| Thu 6 Sep 2001, 0:00 | | Hyprop Investments Limited - Interim Report For Th |
|
2001
Hyprop Investments Limited
(Registration number 1987/00528/06)
Share code HYP
ISIN code ZAE 000003437
Interim report for the six months ended 30 June 2001
Earnings per combined unit up by 9,86%
Group income statement
Unaudited results Unaudited Audited results
for the results
for the for the
six months ended six months year ended
30 June 30 June 31 Dec
2001 2000 2000
Note (R000) (R000) (R000)
Turnover 38 060 27 805 56 521
Operating income 29 251 19 871 42 754
Finance income 1 736 4 163 7 617
Interest received 3 615 4 163 7 617
Interest paid (1 879) 0 0
Reversal of provision
for anticipated
head lease losses 0 0 272
Profit on sale of asset 16 0 0
Income before distribution 31 003 24 034 50 643
Interest (17 821) (22 986) (49 260)
Debenture interest paid 1.0 (18 044) (23 367) (50 628)
Interest capitalised 223 381 1 368
Income before taxation 13 182 1 048 1 383
Secondary tax on companies (5) (6) (13)
Income after taxation 13 177 1 042 1 370
Income from associate 3 4 8
Net income 13 180 1 046 1 378
Earnings per combined
unit (cents) 61,856* 56,305 119,943
Headline earnings per
combined unit (cents) 2.0 61,824* 56,305 119,316
*(Based on weighted
average combined units)
Total combined units 64 719 478 43 358 756 43 358 756
Combined units in issue 43 358 756 43 358 756 43 358 756
Additional combined units
to be issued on
25 September 2001
ranking pari passu
from 1 May 2001 21 360 722
Weighted average
combined units 50 478 997 43 358 756 43 358 756
Note
1.0 Distribution details
Interest on Dividends on Total
Debentures ordinary shares distri-
(cents per unit) (cents per unit) bution per
(cents per unit)
Distribution number 25
for the six months
ended 30 June 2000 53,892 0,108 54,000
Distribution number 26
for the six months
ended 31 December 2000 62,874 0,126 63,000
Distribution number 27
for the four months
ended 30 April 2001 41,617 0,083 41,700
Hyprop paid an interim
distribution in respect
of the four-month
period 1 January 2001
to 30 April 2001,
of 41,70 cents per
combined unit to
unitholders registered
on 13 July 2001 which
excluded the additional
combined units. The final
distribution will be
made in respect of the
eight-month period 1 May
2001 to 31 December
2001 to all unitholders
including the holders
of the additional
combined units.
2.0 Reconciliation of
headline earnings
Income after taxation
before debenture
interest 31,224 24,413 52,006
Adjustments
Reversal of
provision for
anticipated head
lease losses 0 0 272
Profit on sale
of asset 16 0 0
Headline earnings 31,208 24,413 51,734
ABRIDGED GROUP CASH FLOW STATEMENT
(R000) (R000) (R000)
Cash flow from operating activities 9 878 427 1 195
Cash generated from operations 33 579 21 408 42 135
Net interest income 3 615 4 163 7 617
Distribution to unitholders (27 316) (25 144) (48 557)
Cash flow from investing activities (321 683) (11 768) (34 239)
Cash flow from financing activities 314 400 106 110
Net increase in cash and cash
equivalents 2 595 (11 235) (32 934)
Cash and cash equivalents
at beginning
of the period 56 520 89 454 89 454
Cash and cash equivalents at
end of the period 59 115 78 219 56 520
GROUP BALANCE SHEET
Unaudited Unaudited Audited
as at30 June as at 30 June as at 31 Dec
2001 2000 2000
(R000) (R000) (R000)
Assets
Non-current assets 598 033 254 517 277 203
Tangible fixed
assets 597 426 253 921 276 603
Financial assets 607 596 600
Current assets 64 517 79 663 58 418
Trade and other
receivables 5 402 1 444 1 898
Cash and cash
equivalents 59 115 78 219 56 520
Total assets 662 550 334 180 335 621
Equity and liabilities
Equity capital and
reserves 76 405 62 769 63 047
Ordinary share
capital 434 434 434
Creditors for
ordinary share
capital 214 0 0
Non-distributable
reserves 57 582 57 310 57 582
Retained income 18 175 5 025 5 031
Non-current liabilities 550 736 236 549 236 549
Debentures 213 759 213 759 213 759
Creditors for
debentures 105 308 0 0
Debenture premium 22 790 22 790 22 790
Creditors for
debenture premium 121 920 0 0
Long-term liabilities 86 959 0 0
Current liabilities 35 409 34 862 36 025
Trade and other
payables 17 323 11 442 8 695
Taxation 5 6 14
Unitholders for
distribution 18 081 23 414 27 316
Total equity and
liabilities 662 550 334 180 335 621
group statement of changes in equity
Non-
Share distributable Retained
capital reserve income Total
(R000) (R000) (R000) (R000)
Balance at 1 January 2000 434 57 310 4 026 61 770
Income after taxation
for six months
ended 30 June 2000 1 046 1 046
Dividends (47) (47)
Balance at 1 July 2000 434 57 310 5 025 62 769
Income after taxation
for six months
ended 31 December 2000 332 332
Dividends (54) (54)
Reversal of provision
for anticipated
head lease losses 272 (272) 0
Balance at 31
December 2000 434 57 582 5 031 63 047
Creditors for
ordinary share capital 214 214
Income after taxation
for six months
ended 30 June 2001 13 180 13 180
Dividends (36) (36)
Balance as at
30 June 2001 648 57 582 18 175 76 405
Comments
1. Merger of Hyprop Investments Limited ("Hyprop") and Kirchmann-Hurry
Properties Limited ("KH Props")
The merger has been successfully concluded resulting in Hyprop acquiring the
business of KH Props with effect from 1 May 2001 (the "effective date"). All
the properties have been transferred into the name of Hyprop.
The aggregate consideration was settled by Hyprop through the issue of
renounceable letters of allotment credited as fully paid, for the issue of
21 360 722 combined units at an issue price of 1 074 cents per combined unit
(the "additional combined units") and by Hyprop having assumed the
liabilities of the KH Props business at the effective date.
Hyprop will be issuing the additional combined units on 25 September 2001
which will rank pari passu in all respects with the Hyprop combined units in
issue.
2. Review of results
The calculation of the earnings per combined unit is based on income after
taxation before debenture interest and 50 478 997 weighted average combined
units effectively in issue for the six-month period ended 30 June 2001.
Hyprop's earnings per weighted average combined unit for the six-month
period ended 30 June 2001 were 9,86% higher than that achieved for the
comparable period in the previous year.
3. Vacancy levels
Vacancy levels by area within the combined portfolio amounts to 8,97%. The
underlying quality of the office portfolio should contribute towards
reducing vacancy levels. No vacancies are attributable to the retail
portfolio.
4. Prospects
The board is confident that the expected benefits accruing to unitholders
through the merger of Hyprop and KH Props will enable the company to achieve
growth in earnings in excess of the average of the listed property sectors.
It is anticipated that the growth in total distribution per combined unit
for the year ending 31 December 2001 will be 8%.
5. Directorate
The following appointments were made to the board of directors:
Date of appointment
PF Kirchmann (Chairman) 16 May 2001
PL Whewell 16 May 2001
DN Martin (Alternate to PL Whewell) 16 May 2001
On behalf of the board
PF Kirchmann Chairman
T Schultze Managing Director
06 September 2001
Registered office
3rd Floor North Block
Hyde Park Corner Shopping Centre
Jan Smuts Avenue Sandton 2196
PO Box 41257
Craighall 2024
Transfer secretaries
Mercantile Registrars Ltd
11 Diagonal Street
Johannesburg 2001
PO Box 1053
Johannesburg 2000
