| Fri 25 May 2001, 0:00 | | Atlas Properties Limited - Interim Report |
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ATLAS PROPERTIES LIMITED
Reg. No. 1988/00742/06
INTERIM REPORT
for the six months ended 31 March 2001
The consolidated unaudited results of the group for the six months ended 31
March 2001 are as follows:
Unaudited Unaudited Audited
March March September
2001 2000 2000
R'000 R'000 R'000
Distribution
Net income distributed to unitholders (R'000)
Debenture interest 14 236 13 522 31 416
Dividend 128 121 282
Total 14 364 13 643 31 698
Linked units in issue ('000) 40 559 40 559 40 559
Distribution per linked units (cents)
Debenture interest 35,099 33,337 77,456
Dividend 0,316 0,299 0,696
Total 35,415 33,636 78,152
Net asset value (cents) 630 631 631
Consolidated income statement
Revenue 33 348 31 336 63 442
Trading income 17 077 16 519 36 989
Less - depreciation (456) (454) (786)
Interest capitalised - - 142
Interest received 681 357 823
Less - interest paid on borrowings (2 922) (2 764) (5 435)
Net operating income 14 380 13 658 31 733
Capital item - write-off of goodwill (313) (313) (627)
Income before debenture interest 14 067 13 345 31 106
Debenture interest (14 236) (13 522) (31 416)
(Loss)/income after debenture interest
and before taxation (169) (177) (310)
Taxation (16) (15) (35)
(Loss)/income after taxation (185) (192) (345)
Transfer from non-distributable
reserves 313 313 627
Dividends (128) (121) (282)
Retained income
after taxation and dividends - - -
Abridged consolidated balance sheet
Total capital 59 150 60 092 59 620
Debentures 196 787 196 471 196 629
Other long term liabilities 46 475 43 164 42 115
Current liabilities 27 897 22 922 28 133
Capital employed 330 309 322 649 326 497
Fixed assets 304 473 295 121 303 082
Goodwill 11 593 12 221 11 907
Loans 7 596 7 250 6 735
Current assets 6 647 8 057 4 773
Employment of capital 330 309 322 649 326 497
Capital expenditure
Expenditure incurred 1 931 6 354 14 753
Authorised and unspent 5 969 9 825 1 264
Committed 5 250 7 810 1 238
Statement of changes in equity Non-dis
tribu Distri-
Share Share table butable
Capital Premium Reserve Reserve Total
R'000 R'000 R'000 R'000 R'000
Balance at 1/10/1999 2 016 4 043 54 467 - 60 526
Loss attributable to shareholders (345) (345)
Transfer from non-distributable reserve (627) 627 0
Dividend (282) (282)
Increase in share capital 12 25 37
Amortisation of debenture discount (316) (316)
Balance at 1/10/2000 2 028 4 068 53 524 - 59 620
Loss attributable to shareholders (185) (185)
Transfer from non-distributable reserve (313) 313 0
Dividend (128) (128)
Increase in share capital
Amortisation of debenture discount 157 (157)
Balance at 31/03/2001 2 028 4 068 53 054 0 59 150
Note
The same accounting policies and methods of computation were followed as
adopted in the financial statements for the year ended 30 September 2000.
Comments
The distribution for the six months at 35,415 (2000: 33,636) cents per unit
is 5,28% higher than the previous year.
Building vacancies were 6,1% (2000: 9,0%) of lettable area, or 5,0% (2000:
5,2%) of gross rental income.
Vacancies are expected to increase during the second half of the financial
year due to a major lease expiring, but are not expected to materially
affect earnings.
E Osrin Cape Town
Director 25 May 2001
Declaration of interim dividend and interest on debentures
Notice is hereby given that an interim distribution of 35,415 cents (2000:
33,636 cents), consisting of interest of 35,099 cents (1999: 33,337 cents)
per debenture and a dividend of 0,316 cents (2000: 0,299 cents) per share
has been declared in respect of the six months ended 31 March 2001, payable
to unitholders registered on 15 June 2001. The linked units will start
trading ex dividend on Monday 18 June 2001. Dividend and interest cheques
will be posted to unitholders on or about 29 June 2001.
By order of the board
Atlas Property Services (Pty) Limited Cape Town
Secretaries 24 May 2001
Registered address: 121 Roodebloem Road, Woodstock
Transfer secretaries: Mercantile Registrars, 10th Floor, 11 Diagonal Street,
Johannesburg, 2001
