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PARAMOUNT PROPERTY FUND LIMITED - UNAUDITED INTERIM REPORT FOR THE SIX MONTHS
ENDED 30 APRIL 2004
Paramount Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
JSE Share code: PRA
ISIN: ZAE000028577
(`Paramount` or `the company`)
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 APRIL 2004
The consolidated unaudited results of the group for the six months ended 30
April 2004 are as follows:
Unaudited Unaudited Audited
year ended
April 2004 April 2003 October
2003
Notes R`000 R`000 R`000
Consolidated Income
Statement
Revenue 61,717 54,343 111,245
Trading Income 50,182 44,022 89,134
Interest 361 237 1,840
received
Revaluation of investment - - 2,600
properties
Less - depreciation -213 -195 -426
Less - amortisation of -229 - -70
debenture discount
Less - interest paid on -34,131 -36,122 -73,448
borrowings
Income before taxation 15,970 7,942 19,630
Taxation 530 258 695
Income before 16,500 8,200 20,325
distribution
Distribution to -16,271 -8,170 -18,963
unitholders
Retained income 229 30 1,362
Linked Units in issue 1 34,043 51,585
(`000)
63,523
Weighted Average Linked 63,523 34,043 36,970
Units in issue (`000)
Earnings per linked unit 26.0 24.1 55.0
(cents)
Headline earnings per 26.0 24.1 44.0
linked unit (cents)
Core earnings per linked 30.1 24.1 49.2
unit
Distribution per linked 25.0 24.0 49.0
unit
Abridged Consolidated Balance Sheet
Total combined unit holders 276,057 163,684 225,281
funds
B debentures 1 96,924 133,235 133,508
Long term borrowings 541,130 521,831 508,622
Vendor payments due - 1,117 50,950
Unitholders for 7,940 4,085 6,706
distribution
Bank Overdraft 3,415 - -
Current liabilities 8,729 9,981 10,073
Capital employed 934,195 833,933 935,140
Fixed assets 922,618 825,492 870,538
Deferred taxation 1,368 478 395
Cash at bank - 653 22,613
Other current assets 10,209 7,310 41,594
Total employment of capital 934,195 833,933 935,140
Net asset value per linked 435 481 437
unit (cents)
Unaudited Unaudited Audited
Year ended
April April October
2004 2003 2003
R`000 R`000 R`000
Abridged Consolidated Cash Flow
Statement
Net profit for the period 15,970 7,942 19,630
Adjustments for:
Interest received -361 -237 -1,840
Interest paid 34,131 36,122 73,448
Revaluation of investment - - -2,600
properties
Provisions raised 1,039 - 400
Surplus on disposal of - - -2,190
properties
Depreciation 213 195 426
Operating profit before working 50,992 44,022 87,274
capital changes
Working capital changes -22,719 6,373 -27,781
Cash generated from operations 28,273 50,395 59,493
Interest received 361 237 1,840
Interest paid - external -34,131 -36,122 -73,448
Interest paid - debentures -15,037 -9,578 -17,750
Taxation paid -448 -
Net cash inflow from operating -20,982 4,932 -29,865
activities
Net cash inflows from financing 32,508 113,288 100,079
activities
Net cash inflow from capital 14,768 58,612 118,116
raising activities
Proceeds on disposal of property 16,971 10,689
Cash outflows from investing -69,293 -176,297 -176,524
activities
-26,028 535 22,495
Cash and cash equivalents at the 22,613 118 118
beginning of the period
Cash and cash equivalents at the end -3,415 653 22,613
of the period
Statement of changes in equity
Share Share Non- Accumul Re- Sub A Tot
capital premium distri- ated valuati total linked lin
butable profit/ on units unithol
reserves (loss) reserve e
Balance at 2,251 5,878 45 -1,137 7,037 101,303 108,3
31/10/2002
Increase in share 2,908 2,908 2,90
capital
Net increase in share 1,924 1,924 1,92
premium
Issue of A 0 109,643 109,6
debentures
Amortisation of debenture 0 70 7
discount
Revaluation of listed 1,034 1,034 1,03
investments
Surplus to 1,362 1,362 1,36
31/10/2003
Balance at 5,159 7,802 45 225 1,034 14,265 211,016 225,2
31/10/2003
Ordinary shares 1,192 1,192 1,19
issued
Net increase in share 1,707 1,707 1,70
premium
Issue of A 0 48,453 48,45
debentures
Amortisation of debenture 0 229 22
discount
Realisation of revaluation of -1,034 -1,034 -1,03
listed investments
Surplus to 229 229 22
30/4/2004
6,351 9,509 45 454 0 16,359 259,698 276,
Capital Expenditure
At 30 April 2004 the company had entered into contracts for the acquisition of
rental properties totalling R61 000 000. These acquisitions are being funded as
follows:
Issue of new linked units: R45 000 000
Borrowings: R16 000 000
Notes:
The B debentures are convertible into linked units in 5 equal tranches
commencing in the financial year after their issue. The converted linked units
participate in all income from 1 November each year. 7 400 795 B debentures
converted into linked units with effect from 1 November 2003.
COMMENTARY
Review of results
The results for the first 6 months are in line with the view expressed in the
2003 Annual Report, that there would be a modest increase in distributions
during 2004. The interest distribution for the second quarter ended 30 April
2004 amounts to 12,5 cents per linked unit, making 25 cents per linked unit for
the 6 months ended 30 April 2004, compared with 24 cents per linked unit in
2003.
Headline earnings per linked unit for the 6 months ended 30 April 2004 are 26
cents per linked unit (2003: 24.1 cents per linked unit).
Property Portfolio
During the period under review the Swiss Re building in Claremont, Cape Town,
which was purchased for R52,5 million, was transferred to the company. The PWC
Building in Paarl (R7,5 million) and the Fedics Building in Rosebank,
Johannesburg (R7,2 million) were purchased and transferred. In addition,
acquisition agreements were signed in respect of the following properties, for
transfer after 30 April 2004:
Goodwood Mall, Goodwood, Cape Town R27,5 million
34 St George`s Mall, Cape Town R17,5 million
Varsity College, Cape Town R11,5 million
MLT House, Cape Town R 4,5 million
The Sportsman`s Warehouse, Rondebosch, Cape Town, property was sold and
transferred during this period for R17,25 million.
At 30 April 2004 the group owned 58 rental properties with a book value of R923
million, which will increase to 62 properties with a book value of R984 million
once the latest acquisitions have been transferred.
During the 6 months ended 30 April 2004, 25 505 m2 of vacant space was leased,
and leases in respect of 19 141 m2 were renewed. At 30 April 2004, 3.86% of the
portfolio lettable area was vacant. This is significantly lower than the sector
average.
Accounting policies
The results to 30 April 2004 have been prepared on a basis consistent with the
accounting policies set out in the last Annual Financial Statements and in
accordance with South African Statements of Generally Accepted Accounting
Practice.
DECLARATION OF DISTRIBUTION
Notice is hereby given that the board of directors has declared a quarterly
interest distribution of 12,5 cents per linked unit in respect of the quarter
ended 30 April 2004.
The last day to trade cum distribution will be Friday, 2 July 2004. The linked
units will commence trading ex distribution as from Monday, 5 July 2004 and the
record date will be Friday, 9 July 2004. The distribution will be paid on
Monday, 12 July 2004.
Linked unit certificates may not be dematerialised or rematerialised between
Monday, 5 July 2004 and Friday, 9 July 2004, both days inclusive.
BY ORDER OF THE BOARD
SPIRE PROPERTY SERVICES (PTY) LIMITED
Secretaries
Cape Town
18 June 2004
DIRECTORS:
A D Dalling (Chairman)*, R C Squire-Howe (Managing), J A Bester*, H N Coertze*,
R R Emslie* (alt. G C Cannings), F J Jenkings, B H Kerswill, A A Maresky,
F Meisenholl* (alt. R D Jeffery), J R Millar*, A D P Ovenstone*, G P Phillips*,
E G Raubenheimer*, R S Schur*.
* Non-executive
Registered office Transfer secretaries
Tannery Park Computershare Investor
23 Belmont Road Services 2004 (Pty) Limited
Rondebosch, 7700 70 Marshall Street
P O Box 155 Johannesburg, 2001
Rondebosch, 7701 P O Box 1053
Johannesburg, 2000
Sponsor
Nedbank Capital
Date: 18/06/2004 11:40:07 AM Produced by the JSE SENS Department
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