| Thu 26 Jul 2001, 0:00 | | Grayvest - Unaudited Results And Distribution Decl |
|
ENDED 30 JUNE 2001
ALLAN GRAY PROPERTY INVESTMENTS LIMITED
Income statement Unaudited Audited
Six months to Seven months to
30 June 2001 31 December 2000
R000 R000
Revenue 78 073 86 776
Operating expenses (29 605) (30 470)
Operating profit 48 468 56 306
Interest received 5 907 5 624
Interest paid (15 191) (18 040)
Net income from operations 39 184 43 890
Surplus on revaluation of investment
Properties 0 89 152
Net profit 39 184 133 042
Taxation 0 (1)
Net profit after taxation 39 184 133 041
Transfer to revaluation reserve 0 (89 152)
Distributable profit 39 184 43 889
Distribution to unitholders (39 180) (43 886)
Retained earnings for the year 4 3
Number of linked units in issue 56 367 519 55 063 397
Earnings per linked unit (cents) 69,5 241,6
Headline earnings per linked unit (cents) 69,5 79,7
Distribution per linked unit (cents) 69,5 79,7
Balance Sheet as at Unaudited Audited
30 June 2001 31 December 2000
R000 R000
ASSETS
Non-current assets
Investment properties 817 457 804 344
817 457 804 344
Current assets
Trade and other receivables 6 070 8 673
Cash resources 91 094 96 809
97 164 105 482
TOTAL ASSETS 914 621 909 826
EQUITY AND LIABILITIES
Capital and reserves
Share capital 564 551
Share premium 5 073 4 856
Debenture capital 552 402 539 621
Revaluation reserve 89 152 89 152
Retained earnings 7 3
647 198 634 183
Non-current liabilities
Interest bearing borrowings 214 557 214 557
Deferred taxation 1 1
214 558 214 558
Current liabilities
Trade and other payables 13 624 17 199
Distributions payable 39 241 43 886
52 865 61 085
TOTAL EQUITY AND LIABILITIES 914 621 909 826
Statement of changes in unitholders' funds for the six months ended 30 June
2001
Share Share Debenture Revaluation Retained Total
Capital premium Capital reserve earnings
R000 R000 R000 R000 R000 R000
Balance at beginning
of period 551 4 856 539 621 89 152 3 634 183
Issue of linked
Units 13 248 12 781 13 042
Share issue costs
charged to share
premium (31) (31)
Net profit 39 184 39 184
Distribution to
linked unitholders (39 180) (39 180)
Balance at end of
Period 564 5 073 552 402 89 152 7 647 198
Cash flow statement Unaudited Audited
Six months to Seven months to
30 June 2001 31 December 2000
R000 R000
Cash flow from operating activities
Cash generated by operations 47 496 64 832
Interest received 5 907 5 624
Interest paid on borrowings (15 191) (18 040)
Distribution to linked unitholders (43 825) -
Taxation paid - -
(5 613) 52 416
Cash flow from investing activities
Additions to investment properties (71) -
Cash flows from financing activities
Issue of linked shares and debentures - 50 000
Listing and share issue expenses (31) (5 607)
(31) 44 393
Net (decrease) / increase in cash and
cash equivalents (5 715) 96 809
Cash and cash equivalents at the beginning
of the period 96 809 -
Cash and cash equivalents at the end
of the period 91 094 96 809
Comments
Net distributable income and prospects
The net distributable income for Allan Gray Property Investments Limited
("Grayvest") for the six month period ended 30 June 2001 amounted to 69,5
cents per linked unit, 1.6 percent ahead of the budgeted earnings of 68,4
cents. Notwithstanding the improvement in earnings over budget for the
first six months, due to current business conditions earnings for the full
year are still expected to be 142,5 cents per linked unit.
Vacancy levels
Vacancy levels in terms of rentable area were as follows:
Sector June 2001 December 2000
Percent percent
Retail 3,9 3,6
Office Blocks 8,1 3,5
Industrial 11,9 19,9
Specialised 0,0 0,0
Total portfolio 8,0 10,8
By value the vacancies equate to 6.8 percent of potential rental income.
The higher office vacancies are attributed to the weak Sandton office
market, exacerbated by the cancellation of a lease with a Leisurenet Limited
subsidiary.
Cautionary
Unitholders' attention is drawn to the cautionary announcement dated 4 July
2001 regarding the potential merger between Grayvest and Allan Gray Property
Trust.
4 Accounting Policies
The interim results are prepared in accordance with South African Statements
of Generally Accepted Accounting Practice and are consistent with those used
in Grayvest's annual financial statements.
Interim distribution announcement
The directors of Grayvest have resolved to declare a distribution no. 2 of
69,5 cents per unit to all unitholders. The declaration date and the final
date of this distribution is 26 July 2001. The last day to trade ("CUM" the
distribution) in order to participate in the distribution will be Friday, 10
August 2001. The units of Grayvest will commence trading "EX" the
distribution from the commencement of business on Monday, 13 August 2001 and
the record date will be Friday, 17 August 2001. Electronic transfer of
funds and the posting of cheques will be on or about 24 August 2001.
By order of the Board
Allan Gray Property Investments Limited
(Reg No 1999/014347/06)
26 July 2001
Transfer Secretaries
Mercantile Registrars Limited
11 Diagonal Street
Johannesburg
2001
Secretary and registered office
Domayne Property Managers (Proprietary) Limited
5th Floor, 15 Baker Street,
Rosebank
Johannesburg, 2196
(PO Box 1455 Saxonwold, 2132)
Directors: WJC Mitchell (Chairman), JD Rainier * (Managing), M Herdman, E
Osrin, S Shaw-Taylor
(*executive)
e-mail: info@allangray.co.za Website: www.allangray.co.za
