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Final results and dividend declaration for the year ended 31 March 2001
Income statement for the year ended 31 March
R'000 R'000 %
2001 2000 Change
Turnover 80 394 48 840 64.61
Net property income before interest paid 67 884 40 507 67.59
Interest paid (29 627) (12 933) 129.08
Net operating income 38 257 27 574 38.74
Profit (loss) on disposal of
investment properties 291 (2 628)
Net income before debenture
interest and tax 38 548 24 946
Debenture interest paid (38 178) (27 549) 38.58
Net income before taxation 370 (2 603)
Taxation (37) (11)
Net income after taxation 333 (2 614)
Transfer to non-distributable reserve (291) 2 628
Net profit for year 42 14
Earnings and distribution per linked unit 39.00 36.00 8.33
Interim to September 17.52 18.41
Interim to December - 10.85
Final to March 21.48 6.74
Balance sheet as at 31 March R'000 R'000
2001 2000
ASSETS
Non-current assets 664 084 428 285
Current assets 23 120 11 534
TOTAL ASSETS 687 204 439 819
EQUITY AND LIABILITIES
Capital and reserves 387 434 258 900
Non-current liabilities 271 641 170 367
Current liabilities 28 129 10 552
687 204 439 819
Number of units in issue 116 536 524 97 991 069
Statement of changes in equity R'000 R'000
2001 2000
Share capital and debentures issued 40 800 50 000
Changes in preliminary and issue expenses - 1 568
Changes in accumulated profits and reserves
Net income after taxation 333 (2 614)
Revaluation of investment properties 87 439 -
Dividends (38) (28)
Net increase in equity 128 534 48 926
Equity at beginning of year 258 900 209 974
387 434 258 900
Cash flow statement R'000 R'000
2001 2000
Cash flow from operating activities 16 528 (7 650)
Cash flow from investing activities (148 070) (152 609)
Cash flow from financing activities 142 075 161 677
Net increase in cash and cash equivalents 10 533 1 418
Cash and cash equivalents at beginning of year 3 785 2 367
Cash and cash equivalents at end of the year 14 318 3 785
Financial results of the group
Distributable income reflects a growth of 8.33% over the March 2000 results.
This is in line with the forecasts of the directors. The large increase in
turnover and interest paid is a result of the acquisitions during the year. In
line with our conservative policies the directors have considered it necessary
to increase the provision for doubtful debts by R2.17 million.
Share capital
On 5 October 2000 the company issued 18 545 455 additional linked units to
partially fund the acquisition of 25 properties as stated below.
Property portfolio
On 5 October 2000 the company took transfer of 25 properties acquired from Old
Mutual. Details of these properties are contained in the circular to
shareholders issued in September 2000. The properties acquired have
significantly enhanced the Metprol portfolio and has given the company a
greater geographical spread of properties.
At 31 March 2001 some 67% of the total lettable area is occupied by major
industrial companies. The portfolio is 92% let based on gross lettable area. As
a result of the sale of a property in Alrode in April the portfolio will be
93.5% let. The increase in vacancies is as a result of two tenants going
insolvent.
The directors have assumed that most of this space will be vacant during the
year to March 2002.
Borrowings
At 31 March 2001 78% of the group's borrowings have been fixed for varying
periods. The average rate of interest over these periods amounts to 13.51%. In
terms of the Memo & Articles of Association borrowing cannot exceed 50% of the
directors' valuation of the portfolio. At 31 March 2001 borrowings amounted to
at 41% of the directors' valuation on the property portfolio.
Further prospects
The directors anticipate growth of 8% for the next financial year based on
realistic assumptions.
Post balance sheet events
On 30 April 2001 the shareholders at a general meeting approved the acquisition
by the company of a further 24 properties for a consideration plus costs of
R199.650 million. Transfer of these properties took place on 2 May 2001.
Details of the properties are included in a circular posted to shareholders on
6 April 2001. The purchase price was settled through the issue of 39 078 431
new linked units at a price of R2.55 per linked unit, and additional borrowings
of R100 million. The borrowings have been fixed for 10 years at an interest
rate of 13.7%, with no capital repayment in the 10 year period.
In April the company concluded a sale of a property in Alrode that is currently
vacant.
STRATE
Metprol is scheduled to move to the STRATE system during June 2001.
Shareholders have already received a letter from the company informing them of
the procedures to be followed in this regard.
Declaration of dividends and interest payments
A final distribution number 7 of 0.0215 cents per share and debenture interest
payment number 7 of 21.4585 cents per debenture was declared on 12 April 2001
for the period 1 October 2000 to 31 March 2001. Payment of the total of 21.48
cents per linked unit will be on Friday 11 May 2001.
In order to facilitate the issue of the new units for the acquisition referred
to under post balance sheet events above, a first interim dividend number 8 of
0.0034 cents per share and debenture interest payment number 8 of 3.3966 cents
per debenture for the period 1 April 2001 to 30 April 2001 was declared on 12
April 2001. Payment of the total of 3.40 cents per linked unit will be on
Friday 11 May 2001.
By order of the board
C M Liebenberg
Secretary 5 May 2001
Metboard Properties Limited Registration number 1998/005425/06
Registered office: 100 Grayston Drive, Sandown, Sandton 2196, PO Box 78949,
Sandton 2146.
Transfer secretary: Mercantile Registrars Limited, Registration number
1987/000519/06, 11 Diagonal Street, Johannesburg 2001,
PO Box 1053, Johannesburg 2000.
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