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PARAMOUNT PROPERTY FUND LIMITED
(Registration number 1945/019928/06)
INTERIM REPORT
for the six months ended 30 April 2001
The consolidated unaudited results of the group for the six months ended 30
April 2001 are as follows:
Audited
Unaudited 7 Months to
April 2001 October 2000
Notes R'000 R'000
CONSOLIDATED INCOME STATEMENT
Revenue 14 343 669
Trading income 10 737 179
Less - depreciation (231) -
Interest received 32 90
Less - interest paid on borrowings (8 424) (180)
Less - abnormal items - (5 501)
Income before taxation 2 114 (5 412)
Taxation 1 - -
INCOME TO UNIT HOLDERS 2 114 (5 412)
Linked units in issue ('000) 2 10 279 2 958
Earnings per unit (cents) 3 20.0 (18.3)
Annualised earnings
per unit (cents) 4 80.0 -
ABRIDGED CONSOLIDATED BALANCE SHEET
Total combined unit holders' funds 48 787 11 320
"B" debentures 5 95 306 -
Other long-term liabilities 235 114 -
Current liabilities 4 463 2 329
Capital employed 383 670 13 649
Fixed assets 371 918 10 661
Current assets 11 752 2 988
Total employment of capital 383 670 13 649
ABRIDGED CONSOLIDATED CASH FLOW
STATEMENT
Net profit/(loss) for the period 2 114 (5 412)
Adjustments for:
Interest received (32) (90)
Interest paid 8 424 180
Depreciation 241 -
Write down on revaluation - 5 298
Operating profit/(loss) before
working capital changes 10 747 (24)
Working capital changes 1 979 1 319
Cash generated from operations 12 726 1 295
Interest received 32 90
Interest paid (8 424) (180)
Net cash inflow from
operating activities 4 334 1 205
Net cash inflows/(outflows) from
financing activities 233 614 (500)
Net cash inflow from
capital raising activities 130 659 -
Cash outflows from investing activities (366 559) (73)
2 048 632
Cash and cash equivalents at
the beginning of the period (223) (855)
Cash and cash equivalents at
the end of the period 1 825 (223)
CAPITAL EXPENDITURE
There are capital commitments totalling approximately R1,5 million in
respect of the upgrading of a property. This will be financed from internal
resources.
STATEMENT OF CHANGES IN EQUITY
Non-distri Distri
Share Share "A" butable butable
capital premium debentures reserves reserve Total
Balance at
1/4/2000 296 13 599 - 45 2 792 16 732
Loss
attributable to
ordinary
shareholders (5 412) (5 412)
Balance at
31/10/2000 296 13 599 - 45 (2 620) 11 320
Share premium
converted
to debentures (13 390) 13 390 -
Increase in
share capital 732 732
Net increase
in share premium 1 758 1 758
Issue of
"A" debentures 32 863 32 863
Surplus to
30/4/2001 2 114 2 114
Balance at
30/4/2001 1 028 1 967 46 253 45 (506) 48 787
Notes:
1) No taxation has been provided as the company will be distributing its
income by way of interest on the "A" debentures.
2) The comparative figures have been restated to reflect the 1 for 10
capitalisation of ordinary shares which occurred on 2 March 2001.
A further 293 125 linked units will be issued on transfer of the one
property not yet transferred. (See Comments)
3) As the group earns the income on the property referred to in note 2, and
the debentures will qualify for full interest once issued, the earnings per
unit calculation has been based on 10 571 545 units.
4) The property portfolio was acquired with effect from 1 February 2001. The
results for this period accordingly represent only one quarter of trading
and the annualised earnings represent the results grossed up to an expected
full year's trading
5) The "B" debentures are convertible into linked units in 5 equal tranches,
commencing January 2002. The new linked units will participate in all income
from 1 November 2001 and each year thereafter.
6) There are no comparative figures for the previous 6 months' trading as
the company changed its year end from March to October 2000 and audited
results were produced for the 7 months ended 31 October 2000.
COMMENTS
Results
The results to 30 April 2001 are consistent with those projected in the
Circular to shareholders and Revised Listing Particulars circulated to
shareholders on 8 February 2001. As indicated in the Revised Listing
Particulars, the first distribution to shareholders will cover the period
ending 31 October 2001.
Accounting policies
The group results have been prepared on the basis of the accounting policies
which were set out in the Circular to shareholders dated 8 February 2001,
and which will be used in the preparation of the Financial Statements to 31
October 2001.
Property portfolio
The entire property portfolio as set out in the Revised Listing Particulars,
with the exception of property no 12 (Confram Park) was transferred into the
name of the company on 5 March 2001. The remaining property is currently
being subdivided from a larger erf, and transfer is anticipated in the near
future. In the interim the income from the property is accruing to the
company.
Prospects
It is anticipated that the Group will achieve its forecast earnings and
distribution of 60 cents per share for the current financial year. New
property acquisitions are being pursued and shareholders will be kept
appraised of developments as and when they occur.
BY ORDER OF THE BOARD
SPIRE PROPERTY SERVICES (PTY) LTD Cape Town
Secretaries 26 June 2001
Registered office Transfer Secretaries
Tannery Park Computershare Services Limited
23 Belmont Road 2nd Floor, Edura House
Rondebosch 7700 41 Fox Street
Johannesburg 2001
PO Box 155 PO Box 61051
Rondebosch 7701 Marshalltown 2107
Directors:
A D Dalling (Chairman)*, R C Squire-Howe (Managing), L J Butler*, H N
Coertze*, F J Jenkings, B H Kerswill, A Keller*, A A Maresky*, J R Millar*,
A D P Ovenstone*, G P Phillips*, E G Raubenheimer*, R J Whiteford*. * Non-
executive
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