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METBOARD PROPERTIES LIMITED -
METBOARD PROPERTIES LIMITED
Registration number 1998/005425/06
JSE Share Code: MPL
ISIN Code: ZAE000014874
("Metboard" or "the company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 AND DISTRIBUTION
DECLARATION
Unaudited Unaudited Audited
30 September 30 September 31 March
2003 2002 2003
Income statement R"000 R"000 R"000
Revenue 84 116 77 714 168 262
Net property income 73 971 63 476 139 886
Expenses (3 751) (1 989) (4 054)
Net operating income 70 220 61 487 135 832
Interest received 1 434 606 1 139
Interest paid (34 678) (30 782) (63 544)
Net operating income 36 976 31 311 73 427
after interest
Profit/(loss) on 16 - (5 019)
disposal of
investment properties
Revaluation of - - 8 283
investment properties
Net income before 36 992 31 311 76 691
debenture interest
and taxation
Taxation (49) (16) 281
Current (49) (16) (57)
Deferred - - 338
Net income before 36 943 31 295 76 972
debenture interest
Debenture interest (36 825) (31 271) (73 265)
paid
Interim distribution (36 825) (31 271) (31 270)
to September
Final distribution to - - (41 995)
March
Net income 118 24 3 707
attributable to
linked unitholders
Linked units in issue 204 785 577 198 850 362 198 850 362
Weighted number of 204 785 577 187 947 332 193 398 847
linked units in issue
Earnings per linked 18.04 16.65 39.62
unit (cents)
Headline earnings per 18.03 16.65 37.94
linked unit (cents)
Earnings/Headline
earnings are
calculated as
follows:
Income before 36 992 31 311 76 691
debenture interest
and taxation
Taxation (49) (16) (57)
Earnings 36 943 31 295 76 634
(Profit)/loss on sale (16) - 5 019
of properties
Revaluation of - - (8 283)
investment properties
Headline earnings 36 927 31 295 73 370
Distribution per 18.00 16.86 38.00
linked unit (cents)
Interim distribution 18.00 16.86 16.86
to September
Final distribution to - - 21.14
March
Unaudited Unaudited Audited
30 September 30 September 31 March
2003 2002 2003
Balance sheet R"000 R"000 R"000
Assets
Investment properties 1 158 092 1 111 807 1 118 596
Current assets 75 462 33 712 29 331
Accounts receivable 41 911 18 643 22 294
Cash and cash 33 551 15 069 7 037
equivalents
Total Assets 1 233 554 1 145 519 1 147 927
Equity and
liabilities
Capital and reserves 634 253 614 498 618 137
Non-current 475 819 455 119 420 256
liabilities
Long term interest 474 555 455 119 418 992
bearing debt
Deferred tax 1 264 - 1 264
Current liabilities 123 482 75 902 109 534
Accounts payable 39 494 17 455 20 399
Distribution to 36 861 20 004 42 036
linked unitholders
Short term interest 47 127 38 443 47 099
bearing debt
1 233 554 1 145 519 1 147 927
Number of linked 204 785 577 198 850 362 198 850 362
units in issue
Net asset value per 309.72 309.00 310.86
linked unit (cents)
Total
Share
Statement of Share Debenture Non Retained Capital
Distributable and
changes in Capital Capital Reserves Income Reserves
equity R"000 R"000 R"000 R"000 R"000
Balance at 31 1 988 519 920 96 197 32 618 137
March 2003
Shares issued 60 60
Debentures 15 974 15 974
issued
Net income for 118 118
the period
Transfer to 16 (16) -
non
distributable
reserve
Dividends (36) (36)
Balance at 30 2 048 535 894 96 213 98 634 253
September 2003
Unaudited Unaudited
30 September 30 September
2003 2002
Abridged cash flow statement R"000 R"000
Cash generated by operations 69 649 45 964
Net financing costs (33 244) (30 176)
Taxation paid - (4)
Distributions to linked unitholders (42 036) (47 185)
Cash flow from operating activities (5 631) (31 401)
Cash flow from investing activities (39 480) (197 199)
Cash flow from financing activities 71 625 229 443
Net increase in cash and cash 26 514 843
equivalents
Cash and cash equivalents at beginning 7 037 14 226
of the year
Cash and cash equivalents at end of 33 551 15 069
the year
Basis Of Accounting
The interim results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and incorporate accounting
policies which are consistent with those used in the annual financial statements
for the year ended 31 March 2003.
Financial Results Of The Company
Revenue for the six months to September 2003 increased by 8.2%, whilst net
operating income increased by 14.2%
The significant factors contributing to this increase are the fact that 3 new
properties were acquired in the period, as well as the fact that vacancies have
reduced from 7.7% at September 2002 to 5.2% at September 2003.
Total debenture interest payable to linked unitholders increased by 17.8% in the
period under review. The distribution per linked unit for the six months to
September 2003 is 18.0 cents per linked unit compared to 16.86 cents for the six
months to September 2002, an increase of 6.8%.
It is the company"s policy to revalue it"s property portfolio on an annual basis
in March of each year. Accordingly there is no revaluation of investment
property as at September 2003.
Acquisitions
During the six month period under review, 3 properties were acquired for a total
cost of R32,3 million. The acquisitions were financed by the issue and placement
of an additional 5 935 215 linked units at an average issue price of 270 cents
per linked unit and R16,0 million of additional borrowings. Agreements for the
purchase of 4 additional buildings with an aggregate purchase consideration of
R40,7 million were concluded during the period. Transfer of these properties are
expected to take place during the months of October 2003 and November 2003 and
the purchase consideration will be settled through the issue of new Metboard
linked units. These acquisitions are yield enhancing and all the properties,
comprising 64 894 square meters of lettable area, are fully let.
Disposals
In line with the policy of disposing of under performing properties the company
has disposed of 2 properties in the six month period under review. A further 8
agreements of sale have been concluded in respect of under performing properties
and transfer of these properties will take place between October 2003 and
December 2003. The gross sale proceeds in respect of these buildings amounts to
R31,15 million.
Property Portfolio
At 30 September 2003 the portfolio consisted of 159 properties with a gross
lettable area of 1 196 111 square meters. Vacancies at September 2003 were 62
211 square meters or 5.2 % of gross lettable area. Vacancies at September 2002
were 93 105 square meters or 7.7% of gross lettable area. Of the 62 211 square
meters of vacant space, 24 011 square meters remain difficult space with very
little chance of being let in the near future.
Vacant space reconciliation in square meters for the six months to September
2003:
Vacant space 1 April 2003 59,667
Leases expired in the period 64,763
Renewals during the period (31,760)
New lettings during the period (23,819)
Vacant buildings sold (6,640)
Vacant space 30 September 2003 62,211
The acquisitions and disposals referred to above are yield enhancing and should
have a positive impact on the future distributions of the company. Metboard also
commenced with the construction of a new food factory for Magpie Foods, a long
standing tenant. The cost of this development is R22,0 million and the tenant
has signed a new 10 year triple net lease. It is intended that this development
will be funded from existing debt facilities.
Share And Debenture Capital
In April 2003 the company issued an additional 5 935 215 linked units at an
average issue price of 270 cents per linked unit to partially fund the
acquisition of the 3 properties referred to above.
Borrowings And Cash Resources
At 30 September 2003 total borrowings amounted to R521,7 million of which 97%
has been fixed for periods ranging from 2 to 10 years. The weighted average rate
of interest over these periods amounts to 13.48% and, the borrowings represent
45% of the value of the property portfolio. In October 2003, R35,0 million of
borrowings were renewed for a new 5 year period. The interest rate for the loan
is fixed at 11.65% NACQ for the period. Cash resources at 30 September 2003
amounted to R33,6 million.
Prospects
With the industrial sector showing general signs of improvement and the recent
reduction in interest rates having a positive effect on the future cash flows of
tenants in general, the board of directors of Metboard are optimistic that the
total distribution for the year ending 31 March 2004 will reflect an increase
over the total distribution for the year ended 31 March 2003.
Declaration Of Dividend And Interest Payment
Notice is hereby given of interim dividend declaration number 14 of 0.0180 cents
per share and debenture interest payment number 14 of 17.9820 cents per
debenture for the period 1 April 2003 to 30 September 2003 ("the interim
distribution").
The interim distribution of 18.00 cents per linked unit will be payable to
Metboard linked unitholders in accordance with the the abbreviated timetable set
out below:
2003
Last date to trade "cum" the interim Friday , 5 December
distribution
Linked units commence trading "ex" the Monday, 8 December
interim distribution
Record date to participate in the interim Friday , 12 December
distribution
Payment of the dividend and debenture Monday, 15 December
interest
No dematerialisation or rematerialisation of linked unit certificates may take
place between Monday, 8 December 2003 and Friday, 12 December 2003, both days
inclusive.
By order of the board
C M Liebenberg
Secretary
30 October 2003
Transfer secretaries:
Computershare Limited,
70 MARSHALL Street,
JOHANNESBURG 2001
P O Box 1053,
Johannesburg 2000
Sponsor:
Investec Bank Limited
Registration No. 1969/004763/06
100 Grayston Drive Sandown,
Sandton, 2146
P O Box 78979,
Sandton, 2146
Managed by:
Investec Property Group
Date: 30/10/2003 04:17:09 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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