| Tue 7 May 2002, 0:00 | | Premium Properties Limited And Its Subsidiaries - |
|
Holders
Premium Properties Limited and its subsidiaries
(Incorporated in the Republic of South Africa) Registration number
1994/003601/06 Share code: PMM ISIN code: ZAE000009254
Directors: A Wapnick (Chairman), M J Holmes, R J Inggs, J Pollack, M Z
Pollack, J P Wapnick, S Wapnick
NOTICE TO LINKED UNIT HOLDERS
The directors report the unaudited results of the group for the year ended
28 February 2002 set out below, together with comparisons with the results
for the corresponding year ended 28 February 2001.
CONSOLIDATED INCOME STATEMENT
R'000 % 2002 2001
Changes
Turnover (rental income) 10,0 88 507 80 497
Net rental from properties 6,9 58 353 54 576
Interest received 2 375 1 300
Capital profit : acquisition of loan
accounts at a discount 3 977 559
Provision for irrecoverable loans
to associated company reversed 3 300 (4 300)
68 005 52 135
Interest paid 5,2 30 691 29 178
Depreciation 445 377
Profit before debenture interest 63,3 36 869 22 580
Debenture interest 11,6 28 752 25 773
Profit before taxation 8 117 (3,193)
Taxation 555 377
Profit after taxation 7 562 (3 570)
Earnings per linked unit (cents) 36,46 22,29
Headline earnings per linked unit (cents) 29,13 26,04
Distribution per linked
unit (cents)
Dividends 0,14 0,13
Interest 28,86 25,87
Total 11,6 29,00 26,00
NOTES
1. The same accounting policies and methods of computation have been
followed as in the financial statements of 28 February 2001 and are in
accordance with South African Statements of Generally Accepted Accounting
Practice.
2. Capital expenditure during the year amounted to R13,6-million. Adequate
arrangements have been made to finance the above capital expenditure.
3. The Group has a capital commitment of approximately R9-million in
respect of a development. This will be financed by loans.
4. Guarantees amounting to approximately R2-million have been issued to
the City of Tshwane Metropolitan Municipality in respect of electricity
deposits for various subsidiaries.
5. The company has valued its investment properties at fair value in
accordance with AC135.
COMMENTS
1. The distribution of 14,5 cents per linked unit for the second half of
the year is slightly higher than that distributed for the same period last
year. This increase is mainly attributable to the benefits of positive
gearing which have been realised as a result of the decline in interest
rates. Interest rates have been steadily increasing and will have an effect
on earnings for 2003.
2. The directors expect that the distributable income for the ensuing year
will decrease to 26,5 cents per linked unit due to an increase in interest
rates. The company's auditors, Grant Thornton Kessel Feinstein, have
examined and approved the basis of the forecast above. The opinion of the
auditors is available for inspection.
3. Vacancies represent approximately 8% of total potential rental income.
4. Your company is investigating the acquisition of properties yielding a
suitable return with sustainable income and growth.
ABRIDGED CONSOLIDATED BALANCE SHEET
R'000 At At
2002 2001
ASSETS
Investment properties 472 157 457 777
Investments - unlisted - 147
- associated company 7 892 -
Deferred taxation - 115
Current assets 5 477 3 484
Total assets 485 526 461 523
EQUITY AND LIABILITIES
Share capital 996 996
Non-distributable reserve 52 172 44 895
Retained profit 412 267
Ordinary shareholders' interest 53 580 46 158
Debentures 167 510 167 510
Linked unit holders' interest 221 090 213 668
Interest bearing borrowings 223 163 207 945
Current liabilities - interest bearing 10 281 11 631
- non-interest
bearing 30 992 28 279
Total equity and liabilities 485 526 461 523
Linked units in issue 99 624 992 99 624 992
Net asset value per linked
unit (cents) 222 175
STATEMENT OF CHANGES IN EQUITY
Non-
distri- Distri-
Share butable butable
R'000 capital reserve reserve Total
Balance at 1 March 2000 996 4 777 226 5 999
Adjustment relating to
current valuation 43 859 43 859
Loss attributable to
ordinary shareholders (3 570) (3 570)
Dividends (130) (130)
Transfer to non-distributable
reserve 40 118 (40 118) -
Balance at 1 March 2001 996 44 895 267 46 158
Profit attributable to ordinary
shareholders 7 562 7 562
Dividends (140) (140)
Transfer to non-distributable
reserve 7 277 (7 277) -
Balance at 28 February 2002 996 52 172 412 53 580
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
R'000 2002 2001
CASH FLOW FROM
OPERATING ACTIVITIES
Net rental income from properties 57 908 54 199
Adjustment for:
- Depreciation 445 376
- Working capital changes 2 447 2 772
Cash generated from operations 60 800 57 347
Investment income 2 375 1 300
Finance costs (30 691) (29 178)
Taxation paid (608) (234)
Distribution to linked unitholders paid (27 895) (24 260)
Net cash inflow from
operating activities 3 981 4 975
CASH FLOW FROM
INVESTING ACTIVITIES
Investing activities (15 292) (27 138)
Proceeds from sale of fixed assets - 3 834
Net cash outflow used in
investing activities (15 292) (23 304)
Cash flow from
financing activities 15 242 13 470
NET INCREASE IN CASH AND
CASH EQUIVALENTS 3 931 (4 859)
Cash and cash equivalents at
beginning of year (1 ,206) (3 653)
Cash and cash equivalents at
end of year 2 725 (1,206)
DECLARATION OF DIVIDEND AND INTEREST PAYMENT NO. 16
Notice is hereby given that dividend No. 16 of 0,07 cents (0,07 cents:
2001) per ordinary share and interest of 14,43 cents (13,43 cents: 2001) per
debenture totalling 14,50 cents (13,50 cents: 2001) 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
A Wapnick J P Wapnick
03 May 2002
Registered office:
Downies Building, 373 Proes Street, Pretoria, 0002
PO 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
P O Box 61051, Marshalltown, 2107
