| Fri 16 Mar 2001, 0:00 | | Putpro - Interim Report And Dividend Announcement |
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Putco Properties Limited
Co. Reg. No. 1988/001085/06
Interim report and Dividend announcement
The consolidated results of Putco Properties Limited and its subsidiaries for
the six months ended 31 December 2000
Unaudited Unaudited Audited
six months to six months to year to
31 December 31 December Change 30 June
R'000 Notes 2000 1999 % 2000
Income statement
Turnover
Gross rentals 13 670 12 714 7,5 26 420
Deduct cost of operating 174 408 (57,4) 955
Income before interest 13 496 12 306 9,7 25 465
Interest received 397 648 (38,7) 1 297
Interest paid (3) (839) (99,6) (1 573)
Net income before taxation 13 890 12 115 14,7 25 189
Taxation 4 602 4 099 12,3 8 820
Net income after taxation 9 288 8 016 15,9 16 369
Earnings per share (cents) 1 32,3 27,8 56,9
Headline earnings per
share (cents) 2 32,3 27,8 56,9
- Dividends (cents per share)
- declared 14,0 12,0 36,0
Summarised balance sheet
ASSETS
Non-current assets 118 579 124 476 121 407
Current assets 8 676 7 725 4 170
Accounts receivable 7 172 517 803
- Bank, call and current accounts 1 504 7 208 3 367
Total assets 127 255 132 201 125 577
Equity and liabilities
Capital and reserves 120 309 116 611 115 052
-Non-current liabilities 689 10 621 667
-Current liabilities 6 257 4 969 9 858
Total equity and liabilities 127 255 132 201 125 577
Statement of changes in equity
Non-
Stated distributable Retained
capital reserves profit Total
Balance at 30 June 1999 4 146 75 770 32 132 112 048
- Net profit for the period 8 016 8 016
- Dividend paid (3 453) (3 453)
Balance at 31 December 1999 4 146 75 770 36 695 116 611
Reduction in valuation of properties (3 000) (3 000)
- Net profit for the period 8 353 8 353
- Dividend paid (6 912) (6 912)
Balance at 30 June 2000 4 146 72 770 38 136 115 052
Reduction in valuation of properties (2 697) 2 697 -
- Net profit for the period 9 288 9 288
- Dividend paid (4 031) (4 031)
Balance at 31 December 2000 4 146 70 073 46 090 120 309
Unaudited Unaudited Audited
six months to six months to year to
31 December 31 December 30 June
R'000 2000 1999 2000
Cash flow statement
Cash receipts from customers 7 562 12 508 25 977
Cash paid to suppliers (76) (311) (908)
Cash generated by operations 7 486 12 197 25 069
Investment income 397 648 1 297
Finance costs (3) (839) (1 573)
Taxation paid (5 661) (6 692) (9 931)
Dividends paid (6 910) (5 183) (8 638)
Cash inflow/(outflow) from operations (4 691) 131 6 224
Cash inflow/(outflow) from investment
activities
Purchase of assets (172) - (37)
Proceeds on disposal of property 3 000 - 103
Cash outflow from financing activities
(Decrease) in long-term liabilities - - (10 000)
Net increase/(decrease) in cash (1 863) 131 (3 710)
Bank balances at beginning of period 3 367 7 077 7 077
Bank balances at end of period 1 504 7 208 3 367
Notes
1. Number of shares in issue (000's) 28 793 28 793 28 793
2. Headline earnings 9 288 8 016 16 369
Net income after taxation 9 554 8 016 16 369
Profit on disposal of fixed assets 266 - -
Tax effect - - -
3. Net asset value per share (cents) 418 405 400
General review
Gross rentals increased by 7,5% over the same period of 1999.
Net income before taxation increased by 14,7%.
Capital commitments
The group had capital expenditure commitments at 31 December 2000 of R608 000
(1999: R567 000). This amount, representing the balance of the purchase price
on the Mamelodi property has now become due and will be settled in January 2001
Future prospects
The Edenvale property has been disposed of for a net of R3 million, its book
value.
As stated in my 2000 Annual Report, the lease agreements for the Wynberg and
Faraday properties have now expired. No alternative tenants or purchasers have
been found yet and it is not very likely that the Wynberg property can be
disposed of at current value.
Both properties are currently valued at R4 million. Management is in the
process of reviewing these values.
An offer at current book value for the Inanda property has been received and is
under consideration.
Dividends
Your directors have decided to declare an interim dividend of 14 cents (1999:
12 cents) per share. This dividend will be paid on or about 20 April 2001, to
shareholders registered on 6 April 2001.
On behalf of the board
A Carleo (Chairman and Chief Executive Officer)
F Vorster (Managing Director)
13 March 2001
Registered office
Mimosa Park, Mimosa Way
Gallo Manor, Sandton
(Private Bag 3
Wendywood 2144)
Transfer secretaries
Mercantile Registrars Limited
8th Floor
11 Diagonal Street
Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
