| Thu 1 Nov 2001, 0:00 | | Cbd Property Fund / Pioneer Property Fund - Interi |
|
The directors of Sage Property Trust Managers Limited announce that the
unaudited consolidated results of the Trusts for the six months ended 30
September 2001 are as follows:
CBD PROPERTY FUND PIONEER PROPERTY FUND
R000 R000 R000 R000
CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Unaudited Unaudited
Six months Six months Six months Six months
ended ended ended ended
30/09/2001 30/09/2000 30/09/2001 30/09/2000
Net property income 17 425 15 480 18 818 21 514
Interest 2 311 3 046 2 220 2 406
19 736 18 526 21 038 23 920
Trust expenditure 719 645 887 804
Headline earnings 19 017 17 881 20 151 23 116
Net surplus on disposal of investment
Property 0 0 136 0
Net income 19 017 17 881 20 287 23 116
Capital surplus transferred to
non-distributable reserve 0 0 (136) 0
Income for the period available for
Distribution 19 017 17 881 20 151 23 116
Units in issue 122 137 500 122 137 500 134 789 175 134 789 175
Net income (cents per unit) 15,57 14,64 15,05 17,15
Headline earnings (cents
per unit) 15,57 14,64 14,95 17,15
Interim income distributions
(cents per unit) 15,57 14,64 14,95 17,15
CONSOLIDATED BALANCE SHEETS
Unaudited Audited Unaudited Audited
30/09/2001 31/03/2001 30/09/2001 31/03/2001
Assets
Non-current assets
Investment property 223 562 223 370 328 161 327 132
Current assets 51 257 57 606 51 932 55 815
Total assets 274 819 280 976 380 093 382 947
Unitholders' interest and liabilities
Unitholders' interest 248 288 248 288 355 249 355 113
Current liabilities 26 531 32 688 24 844 27 834
TOTAL UNITHOLDERS' INTEREST
AND LIABILITIES 274 819 280 976 380 093 382 947
Net asset value (cents per unit)
(refer Comments on Accounting
Policies) 203 203 264 263
CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS' INTEREST
Unaudited Unaudited Unaudited Unaudited
Six months Six months Six months Six months
ended ended ended ended
30/09/2001 30/09/2000 30/09/2001 30/09/2000
Capital of Trust
Balance at beginning and end of
the period 148 725 148 725 256 383 256 383
Non-distributable reserve 95 444 90 314 98 573 112 910
Balance at beginning of
the period 95 444 90 314 98 437 112 910
Net surplus on disposal of investment
Property 0 0 136 0
Maintenance reserve
Balance at beginning and end of
the period 4 109 5 609 280 919
Undistributed income 10 11 13 3
Balance at beginning of
the period 10 11 13 3
Income for the period available for
Distribution 19 017 17 881 20 151 23 116
Income available for
Distribution 19 027 17 892 20 164 23 119
Income distributions (19 017) (17 881) (20 151) (23 116)
TOTAL UNITHOLDERS' INTEREST AT
END OF THE PERIOD 248 288 244 659 355 249 370 215
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited Unaudited Unaudited
Six months Six months Six months Six months
30/09//2001 30/09/2000 30/09/2001 30/09/2000
Net cash outflow from
operating activities (4 965) (2 803) (609) (1 584)
Net cash outflow from investing
Activities (192) (25 893) (893) (1 046)
Net decrease in cash
resources (5 157) (28 696) (1 502) (2 630)
Cash resources at the beginning
of the period 52 217 73 683 44 784 48 242
Cash resources at the end of
the period 47 060 44 987 43 282 45 612
NOTES
1 Investments made during
the period 0 24 207 0 0
2 Capital expenditure during
the period 192 1 686 1 605 1 046
3 New investments committed 0 0 10 300 0
4 Capital expenditure committed or
authorised 105 930 1 874 2 302
5 Uncommitted capital available for
property investments 18 659 15 918 14 459 23 050
COMMENTS
Accounting Policies
The interim results of the Trusts are presented in compliance with South
African Statements of Generally Accepted Accounting Practice.
Investment properties are reflected at fair value. The latest valuation was
undertaken by independent external valuers as at 31 March 2001 and
accordingly no fair value adjustments are reflected in the interim results.
CBD Property Fund
Headline earnings of R19,0 million for the six months under review increased
by 6,4% compared to the same period last year. The improvement is due to an
increase in Johannesburg CBD rental income, effective cost containment and a
reduction in assessment rates paid on Johannesburg CDB properties. Interest
earnings on cash holdings declined as a result of lower interest rates and
reduced cash balances after payment for new investments. It is anticipated
that the results for the year to 31 March 2002 will approximate those
achieved in the prior year, after taking into account any movements in
maintenance reserves.
Pioneer Property Fund
The difficult letting conditions experienced during the second half of the
previous year continued during the period under review. Although new
lettings
were achieved these were offset by unexpected vacancies. The net effect was
a decline in net property income against the prior year of R2,7 million.
Conditions are not expected to improve in the next six months and
consequently the net income for the second half is unlikely to exceed that
achieved in this reporting period.
During the period under review a property in Reuven, Johannesburg was
disposed of at a profit of R136 000.
CAUTIONARY ANNOUNCEMENT
Unitholders are referred to the Joint Cautionary Announcement published on
29 October 2001 by Pangbourne Properties Limited and the Trusts which
advised that Pangbourne, CBD and Pioneer were currently involved in
discussions which may have an effect on the prices at which Pangbourne
combined units, CBD units and Pioneer units trade on the JSE Securities
Exchange South Africa.
Accordingly, combined unitholders in Pangbourne and unitholders in CBD and
Pioneer were advised to exercise caution when dealing in their respective
units until a further announcement is made.
INCOME DISTRIBUTIONS
The following distributions, being number 40 for CBD Property Fund and
number 46 for Pioneer Property Fund, have been declared in respect of the
income distribution period 1 April 2001 to 30 September 2001.
CBD PROPERTY FUND PIONEER PROPERTY FUND
Income distributions
(cents per unit) 15,57 14,95
Last day to trade cum
Distribution 16 November 2001 16 November 2001
Commence trade ex
Distribution 19 November 2001 19 November 2001
Last day to register 23 November 2001 23 November 2001
Distributions will be paid on 26 November 2001.
No dematerialisation or rematerialisation of unit certificates may take
place between Monday, 12 November 2001 and Friday, 23 November 2001, both
days inclusive.
By order of the Board
CS Cant
Secretary 31 October 2001
REGISTERED OFFICE
11th Floor Sage Centre
10 Fraser Street Johannesburg 2001
PO Box 7755 Johannesburg 2000
(Reg no 1975/000613/06)
TRANSFER SECRETARIES
Computershare Services Limited
2nd Floor Edura House
41 Fox Street Johannesburg 2000
PO Box 61051 Marshalltown 2107
