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PPR
PPR
PPR - Putprop - Consolidated condensed preliminary audited results for the year
ended 30 June 2010 and final dividend declaration
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
2010 and final dividend declaration
Consolidated condensed audited statement of comprehensive income for the year
ended 30 June 2010
% Change Audited Audited
Year Year
ended 30 ended
June 30 June
2010 2009
R`000 R`000
Property revenue 15.8 34 426 29 734
Straight line rental income accrual 1 036 3 407
Gross property revenue 7.0 35 462 33 141
Property expenses (2 605) (3 213)
Net profit from property operations 9.8 32 857 29 928
Administration expenses (2 992) (2 786)
Investment and other income 415 1 642
Operating profit before capital items 5.2 30 280 28 784
Fair value adjustments 19 504 17 613
Net profit before taxation 7.3 49 784 46 397
Taxation (11 814) (11 071)
Net profit attributable to equity 7.5 37 970 35 326
holders
Earnings per share (cents) 7.5 131.9 122.7
Consolidated condensed audited statement of financial position as at 30 June
2010
Audited Audited
as at 30 as at 30
June June
2010 2009
R`000 R`000
ASSETS
Non-current assets
Investment properties 220 182 185 607
Furniture fittings and computer equipment 43 67
Other investments 10 097 9 703
Straight line rental income asset 8 902 9 758
239 224 205 135
Current assets
Trade and other receivables 518 357
Straight line rental income asset 2 720 828
Taxation receivable 598 1 155
Cash and cash equivalents 8 133 8 468
11 969 10 808
Total assets 251 193 215 943
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 4 146 4 146
Accumulated profit 231 990 200 354
236 136 204 500
Non-current liabilities
Deferred taxation 12 819 9 634
12 819 9 634
Current liabilities
Trade and other payables 2 238 1 809
2 238 1 809
Total equity and liabilities 251 193 215 943
Number of shares issued 28 792 28 792
961 961
Net asset value per share (cents) 820.1 710.0
Consolidated condensed audited statement of changes in equity for the financial
year ended 30 June 2010
Stated Accumula Total
Capital ted R`000
R`000 Profit
R`000
Balance at 1 July 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
Profit attributable to equity holders - 37 970 37 970
Dividends paid - (6 334) (6 334)
Balance at 30 June 2010 4 146 231 990 236 136
Consolidated condensed audited statement of cash flows for the financial year
ended 30 June 2010
Audited Audited
Year Year
ended 30 ended
June 30 June
2010 2009
R`000 R`000
Cash flow generated from operating activities 15 134 9 246
Net cash generated from operations 29 127 24 683
Interest received 415 1 642
Taxation paid (8 074) (7 865)
Dividends paid (6 334) (9 214)
Cash flow utilised in investing activities (15 469) (36 602)
Improvements to investment properties (1 494) (6 944)
Acquisition of furniture fittings and computer (6) (9)
equipment
Acquisition of investment properties (13 577) (28 473)
Additions to other investments (392) (1 176)
Cash flow utilised in financing activities - (1 321)
Reduction in amount due to fellow subsidiary - (1 321)
Net decrease in cash and cash equivalents (335) (28 677)
Cash and cash equivalents at beginning of year 8 468 37 145
Cash and cash equivalents at end of year 8 133 8 468
Basis of Preparation
The accounting policies applied in the preparation of these consolidated
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 2009. These consolidated 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 on 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
The group`s rental, exclusive of straight line rental accruals, has increased by
15.8% from R29.7 million to R34.4 million over the comparable period. The
directors are pleased to report that the gross property revenue for the year
ended 30 June 2010 increased by 6.9% to R35.4 million compared to R33.1 million
for the year ended 30 June 2009 ("the comparable period").
Property costs to income ratio decreased to 7.8% from 10.8% in the comparable
period, largely due to lower than budgeted expenditure on property maintenance.
Administration expenses increased by 7.4% from 8.8% in the comparable period.
Reconciliation of headline earnings
% Audited Audited
Chan Year Year
ge ended 30 ended
June 30 June
2010 2009
R`000 R`000
Profit attributable to equity holders 37 970 35 326
Adjusted for:
- Fair value and impairment adjustments (19 504) (17 613)
- Deferred taxation effect of these 2 730 2 466
adjustments
Headline earnings 5.0 21 196 20 179
Earnings per share (cents) 7.5 131.9 122.7
The calculation is based on earnings of R37
970 000 (2009: R35 326 000) and on the
weighted average number of shares in issue
for the year of
28 792 961 (2009: 28 792 961).
Headline earnings per share (cents) 5.3 73.7 70.0
The calculation is based on headline earnings
of R21 196 000 (2009:
R20 179 000) and on the weighted average
number of shares in issue for the year of 28
792 961 (2009: 28 792 961).
Property portfolio
At 30 June 2010 the groups property portfolio comprised 17 properties with a
gross lettable area of 91 676m2.
The sectoral spread by gross rentals comprised 85% industrial, 9% retail and 6%
commercial. Vacancies increased during the year to 5.2% of gross lettable area
(2009:1%). The company continues to transact primarily with `A` grade tenants.
The lease expiry profile reflects that in terms of gross lettable area, 4% of
the portfolio expires during the next 12 months and 90% from 2012 onwards. This
provides a stable future income stream for the group for the next reporting
period.
Segmental reporting
An operating segment is a component of an entity that engages in business
activities whose operating results are regularly reviewed by the group`s
decision makers. These results are utilised to assess the segments performance
and facilitate decisions regarding resource allocation. The core business of the
group is property rental which is reported into segments based on the nature and
business functions of the tenants for JSE Limited reporting purposes. The
following segments are identified: industrial, retail, commercial and corporate.
The group operates in the greater Gauteng area.
The table below summarises by segment the position for the year ended 30 June
2010.
30 June 2010 Retail Commercia Industria Corporate Total
R`000 l l R`000 R`000
R`000 R`000
Segment Revenue
Contractual rental 3 501 1 523 29 402 - 34 426
income
Straight-line 566 17 453 - 1 036
rental adjustment
Total revenue 4 067 1 540 29 855 - 35 462
Segmental result
Operating 3 882 1 167 27 808 (2 992) 29 865
profit/(loss)
Interest received - - - 415 415
Fair value 3 065 483 15 956 - 19 504
adjustments to
investment
properties
Net profit/(loss) 6 947 1 650 43 764 (2 577) 49 784
before tax
Other Information
Property assets 33 800 24 200 162 182 - 220 182
Trade and other - 59 362 97 518
receivables
Cash and cash - - - 8 133 8133
equivalents
Segment assets 33 800 24 259 162 544 8 230 228 833
Trade and other 18 261 209 1 750 2 238
payables
Segment 18 261 209 1 750 2 238
liabilities
30 June 2009 Retail Commercia Industria Corporate Total
R`000 l l R`000 R`000
R`000 R`000
Segment Revenue
Contractual rental 2 677 3 270 23 787 - 29 734
income
Straight-line 238 103 3 066 - 3 407
rental adjustment
Total revenue 2 915 3 373 26 853 - 33 141
Segmental result
Operating 2 627 3 018 24 283 (2 786) 27 142
profit/(loss)
Interest Received - - - 1 642 1 642
Fair value 990 6 193 10 430 - 17 613
adjustments to
investment
properties
Net profit/(loss) 3 617 9 211 34 713 (1 144) 46 397
before tax
Other Information
Property assets 29 487 23 717 132 403 - 185 607
Trade and other 19 103 - 235 357
receivables
Cash and cash - - - 8 468 8 468
equivalents
Segment assets 29 506 23 820 132 403 8 703 194 432
Trade and other 140 115 - 1 554 1 809
payables
Segment 140 115 - 1 554 1 809
liabilities
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 R19.504 million
(2009: R17.613 million) and is reflected as an increase in the Statement of
Comprehensive Income.
Capital Commitments
The company has no approved capital expenditure as at the date of this report
(2009: R1.3 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 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. Our strategy is still to invest
in suitable industrial and commercial properties to improve our income streams.
Dividend declaration
The directors have resolved to declare a final dividend of 20 cents per share
for the year ended 30 June 2010 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 R49 784 million (2009:R46 397
million). The total dividend paid for the year is 22 cents per share (2009: 32
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, 15 October 2010
Date trading commences ex the Monday, 18 October 2010
dividend
Record date Friday, 22 October 2010
Date of payment Monday, 25 October 2010
Share certificates may not be dematerialised or rematerialised between Monday,
18 October 2010 and Friday, 22 October 2010, both dates inclusive.
Subsequent Events
There are no significant subsequent events that have a material impact on the
financial statements at 30 June 2010.
Audit report
These consolidated results for the year ended 30 June 2010 have been audited by
the company`s auditors, Mazars (formerly Mazars Moores Rowland), whose
unmodified audited report is available for inspection at the company`s
registered office as detailed below.
Directorate
A B Adrian Independent non-
executive Chairman
A Carleo Chief Executive Officer
A L Carleo- Managing Director
Novello
B C Carleo Executive director
J E Smith Financial Director
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 Capital
2nd Floor, North Block, Hyde Park Office Tower
Corner 6th Road & Jan Smuts Avenue
Hyde Park, 2196
(PO Box 41480, Craighall, 2124)
Auditors
Mazars (formerly Mazars Moores Rowland)
Mazars House
5 St. David`s Place
Parktown 2193
27 September 2010
Date: 27/09/2010 16:00:01 Produced by the JSE SENS Department.
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