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iFour Properties Limited - Unaudited Interim Results For The 6 Months Ended 31
December 2003
iFour Properties Limited
(Incorporated in the Republic of South Africa)
(REGISTRATION NUMBER 2001/016118/06)
SHARE CODE: IFR ISIN: ZAE000039236
("the company")
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2003
ABRIDGED CONSOLIDATED GROUP INCOME STATEMENT
Six months Period Period
ended ended* ended*
R"000 31.12.03 31.12.02 30.6.03
Revenue 89 600 71 243 139 861
Operating costs
- property portfolio (23 807) (17 611) (34 212)
- administration (3 601) (3 102) (6 298)
Operating profit 62 192 50 530 99 351
Profit on acquisition of
investment property 0 3 051 0
Other income 4 812 0 0
Amortisation of negative
goodwill (note 2) 1 320 0 0
Revaluation of investment
properties 0 0 24 205
Net profit on disposal of
investment property 28 0 7 224
Interest received 1 509 3 711 2 028
Profit before finance charges 69 861 57 292 132 808
Interest - Debentures (34 792) (21 153) (43 706)
- Other (33 938) (33 319) (57 578)
Profit after finance charges
before taxation 1 131 2 820 31 524
Deferred capital gains taxation (4) (763) (4 714)
Profit for the period 1 127 2 057 26 810
*Although the company was incorporated on 1 January 2002, it was dormant until
its listing in June 2002.
Reconciliation between earnings and headline earnings
Profit for the period 1 127 2 057 26 810
Adjusted for:
Profit on acquisition of
investment property net of
taxation 0 (2 288) 0
Negative goodwill amortised
(note 2) (1 320) 0 0
Revaluation of investment
properties 0 0 (20 575)
Net profit on disposal of
investment property net of
taxation (24) 0 (6 140)
Debenture transaction costs
amortised 385 385 1 017
Headline earnings for
shareholders 168 154 1 112
Debenture interest 34 792 21 153 43 706
Headline earnings for linked
unitholders 34 960 21 307 44 818
Number of linked units
in issue 124 140 032 58 275 179 58 275 179
Weighted average linked units
in issue 94 112 593 58 275 179 58 275 179
Earnings per linked unit (cents) 38,17 39,83 121,01
Headline earnings per linked
unit (cents) 37,15 36,56 76,91
Diluted headline earnings per
linked unit based on 94 412 593
units (2002: 65 625 179 units)
(cents) 37,03 32,47 69,08
Net asset value per linked
unit (cents) 518 480 523
Distribution per linked
unit (cents) - Paid 16,64
- Declared 20,36 37,00 36,29 75,00
Earnings per share (cents) 1,20 3,53 46,00
Headline earnings per
share (cents) 0,18 0,26 1,91
Diluted headline earnings per
share based on 94 412 593 shares
(2002: 65 625 179 shares)
(cents) 0,18 0,23 1,71
Net asset value per share
(cents) 60,21 41,12 84,00
NOTES:
1. ACCOUNTING POLICIES
The interim financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and are consistent with the
prior periods.
2. PROPERTY, PLANT AND EQUIPMENT
The amount of R1 447 724 000 reflected under Property, plant and equipment is
net of negative goodwill of R18 475 000. The negative goodwill arises when the
purchase price or part thereof, on the acquisition of property, is settled by
the issue of linked units and is the difference between the market price of the
linked units at the transactions" effective date and the linked unit price per
the property purchase agreement, multiplied by the number of linked units
issued.
SEGMENTAL INFORMATION
Primary segment Commercial Industrial Retail Corporate Total
R"000
Revenue 42 026 32 325 15 249 - 89 600
Segment results
Operating profit 28 652 26 701 10 440 (3 601) 62 192
Segment revenue and expenses
Revenue and expenses that are directly attributable to a segment are allocated
to those segments.
Expenses not directly attributable to a segment are allocated to the corporate
segment.
ABRIDGED CONSOLIDATED GROUP BALANCE SHEET
As at As at As at
R"000 31.12.03 31.12.02 30.6.03
ASSETS
Non-current assets
Property, plant and
equipment (note 2) 1 447 724 732 747 716 379
Share trust loan 12 563 0 0
Current assets
Receivables and prepayments 20 238 7 356 12 418
Cash and cash equivalents 14 792 10 805 43 368
Total assets 1 495 317 750 908 772 165
EQUITY AND LIABILITIES
Share capital and reserves 74 749 23 964 48 717
Non-current liabilities
Debenture capital net of
transaction costs 567 895 255 792 256 042
Interest bearing debt 787 754 407 495 390 010
Deferred taxation 3 635 763 3 630
Current liabilities
Payables 36 159 41 741 51 211
Unitholders for distribution 25 125 21 153 22 555
Total equity and liabilities 1 495 317 750 908 772 165
ABRIDGED CONSOLIDATED GROUP CASH FLOW STATEMENT
Six months Period Period
ended ended* ended*
R"000 31.12.03 31.12.02 30.6.03
Cash flow from operating activities
Cash generated from operations
before debenture interest 43 608 76 460 82 282
Debenture interest paid (32 222) (21 153) (21 151)
Net cash generated from operating
activities 11 386 55 307 61 131
Cash flow from investing activities
Investment properties acquired (458 812) (729 696) (729 783)
Proceeds from disposal of
fixed assets 28 0 44 831
Increase in share trust loan (12 563) 0 0
Net cash utilised in investing activities
Cash flow from financing
activities (471 347) (729 696) (684 952)
Issue of ordinary share capital
net of transaction costs 2 544 21 907 21 907
Issue of debentures net of
transaction costs 62 608 255 792 255 542
Settlement of deferred linked
units (27 090) 0 0
Increase in long-term borrowings 409 096 430 388 429 038
Less repaid during the period (15 773) (22 893) (39 298)
Net cash from financing
activities 431 385 685 194 667 189
Net (decrease)/increase in cash
and cash equivalents (28 576) 10 805 43 368
Cash and cash equivalents at the
beginning of the period 43 368 0 0
Cash and cash equivalents at the
end of the period 14 792 10 805 43 368
CONSOLIDATED GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
R"000 capital premium profit Total
Balance at 11 June 2002 0 0 0 0
Linked units issued
to vendors 58 23 252 0 23 310
Transaction costs 0 (1 403) 0 (1 403)
Accumulated profit 0 0 26 810 26 810
Balance at 30 June 2003 58 21 849 26 810 48 717
Linked units issued to
vendors 69 32 111 0 32 180
Transaction costs 0 (7 275) 0 (7 275)
Profit for the period 0 0 1 127 1 127
Balance at
31 December 2003 127 46 685 27 937 74 749
1. REVIEW OF OPERATIONS
The acquisitions of properties in the period under review makes prior periods
non-comparable. The highlights for the period under review are:
- Doubled the size of the portfolio by acquisition of 51 properties with a value
of R 731 345 000.
- Maintained sustainable growth and distributed a total of 37 cents.
- Improved portfolio occupancy rate to 96%.
- Eliminated effect of deferred linked units.
Other income consists primarily of profit realised when the company purchased
the right to receive 6 300 000 linked units at R4,30. These linked units were to
be issued on 15 March 2004 at R5,00 each as part payment for properties acquired
at listing.
In line with its strategy, the company has concluded agreements for the purchase
of property to the value of R75 740 000 from various vendors.
2. Increase in borrowings for the period under review
Additional funds were raised to finance the acquisition of properties. The
details of these loans are as follows.
Balance at
Facility 31 December
amount 2003
Institution R000"s R000"s
ABSA Bank Limited 434 000 391 567
Nedbank Corporate 2 000 1 983
436 000 393 550
The company"s aggregate borrowing facilities at 31 December 2003 are R848
million.
3. Share trust loan
The loan arises on the implementation of a share purchase scheme as approved by
the Shareholders at the Annual General Meeting held on 16 October 2003.
4. PROSPECTS
The company has established a vision to grow the size of its portfolio since
listing, without sacrificing sustainability of earnings or the quality of its
portfolio. The company will continue to grow the portfolio and the positive
growth achieved in the first half of the year is expected to continue.
5. Distribution declaration PER LINKED UNIT
Notice is hereby given that a distribution of 20,36 cents has been declared and
approved by the board of directors. This together with the special distribution
of 16,64 cents, which was paid on 22 September 2003, amounts to a total interim
distribution of 37,00 cents (2002: 36,29 cents) for the period ended 31 December
2003.
Distribution timetable
Event Date
a. Last date to trade cum distribution Friday, 12 March 2004
b. Linked units trade ex distribution Monday, 15 March 2004
c. Record date for unitholders to
participate in the distribution Friday, 19 March 2004
d. Payment of distribution to unitholders Tuesday, 23 March 2004
e. Linked unit certificates may not be Monday, 15 March to
dematerialised or rematerialised Friday, 19 March
(both days inclusive)
On behalf of the board
J J Groenewald 2nd Floor
Secretary 382 Jan Smuts Avenue
Craighall
16 February 2004
Directors: A M A Campbell, Dr C P De Leeuw,
J A A Diepenbroek (Chief Executive Officer)*, J B Gibbon,
R C Johnson (British), E P M Moses, J L Nunes*, A J W L Richards (Chairman), U J
van der Walt
*Executive
Date: 16/02/2004 03:29:10 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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