| Fri 21 Dec 2001, 0:00 | | Bonatla Property Holdings - Final Results Announce |
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BONATLA PROPERTY HOLDINGS
Registration number 1996/014533/06
Share Code: BNT ISIN Code: ZAE000013694
AUDITED FINAL RESULTS
for the year ended 30 September 2001
CONSOLIDATED INCOME STATEMENT
2001 2000
R'000 R'000
Revenue 113 050 91 362
Operating expenses (33 039) (24 817)
Operating profit 80 011 66 545
Income from
investments 2 008 1 711
Finance charges (69 276) (64 496)
Net income/(loss)
before taxation 12 743 3 760
Taxation (3 350) 446
Net income/(loss)
after taxation 9 393 4 206
Earnings per share
(cents) 5.11 3.57
Weighted average
number of shares ('000) 183 818 117 775
Diluted earnings
per share (cents) 5.02 3.11
Diluted weighted
average number of
shares ('000) 188 152 136 675
CONSOLIDATED
BALANCE SHEET
2001 2000
R'000 R'000
Fixed assets 644 609 646 951
Deferred taxation 8 461 10 767
Debt redemption scheme 3 690 2 806
Current assets 5 689 3 403
Total assets 662 449 663 927
Shareholders' equity 170 606 162 539
Long-term borrowings 472 937 483 580
Current liabilities 18 906 17 808
Total equity and
liabilities 662 449 663 927
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share Share Shares to Retained Total
Capital premium be issued profit
(Accumulated
loss)
R'000 R'000 R'000 R'000 R'000
Balance at
30 September 1999 579 116 392 3 483 (396) 120 058
Prior year
adjustment -
net of tax - - - (840) (840)
579 116 392 3 483 (1 236) 119 218
Issue of shares net
of expenses 176 175 310 (3 483) - 173 003
Liability in respect
of shares to be
issued - - 26 960 - 26 960
Adjustment to the
value of properties - (170 694) - - (170 694)
Net profit for
the year - - - 4 206 4 206
Deferred tax
adjustment - - - 9 846 9 846
Balance at
30 September 2000 1 755 121 008 26 960 12 816 162 539
Issue of shares net
of Expenses 96 24 211 (23 782) - 525
Net profit for the
year - - - 9 393 9 393
Dividend paid - - - (1 851) (1 851)
Balance at
30 September 2001 1 851 145 219 3 178 20 358 170 606
CONSOLIDATED CASH
FLOW STATEMENT
2001 2000
R'000 R'000
Net cash flows from
operating activities 9 544 10 279
Cash generated from
operations 78 681 73 064
Interest received 2 008 1 711
Interest paid (69 276) (64 496)
Dividends paid (1 851) -
Taxation paid (18) -
Net cash
flows/(outflows)
from investing
activities 2 593 (514 245)
Net cash
(outflows)/flows
from financing
activities (8 244) 504 910
Increase in cash
and cash equivalents 3 893 944
Notes
(1) With the exception of the change referred to in note (2), all accounting
policies have been consistently applied throughout the year and are
consistent with prior years.
(2) Change in accounting policy
During the year the group changed its accounting policy with respect to the
treatment of intangible assets. In order to conform with the transitional
provisions in the statement on intangible assets, the group now expenses
rather than capitalises such items. In the prior year deferred tax assets
not previously raised were brought into account in terms of AC102.
The effect of these changes is as follows:
Gross Taxation Net
R'000 R'000 R'000
Amount previously
capitalized 1999 (1 200) (360) (840)
Portion amortised 240 (72) 168
Opening deferred
tax adjustment 9 846 - 9 846
2000 10 086 (72) 10 014
REVIEW OF RESULTS
The directors are pleased to announce the results for the year ended 30
September 2001. Diluted earnings per share have increased by 61,4% from 3,11
cents to 5,02 cents. The results reflect on what has been a year of
consolidation for Bonatla as the group focused on management of the
underlying portfolio and debt funding structures. The asset management
function has been outsourced to Catalyst Property Asset Managers (Pty) Ltd
and the property administration to the Broll Property Group (Pty) Ltd. This
outsourcing has allowed the group to tap into a larger resource base with
expertise in property and finance.
The increase in operating profit is as a result of the performance of the
portfolio, which was acquired during 2000 being accounted for a full
financial year. The operating margin declined from 72,84% to 70,77% due to
an increase in vacancies from 4,3% to 11,1%. The vacancy level has
subsequently been reduced to below 8%. The group benefited from the general
decline of interest rates, which has an amplified impact due to the group's
gearing level.
The balance sheet continues to strengthen with the total debt to total
assets ratio declining from 75,5% to 74,2%. A total of R12,8m of interest
bearing debt was repaid and convertible debentures of R8m raised as long-
term capital. A single property was sold during the period for R4,75m, a
profit of R0,677m. The interim results referred to several legal disputes
with shareholders, all of which have subsequently been resolved.
Prospects
The group has renewed or let 31 894m2 during the last six months, which has
improved the lease expiry profile and effectively secured the future income
stream of the group. Several fixed rate agreements were renegotiated after
year-end. The effect of this has been to reduce the average interest rate to
14,1%. 72% of borrowings are now fixed for periods between one and eight
years.
Whilst market conditions are generally unfavourable, due to excess space and
low demand, the reduction in interest rates and the group's secure tenant
base should allow for a real increase in earnings.
Furthermore, the group is currently investigating various alternatives to
reduce its loan to value ratio and increase the dividend payments to
shareholders.
Declaration of Dividend
Notice is hereby given of the final dividend of 1 cent per share for the
period 1 May 2001 to 30 September 2001, taking the total dividend to 2 cents
per share for the year ended 30 September 2001. Bonatla shareholders are
advised that the last day to trade "cum" the dividend in order to
participate therein will be on Friday, 11 January 2002. The share will
commence trading "ex" the dividend on Monday, 14 January, and the record
date will be Friday, 18 January 2002. Payment in respect of the dividend
will be made on Monday, 21 January 2002. Shareholders may not dematerialise
or rematerialise their Bonatla shares between Monday, 7 January and Friday,
18 January 2002, both days inclusive.
By order of the Board
B J van der Ross
Chairman
20 December 2001
Transfer Secretaries:
Mercantile Registrars Ltd, 10th Floor, 11 Diagonal Street, Johannesburg,
2001
Company Secretary and Registered office:
Corporate Governance cc
Registration number 1996/014533/06
Share Code: BNT
ISIN Code: ZAE000013694
2nd Floor, Broll Place, Sunnyside Drive, Sunnyside Park, Parktown, 2193
Directors:
B J van der Ross (Chairman),
R D du Plooy,
J D Broll,
J Styger,
N Vontas,
M Brodie,
M Viljoen
