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ISIN CODE : ZAE000018867
SHARE CODE : IPR
The audited results of iProp Holdings Limited and its subsidiaries for the
year ended 30 September 2001 and dividend announcement
Abridged Consolidated Income Statement
for the year ended 30 September 2001
2001 2000
R'000 R'000
Revenue 67 318 54 729
Cost of sales 12 998 14 172
Gross profit 54 320 40 557
Operating expenses 23 368 24 033
Depreciation 823 787
Operating profit 30 129 15 737
Post retirement health care provision adjustment 7 626 -
Investment income 18 946 14 886
Financing cost (42 497) (20 766)
Exceptional items (note 1) (2 953) (2 049)
Profit before taxation 11 251 7 808
Taxation (5 532) 1 102
Profit after taxation 16 783 6 706
- before exceptional items 18 745 8 085
- from exceptional items (1 962) (1 379)
Profit attributable to shareholders 16 783 6 706
Note 1: Exceptional items result mainly from restructuring costs of R 1,3
million and the reversal of net revenue of R 1,9 million. This revenue was
earned in the previous financial year and relates to the cancellation of the
property sale contracts by mutual agreement between Zarara Energy Limited
and the company as detailed in the press announcement published on 1
February 2001.
Determination of headline earnings
Attributable profit for the year per
income statement 16 783 6 706
Adjusted for:
Net profit on the sale of investment buildings (349) (184)
Headline earnings for the year 16 434 6 522
Shares in issue (000's) 15 677 15 677
Weighted average number of ordinary shares on
which fully diluted earnings per share
are based (000's) 16 295 15 677
Earnings per share ("EPS")
Headline earnings per share (cents) 105 42
Earnings per share from profit attributable to
ordinary shareholders (cents) 107 43
Fully diluted earnings per share (cents) 103 -
Dividends per share (cents) 35 25
Abridged Consolidated Balance Sheet
as at 30 September 2001
2001 2000
R'000 R'000
ASSETS
Non-current assets
Property investments 286 317 310 890
Land, mineral rights, plant and equipment 3 263 3 256
Townships and developments in progress 50 625 52 390
Endowment policies - 11 192
Non-current receivables 8 558 8 467
Deferred taxation 3 144 -
351 907 386 195
Current assets
Township land stock 32 630 34 768
Receivables and prepayments 30 604 66 831
Endowment policies 12 223 -
Cash and cash equivalents 3 542 3 481
Total assets 430 906 491 275
EQUITY AND LIABILITIES
Capital and reserves
Interest of shareholders in
iProp Holdings Limited 190 550 179 254
Non-current liabilities
Borrowings 194 654 202 535
Deferred taxation - 1 817
Retirement benefit obligations 13 218 20 960
Current liabilities
- interest bearing - 5 034
- non-interest bearing 32 484 81 675
Total equity and liabilities 430 906 491 275
Abridged Consolidated Cash Flow Statement
for the year ended 30 September 2001
2001 2000
R'000 R'000
Cash flow from operating activities
Cash generated by operations 39 689 26 010
Interest paid (28 830) (13 520)
Taxation paid (953) (128)
Dividends paid (5 553) (3 721)
Restructuring costs (1 332) (2 233)
Cash generated by operating activities A 3 021 6 408
Cash flow from investing activities
Investment income 3 039 2 858
Crown Consolidated Gold Recovery loan
note realized 35 347 -
Acquisition of investment portfolio
from Mawenzi (29 770) (50 000)
Decrease in townships and developments
in progress 1 765 3 051
Purchase of property, plant and equipment (2 980) (4 146)
Purchase of investments - (10 608)
Proceeds on disposal of investment property, plant
and equipment 5 672 1 920
Cash generated by/(utilised in) investing
Activities B 13 073 (56 925)
Cash flow from financing activities
Repayment of long-term borrowings (10 999) (3 728)
Cash utilised in financing activities C (10 999) (3 728)
Net increase/(decrease) in cash and cash
equivalents (A+B+C) 5 095 (54 245)
Cash and cash equivalents at beginning of year (1 553) 52 692
Cash and cash equivalents at end of year 3 542 (1 553)
- cash 3 542 3 481
- bank overdraft included in interest bearing
- current liabilities - (5 034)
Abridged Consolidated Segmental Analysis
for the year ended 30 September 2001
2001 2000
R'000 R'000
Revenue
Land development 20 097 30 257
Property investment 47 221 24 472
Revenue as reported 67 318 54 729
Operating profit
Land development 1 035 (1 535)
Property investment 29 094 17 272
Operating profit as reported 30 129 15 737
Abridged Consolidated Statement of Changes in Equity
Reserve
arising on
surplus on
disposal of
Share Share Accumulated investments &
Capital Premium Profit subsidiaries Total
R'000 R'000 R'000 R'000 R'000
Balance at
1 October 1999
as previously
reported 15 677 30 138 116 651 10 082 172 548
Change in
accounting policy
1999-dividend - - 3 919 - 3 919
15 677 30 138 120 570 10 082 176 467
Net profit for
the year - - 6 706 - 6 706
Final dividend
declared for 1999 - - (3 919) - (3 919)
Balance at
1 October 2000 15 677 30 138 123 357 10 082 179 254
Balance at
1 October 2000
as previously
reported 15 677 30 138 119 438 10 082 175 335
Change in
accounting policy
2000-dividend - - 3 919 - 3 919
15 677 30 138 123 357 10 082 179 254
Net profit for the
year - - 16 783 - 16 783
Final dividend
declared for 2000 - - (3 919) - (3 919)
Interim dividend
declared for 2001 - - (1 568) - (1 568)
Balance at
30 September 2001 15 677 30 138 134 653 10 082 190 550
Capital Expenditure and Commitments
for the year ended 30 September 2001
2001 2000
R'000 R'000
Capital expenditure 2 980 283 963
Contracted capital commitments - 1 000
Comments
Accounting policies
The consolidated financial statements are prepared on the historical cost
basis. Accounting principles and policies used in preparing this report
comply with South African Statements of Generally Accepted Accounting
Practice and are consistent with the prior year except for
the following:
Dividends paid
Dividends paid were previously recognised when proposed but subject to Board
approval.
With the adoption of AC 107 "Events subsequent to balance sheet date"
dividends paid are recognised only when declared by the Board of Directors.
This change in accounting policy has been retrospectively applied and had no
impact on current year profit or taxation.
Review of results
Headline earnings
Headline earnings for the year ended 30 September 2001 are R16.4 million
(2000: R6.5 million)
Operating profit
The full year's results from the property investment division and improved
performance from the land development division accounted for the increase in
operating profit year on year.
Post retirement healthcare provision adjustment
The liability was assessed by an independent qualified actuary in March 2001
resulting in a current year adjustment of R7.6 million, reducing the
provision from R20.9 million to R13.2 million.
Investment income and financing cost
Investment income and financing costs are not comparable with those of the
previous year due mainly to the acquisition of the property investment
portfolio with effect from 1 May 2000.
Taxation
Non-taxable preference dividend income included in investment income, the
reversal of deferred taxation on the retirement benefit provision and the
recognition of deferred tax on losses in subsidiaries, resulted in the tax
credit reported.
Events subsequent to balance sheet date
Disposal by iProp of a portion of its investment property portfolio
In the 2000 annual report the Chairman stated:
"Clearly the challenge facing management of the company is to achieve a
level of earnings which will reflect and release share value and to reduce
the discount to net asset value."
The directors have decided that to achieve a release of shareholder value, a
major portion of the investment portfolio should be sold to a new company,
which will be quoted on the JSE Securities Exchange South Africa, in the
Property Loan Stock sector, subject to certain suspensive conditions being
fulfilled. Full details will be contained in the circualr which will be
distributed to iProp shareholders in due course.
Prospects
Increased earnings from the land development division are dependent on the
large number of land sales enquiries coming to fruition. Given the underpin
of the annuity income from the rental received on the mining infrastructure
and remaining investment buildings, we expect the company to remain
profitable.
Final dividend
A final dividend (Number 51) of 20 cents per share (2000 : 25 cents) has
been declared in terms of the accompanying dividend notice.
Strate (Share Transactions Totally Electronic)
The JSE Securities Exchange South Africa has advised that the Company's
shares have been dematerialised on 26 November 2001 with electronic trading
commencing on 18 December 2001 and the first electronic settlements on 27
December 2001. Relevant information has been mailed to shareholders.
For and on behalf of the board
JC Hall (Chairman) JAA Diepenbroek (Managing Director)
20 November 2001
Declaration of dividend number 51
A final dividend (No. 51) of 20 cents (2000:25 cents) per ordinary share has
been declared in respect of the year ended 30 September 2001.
The dividend is payable to shareholders recorded in the books of the company
at the close of business on 18 January 2002 (the record date). The last
date to trade cum dividend will be 11 January 2002 and trading will commence
ex dividend from 14 January 2002. The dividend will be paid on 21 January
2002.
No rematerialisation/dematerialisation orders will be processed between
Monday, 7 January 2002 and Friday, 18 January 2002, both days inclusive.
The dividend is declared in the currency of the Republic of South Africa
and, where applicable, will be converted into United Kingdom currency for
payment by cheque drawn on a bank in London to those shareholders whose
addresses in the register of members are overseas.
The rate of exchange at which the dividend will be converted to United
Kingdom currency will be the telegraphic rate of exchange between South
Africa and the United Kingdom ruling on the first business day after 11
January 2002 on which foreign currency dealings are transacted.
By order of the board
iProp Services (Proprietary) Limited per DR Harris FCIS
Secretaries
Johannesburg 20 November 2001
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