| Thu 31 Jul 2003, 8:55 | | Audited Results For The Year Ended 30 June 2003 |
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Prima Property Trust -
Distribution Declaration For The Six Months Ended 30 June 2003
Prima Property Trust
(Incorporated in the Republic of South Africa)
(Registration number 1969/011594/06)
("Prima" or "the Group")
Share Code: PRM ISIN: ZAE000005641
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003 AND DISTRIBUTION DECLARATION FOR
THE SIX MONTHS ENDED 30 JUNE 2003
The directors of Prima Property Trust Managers Limited hereby announce the
audited results of Prima for the year ended 30 June 2003:
CONSOLIDATED BALANCE SHEET Audited Audited
R000 30 June 2003 30 June 2002
Assets
Investment property 123 590 123 590
Cash and cash equivalents 22 214 21 834
Other current assets 1 998 1 000
Total assets 147 802 146 424
Equity and liabilities
Stated capital 100 129 100 129
Capital reserves 29 360 29 360
Accumulated profits 2 2
Maintenance reserve - 3 623
Total equity and reserves 129 491 133 114
Deferred taxation - 1 553
Current liabilities 18 311 11 757
Total equity and liabilities 147 802 146 424
Net asset value per unit (cents) 77.82 80.00
CONSOLIDATED INCOME STATEMENT Audited Audited
R000 30 June 2003 30 June 2002
Revenue 27 855 27 473
Interest received 2 453 1 828
Rental income and recoveries 25 350 25 515
Sundry income 52 130
Operating expenses 7 666 8 316
Net profit before taxation 20 189 19 157
Deferred taxation 1 553 (6)
Net profit after taxation 21 742 19 151
Units in issue 166 387 500 166 387 500
Earnings per unit (cents) 13.07 11.50
Headline earnings per unit (cents) 13.07 11.50
Distributions per unit (cents) 15.24 11.50
Distributions paid 25 365 161 19 134 563
CONSOLIDATED CASH FLOW STATEMENT Audited Audited
R000 30 June 2003 30 June 2002
Cash flow from operating activities
Cash received from operations before working
capital changes 17 739 17 330
Working capital changes (674) 366
Interest received 2 453 1 829
Finance costs (3) (1)
Distributions paid (19 135) (19 135)
Net cash inflow from operating activities 380 389
Cash and cash equivalents at beginning of year 21 834 21 445
Cash and cash equivalents at end of year 22 214 21 834
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Accu-
Stated Capital Maintenance mulated
R000 capital reserves reserve profits Total
Balance at 30 June 2001 100 129 249 3 607 2 103 987
Change in accounting policy - - - 29 111 29 111
Restated balance at
30 June 2001 100 129 249 3 607 29 113 133 098
Net profit for the year - - - 19 151 19 151
Transfer to
maintenance reserve - - 16 (16) -
Transfer to capital reserves - 29 111 - (29 111) -
Distributions - - - (19 135) (19 135)
Balance at 30 June 2002 100 129 29 360 3 623 2 133 114
Net profit for the year - - - 21 742 21 742
Transfer from
maintenance reserve - - (3 623) 3 623 -
Distributions - - - (25 365) (25 365)
Balance at 30 June 2003 100 129 29 360 - 2 129 491
Financial review
Prima"s distributions per unit for the year amount to 15.24 cents per unit,
made up of a normal distribution of 11.6 cents per unit plus a special
distribution of 3.64 cents per unit being the maintenance reserve plus the
related deferred taxation.
Accounting Policies
The results for the year are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and are consistent with
those accounting policies used in the prior year. Prima"s results have been
audited by Deloitte & Touche and their audit opinion is available for inspection
at the registered office of Prima Property Trust Managers Limited.
Prospects
As has been reported, Prima Property Trust Managers Limited, Prima"s managers
has been acquired by Corpcapital Limited (Subject to FSB and Competition
Commission approval being obtained). A new investment strategy will be
implemented for Prima which will result in the restructuring of the property
portfolio. The introduction of the new Collective Investment Schemes Control Act
on 1 March 2003 will afford Prima more flexibility to expand and to gear up to
30% of the capital value of the property portfolio.
DIRECTORATE
Resignations from the board of directors of Prima Property Trust Managers
Limited: C Daun, F Moller and K Wright.
New appointments: S Jersky (CEO), W E Cesman (Non-executive director),
M Wainer (Non-executive director).
N F J Haasbroek and C R G Obert remain as non-executive directors.
Distribution declaration
As the size and profile of the property portfolio will change with many new
shareholders being introduced it was decided to distribute the maintenance
reserve plus the related deferred taxation as a special distribution to existing
unitholders.
The Directors of Prima Property Trust Managers Limited have resolved to
declare ordinary distribution no 68 of 6.10 cents per unit, comprising the
undistributed earnings for the year and a special distribution of 3.64 cents per
unit, comprising the balance of the maintenance reserve, together with the
related deferred taxation.
The distribution of the maintenance reserve (together with the related
deferred taxation) is a once-off payment as a result of a change in strategy in
which it is anticipated that properties will be transferred out of the fixed
property companies to the Trust.
The breakdown of this distribution is as follows:
Ordinary distribution 6.10 cents per unit
Special distribution* 3.64 cents per unit
Total payable 9.74 cents per unit
*The special distribution is made up as follows:
Amount that would have been transferred to the
maintenance reserve for the year 0.58 cents per unit
Distribution of maintenance reserve and related
deferred taxation 3.06 cents per unit
The important dates pertaining to the distribution are:
Last day to trade Friday, 15 August 2003
First trading day ex-distribution Monday, 18 August 2003
Record date Friday, 22 August 2003
Payment date Monday, 25 August 2003
Units may not be dematerialised or rematerialised between, Monday, 18 August
2003 and Friday, 22 August 2003, both days inclusive.
Where applicable, distributions in respect of certificated unitholders will
be transferred electronically to unitholders" bank accounts on the payment date.
In the absence of specific mandates, distribution cheques will be posted to
unitholders. Dematerialised unitholders will have their accounts at their
Central Securities Depository Participant or broker credited on Monday, 25
August 2003.
By order of the Board of Prima Property Trust Managers Limited
S Jersky N F J Haasbroek
(CEO) (Chairman)
Johannesburg
31 July 2003
Registered Office: Transfer Secretaries:
178 Dorp Street Computershare Limited
Stellenbosch 70 Marshall Street
7600 Johannesburg, 2001
(PO Box 7061, Stellenbosch, 7599) (PO Box 61051, Marshalltown, 2107)
Date: 31/07/2003 08:30:06 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
