| Fri 29 Jun 2001, 0:00 | | Bonatla - Interim Results |
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BONATLA PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/014533/06)
("Bonatla")
INTERIM RESULTS- MARCH 2001
Consolidated Balance Sheet as at 31 March 2001
March March September
Notes 2001 2000 2000
R000 R000 R000
ASSETS
Non current assets 664,085 717,536 660,496
Fixed assets and
Investment Properties 649,311 716,054 646,951
Deferred taxation 10,739 - 10,739
Debt redemption
scheme 4,035 1,482 2,806
Current Assets 4,550 2,633 4,363
Total assets 668,635 720,169 664,859
EQUITY AND LIABILITIES
Capital and reserves 165,051 289,092 163,272
Share capital 1,860 1,505 1,755
Share premium 141,747 242,650 121,008
Shares to be issued 6,041 43,070 26,960
Distributable reserves 15,403 1,867 13,549
Non current liabilities 487,298 419,948 483,780
Debentures 7,766 10,359 7,876
Long term liabilities 479,328 409,589 475,705
Deferred taxation 204 - 199
Current liabilities 16,286 11,129 17,807
Total equity and
liabilities 668,635 720,169 664,859
Consolidated Income
statements
for the six months ending 31 March 2001
Unaudited Unaudited % Audited
March March change September
2001 2000 2000
R000 R000 R000
Turnover 56,342 36,268 55.35% 91,362
Operating expenses -18,254 -8,213 122.26% -25,057
Operating profit 38,088 28,055 35.76% 66,305
Net interest paid -34,142 -25,792 32.37% -62,785
Net Income before
Taxation 3,946 2,263 74.37% 3,520
Taxation -232 - 579
Net profit for the year 3,714 2,263 64.12% 4,099
Fully diluted earnings
per share (cents) 1.92 1.67 14.93% 3.00
Dividend per share
(cents) 0.01 - -
Weighted average number
of shares in issue (000) 193,500 135,141 136,675
Consolidated Statement of Changes in Equity
Total Share Share Shares to Retained
capital premium be issued profit/
Accumulated
loss
R'000 R'000 R'000 R'000 R'000
Balance at 30
September 1999 120,058 579 116,392 3,483 -396
Issue of shares
net of expenses 173,003 1,176 175,310 -3,483 -
Liability in
respect of
shares to be
issued 26,960 - - 26,960 -
Adjustment to
the value
of
properties ** -170,694 - -170,694 - -
Net profit for
the year 4,099 - - - 4,099
Opening
deferred tax
adjustment* 9,846 - - - 9,846
Balance at 30
September 2000 163,272 1,755 121,008 26,960 13,549
Issue of shares 0 105 20,739 -20,844 -
Write-off
of shares
to be issued -75 - - -75 -
Net profit
for the year 3,714 - - - 3,714
Dividend paid -1,860 -1,860
Balance at 30
March 2001 165,051 1,860 141,747 6,041 15,403
* deferred tax assets not previously raised are now brought into
account in terms of the revisions to AC 102
** The adjustment to the value of the properties set off against
share premium
NOTES TO BONATLA INTERIM RESULTS - MARCH 2001
Review of activities
During the period under review, the property portfolio achieved a
gross rental income of R56,342 million (2000:R36,268 million). The
net profit after tax was 3,714 million (2000: R2,263 million).
At the end of the period under review, the portfolio had a vacancy
rate of 3,7% based on gross lettable area (2000: 2,7%).
Fully diluted Headline EPS has increased from 1,67c per share to
1.92c per share, representing an increase of 14.9%. NAV per share
has decreased from 175c per share to 89c per share, a reduction of
49%, which is due to the write-down of the property portfolio by
R171 million against share premium on September 2000.
Significant progress has been made with respect to the renewal of
major leases within the portfolio, resulting in a much improved
lease expiry profile.
Prospects
The prospects for the remaining six months of the financial year
and beyond include the opportunity of reducing the average cost of
gearing by restructuring existing mortgage bonds. Furthermore the
company continues to reduce debt by the repayment of capital.
This would increase the profit and enhance the prospects for
dividends in future, while maintaining Bonatla's strategy not to
speculate with interest rates.
The profitability of the company is expected to continue improving
as the benefits of the recent acquisitions continue to
materialise.
Dividends
The directors have decided to pay a dividend of 1 cent per Bonatla
share. Bonatla shareholders are advised that the last day to trade
in Bonatla shares will be on Friday, 10 August 2001, in order to
be registered as a Bonatla shareholder on Friday, 17 August 2001.
Payment in respect of the dividend will be made as soon as
possible thereafter. Bonatla shares will be trading ex-dividend
from Monday, 13 August 2001.
Management
As of 01 April 2001, the management of Bonatla's property
portfolio is being undertaken by Catalyst Holdings (Pty) Ltd.
The decision to outsource management was prompted by rapid growth
of the portfolio, and is in line with international trends. As an
expression of confidence in Bonatla's future, Catalyst Holdings
has subscribed for 8 million compulsory convertible debentures of
R1 each.
As previously announced, the board has been reconstituted to
reflect changes in management. The board now consists of Messrs.
M H Brodie, J Broll, R du Plooy, J Styger, M Viljoen, N G Vontas
and B J van der Ross. B J van der Ross has succeeded M H Brodie
as chairman. Messrs. J Broll and R du Plooy represent the
Catalyst Group.
Subsequent events
Subsequent to the period under review, a number of long
outstanding matters have been resolved.
The dispute with the Triplan group, a vendor of properties,
regarding the payment of a portion of the purchase price for one
property, has been resolved.
The payment of outstanding amounts relating to the acquisition of
properties known as the Graydon properties from the vendors has
been settled. Payments in terms of the settlement agreement have
commenced.
The outstanding issues regarding the acquisition of VLC Properties
(Pty) Ltd, as disclosed in the circular dated December 1999, the
annual report for the year ended September 2000 and the circular
dated June 2001, are being investigated, and it is expected that
these issues will be resolved within the next three months.
