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Prima Property Trust
Interim results and distribution declaration for the six months ended 31
December 2000
The directors of Prima Property Trust Managers Limited hereby announce the
interim results for the six months ended 31 December 2000.
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 December 31 December 30 June
2000 1999 2000
R'000 R'000 R'000
Assets
Property and equipment 98 900 992 98 913 889 98 900 812
Cash at bank 20 344 561 20 421 421 20 945 352
Other current assets 1 541 814 1 354 636 1 913 451
Total Assets 120 787 367 120 689 946 121 759 615
Equity and liabilities
Stated capital 100 129 058 100 129 058 100 129 058
Capital reserves 4 669 426 4 682 527 4 670 295
Retained earnings 9 367 940 10 073 502 9 984 842
Maintenance reserve 3 581 194 2 951 138 3 581 194
Total equity and reserves 117 747 618 117 836 225 118 365 389
Current liabilities 1 504 952 1 588 947 1 859 429
Deferred taxation 1 534 797 1 264 774 1 534 797
Total equity and liabilities 120 787 367 120 689 946 121 759 615
Net asset value per unit (cents) 70.77 70.82 71.14
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2000 1999 2000
R'000 R'000 R'000
Revenue 13 456 952 13 588 602 26 838 770
Interest received 948 262 1 207 159 2 061 459
Rental income and recoveries 12 508 690 12 381 443 24 777 311
Operating expenses 4 090 604 3 516 692 7 136 903
Net profit before taxation 9 366 348 10 071 910 19 701 867
Taxation - - 270 024
Net profit after taxation 9 366 348 10 071 910 19 431 843
Units in issue 166 387 500 166 387 500 166 387 500
Earnings per unit (cents) 5.63 6.05 11.68
Headline earnings per unit (cents) 5.63 6.05 11.68
Distributions (cents per unit) 5.50 5.30 11.30
Dividends paid 8 818 538 18 801 788
Dividend proposed 9 151 313
The Directors have proposed a dividend of 5.50 cents per unit amounting to R9
151 313. In accordance with accounting statement AC 130, the dividend has not
been provided for at 31 December 2000.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Capital Retained
Capital Reserves Earnings
R'000 R'000 R'000
Balance at 30 June 1999
as previously reported 100 129 058 4 351 930 1 592
Change in accounting policy - - 2 951 138
Movement for the year - 318 365 10 613 306
Transfer to maintenance reserve - - (3 581 194)
Balance at 30 June 2000 100 129 058 4 670 295 9 984 842
Dividend paid - - (9 983 250)
Movement for period - (869) 9 366 348
Balance at
31 December 2000 100 129 058 4 669 426 9 367 940
Maintenance
Reserve
R'000 Total
Balance at 30 June 1999
as previously reported - 104 482 580
Change in accounting policy - 2 951 138
Movement for the year - 10 931 671
Transfer to
maintenance reserve 3 581 194 -
Balance at 30 June 2000 3 581 194 118 365 389
Dividend paid - (9 983 250)
Movement for period - 9 365 479
Balance at 31 December 2000 3 581 194 117 747 618
Comment
During the period the Trust changed its accounting policy in respect of the
provision for building maintenance in order to comply with accounting statement
AC 130 dealing with provisions. The Trust no longer charges an annual amount
through the income statement to a provision account. Rather, a general
maintenance reserve is maintained at the discretion of the Directors of the
Trust's management company. There is no effect on the current period's net
profit. The effect of the change in policy is to increase net profit after
taxation by R630 056 for the year ended 30 June 2000. The effect of the change
in policy on periods prior to 30 June 1999 is to increase distributable
reserves by R2 951 138, after taxation.
The performance of the fund for the six month period ended 31 December 2000 was
satisfactory considering the lack of growth in retail sales and the reduction
in interest received. The distribution of 5.50 cents represents an increase of
3,8% compared to the interim distribution for the six months to 31 December
1999. An office tenant whose lease expires at the end of May 2001 will not be
renewing their lease and this will result in a rental loss of approximately R90
000 per month. Management is confident that the premises will be re-let.
Distribution declaration
Notice is hereby given of distribution number 63 in respect of the period ended
31 December 2000.
The distribution of 5.50 cents per unit is payable to unit holders registered
as such in the records of Prima Property Trust at the close of business on 23
February 2001. Dividend cheques will be posted on or about 9 March 2001.
By order of the Board of Prima Property Trust Managers Limited
C Daun NFJ Haasbroek
Stellenbosch
6 February 2001
Registered Office Transfer Secretaries
178 Dorp Street Mercantile Registrars Limited
Stellenbosch Anglo Building
7600 11 Diagonal Street
Johannesburg, 2001
PO Box 7061, Stellenbosch, 7599) (PO Box 1053, Johannesburg, 2000)
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