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Prima Property Trust - Unaudited Interim Results For The Six Months Ended 31
Release Date: 12/02/2004 15:30:01 Code(s): PRM
Prima Property Trust - Unaudited Interim Results For The Six Months Ended 31
December 2003 And Distribution Declaration For The Two
Months Ended 31 December 2003
PRIMA PROPERTY TRUST
(Incorporated in the Republic of South Africa)
(Registration number 1969/011594/06)
("Prima")
Share code: PRM
ISIN : ZAE000005641
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2003 AND
DISTRIBUTION DECLARATION FOR THE TWO MONTHS ENDED 31 DECEMBER 2003
The directors of Prima Property Trust Managers Limited hereby announce the
unaudited results of Prima for the six months ended 31 December 2003:
CONSOLIDATED INCOME Unaudited Unaudited Audited
STATEMENT six months six months year
ended ended ended
31 December 31 December 30 June
R"000 2003 2002 2003
Revenue
Rental income and recoveries 24 188 12 511 25 403
Interest received 641 1 175 2 453
24 829 13 686 27 856
Operating expenses 8 151 3 611 7 665
Finance costs 2 849 - (2)
Net profit before taxation 13 829 10 075 20 189
Taxation - - 1 553
Net profit after taxation 13 829 10 075 21 742
Units in issue 406 091 527 - -
Weighted average units 246 288 842 166 387 500 166 387 500
Earnings per unit (cents) 5,61 6,06 13,07
Headline earnings per unit (cents) 5,61 6,06 13,07
Distributions (cents) per unit: 5,30 5,50 15,24
Final - - 11,60
Interim 5,30 5,50 3,64
- October 3,20 - -
- December 2,10 5,50 -
- Special - - 3,64
CONSOLIDATED BALANCE SHEET Unaudited Unaudited Audited
31 December 31 December 30 June
R"000 2003 2002 2003
Assets
Non-current assets
Investment property 472 006 123 590 123 590
Current assets 26 546 22 785 24 212
Cash at bank 13 635 22 196 22 214
Trade and other receivables 12 911 589 1 998
Total assets 498 552 146 375 147 802
Equity and liabilities
Stated capital 308 400 100 129 100 129
Capital reserves 29 360 29 360 29 360
Retained earnings - 926 2
Maintenance reserve - 3 623 -
Total equity and reserves 337 760 134 038 129 491
Non-current liabilities 139 113 1 553 -
Long-term loan 139 113 - -
Deferred taxation - 1 553 -
Current liabilities 21 679 10 784 18 311
Total equity and liabilities 498 552 146 375 147 802
Net asset value per unit (cents) 83,16 80,56 77,82
CONSOLIDATED CASH FLOW Unaudited Unaudited Audited
STATEMENT 31 December 31 December 30 June
R"000 2003 2002 2003
Cash flow from operating activities (7 547) 362 381
Cash generated from operations before
working capital changes 16 037 9 023 17 739
Working capital changes (5 162) 147 (674)
Interest received 641 1 175 2 453
Finance costs (2 849) - (2)
Distributions paid (16 214) (9 983) (19 135)
Cash flows from investing activities (348 416) - -
Cash flows from financing activities 347 384 - -
Cash and cash equivalents
at beginning of period 22 214 21 834 21 833
Cash and cash equivalents
at end of period 13 635 22 196 22 214
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Main- Accu-
Stated Capital tenance mulated
R000 capital reserves reserve profits Total
Balance at 1 July 2002 100 129 29 360 3 623 2 133 114
Net profit for period - - - 10 075 10 075
Distributions - - - (9 151) (9 151)
Balance at 31 December 2002 100 129 29 360 3 623 926 134 038
Balance at 1 July 2003 100 129 29 360 - 2 129 491
Net profit for period - - - 13 829 13 829
Increase in units 208 271 - - - 208 271
Distributions - - - (13 831) (13 831)
Balance at 31 December 2003 308 400 29 360 - - 337 760
COMMENTS
1. Results
Prima"s net distributable income for the six months ended 31 December 2003 is
R13,829 million.
The results include income from the original property portfolio of R7,942
million and income from the portfolio of 53 properties acquired with effect from
1 November 2003 of R5,887 million.
These results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and the accounting policies are
consistent with those used in the prior year. They have not been reviewed by
Prima"s auditors.
2. Property Portfolio
At a general meeting held on 12 January 2004, Prima obtained the approval of
unitholders to acquire 53 properties in accordance with the stated intention to
enlarge the portfolio with high-quality properties of small capital values.
In terms of this strategy Prima will continue to acquire additional properties
that will further enhance the value of the portfolio and earnings.
3. Borrowings
Prima adopted its new Trust Deed on 29 September 2003, as required by the
Collective Investment Schemes Control Act, No. 45 of 2002, which permits Prima
to gear its portfolio up to 30% of the value of the underlying assets.
Prima has arranged a borrowing facility of R144 million through The Standard
Bank of South Africa Limited.
4. Comparison of Distributions to Forecast
In the circular to unitholders issued on 19 December 2003, Prima forecast that
3,2 cents per unit and 8,6 cents per unit would be distributed for the four
months ended 31 October 2003 and the eight months ending 30 June 2004,
respectively.
The special distribution of 3,2 cents per units was paid as forecast.
Distribution No. 70 of 2,1 cents per unit is 2% below the pro rata forecast of
8,6 cents per unit for the year ending 30 June 2004 arising from additional
costs relating to the acquisition of the 53 new properties.
5. Post-Balance Sheet Event
Subject to the approval of the necessary regulatory authorities, it has been
resolved that the year-end of Prima be changed from 30 June to 30 April with
effect from 30 April 2004.
6. Prospects
It is anticipated that the results for the four months ending 30 April 2004
will pro rata be in accordance with the forecast distributable profit per unit
contained in the circular to unitholders dated 19 December 2003.
It has been resolved that at the end of the financial year, all distributable
income for the period will be paid to unitholders.
Distribution
Notice is hereby given of distribution No. 70 of 2,1 cents per unit for the two
months ended 31 December 2003.
- Last date to trade "cum" distribution Friday, 27 February 2004
- Units commence trading ex-distribution Monday, 1 March 2004
- Record date Friday, 5 March 2004
- Payment date of distribution No. 70 Monday, 8 March 2004
Unit certificates may not be dematerialised or rematerialised between Monday,
1 March 2004 and Friday, 5 March 2004, both days inclusive.
By order of the Board
Prima Property Trust Managers Limited
N F J Haasbroek S Jersky
(Chairman) (CEO)
Johannesburg
12 February 2004
Registered Office Transfer Secretaries
2 Arnold Road Computershare Limited
Rosebank, 2196 70 Marshall Street
(PO Box 471917, Parklands 2121) Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Directors: N F J Haasbroek* (Chairman), S Jersky (CEO), W Cesman*,
M Wainer* (*Non-executive)
Company Secretary: Probity Business Services (Proprietary) Limited
