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OCTODEC INVESTMENTS Limited - Unaudited Results and Notice to linked unitholders
OCTODEC INVESTMENTS Limited
and its subsidiaries
(Incorporated in the Republic of South Africa)
Registration number 1956/002868/06
Share code: OCT
ISIN number: ZAE000005104
Octodec investments limited
and its subsidiaries
Notice to linked unitholders
The directors report the unaudited results of the group for the six months ended
28 February 2003 set out below, together with comparisons with the results for
the corresponding period in 2002 and the year ended 31 August 2002.
CONSOLIDATED INCOME STATEMENT
Six months Six months Year to
28 Feb 28 Feb 31 Aug
% 2003 2002 2002
change R"000 R"000 R"000
Turnover (rental
income) 24,0 51 984 41 920 90 288
Net rental from
properties 18,4 35 449 29 939 63 409
Interest received 1 945 1 900 3 981
Capital profit:
disposals of property 678 275 275
Adjustment to current
valuation (investment
properties) - - 3 753
Acquisition of loan
account at a discount - 2 164 2 164
38 072 34 278 73 582
Interest paid 33,0 21 306 16 017 37 021
Depreciation 129 35 177
Profit before debenture
interest (8,7) 16 637 18 226 36 384
Debenture interest 0,9 15 677 15 542 29 732
Profit before taxation 960 2 684 6 652
Taxation 208 118 278
Profit after taxation 752 2,566 6,374
Earnings per linked unit
(cents) (basic
and diluted) 24,2 26,7 53,2
Headline earnings per linked
unit (cents) (basic
and diluted) 23,2 23,1 44,1
Distribution per linked
unit (cents)
Dividends 0,11 0,11 0,11
Interest 23,09 22,89 43,79
Total 0,9 23,20 23,00 43,90
ABRIDGED CONSOLIDATED BALANCE SHEET
28 Feb 28 Feb 31 Aug
2003 2002 2002
R"000 R"000 R"000
ASSETS
Investment properties 602 245 584 803 603 762
Investments
- listed 9 684 9 664 9 684
- associated company 8 995 7 893 7 801
Current assets 13 595 9 926 7 404
Total assets 634 519 612 286 628 651
Equity and liabilities
Share capital 11 096 11 096 11 096
Non-distributable reserve 48 883 44 452 48 205
Retained profit 396 335 390
Ordinary shareholders"
interest 60 375 55 883 59,691
Debentures 198 513 198 513 198,513
Linked unitholders" interest 258 888 254 396 258 204
Outside shareholders"
interest 10 682 10 658 10 761
Interest bearing borrowings 327 886 316 858 325 936
Deferred taxation 3 338 4 3 338
Current liabilities
- interest-bearing 804 1 463 1 541
- non-interest-bearing 32 921 28 907 28 871
Total equity and liabilities 634 519 612 286 628 651
Linked units in issue 67 896 223 67 896 223 67 896 223
Net asset value per
linked unit (cents) 381 375 380
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Six months Six months Year to
28 Feb 28 Feb 31 Aug
2003 2002 2002
R"000 R"000 R"000
Cash flow from operating
activities
Net rental income
from properties 35 321 29 904 63 233
Adjustment for:
- Depreciation 129 35 177
- Working capital changes 1 183 1 615 6 483
Cash generated from operations 36 633 31 554 69 893
Investment income 1 945 1 900 3 981
Finance costs (21 306) (16 017) (37 021)
Taxation paid (205) 98 113
Distribution to linked
unitholders paid (14 258) (16 465) (32 081)
Net cash inflow
from operating activities 2 809 1 070 4 885
Cash flow from investing
activities
Investing activities (5 333) (297 754) (309 751)
Proceeds from sale
of fixed assets 1 600 1 775 1 750
Net cash outflow
used in investing activities (3 733) 95 979) (308 001)
Cash flow from
financing activities 657 292 540 301 721
Net decrease in cash
and cash equivalents (267) (2 369) (1,395)
Cash and cash equivalents
at beginning of period/year (432) 963 963
Cash and cash equivalents
at end of period/year (699) (1 406) (432)
STATEMENT OF CHANGES IN EQUITY
Non-distri- Distri-
Share butable butable
capital reserve reserves Total
R"000 R"000 R"000 R"000
Balance at
1 September 2001 11 096 42 013 283 53 392
Profit attributable to
ordinary shareholders - - 6 374 6 374
Adjustments to
current valuation
(investment properties) - 3 753 (3 753) -
Dividends paid - - (75) (75)
Transfer to
non-distributable
reserve - 2 439 (2 439) -
Balances at
1 September 2002 11 096 48 205 390 59 691
Profit attributable
to ordinary
shareholders - - 752 752
Dividends - - (68) (68)
Transfer to
non-distributable
reserve - 678 (678) -
Balances at
28 February 2003 11 096 48 883 396 60 375
RECONCILIATION of HEADLINE EARNINGS TO EARNINGS PER LINKED UNIT
Six months Six months Year
to
28 Feb 28 Feb 31 Aug
Cents 2003 2002 2002
Headline earnings per
linked unit 23,2 23,1 44,1
Capital profit:
disposals of property 1,0 0,4 0,4
Acquisition of loan
account at a discount - 3,2 3,2
Adjustment to current
valuation (investment
properties) - - 5,5
Earnings per linked unit 24,2 26,7 53,2
NOTES
1. The same accounting policies and methods of computation were followed as in
the financial statements of 31 August 2002 and are in accordance with South
African Statements of Generally Accepted Accounting Practice.
2. An amount of R9,3 million has been committed for by the company in respect
of capital expenditure relating to the improvement of certain properties. These
developments will be financed by way of existing facilities as well as
additional funding from the company"s bankers.
3. Capital expenditure during the period amounted to R5,3 million, which
includes R0,3 million of capitalised interest. Adequate arrangements have been
made to finance these capital commitments.
4. Guarantees amounting to approximately R1,5 million have been issued to the
City of Tshwane Metropolitan Municipality in respect of electricity deposits for
various subsidiaries.
5. The company has bound itself as surety in favour of Nedbank Property
Finance, in respect of loans granted to an associated company, IPS Investments
(Pty) Limited, which at 28 February 2003 amounted to R23,8 million.
6. The company adopted AC135 during the previous financial year in terms of
which it values investment properties annually.
COMMENTS
1. The total distribution of R15,7 million equates to a distribution of 23,2
cents (2002 - 23 cents) per linked unit for the period under review. This was
achieved in difficult economic conditions characterised by an environment of
interest rate increases.
2. The total cost of funding is currently 12,9% and 83% of the borrowings at 28
February 2003 are fixed. Opportunities to further manage the exposure of long-
term borrowing rates are currently being evaluated.
3. As at 28 February 2003, vacancies represent approximately 11% (2002 - 9%) of
total potential rental income. The increase relates mainly to the additional
offices which were constructed at Elardus Park Shopping Centre and Killarney
Mall. Securing of tenants for these offices is progressing well.
4. There is a reasonable expectation of interest rates being lowered during the
course of 2003, which should provide increased earnings to unitholders. Assuming
interest rates remain at current levels, the directors expect that the
distributable income for the period 1 March 2003 to 31 August 2003 will not be
less than the current distribution of 23,2 cents. The company"s auditors,
Deloitte & Touche, have examined and reviewed the basis and assumptions
underlying the forecast above. A copy of their review is available for
inspection.
5. Your company continues to investigate the acquisition of properties yielding
a suitable return with sustainable income and growth.
DECLARATION OF DIVIDEND NO 26 AND INTEREST PAYMENT ("the Distribution")
Notice is hereby given that dividend No 26 of 0,11 cents (2002 - 0,11 cents) per
ordinary share has been declared together with interest for the period 1
September 2002 to 28 February 2003 of 23,09 cents (2002 - 22,89 cents) per
debenture payable to linked unitholders recorded in the register on Friday, 30
May 2003.
The last date to trade "cum" Distribution is Friday, 23 May 2003.
The units will commence trading "ex" Distribution on Monday, 26 May 2003.
Payment date will be Monday, 2 June 2003.
No dematerialisation or rematerialisation of linked unit certificates may take
place between Monday, 26 May 2003 and Friday, 30 May 2003, both days inclusive.
By order of the Board
City Property Administration (Proprietary) Limited
6 May 2003
A Wapnick (Chairman)
JP Wapnick (Managing director)
Directors: A Wapnick (Chairman), MJ Holmes, J Pollack, MZ Pollack, JP Wapnick
(Managing director), S Wapnick
Registered Office: Downies Building, 373 Proes Street, Pretoria 0002
PO Box 15, Pretoria 0001
Tel: (012) 326-8811
Fax: (012) 325-2209
Transfer Secretaries: Computershare Investor Services Limited
(Reg No: 1958/003546/06)
70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107
Tel: (011) 370-7700
Fax: (011) 688-7712
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