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PRIMA PROPERTY TRUST - AUDITED RESULTS FOR THE 10 MONTHS ENDED 30 APRIL 2004,
ACQUISITION OF PROPERTY PORTFOLIO AND CAUTIONARY
ANNOUNCEMENT
Prima Property Trust
JSE Share Code: PRM
ISIN: ZAE000005641
(`Prima` or `the Group`)
A collective investment scheme in property, registered as such in terms of the
Collective Investment Schemes Control Act no. 45 of 2002
Managed by Prima Property Managers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/011594/06)
AUDITED RESULTS FOR THE 10 MONTHS ENDED 30 APRIL 2004, ACQUISITION OF PROPERTY
PORTFOLIO AND CAUTIONARY ANNOUNCEMENT
CONSOLIDATED INCOME STATEMENT Audited Audited
10 months ended year ended
30 April 2004 30 June 2003
R`000 R`000
Revenue
Operating income 55 393 25 351
Interest received 957 2 453
Sundry income 41 52
56 391 27 856
Operating expenses 17 093 7 664
Finance costs 7 628 3
Income before taxation and fair
value adjustment 31 670 20 189
Fair value adjustment 34 406 -
-Net profit before taxation 66 076 20 189
Taxation 3 722 (1 553)
Net profit after taxation 62 354 21 742
Units in issue 406 091 523 166 387 500
Weighted number of units 309 423 999 166 387 500
Earnings (cents per unit) 20.15 13.07
Headline earnings (cents per unit) 10.24 13.07
Distributions (cents per unit) 9.71 15.24
Final 4.43 6.10
Special - 3.64
Interim 5.28 5.50
CONSOLIDATED BALANCE SHEET Audited Audited
30 April 2004 30 June 2003
R`000 R`000
Assets
Non current assets 510 643 123 590
Investment properties 510 070 123 590
Other tangible assets 573 -
Current assets 24 618 24 212
Cash and cash equivalents 19 577 22 214
Trade and other receivables 5 041 1 998
Total assets 535 261 147 802
Equity and Liabilities
Stated capital 308 400 100 129
Retained earnings (1 519) 2
Non distributable reserves 61 505 29 359
Total equity and reserves 368 386 129 490
Non-current liabilities 142 243 -
Long term loan 139 076 -
Deferred taxation 3 167 -
Current liabilities 24 632 18 312
Trade and other payables 6 620 2 098
Unitholders for distribution 18 012 16 214
Total equity and liabilities 535 261 147 802
Net asset value (cents per unit) 90.72 77.82
CONSOLIDATED Audited Audited
CASH FLOW STATEMENT 10 months ended year ended
30 April 2004 30 June 2003
R`000 R`000
Cash flow from operating activities 2 911 380
Cash generated from operations
before working capital changes 38 588 17 739
Working capital changes 925 (674)
Interest received 957 2 453
Finance costs (7 628) (3)
Distributions paid (29 931) (19 135)
Cash flows from investing
activities (352 895)
Cash flows from financing
activities 347 347
Cash and cash equivalents at
beginning of period 22 214 21 834
Cash and cash equivalents
at end of period 19 577 22 214
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
10 months ended April 2004
Non- Accu-
Stated distributable Maintenance mulated
R`000 Capital Reserves Reserve Profits Total
Balance 30
June 2002 100 129 29 359 3 623 2 133 113
Net profit
for the year 21 742 21 742
Transfer from
maintenance
reserve (3 623) 3 623 -
Distributions (25 365) (25 365)
Balance
30 June 2003 100 129 29 359 - 2 129 490
Net profit
for 10 months
ended 30
April 2004 62 354 62 354
Units issued 208 271 208 271
Transfer to
non-
distributable
reserve 32 146 (32 146) -
Distributions (31 729) (31 729)
Balance 30
April 2004 308 400 61 505 - (1 519) 368 386
BASIS OF PREPARATION
The results for the 10 month period are prepared in accordance with South
African Statements of Generally Accepted Accounting Practice applying accounting
policies consistent with those used in the prior year. Prima`s results have been
audited by Grant Thornton and their unqualified audit report is available for
inspection at the registered office of Prima Property Trust Managers Limited
(PPTM).
COMMENTS
1. Results
Prima`s net profit after tax and fair value adjustment for ten months ended
30 April 2004 is R62,35 million (2003 : R21,74 million). Prima achieved
headline earnings of R31,67 million after fair value adjustment to
investment properties of R34,41 million, taxation thereon of R3,17 million
and capital gains taxation of R555 000. This translates to headline
earnings per unit of 10.24 cents for the period.
Prima`s final distribution for four months ended 30 April 2004 of 4.43
cents per unit represents 3% improvement over forecast.
2. Property Portfolio
Prima commenced its new investment strategy by the purchase and subsequent
transfer of 53 properties and will continue to focus on the acquisition of
A and B grade investment properties with capital values of between R2
million and R15 million.
3. Finance
During the period under review, Prima obtained finance of R139,1 million
which attracts interest at a rate of prime less 1.5% p.a. In line with
Prima`s Trust Deed, finance does not exceed 30% of the value of the
investment properties. During the period under review, Prima fixed the
interest rate on R100 million of the finance at 11.72% p.a. for two years
with effect from 1st October 2004.
4. Directorate
Mr CRG Obert resigned from the board of directors of PPTM on 4 September
2003.
5. Year-End
During the period Prima received the necessary regulatory approvals to
change its year-end from 30 June to 30 April with effect from 30 April
2004.
ACQUISITION OF PROPERTY PORTFOLIO AND CAUTIONARY ANNOUNCEMENT
Unitholders are advised that Prima has concluded an agreement with the Ellerine
Bros. (Proprietary) Limited group for the acquisition of a portfolio of
predominantly retail properties for an aggregate purchase consideration of
R165,5 million, payable partially in cash and partially by the issue of Prima
units. This price is based on a yield of 14%. The acquisition is subject to
various conditions precedent. Full details of the acquisition, including
financial effects, will be announced in due course.
Unitholders are further advised that Prima is in negotiations for the
acquisition of various portfolios and for the disposal of certain of the
properties owned at 30 June 2003, which if successfully concluded, may have a
material effect on the price of Prima`s units.
Unitholders are accordingly advised to exercise caution when dealing in Prima
units until a full announcement is made.
DISTRIBUTION DECLARATION
Unitholders are advised that distribution number 71, for the four months to 30
April 2004, in the sum of 4.43 cents per unit has been declared.
2004
Last day to trade Friday, 9 July
Units trade ex-distribution Monday, 12 July
Record date Friday, 16 July
Payment date Monday, 19 July
Units may not be dematerialised or rematerialised between Monday, 12 July 2004
and Friday, 16 July 2004, both days inclusive.
Where applicable, distributions in respect of certificated unitholders will be
transferred electronically to unitholders` bank accounts on Monday, 19 July
2004. In the absence of specific mandates, distribution cheques will be posted
to unitholders, by ordinary post, at the risk of such unitholders.
Dematerialised unitholders will have their accounts at their Central Securities
Depository Participant or broker credited on Monday, 19 July 2004.
By order of the Board of Prima Property Trust Managers Limited
NFJ Haasbroek S Jersky
(Non-executive Chairman) (CEO)
Registered Office
2 Arnold Road
Rosebank, 2196
(P O Box 471917, Parklands, 2121)
T +27 11 283 0000
W www.prima.co.za
Johannesburg
24 June 2004
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg
(P O Box 1053, Johannesburg, 2000)
Sponsor and corporate advisor
Java Capital (Proprietary) Limited
Date: 24/06/2004 11:46:06 AM Produced by the JSE SENS Department
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