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Metboard - Announcement
METBOARD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/005425/06)
Share code: MPL
ISIN CDE: ZAE000014874
(`Metboard`)
Further to the interim results announcement dated 11 November 2004 a revised
reconciliation of basic earnings to headline earning attributable to linked
unitholders is detailed below as required by the JSE Securities Exchange of
South Africa (`JSE`):
6 months 6 months 12 months
Sep 2004 Sep 2003 Mar 2004
R`000 R`000 R`000
Unaudited Unaudited Audited
Reconciliation of Basic
earnings to Headline earnings:
Basic earnings / (loss) (27,825) 118 34,894
attributable to shareholders
Loss / (profit) on sale of 1,466 (16) 2,574
investment property
Fair value adjustment - - 0 (73,836)
investment property
Capital gains taxation - 0 11,873
Headline earnings/(loss) (26,359) 102 (24,495)
attributable to shareholders
Add back: debenture interest 47,297 36,825 87,496
paid
Headline earnings attributable 20,938 36,927 63,001
to linked unitholders
Weighted average linked units 240,604,852 204,785,577 215,568,511
in issue
Headline earnings per linked 8.70 18.03 29.23
unit (cents)
The disclosure of headline earnings per linked unit set out above is the
alternative disclosure to headline earnings per share, allowed by the JSE
allowing for the fact that the share is traded as part of a linked unit and
investors are interested in the earnings attributable to the linked units,
including the debenture interest paid.
However, even this measure is not meaningful to investors as headline
earnings include fair value adjustments for financial instruments, which are
necessary to reflect a fair value balance sheet position but do not affect
the amount of distributions
Metboard is of the view that the only meaningful measure of the performance
of a Property loan stock company is Distributable earings per linked unit as
stated in our announcement of 11 November 2004
Johannesburg
24 November 2004
Sponsor
Investec Bank Limited
Date: 24/11/2004 02:30:04 PM
Produced by the JSE SENS Department
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