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Atlas Properties Limited - Interim Report For The Six Months Ended 31 March 2004
ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
Reg. No. 1988/000742/06
JSE Share Code: ATS ISIN Code: ZAE000008975
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2004
The consolidated unaudited results of the group for the six months ended
31 March 2004 are as follows:
Unaudited Unaudited Audited
6 months 6 months 12 months to
to March to March September
2004 2003 2003
R"000 R"000 R"000
DISTRIBUTION
Net income distributed to unitholders
Debenture interest 26 525 24 911 59 374
Dividend 184 224 254
Total 26 709 25 135 59 628
"000 "000 "000
Linked units in issue 63 785 63 785 63 785
Distribution per linked unit Cents Cents Cents
Debenture interest 41,585 39,055 93,084
Dividend 0,288 0,351 0,398
Total 41,873 39,406 93,482
R"000 R"000 R"000
CONSOLIDATED INCOME STATEMENT
Revenue 86 063 98 783 188 529
Trading income 44 398 43 664 93 100
Depreciation (718) (556) (1 240)
Surplus on revaluation of investment
properties - - 58 139
(Loss)/profit on disposal of investment
properties (242) 247 212
Goodwill amortised (51) (51) (101)
Net operating profit 43 387 43 304 150 110
Interest received 646 990 4 391
Interest paid on borrowings (17 506) (18 112) (36 150)
Debenture premium and discount amortised 1 107 1 101 2 208
Profit before debenture interest 27 634 27 283 120 559
Debenture interest (26 525) (24 911) (59 374)
Profit before taxation 1 109 2 372 61 185
Taxation (89) (860) (243)
Earnings 1 020 1 512 60 942
Earnings per share (cents) 1,599 2,374 95,615
Headline earnings per share (cents) 2,058 2,066 4,224
Headline earnings per linked unit (cents) 43,643 41,180 97,379
Weighted average linked units in issue
("000) 63 785 63 688 63 737
Reconciliation of earnings to headline
earnings
Earnings 1 020 1 512 60 942
Surplus on revaluation of investment
properties - - (58 139)
Loss/(profit) on disposal of investment
properties 242 (247) (212)
Goodwill amortised 51 51 101
Headline earnings attributable to
shareholders 1 313 1 316 2 692
Debenture interest 26 525 24 911 59 374
Headline earnings attributable to
unitholders 27 838 26 227 62 066
ABRIDGED CONSOLIDATED BALANCE SHEET
Fixed assets 814 032 751 781 812 063
Goodwill 809 912 860
Loans and investments 8 295 10 411 9 394
Current assets 44 628 53 489 49 108
Total assets 867 764 816 593 871 425
Total capital 200 628 142 966 200 907
Debentures 312 703 312 387 312 545
Deferred tax 313 987 313
Other long-term liabilities 297 743 303 199 298 481
Current liabilities 56 377 57 054 59 179
Total equity and liabilities 867 764 816 593 871 425
Capital expenditure
Expenditure incurred 14 075 2 867 5 798
Authorised and unspent 33 748 7 421 8 981
Committed 18 842 - -
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash generated from operations 54 387 39 565 73 609
Net interest paid (16 860) (17 122) (31 759)
Taxation paid (78) (218) (292)
Distribution to unitholders (34 496) (32 707) (57 843)
Cash flows from operating activities 2 953 (10 482) (16 285)
Cash flows from investing activities (1 831) (3 185) 8 668
Cash flows from financing activities (738) 14 205 9 487
Net increase in cash and cash equivalents 384 538 1 870
Cash and cash equivalents at beginning
of period 2 109 239 239
Cash and cash equivalents at end of
period 2 493 777 2 109
STATEMENT OF CHANGES IN EQUITY
Share Share Debenture
Capital Premium Premium
R"000 R"000 R"000
Balance at 1/10/2002 3 181 4 368 27 566
Issue of linked units 8 2 255
Prior year income from
associate - - -
Net profit - - -
Dividends - - -
Surplus on revaluation of
investment properties - - -
Profit on disposal of
investment properties - - -
Goodwill amortised
Debenture premium and
discount amortised - - (2 524)
Balance at 1/10/2003 3 189 4 370 25 297
Net profit - - -
Dividends - - -
Loss on disposal of
investment properties - - -
Goodwill amortised - - -
Debenture premium and
discount amortised - - (1 265)
Balance at 31/03/2004 3 189 4 370 24 032
STATEMENT OF CHANGES IN EQUITY
Non- Accumu-
distributable lated
Reserve Funds Total
R"000 R"000 R"000
Balance at 1/10/2002 107 297 326 142 738
Issue of linked units - - 265
Prior year income from
associate (2 772) 2 772 -
Net profit - 60 942 60 942
Dividends - (514) (514)
Surplus on revaluation of
investment properties 58 139 (58 139) -
Profit on disposal of
investment properties 212 (212) -
Goodwill amortised (101) 101 -
Debenture premium and
discount amortised 2 208 (2 208) (2 524)
Balance at 1/10/2003 164 983 3 068 200 907
Net profit - 1 020 1 020
Dividends - (34) (34)
Loss on disposal of
investment properties (242) 242 -
Goodwill amortised (51) 51 -
Debenture premium and
discount amortised 1 107 (1 107) (1 265)
Balance at 31/03/2004 165 797 3 240 200 628
Note
The interim report was prepared in accordance with the statements of GAAP. The
same accounting policies and methods of computation were followed as adopted in
the financial statements for the year ended 30 September 2003.
Comments
The distribution for the six months at 41,873 (2003 - 39,406) cents per unit is
6,3% higher than the previous year, which is in line with the company"s
consistent record of increased earnings over the past ten years.
Building vacancies were 6,7% (2003 - 12,6%) of lettable area, or 4,1% (2003 -
9,7%) of gross rental income. It is anticipated that vacancies will reduce
slightly over the next six months.
PLF Irvine Cape Town
Chairman 18 May 2004
DECLARATION OF INTERIM DIVIDEND AND INTEREST ON DEBENTURES
Notice is hereby given that an interim distribution of 41,873 cents (2003 -
39,406 cents), consisting of interest of 41,585 cents (2003 - 39,055 cents) per
debenture and a dividend of 0,288 cents (2003 - 0,351 cents) per share has been
declared in respect of the six months ended 31 March 2004. The record date for
this distribution is 25 June 2004 with a payment date of 28 June 2004. The last
date to trade the linked units cum- dividend and interest is Friday, 18 June
2004, and the linked units will start trading ex-dividend and interest on
Monday, 21 June
2004.
Dividend and interest payments will be made to unitholders on 28 June 2004. No
dematerialisation or rematerialisation of linked unit certificates may take
place between Monday, 21 June 2004 and Friday, 25 June 2004, both days
inclusive.
By order of the Board
Atlas Management Services (Pty) Ltd Cape Town
Secretaries 18 May 2004
Registered address: 121 Roodebloem Road, Woodstock, 7925
Transfer secretaries: Computershare Limited
70 Marshall Street, Johannesburg, 2001
Sponsor
PriceWaterhouseCoopers (Pty) Ltd
Date: 18/05/2004 08:00:10 AM Produced by the JSE SENS Department
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