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Atlas Properties Limited -
Atlas Properties Limited
(Incorporated in the Republic of South Africa)
Reg. No. 1988/000742/06
JSE Share Code: ATS ISIN Code: ZAE000008975
INTERIM REPORT for the six months ended 31 March 2003
The consolidated unaudited results of the group for the six months ended 31
March 2003 are as follows:
Unaudited Unaudited Audited
March March September
2003 2002 2002
R"000 R"000 R"000
DISTRIBUTION
Net income distributed to
unitholders
Debenture interest 24 911 23 660 56 076
Dividend 224 213 504
Total 25 135 23 873 56 580
"000 "000 "000
Linked units in issue 63 785 63 619 63 619
Distribution per linked unit Cents Cents Cents
Debenture interest 39,055 37,190 88,144
Dividend 0,351 0,335 0,791
Total 39,406 37,525 88,935
R"000 R"000 R"000
CONSOLIDATED INCOME STATEMENT
Revenue 98 783 60 540 137 266
Operating income 43 664 41 492 90 806
Less depreciation (556) (366) (763)
Interest received 990 351 2 044
Less interest paid on borrowings (18 112) (17 577) (35 273)
Net operating income 25 986 23 900 56 814
Surplus on revaluation of
investment properties - - 57 934
Profit/(loss) on disposal of
investment properties 247 - (23 002)
Income from associate company - - 2 772
Amortisation of goodwill (51) - 189
Income before debenture interest 26 182 23 900 94 707
Debenture interest 24 911 23 660 56 076
Income after debenture interest
and before taxation 1 271 240 38 631
Taxation 860 27 199
Income after taxation 411 213 38 432
Earnings per share (cents) 39,759 42,493 157,646
Headline earnings per share (cents) 39,372 42,493 99,376
Weighted average linked units in
issue ("000) 63 688 56 181 59 950
Reconciliation of earnings to
headline earnings
Income after taxation 411 213 38 432
Debenture interest 24 911 23 660 56 076
Earnings 25 322 23 873 94 508
Surplus on revaluation of
investment properties - - (57 934)
(Profit)/loss on disposal of
investment properties (247) - 23 002
Amortisation of goodwill - - (189)
Headline earnings as previously
reported 25 075 23 873 59 387
Effect of Circular 7/2002 on
previously reported headline
earnings
Inclusion of amortisation of
goodwill - - 189
Revised headline earnings 25 075 23 873 59 576
ABRIDGED CONSOLIDATED BALANCE SHEET
Total capital 142 966 89 650 142 738
Debentures 312 387 311 248 311 407
Deferred tax 987 - -
Other long-term liabilities 303 199 297 713 288 994
Current liabilities 57 054 45 546 51 688
Total equity and liabilities 816 593 744 157 794 827
Fixed assets 751 781 733 907 772 817
Goodwill 912 (5 010) (4 856)
Investment in associate company - - 6 813
Loans and investments 10 411 7 726 11 753
Current assets 53 489 7 534 8 300
Total assets 816 593 744 157 794 827
Capital expenditure
Expenditure incurred 2 867 4 793 6 287
Authorised and unspent 7 421 8 161 6 667
Committed - - -
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash generated from operations 39 565 46 681 91 202
Net interest paid 17 122 17 226 33 229
Taxation paid 218 165 208
Distribution to unitholders 32 707 23 835 47 687
Cash flows from operating
activities (10 482) 5 455 10 078
Cash flows from investing
activities (3 185) (4 952) (1 011)
Cash flows from financing
activities 14 205 (2 105) (10 824)
Net (decrease)/increase in cash
and cash equivalents 538 (1 602) (1 757)
Cash and cash equivalents at
beginning of period 239 1 996 1 996
Cash and cash equivalents at
end of period 777 394 239
STATEMENT OF CHANGES IN EQUITY
Non-
Deben- Distri Accumu-
Share Share ture butable lated
Capital Premium Premium Reserve Funds Total
R"000 R"000 R"000 R"000 R"000 R"000
Balance at
1/10/2001 2 461 4 181 11 145 67 608 - 85 395
Increase in share
capital 720 187 18 533 - - 19 440
Net profit - - - - 38 432 38 432
Dividends - - - - (213) (213)
Surplus on
revaluation of
investment
properties - - - 57 934 (57 934) -
Loss on disposal
of investment
properties - - - (23 002) 23 002 -
Income from
associate company - - - 2 772 (2 772) -
Amortisation
of debenture
discount and
premium - - (2 112) 1 796 - (316)
Amortisation of
goodwill - - - 189 (189) -
Balance at
1/10/2002 3 181 4 368 27 566 107 297 326 142 738
Increase in share
capital 8 2 255 - - 265
Net profit - - - - 411 411
Dividends - - - - (290) (290)
Profit on disposal
of investment
properties - - - 247 (247) -
Amortisation of
debenture
discount and
premium - - (1 259) 1 101 - (158)
Amortisation of
goodwill - - - (51) 51 -
Balance at
31/03/2003 3 189 4 370 26 562 108 594 251 142 966
Note
The interim report was prepared in accordance with the statements of South
African Statements of Generally Accepted Accounting Practice (`GAAP"). The same
accounting policies and methods of computation were followed as adopted in the
financial statements for the year ended 30 September 2002. AC133 has been
applied for the first time in these results. The effect of applying this
statement has been insignificant.
As stated in the financial statements for the year ended 30 September 2002, the
company purchased the remaining share capital of its associate company, DCF
Helderberg (Pty) Ltd. The effective date of the transaction was 1 October 2002.
DCF Helderberg (Pty) Ltd is now a 100% subsidiary, and is accounted for as such.
Comments
The distribution for the six months at 39,406 (2002 - 37,525) cents per unit is
5% higher than the previous year, which is in line with the company"s consistent
record of increased earnings over the past nine years.
Building vacancies were 12,6% (2002 - 13,8%) of lettable area, or 9,7% (2002 -
7,5%) of gross rental income. Vacancies increased due to certain large tenants
not renewing their leases. It is anticipated that vacancies will reduce over the
next six months.
PLF Irvine
Chairman
Cape Town
21 May 2003
DECLARATION OF INTERIM DIVIDEND AND INTEREST ON DEBENTURES
Notice is hereby given that an interim distribution of 39,406 cents (2002 -
37,525 cents), consisting of interest of 39,055 cents (2002 - 37,190 cents) per
debenture and a dividend of 0,351 cents (2002 - 0,335 cents) per share has been
declared in respect of the six months ended 31 March 2003.
The record date for this distribution is 27 June 2003 with a payment date of 30
June 2003. The last date to trade the linked units cum-dividend is Friday, 20
June 2003, and the linked units will start trading ex-dividend and interest on
Monday, 23 June 2003.
Dividend and interest payments will be made to unitholders on 30 June 2003.
No dematerialisation or rematerialisation of linked unit certificates may take
place between Friday, 20 June 2003 and Friday, 27 June 2003, both days
inclusive.
By order of the Board
Atlas Management Services (Pty) Ltd
Secretaries
Cape Town
21 May 2003
Registered address: 121 Roodebloem Road, Woodstock, 7925
Transfer Secretaries: Computershare Investor Services Limited
70 Marshall Street, Johannesburg, 2001
Date: 22/05/2003 11:30:49 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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