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Micc Property Income Fund Limited - Reviewed Interim Results For The Six Months
Release Date: 03/06/2004 07:01:03 Code(s): MCP
MICC PROPERTY INCOME FUND LIMITED - REVIEWED INTERIM RESULTS FOR THE SIX MONTHS
ENDED 31 MARCH 2004 AND CAUTIONARY
ANNOUNCEMENT
MICC Property Income Fund Limited
(Formerly Clidet No. 455 (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2003/013376/07)
South African share code: MCP
Namibian share code: MCO
ISIN: ZAE000050175
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2004
AND CAUTIONARY ANNOUNCEMENT
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 March 2004
Reviewed
six months
ended
31 March
2004
R`000
Revenue 83 554
Operating profit 57 168
Initial costs (2 617)
Net finance charges (28 628)
Profit before debenture interest 25 923
Interest to linked debenture holders (24 781)
Profit before taxation 1 142
Taxation (322)
Profit after taxation 820
Headline earnings per share (cents)* 4,9
Earnings per share (cents)* 1,2
Earnings per unit prior to distribution (cents) 38,2
Headline earnings per unit prior to
distribution (cents) 41,9
Distribution per unit (cents) 37,0
Linked units in issue (units) 66 992 698
Headline earnings reconciliation*
Profit before debenture interest 25 923
Taxation (322)
Earnings attributable to unitholders 25 601
Debenture interest (24 781)
Earnings attributable to shareholders 820
Profit on disposal of investment property (142)
Initial costs 2 617
Headline earnings attributable to
shareholders 3 295
Debenture interest 24 781
Headline earnings attributable to unitholders 28 076
*Issued in terms of JSE and NSX Listings Requirements
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 March 2004
Reviewed
six months
ended
31 March
2004
R`000
Cash generated by operations 54 409
Movement in current assets (6 352)
Movement in current liabilities 19 950
68 007
Net interest paid (28 628)
Net cash flow from operating activities 39 379
Cash flows from investment activities (585 424)
Cash flows from financing activities 567 448
Net increase in cash and cash equivalents 21 403
Cash and cash equivalents as at the
beginning of the period -
Cash and cash equivalents as at the end of the period 21 403
CONSOLIDATED BALANCE SHEET
at 31 March 2004
Reviewed
at
31 March
2004
R`000
ASSETS
Non-current assets
Investment properties 861 752
Tenant installations 865
862 617
Current assets
Accounts receivable, pre-payments and
other current assets 6 352
Cash and cash equivalents 21 403
27 755
Total assets 890 372
EQUITY AND LIABILITIES
Unitholders` capital
Share capital and premium 33 391
Retained earnings 814
Shareholders` funds 34 205
Linked debenture liabilities 300 516
334 721
Other non-current liabilities
Deferred tax liability 8 147
Interest bearing borrowings 502 445
510 592
Current liabilities
Accounts payable 4 751
Sundry current liabilities 15 521
Linked unit distribution payable 24 787
45 059
Total equity and liabilities 890 372
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 March 2004
Share Share Retained
R`000 capital premium earnings Total
Opening balance - - - -
Issue of units
- in acquiring
properties 54 26 837 - 26 891
- in terms of
private placing 13 6 593 - 6 606
Offset of share
issue expenses against
share premium - (106) - (106)
Net profit for the
period - - 820 820
Dividends declared - - (6) (6)
Closing balance 67 33 324 814 34 205
RESULTS
MICC Property Income Fund Limited (`MICC` or `the company`) is pleased to report
its first interim results and declare its maiden distribution for the six months
ended 31 March 2004. MICC listed on the JSE Securities Exchange South Africa on
9 October 2003 and on the Namibian Stock Exchange on 10 October 2003.
The earnings per linked unit are in line with the pro rated forecast contained
in MICC`s Listings Prospectus dated 30 September 2003 (`Prospectus`). MICC has
benefited from a reduction in vacancies and an actual financing cost which is
lower than that used in the forecast, thus allowing MICC to declare a maiden
distribution which is greater than the pro rated forecast distribution.
The information presented for the six months ended 31 March 2004 has been
prepared in accordance with the company`s accounting policies as set out in the
Prospectus and International Financial Reporting Standards (`IFRS`). KPMG Inc
has reviewed the financial information set out in this interim report. Their
unqualified review opinion is available for inspection at the company`s
registered office.
There have been no fair value adjustments recorded in respect of the investment
properties during the period under review.
OPERATIONAL REVIEW
MICC currently has 40 properties in its portfolio, which are located throughout
South Africa and Namibia. There have been no acquisitions in the past six
months. The only disposal was of a small property in the Kleinfontein Office
Park, Benoni with a Gross Lettable Area (`GLA`) of 416m2 for a sale price of
R650 000. This is in line with the strategy to dispose of non-income earning
assets. The disposal did not have a material impact on the forecast distribution
per linked unit or the net asset value per linked unit.
The vacancy levels in the portfolio have improved from 8,9% of the GLA of MICC`s
property portfolio being vacant at the time of listing to 6,8% at 31 March 2004.
OUTLOOK
The Board is confident that the portfolio will continue to perform favourably
for the remainder of the financial year and that the distribution forecast for
the 12 months to 30 September 2004, will be in accordance with the forecast
contained in the Prospectus, of 73,62 cents per linked unit.
DIRECTORATE
Subsequent to the issuing of the Prospectus, Gregory Chalmers was appointed as a
director and Chief Executive Officer of the company with effect from 8 October
2003 and Willie Kruger was appointed as a non-executive director with effect
from 16 January 2004.
DISTRIBUTION ANNOUNCEMENT
MICC`s maiden distribution of 37 cents per linked unit is hereby declared. The
distribution has been declared in the currency of the Republic of South Africa.
Trading in the STRATE environment requires settlement within five business days.
In accordance with STRATE, the following dates will apply to the maiden
distribution:
2004
Last day for trading to qualify for
and participate in the distribution
(`cum` distribution) Friday, 18 June
Trading ex-distribution commences Monday, 21 June
Record date Friday, 25 June
Distribution payments date
(electronic and certificated register) Monday, 28 June
Distribution cheques in payment of this distribution, will be posted to
certificated unitholders on or about Monday, 28 June 2004. Electronic payment to
certificated unitholders will be undertaken simultaneously.
Dematerialised unitholders will have their accounts at their Central Securities
Depository Participant or broker credited on Monday, 28 June 2004.
Any change in address or distribution instruction to apply to this distribution,
must be received by MICC`s transfer secretaries, Computershare Investor Services
2004 (Pty) Ltd, on or before Friday, 18 June 2004. Linked unit certificates may
not be dematerialised or rematerialised from Monday, 21 June 2004 to Friday, 25
June 2004, both days inclusive.
CAUTIONARY ANNOUNCEMENT
Unitholders are advised that the company has entered into negotiations, which,
if successfully concluded, may have a material effect on the price of the
company`s securities.
Unitholders are advised to exercise caution when dealing in MICC`s securities
until a full announcement is made.
On behalf of the Board
Hardie Joubert Gregory Chalmers
Chairman Chief Executive Officer
3 June 2004
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg, 2001
(PO Box 61051
Marshalltown, 2107)
Secretary and registered office:
F Ludick, CA(SA)
2nd Floor, Meersig
Constantia Boulevard
Constantia Kloof, 1709
(PO Box 5029
Weltevreden Park, 1715)
Directors:
Hardie Joubert* (Chairman), Gregory Chalmers (CEO),
Johann de Beer*, Mustaq Brey*, Pieter Ebersohn*,
Dries du Toit*, Willie Kruger*
*Non-executive
South African Sponsor:
Java Capital (Pty) Limited
Namibian Sponsoring Broker:
Irwin, Jacobs, Green (Pty) Limited
(Member of the NSX)
e-mail: ceo@micc.co.za
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