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Audited results for the year ended 30 June 2001 and distribution declaration
for the six months ended 30 June 2001
The directors of Prima Property Trust Managers Limited hereby announce
the audited results of Prima Property Trust for the year ended 30 June 2001
CONSOLIDATED BALANCE SHEET
Audited Audited
30 June 2001 30 June 2000
R'000 R'000
Assets
Property and equipment 94 479 414 98 900 812
Cash at bank 21 200 869 20 945 352
Other current assets 1 009 365 1 913 451
Total assets 116 689 648 121 759 615
Equity and liabilities
Stated capital 100 129 058 100 129 058
Capital reserves 249 000 4 670 295
Retained earnings 1 592 1 592
Maintenance reserve 3 607 511 3 581 194
Total equity and reserves 103 987 161 108 382 139
Current liabilities 11 156 411 11 842 679
Deferred taxation 1 546 076 1 534 797
Total equity and liabilities 116 689 648 121 759 615
Net asset value per unit (cents) 62.50 65.14
CONSOLIDATED INCOME STATEMENT
Audited Audited
Year ended Year ended
30 June 2001 30 June 2000
R'000 R'000
Revenue
26 924 133 27 307 504
Interest received 1 830 552 2 061 459
Sundry income 166 871 -
Rental income and recoveries 24 926 710 24 777 311
Capital dividend - 468 734
Operating expenses 7 751 971 7 136 903
Impairment loss 4 421 295 -
Net profit before taxation 14 750 867 20 170 601
Taxation 11 279 270 024
Net profit after taxation 14 739 588 19 900 577
Units in issue 166 387 500 166 387 500
Earnings per unit (cents) 8.86 11.96
Headline earnings per unit (cents). 11.52 11.68
Distributions (cents per unit) 11.50 11.30
Dividends paid 19 134 563 18 801 788
The Directors have proposed a final dividend of 6.00 cents per unit
amounting to R9 983 250.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Capital Retained
Maintenance
Capital Reserves Earnings Reserve Total
R'000 R'000 R'000 R'000 R'000
Balance at
30 June 1999 as
previously
reported 100 129 058 4 351 930 1 592 - 104 482 580
Change in
accounting
policy - - 2 951 140 - 2 951 140
Transfer to
Maintenance
reserve - - (2 951 140) 2 951 140 -
Balance at
30 June 2000 100 129 058 4 351 930 1 592 2 951 140 107 433 720
Net profit for
the year - - 19 900 577 - 19 900 577
Transfer to
capital reserve - 468 738 (468 738) - -
Dimunution in
value of
property
companies - (467 866) - - (467 866)
Liquidation
dividend
- Prima Bank - 317 493 - - 317 493
Transfer to
maintenance
reserve - - (630 051) 630 051 -
Dividend
declared - - (18 801 788) - (18 801 788)
Balance at
30 June 2000 100 129 058 4 670 295 1 592 3 581 191 108 382 136
Net profit for
the year - - 14 739 588 - 14 739 588
Transfer to
maintenance
reserve - - (26 320) 26 320 -
Transfer to
capital
reserve - (4 421 295) 4 421 295 - -
Dividend
declared - - (19 134 563) - (19 134 563)
Balance at
30 June 2001 100 129 058 249 000 1 592 3 607 511 103 987 161
Accounting policy
During the year the Trust changed its accounting policy in respect of the
provision for building maintenance in order to comply with accounting
statement AC130 dealing with provisions. The Trust no longer charges an
annual amount through the income statement to a provision account. Rather, a
general maintenance reserve is maintained at the discretion of the directors
of the Trust's Management Company. The effect on the current year's net
profit after taxation is R26 230. The effect of the change in policy is to
increase net profit by R630 051 for the year ended 30 June 2000. The effect
of the change in policy on periods prior to June 2000 is to increase
distributable reserves by R2 951 140.
Comment
Prima Property Trust derives income from its investment in a portfolio of
commercial properties.
Prima Trust's distribution for the year amounts to 11.50 cents per unit.
This is satisfactory given the prevailing economic conditions and marginally
better than the previous year.
Distribution declaration
The Directors of Prima Property Trust have resolved to declare a
distribution no 65 of 6.00 cents per unit to all unit holders. The
declaration date and the final date of this distribution is Friday 17 August
2001. The last day to trade ("cum" the distribution) in order to participate
in the distribution will be Friday, 31 August 2001. The units of Prima
Property Trust will commence trading "Ex" the distribution from the
commencement of business on Monday 3 September 2001 and the record date will
be Friday, 7 September 2001. Electronic transfers of funds and the posting
of cheques will be on or about 14 September 2001.
By order of the Board of Prima Property Trust Managers Limited
C Daun NFJ Haasbroek
Stellenbosch
13 August 2001
Registered Office Transfer Secretaries
178 Dorp Street Mercantile Registrars Limited
Stellenbosch Anglo Building
7600 11 Diagonal Street
Johannesburg, 2001
(PO Box 7061, Stellenbosch, 7599) (PO Box 1053, Johannesburg, 2000)
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