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OAS
OAS
OAS - Oasis - Final Abridged Audited Results and Income Distribution
Declaration
Oasis Crescent Property Fund
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
Share code: OAS ISIN: ZAE000074332
("Oasis" or "the Fund")
Final abridged audited results and income distribution declaration
The directors of Oasis Crescent Property Fund Managers Limited ("OCPFM") the
management company of the Oasis Crescent Property Fund (the "Fund"), present
the abridged audited results of the Fund for the year ended 31 March 2012 as
follows:
Statement of financial position as at 31 March 2012
2012 2011
R`000 R`000
Assets
Non-current assets 563 152 519 746
Investment properties 386 964 372 812
Property, plant and 18 30
equipment
Straight-line lease 9 536 10 458
accrual
Available-for-sale 166 634 136 446
financial assets
Current assets 46 497 35 548
Trade receivables 3 431 4 108
Other receivables 2 469 2 723
Financial assets at
fair value
through profit or 35 578 21 790
loss
Cash and cash 5 019 6 927
equivalents
Total assets 609 649 555 294
Unitholders` funds and
liabilities
Unitholders` funds 585 234 529 192
Capital of the Fund 446 794 414 809
Retained income 295 449
Non-distributable 127 088 117 331
reserve
Fair value
profit/(loss) on
available-for-
sale financial 11 057 (3 397)
assets
Current liabilities 24 415 26 102
Trade payables 4 437 4 063
Accruals 233 206
Other payables 957 1 324
Trade payables to 446 47
related parties
Unitholders for 18 229 20 285
distribution
Non-permissible income
available for
dispensation 113 177
Total unitholders`
funds and
liabilities 609 649 555 294
NAV (per unit) 1 439 1 376 cents
cents
Statement of comprehensive income
for the year ended 31 March 2012
2012 2011
R`000 R`000
Revenue 59 471 57 904
Rental and related income 52 117 50 749
Investment income 8 276 6 802
Straight-lining of lease (922) 353
income
Expenses 23 714 20 448
Property expenses 20 343 17 414
Service charges 2 577 2 363
Other operating expenses 794 671
Net income from rentals and
investments 35 757 37 456
Fair value adjustment to
investment
properties excluding
straight-
lining of lease income 10 679 8 397
Fair value adjustment to
investment
properties 9 757 8 750
Straight-lining of lease 922 (353)
income
Operating profit for the 46 436 45 853
year
Net non-permissible
investment
income 514 208
Non-permissible investment
income
received 519 214
Interest paid (5) (6)
Net profit for the year 46 950 46 061
Other comprehensive income
Fair value gain on
available-for-
sale financial assets 14 454 13 072
Total comprehensive income
for
the year 61 404 59 133
Basic earnings per unit
including
non-permissible income 118.0 121.8
(cents)
Reconciliation of distributable
income for the year ended 31 March
2012
2012 2011
R`000 R`000
Reconciliation of
distributable income:
Rental and related income 52 117 50 749
Less: Property expenses (20 343) (17 414)
Property operating income 31 774 33 335
Investment income 8 949 6 567
Less: Investment expenses (5) (6)
Investment operating income 8 944 6 561
Service charges and other
operating
expenses (3 371) (3 034)
Distributable income
including
non-permissible income 37 347 36 862
Non-permissible rental (641) (1 241)
income
Non-permissible interest (474) (199)
income
Distributable income
excluding
non-permissible income 36 232 35 422
Distribution including
non-permissible income 93.9 97.4
(cents)
Interim distribution per
unit (cents) 48.8 49.5
Final distribution per unit 45.1 47.9
(cents)
Additional information:
Headline earnings and 46 950 46 061
distributable income
reconciliation
Net profit for the period
Adjusted for:
Fair value adjustment to (10 679) (8 397)
investment properties
Headline earnings 36 271 37 664
Less fair value adjustment 154 (449)
on financial assets at fair
value through profit or
loss
Less straight line lease 922 (353)
accrual
Distributable income 37 347 36 862
including non-permissible
income
Non-permissible rental (641) (1 241)
income
Non-permissible investment (474) (199)
income
Distributable income 36 232 35 422
excluding non-permissible
income
Basic earnings per unit 118.0 121.8
including non-permissible
income (cents)
Headline earnings and
diluted
headline earnings per
unit
including non-permissible
income (cents) 91.2 99.6
Distribution per unit
including non-
permissible income 93.9 97.4
(cents)
Distribution per unit
excluding non-
permissible income 91.1 93.6
(cents)
Weighted average units in 39 786 095 37 832 250
issue
Units in issue at the end 40 665 493 38 448 017
of the year
Statement of changes in
unitholders` funds for the year
ended 31 March 2012
Non- Avail-
Capital distri- able-
for-
of the butable sale Retain
ed
fund reserve reserve income Total
R`000 R`000 R`000 R`000 R`000
Balance at 1 402 487 108 581 (16 - 494 599
April 2010 469)
Net profit for
the year
ended 31 - - - 46 061 46 061
March 2011
Other
comprehensive
income
Fair value
gain on
available-
for-sale
financial - - 13 072 - 13 072
assets
Total
comprehensive
income for
the year
31 March - - 13 072 46 061 59 133
2011
Issue of units
in lieu
of 13 094 - - - 13 094
distribution
Transaction
costs for
issue of new (195) - - - (195)
units
Transfer to
non-
- 8 750 - (8 -
distributable 750)
reserve
Distribution
received
in advance (577) - - 577 -
Distribution
to
unitholders - - - (35 (35 999)
999)
Dispensation
of non-
permissible - - - (1 (1 440)
income 440)
Balance at 1 414 809 117 331 (3 397) 449 529 192
April 2011
Net profit for
the year
ended 31 - - - 46 950 46 950
March 2012
Other
comprehensive
income
Fair value
gain on
available-
for-sale
financial - - 14 454 - 14 454
assets
Total
comprehensive
income for
the year
31 March - - 14 454 46 950 61 404
2012
Issue of units
in lieu
of 32 496 - - - 32 496
distribution
Transaction
costs for
issue of new (207) - - - (207)
units
Transfer to
non-
- 9 757 - (9 -
distributable 757)
reserve
Distribution
received
in advance (304) - - 304 -
Distribution
to
unitholders - - - (36 (36 536)
536)
Dispensation
of non-
permissible - - - (1 (1 115)
income 115)
Balance at 31 446 794 127 088 11 057 295 585 234
March 2012
Statement of the cash flows for
the year ended 31 March 2012
2012 2011
R`000 R`000
Cash flows from operating
activities
Net profit for the period 46 950 46 061
Adjusted for:
Non-permissible investment income (519) (214)
received
Interest paid 5 6
Depreciation 12 12
Provision for receivables (468) 94
impairment
Straight-line lease accrual 922 (353)
Fair value adjustment on financial
assets
at fair value through profit or 154 (449)
loss
Fair value adjustment to
investment
properties excluding straight-
lining of
lease income (10 679) (8 397)
36 377 36 760
Decrease/(increase) in current
assets
Trade receivables 1 145 (168)
Other receivables 254 1 624
(Decrease)/increase in current
liabilities
Trade payables 374 977
Accruals 27 (43)
Other payables (367) (261)
Trade payables to related parties 399 34
Cash generated from operations 38 209 38 923
Interest paid (5) (6)
Non-permissible investment income 519 214
received
Unitholders for distribution (6 056) (22 754)
Non-permissible income dispensed (1 219) (1 594)
Net cash inflow from operating 31 448 14 783
activities
Cash flows from investing
activities
Acquisition of available-for-sale
financial assets (15 734) (19 607)
Acquisition of financial assets at
fair
value through profit or loss (20 442) (31 342)
Additions to investment properties (3 473) (107)
Proceeds from sale of financial
assets
at fair value through profit or 6 500 10 001
loss
Net cash outflow from investing (33 149) (41 055)
activities
Cash flows from financing
activities
Transaction cost (207) (195)
Net cash outflow from financing
activities (207) (195)
Net decrease in cash and
cash equivalents (1 908) (26 467)
Cash and cash equivalents
At beginning of period 6 927 33 394
At end of period 5 019 6 927
Segmental information for the year ended 31
March 2012
Indus- Invest-Cor-
Retail Offices trial ments porate Total
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and
related income 22 289 9 718 20 110 - - 52 117
Income from
investments
excluding non-
permissible
income
Dividend income
offshore - - - 5 693 - 5 693
Permissible
investment
income -
domestic - - - 2 737 - 2 737
Fair value
adjustment
financial
assets at fair
value through
profit or loss - - - (154) - (154)
22 289 9 718 20 110 8 276 - 60 393
Segment expense
Property
expenses 12 753 3 196 4 252 - 142 20 343
Service charges - - - - 2 577 2 577
Other operating
expenses - - - - 794 794
12 753 3 196 4 252 - 3 513 23 714
Segment result
Operating
profit/(loss) 9 536 6 522 15 858 8 276 (3 513) 36 679
Net finance
income
Net interest
received - - - 514 - 514
Net
profit/(loss)
before
straight-line
lease income
and fair value
change to
investment
properties 9 536 6 522 15 858 8 790 (3 513) 37 193
Straight-lining
of lease
income 157 (586) (493) - - (922)
Fair value
adjustment to
investment
properties 8 572 2 614 (507) - - 10 679
Net
profit/(loss)
after
straight-line
lease income
and fair
value change
to investment
properties 18 265 8 550 14 858 8 790 (3 513) 46 950
Segment assets
Investment
properties 164 735 69 882 152 347 - - 386 964
Property,
plant and
equipment 18 - - - - 18
Straight-line
lease accrual 3 995 188 5 353 - - 9 536
Available-for-
sale financial
assets - - - 166 - 166 634
634
Trade
receivables 1 382 204 818 1 027 - 3 431
Other
receivables 342 88 12 - 2 027 2 469
Financial
assets at
fair value
through profit
or loss - - - 35 578 - 35 578
Cash and cash
equivalents - - - 5 019 - 5 019
170 472 70 362 158 530 208 2 027 609 649
258
Segment
liabilities
Trade payables 2 958 480 816 - 183 4 437
Accruals (14) (4) (10) - 261 233
Other payables 570 2 55 - 330 957
Trade payables
to related
parties 115 - 81 - 250 446
Unitholders for
distribution - - - - 18 229 18 229
Non-permissible
income
available for
dispensation - - - - 113 113
3 629 478 942 - 19 366 24 415
Net current
assets (1 905) (186) (112) 41 624 (17 339) 22 082
Capital
expenditure 3 192 282 - - - 3 474
Segmental information
for the year ended 31
March 2011
Indus- Invest- Cor-
Retail Offices trial ments porate Total
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and
related income 21 996 8 766 19 987 - - 50 749
Income from
investments
excluding non-
permissible
income
Dividend income
offshore - - - 4 978 - 4 978
Permissible
investment
income -
domestic - - - 1 375 - 1 375
Fair value
adjustment
financial
assets at fair
value through
profit or loss - - - 449 - 449
21 996 8 766 19 987 6 802 - 57 551
Segment expense
Property
expenses 11 638 2 651 3 125 - - 17 414
Service charges - - - - 2 363 2 363
Other operating
expenses - - - - 671 671
11 638 2 651 3 125 - 3 034 20 448
Segment result
Operating
profit/(loss) 10 358 6 115 16 862 6 802 (3 034) 37 103
Net finance
income
Net interest
received - - - 208 - 208
Net
profit/(loss)
before
straight-line
lease income
and fair value
change to
investment
properties 10 358 6 115 16 862 7 010 (3 034) 37 311
Straight-lining
of lease
income (47) 315 85 - - 353
Fair value
adjustment to
investment
properties (12 863) 10 365 10 895 - - 8 397
Net
profit/(loss)
after
straight-line
lease income
and fair
value change
to investment
properties (2 552) 16 795 27 842 7 010 (3 034) 46 060
Segment assets
Investment
properties 140 651 79 306 152 855 - - 372 812
Property,
plant and
equipment 30 - - - - 30
Straight-line
lease accrual 3 839 774 5 845 - - 10 458
Available-for-
sale financial
assets - - - 136 446 - 136 446
Trade
receivables 1 553 121 411 2 023 - 4 108
Other
receivables 261 291 148 - 2 023 2 723
Financial
assets at
fair value
through profit
or loss - - - 21 790 - 21 790
Cash and cash
equivalents - - - 6 927 - 6 927
146 334 80 492 159 259 167 186 2 023 555 294
Segment
liabilities
Trade payables 2 509 429 687 - 438 4 063
Accruals - - - - 206 206
Other payables 675 - 400 - 249 1 324
Trade payables
to related
parties 10 - 37 - - 47
Unitholders for
distribution - - - - 20 285 20 285
Non-permissible
income
available for
dispensation - - - - 177 177
3 194 429 1 124 - 21 355 26 102
Net current
assets (1 380) (17) (565) 30 740 (19 9 446
332)
Capital
expenditure - - 107 - - 107
Commentary
Basis of preparation and accounting policies
The financial statements of Oasis Crescent Property Fund have been prepared in
accordance with International Financial Reporting Standards (IFRS), AC 500, IAS
34, JSE listing requirements and the requirements of the Collective Investment
Schemes Control Act of 2002. The accounting policies applied in the preparation
of the financial statements are consistent with those used in the previous
year.
The non-permissible income is dispensed to the Oasis Crescent Fund Trust which
is a registered public benefit organisation. The accounting policies are
consistent with those applied in the most recent annual financial statements of
the Fund.
The financial statements are prepared on the historical cost basis as modified
by the revaluation of investment properties, financial assets at fair value
through profit or loss and available-for-sale financial assets.
PricewaterhouseCoopers Inc. has audited the financial information set out in
this report. Their unqualified audit report is available for inspection at the
Fund`s registered office.
Financial results
2012 2011
Distribution per unit 93.9 97.4
including non-permissible
income (cents)
Non-permissible rental per (1.6) (3.3)
unit (cents)
Non-permissible interest per (1.2) (0.5)
unit (cents)
Distribution per unit 91.1 93.6
excluding non-permissible
income (cents)
Property portfolio valuation 396.5 383.3
(Rm)
Investments portfolio 202.2 158.2
valuation (Rm)
Cash and cash equivalents 5.0 6.9
(Rm)
Net asset value per unit 1 439 1 376
(cents)
Listed market price at year 1 300 1 290
end (cents)
Comment
Since its listing, the focus of the Fund has been to:
- build a portfolio of quality properties through direct investments;
- attract high quality tenants;
- build an investment portfolio; and
- investment in listed global property for scalability, geographical and
currency diversification.
Overview
Your Fund had another consistent year of generating real growth in 2012, as it
has since inception even during years of severe market fluctuations. The Fund
delivered a total return of 8% compared to inflation of 6% for the year.
Looking back since the inception of the Fund, the cumulative performance is
103.3% compared to inflation over this period of 47.3%, showing substantial
inflation beating growth. This is annualised performance of 11.8% for the Fund
since inception against annual inflation of 6.3% during that that period.
Beating inflation by an average of 5.5% allows for real growth of wealth over
the long term.
Distribution per unit excluding non-permissible income decreased by 2.7% from
93.6 cents to 91.1 cents. The Net Asset Value has continued to grow, up by 4.6%
and reaching 1,439 cents per unit (2010: 1,376 cents), showing steady capital
appreciation.
The Fund has continued to deliver a competitive return relative to inflation:
2012 2011 2010 2009 2008 2007 2006
% % % % % % %
Oasis Crescent 8.0 12.5 9.5 8.9 7.5 11.5 17.1
Property Fund
actual return
Inflation 6.0 4.1 5.1 11.2 7.5 4.8 1.4
Notes:
1. Performance is based on total return (capital and distribution excluding non-
permissible income).
2. The return was realised at low risk due to no debt.
During the current reporting period the Fund issued 2.217 million units in lieu
of distribution. 1.144 million units were issued in June 2011 at 1,376 cents
per unit and 1.073 million units were issued in November 2011 at 1,388 cents
per unit.
3. Portfolio valuation
The investment properties were independently valued by Mills Fitchet Magnus
Penny (Pty) Ltd on 31 March 2012 and the portfolio was valued at R396.5
million.
4. Outlook
It is expected that trading conditions will remain challenging for the year
ahead and we are confident that the Fund is well positioned for these
conditions. Due to slow economic growth and high vacancy rates, property demand
is soft.
The Fund is in the fortunate position of having further potential to increase
the income earned on the direct property portfolio, and maximizing these
returns on existing assets will significantly improve the yield for investors.
The Fund`s global diversification decreases risk and provides exposure to high
quality global assets and is a unique characteristic of the Fund. The
substantial cash holdings of the Fund provide it with significant flexibility
to grow through value-enhancing acquisitions and developments.
5. Related-party transactions and balances
Oasis Crescent Property Fund Managers Limited is the management company of the
Fund in terms of the Collective Investment Schemes Control Act.
Oasis Group Holdings (Proprietary) Limited is a tenant at the Ridge@Shallcross.
As disclosed in the prospectus of Oasis Crescent Global Property Equity Fund a
management fee is charged for investing in the Oasis Crescent Global Property
Equity Fund by Oasis Global Management Company (Ireland) Limited, the manager
of the fund.
As disclosed in the prospectus of Oasis Crescent Income Fund a management fee
is charged for investing in the Oasis Crescent Income Fund by Oasis Crescent
Management Company Limited, the manager of the fund.
There are common directors to Oasis Crescent Property Fund Managers Limited,
Oasis Group Holdings (Proprietary) Limited, Oasis Global Management Company
(Ireland) Limited and Oasis Crescent Management Company Limited. Transactions
with related parties are executed on terms no less favourable than those
arranged with third parties.
Type of related party transactions
The Fund pays a service charge and a property management fee on a monthly basis
to Oasis Crescent Property Fund Managers Limited.
Related party transactions
2012 2011
R`000 R`000
Service charge paid to Oasis
Crescent Property Fund
Managers Limited 2 577 2 363
Property management fees paid to
Oasis Crescent
Property Fund Managers Limited 858 879
Rental and related income from
Oasis Group
Holdings (Proprietary) Limited
at the
Ridge@Shallcross 390 320
Related party balances
Trade payables to Oasis Group
Holdings (Proprietary)
Limited 115 47
Trade payables to Oasis Crescent
Property Fund
Managers Limited 331 -
446 47
Change in directorship
Mr. Busisa Jiya resigned as Non-executive Director of OCPFM with effect from 1
October 2011.
Declaration announcement in respect of unit distribution for the 6 months ended
31 March 2012
Notice is hereby given that a final unit distribution for the six-month period
ended 31 March 2012 of 3.05 units at 1 439.43 cents per unit (in aggregate),
for every 100 (one hundred) units so held, has been declared to unitholders
recorded in the register of OCPF at 12:00pm on Friday, 1 June 2012, and the
concomitant income distribution of 4 399.22 cents (in aggregate), after non-
permissible income, for every 100 (one hundred) units so held, which such
unitholders may elect to receive in lieu of the aforementioned unit
distribution, and which unit distribution comprises of the following three
payments, namely:
Cents Cents per Scrip
election
per unit 100 units (per 100
units)
Income category
(a) Property income 34.8894 3 488.94 2.42
(b) Offshore dividend income 5.9166 591.66 0.41
(c) Domestic permissible
investment income 3.1862 318.62 0.22
Total 43.9922 4 399.22 3.05
(a)-(c) collectively referred to as the "income distribution" and/or the "unit
distribution" as the case may be.
Unitholders should take note of the corporate timetable as set out below in
respect of the abovementioned unit and income distribution and the election in
terms thereof.
Salient dates and times 2012
Declaration announcement on SENS of unit
distribution and right of election to receive
income distribution Wednesday, 9 May
Circular and form of election posted to
unitholders Friday, 11 May
Finalisation announcement on SENS in respect of
unit distribution and right of election to
receive income distribution Friday, 18 May
Last day to trade in order to be eligible for
the unit distribution/income distribution Friday, 25 May
Trading commences ex-entitlement Monday, 28 May
Listing of maximum possible number of unit
distribution units at commencement of trade on Monday, 28 May
Closing date for the election of income
distribution at 12:00 pm Friday, 1 June
Record date for unit distribution Friday, 1 June
Unit certificates and/or income distribution
cheques posted and CSDP/broker accounts updated Monday, 4 June
Announcement of the results of the unit
distribution on SENS Monday, 4 June
Adjustment of number of new units listed on
or about Wednesday, 6 June
Note:
1. Units may not be dematerialised or rematerialised between Monday, 28 May
2012 and Friday, 1 June 2012 both days inclusive.
2. The above dates and times are subject to change. Any changes will be
released on the Securities Exchange News Service ("SENS").
3. All times quoted are South African times.
4. Dematerialised unit holders are requested to ascertain from their broker or
CSDP as to the cut-off time as stipulated in terms of their mandate required by
them in order to advise the transfer secretaries of their election.
5. If no election is made, unitholders will receive the unit distribution.
Tax Implications
In respect of the unit distribution (and concomitant income distribution), the
manager hereby advises unitholders, who will receive the unit distribution,
that for taxation purposes the property unit distribution, offshore dividend
unit distribution and domestic permissible investments income unit distribution
have different tax implications for unitholders as a result of such
distributions being classified as either a net property distribution, net
foreign income distribution or net domestic income distribution and accordingly
the provisions of Dividend Tax will not be applicable.
The Income Tax Act sections applicable to the distributions made are as
follows:
- Property income distribution - section 10 (k)
- Offshore dividend income distribution - section 10 (i)
- Domestic permissible investment income distribution - section10 (k)
- Realised gain in domestic permissible investment income distribution - 8th
schedule of Income Tax Act
Both resident and non-resident unitholders are encouraged to consult their
professional tax advisors with regard to their individual tax liability in this
regard.
A circular will be posted out to unitholders on or about Friday, 11 May 2012,
in respect of the unit and income distribution.
Cape Town
9 May 2012
Designated Adviser
PSG Capital (Pty) Limited
Date: 09/05/2012 17:16:41 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
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employees and agents accept no liability for (or in respect of) any direct,
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howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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