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iProp Holdings Limited -
iProp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/001239/06)
("iProp" or "the company")
Share code: IPR. ISIN: ZAE 000018867
iProp Holdings Limited and its subsidiaries for the half year ended
31 March 2003 and results of the general meeting and salient dates announcement.
Consolidated income statement
Audited
Unaudited for the
for the half year year ended
ended 31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
Revenue 15 651 48 604 67 959
Cost of sales 5 745 21 168 15 985
Gross profit 9 906 27 436 51 974
Operating expenses 8 998 9 384 20 583
Profit from operations 908 18 052 31 391
Decrease in post - retirement
health care provision 2 442 - -
Fair value adjustment to
endowment policy (4 514) - -
Fair value adjustment to
investment properties - 1 480 1 312
Impairment of undeveloped land
trading stock - - (1 734)
Investment income 4 819 10 279 15 415
Financing cost (2 964) (21 807) (35 074)
Exceptional items - (1 517) (6 907)
Profit before taxation 691 6 487 4 403
Taxation 707 (223) 257
(Loss)/profit after taxation (16) 6 710 4 146
- before exceptional items - headline
earnings (16) 7 814 9 693
- from exceptional items - (1 104) (5 547)
(Loss)/profit after taxation (16) 6 710 4 146
Earnings per share ("EPS")
Shares in issue (000"s) 16 321 15 677 16 321
Number of ordinary shares on which
diluted headline earnings and diluted
basic earnings per
share are based (000"s) 16 676 16 606 15 868
Headline (loss)/
earnings per share (cents) (0,1) 33 26
(Loss)/earnings per share
Basic (cents) (0,1) 43 26
Diluted (cents) (0,1) 40 26
(Loss)/earnings per share
excluding exceptional items
Basic (cents) (0,1) 50 61
Diluted (cents) (0,1) 47 60
Dividends per share (cents)
Final 2002 13
Final 2001 20
Final 2001 and interim 2002 32
Determination of headline
earnings
Attributable (loss)/profit
for the period
Per income statement (16) 6 710 4 146
Adjusted for:
Fair value adjustment to
investment properties - (1 480) -
Headline earnings for the period (16) 5 230 4 146
Consolidated cash flow statement
Audited
Unaudited for the
for the half year year ended
ended 31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
Cash flow from operating activities
Cash (utilised in)/generated from
operations (1 010) 22 330 57 762
Interest paid (2 964) (14 274) (35 074)
Taxation paid (209) (263) (425)
Dividends paid (2 122) (3 205) (5 162)
Costs incurred - sale of property
investments to iFour - - (2 374)
Restructuring costs - (1 517) (4 533)
(6 305) 3 071 10 194
Cash flow from investing activities
Investment income 4 819 1 494 14 574
Cash proceeds from disposal of property
investments to iFour - - 12 046
Cash proceeds from disposal of
investment property 1 350 - -
Decrease in townships and developments
in progress 2 448 6 757 1 859
Purchase of property, plant and equipment (132) (1 086) (1 509)
Payment into endowment policy (3 254) - -
5 231 7 165 26 970
Cash flow from financing activities
Increase in/(repayment of) long
term borrowings 390 (4 897) (3 875)
Cash received for share options exercised - - 573
390 (4 897) (3 302)
Net (decrease)/increase in cash and
cash equivalents (684) 5 339 33 862
Cash and cash equivalents at beginning
of period/year 37 404 3 542 3 542
Cash and cash equivalents at end
of period/year 36 720 8 881 37 404
Consolidated statement of changes in shareholders" equity
for the half year ended 31 March 2003
Reserve
arising
on surplus
on disposal
of
investments
Share Share and Retained
capital premium subsidiaries earnings Other Total
R"000 R"000 R"000 R"000 R"000 R"000
Balance at
1 October 2001 15 677 30 138 10 082 169 377 - 225 274
Net profit
for the period - - - 6 710 - 6 710
Final
dividend
for 2001 - - (3 135) - (3 135)
Balance at
31 March 2002 15 677 30 138 10 082 172 952 - 228 849
Balance at 30
September 2002 16 322 1 759 10 082 161 137 (13 200) 176 100
Fair value
Adjustment
to iFour
linked units
and deferred
sales
consideration - - - - 15 296 15 296
Final dividend
for 2002 - - - (2 122) - (2 122)
Net loss
for the period - - - (16) - (16)
Balance at
31 March 2003 16 322 1 759 10 082 158 999 2 096 189 258
Consolidated segmental analysis
Audited
Unaudited for the
for the half year year ended
ended 31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
Revenue
Land development and sales 11 992 20 755 33 148
Property Investment 3 659 27 849 34 811
Revenue as reported 15 651 48 604 67 959
Operating profit
Land development and sales (451) 1 018 3 657
Property Investment 1 359 17 034 27 734
Operating profit as reported 908 18 052 31 391
Capital expenditure and commitments
Audited
Unaudited for the
for the half year year ended
ended 31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
Capital expenditure 132 1 086 1 509
Contracted capital commitments - 300 -
Consolidated balance sheet
Unaudited Audited
at at
31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
ASSETS
Non-current assets
Property investments 49 340 325 258 50 839
Land mineral rights, plant and equipment 4 792 3 741 4 660
Townships and developments in progress 47 058 43 868 47 032
Investments 47 854 - 41 064
Non-current receivables - 9 046 25 200
Deferred taxation 4 259 3 595 4 006
153 303 385 508 172 801
Current assets
Proclaimed township land stock 23 878 20 884 26 352
Receivables and prepayments 28 097 45 978 28 988
Deferred payment of sales consideration
- iFour transaction 32 445 - -
Cash 36 720 8 881 37 404
Total assets 274 443 461 251 265 545
EQUITY AND LIABILITIES
Capital and reserves
Interest of shareholders in
iProp Holdings Limited 189 258 228 849 176 100
Non-current liabilities 46 819 202 975 48 871
Borrowings 36 043 189 757 35 653
Retirement benefit obligations 10 776 13 218 13 218
Current liabilities 38 366 29 427 40 574
Trade and other payables 12 393 8 416 16 310
Current taxation 4 824 2 965 3 696
Provision for liabilities and charges 20 792 17 702 20 222
Unclaimed dividends 357 344 346
Total equity and liabilities 274 443 461 251 265 545
Commentary
Accounting policies
The unaudited results for the six months period have been prepared using South
African Statements of Generally Accepted Accounting Practice. These consolidated
interim results are prepared in accordance with AC 127, Interim financial
reporting. The accounting policies are consistent with those applied at the
previous year end.
Review of results
Headline earnings
The results for the current period are not comparable with that of the
corresponding period because of the disposal of property investments to iFour.
Dividend
No dividend has been declared for the six months ended 31 March 2003. It is
anticipated that a dividend in liquidation will be paid as detailed in the
circular to shareholders dated 3 May 2003.
Operating profit
Land development and sales
A loss of R0,5 million was made compared to a R1,0 million profit made for the
corresponding period last year. The major reason for this is that guarantees on
significant sales concluded, have not yet
been received.
Property Investment
As a result of the sale of the major part of the property investment portfolio
to iFour in June last year the operating profit of R1,3 million is not
comparable to the operating profit of R17 million achieved last year.
Fair value adjustment to endowment policy
Endowment policies are carried at fair value with increases or decreases in the
carrying amount credited or charged to the income statement. At 31 March 2003
the carrying value was R11 million necessitating an adjustment through the
income statement of R 4,5 million. At the time of publication of this report the
fair value is R13 million.
Taxation
The high tax charge in relation to the earnings results mainly from the fair
value adjustment to the endowment policy not attracting any taxation.
By order of the board
Results of the general meeting and salient dates
Salient dates for the disposal by iProp of certain of its assets and liabilities
to Clidet No. 433 (Pty) Limited ("the disposal"), the delisting and voluntary
winding-up of the company ("the winding-up") and the distribution of the nett
proceeds from the disposal, together with the 7 000 000 linked units in iFour
Properties Limited held by iProp, in the ratio of 0,41977 linked units per iProp
share held to shareholders as a liquidation dividend
("the distribution").
Shareholders are referred to the announcement published on SENS on 7 April 2003
concerning the adjournment of the general meeting to Monday 26 May 2003 and to
the circular posted to shareholders on 3 May 2003 concerning the disposal, the
winding-up and the distribution.
All the resolutions concerning the disposal, the winding-up and the distribution
were approved by shareholders at the general meeting. Shareholders are therefore
reminded of the following important dates:
2003
Notice placed in the Government Gazette and
the press in terms of section
34 of the Insolvency Act No 24 of 1936 Thursday 29 May and
("the section 34 notice") on Friday 30 May
30 day period required for the section 34 notice ends Monday 30 June
Registration of transfer of the property
held by Lerix Investments (Pty)1
Limited (a wholly owned subsidiary of iProp),
being the property on which
the Midrand Protea Hotel is situated, into the
name of Clidet completed by Friday 4 July
Announcement that the disposal has become
unconditional published on SENS on Friday 4 July
and in the press on Monday 7 July
Last day to trade in order to participate in
the distribution 2 Friday 11 July
Listing of iProp shares suspended on the JSE
Securities Exchange South Africa ("JSE") from
the commencement of business on Monday 14 July
Record date to participate in the distribution Friday 18 July
Cheques and share certificates in respect of
the distribution posted to shareholders holding
certificated securities and accounts of
shareholders holding dematerialised securities
with CSDPs or brokers credited with the
distribution on Monday 21 July
Termination of the listing of iProp shares
on the JSE from the commencement of business on Tuesday 22 July
Notes
1. The abovementioned dates and times may be changed. Any such change will be
published on SENS and in the press.
2. iProp shares may not be dematerialised or rematerialised after Friday 11 July
2003.
Johannesburg 26 May 2003
Corporate adviser Attorneys
QuestCo Investments (Pty) Limited Cliffe Dekker Inc
Directors: JC Hall CBE (Non-executive Chairman), P Heydenrych* BA LLB LLM
(Property Law) (Managing Director), EPM Moses, CG Steyn FCIS * Executive
Director
iProp Services (Proprietary) Limited
Secretaries
per DR Harris FCIS
Johannesburg 26 May 2003
Registered office
Modulus Road Extension
Ormonde
Johannesburg
PO Box 27, Crown Mines 2025
Transfer secretaries
Computershare Investor Services Limited
70 Marshall Street
Johannesburg
Sponsors
PricewaterhouseCoopers
Corporate Finance (Pty) Ltd
Registration number
1970/003711/07
PO Box 1053, Johannesburg 2000
2 Eglin Road, Sunninghill
Date: 27/05/2003 08:00:10 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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