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SHOPS FOR AFRICA
(Registration number: 2000/018084/06)
Share code: SFA
ISIN: ZAE000031241
Interim Results for the six months ended 31 October 2002
INCOME STATEMENT
unaudited unaudited
6 months 8 months
ended ended
31 Oct 2002 31 Oct2001
Notes R`000 R`000
Revenue 39 997 24 337
Operating expenses (16 758) (8 637)
Operating profit 23 239 15 700
Profit on sale of investment properties 200 -
Interest income 522 76
Finance charges (15 054) (9 145)
Debenture interest (8 912) (6 631)
Net loss after debenture interest
Before exceptional items (5) --
Exceptional items - (4 603)
Net loss before taxation (5) (4 603)
Taxation (55) -
Net loss after taxation (60) (4 603)
Cents cents
Distributions per linked unit 15.71 12.12
Weighted average number of Linked units
in issue (`000) 56 733 54 709
Loss per linked unit (cents) -0.11 -8.41
Headline loss per linked unit (cents) 3 -0.41 -8.41
Net asset value per share (rands) 2.37 2.34
Number of shares in issue (`000) 65 896 54 709
BALANCE SHEET
ASSETS
Investment properties 373 366 319 924
Current assets 5 947 4 682
Deferred taxation 263 -
Total assets 379 576 324 606
EQUITY AND LIABILITIES
Share capital 659 547
Share premium 559 -
Accumulated loss (9 331) (8 822)
Shareholders` deficit (8 113) (8 275)
Linked debentures 164 081 136 227
Linked unit-holders` interest 155 968 127 952
Long-term borrowings 208 113 187 350
Current liabilities 15 495 9 304
Total equity and liabilities 379 576 324 606
Cash flow statement
Net cash flows from operating activities (1 888) 6 154
Cash generated from operations 22 868 15 223
Interest received 522 76
Finance charges paid (15 054) (9 145)
Debenture interest paid (10 224) -
Net cash outflows from investing activities (23 405) (319 925)
Net cash flows from financing activities 19 113 315 303
(decrease)/increase in cash and
cash equivalents (6 180) 1 532
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
Capital premium loss Total
R,000 R,000 R,000 R,000
Balance at 4 august 2000
(date of incorporation) - - - -
Shares issued - - - -
Net loss for the period - - (6) (6)
Balance at 1 March 2001 - - (6) (6)
Shares issued 547 - - 547
Share issue expenses - - (760) (760)
Net loss for the period - - (8 505) (8 505)
Balance at 1 May 2002 547 - (9 271) (8 724)
Shares issued 112 - - 112
Share premium - 559 - 559
Net loss for the period - - (60) (60)
Balance at 31 October 2002 659 559 (9 331) (8 113)
Notes to the financial statements for the period ended 31 October 2002
1. All accounting policies are consistent with those disclosed in the prior
period and are in accordance with South African Statements of Generally Accepted
Accounting Practice.
2. In 2001 the Company changed its year end from 28 February to
30 April, but only commenced business on 27 June 2001. Therefore the comparative
results are for eight months, but represent a four month trading period.
3. Reconciliation of basic loss to headline loss
Basic loss (60)
(170)
profit on sale of investment properties (200)
Taxation effect 30
Headline loss (230)
REVIEW OF RESULTS
The results for the six months to 31 October 2002 reflect the currently
challenging property environment.
Turnover, on a like-for-like basis, was static. Growth in rentals was offset by
higher average vacancies as a result of the liquidation of the Retail Apparel
Group and other smaller tenants. The majority of these vacancies have
subsequently been re-let. Vacancies have thus increased marginally from 6,7% at
year-end to 7,5% currently (on rental basis).
Costs increased causing operating margins to reduce from 63,9%, for the period
to 30 April 2002, to 58,1% currently. Certain of these expenses are of a once-
off nature and the company expects its operating margins to settle at
approximately 60%. In addition, the interest rate charge increased by 5% on a
like-for-like basis due to higher interest rates.
The group has made progress towards its medium-term goals in the current period
as demonstrated below:
- Total debt to total assets declined from 62,0% to 58,9%.
- The lease expiry profile improved with no more than 23% of leases now expiring
in any one year.
- National tenants increased to 59% from 58% of total lettable area (on a rental
basis).
- One non-core property, Dairy Mall, was disposed of for R2 200 000 resulting in
a profit of R200 000. Agreement has been reached subsequent to 31 October 2002
for the disposal of Kruskal Avenue for R2 000 000 generating a profit of R500
000.
- Cleary Park Shopping Centre (as detailed in the 24 June 2002 circular) was
acquired for R52 600 000 and transferred on 27 August 2002.
Prospects
The Company expects an improved property performance
in the next six months due to higher average occupancies and escalations but
high interest rates will continue to negatively impact performance. As a result
it is anticipated that the distributions for the next six months will be similar
to the current period.
The Company continues to look for opportunities that will increase the size of
its portfolio and distributions to linked unitholders.
Declaration of interest distribution
Notice is hereby given of the second interim interest distribution of 15,71
cents per Shops for Africa linked unit for the six-month period 1 May 2002 to 31
October 2002.
Last day to trade linked units cum distribution Friday, 10 January 2003
Linked units begin to trade ex-distribution Monday, 13 January 2003
Record date Friday, 17 January 2003
Payment date Monday, 20 January 2003
Linked unit certificates may not be dematerialised or rematerialised between
Monday, 13 January 2003 and Friday, 17 January 2003, both days inclusive.
By order of the Board
B P Mitchell
Company Secretary
Cape Town
18 December 2002
Company Secretary and registered office
B P Mitchell CA (SA)
(Registration number: 2000/018084/06)
Share code: SFA
ISIN: ZAE000031241
6th Floor, Protea Place, Protea Road, Claremont 7700
Transfer Secretaries:
Computershare Services Limited
(Company Registration number 1958/003546/06)
70 Marshall Street, Johannesburg 2001
Directors:
I L Sturrock (Chairman),
J D Broll,
B T Kubheka,
B P Mitchell*,
W A Botha*
*Executive
Sponsor:
Sasfin Bank Limited
Asset Manager:
Catalyst Property Asset Managers
Date: 18/12/2002 04:24:42 PM Produced by the JSE SENS Department
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