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Putco Properties Limited - Audited Results For The Year Ended 30 June 2004
PUTCO PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/00001085/06)
Share code: PPR
ISIN: ZAE000005567
(`The Company`)
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
The following financial statements have been prepared in accordance with the
South African statements of Generally Accepted Accounting Practice.
INCOME STATEMENTSfor the year ended 30 June 2004
Group Company
Notes
2004 2003 2004 2003
R`000 R`000 R`000 R`000
Rent received 28 404 29 084 28 404 29 084
Interest received 2 562 2 476 2 562 2 476
Dividend income - - - 12 530
Revenue 30 966 31 560 30 966 44 090
Operating expenses 2 112 7 787 2 112 7 777
Operating profit 1 28 854 23 773 28 854 36 313
Finance cost 1 61 1 59
Profit before taxation 28 853 23 712 28 853 36 254
Taxation 2 11 481 11 684 11 481 11 684
Net profit for the 17 372 12 028 17 372 24 570
year
Earnings per share 4 60,3 41,8
(cents)
Headline earnings per 5 58,1 64,3
share (cents)
Dividend per share 55,0 55,0
(cents)
- interim paid - April 25,0 25,0
2004/(2003)
- final paid - October 30,0 30,0
2003/(2002)
- final declared 30,0 30,0
BALANCE SHEETSat 30 June 2004
Group Company
Notes
2004 2003 2004 2003
R`000 R`000 R`000 R`000
ASSETS
Non-current assets
Tangible assets 6 98 086 90 900 98 086 90 900
Investment in 7 - - 139 139
subsidiaries
98 086 90 900 98 225 91 039
Current Assets
Accounts receivable 8 7 789 6 406 7 657 6 274
Normal taxation 13 12 11 - -
Cash and cash 15 505 23 976 15 505 23 976
equivalents
23 306 30 393 23 162 30 250
Total assets 121 392 121 293 121 387 121 289
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 9 4 146 4 146 4 146 4 146
Accumulated profit 113 409 111 873 113 413 111 877
117 555 116 019 117 559 116 023
Non-current
liabilities
Deferred taxation 10 556 646 556 646
556 646 556 646
Current liabilities
Normal taxation 13 2 299 1 267 2 299 1 267
Accounts payable 982 3 361 973 3 353
3 281 4 628 3 272 4 620
Total equity and 121 392 121 293 121 387 121 289
liabilities
STATEMENTS OF CHANGES IN EQUITYfor the year ended 30 June 2004
Non-
Stated distri- Accumu-
capital butable lated Total
Notes R`000 reserves profit R`000
R`000 R`000
GROUP
Balance at 30 June 4 146 - 115 681 119 827
2002
Net profit for the 12 028 12 028
year
Dividend paid 3 (15 836) (15 836)
Balance at 30 June 4 146 - 111 873 116 019
2003
Net profit for the 17 372 17 372
year
Dividend paid 3 (15 836) (15 836)
Balance at 30 June 4 146 - 113 409 117 555
2004
COMPANY
Balance at 30 June 4 146 1 623 103 143 108 912
2002
Net profit for the 24 570 24 570
year
Reversal of NDR (1 623) (1 623)
Dividend paid 3 (15 836) (15 836)
Balance at 30 June 4 146 - 111 877 116 023
2003
Net profit for the 17 372 17 372
year
Dividend paid 3 (15 836) (15 836)
Balance at 30 June 4 146 - 113 413 117 559
2004
CASH FLOW STATEMENTSfor the year ended 30 June 2004
Group Company
Notes
2004 2003 2004 2003
R`000 R`000 R`000 R`000
Cash (outflow)/inflow (1 940) (1 317) (1 940) 11 238
from operating
activities
Cash receipts from 27 021 29 084 27 021 29 084
customers
Cash paid to suppliers (5 146) (4 480) (5 147) (4 464)
Net cash generated 12 21 875 24 604 21 874 24 620
from operations
Interest received 2 562 2 476 2 562 2 476
Dividends received - - - 12 530
Finance costs (1) (61) (1) (59)
Taxation paid 13 (10 540) (12 500) (10 539) (12 493)
Dividend paid 3 (15 836) (15 836) (15 836) (15 836)
Cash (outflow)/inflow (6 531) 9 549 (6 531) (3 006)
from investment
activities
Proceeds on disposal 7 182 9 629 7 182 9 629
of tangible assets
Additions to tangible 14 (13 713) (80) (13 713) (80)
assets
Decrease in investment - - - (12 555)
in subsidiary
Net (decrease)/ (8 471) 8 232 (8 471) 8 232
increase in cash and
cash equivalents
Cash and cash 23 976 15 744 23 976 15 744
equivalents at
beginning of year
Cash and cash 15 505 23 976 15 505 23 976
equivalents at end of
year
CHAIRMAN`S STATEMENTOverviewRental revenue declined by 2,34%, as compared to the
previous year. Under normal circumstances the rental revenue should increase by
9,00%, as per the escalation agreements. Therefore the overall decline is 11,34%
(9,00% + 2,34%). This is made up of the loss of rental for the full twelve
months from the sale of the Baragwanath property the previous year, as well as
the loss of three months` rental from the sale of the Anderbolt (Boksburg)
property.
This accounts for 8,98% of the 11,34%. In addition, the non-escalation of the
rental on the vacant premises, Anderbolt (Boksburg) (three months), Lea Glen,
Wembley (Glenesk) and Garthdale account for 2,36% of the 11,34% rental decline.
The following transactions were concluded during the financial year:
Our Boksburg and Baragwanath properties were sold for R4,5 million and R5,4
million, excluding VAT, respectively.
The maintenance expenditure on our properties amounted to R0,55 million.
Operating expenses decreased from R7,8 million to R2,1 million compared to the
last financial year.
The major reason for the decline in operating expenses is due to the revaluation
of the properties. If the effects of the revaluation are eliminated, then the
operating expenses increased from R1,1 million in 2003 to R2,8 million in 2004.
The main contributory factors were salaries paid, commission on sale of
properties and property maintenance expenses.
Net profit before taxation was R28,9 million (2003: R23,7 million).
After applying STC on dividends the net profit after tax was R17,4 million
(2003: R12,0 million).
Interest received increased from R2,5 million to R2,6 million as a result of the
cash receipts from the sale of properties. Cash and cash equivalents as at the
end of the financial year were R15,5 million (2003: R24,0 million). Accounts
receivable were R7,8 million (2003: R6,4 million).
Valuation of propertiesA net upward adjustment of R2,5 million was made relating
to the signed sale agreements of the Wembley (Glenesk) and Alrode properties,
offsetting the new devaluation of R1,9 million of other properties based on the
directors` valuation, at balance sheet date. The net revaluation amounted to
R654 400.
Property acquisitionAs per our plan to diversify our asset base and invest in
alternative forms of property, the Group acquired a residential development
property (`Lancol`) at a cost of R13,571 million. The transfer of the property
was completed on 25 May 2004.
The firm of Di Cicco & Buitendag has been appointed as Town Planning and
Property Consultants. Knutton Consulting has been appointed as Engineering
Consultants.
LoansThe company has no loans.
Capital commitmentsThe Group has no capital commitments at year-end. However,
development costs for the `Lancol` property have not yet been finalised or
contracted for (2003: Nil).
Future prospectsAgreements have been signed for the sale of a further two
properties, Glenesk (Wembley) and Alrode, for a consideration of R5,5 million
and R4,5 million, respectively.
As reported in the interim statement, the directors stated that the time is
right to investigate diversification into other property development projects in
industrial, commercial and residential markets.
As reported previously, a plan has been developed to grow Putco Properties into
a fully-fledged property investment company by acquiring quality, income-
producing retail and office properties throughout South Africa and at the same
time disposing of the currently owned properties that do not fall into our long-
term plans. Developments into the middle/upper residential market will also be
considered. Our cash position will allow us to pursue this.
Dr JH de LoorChairman14 September 2004
DECLARATION OF ORDINARY DIVIDEND
ORDINARY DIVIDEND NO. 31
The directors have decided to declare a final dividend of 30 cents per share.
Including the interim dividend of 25 cents, the total for the year will be 55
cents (2003: 55 cents). This dividend will be paid on Monday, 25 October 2004,
to shareholders recorded in the register on Friday, 22 October 2004. The last
day to trade `cum` dividend will be Friday, 15 October 2004. The full details
were announced on 17 September 2004.RECONCILIATION OF HEADLINE EARNINGS PER
SHARE AND EARNINGS PER SHARE
Group
2004 2003
R`000 R`000
Earnings per share (in cents)
The calculation is based on earnings of 60,3 41,8
R17 372 000 (2003: R12 028 000) and on the
weighted average number of 28 793 000
(2003: 28 793 000) shares in issue for the
year
No diluted earnings have been calculated
as there are no dilutive potential
ordinary shares as at 30 June 2004 (2003 -
no dilutive potential ordinary shares)
Headline earnings per share (in cents)
Headline earnings per share has been 58,1 64,3
calculated in terms of Circular 7 of 2002
and excludes profits of a capital nature.
Reconciliation of headline earnings:
Net profit for the year 17 372 12 028
Adjusted for:
- Profit on sale of investment properties (1) (199)
- Fair value adjustment of investment (654) 6 703
properties
Headline earnings 16 717 18 532
AUDITORS
Ernst & Young have audited the information contained herein. Their audit
opinion is available for inspection at the registered office of Putco Properties
Limited, Mimosa Park, Mimosa Way, Gallo Manor, Sandton.
ANNUAL GENERAL MEETING
The 17th annual general meeting of members of the Company will be held at 11h30
on Tuesday, 16 November 2004, at the registered office of the
Company, `Mimosa Park`, Mimosa Way, Gallo Manor, Sandton.
Registered Office: Transfer Secretaries:
Mimosa Park Computershare Investor
Mimosa Way Services 2004 (Pty) Limited
Gallo Manor (Registration Number
Sandton, 2199 2004/003647/07)
70 Marshall Street
Johannesburg, 2001
Sponsor:
Ernst & Young Sponsors (Pty) Ltd
(Registration number 2000/031843/07)
52 Corlett Drive
Illovo, 2196
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