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Octodec Investments Limited - Interim Results
Octodec Investments Limited
and its subsidiaries
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
Registration Number 1956/002868/06
Directors: A Wapnick (Chairman), J P Wapnick (Managing), M J Holmes, J
Pollack, M Z Pollack, S Wapnick
(Alpha Code : OCT)
ISIN : ZAE 000051040
NOTICE TO LINKED UNIT HOLDERS
The directors report the reviewed preliminary results of the group for the
year ended 31 August 2002 set out below, together with comparisons with the
results for the corresponding year ended 31 August 2001.
CONSOLIDATED INCOME STATEMENT
R`000 % Changes 2002 2001
Turnover (rental income) 84,2 90,288 49,027
Net rental from 91,8 63,409 33,059
properties
Interest received 3,981 2,437
Capital profit: disposal
of
properties 275 -
Acquisition of loan 2,164 -
account at a discount
69,829 35,496
Interest paid 37,021 4,734
Depreciation 177 85
Profit before debenture 6,4 32,631 30,677
interest
Debenture interest (1,9) 29,732 30,305
Profit before taxation 2,899 372
Taxation 278 195
Profit after taxation 2,621 177
Earnings per linked unit
(cents)
(weighted average) 48,1 48,0
Headline earnings per linked
unit (cents)
(weighted 44,5 48,0
average)
Distribution per linked
unit (cents)
Dividends 0,11 0,23
Interest 43,79 46,77
Total (6,4) 43,90 47,00
ABRIDGED CONSOLIDATED BALANCE SHEET
R`000 2002 2001
ASSETS
Investment properties 603,762 291,080
Investments :- listed 9,684 9,524
:- unlisted - 3,373
:- associated company 7,801 -
Current assets 7,404 8,613
Total assets 628,651 312,590
EQUITY AND LIABILITIES
Share capital 11,096 11,096
Non-distributable reserve 48,205 42,013
Retained profit 390 283
Ordinary shareholders` interest 59,691 53,392
Debentures 198,513 198,513
Linked unit holders` interest 258,204 251,905
Interest bearing borrowings 336,697 34,976
Deferred taxation 3,338 66
Current liabilities :- Interest bearing 1,541 -
:- Non interest bearing 28,871 25,643
:- Non intrest bearing
Total equity and liabilities 628,651 312,590
Linked units in issue 67,896,223 67,896,223
Net asset value per linked unit (cents) 380 371
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
R`000 2002 2001
CASH FLOW FROM OPERATING ACTIVITIES
Net rental income from properties 63,233 32,974
Adjustment for :
- Depreciation 177 85
- Working capital changes 6,483 (1,925)
Cash generated from operations 69,893 31,134
Investment income 3,981 2,437
Finance costs (37,021) (4,734)
Taxation paid 113 (244)
Distribution to linked unit holders (32,081) (27,610)
paid
Net cash inflow from operating 4,885 983
activities
CASH FLOW FROM INVESTING ACTIVITIES
Investing activities (309,751) (18,711)
Proceeds from sale of fixed assets 1,750 -
Net cash outflow used in investing (308,001) (18,711)
activities
Cash inflow from issue of units - 16,937
Cash flow from financing activities 301,721 1,874
NET (DECREASE)/INCREASE IN
CASH AND CASH EQUIVALENTS (1,395) 1,083
Cash and cash equivalents at beginning of
year 963 (120)
Cash and cash equivalents at end of (432) 963
year
STATEMENT OF CHANGES IN EQUITY
Share Non- Distribu- Total
distri-
capital butable table
re-
R`000 serve reserve
Balance at 1 September 2000 7,542 6,915 255 14,71
Adjustment to current valuation (Investment 35,098 35,098
properties)
Issue of shares 3,554 3,554
Profit attributable to ordinary 177 177
shareholders
Dividends paid (149) (149)
Balance at 1 September 2001 11,096 42,013 283 53,392
Adjustment to current valuation (Investment
properties) 3,753 3,753
Profit attributable to ordinary 2,621 2,621
shareholders
Dividends paid (75) (75)
Transfer to non-distributable reserve 2,439 (2,439) -
Balance as at 31 Augustus 2002 11,096 48,205 390 59,691
Headline Earnings Per Share to Earnings per Share
reconciliation:
2002 2001
Cents Cents
Headline Earnings per share 44.5 48.0
Capital Profit
Disposal of property 0.4 -
Acquisition of loan account 3.2 -
Earnings per share 48.1 48.0
DECLARATION OF DIVIDEND NO. 25 AND INTEREST PAYMENT
Notice is hereby given that dividend No. 25 of 0,10 cents (2001 : 0,12 cents)
per ordinary share has been declared together with interest for the period 1
March 2002 to 31 August 2002 of 20,9 cents (2001 : 22,34 cents) per debenture
payable to linked unit holders recorded in the register in accordance with
the settlement procedures of STRATE. Payment will be effected on Monday, 25
November 2002.
The last date to trade cum entitlement is Friday, 15 November 2002. The
units will commence trading ex entitlement on Monday, 18 November 2002.
Record date will be Friday, 22 November 2002.
No dematerialisation or rematerialisation of linked unit certificates may
take place between Monday 18 November 2002 and Friday, 22 November 2002 both
days inclusive.
By order of the Board
City Property Administration (Pty) Ltd
Date: 24 October 2002
A Wapnick Chairman
J P Wapnick Managing Director
Registered Office: Downies Building, 373 Proes Street, Pretoria, 0002
P.O. Box 15, Pretoria, 0001. Tel. (012) 326-8811, Fax (012) 325 2209
Transfer Secretaries: Computershare Investor Services Limited (Reg. No.
1958/003546/06)
Ground Floor, 70 Marshall Street, Johannesburg, 2001, P O Box 61051,
Marshalltown, 2107
Tel. (011) 370 7700, Fax (011) 688 7712
NOTES:
1. The same accounting policies and methods of computation were followed as
were followed in the financial
statements of 31 August 2001, and are in accordance with South
African Statements of
Generally Accepted Accounting Practice.
2. Capital expenditure during the period under review amounted to R310-
million. This consisted of the following acquisitions of:
R-million
a) Killarney Mall Properties (Pty) Ltd 241,4
b) Elardus Park Shopping Centre
Share Block (Pty) Ltd 29,7
c) Waverley Plaza Properties (Pty) Ltd 32,3
d) Other 6,6
310,0
Due to the above acquisitions, comparisons between the current period and the
year ended 31/8/2001, are not meaningful.
3. The company made a capital profit on the sale of a property of R275 000
which was credited to the non-distributable reserve.
4. The company has a capital commitment in respect of a development of
R3,9-million. This will be financed by loans.
5. Guarantees amounting to approximately R1,5-million have been issued to
the City of Tshwane Metropolitan Municipality in respect of electricity
deposits for various subsidiaries.
6. The company adopted AC135 during the previous financial year in terms of
which it values its investment properties annually.
COMMENTS
1. The distribution to linked unitholders of 43,00 cents per linked unit
represents a 6,4% decrease in the distribution for the same period last year.
The decrease during 2002 was mainly due to the effect of our new acquisitions
(Note 2) which was anticipated in the circulars to linked unit holders
regarding the relevant acquisitions and in subsequent communications with
linked unit holders.
2. The distribution is one cent lower than that projected for the half
year ended 31 August 2002. This is attributable to the projected turnover
for Killarney Mall not being achieved and the loss of turnover
at Elardus Park Shopping Centre due to the disruption caused by the
building activities at the centre.
3. The directors however, do not expect a further decrease in the
distribution for the ensuing year.
The company`s auditors, Deloitte & Touche, have examined and reviewed
the basis and assumptions underlying the forecast above. A copy of their
review is available for inspection.
4. Vacancies represent approximately 8,0 % of the total potential rental
income.
Date: 24/10/2002 05:06:00 PM Produced by the JSE SENS Department
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