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ANNUITY PROPERTY FUND LIMITED - AUDITED RESULTS
ANNUITY PROPERTY FUND LIMITED
(`Annuity` or `the company`)
(formerly GOOD CAPE LIMITED)
(Reg No. 1987/006274/06)
Share code : AUY ISIN : ZAE000052551
Audited consolidated financial results of the group for the year ended 30 June
2004
Summarised group income Audited Audited
statement
30 June 30 June
R000`s 2004 2003
Operating profit/(loss) 378 (142)
before abnormal items
Loss on disposal of - (1 618)
assets/subsidiaries
Revaluation of investment 350 300
properties
Operating profit/(loss) 728 (1 460)
Financial (costs)/income (521) 49
Preference dividends of a - (614)
subsidiary
Taxation (55) (124)
Profit/(loss) attributable 152 (2 149)
to ordinary shareholders
Attributable profit /(loss) 0,7 (6,8)
per share (in cents)
Headline adjustment (in (1,7) 4,2
cents)
Headline loss per share (in (1,0) (2,6)
cents)
The difference between the
attributable profit/(loss)
and the headline loss per
share for the year results
from the upward revaluation
of an investment property
of R0,35 million.
Number of shares in issue 317 31 654
(000`s)
Summarised group balance Audited Audited
sheet
30 June 30 June
R000`s 2004 2003
Capital employed
Shareholders` equity 209 687
Mortgage finance 3 255 3 359
Debentures 630 -
4 094 4 046
Employment of capital
Investment property 5 000 4 650
Net current assets (906) (604)
4 094 4 046
Net asset value per share 66,1 2,2
(cents)
Number of shares in issue 317 31 654
(000`s)
Summarised group cash flow
statement
Audited Audited
30 June 30 June
R000`s 2004 2003
Cash generated by /(utilised 378 (142)
in) operations
Decrease in working capital 524 5 645
Financial (costs)/income (521) 49
Cash generated by operating 381 5 552
activities
Taxation paid - (226)
Dividends paid - (614)
Net cash available from 381 4 712
operating activities
Cash effects from investment & (104) (20 148)
financing activities
Net increase/(decrease) in 277 (15 436)
cash
Net cash at the beginning of 37 15 473
year
Net cash at end of year 314 37
Summarised group statement of changes in equity
R000`s Share Share Accumul Total
capita premium ated
l (loss)/
profit
Balance at 30 June 316 15 247 (14 687
2003 876)
Attributable profit - - 152 152
for the year
Shares issued - - - -
Capital reduction (313) (15 193) 14 876 (630)
Balance at 30 June 3 54 152 209
2004
COMMENTS:
The financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
used are consistent with those in the previous financial year. The year end
financial results have been audited in terms of the Listings Requirements of the
JSE Securities Exchange SA by PricewaterhouseCoopers Inc and a copy of the
unqualified audit opinion is available at the company`s registered office.
No dividends have been declared and none are recommended.
During the year the company`s capital was restructured to reconstitute the
company as a variable loan stock company. The details of this restructure are
contained in the circular sent to shareholders dated 30 January 2004. In
addition, the company`s name was changed to Annuity Property Fund Limited. The
effect of the restructure was to create linked units comprising 1 debenture of
199 cents and 1 share of 1 cent. Consequently the number of shares in issue was
reduced to 316 542 ordinary shares linked to the same number of debentures.
It was announced on 6 September 2004 that Calulo Properties (Pty) Ltd (`Calulo`)
had, subject to certain conditions, agreed to purchase 95.5% of the issued
linked units in the company from Edge To Edge 188 (Pty) Ltd for 198.5 cents per
linked unit. Calulo will in due course make an equivalent offer to minority
shareholders should the agreement become unconditional. Calulo intends to
facilitate the injection of thirty to forty new properties into Annuity and to
come to the market with a new issue of linked units.
For and on behalf
of the Board Registered office Transfer
secretaries
R J Harman 2a Delaney Rd, Computershare
R J Hoption Plumstead, 7800 Investor Servcies
Directors 2004 (Proprietary)
Limited
P O Box 610, 70 Marshall
Plumstead, 7801 Street,
Johannesburg, 2001
(P O Box 61051,
Marshalltown,
2107)
Cape Town Executive
29 September 2004 directors : D G
Borthwick, R J
Harman, N Lurie, R
J Hoption
Company Secretary
: C K Loydall
(Mrs)
Date: 28/09/2004 05:00:07 PM Produced by the JSE SENS Department
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