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Bonatla Property Holdings Limited
INTERIM REPORT
for the six months ended 31 March 2002
CONSOLIDATED INCOME STATEMENT
Audited
Unaudited Unaudited year ended
March March September
2002 2001 2001
R`000 R`000 R`000
Revenue 56 666 56 342 112 426
Operating expenses (20 395) (18 254) (33 039)
Operating profit 36 271 38 088 79 387
Income from investments 166 - 2 008
Finance charges (30 373) (34 142) (70 365)
Net income before taxation 6 064 3 946 11 030
Taxation (1 307) (232) (2 836)
Net income after taxation 4 757 3 714 8 194
Cents cents cents
Earnings per share 2.57 1.92 4.46
Headline earnings per share 2.57 1.92 4.09
Weighted average number of shares (`000) 185 097 193 500 183 818
Diluted earnings per share 2.46 1.92 4.38
Diluted number of shares (`000) 194 686 193 500 188 152
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
March March September
2002 2001 2001
R`000 R`000 R`000
Fixed assets 646 958 649 311 644 609
Deferred taxation 8 176 10 535 8 960
Debt redemption scheme 4 913 4 035 3 690
Investments 1 300 - -
Current assets 1 812 4 550 5 065
Total assets 663 159 668 431 662 324
Shareholders` equity 173 613 165 051 169 407
Long-term borrowings 467 771 487 094 472 937
Current liabilities 21 775 16 286 19 980
Total equity and liabilities 663 159 668 431 662 324
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Retained
profit
Share Share Shares to (Accumu-
Note capital premium be issued lated loss) Total
R`000 R`000 R`000 R`000 R`000
Balance at
1 October 2000 1 755 121 008 26 960 12 816 162 539
Issue of shares
net of expenses 96 24 211 (23 782) - 525
Net profit for
the year - - - 8 194 8 194
Dividend paid - - - (1 851) (1 851)
Restated balance at
1 October 2001 1 851 145 219 3 178 19 159 169 407
Balance as
previously stated 1 851 145 219 3 178 20 359 170 607
Change in estimate 2 - - - (1 200) (1 200)
Recovery of amounts
previously expensed - 1 300 - - 1 300
Net profit for period - - - 4 757 4 757
Dividend paid - - - (1 851) (1 851)
Balance at
31 March 2002 1 851 146 519 3 178 22 065 173 613
CONSOLIDATED CASH FLOW STATEMENT
Audited
Unaudited Unaudited year
ended
March March September
2002 2001 2001
R`000 R`000 R`000
Net cash flows/(outflows) from
operating activities 1 810 (1 217) 9 544
Cash generated from operations 34 695 34 785 79 770
Interest received 166 - 2 008
Interest paid (30 373) (34 142) (70 365)
Dividends paid (1 892) (1 860) (1 851)
Taxation paid (786) - (18)
Net cash (outflows)/flows from
investing activities (4 142) (3 589) 1 618
Net cash (outflows)/flows from
financing activities (2 303) 3 513 (7 269)
(Decrease)/increase in cash and
cash equivalents (4 635) (1 293) 3 893
Notes to the financial statements for the period ended 31 March 2002
1. All accounting policies have been consistently
applied throughout the period and are consistent with prior years.
2. Change in estimate R`000
Change in estimate relating to finance charges and
tenant recoveries (1 713)
Taxation 513
(1 200)
3. These interim figures have been reviewed by our external auditors, Grant
Thornton Kessel Feinstein. No audit has been performed by them, hence they
do not express an opinion thereon.
REVIEW OF RESULTS
The group increased net income after taxation by 28,1% for the
six months ended 31 March 2002. The results are particularly positive given
the poor economic fundamentals currently affecting the property industry.
The
group benefited from the restructuring of several fixed interest rate
agreements, which resulted in a lower average interest rate. Fully diluted
earnings per share increased by 28,1% from 1,92 cents
to 2,46 cents.
The excess space and low demand currently impacting most sectors of the
property industry pushed the group`s vacancies up from 6,9% at 30 September
to 7,1% (based on gross rental). This increase in vacancies was the main
contributor to the decline in the group`s operating margin to 64% from 67,6%
in the previous six months.
The total debt to total assets ratio declined from 74,4% at 30 September
2001 to 73,8% as a result of the continued repayment of interest
bearing debt.
Prospects
The board of directors is currently assessing various options to restructure
the group`s capital base including the reduction of its debt levels. This
restructure should increase distributions to shareholders and thus have a
positive effect on the company`s share price. With the restructuring in mind
the Board has decided to postpone the decision on the declaration of a
dividend until the process has been finalised.
By order of the Board
B J van der Ross
Chairman
30 May 2002
Transfer Secretaries:
Computershare Investor Services Limited,
10th Floor, 11 Diagonal Street,
Johannesburg, 2001
Company Secretary and Registered office:
Corporate Governance cc
Registration number 1996/014533/06
Share Code: BNT
ISIN Code: ZAE000013694
2nd Floor, Broll Place, Sunnyside Drive,
Sunnyside Park,
Parktown, 2193
Directors:
B J van der Ross (Chairman),
R D du Plooy,
J D Broll,
J Styger,
N Vontas,
M Brodie,
M Viljoen
Date: 29/05/2002 05:26:00 PM Produced by the SENS Department
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