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Rand Leases - REVIEWED FINANCIAL RESULTS
Rand leases properties limited
Registration No. 1978/000870/06
("the Company")
REVIEWED FINANCIAL RESULTS
for the year ended 30 June 2003
Consolidated income statement
Reviewed Audited
Year ended Year ended
30 June 2003 30 June 2002
R000"s R000"s
Revenue 49 433 133 533
Continuing operations 27 574 82 172
Discontinued operations 21 859 51 361
Operating profit 10 882 50 715
Continuing operations 198 9 728
Discontinued operations 10 684 40 987
Unrealised surplus/(deficit) on 3 872 (9 737)
revaluation of assets
Other operating expenses (7 660) (8 359)
Profit from operations 7 094 32 619
Investment income 5 846 -
Profit on sale of linked units 1 243 -
Finance costs (16 056) (33 349)
Loss before distribution to (1 873) (730)
unitholders
Debenture interest - (6 603)
Loss before taxation (1 873) (7 333)
Taxation 728 2 069
Loss for the year (2 601) (9 402)
Headline (loss)/earnings per linked (6.03) 10.93
unit (cents)
Fully diluted loss per linked unit (3.67) (3.76)
(cents)
Distribution per linked unit (cents) - 11
Weighted average linked units in issue 86 692 63 494
(000"s)
Linked units in issue (000"s) 70 816 82 913
CONSOLIDATED BALANCE SHEET
Reviewed Audited
Year ended Year ended
30 June 2003 30 June 2002
R000"s R000"s
ASSETS
Non-current assets 110 695 445 452
Plant and equipment 1 442 2 534
Investment property - 356 892
Development property 68 064 72 275
Marketable securities 37 940 48
Rand Leases Properties Employee Trust - 10 023
Deferred taxation 3 249 3 680
Current assets 45 574 24 932
Trade and other receivables 34 562 22 799
Cash and bank balances 11 012 2 133
Total assets 156 269 470 384
EQUITY AND LIABILITIES
Capital and reserves 89 071 102 352
Non-current liabilities 47 791 307 505
Long-term liabilities - debentures 43 197 50 577
Long-term liabilities - bonds 4 100 256 434
Deferred taxation liability 494 494
Current liabilities 19 407 60 527
Bank overdraft 848 12 328
Trade and other payables 16 358 26 357
Current portion of long-term liability - 19 405
Taxation payable 2 151 2 375
Shareholders for dividends and 50 62
debenture interest
Total equity and liabilities 156 269 470 384
CONSOLIDATED CASH FLOW STATEMENT
Reviewed Audited
Year ended Year ended
30 June 2003 30 June 2002
R000"s R000"s
Cash flow from operating activities (10 906) (1 294)
Cash flow from investing activities 293 923 (211 296)
Cash flow from financing activities (262 658) 205 137
Net increase/(decrease) in cash and 20 359 (7 453)
equivalents
Cash and equivalents at beginning of (10 195) (2 742)
period
Cash and equivalents at end of period 10 164 (10 195)
STATEMENT OF CHANGES IN EQUITY
Reviewed Audited
Year ended Year ended
30 June 2003 30 June 2002
R000"s R000"s
Equity at beginning of period 102 352 77 830
Issue of linked units 10 836 33 971
Repurchase of linked units (21 516) -
Net income for the period (2 601) (9 402)
Dividends to linked units - (47)
Equity at end of period 89 071 102 352
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Reviewed Audited
Year ended Year ended
30 June 2003 30 June 2002
R000"s R000"s
Attributable loss (2 601) (9 402)
Profit on sale of linked units 1 243 -
Unrealised (surplus)/deficit on (3 872) 9 737
revaluation of assets
Debenture interest - 6 603
Headline (loss)/earnings (5 230) 6 938
Headline (loss)/earnings per linked (6,03) 10,93
unit (cents)
NET ASSET VALUE as at 15 September 2003
Market price
Number of 15 September
units 2003 R000"s
Redefine Income Fund 23 539 042 2.30 54 139 797
Linked units*
Development property - 68 408 000
book value
Long-term liabilities - (4 100 000)
bonds
Net current assets 3 861 000
122 308 797
Shares in issue (000"s) 70 815 590
Net asset value per linked 173
unit (cents)
*After finalisation of the sale of the investment portfolio.
OPERATIONS
RENTAL PORTFOLIO
As reported previously the Company has disposed of its entire investment
property portfolio to Redefine Income Fund for a consideration of R356,4
million. The purchase consideration is payable as to R6 million in cash and the
balance net of mortgage bonds in Redefine Income Fund Limited (Redefine) linked
units issued at a unit price of 247 cents per unit. All suspensive conditions
have been fulfilled and the transfers of the properties are in the process of
being registered. To date twenty-two properties have been transferred and the
company has received a proportion of the cash and 29 496 296 Redefine Linked
Units. The balance of the properties will be transferred as soon as Redefine
issues Irrevocable Letters of Allocation (ILA"s) for the remaining units to be
issued. Failure by Redefine to issue the ILA"s will result in the Company taking
legal action to enforce its rights in terms of the agreement of sale.
LOW COST HOUSING
The Company has obtained a favourable Environmental Impact Assessment approval
for phase 3 of its low cost housing project. Unexpected delays in concluding a
commercially acceptable agreement with the Gauteng Department of Housing are
being experienced. During the period under review a further 1 152 houses (2002:
3 861 houses) were completed and handed over to beneficiaries bringing the total
houses completed and handed over to beneficiaries for this project to 12 913.
FINANCIAL RESULTS
The results for the year under review are not comparable to those of the
previous year as the Company has disposed of its entire investment portfolio
with effect from 1 November 2002 and is positioning itself as a development
company. As previously advised the repositioning has impacted negatively on the
results in the current financial year. A loss of R2.6 million was incurred for
the year under review.
PROSPECTS
The repositioning of the Company, in line with the new strategy, advised to unit
holders at the interim stage, is progressing well. A number of exciting
projects, which are expected to make significant contributions to the
profitability of the company in the future, have been identified. Once a more
detailed analysis of each of the projects are completed an announcement will be
made to linked unit holders.
In the short term the Company expects to conclude an agreement with the Gauteng
Department of Housing for phase 3 of the low cost housing project.
DECLARATION OF DIVIDENDS AND DEBENTURE INTEREST
In line with the new strategy of the company, future distributions will be
declared out of surpluses generated by development projects.
No distribution for the period under review was declared.
ACCOUNTING POLICIES
The financial statements are prepared in accordance with, and comply with, South
African statements of GAAP and are consistent with prior year accounting
policies.
AUDITORS" REVIEW
The preliminary financial results have been reviewed by the Company"s auditors,
Charles Orbach & Company. A copy of the auditors" review opinion is available
for inspection at the registered office of the Company.
For and on behalf of the board
RAR Kebble G Fischer Johannesburg
Chairman Managing Director 30 September 2003
RAND LEASES PROPERTIES LIMITED
(Registration No. 1978/000870/06)
(Incorporated in the Republic of South Africa)
Share code: RPR
ISIN: ZAE 000028254
REGISTERED OFFICE TRANSFER SECRETARIES
Windermere Building Computershare Limited
Hackle Brooke Office Park 70 Marshall Street
Corner Jan Smuts Avenue Johannesburg
and Conrad Drive 2000
Craighall 2196 PO Box 61051
Marshalltown 2107
SPONSOR
Nedbank Corporate
A division of Nedbank Limited
Date: 29/09/2003 05:15:07 PM Produced by the JSE SENS Department
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