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Audited results for the twelve months ended 30 September 2002 and distribution
ANNOUNCEMENT
Allan Gray Property Trust
SHORTNAME: GRAYPROP CODE: GRY ISIN: ZAE000013165
BALANCE SHEET 2002 2001
(R000) (R000)
Assets
Non-current assets
Fixed properties 2 180 797 2 205 243
Current assets 392 418 224 977
Accounts receivable 23 183 31 075
Cash and cash equivalents 369 235 193 902
Total assets 2 573 215 2 430 220
Unitholders` funds and liabilities
Unitholders` funds 2 168 559 2 052 487
Capital of the fund 1 757 354 1 607 548
Capital reserve 208 257 110 884
Revaluation reserve 193 335 324 442
Maintenance reserve 9 597 9 597
Distributable reserve 16 16
Non-current liabilities 218 542 214 557
Interest-bearing liability 214 557 214 557
Deferred capital gains tax 3 985 -
Current liabilities 186 114 163 176
Accounts payable 39 969 46 578
Unitholders for distribution 146 145 116 598
Total unitholders` funds
and liabilities 2 573 215 2 430 220
INCOME STATEMENT 2002 2001
(R000) (R000)
Income 493 620 280 508
Rent income 468 033 265 325
Interest received 25 587 15 183
Expenditure 207 847 99 136
Property expenses 163 632 90 346
Audit fees 851 613
Depreciation 209 230
Interest paid 30 176 -
Service charge 12 979 7 947
Headline earnings 285 773 181 372
Capital items (33 734) 86 175
Realised surplus on disposal
of fixed properties 9 602 -
Unrealised (deficit)/surplus
on revaluation of fixed properties (39 351) 86 175
Deferred capital gains tax (3 985) -
Net profit 252 039 267 547
Transfer from/(to) reserves 33 734 (83 031)
Transfer from maintenance reserve - 3 144
Transfer to capital reserve (9 602) -
Transfer from/(to) revaluation reserve 43 336 (86 175)
Income available for distribution 285 773 184 516
Interim paid 139 628 88 267
Final declared 146 145 96 249
285 773 184 516
Net profit per unit (cents) 27.1 44.5
Headline earnings per unit (cents) 30.7 30.2
Income distribution per unit (cents) 30.7 30.7
Interim distribution per unit (cents) 15.0 15.0
Final distribution per unit (cents) 15.7 15.7
STATEMENT OF CHANGES IN UNITHOLDERS` FUNDS
2002 2001
(R000) (R000)
Capital of the fund
Balance at beginning of the year 1 607 548 900 542
Units issued during the year 149 806 707 006
Balance at end of the year 1 757 354 1 607 548
Capital reserve
Balance at beginning of the year 110 884 110 884
Net surplus on disposal of
fixed properties 97 373 -
Balance at end of the year 208 257 110 884
Revaluation reserve
Balance at beginning of the year 324 442 238 267
Revaluation reserve realised on
sale of properties (87 771) -
Revaluation of fixed properties (43 336) 86 175
Balance at end of the year 193 335 324 442
Maintenance reserve
Balance at beginning of the year 9 597 12 741
Transfer to distributable reserves - (3 144)
Balance at end of the year 9 597 9 597
Distributable reserves
Balance at beginning of the year 16 16
Net income for the year 252 039 267 547
Realised surplus on disposal
of fixed properties (9 602) -
Transfer from/(to) revaluation reserve 43 336 (86 175)
Transfer from maintenance reserve - 3 144
Income distributions (285 773) (184 516)
Balance at end of the year 16 16
Total unitholdersO funds 2 168 559 2 052 487
CASH FLOW STATEMENT 2002 2001
(R000) (R000)
Cash effects from operating activities
Cash generated from operations 290 571 166 419
Change in working capital 1 283 7 516
Cash available from
operating activities 291 854 173 935
Interest received 25 587 15 183
Interest paid (30 176) -
Income distributions (256 226) (176 406)
31 039 12 712
Cash effects of investing activities
Additions to fixed properties (229 260) (99 758)
Net proceeds from disposal
of fixed properties 223 748 -
Acquisition of fixed
property companies - (647 234)
(5 512) (746 992)
Cash effects of financing activities
Units issued during the year 149 806 707 006
149 806 707 006
Net increase/(decrease) in cash and
cash equivalents 175 333 (27 274)
Cash and cash equivalents
at beginning of the year 193 902 145 960
Cash and cash equivalents
acquired during the year - 75 216
Cash and cash equivalents
at end of the year 369 235 193 902
COMMENTS
1 Net distributable income
Allan Gray Property Trust`s net distributable income for the financial year
amounted to 30,7 cents per unit, the same as last year.
In the last six months of the year distributable income of 15,7 cents per unit
was the same as for the corresponding period of 2001.
2 Changes to portfolio
During the year the following properties were sold:
Property Net price (Rm) Value (Rm) Indicative
exit yield
Bedford Centre 149,4 141,5 14,7%
Middestad Centre 27,0 27,0 19,3%
Caltex House 8,1 6,4 24,2%
Greenmarket Holiday Inn 20,2 20,2 23,1%
BCG House 19,0 19,0 15,9%
223,7 214,1 16,4%
Major capital expenditure has been approved on the following properties:
Property Cost (Rm) Anticipated
initial return
Blue Route Mall 45,1 14,0%
Randburg Waterfront 45,0 15,1%
Northmead Mall 23,5 13,7%
Southgate Mall 12,5 13,7%
The sectoral spread of the portfolio, as independently valued at 30 September
2002, comprises the following:
Sector Value cents/ 2002 Forward 2001
(Rm) unit EY
Retail 1 426 153 65% 13.1% 65%
Office blocks 413 45 19% 11.0% 20%
Industrial 198 21 9% 14.8% 9%
Other 144 15 7% 15.0% 6%
Total property 2 181 234 100% 12.9% 100%
Less provision for
capital gains tax (4) 0
Net realisable
property value 2 177 234
Long-term borrowings (215) (23)
Cash resources 197 21
2 159 232
The valuation is 2 percent lower than that of last year, largely as a result of
the depressed office sector. The market rating of the property portfolio in
terms of the forward earnings yield has increased marginally from 12,8 last year
to 12,9 percent.
Capital commitments at year-end were R115,8 million which will leave uncommitted
capital of R80,9 million.
3 Vacancy levels
Vacancy levels in terms of rentable area at 30 September were as follows
(percent):
Sector 2002 2001
Retail 5 6
Office blocks 13 10
Industrial 8 10
Other 0 0
Total 8 7
By value, the vacancies equate to 6 percent of potential rental income compared
with 7 percent last year.
In the retail sector, 70 percent of the vacancies are contained in the following
properties:
* Bruma Boardwalk, where a sale has been negotiated
* Northmead, where a re-tenanting proposal is being implemented
* Randburg Waterfront, where a significant refocusing of the property is
underway to reduce the reliance on entertainment by converting various premises
to true retail. This will strengthen the demand from Randburg office workers who
no longer choose to shop in the CBD.
In the office sector, significant vacancies by area and value are at Wynberg
Mews, 377 Rivonia Boulevard, Grayston Ridge, Rosebank Corner and Wierda Mews. In
addition, certain major leases expire in the first half of the new year and are
not going to be renewed, which could increase vacancy levels in the short-term.
Nevertheless some encouraging enquiries are currently being received, and leases
concluded, albeit at lower rentals than the current escalated levels.
In the industrial sector, demand is sporadic but some positive lettings have
occurred, reducing the vacancy levels from last year. Significant vacancies are
concentrated in Supreme Industrial Park and the Jet Park portfolio.
4 Prospects
Budgeted distributable income for 2003 is substantially the same as 2002.
Contributing to this is the sale of properties during the year at yields above
the portfolio yield, but which were anticipated to detract from earnings growth
in the years to come. Reinvestment is taking place in properties which provide a
lower initial yield but have much better growth prospects. As a result the
quality of the portfolio is being significantly improved.
5 Audit Report
The results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and on a basis consistent with last year.
The results for the year have been audited by KPMG Inc., and their unqualified
audit report is available for inspection at the TrustOs registered office.
6 Distribution Announcement
Notice is hereby given of distribution no. 39 of 15,7 cents per unit for the six
months ended 30 September 2002.
The last date to trade cum the distribution will be Friday, 15 November 2002.
The units of Grayprop will commence trading ex-distribution on Monday, 18
November 2002 and the record date will be Friday, 22 November 2002. The
distribution will be paid on Monday, 25 November 2002.
Unit certificates may not be dematerialised between Monday,
18 November 2002 and Friday, 22 November 2002, both dates inclusive.
BY ORDER OF THE BOARD
Allan Gray Property Trust Management Limited
(Reg No 1983/003324/06)
31 October 2002
Transfer Secretaries
Computershare Investor Services Limited
70 Marshall Street, Johannesburg, 2001
Secretary and registered office
Broll Property Group (Proprietary) Limited
4th Floor, 15 Baker Street, Rosebank Johannesburg, 2196
(PO Box 1455 Saxonwold, 2132)
Directors: W J C Mitchell (Chairman), J D Rainier (Managing),
W T Fairhead, M Herdman, W M Kirchmann, D M Nurek, E Osrin,
S Shaw-Taylor
e-mail: info@allangray.co.za website: www.allangray.co.za
Date: 31/10/2002 05:00:00 PM Produced by the JSE SENS Department
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