external registered valuator conducted a valuation of all the portfolio
properties at year end. The fair value adjustment amounted to R17.6 million
(2008: R15.6 million) and is reflected as an increase in the Income Statement.
Our strategy is still to invest in suitable industrial and commercial properties
to improve our income streams.
Capital Commitments
The company has approved capital expenditure for the Eagle Canyon property of
R1.3 million (2008: R28.4 million)
Prospects
Property fundamentals continue to remain fairly strong in spite of the
constraints of a general slowdown of the economy and the volatility of local and
international markets. We believe that property fundamentals remain positive and
that signs are emerging that general business conditions could start improving
in the year ahead. The group expects to maintain its current growth in the year
ahead.
Dividend declaration
The directors have resolved to declare a final dividend of 22 cents per share
for the year ended 30 June 2009 to be paid to all ordinary shareholders recorded
in the share register on the record date. The dividend is declared out of
consolidated current year profits before tax of R46.397 million. The total
dividend paid for the year is 32 cents per share (2008: 35 cents per share). In
compliance with the requirements of Strate and Schedule 24 of the JSE Listings
Requirements, the following dates are applicable:
Last day to trade cum the dividend Friday, 16 October 2009
Date trading commences ex the dividend Monday, 19 October 2009
Record date Friday, 23 October 2009
Date of payment Monday, 26 October 2009
Share certificates may not be dematerialised or rematerialised between Monday,
19 October 2009 and Friday, 23 October 2009, both dates inclusive.
Post Balance Sheet date events
There are no significant post balance sheet date events that have a material
impact on the financial statements at 30 June 2009.
Audit report
These consolidated condensed preliminary results for the year ended 30 June 2009
have been audited by the company`s auditors, Mazars Moores Rowland, whose
unqualified audited report is available for inspection at the company`s
registered office as detailed below.
Notice of Annual General Meeting
Notice is hereby given that the annual general meeting of shareholders of
Putprop will be held on Wednesday, 11 November 2009 at 11:00 at the offices of
Putprop, 91 Protea Road, Chislehurston, Sandton to transact the business stated
in the notice of the annual general meeting, which is contained in the Annual
Report.
Directorate
A B Adrian Independent non-executive Chairman
A Carleo Chief Executive Officer
A L Carleo-Novello Managing Director
B C Carleo Executive director
J E Smith Financial Director Appointed 19
June 2009
P Senatore Independent non-executive Director
P Nucci Independent non-executive Director
Company Secretary
D Campbell
Registered Office and Postal Address
91 Protea Road
Chislehurston
Sandton, 2196
Share Transfer Secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Marshalltown
(PO Box 61051, Marshalltown, 2107)
Sponsor
Merchantec (Proprietary) Limited
2nd Floor, North Block, Hyde Park Office Tower
Corner 6th Road & Jan Smuts Avenue
Hyde Park, 2196
(PO Box 41480, Craighall, 2124)
Auditors
Mazars Moores Rowland
5 St. David`s Place
Parktown 2193
22 September 2009
Date: 22/09/2009 11:59:02 Produced by the JSE SENS Department.
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