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OAS
OAS
OAS - Oasis Crescent Property Fund - Condensed Statement Of Comprehensive
Income For The 6 Months Ended 30 September 2009
Oasis Crescent Property Fund
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
Share code: OAS
ISIN: ZAE000074332
("Oasis" or "the fund")
Condensed statement of comprehensive income for the 6 months ended 30
September 2009
Reviewed Reviewed Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Revenue 26,079 23,656 50,940
Rental and related income 23,005 20,120 43,140
Income from investments 2,512 2,808 5,772
Straight-lining of lease 562 728 2,028
income
Expenses 8,304 7,929 17,015
Property expenses 6,967 6,781 14,559
Service charges 1,063 784 1,749
Other operating expenses 274 364 707
Net income from rentals and 17,775 15,727 33,925
investments
Realised gain on sale of - - 2,897
available-for-sale
investments
Fair value adjustment to (562) 24,824 31,964
investment properties
excluding Straight-lining of
lease income
Fair value adjustment to - 25,552 33,992
investment properties
Straight-lining of lease (562) (728) (2,028)
income
Operating profit for the 17,213 40,551 68,786
period
Net non-permissible 342 1,035 1,678
investment income
Non-permissible investment 353 1,041 1,692
income received
Interest paid (11) (6) (14)
Net profit for the period 17,555 41,586 70,464
Other Comprehensive Income
Fair values on available for 14,767 (11,118) (21,657)
sale financial assets
Total Comprehensive Income 32,322 30,468 48,807
for the period
Basic earnings per unit 50.8 142.3 224.6
including non-permissible
income (cents)
Headline earnings and diluted 52.4 57.3 113.5
headline earnings per unit
including non-permissible
income (cents)
Distribution per unit 50.8 54.8 107.0
including non-permissible
income (cents)
Distribution per unit 47.1 51.3 99.5
excluding non-permissible
income (cents)
Weighted average units in 34,561,279 29,233,153 31,366,369
issue
Units in issue at end of the 34,947,835 32,828,290 33,981,444
period
Headline earnings and distri-
bution income reconciliation
Net profit for the period 17,555 41,586 70,464
Adjusted for:
Realised gains on sale of - - (2,897)
available-for-sale
investments
Fair value change to 562 (24,824) (31,964)
investment properties
Headline earnings 18,117 16,762 35,603
Less: Straight-line-lease (562) (728) (2,028)
accrual
Distribution income including 17,555 16,034 33,575
non-permissible income
Non-permissible rental income (956) - (781)
Non-permissible investment (328) (1,041) (1,574)
income
Distribution excluding non- 16,271 14,993 31,220
permissible income
Interim distribution per unit 47.1 51.3 51.3
(cents)
Final distribution per - - 48.2
unit(cents)
Condensed statement of financial position
As at 30 September 2009
Reviewed Reviewed Audited as at
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Assets
Non-current assets 454,938 391,838 412,511
Investment properties 347,543 316,449 345,436
Property plant and equipment 47 - 53
Straight-line-lease accrual 8,427 6,565 7,865
Available-for-sale financial 98,921 68,824 59,157
assets
Current assets 13,771 51,199 28,469
Trade receivables 3,569 4,998 4,063
Other receivables 836 433 2,733
Trade receivables from - 633 -
related parties
Cash and cash equivalents 9,366 45,135 21,673
Total assets 468,709 443,037 440,980
Condensed statement of financial position
As at 30 September 2008
Reviewed Reviewed Audited as at
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Unitholders` Funds and
Liabilities
Unitholders` funds 446, 917 420,992 419,817
Capital of the fund 372,702 348,889 360,931
Non-distributable reserve 90,151 81,149 89,589
Fair value loss on available- (15,936) (9,046) (30,703)
for-sale assets
Retained income - - -
Current liabilities 21, 792 22,045 21,163
Trade payables 3,825 2,666 2,607
Provisions 388 1,081 359
Other payables 357 840 791
Trade payables to related 51 255 239
parties
Unitholders for distribution 16, 956 17,042 17,113
Non-permissible income 215 161 54
available for dispensation
Total unitholders` funds and 468,709 443,037 440,980
liabilities
NAV (in cents per unit) 1 279 1 282 1 235
Condensed statement of changes in unitholders` funds
Capital Non-distribu- Available- Retained Total
of the table reserve for-sale income
fund reserve
R`000 R`000 R`000 R`000 R`000
Balance at 1 281,629 55,597 2,072 - 339,298
April 2008
Net profit for - - - 41,586 41,586
the period ended
30 September 2008
Other
Comprehensive
Income
Fair value loss - - (11,118) - (11,118)
on available-for-
sale financial
assets
Total - - (11,118) 41,586 30,468
Comprehensive
Income for the
period 30
September 2008
Issue of units 60,000 - - - 60,000
for cash
Issue of units in 9,279 - - - 9,279
lieu of
distribution
Transaction costs (174) - - - (174)
for issue of new
units
Distribution (1,845) - - 1,845 -
received in
advance
Transfer to non- - 25,552 - (25,552) -
distributable
reserve
Distribution to - - - (16,838) (16,838)
unitholders
Dispensation of - - - (1,041) (1,041)
non-permissible
income
Balance at 30 348,889 81,149 (9,046) - 420,992
September 2008
Net profit for - - - 25,981 25,981
the period ended
31 March 2009
Other
Comprehensive
Income
Fair value loss - - (21,657) - (21,657)
on available-for-
sale financial
assets
Transfer of - - (2,897) 2,897 -
realised gain on
available-for-
sale financial
assets to income
statement
Transfer to - - 2,897 (2,897) -
available-for-
sale reserve
Total - - (21,657) 25,981 4,324
Comprehensive
Income for the
period ended 31
March 2009
Issue of units in 12,915 - - - 12,915
lieu of
distribution
Transaction costs (103) - - - (103)
for issue of new
units
Transfer to non- - 8,440 - (8,440) -
distributable
reserve
Distribution (770) - - 770 -
received in
advance
Distribution to - - - (16,997) (16,997)
unitholders
Dispensation of - - - (1,314) (1,314)
non-permissible
income
Balance at 1 360,931 89,589 (30,703) - 419,817
April 2009
Net profit for - - - 17,555 17,555
the period ended
30 September 2009
Other
Comprehensive
Income
Fair value gain - - 14,767 - 14,767
on available-for-
sale financial
assets
Total - - 14,767 17,555 32,322
Comprehensive
Income for the
period ended 30
September 2009
Condensed statement of cash flows
For the 6 months ended 30 September 2009
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Net profit for the period 17,555 41,586 70,464
Adjusted for:
Non-permissible investment income (353) (1,041) (1,692)
Interest paid 11 6 14
Depreciation 6 - 5
Bad debt provision 136 341 810
Straight-line-lease accrual (562) (728) (2,028)
Fair value adjustment to investment
properties
excluding straight-lining of lease 562 (24,824) (31,964)
income
17,355 15,340 35,609
(Increase)/decrease in current assets
Trade receivables 358 (3,002) (2,536)
Other receivables 1,897 103 (2,197)
Trade receivables from related party - (510) 123
Increase/(decrease) in current
liabilities
Trade payables 1,218 95 36
Provisions 29 824 102
Other payables (434) (282) (331)
Trade payables to related parties (188) (8) (24)
Cash generated from operations 20,235 12,560 30,782
Cash and cash equivalents
At beginning of period 21,673 12,639 12,639
At end of period 9,366 45,135 21,673
Segmental information 6 months ended 30 September 2009
Retail Offices Industrial Investments Corporate Total
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and 10,922 3,537 8,546 - - 23,005
related income
Income from
investments
Dividend income - - - 2,464 - 2,464
offshore
Permissible - - - - - -
investment
income offshore
Permissible - - - 48 - 48
investment
income domestic
10,922 3,537 8,546 2,512 - 25,517
Segment expense
Property 4,925 957 1,082 - 3 6,967
expenses
Service charges - - - - 1,063 1,063
Other operating - - - - 274 274
expenses
Segment result 4,925 957 1,082 - 1,340 8,304
Operating 5,997 2,580 7,464 2,512 (1,340) 17,213
profit
Net finance
income
Non-permissible - - - 342 - 342
investment
income
Net 5,997 2,580 7,464 2,854 (1,340) 17,555
profit/(loss)
before straight-
line-lease
income and fair
value change to
investment
properties
Straight-lining (228) (194) 984 - - 562
of lease income
Fair value 228 194 (984) - - (562)
change to
investment
properties
Net 5,997 2,580 7,464 2,854 (1,340) 17,555
profit/(loss)
after straight-
line-lease
income and fair
value change to
investment
properties
Segment assets
Investment 161,898 52,581 133,064 - - 347,543
properties
Property plant 47 - - - - 47
and equipment
Straight-line- 2,672 698 5,057 - - 8,427
lease accrual
Available-for- - - - 98,921 - 98,921
sale financial
assets
Trade 758 52 256 2,503 - 3,569
receivables
Other 308 - 427 - 101 836
receivables
Trade - - - - - -
receivables
from related
parties
Cash and cash - - - 9,366 - 9,366
equivalents
165,683 53,331 138,804 110,790 101 468,709
Segment
liabilities
Trade payables 2,788 99 441 - 497 3,825
Provisions - - - - 388 388
Other payables 10 - - - 347 357
Trade payables 4 5 23 - 18 51
to related
parties
Unitholders for - - - - 16, 956 16, 956
distribution
Non-permissible - - - - 215 215
income
available for
dispensation
2,802 104 464 - 18,421 21,792
Net segment 162,881 53,227 138,340 110,790 (18,320) 446,917
assets
Segmental information
6 months ended 30 September 2008
Retail Offices Industrial Investments Corporate Total
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and 10,136 3,416 6,568 - - 20,120
related income
Income from
investments
Dividend income - - - 2,165 - 2,165
offshore
Permissible - - - 70 - 70
investment
income offshore
Permissible - - - 573 - 573
investment
income domestic
10,136 3,416 6,568 2,808 - 22,928
Segment expense
Property 4,878 926 977 - - 6,781
expenses
Service charges - - - - 784 784
Other operating - - - - 364 364
expenses
4,878 926 977 - 1,148 7,929
Segment result
Operating 5,258 2,490 5,591 2,808 (1,148) 14,999
profit/(loss)
Net finance
income
Non-permissible - - - 1,035 - 1,035
investment
income
Net 5,258 2,490 5,591 3,843 (1,148) 16,034
profit/(loss)
before straight-
line-lease
income and fair
value change to
investment
properties
Straight-lining 473 (1) 256 - - 728
of lease income
Fair value 16,346 1 8,477 - - 24,824
change to
investment
properties
Net 22,077 2,490 14,324 3,843 (1,148) 41,586
profit/(loss)
after straight-
line-lease
income and fair
value change to
investment
properties
Segment assets
Investment 145,395 50,034 121,020 - - 316,449
properties
Property plant - - - - - -
and equipment
Straight-line- 2,623 1,045 2,897 - - 6,565
lease accrual
Available-for- - - - 68,824 - 68,824
sale financial
assets
Trade 1,933 160 139 2,612 154 4,998
receivables
Other 164 43 220 - 6 433
receivables
Trade 633 - - - - 633
receivables
from related
parties
Cash and cash - - - 45,135 - 45,135
equivalents
150,748 51,282 124,276 116,571 160 443,037
Segment
liabilities
Trade payables 1,984 228 437 - 17 2,666
Provisions 791 - - - 290 1,081
Other payables 374 28 86 - 352 840
Trade payables 105 8 40 - 102 255
to related
parties
Unitholders for - - - - 17,042 17,042
distribution
Non-permissible - - - - 161 161
income
available for
dispensation
3,254 264 563 - 17,964 22,045
Net segment 147,494 51,018 123,713 116,571 (17,804) 420,992
assets
Commentary
1. Basis of preparation and accounting policies
The interim results 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 adoption of IAS 1
(revised), `Presentation of financial statements`. The revised standard
prohibits the presentation of items of income and expenses (that is `non-owner
changes in equity`) in the statement of changes in equity; instead `non-owner
changes in equity` are required to be shown in a performance statement.
Entities can choose whether to present one performance statement (the
statement of comprehensive income) or two statements (the income statement and
statement of comprehensive income). The fund has elected to present one
statement, the statement of comprehensive income. The interim financial
statements have been prepared under that revised disclosure requirements.
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.
PricewaterhouseCoopers Inc. has reviewed the financial information set out in
this report. Their unqualified review report is available for inspection at
the fund`s registered office.
2. Financial results
6 months to 30 6 months to 12 months to
September 2009 30 September 31 March 2009
2008
Distribution per unit including 50.8 54.8 107.0
non-permissible income (cents)
Non-permissible rental income per (2.8) - (2.5)
unit (cents)
Non-permissible investment income (0.9) (3.5) (5.0)
per unit (cents)
Distribution per unit excluding 47.1 51.3 99.5
non-permissible income (cents)
Property portfolio valuation (Rm) 355 323 353
Investments in Offshore Listed 99 69 59
Properties (Rm)
Cash and cash equivalents (Rm) 9 45 22
Net asset value per unit (cents) 1 279 1 282 1 235
Listed market price (cents) 1 240 1 120 1 210
0.96 million additional units were issued for an amount of R12.08 million at
an issue price of 1 250 cents per unit on the 10th of June 2009.
The Ridge foot count was up by 2.1%, 0.6% and 1.8% on a 3 months, 6 months and
12 months rolling basis. The turnover at the Ridge was up by 11.4% year to
date August 2009.
The investment in offshore listed properties provides scalability,
geographical, currency and income diversification to the portfolio, which
significantly reduces its overall risk profile. We note the tendency in the
current economic climate for listed property companies to retain their income
to strengthen their balance sheets, rather than to pay 100% of profits out as
dividends. Whilst these cash retention measures reduce the dividend income to
investors such as ourselves, these companies are well placed to take advantage
of opportunities which present themselves.
The fund is in a strong position, with 22% of the capital invested offshore.
It is in a net cash position of R9 million.
Related party transactions and balances
Identity of the related parties with whom material transactions have occurred
Oasis Crescent Property Fund Managers Limited 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 which up to 31 October
2008 owned conventional property portfolios. Expenses are paid and recovered
by Oasis Crescent Property Fund Managers Limited on behalf of Eden Court
Property Fund (Pty) Limited.
Oasis Group Holdings (Pty) Limited is a tenant at The Ridge@Shallcross.
As disclosed in the prospectus of Oasis Crescent Global Property Equity Fund
(OCGPEF) a management fee is charged for investing in OCGPEF by Oasis Global
Management Company (Ireland) Limited, the manager of the fund.
There are common directors to Oasis Crescent Property Fund Managers Limited,
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 comparable to those arranged with third parties.
Types of related party transactions and related party balances
The fund pays a service charge and a property management fee on a monthly
basis to Oasis Crescent Property Fund Managers Limited.
6 months to 30 6 months to 12 months to
September 2009 30 September 31 March 2009
2008
Related party transactions R`000 R`000 R`000
Service charge paid to Oasis 1,063 784 1,749
Crescent Property Fund Managers
Limited
Property management fees paid to 448 367 799
Oasis Crescent Property Fund
Managers Limited
Expense recoveries from Eden - 504 596
Court Property Fund (Pty)
Limited
Rental, related income and 142 196 325
deposit paid by Oasis Group
Holdings (Pty) Limited
Service fee rebate received from - 113 170
Oasis Crescent Global Property
Equity Fund
As at As at As at
30 September 30 September 31 March 2009
2009 2008
Related party balances R`000 R`000 R`000
Trade (payables)/receivables (10) 633 -
from Eden Court Property Fund
(Pty) Limited
Trade (payables) to Oasis Group (33) (44) (122)
Holdings (Pty) Limited
Trade (payables) to Oasis (8) (211) (117)
Crescent Property Fund Managers
Limited
Trade deposit received from 64 64 64
Oasis Group Holdings(Pty)Ltd
Segment Information
Segment profile based on net 30 September 30 September 31 March 2009
operating revenue* 2009 2008
Retail 32% 32% 31%
Office 14% 15% 12%
Industrial 39% 36% 38%
Investments 15% 17% 19%
Total 100% 100% 100%
*Net operating revenue represents gross rentals/investment income less
directly attributable costs.
Segment profile based on assets 30 September 30 September 31 March
employed 2009 2008 2009
Retail 35% 34% 31%
Office 11% 12% 12%
Industrial 30% 28% 38%
Investments 24% 26% 19%
Total 100% 100% 100%
As at 30 September 2009 the vacancy at the portfolio level is 2.6% (September
2008: 1.5%).
At The Ridge@Shallcross 1,635 m? (September 2008: 1,081 m?) was vacant
resulting from the initiative to improve the tenant mix and consolidate space
for the larger stores. An ongoing programme is in place to ensure that vacant
space is filled with the appropriate
tenants.
Outlook
Strong demand, combined with supply constraints, increasing replacement cost
and land cost continue to provide a positive outlook for rental growth. Going
forward, the outlook for the fund remains positive.
Distribution announcement
Notice is hereby given that an income distribution, after non-permissible
income in respect of the 6 months ended 30 September 2009 of 47.08 cents per
unit (in aggregate) has been declared payable to unitholders recorded in the
register of Oasis at close of business on Friday, 13 November 2009, and the
concomitant unit distribution of 3.77 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 three payments, namely:
Income Category Cents per Cents per Scrip election
unit 100 units (per 100 units)
(i) Property income 40.33 4 033.44 3.23
(ii) Offshore dividend income 6.61 661.45 0.53
(iii) Domestic permissible 0.13 13.06 0.01
investment income
Total 47.08 4,707.95 3.77
[(i) - (iii) 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
Declaration announcement on SENS of income Wednesday, 21 October 2009
distribution and right of election to receive
unit distribution
Circular and form of election posted to Friday, 30 October 2009
unitholders
Finalisation announcement on SENS in respect Friday, 30 October 2009
of income distribution and right of election
to receive unit distribution
Last day to trade in order to be eligible for Friday, 6 November 2009
the income distribution / unit distribution
Trading commences ex-entitlement Monday, 9 November 2009
Listing of maximum possible number of Monday, 9 November 2009
distribution units at commencement of trade on
Closing date for the election of unit Friday, 13 November 2009
distribution or scrip issue at 12:00 pm
Record date for income distribution Friday, 13 November 2009
Income distribution cheques and/or unit Monday, 16 November 2009
certificates posted and CSDP/broker accounts
updated
Announcement of the results of the income Monday, 16 November 2009
distribution on SENS
Adjustment of number of new units listed on or Wednesday, 18 November 2009
about
Notes:
1. Units may not be dematerialised or re-materialised between Monday, 9
November 2009 and Friday, 13 November 2009 both dates inclusive.
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 unitholders 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, unitholders will receive the income distribution.
A circular will be posted out to unitholders on or about Friday 30 October
2009 in respect of the income and unit distribution.
By order of the Board
Cape Town
21 October 2009
Cape Town
Designated Advisor
PSG Capital
Date: 21/10/2009 10:36:57 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
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employees and agents accept no liability for (or in respect of) any direct,
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howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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