| Tue 27 Feb 2001, 0:00 | | Rand Leases Properties Boosts Earnings 46% |
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RAND LEASES PROPERTIES LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NUMBER 78/000870/06
Unaudited Interim Results for the six months ended 31 December 2000
HIGHLIGHTS
Acquisition of ten A-grade office buildings in decentralised nodes completed.
Building operations at Hackle Brooke Office Park commenced.
Sale of land holdings in Stilfontein together with all rehabilitation
obligations completed.
CONSOLIDATED INCOME STATEMENT
Six Months Ended Year ended
31 Dec 2000 31 Dec 1999 30 June 2000
R000's R000's R000's
Turnover 17 208 40 791 65 898
Income from investment
buildings 4 763 - 1 592
Income from other operations 4 330 4 067 8 486
Net interest income/(expense) (2 913) 1 442 2 001
Income before distribution
to unit holders 6 180 5 509 12 079
Debenture interest - - 7 451
6 180 5 509 4 628
Taxation - 1 293 1 293
Profit after taxation 6 180 4 216 3 335
Headline earnings per
linked unit (cents) 16,87 16,27 31,85
Fully diluted earnings per
linked unit (cents) 16,42 16,27 30,73
Distribution per linked
unit (cents) - - 20,00
Weighted average linked
units in issue - 000's 36 644 33 867 33 867
Linked units in issue - 000's 37 644 33 867 33 867
Consolidated Balance Sheet
31 Dec 2000 31 Dec 1999 30 June 2000
R000's R000's R000's
ASSETS
Non-current assets 182 723 103 881 106 543
Fixed assets 1 036 2 570 1 088
Investment property 114 175 - 31 882
Marketable securities 292 563 141
Development property 67 220 95 799 68 210
Rehabilitation Trust Fund - 4 949 5 222
Current assets 15 652 30 087 38 291
Trade and other receivable 12 123 3 993 8 286
Cash and bank balances 3 529 26 094 30 005
Total assets 198 375 133 968 144 834
EQUITY AND LIABILITIES
Capital and reserves 74 154 71 929 70 402
Non-current liabilities 107 299 51 718 55 593
Long-term liabilities
- debentures 22 963 20 659 20 659
Long-term liabilities
- bonds 83 330 12 616 16 238
Rehabilitation obligations - 17 417 17 690
Deferred taxation 1 006 1 026 1 006
Current liabilities 16 922 10 321 18 114
Trade and other payable 16 254 10 183 10 737
Taxation payable 506 4 524
Shareholders for dividends
and debenture interest 162 134 6 853
Total equity and liabilities 198 375 133 968 144 109
Consolidated Cash Flow Statement
Six Months Ended Year Ended
31 Dec 2000 31 Dec 1999 30 June 2000
R000's R000's R000's
Cash flow from operating
activities (2 002) 5 800 17 982
Cash flow from investing
activities (71 064) (15 832) (23 737)
Cash flow from financing
activities 46 590 8 621 8 256
Net decrease/increase in
cash and equivalents (26 476) (1 411) 2 501
Cash and equivalents
at beginning of period 30 005 27 505 27 504
Cash and equivalents
at end of period 3 529 26 094 30 005
Statement of changes in equity
Equity at beginning
of period 70 402 62 647 67 115
Issue of new shares (2 428) 4 468 -
Net income for the period 6 680 - 3 335
Dividends to linked units - - (48)
Equity at end of period 74 654 67 115 70 402
OPERATIONS
Rental Portfolio
The company has started to realise the benefits of the strategy of
re-deployment to quality recurring income with a contribution of R4,8-million
from these sources during the period under review. The rental portfolio has
been expanded with the acquisition of four buildings in Bruma, Johannesburg,
for R62-million, four buildings in Illovo, Sandton, for R13,9-million, and a
building in Wierda Valley, Sandton, for R5-million. The full benefits of these
acquisitions will begin to accrue in the next six-month period.
Development Activities
Hackle Brooke Office Park
The installation of engineering services and the construction of the first
building is proceeding on schedule. Seven sites will be developed for sale or
lease according to demand. Enquiries are encouraging at this early stage.
Housing Project
Bram Fischerville
During the period under review, 175 houses were brought to account.
Infrastructure and housing development is proceeding according to programme and
the income contribution from this project is anticipated to marginally exceed
last year's contribution. Marketing of a new section, on which 600 bonded
houses are to be built, is progressing satisfactorily.
Sale of Houses - East Rand
Demand for houses in Boksburg on the East Rand remained constant during the
period under review following the easing of interest rates. A total of 12
houses were sold in the six months to December 2000.
RESULTS OF OPERATIONS
Income after taxation for the six months under review of R6,2-million is
R2-million or 46% higher than the corresponding period in the previous
financial year, as a result of rentals received on the newly acquired
investment properties. However, earnings per linked unit remained static as a
result of the higher number of linked units in issue.
Turnover was significantly lower than the corresponding period last year due to
lower volumes of construction on the low-cost housing project. The borrowings
incurred for the acquisition of a property portfolio gave rise to an interest
charge.
DECLARATION OF DIVIDENDS AND DEBENTURE INTEREST
No dividends and debenture interest has been declared in the current period
which is in line with current company policy. From the next financial year an
interim and final dividend and debenture interest payment will be made.
Registered Office
5 Press Avenue
Selby
2025
Transfer Secretaries
Mercantile Registrars Limited
8th Floor, Mercantile Building
11 Diagonal Street, Johannesburg 2001
For and on behalf of the board:
RAR Kebble - Chairman
G Fischer - Managing Director
Johannesburg
28 February 2001
