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GROWTHPOINT PROPERTIES LIMITED
Registration number 1987/004988/06
Final report for the year ended 31 March 2001
SUMMARISED INCOME STATEMENT FOR THE YEAR ENDED
March March
2001 2000 %
R000 R000 Change
Turnover 19 780 23 159 -14.59
Net income from properties 15 621 18 006 -13.25
Other operating income
less expenses 299 9 154
15 920 27 160
Net financing costs (15 681) (19 843)
Profit before taxation 239 7 317
Taxation (1) (136)
Profit for the year 238 7 181
Headline earnings
Profit after tax before
debenture interest 5 544 12 352
Less net of surplus on sale
of properties and write downs (928) (9 678)
Headline earnings 4 616 2 674
Earnings per linked unit (cents) 16.36 36.44
Headline earnings per
linked unit (cents) 13.62 7.89
Combined distribution
per unit (cents)
Interim 6.07 7.86
Final 9.60 7.41
15.67 15.27 2.62
SUMMARISED BALANCE SHEET AS AT 31 MARCH
March March
2001 2000
R000 R000
Assets
Non current assets -
Property & long
term receivables 126 197 125 301
Current assets 6 705 9 804
132 902 135 105
Equity &liabilities
Capital and reserves 47 541 47 308
Non-current liabilities 79 445 78 305
Current liabilities 5 916 9 402
132 902 135 105
Number of units in issue 33 896 383 33 896 383
SUMMARISED CASH FLOW STATEMENT FOR THE YEAR ENDED
March March
2001 2000
R000 R000
Net increase in cash and
cash equivalents 1 073 1 337
Cash and cash equivalents at
the beginning of the year 3 674 2 337
Cash and cash equivalents at
the end of the year 4 747 3 674
SUMMARISED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED
March March
2001 2000
R000 R000
Share capital at beginning
and end of year 339 339
Debenture capital at beginning
and end of year 54 260 54 260
Non-distributable reserves
(see retained earnings) - 8 006
Accumulated loss at
beginning of year (15 297) (15 165)
Transfer from/(to)
non-distributable reserves 8 008 (7 308)
Profit for the year 238 7 181
Dividends (5) (5)
Accumulated loss at end of year (7 058) (15 297)
Financial results of the group
The turnover of the group is 14.6% below the previous year as a result of the
sale of two properties last year. Accordingly the net income from properties is
down. The larger drop in interest paid is as a result of lower rates of
interest for the current year together with a lower level of borrowings for the
full financial year.
Despite difficult trading conditions and a large increase in the provision for
doubtful debts the combined income per unit is 2.62% above that of 2000.
Cautionary announcement
Shareholders are referred to cautionary announcements dated 5 March 2001 and 18
April 2001.
Property portfolio
Vacancies are at 6.41% compared to 11% at March 2000.
2001 2000
R000 R000
Abnormal item included in other
operating income less expenses
Surplus on sale of properties 983 15 771
Write down in value of properties (55) (3 632)
Write off of preliminary expenses - (2 461)
928 9 678
STRATE
Growthpoint is scheduled to move to the STRATE system during June. Shareholders
have already received a letter from the company informing them as to the
procedures to be followed in this regard.
Declaration of dividend and interest payment
Notice is hereby given of dividend declaration number 27 of 0.0096 cents per
share and debenture interest payment number 27 of 9.5904 cents per unit of 10
debenture for the income distribution period 1 October 2000 to 31 March 2001.
The distribution amounts to 9.600 cents per unit payable to unitholders
registered in the books of the company at the close of business on Friday 11
May 2001. Dividend cheques will be mailed on or about 25 May 2001.
By order of the board
CMLiebenberg
Secretary 24 April 2001
Growth Properties Limited
Registered office: Growthpoint Manager (Proprietary)Limited, Registration
number 1987/004982/07.
100 Grayston Drive Sandown, Sandton 2196. PO Box 78949 Sandton 2146
Transfer secretary: Mercantile Registrars Limited, Registration number
1987/003382/06. 11 Diagonal street, Johannesburg 2001. PO Box 1053 Johannesburg
2000.
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