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Acucap Properties Limited - Reviewed Interim Results for the 7 Month Period
ended 30 September 2002
Acucap Properties Limited
Reg no 2001/021725/06
Share Code: ACP
ISIN : ZAE000037651
Reviewed Interim Results for the 7 month period ended 30 September 2002
Abridged Balance Sheet
R`000
Assets
Non current assets 865 321
Investment properties 864 750
Other non current assets 571
Current assets 27 632
Accounts receivable 3 701
Cash and cash equivalents 23 931
Total assets 892 953
Equity and liabilities
Shareholders` interest (7 231)
Non current liabilities 870 220
Debentures 395 953
Loans 473 000
Deferred capital gains tax 1 267
Current liabilities 29 964
Accounts payable 4 168
Linked unit holders for 25 796
distribution
Total equity and liabilities 892 953
Abridged Income Statement
R`000
Operating income before interest paid 74 369
Revenue 67 405
Net operating expenses (4 881)
Revaluation of investment properties
at date of listing 11 845
Interest paid and payable 63 722
- Debenture holders - post listing 25 796
- Debenture holders - pre listing 1 035
- Interest paid to financial institutions 33 766
- Interest paid to property vendors 3 125
Income before exceptional items and
taxation 10 647
Exceptional items
Listing costs and costs of raising finance 9 392
Profit before tax 1 255
Deferred tax (1 776)
Net loss for the period
Loss per linked unit 1.32 cents
Interest Distribution per linked
unit - post listing 65.08 cents
Interest Distribution per linked
unit - pre listing 5.67 cents
Statement of Changes in Equity
Share Share Non Accumulat Total
capit Premium Distribut ed loss
al able
Reserve
R`000 R`000 R`000 R`000 R`000
Balance at 1 March 2002 10 87 - (7 106) (7 009)
Issue of shares on 25 30 269 - - 299
March 2002
Net loss for the period - - (521) (521)
Transfer to Non- - - 7 183 (7 183) -
distributable reserve
Balance at 30 September 40 356 7 183 (14 810) (7 231)
2002
Abridged Cash Flow Statement
R`000
Cash generated by operations 75 976
Interest received 345
Interest paid (63 722)
Net cash inflow from operating 12 599
activities
Cash flows from investing (533 025)
activities
Cash flows from financing 543 985
activities
Increase in cash and cash 23 559
equivalents
Cash and cash equivalents at 372
28 February 2002
Cash and cash equivalents at 23 931
30 September 2002
COMMENTS
1 REVIEW OF RESULTS
The financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the requirements of
the Companies Act in South Africa.
KPMG Inc. has reviewed the financial information set out in this report.
Their unqualified review report is available for inspection at the company`s
registered office.
Acucap`s maiden interim results for the period under review are in line with
the forecast. The operating income from the properties in the Acucap
portfolio exceeded expectations at the date of listing in March 2002, but a
deteriorating interest rate environment meant that the gains were utilised to
offset increased interest costs. No comparative figures are presented as the
company was incorporated on 12 September 2001.
In order to minimise Acucap`s exposure to interest rate volatility, a further
21% of prime linked borrowings has been fixed, taking fixed interest
borrowings to 91% of total borrowings. The weighted average length of fixing
is 4.2 years, and the average fixed interest rate, excluding prime linked
borrowings, is 13.34%. Full details of borrowings are set out under 3 below.
2 DISTRIBUTION
The Board has approved an interim distribution of 65.083 cents per
linked unit for the period from 27 March 2002 to 30 September 2002.
3. BORROWINGS
The company`s borrowings have not changed since listing. The company has
fixed the interest rate on 91% of its borrowings with terms varying between 2
and 10 years as follows :
Amount % of total Rate (nacm) Maturity
(R million) borrowings
50 10.57% 12.73% 1 April 2004
60 12.69% 12.21% 3 January 2005
100 21.14% 14.03% 1 April 2005
120 25.37% 12.84% 2 January 2007
50 10.57% 14.43% 8 October 2009
50 10.57% 14.06% 8 October 2012
43 9.09% Prime less 1.5%
473 100.00%
The company`s weighted average total borrowing costs are tabulated below :
% of Average
borrowings
at fixed rate
rates
Average cost of borrowings forecast in 70% 12.94%
prospectus
Average cost of borrowings for period to 70% 13.41%
September 2002
Estimated cost of borrowings for remaining 6 91% 13.63%
months
4. VACANCIES
Vacancies amount to 1.7% of the portfolio by gross rental income, and 1.6% by
gross lettable area.
5. LEASE EXPIRY PROFILE
The lease expiry profile has not changed significantly since listing,
and is reflected in the press announcement that accompanies this release.
6. LIQUIDITY
Since date of listing on 27 March 2002, trade in Acucap linked units has
amounted to approximately 28.75% of its market capitalization.
7. PROPERTY PORTFOLIO VALUATION
None of the properties in the Acucap portfolio have been revalued
subsequent to date of listing.
8. ACQUISITIONS
The company issued cautionary announcements on 7 and 31 October 2002
advising that it is involved in negotiations to acquire certain properties
from Centrecity Property Fund ("Cenprop"), including The Mall of Rosebank and
JHI House. Announcements containing further details of the proposed
acquisitions will be published in due course. Unitholders are reminded that
the company is still trading under a cautionary announcement.
9. PROSPECTS
The Board is confident that the property portfolio should continue to
perform strongly for the remainder of the financial year, and despite the
increased interest costs, the Board believes that the distribution forecast
made at the date of listing remains achievable.
10. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that an interim distribution of 65.083 (sixty five
comma zero eight three) cents per linked unit has been declared in respect of
the six months and 5 day period ended 30 September 2002. The last date to
trade the linked units cum-distribution is 22 November 2002. The linked units
will start trading ex-distribution from 25 November 2002 and the record date
will be 29 November 2002.The distribution will be made to unit holders on
Monday 2 December 2002.
Linked unit certificates may not be dematerialised or rematerialised between
Monday 25 November and Friday 29 November 2002 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
8 November 2002
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
http://www.acucap.co.za
info@acucap.co.za
Transfer secretaries:
Computershare Investor Services Limited
70 Marshall Street
JOHANNESBURG
Share Code: ACP
ISIN : ZAE000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou (Managing Director), FM
Berkeley, D de Beer, RC Frolich, MJ Lindeque, HJ Mocke, JH Rens, B Stevens,
UJ van der Walt, NDC Whale
Date: 08/11/2002 07:33:37 AM Produced by the JSE SENS Department
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