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Putco Properties Limited - Interim Report For The Six Months Ended 31 December
Release Date: 30/03/2004 07:00:12 Code(s): PPR
Putco Properties Limited - Interim Report for the six months ended 31 December
2003
Putco Properties Limited (Incorporated in the Republic of South
Africa)(Registration number 1988/001085/06)Share code: PPR ISIN:
ZAE000005567("Putprop" or "the Company")
Interim Report for the six months ended 31 December 2003
INCOME STATEMENT
Six months ended Year ended
31 December 30 June
2003
Change
2003 2002
Rm (unaudited) (unaudited) % (audited)
Gross rentals 14,1 14,2 (0,7) 29,1
Cost of operating 2,9 2,3 26,1 7,8
Income before finance 11,2 11,9 (5,9) 21,3
income and taxation
Net finance income 1,4 1,3 7,7 2,4
Income before taxation 12,6 13,2 (4,5) 23,7
Taxation 5,3 5,9 (10,2) 11,7
Net income for the period 7,3 7,3 - 12,0
Shares in issue (weighted 28,8 28,8 28,8
average number) (millions)
Ordinary earnings per share 25,3 25,3 - 41,7
(cents)
Headline earnings per share 31,9 30,2 5,6 64,3
(cents)
Ordinary dividend per share 30,0 30,0 - 55,0
(cents)
Reconciliation of headline
earnings
Net profit for the period 7,3 7,3 12,0
Adjusted for:
Profit on sale of - (0,2) (0,2)
investment properties
Fair value adjustments on 1,9 1,6 6,7
investment properties
Headline earnings 9,2 8,7 18,5
Accounting PolicyThe interim results have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies are consistent with those applied in the last annual report.
BALANCE SHEET
31 December 30 June
2003 2002 2003
Rm (unaudited) (unaudited) (audited)
ASSETS
Non-current assets 89,1 102,3 90,9
Current assets 37,0 19,3 30,4
Trade and other receivables 0,8 3,1 6,4
Cash and cash equivalents 36,2 16,2 24,0
Total assets 126,1 121,6 121,3
EQUITY AND LIABILITIES
Equity capital and reserves 114,6 118,5 116,0
Non-current liabilities 0,6 0,6 0,7
Current liabilities 10,9 2,5 4,6
Total equity and liabilities 126,1 121,6 121,3
CAPITAL EXPENDITURE
- authorised but not contracted - 0,2 -
for
RATIOS
Net asset value per share (cents) 398 411 403
CASH FLOW STATEMENT
Six months ended Year ended
31 December 30 June
2003 2002 2003
Rm (unaudited) (unaudited) (audited)
Cash inflow/(outflow) from 12,3 (2,7) (1,2)
operating activities
Cash receipts from customers 27,3 11,9 29,1
Cash paid to suppliers (1,2) (0,6) (4,5)
Net cash generated from operations 26,1 11,3 24,6
Net finance income 1,4 1,3 2,4
Taxation paid (6,5) (6,6) (12,5)
Dividends paid (8,7) (8,7) (15,7)
Investing activities (0,1) 3,2 9,5
Additions to non-current assets (0,1) - (0,1)
Proceeds on disposal of properties - 3,2 9,6
Net increase in cash and cash 12,2 0,5 8,3
equivalents
Cash and cash equivalents at 24,0 15,7 15,7
beginning of the period
Cash and cash equivalents at end 36,2 16,2 24,0
of the period
STATEMENT OF CHANGES IN EQUITY
Share Distributable
capital and reserves
premium
Total
Half year ended 31 December 2003 Rm Rm Rm
At 30 June 2003 4,1 111,9 116,0
Net income for the period 7,3 7,3
Dividend paid (8,7) (8,7)
At 31 December 2003 4,1 110,5 114,6
Half year ended 31 December 2002 Rm Rm Rm
At 30 June 2002 4,1 115,8 119,9
Net income for the period 7,3 7,3
Dividend paid (8,7) (8,7)
At 31 December 2002 4,1 114,4 118,5
General reviewGross rentals marginally decreased by 0,7%, from R14,2 million to
R14,1 million, compared to the same period last year. The annual increase in
rentals is 9% (effective 1 January). The reasons for the lower increase in gross
rentals was brought about by the loss of rentals from the sale of the
Baragwanath property and the Board"s decision not to escalate the rentals for
the non-occupied premises, as previously reported.
The following transactions were concluded during the financial year:
The maintenance expenditure on our properties amounted to some R0,2 million
(2002: R0,1 million) and is in line with our planned maintenance programme.
Cost of operating increased from R2,3 million to R2,9 million. An amount of R1,9
million (2002: R1,6 million) is included in the R2,9 million, representing the
downward adjustment to fair value on our properties. Excluding the above, the
costs of operating increased from R0,7 million to R1,0 million, year on year.
Profit before taxation was R12,6 million (2002: R13,2 million). Interest
received increased from R1,3 million, for the comparable period last year, to
R1,4 million. Cash and cash equivalents show a balance of R36,2 million (2002:
R16,2 million).
Valuations of propertiesThe properties were revalued on 30 June 2003 by a
registered valuator, Mr P Randal-Smith. His report was used to adjust property
values at that time. The directors performed an assessment as at 31 December
2003 and a further write-down in fair value of R1,9 million (2002: R1,6 million)
was accounted for in the income statement.
LoansThe Company has no loans.
Future prospectsWe are continuing with our efforts to find tenants for any
vacant premises or, alternatively, to find buyers.
As reported in the 2003 Annual Financial Statements, the Company would consider
developments in the middle/upper residential market. We are pleased to announce
that we are in the process of purchasing a suitable site and have commenced
formalities for a township development.
Dividend declarationNotice is hereby given that an interim dividend of 25 cents
(31 December 2002:25 cents) per share has been declared in respect of the six-
month period ended 31 December 2003, payable on Monday, 26 April 2004. The last
day to trade to participate in the dividend will be Friday, 16 April 2004, and
the shares will commence trading, ex-dividend, from the start of business on
Monday, 19 April 2004, and the record date will be Friday, 23 April 2004.
Shareholders may not dematerialise or rematerialise their shares between Monday,
19 April 2004 and Friday, 23 April 2004, both dates inclusive.JH de Loor
(Chairman)A Carleo (CEO)EMRL Oldham (Managing Director)
24 March 2004
Registered office: Transfer Secretaries5 Mimosa Way, Mimosa Park
Computeshare Investor Services LtdGallo Manor, Sandton 2194 70 Marshall
Street, Private Bag 3 Johannesburg, 2001
Wendywood, 2144
Company Secretary SponsorMs ASJ Nel
Ernst & Young Sponsors (Pty) Ltd
