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ISIN Code : ZAE000014874
Share Code : MPL
Metboard properties limited
interim results and dividend declaration
for the six months ended 30 september 2001
Income statement 2001 2000
R'000 R'000
Turnover 59 950 33 875
Net property income 53 869 29 577
Interest received 310 343
Expenses (1 743) (1 044)
Net income before interest paid 52 436 28 876
Interest paid (26 501) (11 702)
Net income before debenture
interest and taxation 25 935 17 174
Less distributions 25 935 17 168
Debenture interest 25 909 17 151
Dividends 26 17
Net income before taxation - 6
Taxation (11) (9)
Net income after taxation (11) (3)
Retained income at end of period (11) (3)
Earnings per linked unit (cents) 17.52 17.52
One month to April 3.40 -
Five (Six) months to September 14.12 17.52
Headline earnings per linked unit 17.52 17.52
Number of linked units in issue
at 30 September 155 614 955 97 991 069
Balance sheet as at 30 September 2001 2000
R'000 R'000
Assets
Investment properties 869 234 426 683
Current assets 17 584 16 404
Total assets 886 818 443 087
Equity and liabilities
Capital and reserves 487 443 258 877
Non-current liabilities 373 425 162 341
Current liabilities 25 950 21 869
886 818 443 087
Statement of changes in equity 2001 2000
R'000 R'000
Changes in share capital
Shares issued 389 -
Changes in debenture capital
Debentures issued 99 259 -
Changes in accumulated profits
and reserves
Net (loss) for the period (11) (3)
Net increase in equity 99 637 (3)
Equity at the beginning of the
period 387 828 258 900
Equity at the end of the period 487 465 258 897
Cash flow statement 2001 2000
R'000 R'000
Cash flow from operating activities 48 547 34 746
Cash flow from investing
activities (204 777) -
Cash flow from financing
activities 148 996 (36 896)
(7 234) (2 150)
Cash and cash equivalents at
beginning of period 14 318 3 785
Cash and cash equivalents at
end of period 7 084 1 635
Financial results of the group
The results for the period under review are not directly comparable to the
results for the same period last year as the group has acquired 49
properties in the year since September 2000.
The results for the six months are in line with the forecast of Metprol for
the six months ended 30 September 2001. The directors expect that in line
with past years the results for the second half of the year will be better
than the first half.
The directors are confident that the forecast of 42 cents to March 2002 will
be achieved barring any unforseen circumstances.
Property portfolio
During the period under review the company acquired 24 properties worth
R199,650 million. This acquisition was funded by the placement of additional
linked units and further borrowings of R100 million. Details of this
acquisition are contained in a circular dated 6 April 2001. Vacant space at
September 2001 is 8.9% of gross lettable area which is up from the 6.1% at
the same time last year. In October 2001 the largest single vacancy of 17
322 square metres was let and this will result in the vacancies falling to
7.1% of gross lettable area. This letting will reflect positively in the
second half of the year.
At the end of September the company owned 146 properties with a gross
lettable area of 962 055 square metres.
Borrowings
At 30 September 2001 total borrowings amounted to R385 million. The interest
rate in respect of 90% of these borrowings have been fixed for periods
ranging between 2 and 10 years, at an average rate of 13.08%. This rate is
lower than at the same time last year.
Recent acquisition
Subsequent to September 2001 the company acquired the following properties,
all of which will have a positive effect on the portfolio.
Number of
Vendor properties Cost Yield How funded
PG Finance
Company 5 R30 000 000 15,98% Issue & placement
of new
linked units @ R2.85
Nogaprops
(Pty) Ltd 3 R11 000 000 15,42% 3 Year loan at 12.5%.
Sales
The company is in the process of selling 6 properties, 5 of which are part
of the original Metboard Property Fund. These disposals are in line with the
company's policy of selling vacant or under utilised properties. Transfer of
the properties is expected by the end of November 2001.
Declaration of dividend
Notice is hereby given of second interim dividend declaration number 9 of
0.0141 cents per share and debenture interest payment number 9 of 14.1059
cents per debenture for the 5 month period 1 May 2001 to 30 September 2001
by the directors of Metboard. The distribution amounts to 14.1200 cents per
Metboard linked unit and the last day to trade (cum the distribution) in
order to participate in the distribution will be Friday 16 November 2001.
The Metboard linked units will commence trading "ex" distribution from the
commencement of business on Monday 19 November 2001 and the record date for
such distribution will be Friday 23 November 2001.
Payment in respect of the second interim distribution will be made to
Metboard linked unit holders on Monday 26 November 2001.
No dematerialisation or rematerialisation of linked unit certificates may
take place between Monday
12 November 2001 and Friday 23 November 2001, both dates inclusive.
By order of the board
C M Liebenberg
Secretary 2 November 2001
Metboard Properties Limited Reg no. 1998/005425/06
JSE Share Code: MPL ISiN Code: ZAE000014874
registered office: 100 Grayston Drive Sandown Sandton 2196 P O Box
78949 Sandton 2146
transfer secretary: Mercantile Registrars Limited Reg no. 1987/000519/06
11 Diagonal Street Johannesburg 2001 PO Box 1053 Johannesburg 2000.
managed by investec property group
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