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MICC - Reviewed Financial Results for the year ended 30 September 2004
MICC PROPERTY INCOME FUND LIMITED
(Formerly Clidet No. 455 (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2003/013376/07)
South African share code: MCP
Namibian share code: MCO
ISIN: ZAE000050175
Reviewed Financial Results for the year ended 30 September 2004
INCOME STATEMENTS
for the year ended 30 September 2004
GROUP COMPANY
2004 2004
R`000 R`000
Revenue 167 237 -
Property expenses (48 778) -
Other operating expenses (8 700) (4 350)
Operating profit/(loss) 109 759 (4 350)
Fair value adjustment 80 974 -
Capital profit on disposal
of investment properties 142 -
Profit/(loss) from operations 190 875 (4 350)
Income from investments 1 709 48 968
Profit from ordinary activities
before finance charges 192 584 44 618
Finance charges (57 066) -
Profit before debenture interest 135 518 44 618
Debenture interest (48 962) (48 962)
Profit/(loss) before taxation 86 556 (4 344)
Taxation (27 921) -
Profit/(loss) after taxation 58 635 (4 344)
Cents
Earnings per share (cents) 87.53
Headline loss per share (cents) (0.24)
CASH FLOW STATEMENTS
for the year ended 30 September 2004
GROUP COMPANY
2004 2004
R`000 R`000
CASH FLOWS FROM
OPERATING ACTIVITIES 46 016 (4 350)
Cash generated from operations 126 575 (28 530)
Investment income 1 709 48 968
Finance charges (57 066) -
Distribution to linked unitholders (24 788) (24 788)
Taxation paid (414) -
CASH FLOWS FROM
INVESTING ACTIVITIES (860 725) (365 897)
Acquisition of investment properties (669 528) -
Acquisition of subsidiary (170 827) (170 827)
Transaction costs on initial
recognition (17 688) -
Proceeds on disposal of investment
properties 619 -
Acquisition of furniture, fittings,
equipment and installations (3 301) -
Loans advanced to subsidiaries - (195 070)
CASH FLOWS FROM
FINANCING ACTIVITIES 836 352 370 247
Proceeds from issue of ordinary share
capital net of transaction costs 33 391 33 391
Proceeds from issue of debentures
net of transaction costs 300 516 300 516
Long-term borrowings raised 502 445 36 340
Net increase in cash and cash
equivalents 21 643 -
Cash and cash equivalents at
the beginning of the year - -
Cash and cash equivalents at the end
of the year 21 643 -
BALANCE SHEETS
at 30 September 2004
GROUP COMPANY
2004 2004
R`000 R`000
ASSETS
Non-current assets 941 480 365 897
Investment properties 938 540 -
Furniture, fittings, equipment
and installations 2 940 -
Investment in subsidiaries - 365 897
Current assets 27 656 24 180
Trade and other receivables 6 013 24 180
Cash and cash equivalents 21 643 -
Total assets 969 136 390 077
EQUITY AND LIABILITIES
Unitholders capital
Share capital 67 67
Share premium 33 324 33 324
Reserves 58 629 (4 350)
Shareholders` funds 92 020 29 041
Linked debenture liabilities 300 516 300 516
Linked unitholders interest 392 536 329 557
Non-current liabilities 524 762 36 340
Long-term borrowings 502 445 36 340
Deferred taxation 22 317 -
Current liabilities 51 838 24 180
Trade and other payables 22 468 -
Taxation payable 5 190 -
Linked unit distribution payable 24 180 24 180
Total equity and liabilities 969 136 390 077
STATEMENTS OF CHANGES IN EQUITY
for the year ended 30 September 2004
Share Share Capital Retained
capital premium reserve earnings Total
GROUP R`000 R`000 R`000 R`000 R`000
Balance at
1 October 2003
Linked units issued
in acquiring
properties 54 26 837 - - 26 891
Linked units issued
in terms of a
private
placing 13 6 593 - - 6 606
Offset of share
issue
expenses against
share
premium - (106) - - (106)
Net profit for the
period - - 58 657 (22) 58 635
Dividends declared - - - (6) (6)
Balance at
30 September 2004 67 33 324 58 657 (28) 92 020
Share Share Capital Retained
capital premium reserve earnings Total
COMPANY R`000 R`000 R`000 R`000 R`000
Balance at
1 October 2003
Linked units issued
in acquiring
properties 54 26 837 - - 26 891
Linked units issued
in terms of a
private
placing 13 6 593 - - 6 606
Offset of share
issue
expenses against
share
premium - (106) - - (106)
Net profit for the
period - - - (4 344) (4 344)
Dividends declared - - - (6) (6)
Balance at
30 September 2004 67 33 324 - (4 350) 29 041
RECONCILIATION BETWEEN EARNINGS
AND HEADLINE EARNINGS
for the year ended 30 September 2004
GROUP
2004
R`000
Profit after taxation 58 635
Adjusted for the following:
- Capital profits on disposal of investment
properties (142)
- Net gain from fair value adjustment of
investment properties (80 974)
- Deferred taxation on fair value adjustment of
investment properties 22 317
Headline earnings (164)
Earnings per linked unit (cents) 160.61
Earnings per share (cents) 87.53
Headline earnings per linked unit (cents) 72.84
Headline loss per share (cents) (0.24)
Minimum oblidged distribution per share as
90% of distributable earnings (cents) (73.09)
Linked units in issue 66 992 698
RESULTS
MICC Property Income Fund Limited (`MICC` or `the company`) is pleased to
report its first annual results and to declare its distribution for the six
months ended 30 September 2004. The results do not reflect comparative results,
as the year ended 30 September 2004 was the company`s first year of trade.
The earnings per linked unit exceeded the forecast contained in MICC`s Listing
Prospectus dated 30 September 2003. MICC has benefited from increased occupancy
levels and reduced actual financing costs, which were lower than the cost as
forecasted in the prospectus, thus allowing MICC to declare a total
distribution, which is greater than the total distribution as forecasted in the
Listing Prospectus.
Comparison of forecasted and actual results for the financial year ended 30
September 2004:
Listing
Prospectus Actual
forecast results Variance
R`000 R`000 %
Revenue 160 367 167 237 4
Operating profit 108 158 109 759 (2)
Listing expenses 3 577 3 407 (5)
Operating profit before
listing expenses 111 735 113 166 (2)
Income from investments - 1 709 -
Interest paid (62 413) (57 066) (14)
Operating profit after
interest 49 322 57 809 17
Listing expenses (3 577) (3 407) (5)
Net profit distributable
to linked unit holders 45 745 54 402 19
Notional distribution
to linked unit holders (49 322) (48 962) (1)
Net profit/(loss) after
distribution (3 577) 5 440 -
Capital profit on disposal
of investment properties - 142 -
Fair value adjustment - 80 974 -
Net profit/(loss) before
taxation (3 577) 86 556 -
Linked units in issue 66 992 698 66 992 698
Forecasted distribution
per linked unit (cents) 73.62
Declared distribution
per linked unit (cents) - 77.00 -
Obliged minimum
distribution per linked
unit (cents) - 73.09 -
The information presented for the financial year ended 30 September 2004 has
been prepared in accordance with the company`s accounting policies and
International Financial Reporting Standards (`IFRS`).
The financial information set out in the report has been reviewed by KPMG Inc.
Their unqualified review opinion is available for inspection at the company`s
registered office.
OPERATIONAL REVIEW
MICC currently has 40 properties in its portfolio, which are located throughout
South Africa and Namibia.
The vacancy levels in the portfolio have improved from 8,9% of the gross
lettable area being vacant at the time of listing to 6,1% at 30 September 2004.
OUTLOOK
The Board is confident that the portfolio will continue to perform favourably
for the foreseeable future.
OFFERS TO ACQUIRE ALL OF THE LINKED UNITS IN MICC
During September the Board was informed by two different listed property
companies, that it was their respective intentions to acquire all the issued
linked units in the company.
Documents pertaining to the offer will be forwarded to all linked unit holders
within the foreseeable future. Once received, the Board of MICC will comment
and advise linked unitholders.
DIRECTORATE
During September Greg Chalmers resigned as the Chief Executive Officer and
executive director of the company, and Pieter Ebersohn as a non-executive
director. To date the positions have not been filled.
Until further notice the non-executive chairman Hardie Joubert, and the
chairman of the audit committee, Willie Kruger, agreed to attend to certain
matters concerning the management of the company.
DISTRIBUTION ANNOUNCEMENT
MICC`s final distribution of 40 cents per linked unit is hereby declared.
The distribution has been declared in the currency of the Republic of South
Africa. The interim distribution of 37 cents was declared and paid. Trading in
the STRATE environment requires settlement within five business days. In
accordance with STRATE, the following dates will apply to the distribution.
2004
Last day for trading to qualify for
and participate in the distribution
(`cum` distribution) Friday, 17 December
Trading ex-distribution commences Monday, 20 December
Record date Friday, 24 December
Distribution payment date
(electronic and certificated register) Tuesday, 28 December
Distribution cheques in payment of this distribution will be posted to
certificated linked unitholders on or about Tuesday, 28 December 2004.
Electronic payment to certificated linked unitholders will be undertaken
simultaneously.
Dematerialised linked unitholders will have their accounts at their Central
Securities Depository Participant or broker credited on Tuesday, 28 December
2004.
Any change in address or distribution instruction to apply to this
distribution, must be received by MICC`s transfer secretaries, Computershare
Investor Services 2004 (Pty) Ltd, on or before Friday, 17 December 2004. Linked
unit certificates may not be dematerialised or rematerialised from Monday, 20
December 2004 to Friday, 24 December 2004, both days inclusive.
On behalf of the Board
Hardie Joubert Freek Ludick
Chairman Secretary
2 December 2004
Transfer Secretaries: Secretary and registered office:
Computershare Investor F Ludick, CA(SA)
Services 2004 (Pty) Ltd 2nd Floor, Meersig
70 Marshall Street Constantia Boulevard
Johannesburg, 2001 Constantia Kloof,1709
(PO Box 61051 (PO Box 5029
Marshalltown, 2107) Weltevreden Park, 1715)
Directors:
Hardie Joubert* (Chairman)
Johann de Beer*, Mustaq Brey*, Dries du Toit*, Willie Kruger*
*Non-executive
South African Sponsor:
Java Capital (Pty) Limited
Namibian Sponsoring Broker:
Irwin, Jacobs, Green (Pty) Limited (Member of the NSX)
Date: 02/12/2004 07:25:07 AM
Produced by the JSE SENS Department
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