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SA Retail Properties Limited - INTERIM RESULTS AND DISTRIBUTION ANNOUNCEMENT FOR
THE SIX MONTHS ENDED 30 SEPTEMBER 2002
(Registration number 1999/025764/06)
(Share code: SRL ISIN number: ZAE000034328)
(Website: www.saretail.co.za)
BALANCE SHEET (R`000) Unaudited Audited
30.09.2002 31.03.2002
Assets
Non-current assets
Investment properties 786 583 784 872
Current assets
Trade and other receivables 11 810 8 665
Cash resources and short-term
investments 50 838 45 008
62 648 53 673
TOTAL ASSETS 849 231 838 545
EQUITY AND LIABILITIES
Capital and reserves
Share capital and reserves 33 238 33 238
Retained income 10 -
33 248 33 238
Non-current liabilities
Debentures 762 528 762 528
Deferred taxation 16 38
762 544 762 566
Current liabilities
Trade and other payables 5 342 6 130
Taxation 45 8
Unitholders for distribution 48 052 36 603
53 439 42 741
TOTAL EQUITY AND LIABILITIES 849 231 838 545
INCOME STATEMENT (R`000) Unaudited Audited
01.04.2002 12.11.2001
to to
Notes 30.09.2002 31.03.2002
Revenue 62 432 48 523
Net rental from properties 45 143 35 483
Investment income 2 943 1 167
Net profit before
debenture interest 48 086 36 650
Debenture interest 48 009 36 527
Net profit before taxation 77 123
Taxation 29 47
Net profit attributable to
linked unitholders 48 76
Distribution per linked
unit (cents) 2.2
Interest 31,48 23,95
Dividend 0,02 0,05
Total 31,50 24,00
Headline earnings per
linked unit (cents) 2.2 31,51 24,00
Earnings per linked
unit (cents) 2.2 31,51 24,00
CASH FLOW STATEMENT (R`000) Unaudited Audited
01.04.2002 12.11.2001
to to
30.09.2002 31.03.2002
Operating activities
Cash received from tenants 59 287 39 857
Cash paid to suppliers and employees (18 077) (6 909)
Cash generated by operating activities 41 210 32 948
Investment income 2 943 1 167
Distributions paid (36 603) -
Taxation paid (9) (1)
7 541 34 114
INVESTING ACTIVITIES
Acquisition of investment properties - (784 048)
Improvements to investment properties (1 711) (824)
(1 711) (784 872)
FINANCING ACTIVITIES
Share capital issued - 2
Share premium arising on listing - 33 236
Debentures issued on listing - 762 528
- 795 766
Net increase in cash and cash equivalents 5 830 45 008
Cash and cash equivalents at
beginning of the period 45 008 -
CASH AND CASH EQUIVALENTS
AT END OF THE PERIOD 50 838 45 008
STATEMENT OF CHANGES
IN EQUITY Share Share Distributable
(R`000) capital premium reserves Total
On listing
15 November 2001 2 33 236 - 33 238
Profit attributable to
ordinary shareholders - - 76 76
Dividend declared and paid - - (76) (76)
Balance at 31 March 2002 2 33 236 - 33 238
Profit attributable to
ordinary shareholders - - 48 48
Dividend declared - - (38) (38)
Balance at
30 September 2002 2 33 236 10 33 248
1. OTHER INFORMATION Unaudited Audited
01.04.2002 12.11.2001
to to
30.09.2002 31.03.2002
* Linked units in issue 152 505 805 152 505 805
- Net asset value
(cents per linked unit)
(based on book values) 521 521
* Listed market price
(cents per linked unit) 480 440
- Discount to net asset value 7,69% 15,55%
- Vacancy factor (based on lettable area) 6,2% 5,7%
- Guarantees in lieu of
Municipal deposits (R`000) 1 213 1 195
2. NOTES TO THE FINANCIAL RESULTS
2.1 Accounting policies
These financial results are prepared in accordance with South African Statements
of Generally Accepted Accounting Practice and are consistent with those applied
in the preparation of the audited financial results for the previous period.
2.2 Distribution and headline earnings attributable to linked unitholders
The distribution and headline earnings per linked unit for the period 1 April
2002 to 30 September 2002 is calculated as follows:
Cents
R`000 per unit
Net profit attributable to linked
unitholders per income statement 48 0,03
Add: Debenture interest 48 009 31,48
Headline earnings and earnings
attributable to linked unitholders 48 057 31,51
Retained income (10) (0,01)
Distribution to linked unitholders 48 047 31,50
3. COMMENTARY ON RESULTS
3.1 Results
S A Retail`s distributable income for the six months ending 30 September 2002
amounted to 31,51 cents per linked unit. This distribution is in line with
management`s budgets and reflects the increasingly difficult conditions facing
retail property owners.
3.2 Property portfolio
Pick `n Pay and Shoprite account for 30% of the gross lettable area of the S A
Retail portfolio. Pick `n Pay and Shoprite are the two largest fast moving and
consumer goods retailers in South Africa. Both anchor tenants have recently
reported very favourable trading results which are likely to continue in the
foreseeable future. 59% of S A Retail`s income is derived from South Africa`s
leading national retailers.
The current portfolio vacancy factor is 6,2% compared with the industry average
of 6,5% reported by SAPIX for convenience shopping centres. Management is of the
opinion that this factor can be further improved. Management is currently
undertaking a short, medium and long term upgrade programme for all centres
within the portfolio, designed to generate the maximum possible income from each
property going forward. Major alterations are currently being made to the
Eikestad Mall in Stellenbosch and an extension of the Quarry at Hilton Road is
underway. Both these investments will be considerably strengthened by the range
of tenant mix and duration of principal leases arising from the alterations.
There are three properties within the portfolio which do not fall within
management`s investment criteria and plans are underway to market the disposal
of these properties in due course.
3.3 Prospects
Notwithstanding the fact that major South African retailers have over the past
year achieved outstanding results, the increase in interest rates and inflation
have curtailed disposable incomes and smaller retailers have felt this pressure.
Landlords have also been impacted by the substantial rise in the rate of
inflation with the cost of municipal rates, services and security all following
South Africa`s rising inflationary pattern. These factors are likely to make it
difficult in the second half of this financial year to exceed the earnings per
linked unit recorded in the first half.
Further to the announcement dated 30 August 2002, in which S A Retail announced
the acquisition of a portfolio of retail properties from Old Mutual Life
Assurance Company (South Africa) Limited, subject to conditions precedent, we
report that fulfilment of these conditions are still being pursued. A further
announcement will be made in due course.
S A Retail continues to seek convenience shopping centre investment
opportunities, which serve stable communities and where lease renewal and income
sustainability is assured.
4. DECLARATION OF DIVIDEND AND INTEREST PAYMENT NUMBER 2
Notice is hereby given that dividend number 2 of 0,02 cents per ordinary share
and interest of 31,48 cents per debenture totalling 31,50 cents per linked unit
have been declared in respect of the income distribution period 1 April 2002 to
30 September 2002.
Last date to trade "cum" distribution Friday, 15 November 2002
Units will trade "ex" distribution Monday, 18 November 2002
Record date to participate in
the distribution Friday, 22 November 2002
Payment of the dividend and
debenture interest Monday, 25 November 2002
Linked unit certificates may not be dematerialised or rematerialised between
Monday, 18 November 2002 and Friday, 22 November 2002, both days inclusive.
By order of the board
S A RETAIL PROPERTIES LIMITED
1 November 2002
Registered office Transfer secretaries
Marriott at Kingsmead Computershare Investor
Kingsmead Office Park Services Limited
Durban, 4001 70 Marshall Street
PO Box 207
Johannesburg, 2001
Durban, 4000
PO Box 61051
Tel: (031) 366-1111
Marshalltown, 2107
Tel: (011) 370-7700
Property Asset Managers
Marriott Property Services
Sponsor
Exchange Sponsors (Pty) Limited
Date: 01/11/2002 05:30:14 PM Produced by the JSE SENS Department
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