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Primegro Properties Limited -
Primegro Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1998/018436/06
Share code: PMG ISIN: ZAE000022620
PRIMEGRO PROPERTIES LIMITED
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 APRIL 2003
ABRIDGED Consolidated Income Statement
Six months Year ended
ended 30 April 31 October
2003 2002 2002
R"000 R"000 R"000
(Unaudited) (Unaudited) (Audited)
Revenue 196 348 157 121 348 245
Rentals 196 348 148 562 339 939
Sundry - 8 559 8 306
Operating costs (57 530) (47 272) (97 031)
Operating profit 138 818 109 849 251 214
Finance income 6 325 5 641 9 155
Profit on expiry of interest
option contract - 5 641 5 642
Profit on sale of listed investment 4 392 - -
Interest received 1 933 - 3 513
Operating profit before interest paid 145 143 115 490 260 369
Interest paid (85 588) (63 326) (141 754)
Operating profit before debenture
interest and non-cash adjustments 59 555 52 164 118 615
Debenture interest distributed (59 115) (51 610) (117 931)
Profit before taxation and non-cash
adjustments 440 554 684
Adjustments for non-cash
items (see note) (40 623) - (44 689)
(Loss)/profit before taxation (40 183) 554 (44 005)
Taxation credit/(charge) 3 093 (242) 2 252
(Loss)/profit after taxation (37 090) 312 (41 753)
Distribution to unitholders Cents Cents Cents
Distribution per linked unit
Interest 40,92 42,91 88,97
Dividend 0,08 0,09 0,18
Total 41,00 43,00 89,15
Basic earnings per linked unit 15,25 43,17 61,73
Fully diluted earnings per linked unit 15,11 38,19 61,37
Basic headline earnings per linked unit 31,51 30,28 72,98
Fully diluted headline earnings per
linked unit 31,24 26,78 72,55
Basic headline earnings for distribution
purposes per linked unit 41,24 43,32 89,68
Fully diluted headline earnings for
distribution purposes per linked unit 40,88 38,32 89,18
Earnings per linked unit R"000 R"000 R"000
Earnings calculations are based on
the following:
(Loss)/profit for period (37 090) 312 (41 753)
Debenture interest distributed 59 115 51 610 117 931
Basic earnings 22 025 51 922 76 178
Revaluation of investment properties 27 138 (15 682) 15 767
Revaluation of property, plant
and equipment (749) - 57
Amortisation of goodwill 175 175 350
Capital gains tax - deferred (3 070) - (2 289)
Headline earnings 45 519 36 415 90 063
Interest charge relating to nil
coupon financing 14 059 15 682 28 515
Distributable earnings 59 578 52 097 118 578
Linked units Linked units Linked units
Weighted average linked units
in issue 144 471 966 120 263 749 123 403 324
Weighted average fully diluted
linked units in issue 145 730 188 135 964 150 124 138 420
ABRIDGED Consolidated Cash Flow Statement
Six months Year ended
ended 30 April 31 October
2003 2002 2002
R"000 R"000 R"000
(Unaudited) (Unaudited) (Audited)
Cash flows from operating activities
Cash received from tenants 193 181 125 027 332 467
Cash paid to employees and suppliers (40 243) (29 428) (67 463)
Cash generated from operations 152 938 95 599 265 004
Sundry income - 8 559 8 306
Interest received 1 933 - 3 513
Profit on sale of listed investment 4 392 - -
Profit on expiry of interest option
contract - 5 641 5 642
Interest paid (85 588) (63 326) (141 754)
Taxation paid - (24) (52)
Distribution to unitholders (66 452) (30 125) (81 982)
Net cash inflow from operating
activities 7 223 16 324 58 677
Cash flows from investing activities
Expenditure on investment properties (58 808) (1 108 415) (1 260 729)
Expenditure on property, plant
and equipment (384) (645) (997)
Proceeds on disposal of property,
plant and equipment 29 111 85
Net cash outflow from investing
activities (59 163) (1 108 949) (1 261 641)
Cash flows from financing activities
Proceeds from issue of shares 3 450 124 317 129 447
Proceeds from issue of Class
"B" debentures 14 970 382 561 397 465
Proceeds from issue of
non-interest bearing liabilities 510 - 122 159
Redemption of non-interest bearing
liabilities (57 402) (25 701) (26 744)
Interest bearing long-term
liabilities 89 777 608 364 581 649
Net cash inflow from financing
activities 51 305 1 089 541 1 203 976
Net (decrease)/increase in cash
and cash equivalents (635) (3 084) 1 012
Cash and cash equivalents at
beginning of period 3 141 2 129 2 129
Cash and cash equivalents at
end of period 2 506 (955) 3 141
ABRIDGED Consolidated Balance Sheet
30 April 31 October
2003 2002 2002
R"000 R"000 R"000
(Unaudited) (Unaudited) (Audited)
Assets
Non-current assets 2 473 990 2 364 066 2 441 719
Investment properties 2 463 029 2 352 155 2 430 610
Property, plant and equipment 5 165 5 765 5 138
Goodwill 5 796 6 146 5 971
Current assets 26 545 35 984 24 013
Total assets 2 500 535 2 400 050 2 465 732
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 1 445 1 199 1 440
Share premium 135 615 128 870 132 195
Revaluation reserve 111 254 197 234 148 632
Retained income 202 237 32
Ordinary shareholders" interest 248 516 327 540 282 299
Preference share capital 33 222 7
Class "B" debentures 737 173 712 463 722 204
Linked unitholders" interest 985 722 1 040 225 1 004 510
Non-current liabilities 1 330 447 1 241 830 1 286 534
Interest bearing borrowings 1 220 650 1 070 267 1 130 873
Non-interest bearing borrowings 109 815 172 062 152 562
Deferred taxation (18) (499) 3 099
Current liabilities 184 366 117 995 174 688
Total equity and liabilities 2 500 535 2 400 050 2 465 732
Net asset value per linked unit R6,67 R7,18 R6,94
Fully diluted linked units 147 730 188 144 730 188 144 730 188
ABRIDGED Consolidated Statement of Changes in Equity
Six months Year ended
ended 30 April 31 October
2003 2002 2002
R"000 R"000 R"000
(Unaudited) (Unaudited) (Audited)
Ordinary share capital and premium
Ordinary shares
Balance at beginning of period 1 440 644 644
Issue of shares 5 555 796
Balance at end of period 1 445 1 199 1 440
Share premium
Balance at beginning of period 132 195 3 544 3 544
Issue of shares 3 420 125 326 128 651
Balance at end of period 135 615 128 870 132 195
Ordinary share capital and premium
Balance at end of period 137 060 130 069 133 635
Preference share capital
Balance at beginning of period 7 7 7
Issue of shares 26 215 -
Balance at end of period 33 222 7
Revaluation reserve
Balance at beginning of period 148 632 184 766 184 766
(Deficit)/surplus on revaluation of
investment properties (27 138) 15 682 (15 767)
Capital gains tax - deferred 3 070 12 468 8 651
Nil coupon financing (14 059) (15 682) (28 515)
Surplus/(deficit) on revaluation of
property, plant and equipment 749 - (503)
Balance at end of period 111 254 197 234 148 632
Retained income
Balance at beginning of period 32 28 28
(Loss)/profit for period (37 090) 209 (41 753)
Transfer from revaluation reserve 37 378 - 41 993
Ordinary dividends (118) - (236)
Balance at end of period 202 237 32
Distribution to unitholders
Six months Year ended
ended 30 April 31 October
2003 2002 2002
R"000 R"000 R"000
(Unaudited) (Unaudited) (Audited)
Net income distributed to unitholders
Debenture interest 59 115 51 610 117 931
Dividend 118 103 236
Total 59 233 51 713 118 167
Distribution per linked unit Cents Cents Cents
Debenture interest 40,92 42,91 88,97
Dividend 0,08 0,09 0,18
Total 41,00 43,00 89,15
Note:
Adjustment for non-cash items
Six months Year ended
ended 30 April 31 October
2003 2002 2002
R"000 R"000 R"000
(Unaudited) (Unaudited) (Audited)
Interest adjustment for nil
coupon financing (14 059) (15 682) (28 515)
Revaluation of investment properties (27 138) 15 682 (15 767)
Revaluation of property, plant
and equipment 749 - (57)
Goodwill amortised (175) - (350)
Total (40 623) - (44 689)
Comment on results
Comparison of the results for the six months ended 30 April 2003 to the
results for the prior year"s interim period is distorted as the income from the
R1,1 billion Richway portfolio only accrued from 1 January 2002.
Merger announcement
Unitholders are referred to the announcement published in this publication
today regarding the proposed merger with Growthpoint Properties Limited.
Accounting policies
The accounting policies of the group and the disclosures made in the
financial statements conform to the Statements of South African Generally
Accepted Accounting Practice and the Companies Act of South Africa, 1973. The
financial statements are prepared on the historical cost basis adjusted by the
revaluation of investment properties and the discounted valuation of nil coupon
financing instruments. The accounting policies have been applied consistently in
all material respects. The financial statements are prepared on a going concern
basis.
Capital expenditure
Capital expenditure during the period under review amounted to R57,5 million
(2002: R6,9 million).
Capital commitments
There are no material capital commitments at 30 April 2003 (2002: R nil).
Guarantees
The group has issued performance guarantees to various municipal authorities
in respect of services totalling R2 831 752 (2002: R2,8 million).
Declaration of dividend and interest payment No. 7
Notice is hereby given that an interim dividend of 0,082 cent per ordinary
share (2002: 0,086 cent) and interest of 40,918 cents (2002: 42,914 cents) per
"B" debenture, totalling 41,0 cents (2002: 43,0 cents) per linked unit have been
declared payable to linked unitholders recorded in the register in accordance
with the settlement procedures of STRATE.
The last date to trade cum entitlement is Friday, 20 June 2003.
The linked units will commence trading ex-entitlement on Monday, 23 June 2003.
The record date will be Friday, 27 June 2003.
Payment will be effected on Monday, 30 June 2003.
No dematerialisation of linked unit certificates will take place between Monday,
23 June 2003 and Friday, 27 June 2003, both dates inclusive.
By order of the Board
Martin Ettin Derek Greenberg
Joint Managing Director Joint Managing Director
Johannesburg, 28 May 2003
Primegro Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1998/018436/06
Share code: PMG ISIN: ZAE000022620
Executive Directors: M. Ettin (Joint Managing Director)
D. Greenberg (Joint Managing Director), L. Levinsohn
Non-executive Directors: J.F. Marais (Chairman), P. Fechter, R. Harman,
E. Loubser, J. Molobela, J. Strydom
Registered office: Transfer Secretaries:
18 Rivonia Road Ultra Registrars (Pty) Limited
Illovo, 2196 5th Floor
Sandton 11 Diagonal Street
Private Bag X02 Johannesburg, 2001
Northlands, 2116 PO Box 4844, Johannesburg, 2000
Date: 29/05/2003 07:24:32 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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