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Fairvest - Unaudited Interim Results
FAIRVEST PROPERTY HOLDINGS LIMITED
(Formerly Glocash Investments Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/005011/06)
JSE Share code: FVT ISIN: ZAE000034658
("Fairvest" or "the Company")
Unaudited interim results
for the period 1 October 2001 to 31 March 2002 and
further cautionary announcement
Group income statement
Unaudited
6 Months ended
31 March 2002
R`000
Turnover 21 026
Operating costs (6 767)
Operating profit 14 259
Finance charges (8 103)
Net income before distribution 6 156
Distribution to linked unit holders (6 150)
Retained profit for the period 6
Earnings per linked unit before
distribution (cents)* 6,3
Headline earnings reconciliation
Net income before distribution 6 156
Amortisation of goodwill 163
Headline earnings before distribution 6 319
Headline earnings per linked unit
before distribution (cents)* 6,4
Distribution per linked unit (cents)* 6,3
*All per linked unit calculations are based on 98 262 654 linked units in
issue for the period
Abridged group cash flow statement
Unaudited
6 Months ended
31 March 2002
R`000
Cash flow from operating activities
Cash generated from operations 14 847
Mortgage bond interest paid (6 968)
Debenture interest paid (1 135)
Net cash inflow from operating activities 6 744
Net cash outflow from investing activities (243 360)
Net cash inflow from financing activities 238 267
Cash and cash equivalents at the
end of the period 1 651
Group balance sheet
Unaudited Pro forma
31 March 30 September
2002 2001
R`000 R`000
ASSETS
Non-current assets
Tangible assets 235 976 -
Intangible assets 2 678 -
Investments 10 225 -
Current assets 4 001 8 122
Total assets 252 880 8 122
The financial year-end of the company
was changed from 31 March to 30 September.
EQUITY AND LIABILITIES
Linked unitholders equity 110 957 7 313
Ordinary share capital 983 881
Debenture capital 983 -
Debenture premium 102 553 -
Distributable reserve 6 (406)
Non-distributable reserve 6 432 6 838
Non-current liabilities
Mortgage loans 120 301 -
Current liabilities 21 622 809
Interest bearing
Reedemable debentures 10 744 -
Non-interest bearing
Distribution to linked unit holders 6 150 -
Other 4 728 809
252 880 8 122
Net asset value
per linked unit (cents)* 112,9
Net tangible asset value per
linked unit (cents)* 110,2
Group statement of changes in equity
unaudited for the six-months period ended 31 March 2002
Share Share Debenture Debenture
capital premium capital premium
R`000 R`000 R`000 R`000
At 1 October 2001 881 - - -
Write-off
pre-acquisition losses - - - -
Share consolidation and
par value reduction (781) 682 99 -
Linked units issued to vendors 883 - 884 106 061
Linked units issue costs and
listing costs written-off - (682) - (3 508)
Profit for the period - - - -
At 31 March 2002 983 - 983 102 553
continued ...
Distributable Non-
reserve distributable
units reserve Total
R`000 R`000 R`000
At 1 October 2001 (406) 6 838 7 313
Write-off
pre-acquisition losses 406 (406) -
Share consolidation and
par value reduction - - -
Linked units issued to vendors - - 107 828
Linked units issue costs and
listing costs written-off - - (4 190)
Profit for the period 6 - 6
At 31 March 2002 6 6 432 110 957
Operating Results
Fairvest`s maiden interim results in respect of the six-months period
ended 31 March 2002 reflect headline earnings before the distribution to
linked unit holders of R6,1 million. This has been achieved against a
backdrop of difficult economic conditions and the fact that properties with
a value of R98,1 million out of a total portfolio of R334 million (29,4% of
the portfolio) have not been transferred as at 31 March 2002, as a result of
delays in obtaining transfer of such properties. The delay in transferring
the properties has consequently resulted in the net income of such
properties being excluded from operating earnings with net income available
for distribution being reduced as a result.
The 23,3 million linked units pertaining to such properties have
accordingly not been issued, resulting in 98,3 million linked units being
listed and in issue out of a total of 121,6 million linked which were
contemplated to be listed in terms of the revised listing particulars
statement dated 16 November 2001 ("the RLP").
The results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
The Company was listed on 20 December 2001 through the cash shell Glocash
Investments Limited ("Glocash"), and accordingly there are no comparative
figures other than the pro forma balance sheet of Glocash as at 30 September
2001.
Trading update
The operating performance of the Company is lower than that expected for
the period under review, due to the delay in the transfer of the properties
referred to in the previous paragraph as well as the unsatisfactory
performance of certain properties, a number of which are in the process of
being sold.
These factors indicate that it may be difficult for the Company to
achieve the forecast return of 19,4 cents per linked unit for the year
ending 30 September 2002 in respect of the property portfolio contemplated
in the RLP.
Prospects and further cautionary announcement
Fairvest is currently trading under a cautionary announcement pertaining
to the acquisition of a substantial property portfolio. This acquisition is
expected to enhance Fairvest`s attractiveness as a property investment
vehicle in the future. Furthermore, the board is reviewing offers on certain
properties in the current portfolio, which will enhance the cash flow of the
Company.
Linked unit holders should, accordingly, continue exercising caution in
dealing in their linked units until a further announcement is made.
Distribution to linked unitholders
Notice is hereby given that a distribution of 6,3 cents per linked unit
has been declared by the board to linked unitholders registered in the books
of the Company at the close of business on Wednesday, 26 June 2002, and will
be paid on Thursday, 27 June 2002. The last day to trade cum entitlement to
the distribution will be Wednesday, 19 June 2002 and the linked units will
trade ex-entitlement from Thursday, 20 June 2002. Linked unit certificates
may not be dematerialised or rematerialised between Wednesday, 12 June 2002
and Wednesday, 26 June 2002, both days inclusive.
By order of the board
Company Secretary
C D Kneale
Corporate Governance CC
31 May 2002
Directors
R S Wilkinson (Chairman), T A Bell, L A Bloch, H Rogoff
Transfer secretaries Registered office
Computershare Investor 6 Dale Lace Glades
Services Limited Eastwood Street
11 Diagonal Street Randpark Ridge
Johannesburg 2001 2156
Date: 30/05/2002 05:06:00 PM Produced by the SENS Department
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