| Thu 16 Aug 2001, 0:00 | | Compass Property Holdings Limited |
|
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003591/06 ("the company" or "Compass")
Directors:
G G L Leissner (Chairman), B H Azizollahoff*, J F Bihl, W F E Bragg*,
K F Clinton, G Lindop, G R Pardoe, C L Sunter*, H M Thompson,Alternate
director: M C Felling
* British
Interim report
The directors submit their report on the results of the group for the six
months ended 30 June 2001 together with the results for the six month period
ended 30 June 2000 and the twelve months ended 31 December 2000 as follows:
Group Income
Statement
Audited Unaudited Audited
six-months six-months twelve months
ended ended ended
30 June 30 June 31 December
2001 2000 2000
R000 R000 R000
Turnover 23 527 21 293 42 406
Property
expenditure (13 945) (5 998) 12 913)
Administrative
expenditure (613) (816) (1 418)
Operating profit 8 969 14 479 28 075
Interest income 1 394 1 239 2 711
Profit before debenture
interest and exceptional
item 10 363 15 718 30 786
Debenture interest (9 550) (14 369) (28 158)
Profit before exceptional
Item 813 1 349 2 628
Exceptional item
- Deficit on revaluation
of investment properties (5 006) (19 300) (24 500)
Loss for the period (4 193) (17 951) (21 872)
Determination Of Headline
Earnings (R000)
Headline earnings for the
period 813 1 349 2 628
Loss for the period (4 193) (17 951) (21 872)
Adjusted for:
Exceptional item 5 006 19 300 24 500
Audited Unaudited Audited
six-months six-months twelve-months
ended ended ended
30 June 30 June 31 December
2001 2000 2000
Debentures
Number of debentures in
issue 35 762 458 35 762 458 35 762 458
Interest per debenture
(cents) 26,70 40,18 78,74
- interim 26,70 40,18 40,18
- final - - 38,56
Shares
Number of shares in issue 8 800 070 8 800 070 8 800 070
Loss per share (cents) (47,65) (203,99) (249,00)
Headline earnings per
share (cents) 9,24 15,33 29,86
Group Balance Sheet
Audited Unaudited Audited
30 June 30 June 31 December
2001 2000 2000
R000 R000 R000
ASSETS
Non Current Assets
Investment properties 136 000 134 503 129 383
Current Assets 32 582 31 436 32 574
Receivables and prepayments 4 141 3 013 3 737
Cash and cash equivalents 28 441 28 423 28 837
TOTAL ASSETS 168 582 165 939 161 957
EQUITY AND LIABILITIES
Capital and reserves
Share capital 88 88 88
Non-distributable reserve 24 221 12 598 12 598
Accumulated loss (53 760) (45 646) (49 567)
(29 451) (32 960) (36 881)
Non Current Liabilities
Debenture capital 178 812 178 812 178 812
Current Liabilities 19 221 20 087 20 026
Trade and other payables 9 671 5 718 6 236
Debenture interest payable 9 550 14 369 13 790
Total equity and liabilities 168 582 165 939 161 957
Statement Of Changes In Equity
Balance at start of period (36 881) (15 009) (15 009)
Net gains and losses not
recognised in the income
statement
- Revaluation surplus 11 623 - -
Loss for the period (4 193) (17 951) (21 872)
Balance at end of period (29 451) (32 960) (36 881)
Abridged Cash Flow Statement
Audited Unaudited Audited
six-months six-months twelve-months
ended ended year ended
30 June 30 June 31 December
2001 2000 2000
R000 R000 R000
Net cash utilised by operating
Activities (396) (1 444) (951)
Net cash generated by investing
activities - 13 467 13 388
(Decrease)/increase in cash
and cash equivalents (396) 12 023 12 437
Cash and cash equivalents
at beginning of period 28 837 16 400 16 400
Cash and cash equivalents
at end of period 28 441 28 423 28 837
Accounting policies
These interim financial statements have been prepared in accordance with AC
127 Interim Financial Reporting. The accounting policies used in their
preparation are consistent with those used in the annual financial
statements for the year ended 31 December 2000.
Comments
Group results
The results contained herein reflect a decline of R5,355 million in profit
before debenture interest when compared to the corresponding previous period
and is mainly due to the amount of R5,6 million provided in respect of the
installation of the South African National Defence Force as a tenant at
Poyntons building, where a five year lease has been concluded over 19 850
square metres. As a consequence of this lease, the sale value of ht
building has increased by R8,8 million to R48,3 million.
Property values have been included at the sales values agreed with ApexHi
Properties Limited, the resulting in the total value of the property
portfolio increasing by a net aggregate amount of R6,617 million; a
revaluation deficit of R5,006 million has been charged to the income
statement and a revaluation surplus of R11,623 million has been credited to
non-distributable reserves.
Post balance sheet event
An announcement relating to the proposals concerning the disposal of the
property portfolio, a scheme of arrangement concerning shareholders and an
offer to debenture holders was published in the press on 25 July 2001.
Shareholder and debenture holders and are referred to that announcement for
further details. Circulars providing full information, including notices
convening the relevant meetings, will be posted to shareholders and
debenture holders.
Debenture interest payment
Notice is hereby given that a debenture interest payment (number 28) of
26,70 cents per debenture in respect of the six months ended 30 June 2001 is
payable on or about
7 September 2001 to debenture holders registered as such at the close of
business on
31 August 2001.
For and on behalf of the board
G G L LEISSNER
Chairman
16 August 2001
Domayne property solutions
A division of ApexHi Properties Limited
Registered Office: Transfer Secretaries:
5th Floor Computershare Services Limited
15 Baker Street 2nd Floor, Edura
Rosebank 41 Fox Street
2196 Johannesburg
2001
