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PUTCO PROPERTIES LIMITED - Results for the 2002 financial year
PUTCO PROPERTIES LIMITED
Incorporated in the Republic of South Africa
(Reg No 1988/001085/06)
Share code: PPR ISIN: ZAE000005567
Audited Results for the year ended 30 June 2002
CHAIRMAN`S STATEMENT
Results for the 2002 financial year
Gross rental income increased by 4% compared to the same period last
year, from R27,3 million to R28,4 million. The following transactions
were concluded during the financial year: The Inanda property in KwaZulu-
Natal was sold for R0,3 million in February 2002; the Prospecton
property in KwaZulu-Natal was sold for R 12,4 million in April 2002; our
Faraday property was disposed of in April 2002, for R3,3 million; the
Mamelodi property was purchased in July 2001 for R0,6 million. The net
effect of these changes and the annual 9% escalation in rentals resulted
in this 4% increase year-on-year.
Net interest received was R 1,534 million (2001: R1,170 million). The
cost of operating increased to R2,284 million (2001: R1,253 million).
The current figures include the cost of the rates and taxes for the
properties where the leases have expired. The sale of the Inanda and
Faraday properties will improve this situation.
Net profit before taxation was R27,628 million (2001: R27,206
million). As a result of STC tax on dividends the net profit after tax
was R15,913 million (2001: R18 699 million).
Loans
Your company has no loan obligations.
Capital commitments
The Group had no capital commitments at year end (2001: nil).
Valuations of properties
A registered valuer, P Randal-Smith, revalued the properties as at 1
October 2001. The resultant report was used to adjust property values to
fair value as required by AC 135 - Investment Property. The surplus
arising on current valuation and the concomitant increase in
distributable reserves is R1,8 million.
Future prospects
We are continuing with our efforts to find tenants for any vacant
premises or to find buyers. As reported in the Interim Report the
anticipated sale of our Wembley property has fallen through.
We are in negotiations for the sale of our Wynberg and Baragwanath
properties.
We have negotiated the waiving of the 9% escalation clause for Putco for
the 2002/2003 financial year only (January 2003) for the unoccupied
premises at Boksburg, Lea Glen, Wembley and Garthdale.
Dividend declaration
Your directors have decided to declare a final dividend of 30 cents
per share. Including the interim dividend of 70 cents, the total for the
year will be 100 cents (2001: 40 cents).
This dividend will be paid on 21 October 2002, to shareholders recorded
in the register on 18 October 2002.
Conclusion
I record my thanks to my fellow directors and management for their
loyal service.
A Carleo
Chairman
10 September 2002.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PUTCO PROPERTIES
LIMITED
We have audited the annual financial statements and Group annual
financial statements of Putco Properties Limited set out on pages 10 to
21 for the year ended 30 June 2002.
These financial statements are the responsibility of the company`s
directors. Our responsibility is to express our opinion on these
financial statements based on our audit.
Scope
We conducted our audit in accordance with Statements of South African
Auditing Standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance that the financial statements are
free of material misstatements.
An audit includes:
* examining, on a test basis, evidence supporting the amounts and
disclosure in the financial statements;
* assessing the accounting principles used and significant estimates
made by management; and
* evaluating the overall financial statements presentation.
We believe that our audit provides a reasonable basis for our opinion.
Audit opinion
In our opinion these financial statements fairly present in all material
respects the financial position of the company and of the Group at 30
June 2002 and the results of their operations and cash flow information
for the year then ended in conformity with South African Statements of
Generally Accepted Accounting Practice and in the manner required by the
Companies Act in South Africa.
Ernst & Young
Registered Accountants and Auditors
Chartered Accountants (SA)
Johannesburg
26 September 2002
The audit report is available at the registered office for inspection.
INCOME STATEMENTS for the year ended 30 June 2002
Group
Company
2002 2001 2002
2001
R`000 R`000 R`000
R`000
Rent received 28 380 27 292 27 238
25 419
Interest received 1 534 1 170 1 611
1 170
Revenue 29 914 28 462 28 849
26 589
Operating expenses 2 284 1 253 1 775
1 219
Profit before financing cost 27 630 27 209 27 074
25 370
Finance cost 2 3 2
3
Profit before taxation 27 628 27 206 27 072
25 367
Taxation 11 715 8 507 11 411
7 955
Net profit for year 15 913 18 699 15 661
17 412
Earnings per share (cents) 55,3 61,7
Headline earnings per share (cents) 56,3 60,8
Dividends per share (cents) 96,0 40,0
- interim 70,0 26,0
- final - 2001 (2000) 26,0 14,0
Headline earnings per share
Headline earnings per share has been
calculated in terms of AC 306 - Headline
earnings and excludes profits of
a capital nature.
The calculation is based on earnings
of R16 203 (2001: R17 496) and on the
weighted average number of 28 792 961
shares in issue for the year 56,3 60,8
Reconciliation of headline earnings:
Net profit for the period 15 913 17 762
Adjusted for:
- Loss/(profit) on sale of
investment properties 290 (266)
Headline earnings 16 203 17 496
BALANCE SHEETS at 30 June 2002
Group
Company
2002 2001 2002
2001
R`000 R`000 R`000
R`000
ASSETS
Non-current assets
Property, furniture and fittings 106 953 119 177 106 953
102 899
Investment in subsidiaries 1 696
1 696
106 953 119 177 108 649
104 595
Current assets
Accounts receivable 379 2 490 250
2 463
Cash and cash equivalents 15 744 11 320 15 744
11 320
16 123 13 810 15 994
13 783
Total assets 123 076 132 987 124 643
118 378
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 4 146 4 146 4 146
4 146
Non-distributable reserves 1 623
1 623
Retained profit 115 681 125 574 103 143
109 359
119 827 129 720 108 912
115 128
Non-current liabilities
Deferred taxation 622 619 622
611
622 619 622
611
Current liabilities
Normal taxation 2 096 1 818 2 100
1 636
Accounts payable 531 830 520
789
Amounts owing to subsidiary 12 489
214
2 627 2 648 15 109
2 639
Total equity and liabilities 123 076 132 987 124 643
118 378
STATEMENTS OF CHANGES IN EQUITY at 30 June 2002
Non
distribu-
Stated table Retained
capital Reserves profit
Total
R`000 R`000 R`000
R`000
GROUP
Balance at 30 June 2000, as
previously reported 4 146 72 770 38 136
115 052
Adjusted for changes in accounting
policies as detailed below:
- Accounting for dividends payable
in accordance with AC 107 (revised) 7 774
7 774
Balance at 30 June 2000, as restated 4 146 72 770 45 910
122 826
- Accounting for investment property
in accordance with AC 135 (72 770) 72 770
-
Net profit for the year 18 699
18 699
Dividend paid (11 805)
(11 805)
Balance at 30 June 2001 4 146 - 125 574
129 720
Revaluation of investment properties 1 835
1 835
Balance at 30 June 2001 restated 4 146 - 127 409
131 555
Net profit for the year 15 913
15 913
Dividend paid (27 641)
(27 641)
Balance at 30 June 2002 4 146 - 115 681
119 827
COMPANY
Balance at 30 June 2000 as
previously reported 4 146 63 255 34 346
101 747
Adjusted for changes in accounting
policies as detailed below :
- Accounting for dividends payable
in accordance with AC 107 (revised) 7 774
7 774
Balance at 30 June 2000, as restated 4 146 63 255 42 120
109 521
- Accounting for investment
property in accordance with AC 135 (61 632) 61 632
-
Net profit for the year 17 412
17 412
Dividend paid (11 805)
(11 805)
Balance at 30 June 2001 4 146 1 623 109 359
115 128
Revaluation of investment properties 5 764
5 764
Balance at 30 June 2001 restated 4 146 1 623 115 123
120 892
Net profit for the year 15 661
15 661
Dividend paid (27 641)
(27 641)
Balance at 30 June 2002 4 146 1 623 103 143
108 912
CASH FLOW STATEMENTS for the year to 30 June 2002
Group
Company
2002 2001 2002
2001
R`000 R`000 R`000
R`000
Cash inflow from operating activities (9 348) 5 460 (9 636)
4 025
Cash receipts from customers 30 840 25 550 29 670
23 683
Cash paid to suppliers (2 642) (1 140) (2 327)
(1 116)
Net cash generated from operations 28 198 24 410 27 343
22 567
Investment income 1 534 1 170 1 611
1 170
Finance costs (2) (3) (2)
(3)
Taxation paid (11 437) (8 312) (10 947)
(7 904)
Dividend paid (27 641) (11 805) (27 641)
(11 805)
Cash inflow from investment activities 13 772 2 493 14 060
3 928
Proceeds on disposal of property 15 569 3 266 3 582
3 266
Additions to property, furniture
and fittings (1 797) (773) (1 797)
(773)
Decrease in investment in subsidiary 12 275
1 435
Net increase/(decrease) in cash
and cash equivalents 4 424 7 953 4 424
7 953
Cash and cash equivalents
at beginning of year 11 320 3 367 11 320
3 367
Cash and cash equivalents
at end of year 15 744 11 320 15 744
11 320
DIVIDEND ANNOUNCEMENT
ORDINARY DIVIDEND NO 27
The board of directors has resolved to declare a final dividend of 30
cents per share to all ordinary shareholders. The dividend is declared
out of current year profits before tax of R27,6 million.
In compliance with the requirements of STRATE, the following dates are
applicable:
Last day to trade cum the dividend Friday, 11 October 2002
Date trading commences ex the dividend Monday, 14 October 2002
Record date Friday, 18 October 2002
Date of payment on Monday, 21 October 2002
Share certificates may not be dematerialised or rematerialised between
Monday, 14 October 2002 and Friday 18 October 2002, both dates
inclusive.
By order of the board
A S J Nel
Secretary
Registered Office: Transfer Secretaries:
Mimosa Park Computershare Investor Services Limited
5 Mimosa Way Registration number 1987/003382/06
Gallo Manor 11 Diagonal Street
Sandton, 2052 Johannesburg, 2001
Date: 02/10/2002 05:50:00 PM Produced by the JSE SENS Department
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