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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 ISIN: ZAE000074332
("Oasis" or "the Company")
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 2010 as
follows:
Statement of comprehensive income for the year ended 31 March 2010
12 months 12 months
2010 2009
R`000 R`000
Revenue 56 382 50 940
Rental and related income 49 161 43 140
Income from investments 4 981 5 772
Straight-lining of lease income 2 240 2 028
Expenses 17 929 17 015
Property expenses 15 302 14 559
Service charges 2 202 1 749
Other operating expenses 425 707
Net income from rentals and investments 38 453 33 925
Realised gain on sale of available-for-sale 7 2 897
investments
Fair value adjustment to investment properties 16 752 31 964
excluding straight-lining of lease income
Fair value adjustment to investment properties 18 992 33 992
Straight-lining of lease income (2 240) (2 028)
Operating profit for the year 55 212 68 786
Net non-permissible investment income 796 1 678
Non-permissible investment income received 809 1 692
Interest paid (13) (14)
Net profit for the year 56 008 70 464
Other comprehensive income
Fair value gain/(loss) on available-for-sale 14 227 (35 672)
financial assets
Total comprehensive income for the year 70 235 34 792
Basic earnings per unit including non-permissible 156.9 224.6
income (cents)
Reconciliation of distributable income:
Rental and related income 49 161 43 140
Less: Property expenses (15 302) (14 559)
Property operating income 33 859 28 581
Murabaha income 360 1 370
Less: Murabaha expenses - -
Murabaha operating income 360 1 370
Investment income 5 430 6 094
Less: Investment expenses (13) (14)
Investment operating income 5 417 6 080
Service charges and other operating expenses (2 627) (2 456)
Distributable income including non-permissible 37 009 33 575
income
Non-permissible rental income (2 035) (1 574)
Non-permissible interest income (739) (781)
Distributable income excluding non-permissible 34 235 31 220
income
Distribution including non-permissible income 103.7 107.0
Interim distribution (cents) 50.8 54.8
Final distribution per unit (cents) 52.9 52.2
Additional information:
Headline earnings and diluted headline earnings 110.0 113.5
per unit including non-permissible income (cents)
Distribution per unit including non-permissible 103.7 107.0
income (cents)
Distribution per unit excluding non-permissible 95.9 99.5
income (cents)
Weighted average units in issue 35 694 283 31 366 369
Units in issue at the end of the year 37 462 790 33 981 444
Statement of financial position as at 31 March 2010
2010 2009
R`000 R`000
Assets
Non-current assets 478 222 412 511
Investment properties 364 308 345 436
Property, plant and equipment 42 53
Straight-line lease accrual 10 105 7 865
Available-for-sale financial assets 103 767 59 157
Current assets 41 775 29 500
Trade receivables 4 034 4 063
Other receivables 4 347 2 733
Cash and cash equivalents 33 394 22 704
Total assets 519 997 442 011
Unitholders` funds and liabilities
Unitholders` funds 494 599 419 817
Capital of the fund 402 487 360 931
Retained income - -
Non-distributable reserve 108 581 89 589
Fair value loss on available-for-sale assets (16 469) (30 703)
Current liabilities 25 398 22 194
Trade payables 3 086 3 638
Accruals 249 359
Other payables 1 585 791
Trade payables to related parties 13 239
Unitholders for distribution 20 155 17 113
Non-permissible income available for dispensation 310 54
Total unitholders` funds and liabilities 519 997 442 011
Net asset value (per unit) 1 324 cents 1 235 cents
Statement of changes in unitholders` funds for the year ended 31 March 2010
Capital of Non-distri- Available- Retained Total
the fund butable for-sale income
reserve reserve
R`000 R`000 R`000 R`000 R`000
Balance at 1 April 2008 281 629 55 597 2 072 - 339 298
Net profit for the year - - - 70 464 70 464
ended 31 March 2009
Other comprehensive
income
Fair value loss on - - (35 672) - (35 672)
available-for-sale
financial assets
Transfer to available- - - 2 897 (2 897) -
for-sale reserve
Total comprehensive - - (30 703) 67 567 374 090
income for the year 31
March 2009
Issue of units in cash 60 000 - - - 60 000
Issue of units in lieu 22 194 - - - 22 194
of distribution
Transaction costs for (277) - - - (277)
issue of new units
Transfer to non- - 33 992 - (33 992) -
distributable reserve
Distribution received (2 615) - - 2,615 -
in advance
Distribution to - - - (33 835) (33 835)
unitholders
Dispensation of non- - - - (2 355) (2 355)
permissible income
Balance at 1 April 2009 360 931 89 589 (30 703) - 419 817
Net profit for the year - - - 56 008 56 008
ended 31 March 2010
Other comprehensive
income
Fair value gain on - - 14 227 - 14 227
available-for-sale
financial assets
Transfer to available- - - 7 (7) -
for-sale reserve
Total Comprehensive - - 14 234 56 001 70 235
Income for the year 31
March 2010
Issue of units for cash 22 410 - - - 22 410
Issue of units in lieu 21 107 - - - 21 107
of distribution
Transaction costs for (265) - - - (265)
issue of new units
Transfer to non- - 18 992 - (18 992) -
distributable reserve
Distribution received (1 696) - - 1 696 -
in advance
Distribution to - - - (35 931) (35 931)
unitholders
Dispensation of non- - - - (2 774) (2 774)
permissible income
Balance at 31 March 402 487 108 581 (16 469) - 494 599
2010
Statement of cash flows for the year ended 31 March 2010
12 months 12 months
2010 2009
R`000 R`000
Cash flows from operating activities
Net profit for the period 56 008 70 464
Adjusted for:
Interest received (809) (1 692)
Interest paid 13 14
Depreciation 11 5
Provision for receivables impairment 33 810
Straight-line lease accrual (2 240) (2 028)
Realised gain on available-for-sale financial (7) (2 897)
assets
Fair value adjustment to investment properties (16 752) (31 964)
excluding straight-lining of lease income
36 257 32 712
Decrease/(increase) in current assets
Trade receivables (4) (2 536)
Other receivables (1 614) (2 197)
Trade receivables from related parties - 123
(Decrease)/increase in current liabilities
Trade payables (552) 1 067
Accruals (110) 102
Other payables 794 (331)
Trade payables to related parties (226) (24)
Cash generated from operations 34 545 28 916
Interest paid (13) (14)
Interest received 809 1 692
Unitholders for distribution (11 782) (7 101)
Non-permissible income dispensed (2 518) (3 939)
Net cash inflow from operating activities 21 041 19 554
Cash flows from investing activities
Acquisition of available-for-sale financial assets (30 376) (46 945)
Acquisition of property, plant and equipment - (58)
Acquisition of investment properties (2 120) (22 209)
Net cash outflow from investing activities (32 496) (69 212)
Cash flows from financing activities
Proceeds from issue of units 22 410 60 000
Transaction cost on issue on new units (265) (277)
Net cash inflow from financing activities 22 145 59 723
Net increase in cash and cash equivalents 10 690 10 065
Cash and cash equivalents
At beginning of year 22 704 12 639
At end of year 33 394 22 704
Segmental information for the year ended 31 March 2010
Retail Offices Indus- Invest- Cor- Total
trial ments porate
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and related 23 849 7 495 17 817 - - 49 161
income
Income from
investments
Dividend income - - - 4 453 - 4 453
offshore
Permissible - - - 360 - 360
investment income
- domestic
Domestic dividend - - - 168 - 168
income
23 849 7 495 17 817 4 981 54 142
Segment expense
Property expenses 10 176 2 725 2 401 - - 15 302
Service charges - - - - 2 202 2 202
Other operating - - - - 425 425
expenses
10 176 2 725 2 401 - 2 627 17 929
Realised gain on - - - 7 - 7
sale of available-
for-sale
investments
Segment result
Operating 13 673 4 770 15 416 4 988 (2 627) 36 220
profit/(loss)
Net finance income
Net interest - - - 796 - 796
received
Net profit/(loss) 13 673 4 770 15 416 5 784 (2 627) 37 016
before straight-
line lease income
and fair value
change to
investment
properties
Straight-lining of 969 (417) 1 688 - - 2 240
lease income
Fair value 185 7 777 8 790 - - 16 752
adjustments to
investment
properties
Net profit/(loss) 14 827 12 130 25 894 5 784 (2 627) 56 008
after straight-
line lease income
and fair value
change to
investment
properties
Segment assets
Investment 161 972 60 483 141 853 - - 364 308
properties
Property, plant 42 - - - - 42
and equipment
Straight-line 3 868 477 5 760 - - 10 105
lease accrual
Available-for-sale - - - 103 767 - 103 767
financial assets
Trade receivables 1 649 144 396 - 1 845 4 034
Other receivables 243 13 308 3 753 30 4 347
Cash and cash - - - 33 394 - 33 394
equivalents
167 774 61 117 148 317 140 914 1 875 519 997
Segment
liabilities
Trade payables 2 492 154 183 256 3 085
Accruals - - - - 249 249
Other payables 1 093 - 33 - 459 1 585
Trade payables to 13 - - - - 13
related parties
Unitholders for - - - - 20 155 20 155
distribution
Non-permissible - - - - 310 310
income available
for dispensation
3 598 154 216 - 21 429 25 397
Capital 2 083 - 37 - - 2 120
expenditure
Segmental information for the year ended 31 March 2009
Retail Offices Indus- Invest- Cor- Total
trial ments porate
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and related 21 017 7 214 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
21 017 7 213 14 909 5 772 - 48 912
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
Realised gain on - - - 2 897 - 2 897
sale of available-
for-sale
investments
Segment result
Operating profit 10 991 4 605 12 990 8 669 (2 462) 34 794
Net finance income
Net interest - - - 1 678 - 1 678
received
Net profit/(loss) 10 991 4 605 12 990 10 347 (2 462) 36 472
before straight-
line lease income
and fair value
change to
investment
properties
Straight-lining of 773 (178) 1 433 - 2 028
lease income
Fair value 8 857 3 004 20 103 - - 31 964
adjustments to
investment
properties
Net profit/(loss) 20 621 7 431 34 526 10 347 (2 462) 70 464
after straight-line
lease income and
fair value change
to investment
properties
Segment assets
Investment 146 525 65 883 133 028 - - 345 436
properties
Property, plant and 53 - - - - 53
equipment
Straight-line lease 2 675 1 117 4 073 - - 7 865
accrual
Available-for-sale - - - 59 157 - 59 157
financial assets
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 - - - 22 704 - 22 704
equivalents
152 747 67 044 137 925 81 861 2 434 442 011
Segment liabilities
Trade payables 2 289 515 492 - 342 3 638
Accruals - - - - 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 available
for dispensation
2 861 515 612 - 18 206 22 194
Capital expenditure 21 594 - 615 - - 22 209
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 accounting policies applied in the preparation of the
financial statements are consistent with those used in the previous year, except
for the following standard which is effective for the financial year beginning 1
April 2009: IAS 1 (revised) - Presentation of financial statements. The adoption
of this standard has no material effect on the results, nor has it required any
restatement of the results.
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.
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 judgement, 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. If the available-for-sale investments were to be impaired this
would result in a movement between non-distributable reserves. Furthermore, this
would not have an impact on the distribution per unit.
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
2010 2009
Distribution per unit including non-permissible income 103.7 107.0
(cents)
Non-permissible rental per unit (cents) (5.7) (2.5)
Non-permissible interest per unit (cents) (2.1) (5.0)
Distribution per unit excluding non-permissible income 95.9 99.5
(cents)
Property portfolio valuation (Rm) 374.4 353.3
Investments portfolio valuation (Rm) 103.8 59.1
Cash and cash equivalents (Rm) 33.4 22.7
Net asset value per unit (cents) 1 324 1 235
Listed market price at year end (cents) 1 230 1 210
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
- investment in listed global property fund for scalability, geographical and
currency diversification
Distribution per unit including non-permissible income decreased by 3% from
107.0 cents to 103.7 cents per unit. Distribution per unit excluding non-
permissible income decreased by 3.6% from 99.5 cents to 95.9 cents.
During the current reporting period, the Fund issued 3.48 million units (1.79
million for cash and 1.69 million units in lieu of distribution). The June 2009
as well as November 2009 issues were done at 1250 cents per unit. The proceeds
raised are being invested in suitable investments and utilised for ongoing
capital expenditure.
3. Portfolio valuation
"The investment properties were independently valued by Mills Fitchet Magnus
Penny (Pty) Ltd on 31 March 2010 and the portfolio was valued at R374.4
million."
4. Capital commitments
As at 31 March 2010, there were no capital commitments (2009: Nil) to be funded
from existing cash resources.
5. Outlook
Strong demand, combined with supply constraints, increasing replacement and land
cost provides a positive outlook for rental growth. Going forward, the outlook
for the Fund is to continue to optimize the quality of the tenant mix, to grow
rental income and to take advantage of domestic and offshore opportunities.
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 "gross
distribution per unit" and "net asset value 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 ("Eden Court")is the entity that owned
any property that is not Shari`ah compliant up to 31 October 2008. Rentals were
collected by Eden Court and expenses were paid and recovered by OCPFM.
Oasis Group Holdings (Pty) Limited ("Oasis Group Holdings")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, Oasis Group Holdings, 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
2010 2009
R`000 R`000
Service charge paid to OCPFM 2 202 1 749
Property management fees paid to OCPFM 916 799
Expense recoveries from Eden Court - 596
Rental, related income and deposit from Oasis Group 292 325
Holdings at the Ridge@Shallcross
Related party balances
Trade payables to Oasis Group Holdings 6 122
Trade payables to OCPFM 7 117
13 239
8. Income Distribution
Notice is hereby given that a final income distribution of 48.8 cents per unit,
in total, has been declared by the directors of OCPFM in respect of the period
ended 31 March 2010.
The income distribution comprises the following three payments:
Income category Cents per unit
Property income 42.4
Offshore dividend income 5.1
Domestic permissible investment income 1.3
Total 48.8
The salient dates for the income distribution is as follows:
Last day to trade cum distribution Friday, 28 May 2010
Trade ex distribution commences Monday, 31 May 2010
Record date of the income Friday, 4 June 2010
distribution
Payment Monday, 7 June 2010
Unit certificates may not be dematerialised or rematerialised during the period
Monday, 31 May 2010 to Friday, 4 June 2010, both dates inclusive.
Tax Implications of the Income Distribution
In respect of the Income Distribution, the manager hereby advises unitholders,
who will receive the Income Distribution, that for taxation purposes SARS
regards the Income Distribution as being "interest income" (as defined by SARS).
Therefore, the property income distribution, offshore dividend income
distribution and domestic permissible investments income distribution have
different tax implications for unitholders as a result of such distributions
being classified as either a net property distribution, net foreign income
distribution or net domestic income distribution.
The Income Tax Act sections applicable to the distributions made are as follows:
Property income distribution - section 10 (1)(k)(i)
Offshore dividend income distribution - section 10(i)
Domestic permissible investment income distribution - section 10(1)(k)(i)
Both resident and non-resident unitholders are encouraged to consult their
professional tax advisors with regard to their individual tax liability in this
regard.
Change in Financial Director
In accordance with rules 3.59 and 3.84(h) of the Listings Requirements of the
JSE Limited, notification of the following is hereby given:
Resignation of Financial Director
Mr. Michael Swingler has resigned as Financial Director of OCPFM with immediate
effect to enable him to devote his time more fully to his other responsibilities
within the Oasis Group.
The board thanks Mr. Swingler for his contributions during his tenure as
Financial Director of the Company.
Appointment of Financial Director
Mr. Abduraghman Mayman has been appointed as Financial Director of OCPFM with
immediate effect.
Mr. Mayman joined the Oasis Group as Chief Financial Officer in August 2009. He
is a Chartered Accountant (S.A) and he also holds a BComm Hons Degree in
financial management. He has over 30 years experience in accounting and finance
and was previously the financial director for the African operations of one of
the major oil companies. He was also the CFO of a large print media company.
The board welcomes the appointment of Mr. Mayman and wishes him every success
and looks forward to his valued contributions.
By order of the board
Cape Town
10 May 2010
Designated Advisor
PSG Capital (Pty) Limited
Date: 11/05/2010 17:10:01 Produced by the JSE SENS Department.
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