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Prima Property Trust
Share code: PRM
ISIS: 000005641
Interim results and distribution declaration for the six months ended 31
December 2001
The directors of Prima Property Trust Managers Limited hereby announce the
interim results for the six months ended 31 December 2001.
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Assets
Property and equipment 94 483 98 901 94 479
Cash at bank 20 614 20 345 21 445
Other current assets 882 1 542 1 087
Total assets 115 979 120 788 117 011
Equity and liabilities
Stated capital 100 129 100 129 100 129
Capital reserves 249 4 670 249
Retained earnings 9 226 9 368 2
Maintenance reserve 3 607 3 581 3 607
Total equity and reserves 113 211 117 748 103 987
Deferred taxation 1 546 1 535 1 546
Current liabilities 1 222 1 505 11 478
Total equity and liabilities 115 979 120 788 117 011
Net asset value per unit (cents) 68.04 70.77 62.50
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Revenue 13 544 13 457 26 924
Interest received 789 948 1 830
Rental income and recoveries 12 755 12 509 24 927
Sundry income - - 167
Operating expenses 4 320 4 091 7 752
Impairment loss - - 4 421
Net profit before taxation 9 224 9 366 14 751
Taxation - - 11
Net profit after taxation 9 224 9 366 14 740
Units in issue 166 387 500 166 387 500 166 387 500
Earnings per unit (cents) 5.54 5.63 8.86
Headline earnings per unit (cents) 5.54 5.63 11.52
Distributions (cents per unit) 5.50 5.50 11.50
Distributions paid - R9 151 313 R19 134 563
Distributions proposed R9 151 313
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Cash flows from operating activities
Cash received from operations
before working capital changes 8 434 8 417 17 342
Working capital changes (71) 15 460
Interest received 789 948 1 830
Distributions paid (9 983) (9 983) (19 135)
Net cash (outflow) inflow
from operating activities (831) (603) 497
Cash and cash equivalents at
beginning of period 21 445 20 948 20 948
Cash and cash equivalents at
end of period 20 614 20 345 21 445
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Capital Retained Maintenance
Capital Reserves Earnings Reserve Total
R'000 R'000 R'000 R'000 R'000
Balance at 30 June 2000 100 129 4 670 2 3 581 108 382
Net profit for the year - - 14 740 - 14 740
Transfer to maintenance reserve - - -26 26 -
Transfer from capital reserves - (4 421) 4 421 - -
Distributions - - (19 135) - (19 135)
Balance at 30 June 2001 100 129 249 2 3 607 103 987
Net profit for the period - - 9 224 - 9 224
Balance at 31 December 2001 100 129 249 9 226 3 607 113 211
Comment
The performance of the fund for the six-month period ended 31 December 2001
was satisfactory given the lack of growth in the economy and specifically
the retail industry. Management expects no growth during the second half of
the financial year.
The distribution of 5,50 cents equals the interim distribution for the
six months ended December 2000.
Distribution declaration
The Directors of Prima Property Trust Managers Limited have resolved to
declare a distribution no 65 of 5,50 cents per unit to all unit holders. The
declaration date and the final date of this distribution is Friday 8
February 2002. The last day to trade ("cum" the distribution) in order to
participate in the distribution will be Friday 22 February 2002. The units
of Prima Property Trust will commence trading "Ex" the distribution from the
commencement of business on Monday 25 February 2002 and the record date will
be Friday 1 March 2002. Payment will be made on Monday 4 March 2002. No
dematerialisation or rematerialisation of unit certificates may take place
between Monday 18 February 2002 and Friday 1 March 2002, both days
inclusive.
By order of the Board of Prima Property Trust Managers Limited
C Daun NFJ Haasbroek
Stellenbosch
4 February 2002
Registered Office Transfer Secretaries
178 Dorp Street Mercantile Registrars Limited
Stellenbosch Anglo Building
7600 11 Diagonal Street
Johannesburg, 2001
(P.O. Box 7061, Stellenbosch, 7599) (P.O. Box 1053, Johannesburg, 2000)
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