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Pangbourne Properties Limited
("Pangbourne")
(Incorporated in the Republic of South Africa)
(Registration number 1987/002352/06)
Share code: PAP
ISIN: ZAE000005252
Unaudited financial results for the six months ended 31 December 2002
Issued share capital
176 114 271 (2001: 81 582 361) ordinary shares of 1 cent each
Issued debentures
1 585 028 439 (2001: 734 241 249) unsecured variable rate debentures of 50 cents
each
Issued combined units
176 114 271 (2001: 81 582 361)
Weighted average combined units
175 979 779 (2001: 81 582 361)
Abridged consolidated income statement
Six months to Year to
R`000 31.12.02 31.12.01 30.06.02
Revenue 125 535 69 744 166 135
Profit from operations 79 315 43 053 103 425
Revaluation of investment
properties - - 22 131
Revaluation of listed investments 2 419 - (6 909)
Net goodwill amortised and
realised 9 922 4 563 8 965
Net (loss)/profit on disposal of
investment properties (1 021) 4 326 (7 621)
Investment income 11 833 2 167 10 625
Terminated operations - - (6 201)
Profit before interest and
taxation 102 468 54 109 124 415
Interest received 4 368 3 000 8 875
Finance costs (22 350) (18 440) (40 132)
Profit before taxation and
distributions to unitholders 84 486 38 669 93 158
Taxation (1 300) (83) 959
Profit for the period 83 186 38 586 94 117
Opening retained earnings 22 431 22 321 22 321
Available for distributions 105 617 60 907 116 438
Distributions to unitholders (72 152) (33 448) (94 007)
Closing retained earnings 33 465 27 459 22 431
Diluted and non-diluted
Headline earnings per unit (cents) 41,48 41,69 86,09
Adjustment for unrealised
revaluation on listed investments 0,73 - (5,59)
Headline earnings as per
circular 7/2002 42,21 41,69 80,50
Earnings per unit (cents) 47,27 47,30 89,61
Distribution per unit (cents) 41,00 41,00 88,00
Diluted and non-diluted
Earnings per share (cents) 7,07 7,10 0,10
Distribution per share (cents) 0,80 0,80 1,73
Distributions to unitholders
Debenture interest 70 737 32 792 92 164
Dividends 1 415 656 1 843
Total distributions 72 152 33 448 94 007
Accounting policies
The accounting policies stated in the 2002 annual report have been consistently
applied and comply with the South African Statements of GAAP.
Investment properties are professionally valued every three years, with
management undertaking an internal valuation for each of the other years.
Nothing has come to the attention of management that would lead them to believe
that property values at 31 December 2002 differ materially from those
established at 30 June 2002.
Abridged consolidated balance sheet
As at As at
R`000 31.12.02 31.12.01 30.06.02
ASSETS
Non-current assets
Property, plant and equipment 1 265 410 781 293 1 261 483
Net goodwill (57 955) (24 340) (67 876)
Investments 159 544 4 966 63 770
Long-term loans 34 203 29 113 30 831
Deferred taxation asset 8 211 5 062 8 685
Current assets
Bank and cash/(overdraft) 5 745 (4 756) (925)
Receivables 50 086 54 809 60 743
Current portion of long-term loans 1 911 1 795 2 410
Total assets 1 467 155 847 942 1 359 121
EQUITY AND LIABILITIES
Unitholders` interest 949 548 471 172 938 514
Interest-bearing borrowings 387 014 319 147 272 354
Current portion of interest-bearing
borrowings 29 604 - 76 005
Current liabilities
Payables 25 827 23 074 27 370
Deferred tax liability 2 898 - 2 265
Unitholders for distribution 72 264 34 549 42 613
1 467 155 847 942 1 359 121
Net debt: income earning assets 28,2% 38,7% 25,3%
Net asset value per unit excluding
negative goodwill (cents) 585 607 585
Reconciliation of earnings to headline earnings
Profit
before Net
R`000 taxation Taxation profit
Earnings per unit (cents) 48,01 (0,74) 47,27
Adjustments:
Net goodwill amortised and
realised (5,64) - (5,64)
Net loss on disposal of investment
properties 0,58 - 0,58
Headline earnings per unit (cents) 42,95 (0,74) 42,21
Abridged consolidated cash flow statement
Six months to Year to
R`000 31.12.02 31.12.01 30.06.02
Cash generated from operations 92 910 45 356 56 209
Net finance costs (17 982) (15 440) (31 257)
Investment income 11 833 2 167 10 625
Taxation paid (218) (113) (1 592)
Distributions to unitholders (42 501) (37 678) (90 173)
Cash flows from operating
activities 44 042 (5 708) (56 188)
Cash flows from investing
activities (102 798) (46 135) 11 102
Cash flows from financing
activities 65 426 47 201 44 275
Net increase/(decrease) in
cash and cash equivalents 6 670 (4 642) (811)
Cash and cash equivalents at
beginning of period (925) (114) (114)
Cash and cash equivalents at
end of period 5 745 (4 756) (925)
Movement in unitholders` funds
Six months to Year to
R`000 31.12.02 31.12.01 30.06.02
Unitholders` interest at
beginning of period 938 514 466 034 466 034
Profit for the period 83 186 38 586 94 117
Capital transactions and
distributions to unitholders (72 152) (33 448) 378 363
Share capital issued - - 1 003
Treasury share capital issued - - (58)
Debentures issued - - 451 475
Treasury debentures issued - - (26 082)
Share premium on issue - - 121 398
Share premium on treasury shares
issued - - (2 840)
Share issue costs - - (289)
Acquisition of CBD and Pioneer - - (72 237)
Distributions to unitholders (72 152) (33 448) (94 007)
Unitholders` interest at end
of period 949 548 471 172 938 514
Segmental information
Property Transfer
R`000 Property stock duty
Primary segment management investments finance*
Revenue
Rentals received 120 033 - -
Fees received - - 1 639
Total revenue 120 033 - 1 639
Segmental results
Profit before taxation
and distribution to
unitholders 70 910 12 730 252
70 910 12 730 252
Segmental information (continued)
R`000 Bridging Agents
Primary segment finance* commission* Corporate Total
Revenue
Rentals received - - - 120 033
Fees received 947 2 349 567 5 502
Total Revenue 947 2 349 567 125 535
Segmental results
Profit before taxation
and distribution to
unitholders 146 361 87 84 486
146 361 87 84 486
Segmental revenue and expenses
Revenue and expenses that are directly attributable to a segment are allocated
to those segments.
Expenses not directly attributable to a segment are allocated to the corporate
segment.
*Segment results of Paforma Property Finance (Pty) Ltd.
Declaration of dividends and debenture interest
Notice is hereby given of the declaration of a distribution of 41,00 cents per
combined unit (2001: 41,00 cents), comprising dividend number 33 of 0,8039 cents
per share (2001: 0,8039 cents) and interest on debentures calculated at 40,1961
cents per combined unit (2001: 40,1961 cents). The last date to trade cum
distribution will be Friday, 4 April 2003, and the units will commence trading
ex distribution on Monday, 7 April 2003, with the record date being Friday, 11
April 2003. Payment for the dividend and debenture interest of 41,00 cents per
combined unit will be effected on Monday, 14 April 2003.
Unit certificates may not be dematerialised or rematerialised between
Monday, 7 April 2003 and Friday, 11 April 2003, both days inclusive.
On behalf of the board
J J Groenewald
Secretary
2nd Floor
382 Jan Smuts Avenue
Craighall
RESULTS
Results for the period are not comparable with the previous year because of the
acquisition of the CBD and Pioneer Funds in April 2002. The increase in issued
combined units is due to the settlement of the purchase price of these two
funds.
Headline earnings for the period have remained flat as there was little growth
in rentals. Under present market conditions, it is however pleasing to report
that distributions have been maintained at 41 cents per unit. The rental market
is still tight and it is difficult to obtain upward revisions on renewals.
OCCUPANCIES
Occupancies have increased from 83,2% at December to 88,1% to date. The sale of
18 downtown Johannesburg properties to ApexHi, as reported previously, accounted
for 3% of this improvement. Considerable success has been achieved in retaining
existing tenants and several vacancies have been filled in the balance of the
portfolio. Vacancies are, however, taking longer to fill than anticipated.
RECENT TRANSACTIONS
The 18 downtown Johannesburg properties acquired for R96 million in April 2002
from the CBD fund, did not fit into Pangbourne`s portfolio and were disposed of
to ApexHi and settled by way of 10 617 600 ApexHi units, resulting in a surplus
of R37 million. In addition, a further four smaller properties have been sold
realising R2 million.
During November 2002, 33 million units were acquired in Grayprop at an
attractive yield. These will either be utilised for the acquisition of new
properties or realised at an appropriate time.
The Crescent at Umhlanga Ridge opened on schedule on 26 September 2002. It
currently has an occupancy of 89% and is trading at anticipated levels. The
developer has guaranteed the first years rentals.
INTEREST RATES
The interest rate scenario is still unclear, although a gradual reduction in
rates during the 2003 calendar year is anticipated. The average cost of funding
is currently 13,45% and 60,03% of borrowings have been fixed. Opportunities to
fix long-term borrowings at advantageous rates are currently on offer and being
evaluated.
P L Campbell
Chairman
A M A Campbell
CEO
13 February 2003
Pangbourne Properties Limited, 2nd Floor, Pangbourne House, 382 Jan Smuts
Avenue, Craighall, Johannesburg
Date: 13/02/2003 05:42:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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