|
ApexHi - Audited results for the year ended 30 June 2004 and Quarterly
Distribution Declaration
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/000238/06)
Share code: APA ISIN: ZAE000033064
Share code: APB ISIN: ZAE000033072
(`ApexHi` or `the company`)
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004 AND QUARTERLY DISTRIBUTION
DECLARATION FOR THE THREE MONTHS ENDED 30 JUNE 2004
These results have been audited by the independent auditors, Grant Thornton.
Their unqualified report is available for inspection at the company`s
registered office.
The directors submit their report on the results of the company for the year
ended 30 June 2004 as follows:
INCOME STATEMENT
2004 2003
R`000 R`000
Revenue 685 743 597 338
- continuing operations 684 198 552 550
- discontinuing operations 1 545 44 788
Property expenses (255 568) (201 685)
Administrative expenses (26 484) (82 824)
- continuing operations (26 170) (32 682)
- discontinuing operations (314) (50 142)
Letting cost amortisation/depreciation (6 012) (3 575)
Profit from operations 397 679 309 254
- continuing operations 396 448 314 608
- discontinuing operations 1 231 (5 354)
Finance costs (94 478) (74 875)
Interest income 21 242 12 748
Profit before debenture interest 324 443 247 127
Debenture interest (324 443) (247 127)
Profit before capital items - -
Capital items 75 032 4 033
Change in fair value of investment properties 70 212 4 032
Net surplus/(deficit) on disposal of investment
properties 4 820 (386)
Goodwill amortisation - (411)
Net surplus on disposal of engineering business - 798
Profit before taxation 75 032 4 033
Taxation (1 269) (1 182)
Net profit 73 763 2 851
Earnings, headline earnings and distribution (cents)
Reconciliation between earnings and headline
earnings:
Net profit after taxation 73 763 2 851
Adjusted for :
Change in fair value of investment properties - net
of taxation (68 943) (2 850)
Net (surplus)/deficit on disposal of investment
properties (4 820) 386
Goodwill amortisation - 411
Net surplus on disposal of engineering business - (798)
Headline earnings - shares - -
Debenture interest 324 443 247 127
Headline earnings - units 324 443 247 127
Weighted average Distribution
number of units per unit
A unit 152 499 647 102,00
B unit 152 499 647 110,75
Total - year to 30 June 2004 212,75
A unit 118 811 057 102,00
B unit 118 811 057 106,00
Total - year to 30 June 2003 208,00
Earnings per Headline earnings
share* per unit
A unit 24,18 102,00
B unit 24,18 110,75
Total - year to 30 June 2004 46,36 212,75
A unit 1,20 102,00
B unit 1,20 106,00
Total - year to 30 June 2003 2,40 208,00
*Earnings per share represent items of a capital nature, which are not
distributable as debenture interest and in which all units share equally.
Although this disclosure is required in terms of GAAP, it is not meaningful
information as the share is a very small component of the linked unit and it is
the disclosure of the earnings per unit that has relevance whereas the earnings
per share does not.
ACCOUNTING POLICIES
The financial statements are prepared in accordance with and comply with South
African Statements of Generally Accepted Accounting Practice and the Companies
Act of South Africa, 1973. The accounting policies used in their preparation are
consistent with those used in the annual financial statements for the year ended
30 June 2003.
CONDENSED BALANCE SHEET
2004 2003
R`000 R`000
ASSETS
Non-current assets
Investment properties 2 976 157 2 108 938
Current assets 182 570 136 755
Total assets 3 158 727 2 245 693
EQUITY AND LIABILITIES
Share capital and reserves 531 964 266 730
Non-current liabilities 2 455 963 1 851 694
Debenture capital 1 563 997 1 179 529
Deferred taxation 8 342 7 073
Interest bearing borrowings 883 624 665 092
Current liabilities 170 800 127 269
Total equity and liabilities 3 158 727 2 245 693
Net asset value per unit (cents)
Number of units Share
A unit 173 777 398 153.06
B unit 173 777 398 153.06
Total - 30 June 2004 306.12
A unit 131 058 795 101.76
B unit 131 058 795 101.76
Total - 30 June 2003 203.52
Debenture Total
A unit 540.00 693,06
B unit 360.00 513,06
Total - 30 June 2004 900.00 1 206,12
A unit 540.00 641,76
B unit 360.00 461,76
Total - 30 June 2003 900.00 1 103,52
STATEMENT OF CHANGES IN EQUITY
Share Share Capital
capital premium reserve
R`000 R`000 R`000
Balance at 1 July 2002 20 140 463 801
Issue of ordinary shares 6 77 855
Net profit for year
Realised accumulated net write-up
of investment properties sold 1 966
Net deficit on disposal of
investment properties (386)
Transfer to revaluation reserve
Balance at 30 June 2003 26 218 318 2 381
Issue of ordinary shares 8 191 463
Net profit for year
Realised accumulated net write-
down of investment properties
sold (1 587)
Net surplus on disposal of
investment properties 4 820
Transfer to revaluation reserve
Balance at 30 June 2004 34 409 781 5 614
Revaluation Accumulated Total
reserve loss
R`000 R`000 R`000
Balance at 1 July 2002 57 342 (12 608) 186 018
Issue of ordinary shares 77 861
Net profit for year 2 851 2 851
Realised accumulated net write-up
of investment properties sold (1 966) -
Net deficit on disposal of
investment properties 386 -
Transfer to revaluation reserve 2 850 (2 850) -
Balance at 30 June 2003 58 226 (12 221) 266 730
Issue of ordinary shares 191 471
Net profit for year 73 763 73 763
Realised accumulated net write-
down of investment properties
sold 1 587 -
Net surplus on disposal of
investment properties (4 820) -
Transfer to revaluation reserve 68 943 (68 943) -
Balance at 30 June 2004 128 756 (12 221) 531 964
CONDENSED CASH FLOW STATEMENT
2004 2003
R`000 R`000
OPERATING ACTIVITIES
Cash generated from operations
- continuing operations 417 967 322 931
- discontinuing operations 4 763 1 223
422 730 324 154
Finance costs (94 478) (74 875)
Interest income 21 242 12 748
Debenture interest paid (298 567) (227 503)
Net cash generated from operating activities 50 927 34 524
INVESTING ACTIVITIES
Continuing operations
- Purchase of investment properties including
capitalised improvements,
transaction and letting costs (828 351) (523 522)
- Proceeds on disposal of investment properties 30 152 15 318
- Proceeds on sale of engineering business - 12 591
- Net purchase of plant and equipment - (326)
Net cash utilised in investing activities (798 199) (495 939)
FINANCING ACTIVITIES
Issue of A and B units 575 939 344 332
Interest bearing borrowings raised 218 532 177 219
Net cash from financing activities 794 471 521 551
Net increase in cash at bank 47 199 60 136
Cash at bank at the beginning of year 92 263 32 127
Cash at bank at the end of year 139 462 92 263
SEGMENTAL INFORMATION
Business segments - 30 June 2004
Office Retail
R`000 R`000
R`000
Revenue 389 918 57 % 237 084
Property expenses (150 520) 59% (90 334)
Administrative expenses
Letting cost amortisation (4 691) 78% (1 215)
Segment operating result 234 707 56% 145 535
Finance costs (157) (36)
Interest income 138 139
Debenture interest
Change in fair value of investment
properties 23 694 52 073
Net surplus on disposal of investment
properties 2 434 2 386
Segment result 260 816 53% 200 097
Other information
Investment properties 1 369 447 46% 1 370 840
Current assets 14 072 11 867
Total assets 1 383 519 1 382 707
Total liabilities 21 528 17 914
Industrial
R`000
R`000
Revenue 35% 51 550 8%
Property expenses 35% (14 714) 6%
Administrative expenses
Letting cost amortisation 20% (106) 2%
Segment operating result 35% 36 730 9%
Finance costs (9)
Interest income 111
Debenture interest
Change in fair value of investment
properties (5 555)
Net surplus on disposal of investment
properties
Segment result 41% 31 277 6%
Other information
Investment properties 46% 235 870 8%
Current assets 1 925
Total assets 237 795
Total liabilities 3 409
Total
Investment Corporate Land
properties costs Trading
R`000 R`000 R`000
R`000
Revenue 678 552 1 416 4 230
Property expenses (255 568)
Administrative expenses - (23 588) (2 582)
Letting cost amortisation (6 012)
Segment operating result 416 972 (22 172) 1 648
Finance costs (202) (94 276)
Interest income 388 20 780 74
Debenture interest - (324 443)
Change in fair value of investment
properties 70 212
Net surplus on disposal of investment
properties 4 820
Segment result 492 190 (420 111) 1 722
Other information
Investment properties 2 976 157
Current assets 27 864 137 586 12 475
Total assets 3 004 021 137 586 12 475
Total liabilities 42 851 2 575 514 4 378
Discontinuing
operations Total
R`000
R`000
Revenue 1 545 685 743
Property expenses (255 568)
Administrative expenses (314) (26 484)
Letting cost amortisation (6 012)
Segment operating result 1 231 397 679
Finance costs (94 478)
Interest income 21 242
Debenture interest (324 443)
Change in fair value of investment
properties 70 212
Net surplus on disposal of investment
properties 4 820
Segment result 1 231 75 032
Other information
Investment properties 2 976 157
Current assets 4 645 182 570
Total assets 4 645 3 158 727
Total liabilities 4 020 2 626 763
Geographical segments - 30 June 2004
Property Letting cost
Revenue expenses amortisation
R`000 R`000 R`000
Major Metropolitan CBD`s
Johannesburg 178 362 (69 284) (1 045)
Pretoria 74 928 (23 799) (2 502)
Durban 64 931 (29 450) (251)
Bloemfontein 20 234 (8 535) (59)
Cape Town 15 897 (3 947) (117)
354 352 (135 015) (3 974)
Other areas
Germiston 17 327 (5 543) (10)
Randburg 31 152 (10 787) (222)
Port Elizabeth 16 405 (6 035) (13)
Braamfontein 37 532 (20 123) (187)
Polokwane 15 260 (4 236) (128)
Roodepoort 11 393 (4 443)
Klerksdorp 13 355 (5 741)
Parow 12 922 (5 059) (143)
Pietermaritzburg 15 147 (6 003) (20)
Edenvale 13 400 (2 685) (9)
Kimberley 6 844 (2 290)
Other 133 463 (47 608) (1 306)
324 200 (120 553) (2 038)
678 552 (255 568) (6 012)
Segment % of total
operating result segment operating
R`000 result
Major Metropolitan CBD`s
Johannesburg 108 033 26
Pretoria 48 627 12
Durban 35 230 8
Bloemfontein 11 640 3
Cape Town 11 833 3
215 363 52
Other areas
Germiston 11 774 3
Randburg 20 143 5
Port Elizabeth 10 357 2
Braamfontein 17 222 4
Polokwane 10 896 3
Roodepoort 6 950 2
Klerksdorp 7 614 2
Parow 7 720 2
Pietermaritzburg 9 124 2
Edenvale 10 706 2
Kimberley 4 554 1
Other 84 549 20
201 609 48
416 972 100
Investment % oftotal
properties investment
R`000 properties
Major Metropolitan CBD`s
Johannesburg 539 090 18
Pretoria 319 300 11
Durban 258 710 9
Bloemfontein 71 650 2
Cape Town 71 500 2
1 260 250 42
Other areas
Germiston 187 600 6
Randburg 143 650 5
Port Elizabeth 114 250 4
Braamfontein 100 300 4
Polokwane 85 160 3
Roodepoort 68 700 2
Klerksdorp 63 000 2
Parow 61 600 2
Pietermaritzburg 57 200 2
Edenvale 46 950 2
Kimberley 29 950 1
Other 757 547 25
1 715 907 58
2 976 157 100
RELATED PARTY TRANSACTIONS
During the year, the company, in the ordinary course of business, entered into
various transactions with related parties. These transactions occurred under
terms that are no more favourable than those arranged with third parties.
2004 2003
R`000 R`000
Board representation, financier and unit holder :
Standard Bank
Bond administration fees 1 700 934
Non-executive director`s fees 50 30
Finance costs 87 521 71 798
Borrowings 883 624 665 092
ApexHi-Manco Trust
The trust is the asset manager of the company. Certain of
the directors of the company are beneficiaries and/or
trustees of the trust.
Asset management fee (0,5% p.a. of the market capitalisation
plus borrowings of the company) 14 754 10 311
The beneficiaries of the trust at 30 June 2004 are:
Madison Property Fund Managers *(30 June 2003:
Corpcapital Investments) 57% 57%
Mvelaphanda Holdings 25% 25%
ApexHi Executive Directors 18% 18%
*The shareholders of Madison Property Fund Managers
at 30 June 2004 are:
Standard Bank Properties 50%
M Wainer 25%
W E Cesman 25%
The agreement between the company and the trust is for five years commencing 1
July 2002, with six months` notice required thereafter. There are no performance
based incentive fees paid to the trust. The trust bears all salary and related
costs of the staff employed by the company, with the exception of the chief
executive officer.
COMMENTS
RESULTS
Earnings for the second half of the year under review exceeded expectations
resulting in an increase in the fourth quarter`s distributions to 54,50 cents
per combined unit (25,50 cents per A unit and 29,00 cents per B unit) This
brings the total distribution per combined unit for the year to 2,275 cents (102
cents per A unit and 110,75 cents per B unit).
SUMMARISED OPERATING RESULTS FOR THE YEAR:
2004 % 2003
R`000 change R`000
Investment properties 416 972 31 317 449
Revenue 678 552 27 533 978
Property expenses (255 568) 20 (213 310)
Letting cost amortization (6 012) (3 219)
Corporate costs (22 172) 16 (19 042)
Revenue 1 416 1 474
Expenses (23 588) 15 (20 516)
Land trading 1 648 4 576
Revenue 4 230 17 098
Expenses (2 582) (12 522)
Discontinuing operations 1 231 6 271
Revenue 1 545 56 413
Expenses (314) (50 142)
Profit from operations 397 679 28 309 254
Finance costs (94 478) 26 (74 875)
Interest income 21 242 67 12 748
Profit before debenture interest 324 443 31 247 127
Operating results from investment properties are not comparable as a result of
the acquisition of 36 properties for R793 million during the year (2003: 43
properties acquired for R500 million). However, the ratio of property expenses
to revenue decreased from 40% in 2003 to 38% in 2004 as a result of focused cost
management.
The results of land trading activities have been significantly reduced as a
result of the completion of the Dainfern East Joint Venture. No further land
trading will be undertaken.
Discontinuing operations represent results of Domayne Engineering Services. The
lift servicing division was disposed of on 1 January 2003 and the air
conditioning division on 30 June 2003.
The weighted average all-inclusive cost of the company`s borrowings decreased
from 13,09% in 2003 to 12,01% in 2004 as a result of the reduction in the repo-
rate and the renegotiation of rates on some of the fixed term borrowings.
Interest income increased mainly as a result of the R136 million raised from the
issuing of 9 680 407 A and B units for cash in December 2003. The cash was
invested in the money market until it could be utilised for yield enhancing
acquisitions.
ACQUISITIONS
In the year under review, 36 properties were acquired, boosting the portfolio to
235 properties worth R2,97 billion, with a lettable area of 1 916 263 square
metres. The properties were acquired at an average yield before gearing of
15,6%.
The total purchase consideration of R793 million was settled by the issue of 33
038 195 A and B units at an average combined price of R13,41 and R350 million
cash.
The major acquisition was the Shops for Africa (`Shops`) portfolio which
entailed the purchase of 13 properties for R413,5-million at an initial yield of
14,9%. This acquisition was not only revenue enhancing, it also reduced risk by
increasing the size, diversity and geographical footprint of the ApexHi
portfolio. The acquisition reduced the exposure to offices whilst increasing the
retail component.
In addition to the Shops acquisition, the company acquired the following
strategic large office properties with long-term leases: 111 Commissioner Street
(Johannesburg CBD) for R54 million and Shell House (Durban CBD) for R35 million.
Some of the larger retail acquisitions included Game Centre in Klerksdorp for
R31,5 million and the Garlicks building in the Durban CBD for R28,0 million.
DISPOSALS
Ten properties were disposed of during the year for a net consideration of R30,1
million. This equates to an average selling yield of 15%. A surplus on carrying
value of R4,8 million was recorded.
Proceeds on disposals were used to repay debt.
LETTING ACTIVITY
Leases covering 286,512m2 were concluded during the period, of which 72% (206
901m2) represents renewals and 28% (79 611m2) covers new leases . The 69%
renewal rate is up from the 60% average of the past few years.
Letting activity for the year under review is summarised as follows:
Total Unlettable Lettable
area m2 area m2 area m2
Portfolio as at
1 July 2003 1 638 682 40 591 1 598 091
Properties acquired 363 384 - 363 384
Properties sold (45 212) - (45 212)
1 956 854 40 591 1 916 263
Net increase in vacancy 12 680
Leases expired during
the year 299 192
Total lettings during
the year (286 512)
- Renewals (206 901)
- New lettings (79 611)
Portfolio as at
30 June 2004 1 956 854 40 591 1 916 263
Vacant Let
area m2 % area m2 %
Portfolio as at
1 July 2003 242 584 15 1 355 507 85
Properties acquired 28 891 8 334 493 92
Properties sold (13 313) 29 (31 899) 71
258 162 13 1 658 101 87
Net increase in vacancy (12 680)
Leases expired during
the year (299 192)
Total lettings during
the year 286 512
- Renewals 206 901
- New lettings 79 611
Portfolio as at
30 June 2004 270 842 14 1 645 421 86
The increase in vacancy of 12 680m2 is mainly as a result of vacancies in 320
West Street (4 454m2), Edura (4 195m2) and Curatio (3 305m2). The space vacated
by Ernst & Young and Glenrand MIB in 320 West Street has been relet to Nedcor on
a 5 year lease for a call centre w.e.f 1 November 2004. A 5 year lease has been
negotiated with Blue IQ w.e.f 1 August 2004 for 2 767m2,replacing some of the
space vacated by Computershare in Edura. ABSA vacated the offices in Curatio and
negotiations are currently underway with a university in the area to take up
this space.
Vacancy levels of 14% have been maintained, which is considered satisfactory,
given the nature of the portfolio. The 270,842m2 of vacant space is broken down
as follows:
Vacancy levels per sector :
Vacancy (m2) % of sector
Office 182 646 21
Retail 58 178 9
Industrial 30 018 9
270 842
Of the 270 842m of vacant space, management consider 70 000m to be lettable in
the short to medium term at an average rate of R25/m2. If this is achieved, the
vacancy will reduce to 10,5%.
PROPERTY PORTFOLIO
The 1,916 million m2 portfolio is located in the following main areas:
Offices
% of
m2 total
Major Metropolitan
CBD`s:
Johannesburg 299 502 33
Pretoria 137 109 15
Durban 114 956 13
Bloemfontein 10 886 1
Cape Town 21 541 3
583 994 65
Other Areas:
Randburg 14 483 2
Germiston 1 741 -
Braamfontein 90 887 10
Port Elizabeth 29 475 3
Klerksdorp 20 372 2
Polokwane 16 586 2
Pietermaritzburg 10 639 1
Parow 817 -
Edenvale 546 -
Roodepoort 3 619 1
Kimberley 11 425 1
Other 118 007 13
318 597 35
Total lettable
area 902 591 100
Retail
% of
m2 total
Major Metropolitan
CBD`s:
Johannesburg 92 862 14
Pretoria 42 213 6
Durban 27 930 4
Bloemfontein 23 157 3
Cape Town 1 020 -
187 182 27
Other Areas:
Randburg 81 095 12
Germiston 40 291 6
Braamfontein 5 103 1
Port Elizabeth 28 787 5
Klerksdorp 22 145 4
Polokwane 14 563 2
Pietermaritzburg 19 366 3
Parow 28 354 4
Edenvale 2 456 -
Roodepoort 22 174 3
Kimberley 8 291 1
Other 218 299 32
490 924 73
Total lettable
area 678 106 100
Industrial
% of
m2 total
Major Metropolitan
CBD`s:
Johannesburg 57 431 17
Pretoria - -
Durban - -
Bloemfontein - -
Cape Town - -
57 431 17
Other Areas:
Randburg 13 228 4
Germiston 61 257 18
Braamfontein - -
Port Elizabeth 15 782 5
Klerksdorp - -
Polokwane 2 250 1
Pietermaritzburg - -
Parow - -
Edenvale 23 435 7
Roodepoort - -
Kimberley - -
Other 162 183 48
278 135 83
Total lettable
area 335 566 100
Total
% of
m2 total
Major Metropolitan
CBD`s:
Johannesburg 449 795 24
Pretoria 179 322 9
Durban 142 886 7
Bloemfontein 34 043 2
Cape Town 22 561 1
828 607 43
Other Areas:
Randburg 108 806 6
Germiston 103 289 5
Braamfontein 95 990 5
Port Elizabeth 74 044 4
Klerksdorp 42 517 2
Polokwane 33 399 2
Pietermaritzburg 30 005 2
Parow 29 171 2
Edenvale 26 437 1
Roodepoort 25 793 1
Kimberley 19 716 1
Other 498 489 26
1 087 656 57
Total lettable
area 1 916 263 100
REVALUATION OF PROPERTIES BY EXTERNAL VALUERS
In accordance with the company`s accounting policy, the property portfolio has
been valued by external registered valuers as at 30 June 2004.The valuation of
the portfolio at R2,97 billion has given rise to a revaluation surplus in the
income statement of R70,2 million representing a 2,4% increase in value.
GEARING
The company currently has a loan facility of R1-billion. Its total borrowings
amount to R883,6 million, which equates to 29,7% of the value of the ApexHi
property portfolio.
R595,2-million of the debt (67%) has been fixed at 30 June 2004 at an average
rate of 12,50% p.a for an average period of 3 years. The floating debt of R288,4
million current- ly bears interest at 11% p.a.
Subsequent to year-end, a further R150 million was fixed for two years at an all
inclusive rate of 11,15% p.a This increases the amount fixed from R595,2 million
(67%) to R745,2 million (84%) at a weighted all-inclusive rate of 12,23%.
The ApexHi articles of association and loan facility stipulate a gearing limit
of 35%. It is management`s intention to maintain gearing around the 30 - 35%
level while interest rates are low and gearing is currently yield-enhancing.
LIQUIDITY AND TRADING VOLUMES
Trading volumes remain high, consistently exceeding the sector average, with 60%
of the company`s units in issue being traded during the year. 91 560 233 A units
were traded, equating to 60% of the weighted average units in issue, while 89
671 756 B units, equating to 59%, were traded in the same period.
POST BALANCE SHEET EVENTS
Acquisitions
Agreement has been reached for the acquisition of the following:
Purchase
price Cash
Property Location R`000 R`000
Sanlam Plaza Vanderbijlpark 40 500 20 250
Corbett Portfolio Various 122 230 75 031
Eersterivier Cape Town 19 500 7 800
Berea Centre Durban 24 000 24 000
ABSA Branches Pretoria area 25 000 25 000
Turfloop Polokwane 16 250 12 187
Darras Shopping Centre Kensington, Johannesburg 16 000 16 000
263 480 180 268
Number
of units Initial yield
to be before
Property Location issued gearing
Sanlam Plaza Vanderbijlpark 1 350 000 15,0%
Corbett Portfolio Various 3 219 957 19,0%
Eersterivier Cape Town 780 000 14,5%
Berea Centre Durban - 20,6%
ABSA Branches Pretoria area - 14,9%
Turfloop Polokwane 268 152 14,9%
Darras Shopping Centre Kensington, Johannesburg - 15,0%
5 618 109 17,3%
Disposals
Agreement has been reached for the disposal of the following properties:
Net selling Surplus /(deficit)
price on original cost
Property Location R`000 R`000
37 Sauer Street Johannesburg CBD 55 550 -
Sage Life Towers Johannesburg CBD 44 450 6 650
78 Fox Street Johannesburg CBD 40 000 1 768
Centurion Value World Centurion 31 500 388
30 Simmonds Street Johannesburg CBD 14 400 7 100
6 Skietlood Street Isando 3 100 (247)
Embankment Park Centurion 2 117 344
Standard Bank Pinetown 2 200 200
Beares Wynberg Cape Town 1 800 -
West End Centre Johannesburg CBD 1 100 (794)
196 217 15 409
Selling
Property Location Yield
37 Sauer Street Johannesburg CBD 22,3%
Sage Life Towers Johannesburg CBD 18,6%
78 Fox Street Johannesburg CBD 18,7%
Centurion Value World Centurion 15,2%
30 Simmonds Street Johannesburg CBD 21,7%
6 Skietlood Street Isando
Embankment Park Centurion 0,1%
Standard Bank Pinetown
Beares Wynberg Cape Town
West End Centre Johannesburg CBD 2,0%
18,2%
Proceeds will be used to repay debt.
After the post balance sheet acquisitions and disposals referred to above, the
total borrowings will decrease from R883,6 million (29,7%) to R867,6 million
(28,5%).
FUTURE PROSPECTS
In the year ahead, subject to the company achieving its target lettings and
renewals, the Board expects to continue to deliver consistent returns to unit
holders.
DISTRIBUTION
The board has resolved that unit holders are entitled to receive interest
distribution number 13 in respect of the quarter 1 April 2004 to 30 June 2004 of
25,50 cents per A unit and 29,00 cents per B unit.
- Last date to trade cum interest Friday, 20 August 2004
- Units will trade ex interest Monday, 23 August 2004
- Record date Friday, 27 August 2004
- Payment of interest distribution number 13 Monday, 30 August 2004
There may be no dematerialisation or re-materialisation of the A and B units
between Monday, 23 August 2004 and Friday, 27 August 2004, both days inclusive.
By order of the Board
G G L Leissner
Chief Executive Officer
Johannesburg
5 August 2004
DIRECTORS: M Wainer (Chairman), G G L Leissner* (Chief Executive Officer),
J F Bihl, W E Cesman, D J Feinblum*, W M Kirchmann,
S Shaw-Taylor, C van Wyk* *Executive Independent
A presentation on the company`s results will be held in Johannesburg on Tuesday,
24 August 2004.
For further information please contact Sandra Mason on (011) 880-2271.
Date: 05/08/2004 05:30:31 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
