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Premium Properties Limited -Unaudited Results
PREMIUM PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/003601/06)
("Premium")
(Alpha code: PMM ISIN: ZAE000009254)
NOTICE TO LINKED UNIT HOLDERS
The director report the unaudited results of the Group for the six months ended
31 August 2002 set out below, together with comparisons with the results for the
corresponding period in 2001 and the year ended 28 February 2002.
CONSOLIDATED INCOME STATEMENT
R`000 % Six Six Year to
months months
Changes to to 28/2/02
31/8/02 31/8/01
Turnover (rental income) 6,7 46,520 43,605 88,507
Net rental from 1,9 29,548 29,028 58,353
properties
Interest received 793 1,460 2,375
Capital profit:
Acquisition of loan
accounts at a - - 3,977
discount
Provision for
Irrecoverable loans
to associated company - - 3,300
reversed
Adjustment to current
valuation
(investment 141 - 725
properties)
30,482 30,488 68,730
Interest paid 8,7 16,832 15,479 30,691
Depreciation 252 109 445
Profit before debenture (10,7) 13,398 14,900 37,594
interest
Debenture interest (10,3) 12,891 14,376 28,752
Profit before taxation 507 524 8,842
Taxation 226 351 555
Profit after taxation 281 173 8,287
Earnings per linked unit
(cents)
(basic and diluted) 13,45 14,96 37,74
Headline earnings per
linked unit
(cents) (basic and 13,31 14,96 29,70
diluted)
Distribution per linked
unit (cents)
Dividends 0,06 0,07 0,14
Interest 12,94 14,43 28,86
Total (10,3) 13,00 14,50 29,00
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Six Six Year
months months
to to to
R`000 31/8/02 31/8/01 28/2/02
CASH FLOW FROM OPERATING
ACTIVITIES
Net rental income from 29,296 28,919 57,908
properties
Adjustment for :
- Depreciation 252 109 445
- Working capital 3,089 (844) 2,447
changes
Cash generated from 32,637 28,184 60,800
operations
Investment income 793 1,460 2,375
Finance costs (16,832) (15,479) (30,691)
Taxation paid (353) (215) (608)
Distribution to linked (14,446) (13,449) (27,895)
unit holders paid
Net cash inflow (outflow) from 1,799 501 3,981
operating activities
CASH FLOW FROM INVESTING
ACTIVITIES
Investing activities (21,913) (4,288) (15,292)
Proceeds from sale of 1,610 - -
fixed assets
Net cash outflow used in investing (20,303) (4,288) (15,292)
activities
Cash flow from financing 19,589 4,929 15,242
activities
NET INCREASE IN CASH AND 1,085 1,142 3,931
CASH EQUIVALENTS
Cash and cash equivalents at
beginning of
period/year 2,725 (1,207) (1,206)
Cash and cash equivalents at end 3,810 (65) 2,725
of period/year
ABRIDGED CONSOLIDATED
BALANCE SHEET
R`000 31/8/02 31/8/01 28/2/02
ASSETS
Investment properties 493,436 461,888 472,883
Investments - unlisted - 24 -
- associated company 7,802 - 7,893
Deferred taxation - 115 -
Current assets 6,976 4,351 5,477
Total assets 508,214 466,378 486,253
EQUITY AND LIABILITIES
Share capital 996 996 996
Non-distributable reserve 53,038 44,704 52,897
Retained profit 493 370 412
Ordinary shareholders` 54,527 46,070 54,305
interest
Debentures 167,510 167,510 167,510
Linked unit holders` 222,037 213,580 221,815
interest
Interest bearing 242,933 212,874 223,344
borrowings
Current liabilities - 10,100 10,439 10,100
interest bearing
- non interest 33,144 29,485 30,994
bearing
Total equity and 508,214 466,378 486,253
liabilities
Linked units in issue 99,624,992 99,624,992 99,624,992
Net asset value per linked 223 214 222
unit (cents)
STATEMENT OF CHANGES IN EQUITY
Non-
Share distributable Distributable
R`000 capital reserve reserve Total
Balance at 1 March 2001 996 44,895 267 46,158
Profit attributable to 8,287 8,287
ordinary shareholders
Dividends paid (140) (140)
Transfer to non- 8,002 (8,002) -
distributable reserve
Balance at 1 March 2002 996 52,897 412 54,305
Profit attributable to 281 281
ordinary shareholders
Dividends paid (59) (59)
Adjustment to current
valuation (invest-
ment properties) 141 (141) -
Balance at 31 August 996 53,038 493 54,527
2002
HEADLINE EARNINGS PER SHARE TO EARNINGS PER SHARE
RECONCILIATION:
Six months Six months Year to
to 31/8/02 to 31/8/01 28/2/02
Cents Cents Cents
Headline earnings per 13,31 14,96 29,70
share
Capital Profit
Acquisition of loan - - 4,00
account
Provision for - - 3,31
irrecoverable loans
Adjustments to 0,14 - 0,73
current property
valuation
Earnings per share 13,45 14,96 37,74
NOTES:
1. The same accounting policies and methods of computation were
followed as in the financial statements of 28 February 2002 and are in
accordance with South African Statements of Generally Accepted Accounting
Practice.
2. Capital expenditure during the year amounted to R21,9-million.
Adequate arrangements have been made to finance the above capital
expenditure.
3. The Group has a capital commitment of approximately R15,8-million in
respect of a development. This will be financed by loans.
4. The Group capitalised interest on new developments to an amount of
R500 000 for the year.
5. Guarantees amounting to approximately R2-million have been issued to the
City of Tshwane Metropolitan Municipality in respect of electricity
deposits for various subsidiaries.
6. The company has adopted AC135 during the previous financial year in terms
of which it values its investment properties annually.
COMMENTS
1. The distribution of 13,0 cents per linked unit for the first half of the
year is lower than that distributed for the same period last year.
This decrease is mainly attributable to the increase in interest rates.
Interest rates will have a similar effect on the distribution for the
second half of the year.
2. The directors expect that the distributable income for the second half of
the year will again amount to 13,0 cents per linked unit, provided no
further increase in interest rates occur.
3. Vacancies represent approximately 10,8% of total potential rental income.
4. Your company is investigating the acquisition of properties yielding a
suitable return with sustainable income and growth.
DECLARATION OF DIVIDEND NO. 17 AND INTEREST PAYMENT
Notice is hereby given that dividend No. 17 of 0,06 cents (0,07 cents - 2001)
per ordinary share has been declared together with interest for the period 1
March 2002 to 31 August 2002 of 12,94 cents (14,43 cents - 2001) per debenture
payable to linked unitholders recorded in the register on Friday, 22 November
2002.
The last date to trade cum entitlement Friday, 15 November 2002
The units will commence trading ex entitlement Monday, 18 November 2002
Record date Friday, 22 November 2002
Payment will be effected Monday, 25 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 (Proprietary) Limited
Date: 29 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
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
Date: 31/10/2002 05:10:00 PM Produced by the JSE SENS Department
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