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Ifour Properties Limited - Reviewed Results for the year ended 30 June 2004
IFOUR PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/016118/06)
Share code: IFR ISIN: ZAE000039236
(`the company`)
REVIEWED RESULTS
for the year ended 30 June 2004
- Distribution increased to 78 cents
- Occupancy up at 96%
- Linked unitholders return for the year 31%
ABRIDGED CONSOLIDATED GROUP INCOME STATEMENT
Year Period*
ended ended
R`000 30 June 04 30 June 03
Revenue 221 580 139 347
Operating costs - property portfolio (58 163) (34 212)
Operating costs - administration (7 434) (6 298)
Other income - administration 7 861 514
Profit from operations 163 844 99 351
Net revaluation of investment properties 683 24 205
Net profit on disposal of investment
property - 7 224
Movement of fair value in interest
rate swaps (8 438) -
Interest received 2 893 2 028
Earnings before financing costs
and taxation 158 982 132 808
Debenture interest distributed to
unitholders (88 320) (43 706)
Interest paid (80 927) (57 578)
(Loss)/profit after finance charges before
taxation (10 265) 31 524
Taxation 5 737 (4 714)
Net (loss)/earnings for the year (4 528) 26 810
*Although the company was incorporated
on 1 January 2002, it was dormant until
its listing in June 2002.
Reconciliation between earnings and
headline earnings per share
Net (loss)/earnings for the year (4 528) 26 810
Net revaluation of investment properties
net of taxation (581) (20 575)
Net profit on disposal of investment
property net of taxation - (6 140)
Amortisation of listing, debenture and
mortgage expenses 1 226 1 017
Headline (loss)/earnings for shareholders (3 883) 1 112
Debenture interest 88 320 43 706
Headline (loss)/earnings for linked
unitholders 84 437 44 818
Number of linked units in issue 143 457 981 58 275 179
Weighted average linked units in issue 111 387 953 58 275 179
Earnings per linked unit (cents) 75,23 121,01
Headline earnings per linked unit (cents) 75,80 76,91
Diluted headline earnings per linked
unit based on 111 565 147 units
(2003: 64 875 179 units) (cents) 75,68 69,08
Net asset value per linked unit (cents) 507 523
Distribution per linked unit (cents) 78,00 75,00
(Loss)/earnings per share (cents) (4,07) 46,00
Headline (loss)/earnings per share (cents) (3,49) 1,91
Diluted headline (loss)/earnings per share
based on 111 565 147 shares (2003:
64 875 179 shares) (cents) (3,48) 1,71
ACCOUNTING POLICIES
The abridged reviewed results are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and are consistent with the
prior period.
SEGMENTAL INFORMATION
Primary
segment Indus- Cor-
R`000 Office trial Retail Other porate Total
Revenue 95 453 65 866 54 737 5 524 221 580
Segment
results
Profit from
operations 65 587 53 172 39 525 5 146 414 163 844
Segment revenue and expenses
Revenue and expenses that are directly attributable to a segment are allocated
to those segments.
Expenses not directly attributable to a segment are allocated to the corporate
segment.
CONSOLIDATED GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Retained
R`000 capital premium earnings Total
Balance at 11 June 2002 - - - -
Units issued 58 23 252 - 23 310
Share issue costs - (1 403) - (1 403)
Retained earnings - - 26 810 26 810
Balance at 30 June 2003 58 21 849 26 810 48 717
Units issued 79 46 443 - 46 522
Share issue costs - (1 933) - (1 933)
Issue of treasury units 6 4 341 - 4 347
Loss for the year - - (4 528) (4 528)
Balance at 30 June 2004 143 70 700 22 282 93 125
ABRIDGED CONSOLIDATED GROUP BALANCE SHEET
As at As at
R`000 30 June 04 30 June 03
ASSETS
Non-current assets
Investment properties 1 721 574 716 370
Equipment, furniture and fittings 104 9
Loans to share trust participants 11 592 -
Deferred taxation 2 130 -
Current assets
Accounts receivable 24 563 12 418
Bank balances and cash 20 671 43 368
Total assets 1 780 634 772 165
EQUITY AND LIABILITIES
Share capital and reserves 93 125 48 717
Non-current liabilities
Debenture capital net of transaction costs 633 629 256 042
Interest-bearing debt 776 475 390 010
Fair value of interest rate swaps 8 438 -
Deferred taxation - 3 630
Current liabilities
Accounts payable and accruals 45 380 46 790
Accounts payable for acquisitions 56 742 -
Current portion of interest-bearing
borrowings 113 301 4 421
Unitholders for distribution 53 544 22 555
Total equity and liabilities 1 780 634 772 165
ABRIDGED CONSOLIDATED GROUP CASH FLOW STATEMENT
Year Period*
ended ended
R`000 30 June 04 30 June 03
Cash flow from operating activities
Cash generated from operations 180 002 137 832
Interest received 2 893 2 028
Interest paid (80 927) (57 578)
Taxation paid (1 000) -
Distributions to unitholders (57 331) (21 151)
Net cash generated from operating
activities 43 637 61 131
Cash flows from investing activities
Additions to investment properties (614 378) (729 774)
Additions to equipment, furniture
and fittings (112) (9)
Proceeds from disposal of fixed assets - 44 831
Increase in loans to share trust participants (342) -
Net cash utilised in investing activities (614 832) (684 952)
Issue of linked units, net of transaction
costs 80 516 277 449
Settlement of deferred linked units (27 092) -
Increase in long-term borrowings 627 826 429 038
Less repaid during the year (132 752) (39 298)
Net cash from financing activities 548 498 667 189
Net (decrease)/increase in cash and
cash equivalents (22 697) 43 368
Cash and cash equivalents at the
beginning of the year 43 368 -
Cash and cash equivalents at the end
of the year 20 671 43 368
1. REVIEW OF OPERATIONS
RESULTS
The acquisition of the properties in the year makes review with prior periods
non-comparable.
The overall results for the year ended 30 June 2004 are in line with
managements` expectations and forecasts contained in the circular detailing the
purchase of Sipan 1 (Pty) Limited dated 9 June 2004 (`the circular`). The
investors` distributable earnings of 78,14 cents on which the distribution of 78
cents was based can be calculated by adding back the amortisation of listing,
debenture and mortgage expenses to profit from operations, net of interest paid
and received from third parties.
The other income consists primarily of profit realised when the company
purchased the right to receive 6 300 000 linked units at R4,30 per linked unit.
These linked units were to be issued on 15 March 2004 to the iProp Group at
R5,00 each as part payment for properties acquired at listing.
The occupancy rate of the portfolio at 30 June 2004 was 96% (2003: 94%) with
future take-up of space remaining positive.
The total capital and interest return to linked unitholders for the year was 31%
(2003: 21%).
2. PROSPECTS
The company expects the distribution for the year ended 30 June 2005 to be in
line with the 82 cents forecast as reviewed in the circular.
3. DISTRIBUTION DECLARATION PER LINKED UNIT
Notice was given of the declaration of the final distribution of 41,0 cents per
linked unit for the year ended 30 June 2004 in an announcement dated 28 June
2004. Linked unitholders are also referred to the announcement dated 16 February
2004 in which the total interim distribution of 37,0 cents per unit for the six
months ended 31 December 2003 was announced. The aggregate distribution for the
financial year ending 30 June 2004 is therefore 78,0 cents per linked unit.
Distribution timetable
Event Date
a. Last date to trade cum distribution Friday, 20 August 2004
b. Linked units trade ex distribution Monday, 23 August 2004
c. Record date for unitholders to
participate in the distribution Friday, 27 August 2004
d. Payment of distribution to unitholders Monday, 30 August 2004
e. Linked unit certificate may not be Monday, 23 August 2004
materialised or dematerialised to Friday, 27 August 2004
(both days inclusive)
On behalf of the board
J J Groenewald 2nd Floor
Secretary 382 Jan Smuts Avenue
Craighall
25 August 2004
Directors: A M A Campbell, Dr C P de Leeuw, J A A Diepenbroek, J B Gibbon, R C
Johnson(British), E P M Moses, J L Nunes(Managing)*, A J W L Richards
(Chairman), U J van der Walt
* Executive
Date: 25/08/2004 03:52:32 PM Produced by the JSE SENS Department
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