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ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
Reg. No. 1988/000742/06
JSE Share Code: ATS
ISIN Code: ZAE 000008975
INTERIM REPORT
for the six months ended 31 March 2002
The consolidated unaudited results of the group for the six months ended
31 March 2002 are as follows:
Unaudited Unaudited Audited
March March September
2002 2001 2001
R`000 R`000 R`000
Distribution
Net income distributed
to unitholders
Debenture interest 23 660 14 236 37 841
Dividend 213 128 340
Total 23 873 14 364 38 181
`000 `000 `000
Linked units in issue 63 619 40 559 49 219
Distribution per linked
unit cents cents cents
Debenture interest 37,190 35,099 83,058
Dividend 0,335 0,316 0,747
Total 37,525 35,415 83,805
Net tangible asset value 658 630 666
R`000 R`000 R`000
Consolidated income
statement
Revenue 60 540 33 348 74 458
Operating income 41 492 17 077 43 358
Less depreciation (366) (456) (851)
Interest capitalised - - 70
Interest received 351 681 1 537
Less interest paid
on borrowings (17 577) (2 922) (5 891)
Net operating income 23 900 14 380 38 223
Capital item -
amortisation of
goodwill - (313) (627)
Income before debenture
interest 23 900 14 067 37 596
Debenture interest 23 660 14 236 37 841
Income/(loss) after
debenture interest and
before taxation 240 (169) (245)
Taxation 27 16 42
Income/(loss) after
taxation 213 (185) (287)
Transfer from
non-distributable
reserve - 313 627
Dividends (213) (128) (340)
Retained income after
taxation and dividends - - -
Earnings per unit (cents) 42 35 92
Headline earnings per
unit (cents) 42 35 94
Abridged consolidated
balance sheet
Total capital 89 650 59 150 70 368
Debentures 311 248 196 787 239 810
Other long term
liabilities 297 713 46 475 390 538
Current liabilities 45 546 27 897 42 399
Capital employed 744 157 330 309 743 115
Fixed assets 733 907 304 473 729 551
Goodwill (5 010) 11 593 (5 045)
Loans 7 726 7 596 7 531
Current assets 7 534 6 647 11 078
Employment of capital 744 157 330 309 743 115
Capital expenditure
Expenditure incurred 4 793 1 931 426 600
Authorised and unspent 8 161 5 969 619
Committed - 5 250 -
Abridged consolidated
cash flow statement
Cash generated from
operations 46 681 18 678 42 812
Interest paid 17 226 2 241 4 284
Taxation paid 165 21 34
Distribution to
unitholders 23 835 18 056 32 421
Cash flows from operating
activities 5 455 (1 640) 6 073
Cash flows from investing
activities (4 952) (2 707) (352 718)
Cash flows from financing
activities (2 105) 4 361 348 423
Net (decrease)/increase
in cash and cash
equivalents (1 602) 14 1 778
Cash and cash equivalents
at beginning of period 1 996 218 218
Cash and cash equivalents
at end of period 394 232 1 996
Statement of changes in
equity
Non-
Share Share Debenture Distributable
Capital Premium Premium Reserve Total
R`000 R`000 R`000 R`000 R`000
Balance at 1/10/2000 2 028 4 068 - 53 524 59 620
Increase in share capital 433 113 11 145 - 11 691
Amortisation of
debenture discount - - - (316) (316)
Amortisation of goodwill - - - (627) (627)
Balance at 1/10/2001 2 461 4 181 11 145 52 581 70 368
Increase in share capital 720 187 18 533 - 19 440
Amortisation of
debenture discount - - - (158) (158)
Transfer to
non-distributable reserve - - (158) 158 -
Amortisation of positive
goodwill - - - (313) (313)
Amortisation of negative
goodwill - - - 313 313
Balance at 31/03/2002 3 181 4 368 29 520 52 581 89 650
Note
The same accounting policies and methods of computation were followed as
adopted in the financial statements for the year ended 30 September 2001,
and were prepared in accordance with the statements of GAAP.
Comments
The distribution for the six months at 37,525 (2001 - 35,415) cents per unit
is 6,0% higher than the previous year, which is in line with the company`s
consistent record of increase over the past eight years. Building vacancies
were 13,8% (2001 - 6,1%) of lettable area, or 7,5% (2001 - 5,0%) of gross
rental income.The bulk of the vacancies is in three properties which have
been sold but not yet transferred. Subsequent to March the properties have
been transferred and vacancies have accordingly reduced to 8,9% of rentable
area or 6,4% of gross rental income.
PLF Irvine Cape Town
Chairman 23 May 2002
Declaration of interim dividend and interest on debentures
Notice is hereby given that an interim distribution of 37,525 cents (2001 -
35,415 cents), consisting of interest of 37,190 cents (2001 - 35,099 cents)
per debenture and a dividend of 0,335 cents (2001 - 0,316 cents) per share
has been declared in respect of the six months ended 31 March 2002. The
record date for this distribution is 27 June 2002 with a payment date of
28 June 2002. The last date to trade the linked units cum-dividend is
Thursday 20 June 2002, and the linked units will start trading ex-dividend
and interest on Friday 21 June 2002. The dividend and interest payments will
be maid to unitholders on 28 June 2002. No dematerialisation or
rematerialisation of linked unit certificates may take place between
Thursday 13 June 2002 and Thursday 27 June 2002, both days inclusive.
By order of the Board
Atlas Property Services (Pty)
Ltd Secretaries
Cape Town
23 May 2002
Registered address:
121 Roodebloem Road,
Woodstock, 7925
Transfer Secretaries:
Computershare Services, 10th Floor,
11 Diagonal Street, Johannesburg, 2001
Date: 24/05/2002 04:59:09 PM Produced by the SENS Department
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