| Tue 7 May 2002, 0:00 | | Octodec Investments Limited - Unaudited Results Of |
|
months ended 28 February 2002
OCTODEC INVESTMENTS LIMITED
and its subsidiaries
Share Code : OCT
ISIN Code : ZAE000005104
Directors: A Wapnick (Chairman), J P Wapnick (Managing), M J Holmes, J
Pollack, M Z Pollack, S Wapnick
NOTICE TO LINKED UNIT HOLDERS
The directors report the unaudited results of the group for the six months
ended 28 February 2002 set out below, together with comparisons with the
results for the corresponding period in 2001 and the year ended 31 August
2001 and the year ended 31 August 2001.
CONSOLIDATED INCOME STATEMENT
R'000 Six months Six months Year
% to to to
Changes 28/2/2002 28/2/2001 31/8/2001
Turnover (rental income) 74,0 41 920 24 094 49 027
Net rental from properties 82,4 29 939 16 414 33 059
Interest received 1 900 277 2 437
31 839 16 691 35 496
Interest paid 16 017 2 280 4 734
Depreciation 35 239 85
Profit before debenture
interest and capital profit 15 787 14 172 30 677
Capital profit: disposal
of property 275 - -
Acquisition of loan account
at a discount 2 164 - -
Profit before debenture
interest 28,6 18 226 14 172 30 677
Debenture interest 11,6 15 542 13 922 30 305
Profit before taxation 2 684 250 372
Taxation 118 146 195
Profit after taxation 2 566 104 177
Earnings per linked unit (cents)
(basic and diluted) 26,67 22,8 48,0
Headline earnings per linked
unit (cents)
(basic and diluted) 23,08 22,8 48,0
Distribution per linked
unit (cents)
Dividends 0,11 0,11 0,23
Interest 22,89 22,64 46,77
Total 1,1 23,00 22,75 47,00
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
R'000 Six months Six months Year
to to to
28/2/2002 28/2/2001 31/8/2001
CASH FLOW FROM OPERATING
ACTIVITIES
Net rental income from
properties 29 904 16 175 32 974
Adjustment for:
- Depreciation 35 239 85
- Working capital changes 1 615 (179) (1 887)
Cash generated from operations 31 554 16 235 31 172
Investment income 1 900 277 2 437
Finance costs (16 017) (2 280) (4 734)
Taxation paid 98 (58) (244)
Distribution to linked unit
holders paid (16 465) (13 621) (27 610)
Net cash inflow (outflow) from
operating activities 1 070 553 1 021
CASH FLOW FROM INVESTING
ACTIVITIES
Investing activities (297 754) (5 310) (18 749)
Proceeds from sale of
fixed assets 1 775 - -
Net cash outflow utilised in
investing activities (295 979) (5 310) (18 749)
Cash inflow from issue of units - - 16 937
Cash flow from financing
activities 292 540 5 085 1 874
NET INCREASE IN CASH AND
CASH EQUIVALENTS (2 369) 328 1 083
Cash and cash equivalents at
beginning of period/year 963 (120) (120)
Cash and cash equivalents at
end of period/year (1 406) 208 963
DECLARATION OF DIVIDEND AND INTEREST PAYMENT NO. 24
Notice is hereby given that dividend No. 24 of 0,11 cents (2001: 0,11 cents)
per ordinary share and interest of 22,89 cents (2001: 22,64 cents) per
debenture totalling 23,00 cents (2001: 22,75 cents) have been declared
payable to linked unit holders recorded in the register in accordance with
the settlement procedures of STRATE. The last date to trade cum entitlement
is Friday, 17 May 2002. The units will commence trading ex entitlement on
Monday, 20 May 2002. Record date will be Friday, 24 May 2002. Payment will
be effected on Monday, 27 May 2002.
No dematerialisation of linked unit certificates may take place between
Monday, 13 May 2002 and Friday, 24 May 2002 both days inclusive.
By order of the Board
City Property Administration (Proprietary) Limited
06 May 2002
A Wapnick Chairman
J P Wapnick Managing Director
Registered Office: Downies Building, 373 Proes Street, Pretoria, 0002. P.O.
Box 15, Pretoria, 0001. Tel (012) 326-8811
Transfer Secretaries: Computershare Services Limited (Reg. No.
1958/003546/06). 2nd Floor, Edura, 41 Fox Street, Johannesburg, 2001. PO
Box 61051, Marshalltown, 2107.
ABRIDGED CONSOLIDATED BALANCE SHEET
R'000 At At At
28/2/2002 28/2/2001 31/8/2001
ASSETS
Investment properties 584 803 251 913 291 080
Investments - associated company 7 893 3 373 3 373
- listed 9 664 - 9 524
Current assets 9 926 4 078 8 613
Total assets 612 286 259 364 312 590
EQUITY AND LIABILITIES
Share capital and premium 11 096 7542 11 096
Non-distributable reserve 44 452 6 915 42 013
Retained profit 335 292 283
Ordinary shareholders' interest 55 883 14 749 53 392
Debentures 198 513 185 130 198 513
Linked unit holders' interest 254 396 199 879 251 905
Outside shareholders' interest 10 658 4 188 34 976
Long term liabilities - interest
bearing 316 858 33 000
Deferred taxation 4 - 66
Current liabilities - interest
bearing 1 463 - -
- non-interest bearing 28 907 22 297 25 643
Total equity and liabilities 612 286 259 364 312 590
Linked units in issue 67 896 223 61 492 890 67 896 223
Net asset value per linked
unit (cents) 375 325 371
STATEMENT OF CHANGES IN EQUITY
Share Non-distri- Distribu- Total
capital butable table
R'000 reserve reserve
Balance at 1/9/2000 7 542 6 915 255 14 712
Profit attributable
to ordinary
shareholders 177 177
Revaluation relating
to investment
properties 35 098 35 098
Dividends (149) (149)
Issue of shares 3 554 3 554
Balance at 1/9/2001 11 096 42 013 283 53 392
Profit attributable to
ordinary shareholders 2 566 2 566
Dividends (75) (75)
Transfer to non-
distributable reserve 2 439 (2 439) -
Balance at 28/2/2002 11 096 44 452 335 55 883
NOTES:
1. The same accounting policies and methods of computation have been
followed as in the financial statements of 31 August 2001, and are in
accordance with South African Statements of Generally Accepted Accounting
Practice.
2. Capital expenditure during the period under review amounted to R298-
million. This consisted of the acquisitions of:
R-million
a) Killarney Mall Properties (Pty) Ltd 239,2
b) Elardus Park Shopping Centre Share Block (Pty) Ltd 21,2
c) Waverley Plaza Properties (Pty) Ltd 32,3
d) Other 5,3
298,0
Due to the above acquisitions, comparisons between the current period,
the same period last year and the year ended 31/8/2001, are not meaningful.
3. The company made a capital profit on the sale of a property of R275 000
which was taken to the non-distributable reserve.
4. The company has a capital commitment in respect of a development of
R13,5-million.
5. Guarantees amounting to approximately R1,5-million have been issued to
the City of Tshwane Metropolitan Municipality in respect of electricity
deposits for various subsidiaries.
6. The company adopted AC135 during the previous financial year in terms
of which it values its investment properties annually.
COMMENTS
1. Income before debenture interest and taxation increased by 28,6 percent
to R18,2-million from R14,2-million. This includes a capital profit of R2,4-
million.
2. Vacancies represent approximately 9% of the total potential rental
income.
3. The distribution to linked unit holders is 23,00 cents per linked unit.
This is slightly higher than that distributed for the same period last year.
4. The directors, however, expect a decrease in the distribution to
approximately 22,0 cents per linked unit for the second half of the
financial year. This is mainly due to the effect of our new acquisitions
which was anticipated in the circulars to linked unit holders regarding the
relevant acquisitions and in subsequent communications with linked unit
holders (Note 2). The company's auditors, Deloitte & Touche, have examined
and approved the basis of the forecast above. The opinion of the auditors
is available for inspection.
