| Fri 29 Jun 2001, 0:00 | | Kirchmann-hurry Properties Limited - Unaudited Gro |
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MONTHS ENDED 30 APRIL 2001
KIRCHMANN-HURRY PROPERTIES LIMITED
(Registration number 90/04210/06)
("K-H Props" or "the company")
UNAUDITED GROUP RESULTS FOR THE SEVEN MONTHS ENDED 30 APRIL 2001
INCOME STATEMENT
Seven Months Twelve months
ended ended
30 April 30 September
2001 2000
R R
Revenue 20 900 657 42 045 223
Operating profit 16 144 571 35 038 754
Interest received 6 418 303 5 218 656
Interest paid (6 777 012) (12 197 077)
Net profit before taxation 15 785 862 28 060 333
Taxation (1 921) (3 564)
Net profit after taxation 15 783 941 28 056 769
Surplus on disposal of
immovable property 30 810 062 9 287 095
Net profit for period 46 594 003 37 343 864
Earnings per combined unit (cents) 124,33 99,65
Headline earnings per
combined unit (cents) 42,11 74,87
STATEMENT OF CHANGES IN EQUITY
Share Maintenance Retained
capital reserve profit Total
R R R R
Balance
- 30 September 1999 374 750 2 112 147 276 491 2 763 388
Net profit for the year - - 37 343 864 37 343 864
Distribution - - (28 293 587) (28 293 587)
Transfer of reserves - (188 909) 188 909 -
Balance
- 30 September 2000 374 750 1 923 238 9 515 677 11 813 665
Net profit for the period - - 46 594 003 46 594 003
Distribution - - (15 282 285) (15 282 285)
Transfer of reserves - (1 923 238) 1 923 238 -
Balance - 30 April 2001 374 750 - 42 750 633 43 125 383
BALANCE SHEET
30 April 30 September
2001 2000
R R
ASSETS
Non-current assets
Property - 268 848 897
Listed investment 229 414 154 -
Loan receivable 15 750 000 -
245 164 154 268 848 897
Current assets
Deed of sale debtor - 108 198 079
Deferred lease costs - 784 569
Accounts receivable - 1 344 685
Bank and cash balances 500 000 52 064
500 000 110 379 397
Total assets 245 664 154 379 228 294
Equity and liabilities
Capital and reserves
Share capital 374 750 374 750
Debentures 184 002 005 184 002 005
Debenture premium 2 750 832 2 750 832
187 127 587 187 127 587
Maintenance reserve - 1 923 238
Distributable reserve
Retained profit 42 750 633 9 515 677
Shareholders' interest 229 878 220 198 566 502
Non-current liabilities
Long-term liabilities - 88 650 000
Current liabilities
Deed of sale creditor - 67 226 121
Accounts payable 500 000 3 723 662
Taxation owing 3 649 1 733
Unitholders for distribution 15 282 285 14 672 131
Bank overdraft - 6 388 145
15 785 934 92 011 792
Total equity and liabilities 245 664 154 379 228 294
COMMENTS
Income and distribution
The directors are pleased to announce a distribution to combined
unitholders of 40,78 cents a combined unit for the seven-month period ended
30 April 2001.
The effective date for the merger with Hyprop Investments Limited
("Hyprop") was 1 May 2001 and this distribution, therefore, represents the
final distribution to combined unitholders before the company is placed into
voluntary liquidation. A sum of R500 000 has been withheld from unitholders
to cover any unforeseen liabilities that may arise during the course of the
voluntary liquidation. This sum or any balance thereof will be distributed
to combined unitholders as the case may be.
Headline earnings at 42,11 cents a combined unit were in accordance with
expectations. In terms of the merger agreement, the company was obliged to
adopt Hyprop's accounting policies for the period 1 January 2001 to 30 April
2001. Had this not been necessary, headline earnings per combined unit for
the period under review would have marginally increased.
Distribution of Hyprop consideration units and members' voluntary winding-
up.
An announcement will be made in the near future providing combined
unitholders with details of the following:
- distribution of the Hyprop consideration units
- the voluntary winding-up of the company
- suspension of the company's listing
- salient dates.
DECLARATION OF DIVIDEND AND PAYMENT OF DEBENTURE INTEREST
Distribution number 21
The directors have resolved that a final dividend of 0,04 cents per share
be declared payable to shareholders registered on 13 July 2001.
In terms of the debenture trust deed, an interest payment of 40,74 cents
per debenture will be made for the period ended 30 April 2001 to debenture
holders registered on 13 July 2001.
A total distribution to combined unitholders will be 40,78 cents per
combined unit.
The last day to register in order to receive the interest and dividend
payment is 13 July 2001. The register of combined unitholders will be closed
from 14 July 2001 to 22 July 2001, both days inclusive.
Payment in respect of both distributions will be made on or about 31 July
2001. Distributions will, where applicable, be electronically transferred to
shareholders' bank accounts. In the absence of suitable mandates, cheques
will be posted.
By order of the board
D N Martin
K-H Management (Proprietary) Limited
Johannesburg
Registered office:
7 Albury Park, Magalieszicht Avenue, Dunkeld West, Sandton, 2196
Tel (011) 325-4348 Fax (011) 325-5174
E-mail: dave@kirchmann-hurry.co.za
Transfer secretaries:
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg, 2001
Tel (011) 370-5000 Fax (011) 370-5271
