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PARAMOUNT PROPERTY FUND LIMITED - INTERIM REPORT FOR THE 6 MONTHS ENDED 30
APRIL 2002
PARAMOUNT PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
Share code: PRA ISIN: ZAE000028577
("Paraprop" or the "company")
INTERIM REPORT
for the 6 months ended 30 April 2002
DIRECTORS: AD Dalling (Chairman)*, RC Squire - Howe (Managing), HN
Coertze*, FJ Jenkings, BH Kerswill, A Keller*, AA Maresky*, JR Millar*, ADP
Ovenstone*, GP Phillips*, EG Raubenheimer*, RJ Whiteford*
Non-executive
The consolidated unaudited results of the group for the 6 months ended 30
April 2002 are as follows:
Unaudited Unaudited Audited
April 2002 April 2001 October 2001
Consolidated Income Notes R`000 R`000 R`000
Statement
Revenue 39,964 14,343 42,694
Trading Income 1 32,565 10,737 32,380
Less - depreciation (216) (231) (265)
Interest received 65 32 127
Less - interest paid on (22,161) (8,424) (24,261)
borrowings
Income before taxation 10,253 2,114 7,981
Taxation (769) - (300)
Income before distribution 9,484 2,114 7,681
Distribution to unitholders (7,689) - (7,263)
Retained income 1,795 2,114 418
Linked Units in issue 1 19,164 10,328 12,104
(`000)
Earnings and headline 50 20 63
earnings per unit (cents)
Distribution per unit 41 - 60
Unaudited Unaudited Audited
April 2002 April 2001 October 2001
Abridged Consolidated Notes R`000 R`000 R`000
Balance Sheet
Total combined unit holders 92,693 48,787 55,664
funds
"B" debentures 2 96,464 95,306 97,610
Long term borrowings 287,247 235,114 218,259
Deferred taxation 29 - 29
Vendor payments due 3 91,583 - -
Unitholders for 4,024 - 7,263
distribution
Current liabilities 5,856 4,463 6,613
Capital employed 577,896 383,670 385,438
Fixed assets 1 567,351 371,918 381,148
Current assets 10,545 11,752 4,290
Total employment of capital 577,896 383,670 385,438
Unaudited Unaudited Audited
April April October
2002 2001 2001
Abridged Consolidated Cash Flow R`000 R`000 R`000
Statement
Net profit for the period 10,253 2,114 7,981
Adjustments for:
Interest received (65) (32) (127)
Interest paid 22,161 8,424 24,261
Depreciation 216 241 265
Operating profit before working 32,565 10,747 32,380
capital changes
Working capital changes (3,294) 1,979 5,034
Cash generated from operations 29,271 12,726 37,414
Interest received 65 32 127
Interest paid - external (22,161) (8,424) (24,261)
Interest paid - debentures (10,928) - -
Net cash inflow from operating (3,753) 4,334 13,280
activities
Net cash inflow from financing 158,521 233,614 216,759
activities
Net cash inflow from capital raising 34,088 130,659 141,536
activities
Cash outflow from investing (191,503) (366,559) (370,752)
activities
(2,647) 2,048 823
Cash and cash equivalents at the 600 (223) (223)
beginning of the period
Cash and cash equivalents at the end (2,047) 1,825 600
of the period
Statement of
changes in equity
(R`000)
Share Share A Non- Distri- Total
capital premium Debentures distri- butable
butable reserves
reserves
Balance at 296 13,599 45 (2,620) 11,320
31/10/2000
Share premium (13,309) 13,309 -
converted to
debentures
Increase in share 914 914
capital
Net increase in 1,852 1,852
share premium
Issue of A 41,160 41,160
debentures
Surplus to 418 418
31/10/2001
Balance at 1,210 2,142 54,469 45 (2,202) 55,664
31/10/2001
B Debenture 390 1,562 17,570 19,522
conversion
Ordinary shares 316 316
issued
Net increase in 1,196 1,196
share premium
Issue of A 14,200 14,200
debentures
Surplus to 1,795 1,795
30/4/2002
1,916 4,900 86,239 45 (407) 92,693
Capital Expenditure
There are capital commitments for the completion of a building under
construction totalling R5 million. These will be financed from existing
facilities.
Notes:
1) Properties with a cost of R93 million, acquired with effect from 1
November 2001, had not been transferred into the name of the company at 30
April 2002. The full asset and liability in respect of these properties has
been raised in the financials, and all income and costs associated therewith
have been accounted for. It is anticipated that the properties will be
transferred shortly.
2) The B debentures are convertible into linked units in 5 equal tranches.
The converted linked units participate in all income from 1 November each
year.
3) The amounts due in respect of the properties not transferred, as
reflected in note 1, will be settled with a mixture of linked units, B
debentures and bank borrowings.
COMMENTS
Results
The results to 30 April 2002 are in line with the recent projections. The
quarterly distribution has been increased to 21 cents and we are confident
of achieving an 8% growth in annualised distributions for the year ending 31
October 2002. As a result of the company`s policy of fixing interest rates
in respect of the majority of its borrowings, the recent interest rate
increases have not had a material impact on the company`s performance.
The bulk of these fixes extend for periods of 3 to 5 years, allowing the
company to enjoy significant protection against any future interest rate
increases.
In line with our stated policy of growing the fund, 24 properties costing
R186.7 million were acquired during the period under review. Of these, 10
had not been transferred at 30 April 2002, but all are expected to be
transferred by 30 June 2002.
A further 3 properties costing R68.9 million have been acquired with effect
from 1 May 2002. The board of directors remain committed to growing the
company with the acquisition of suitable good quality properties.
Accounting policies
The results to 30 April 2002 have been prepared on a basis consistent with
the accounting policies set out in the last Annual Financial Statements and
in accordance with South African Statements of Generally Accepted Accounting
Practice.
DECLARATION OF DISTRIBUTION
Notice is hereby given that the board of directors has declared a quarterly
interest distribution of 21 cents per linked unit in respect of the quarter
ended 30 April 2002.
The last day to trade cum distribution will be Friday, 28 June 2002. The
linked units will commence trading ex distribution as from Monday, 1 July
2002 and the record date will be Friday, 5 July 2002. The distribution will
be paid on Monday 8 July 2002.
Linked unit certificates may not be dematerialised or rematerialised between
Monday 24 June 2002 and Friday 5 July 2002, both days inclusive.
BY ORDER OF THE BOARD
SPIRE PROPERTY SERVICES (PTY) LTD CAPE TOWN
SECRETARIES 14 June 2002
Registered office Transfer Secretaries
Tannery Park Computershare Investor
Services Limited
23 Belmont Road 2nd Floor
Rondebosch 7700 Edura House
41 Fox Street
Johannesburg 2001
P O Box 155 P O Box 61051
Rondebosch 7701 Marshalltown 2107
Date: 14/06/2002 03:46:00 PM Produced by the SENS Department
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