| Wed 31 Oct 2001, 0:00 | | Octodec Investments Limited - Audited Results For |
|
2001
OCTODEC INVESTMENTS LIMITED
and its subsidiaries
Directors: A Wapnick (Chairman), J P Wapnick (Managing), M J Holmes, J
Pollack, M Z Pollack, S Wapnick
NOTICE TO LINKED UNIT HOLDERS
The directors report the audited results of the group for year ended 31
August 2001 set out below, together with comparisons with the results for
the corresponding year ended 31 August 2000.
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
Registration Number 1956/002868/06
Share Code OCT ISIN CODE ZAE000005104
CONSOLIDATED INCOME STATEMENT
Key
%
R'000 Changes 2001 2000
Turnover (rental income) 2,7 49,027 47,744
Net rental from properties (2,5) 33,059 33,901
Interest received 2,437 9
Capital loss: disposal of properties 0 (125)
35,496 33,785
Interest paid 3,7 4,734 4,563
Depreciation 85 353
Profit before debenture interest 6,3 30,677 28,869
Debenture interest 5,9 30,305 28,607
Profit before taxation 372 262
Taxation 195 219
Profit after taxation 177 43
Earnings per linked unit (cents)
(weighted average) 48,0 46,8
Headline earnings per linked unit (cents)
(weighted average) 48,0 46,8
Distribution per linked unit (cents)
Dividends 0,23 0,23
Interest 46,77 46,52
Total 0,5 47,00 46,75
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
R'000 2001 2000
CASH FLOW FROM OPERATING ACTIVITIES
Net rental income from properties 32,974 33,548
Adjustment for:
- Depreciation 85 353
- Working capital changes (1,925) 2,268
Cash generated from operations 31,134 36,169
Investment income 2,437 9
Finance costs (4,734) (4,563)
Taxation paid (244) (473)
Distribution to linked unit holders paid (27,610) (30,807)
Net cash inflow (outflow) from operating activities 983 335
CASH FLOW FROM INVESTING ACTIVITIES
Investing activities (18,711) (4,367)
Proceeds from sale of fixed properties - 275
Net cash outflow used in investing activities (18,711) (4,092)
Cash flow from issue of units 16,937 -
Cash flow from financing activities 1,874 2,860
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,083 (891)
Cash and cash equivalents at beginning of year (120) 771
Cash and cash equivalents at end of year 963 (120)
DECLARATION OF DIVIDEND AND INTEREST PAYMENT NO. 23
Notice is hereby given that dividend No. 23 of 0,12 cents (2000: 0,11 cents)
per ordinary share and interest of 24,13 cents (2000: 22,34 cents) per
debenture totalling 24,25 cents (2000: 22,15 cents) have been declared
payable to linked unitholders registered in accordance with the settlement
procedures of STRATE. The last date to trade cum entitlement is Friday, 23
November 2001. The units will commence trading ex entitlement on Monday, 26
November 2001.
Record date will be Friday, 30 November 2001.
Payment will be effected on Monday, 3 December 2001.
No dematerialisation of linked unit certificates may take place between
Monday, 19 November 2001 and Friday, 30 November 2001, both days inclusive.
By order of the Board
City Property Administration (Proprietary) Limited 29 October 2001
A Wapnick Chairman
J P Wapnick Managing Director
ABRIDGED CONSOLIDATED BALANCE SHEET
R'000 2001 2000
ASSETS
Investment in fixed properties 291,080 246,842
Investments - listed 9,524 -
- unlisted 3,373 3,373
Current assets 8,613 5,429
Total assets 312,590 255,644
EQUITY AND LIABILITIES
Share capital 11,096 7,542
Non-distributable reserve 42,051 6,915
Retained profit 283 255
Ordinary shareholders' interest 53,430 14,712
Debentures 198,513 185,130
Linked unit holders' interest 251,943 199,842
Interest bearing borrowings 34,976 4,077
Deferred taxation 66 64
Current liabilities - Interest bearing - 30,135
- Non-interest bearing 25,605 21,526
Total equity and liabilities 312,590 255,644
Linked units in issue 67,896,223 61,492,890
Net asset value per linked unit (cents) 371 325
STATEMENT OF CHANGES IN EQUITY
Share Non-distri- Distribu- Total
Capital butable table
R'000 reserve reserve
Balance at 1/9/1999 7,542 7,040 228 14,810
Profit attributable to
ordinary shareholders 43 43
Dividends (141) (141)
Transfer to non-distributable reserve (125) 125 -
Balance at 1/9/2000 7,542 6,915 255 14,712
Adjustment of current valuation
(Investment properties) 35,136 35,136
Issue of shares 3,554 3,554
Profit attributable to
ordinary shareholders 177 177
Dividends (149) (149)
Transfer to non-distributable reserve - - -
Balance at 31/8/2001 11,096 42,051 283 53,430
NOTES:
1 The directors have decided to adopt AC135 for the valuation of investment
properties. Except for the above the same accounting policies and methods of
computation were followed as in the financial statements of 31 August 2000.
2. Capital expenditure during the period under review amounted to R18,7-
million.
3. Interest charges in an amount of R278 000 have been capitalised to a
property under development.
4. The company has capital commitments in respect of the acquisitions of
Killarney Mall, Elardus Park Shopping Centre, Troymona and Waverley Plaza
Shopping Centre, totalling R283-million.
5. Guarantees amounting to approximately R1,5-million have been issued in
respect of electricity deposits for various subsidiaries.
6. The company has valued its investment properties at fair value in
accordance with AC135 creating an increase in the non-distributable reserve
of R35,1-million.
7. Since 31 August 2001 your company has increased its investment in
Institutional Property Syndication (Pty) Ltd from approximately 18% to 40%.
COMMENTS
1. Income before debenture interest and taxation increased by 6,3 percent
to R30,7-million from
R28,9-million.
2. Potential rentals from vacancies amount to R696,000 per month which
represents approximately 17% of total potential monthly rental income.
Vacancies increased due to the loss of a number of the larger tenants who
vacated their premises.
3. The distribution to linked unitholders of 47,00 cents per linked unit
represents a slight increase on the distribution for last year.
4. Your directors report further that the acquisitions at Killarney Mall,
Elardus Park Shopping Centre, Troymona and Waverley Plaza Shopping Centre
have been finalised and transfer is proceeding.
The effects of these acquisitions have not been taken into account for this
year.
Registered Office: Downies Building, 373 Proes Street, Pretoria, 0002. P.O.
Box 15, Pretoria, 0001. Tel (012) 326-8811
Transfer Secretaries: Computershare Services Limited (Reg. No.
1958/003516/06). 2nd Floor, Edura, 41 Fox Street, Johannesburg, 2001. PO Box
61051, Marshalltown, 2107.
