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HPA HPB
HPA
HPA/HPB - Hospitality Property Fund Limited - Trading statement
HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Share code for A-linked units: HPA
ISIN for A-linked units: ZAE000076790
Share code of B-linked units: HPB
ISIN for B-linked units: ZAE000076808
("Hospitality" or "the Company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, property
entities are required to publish a trading statement as soon as they are
reasonably certain that the distribution for the next distribution period
will differ by at least 15% from that of the previous corresponding
period.
Hospitality`s distributable earnings per combined A and B unit for the
six months ending 31 December 2011 are expected to be at least 28% lower
than the corresponding period in the previous financial year. This is
primarily due to the subdued economy reflecting in low levels of demand
and intense competition, together with higher than inflationary increases
in municipal rates and electricity costs. The previous corresponding
period also included the last 11 days of the Fifa Soccer World Cup 2010
during when the Company reaped the benefits of higher demand.
Additionally, the Arabella portfolio which was transferred to the Company
during May 2011, was impacted by particularly poor winter trading
conditions in the Western Cape during the initial take-on period. While
these properties have since shown strong recovery, it is not sufficient
to make up the initial trading deficit. Furthermore, the profits from the
Courtyard Joint Venture have been significantly lower than the previous
year.
Due to its preferential claim to earnings with growth of 5% per linked
unit, the A-linked unit distributions for this period will remain
unaffected
Unitholders are advised that distributable earnings per B-linked unit for
the six months ending 31 December 2011 are expected to be at least 80%
lower than the corresponding period in the previous year.
This distribution forecast has not been reviewed or reported on by the
Company`s auditors. The Company`s interim results for the six months
ending 31 December 2011 are expected to be released on SENS on or about
22 February 2012.
Johannesburg
5 December 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/12/2011 09:37:00 Produced by the JSE SENS Department.
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