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iProp Holdings Limited - The unaudited results
IProp Holdings limited
IPROP
Innovative property solutions
(Incorporated in the Republic of South Africa)
Share code: KIR. ISIN number: ZAE 000011284
(Registration number 1968/001239/06) ("iProp" or "the company")
iProp Holdings Limited and its subsidiaries: The unaudited results for the
half year ended 31 March 2002 and dividend announcement
Abridged Consolidated Income Statement
Unaudited Unaudited Audited
for the for the for the
half year ended half year ended year ended
31 March 2002 31 March 2001 30 Sept 2001
R`000 R`000 R`000
Revenue 48 604 32 186 67 318
Operating profit 18 052 9 890 30 129
Post-retirement
health care provision
adjustment - 7 626 7 626
Fair value adjustment
gain - investment
property 1 480 - -
Investment income 10 279 9 309 18 946
Financing cost (21 807) (21 924) (42 497)
Exceptional items (1 517) (3 978) (2 953)
Profit before taxation 6 487 923 11 251
Taxation (223) (2 033) (5 532)
Net profit attributable
to shareholders 6 710 2 956 16 783
- before exceptional
items 7 814 5 666 18 745
- from exceptional
items (1 104) (2 710) (1 962)
Net profit attributable
to shareholders 6 710 2 956 16 783
Determination of headline
earnings
Attributable profit for
the period/year
per income statement 6 710 2 956 16 783
Adjusted for:
Fair value adjustment
gain - investment
property (1 480) - -
Net profit on the sale
of investment buildings - (248) (349)
Headline earnings for
the period/year 5 230 2 708 16 434
Shares in issue (000`s) 15 677 15 677 15 677
Weighted average number
of ordinary shares
on which diluted
headline earnings and
diluted basic earnings
per share are based
(000`s) 16 606 16 295 16 295
Earnings per share
("EPS")
Headline earnings per
Share (cents) 33 17 105
Earnings per share
from profit
attributable to
shareholders (cents) 43 19 107
Fully diluted earnings
per share (cents) 40 18 103
Dividends per share:
Final 2001 (cents) 20
Final 2000 (cents) 25
Final 2000 and Interim 2001 (cents) 35
Abridged Consolidated Balance Sheet
Unaudited Unaudited Audited
for the for the for the
half year ended half year ended year ended
31 March 2002 31 March 2001 30 Sept 2001
R`000 R`000 R`000
ASSETS
Non-current assets
Investment property 334 167 292 792 288 201
Land, mineral rights,
plant and equipment 3 741 3 135 3 879
Townships and
developments
in progress 43 868 50 499 50 625
Non-current receivables 9 046 8 830 8 558
Deferred taxation 3 595 - 3 144
394 417 355 256 354 407
Current assets
Township land stock 20 884 34 893 30 130
Receivables and
prepayments 45 978 27 538 30 604
Other investments - 11 622 12 223
Cash and cash
equivalents 8 881 2 200 3 542
Total assets 470 160 431 509 430 906
EQUITY AND LIABILITIES
Capital and reserves
Interest of shareholders
in iProp Holdings
Limited 237 758 176 723 190 550
Non-current liabilities
Borrowings 189 757 204 300 194 654
Deferred taxation - 3 413 -
Retirement benefit
obligations 13 218 13 630 13 218
Current liabilities
- interest bearing - 1 446 -
- non-interest bearing: 29 427 31 997 32 484
- Trade and other
payables 11 725 14 284 14 719
- Provisions for
liabilities and
charges 17 702 17 713 17 765
Total equity and
liabilities 470 160 431 509 430 906
Abridged Consolidated Cash Flow Statement
Unaudited Unaudited Audited
for the for the for the
half year ended half year ended year ended
31 March 2002 31 March 2001 30 Sept 2001
R`000 R`000 R`000
Cash flow from operating
activities
Cash generated from
operations 22 330 14 651 39 689
Interest paid (14 274) (15 026) (28 830)
Taxation paid (263) (724) (953)
Dividends paid (3 205) (3 919) (5 553)
Restructuring costs (1 517) (1 313) (1 332)
3 071 (6 331) 3 021
Cash flow from investing
activities
Investment income 1 494 2 411 3 039
Crown Consolidated Gold
Recovery loan note
realised - 35 347 35 347
Acquisition of investment
portfolio from Mawenzi - (28 528) (29 770)
Decrease in townships
and developments in
progress 6 757 1 891 1 765
Purchase of property,
plant and equipment (1 086) (4 621) (2 980)
Proceeds on disposal of
investment property,
plant and equipment - 3 491 5 672
7 165 9 991 13 073
Cash flow from financing
activities
Repayment of long-term
borrowings (4 897) (1 353) (10 999)
Net increase in cash and
cash equivalents 5 339 2 307 5 095
Cash and cash equivalents
at beginning of period/
year 3 542 (1 553) (1 553)
Cash and cash equivalents
at end of period/year 8 881 754 3 542
- cash 8 881 2 200 3 542
- bank overdraft included
in interest bearing
current liabilities - (1 446) -
Abridged consolidated statement of changes in equity
Reserve arising
on surplus on
disposal of
Share Share Retained investments
Capital Premium Earnings and subsidiaries Total
R`000 R`000 R`000 R`000 R`000
Balance at 1 October
2000 15 677 30 138 123 357 10 082 179 254
Net profit for the
Year - - 16 783 - 16 783
Final dividend for
2000 (3 919) (3 919)
Interim dividend
for 2001 - - (1 568) - (1 568)
Balance at 30
September 2001
as previously
reported 15 677 30 138 134 653 10 082 190 550
Effect of change
in accounting
policy restating
the opening
accumulated profit
for the
fair value gain on
investment
property - - 46 133 - 46 133
Revised opening
balance at
1 October 2001 15 677 30 138 180 786 10 082 236 683
Net profit for
the period - - 6 710 - 6 710
Final dividend
for 2001 - - (3 135) - (3 135)
Balance at 31 March
2002 15 677 30 138 184 361 10 082 240 258
Abridged Consolidated Segmental Analysis
Unaudited Unaudited Audited
for the for the for the
half year ended half year ended year ended
31 March 2002 31 March 2001 30 Sept 2001
R`000 R`000 R`000
Revenue
Land development and
sales 20 755 5 359 20 097
Investment property 27 849 26 827 47 221
Revenue as reported 48 604 32 186 67 318
Operating profit/(loss)
Land development and
sales 1 018 (5 265) 1 035
Investment property 17 034 15 155 29 094
Operating profit as
reported 18 052 9 890 30 129
Capital Expenditure and
Commitments
Unaudited Unaudited Audited
for the for the for the
half year ended half year ended year ended
31 March 2002 31 March 2001 30 Sept 2001
R`000 R`000 R`000
Capital expenditure 1 086 4 621 2 980
Contracted capital
commitments 300 1 000 -
Commentary
Accounting policies
The same accounting policies and methods of measurement and recognition
applied in the September 2001 annual financial statements have been followed
in preparing this report except for the adoption of
AC 135, investment property, in the current financial period. Fixed property
is now reflected at fair market value. The effect of adopting this statement
has been reflected as an adjustment to the opening balance of accumulated
profit in the current financial period in accordance with the transitional
provisions of AC 135.
Review of results
Headline Earnings and Dividends
Headline earnings for the current period increased by 94% over that of the
corresponding period, however, the earnings are not directly comparable as
the previous period included a credit of R7,6 million for a reduction in the
post-retirement healthcare provision. An interim dividend of 12 cents (2001:
10 cents) per share has been declared.
Operating profit
Land Development and Sales
The contribution from this division for the current period increased to R1,0
million (2001: R5,3 million loss). Increased township land sales and the
reduction in costs accounted for the turn-around in results.
Investment Property
The operation was able to report a growth in operating profit in a difficult
letting environment. This was achieved mainly through escalations in rentals
while the portfolio vacancies declined to 5,2%. (2001: 8,6%).
Investment Income
The increase in investment income is mainly due to the higher level of
preference dividends achieved.
Financing Costs
Financing costs relate mainly to the costs incurred in financing the
investment portfolio.
Exceptional Items
Exceptional items include R1,4 million for retrenchment costs.
Taxation
Non-taxable income received in the form of preference dividends accounts for
the low tax charge.
Sale of Investment Property Portfolio
Shareholders are referred to the announcement in the press on 9 May 2002 and
the circular to shareholders dated 9 May 2002 wherein it was announced that
the company proposed to sell a major portion of its property investment
portfolio to iFour Properties Limited ("iFour"). iFour is an investment
property company which is to be listed on the JSE Securities Exchange South
Africa ("JSE"). In terms of the announcement
iProp intends unbundling 46 iFour linked units to shareholders for every
100 iProp shares held. The above transaction is subject to certain
conditions precedent, including approval by the company`s shareholders at a
general meeting to be held on 31 May 2002.
Way Forward
Following the unbundling iProp will remain listed on the JSE. It is
anticipated that the company will achieve an increase in earnings on the
assets remaining in the company. Shareholders are referred to the circular
to shareholders dated 9 May 2002. The company will continue to focus on
realising the value of its land and mineral rights assets. At a gold price
in excess of R100 000 per kilogram, a reassessment of the company`s mineral
rights is appropriate and realising value will continue to receive
attention.
Interim dividend
An interim dividend (Number 52) of 12 cents per share (2001: 10 cents) has
been declared in terms of the accompanying dividend notice.
For and on behalf of the board
JC Hall Chairman JAA Diepenbroek Managing Director
23 May 2002
Declaration of dividend number 52
An interim dividend (No. 52) of 12 cents per ordinary share has been
declared in respect of the half year ended 31 March 2002.
The dividend is payable to shareholders recorded in the books of the company
at the close of business on 5 July 2002 (the record date). The last date to
trade cum dividend will be 28 June 2002 and trading will commence ex
dividend 1 July 2002. The dividend will be paid on the 8 July 2002.
No rematerialisation/dematerialisation orders will be processed between
Monday, 24 June 2002 and Friday, 5 July 2002, both days inclusive.
The dividend is declared in the currency of the Republic of South Africa
and, where applicable will be converted into United Kingdom currency for
payment by cheque drawn on a bank in London to those shareholders whose
addresses in the register of members are overseas.
The rate of exchange at which the dividend will be converted to United
Kingdom currency will be the telegraphic rate of exchange between South
Africa and the United Kingdom ruling on the first business
day after 28 June 2002 on which foreign currency dealings are transacted.
By order of the board
iProp Services (Proprietary) Limited
Secretaries
per DR Harris FCIS
Johannesburg 23 May 2002
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