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PRIMA PROPERTY TRUST
(Incorporated in the Republic of
South Africa)
(Registration number
1969/011594/06)
("Prima")
Share code: PRM ISIN:
ZAE000005641
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2002 AND
DISTRIBUTION DECLARATION FOR THE SIX MONTHS ENDED 30 JUNE 2002
The directors of Prima Property Trust Managers Limited hereby
announce the audited results of Prima for the year ended 30 June
2002.
CONSOLIDATED BALANCE SHEET Audited Audited
30 June 2002 30 June 2001
R`000 R`000
Assets
Investment property 123,590 94,479
Cash at bank 21,834 21,445
Other current assets 1,000 1,087
Total Assets 146,424 117,011
Equity and liabilities
Stated capital 100,129 100,129
Capital reserves 29,360 249
Retained earnings 2 2
Maintenance reserve 3,623 3,607
Total equity and reserves 133,114 103,987
Deferred taxation 1,553 1,546
Current liabilities 11,757 11,478
Total equity and liabilities 146,424 117,011
Net asset value per unit (cents) 80.00 62.50
CONSOLIDATED INCOME STATEMENT Audited Audited
Year ended Year ended
30 June 2002 30 June 2001
R`000 R`000
Revenue 27,473 26,924
Interest received 1,828 1,830
Rental income and recoveries 25,515 24,927
Sundry Income 130 167
Operating expenses 8,316 7,752
Impairment loss - 4,421
Net profit before taxation 19,157 14,751
Taxation 6 11
Net profit after taxation 19,151 14,740
Units in issue 166,387,500 166,387,500
Earnings per unit (cents) 11.50 8.86
Headline earnings per unit (cents) 11.50 11.52
Distributions (cents per unit) 11.50 11.50
Dividends paid R 19,134,563 R 19,134,563
Audited Audited
Year ended Year ended
30 June 2002 30 June 2001
R`000 R`000
Earnings is reconciled to headline
earnings as follows:
Earnings 19,151 14,740
Impairment loss on investment - 4,421
property
Earnings for the purpose of 19,151 19,161
headline earnings per unit
CONSOLIDATED CASH FLOW STATEMENT
Cash flow from operating activities
Cash received from operations 17,330 17,342
before working capital changes
Working capital changes 366 460
Interest Received 1,828 1,830
Distributions paid (19,135) (19,135)
Net cash inflow from operating 389 497
activities
Cash and cash equivalents at 21,445 20,948
beginning of period
Cash and cash equivalents at end of 21,834 21,445
period
CONSOLIDATED Stated Capital Maintenance Retained
STATEMENT OF
CHANGES IN EQUITY Capital Reserves Reserve Earnings Total
R`000 R`000 R`000 R`000 R`000
Balance at 30 June 100,129 4,670 3,581 2 108,382
2000
Net profit for the - - - 14,740 14,740
year
Transfer to - - 26 (26) -
maintenance reserve
Transfer from - (4,421) - 4,421 -
capital reserves
Distributions - - - (19,135) (19,135)
Balance at 30 June 100,129 249 3,607 2 103,987
2001
Change in accounting - - - 29,111 29,111
policy
Restated Balance at 100,129 249 3,607 29,113 133,098
30 June 2001
Net profit for the - - - 19,151 19,151
year
Transfer to - - 16 (16) -
maintenance reserve
Transfer to capital - 29,111 - (29,111) -
reserve
Distributions - - - (19,135) (19,135)
Balance at 30 June 100,129 29,360 3,623 2 133,114
2002
Financial review
The results for the year ended 30 June 2002 have been prepared in terms of
South African Statements of Generally Accepted Accounting Practice.
Accounting policy change
During the year, the group changed its accounting policy in respect of
investment property in order to comply with accounting statement AC 135
dealing with investment property. Previously, investment properties were
carried at cost and were not depreciated unless there had been a permanent
diminution in value. In terms of the fair value model in AC135, the company
now measures its investment property at fair value, with revaluation gains or
losses being included in net profit or loss for the period. In accordance
with the provisions of AC 135, the effect of adopting the new accounting
policy has been reported as an adjustment to the opening balance of retained
earnings for the year. The effect of the change is as follows:
Gross Taxation Net
R`000 R`000 R`000
Increase in retained 29,111 - 29,111
earnings
Comment
Prima Property Trust derives income from its investment in a portfolio of
commercial properties. Prima Property Trust`s distribution for the year
amounts to 11.50 cents per unit. This is satisfactory given the prevailing
economic conditions.
Notice
Mr JF Erasmus resigned as director of Prima Property Trust Managers Limited
on 19 February 2002.
Distribution declaration
The Directors of Prima Property Trust Managers Limited have resolved to
declare a distribution no 66 of 6.00 cents to all unit holders.
The important dates pertaining to this distribution are:
Last day to trade Friday, 30 August 2002
First trading day ex distribution on JSE Monday, 2 September 2002
Record date Friday, 6 September 2002
Payment date Monday, 9 September 2002
Units may not be dematerialised or rematerialised between, Monday, 2
September 2002 and Friday, 6 September 2002, both days inclusive.
Where applicable, distributions in respect of certificated unitholders will
be transferred electronically to unitholders` bank accounts on the payment
date. In the absence of specific mandates, distribution cheques will be
posted to unitholders. Unitholders who have dematerialised their units will
have their bank accounts, which are linked to their CSDP or broker`s safe
custrody accounts, credited on Monday, 9 September 2002.
By order of the Board of Prima Property Trust Managers Limited
CE Daun NFJ Haasbroek
Stellenbosch
16 August 2002
Registered Office Transfer Secretaries
178 Dorp Street Computershare Investor Services Limited
Stellenbosch 2nd Floor Edura
7600 41 Fox Street
(PO Box 7061, Johannesburg 2001
Stellenbosch, 7599) (PO Box 61051, Marshalltown, 2107)
Prima`s results have been audited by Deloitte & Touche and their audit
opinion is available for inspection at the Trust`s management company
registered office.
Date: 15/08/2002 05:53:52 PM Produced by the JSE SENS Department
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