| Fri 21 Dec 2001, 0:00 | | Shops For Africa - Interim Results For The Four Mo |
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SHOPS FOR AFRICA
INTERIM RESULTS FOR THE FOUR MONTHS ENDED 31 OCTOBER 2001
BALANCE SHEET
October 2001
R'000
Linked unit-holders' equity 127 952
Term borrowings 187,350
Current liabilities 2,673
Unitholders for distribution 6,631
Total equity and liabilities 324,606
Investment properties 319,924
Current assets 4,682
Total assets 324,606
Notes
1. All accounting policies are consistent with those disclosed in the
prospectus and are in accordance with Generally Accepted Accounting
Practice.
2. Investment properties are revalued annually at year end.
3. Listing expenses of R4,6m are of a non-recurring nature and are thus
disclosed as abnormal.
INCOME STATEMENT
Four months
to October 2001
R'000
Revenue 24,337
Operating income 15,700
Interest received 76
Financing costs (9,145)
Net income before debenture interest 6,631
Debenture interest (6,631)
Net income after debenture interest before
abnormal item 0
Listing expenses (4,603)
Net profit (4,603)
Distribution per linked unit (cents) 12,1
Headline earnings per linked unit (cents) 12,1
Earnings per linked unit (cents) (3,7)
Number of linked units in issue 54,709,840
Headline earnings comprise net profit for the year adjusted for once off
listing expenses of R4,600m.
STATEMENT OF CHANGES IN EQUITY
October 2001
R'000
Share Debentures Accumulated Total
Capital (Loss)
Issued during the period 547 136,227 - 136,774
Attributable earnings - - (4,603) (4,603)
Share issue expenses - - (4,219) (4,219)
Balance at 31 October
2001 547 136,227 (8,822) 127,952
CASH FLOW STATEMENT
Four months
to October 2001
R'000
Net Cash flows from operating activities 6,154
Cash generated from operations 15,223
Interest received 76
Financing costs (9,145)
Net Cash Flows from investing activities (319,925)
Net Cash Flows from financing activities 315,303
Increase in cash and cash equivalents 1,532
Review of Results
The directors are pleased to announce a maiden distribution for the four-
month period ended 31 October 2001 of 12,12 cents per linked unit. New
lettings and lease escalations will result in a stronger performance for the
remaining six months of the period.
Operating margins have improved from a forecast 59,6% to 64,5% due to a
rigorous focus on costs and rental collections. Vacancies currently stand
at 10,3%, a reflecting of the weak underlying property market. The Company
is continuing to negotiate a number of leases to reduce vacancies to below
7% by April 2002.
The portfolio's two main properties, Maynard Mall and Golden Walk, which
comprise 59% of the Company's asset value, continue to perform well. Recent
lettings have significantly improved the lease expiry profile of the centres
and increased the national retailer presence to over two thirds of total
rental receivable.
The Company has fixed interest rate agreements for 81,5% of its long-term
borrowings and is currently evaluating other opportunities to further
minimize its exposure to interest rate volatility.
Prospects
The Company initially focused on managing and consolidating the portfolio
acquired at listing. The Company is now evaluating opportunities to achieve
the long-term goals set out in the Company's prospectus dated 21 June 2001.
In this regard, linked unitholders' attention is drawn to the cautionary
announcement below.
Declaration of interest Distribution
Notice is hereby given of the first interim interest distribution of 12,12
cents per Shops for Africa linked unit for the four month period 1 July 2001
to 31 October 2001. Shops for Africa linked unitholders are advised that
the last day to trade in Shops for Africa units will be on Friday, 11
January 2002, in order to be registered as a Shops for Africa linked
unitholder on Friday, 18 January 2002, being the record date. Payment in
respect of the distribution will be made on 21 January 2002. Shops for
Africa linked units will be trading ex-distribution from Monday, 14 January
2002. No dematerialisation or rematerialisation of linked unit certificates
may take place between Monday, 7 January 2002 and Friday, 18 January 2002
(both days inclusive).
Cautionary Announcement
Shops for Africa linked unitholders are advised that the company is
currently negotiating to acquire several properties which will significantly
increase the value of the Company's property portfolio. This may have a
material effect on the price of the Company's securities.
Accordingly, Shops for Africa linked unitholders are advised to exercise
caution when dealing in the company's linked units until a further
announcement is made.
By order of the Board
BP Mitchell
Company Secretary
Transfer Secretaries
Computershare Services Limited
(Company Registration Number 1958/003546/06)
Second Floor
Edura House
41 Fox Street
Johannesburg 2001
Company Secretary and registered office
B P Mitchell CA (SA)
Registration number: 2000/018084/06 Share code: SFA
ISIN Code : ZAE 000031241
6th floor
Protea Place
Protea Road
Claremont 7700
Directors:
I L Sturrock (Chairman), J D Broll, B P Mitchell*, W A Botha*, K M Roman
*Executive
Sponsor
Sasfin Bank Limited
Registration number : 1951/002280/06
