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SPEARHEAD PROPERTY HOLDINGS LTD
REGISTRATION NUMBER 1996/005827/06
Interim Results
For the six months ended 31 December 2000
Financial Highlights
* Earnings per linked unit up 12.6%
* Distribution per linked unit up 10.5%
* Net Asset Value up to R10.05 per unit
Abridged Income Statement
unaudited unaudited
6 months 6 months
ended ended
% 31 Dec 00 31 Dec 99
Change R'000 R'000
Revenue 4.41 29 834 28 574
Operating income 3.43 19 032 18 401
Before depreciation 541 501
goodwill amortised 485 485
finance costs 10 112 9 891
Net profit before debenture interest 7 894 7 524
Debenture interest 7 741 7 518
Net profit before taxation 153 6
Income taxation expense 199 2
Net loss (46) 4
Earnings per linked unit (cents) 12.60 59.16 52.54
Distribution per linked unit (cents) 10.48 58.00 52.50
Number of shares in issue 13 344 122 14 320 500
Abridged Cash Flow Statement
Unaudited
6 months
ended
31 Dec 00
R'000
Cash generated from operations
before working capital changes 18 933
Working capital changes (3 118)
Net finance costs (17 778)
Cash flows from operating activities (1 963)
Cash flows from investing activities 7 242
Cash flows from financing activities (10 312)
Net decrease in cash and cash equivalents (5 033)
Cash and cash equivalents at beginning of year 17 191
Cash and cash equivalents at end of period 12 158
Abridged Balance Sheet
unaudited unaudited
6 months 6 months
ended ended
31 Dec 00 31 Dec 99
R'000 R'000
Assets
Non current assets 298 076 305 911
Property plant and equipment 279 917 286 998
Goodwill 17 943 18 913
Other financial assets 188 -
Deferred taxation 28 -
Current assets 17 184 15 061
Trade and other receivables 5 026 8 555
Bank balance and cash 12 158 6 506
315 260 320 972
Equity and liabilities
Equity and non-current liabilities
Capital and reserves 3 188 783
Debentures 130 691 140 341
Linked unitholders' interest 133 879 141 124
Interest bearing borrowings 163 718 165 500
Deferred taxation 586 -
298 183 306 624
Current liabilities 17 077 14 348
Trade and other payables 9 316 6 828
Unitholders for distribution 7 738 7 518
Receiver of revenue 23 2
315 260 320 972
Net asset value per linked unit
including intangibles (rands) 10.05 9.83
Net asset value per linked unit
excluding intangibles (rands) 8.70 8.50
Statement of Changes in Equity
Share Share Distributable
Capital Premium Reserve Total
R'000 R'000 R'000 R'000
Balance at 30 June 2000 143 716 (240) 619
Issue of shares (10) - - (10)
Discount on debentures - - 2 625 2 625
Attributable earnings - - (46) (46)
Balance at 31 December 2000 133 716 2 339 3 188
Balance at 01 July 1999 - - - -
Issue of shares 143 244 - 387
Attributable earnings - - 396 396
Balance at 31 December 1999 143 244 396 783
Comment
Spearhead has performed well in the first half of the year and has exceeded
operating budgets in all areas.
Financial Performance
Earnings per linked unit rose by 12.6% over the corresponding period of last
year, mainly due to flow-through benefits from the share buy-back programme.
This has allowed a 10.5% increase in the interim distribution per linked unit
to 58 cents per linked unit.
Operating expenses were well curtailed over the period with a 6% saving on
budget, which contributed strongly to profitability.
Portfolio activity
One property, the Buitenkant Street Complex, was sold during the period for
R8.3m at a R300 000 profit. This was in line with the strategy to monitor and
upgrade the quality of the portfolio.
Occupancy levels rose to 94% at the end of the period, up from 92% for the
corresponding period last year.
Prospects
The company is on target to achieve its budgeted net profit for the full year
equivalent to an increase in earnings per linked unit of 9%.
Directorate
Cavin Chait resigned as a director of the company with effect from 1 February
2001.
Distribution declaration
Notice is hereby given of the declaration of distribution number 3 in respect
of the six months to 31 December 2000. The distribution amounts to 58 cents per
unit and is payable to unitholders registered at the close of business on 20
March 2001. Payment will be effected on or about 30 March 2001.
On behalf of the Board
F van Hoogstraten MN Flax
Chairman Managing Director
Cape Town
26 February 2001
For more information on the company, see: www.spearheadprop.com
Directors: F van Hoogstraten (Chairman), M N Flax (Managing), J E Allie, A
Groll, H Schreuders, D M Wilder, G R Ziman
Registered Office: Level P, The Centurion, Main Road, Three Anchor Bay, Cape
Town, 8001
Registration Number 1996/005827/06
Transfer Secretaries: Mercantile Registrars Limited,
11 Diagonal Street, Johannesburg, 2001. PO Box 1053,
Johannesburg, 2000
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