| Wed 12 Sep 2001, 0:00 | | Westerncape Property Company Limited - Unaudited I |
|
WESTERNCAPE PROPERTY COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/000770/06)
Share code:WSC ISIN code: ZAE000014411
("Wescape")
Unaudited interim results
for the six-month period ended 30 June 2001
CONSOLIDATED INCOME STATEMENT
Six months Six months
to June 2001 to June 2000 Percentage
R'000 R'000 change
Revenue 38 710 37 656 3
Net income before financing costs 11 090 11 890 (7)
Financing costs (3 188) (4 580) (30)
Net income before taxation 7 902 7 310 8
Taxation (160) (301)
Net income after taxation 7 742 7 009 10
Income from associates - 611
Outside shareholder's interest (1 286) (1 324)
Attributable to ordinary shareholders 6 456 6 296 3
Earnings per share (cents) 10,9 10,6 3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-
distri-
Stated butable Accumulated
capital reserve profits/ Total
(losses)
R'000 R'000 R'000 R'000
Balance at 1 July 2000 35 012 280 14 264 49 556
Attributable earnings - - 13 818 13 818
Transfer to non-distribution
reserve - 122 (122) -
Balance at 31 December 2000 35 012 402 27 960 63 374
Attributable earnings - - 6 456 6 456
Balance at 30 June 2001 35 012 402 34 416 69 830
All accounting policies have been consistently applied throughout the period
and are consistent with prior periods.
CONSOLIDATED BALANCE SHEET
Six months Six months
to June 2001 to June 2000
R'000 R'000
Fixed assets 532 533
Investments and loans 44 456 26 206
Current assets 140 452 146 746
Total assets 185 440 173 485
Shareholder's equity 69 830 49 556
Outside shareholder's interest 26 328 26 351
Deferred taxation 412 745
Long-term borrowings 3 819 6 077
Current liabilities 85 051 90 756
Total equity and liabilities 185 440 173 485
Net asset value per share (cents) 118,1 83,8
ABRIDGED CONSOLIDATED CASHFLOW STATEMENT
Six months Six months
to June 2001 to June 2000
R'000 R'000
Cash flows from operating activities 10 776 (11 999)
Cash generated from/(utilised by)
operations 13 908 (8 235)
Interest received 1 510 2 631
Minority shareholders paid (1 286) (1 324)
Financing costs (3 188) (4 580)
Taxation paid (168) (491)
Cash flows from investing activities (13 908) 10 491
Cash flows from financing activities 703 (280)
Decrease in cash and cash equivalents (2 429) (1 788)
COMMENT ON RESULTS
The directors consider the results for the six months ended 30 June 2001 to
be satisfactory. Net income attributable to shareholders for the period
under review totalled R6,4 million which represents a marginal increase over
the previous six-month trading period. Earnings per share increased 3% to
10,9c per share. Land sales at N1 City are behind budget. Sales at
Boschenmeer Golf and Country Estate were strong, whereas Tokai Developments
(Pty) Ltd experienced a slow period on the commercial side, whilst
residential sales were relatively buoyant. The fixed property portfolio
performed as expected, but increasing vacancies indicated the low level of
tenant demand. The debt equity ratio dropped from 250% at June 2000 to 166%
at June 2001.
During the period under review, two properties were sold to Shops for Africa
Ltd, a company listed in the Property Loan Stock sector of the JSE
Securities Exchange South Africa. The net sale consideration of R10,975m was
at book value and the company received linked units in exchange therefore.
This transaction was the major contributor to the increase in investments
and loans on the balance sheet. The sale at book value reduced the company's
gross margins, without which the margins would have increased as a result of
the strong performance at Boschenmeer. Finance costs reduced due to lower
borrowings and interest rates.
PROSPECTS
The relatively weak state of the underlying economy, despite upbeat
forecasts and statistical data, has contributed to a lacklustre property
market and earnings for the balance of the year may come under pressure. The
recent interest rate cut and prospects of a further reduction before year-
end will hopefully impact positively on the market. The Company will
continue to seek to trade its assets and utilise the cash generated to
reduce debt and invest in further prospects with acceptable margins.
By order of the Board
C E Hyland
Managing Director
10 September 2001
Transfer Secretaries:
Mercantile Registrars, 10th Floor, 11 Diagonal Street, Johannesburg, 2001
Company Secretary and Registered office:
BP Mitchell
Registration number 1987/000770/06
Share Code: WSC ISIN Code: ZAE000014411
19th Floor, 1 Thibault Square, Cnr Long Street and Hans Strydom Avenue, Cape
Town, 8001
Directors:
BJ van der Ross (Chairman), CE Hyland* (Managing), RD du Plooy, JD Broll, A
Groll, GA Power, AE Wallace, JE Pauw*, MA Thompson *Executive
www.wescape.co.za
