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PRIMA PROPERTY TRUST
(Incorporated in the Republic of South Africa)
(Registration number 1969/011594/06)
("Prima")
Share Code: PRM ISIN Code: ZAE000005641
INTERIM RESULTS AND DISTRIBUTION DECLARATION FOR THE SIX MONTHS ENDED
31 DECEMBER 2002
The directors of Prima Property Trust Managers Limited hereby announce
the interim results for the six months
ended 31 December 2002
Unaudited Unaudited Audited
CONSOLIDATED BALANCE 31 December 2002 31 December 30 June 2002
SHEET 2001
R`000 R`000 R`000
Assets 123,590 123,590 123,590
Investment property - -
4
Equipment 22,196 20,614 21,834
Cash at bank 589 882 1,000
Other current assets 146,375 145,090 146,424
Total assets
Equity and liabilities 100,129 100,129 100,129
Stated capital 29,360 249 29,360
Capital reserves 926 38,337 2
Retained earnings 3,623 3,607 3,623
Maintenance reserve 134,038 142,322 133,114
Total equity and 1,553 1,546 1,553
reserves
Deferred taxation 10,784 1,222 11,757
Current liabilities 146,375 145,090 146,424
Total equity and
liabilities
80.56 85.54 80.00
Net asset value per
unit (cents)
CONSOLIDATED INCOME Unaudited Unaudited Audited
STATEMENT
Six months Six months Year ended
ended ended
31 December 31 December 30 June 2002
2002 2001
R`000 R`000 R`000
Revenue 13,686 13,544 27,473
Interest received 1,175 789 1,828
Rental income and 12,511 12,755 25,515
recoveries
Sundry Income - - 130
Operating expenses 3,611 4,320 8,316
Net profit before 10,075 9,224 19,157
taxation
Taxation 6
- -
Net profit after 9,224 19,151
taxation 10,075
Units in issue 166,387,500 166,387,500 166,387,500
Earnings per unit 6.06 5.54 11.50
(cents)
Headline earnings per 6.06 5.54 11.50
unit (cents)
Distributions (cents 5.50 5.50 11.50
per unit)
Distributions paid R 9,151,313 R 19,134,563
Distributions proposed R 9,151,313
CONSOLIDATED CASH FLOW
STATEMENT
Cash flow from
operating activities
Cash received from 9,023 8,434 17,330
operations before
working capital changes
Working capital changes 147 366
(71)
Interest Received 1,175 789 1,828
Distributions paid
(9,983) (9,983) (19,135)
Net cash inflow
(outflow) from 362 (831) 389
operating activities
Cash and cash
equivalents at 21,834 21,445 21,445
beginning of period
Cash and cash
equivalents at end of 22,196 20,614 21,834
period
CONSOLIDATED STATEMENT Stated Capital Maintenance Retained
OF CHANGES IN EQUITY
Capital Reserves Reserve Earnings Total
R`000 R`000 R`000 R`000 R`000
Balance at 30 June 2001
100,129 249 3,607 2 103,987
Change in accounting
policy - - - 29,111 29,111
Restated balance at 30
June 2001 100,129 249 3,607 29,113 133,098
Net profit for the year
- - - 19,151 19,151
Transfer to maintenance 16
reserve - - (16) -
Transfer to capital
reserves - 29,111 - (29,111) -
Distributions
- - - (19,135) (19,135)
Balance at 30 June 2002
100,129 29,360 3,623 2 133,114
Net profit for the
period - - - 10,075 10,075
Distributions
- - - (9,151) (9,151)
Balance at 31 December
2002 100,129 29,360 3,623 926 134,038
Financial review
The interim results for the half year ended 31 December 2002 have been prepared
in terms of South African Statements of Generally Accepted Accounting Practice.
Accounting policy change
During the prior year, the group changed its accounting policy in respect of
investment property in order to comply with accounting statement AC135 dealing
with investment property.
Previously, investment properties were carried at cost and were not depreciated
unless there had been a permanent diminution in value.
In terms of the fair value model in AC135, the company now measures its
investment property at fair value, with revaluation gains or losses being
included in net profit or loss for the period.
In accordance with the provisions of AC 135, the effect of adopting the new
accounting policy has been reported as an adjustment to the opening balance of
retained earnings for the prior year. The change in accounting policy had no
taxation effect.
Comment
Prima derives income from its investment in a portfolio of commercial
properties.
Prima`s distribution for the 6 month period ended 31 December 2002 amounts to
5.50 cents per unit. This is satisfactory and as expected.
Notice
Mr Kevin Wright was appointed as director of Prima Property Trust Managers
Limited on 12 August 2002 and serves on the audit committee.
Distribution declaration
The Directors of Prima Property Trust Managers Limited have resolved to declare
distribution no 67 of 5.50 cents per unit to all unit holders.
The important dates pertaining to this distribution are:
Last day to trade Friday, 21 February 2003
First trading day ex distribution on JSE Monday, 24 February 2003
Record date Friday, 28 February 2003
Payment date Monday, 3 March 2003
Units may not be dematerialised or rematerialised between, Monday, 24 February
2003 and Friday, 28 February 2003, both days inclusive.
Where applicable, distributions in respect of certificated unitholders will be
transferred electronically to unitholder`s bank accounts on the payment date.
In the absence of specific mandates, distribution cheques will be posted to
unitholders at their risk. Unitholders who have dematerialised their units will
have their accounts at their CSDP or broker credited on Monday, 3 March, 2003.
CAUTIONARY ANNOUNCEMENT
Unitholders are advised that negotiations are in progress which, if successfully
concluded, may have an effect on the market price of their units.
Accordingly, unitholders are advised to exercise caution when dealing in their
units until a further announcement is made.
By order of the Board of Prima Property Trust Managers Limited
CE Daun NFJ Haasbroek
Stellenbosch
7 February 2003
Registered Office Transfer Secretaries
178 Dorp Street Computershare Investor Services Limited
Stellenbosch 70 Marshall Street
7600 Johannesburg 2001
(PO Box 7061, Stellenbosch, 7599) (PO Box 61051, Marshalltown, 2107)
Date: 07/02/2003 07:00:01 AM Produced by the JSE SENS Department
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