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Prima - Interim Results
Managed by Prima Property Trust Managers Limited
A collective investment scheme in property, registered as such in terms
(Incorporated in the Republic of South Africa)
of the Collective Investment Schemes Control Act no. 45 of 2002
Prima Property Trust
(Registration number 1969/011594/06)
Share code: PRM ISIN: ZAE000005641
(`Prima`)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2004
CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Audited
six months six months ten months
ended ended ended
31 October 31 December 30 April
2004 2003 2004
R`000 R`000 R`000
Revenue
Rental income and recoveries 51 576 24 188 55 434
Interest received 324 641 957
51 900 24 829 56 391
Operating expenses 16 682 8 151 17 093
Finance charges 7 256 2 849 7 628
Operating income before
revaluation
and taxation 27 962 13 829 31 670
Net surplus on revaluation of
investment property - - 34 406
Net profit before taxation 27 962 13 829 66 076
Taxation - - (3 722)
Net profit after taxation 27 962 13 829 62 354
Units in issue and to be issued 518 600 182 406 091 527 406 091 523
Weighted average units 425 875 840 246 288 842 309 423 999
Earnings per unit (cents) 6,57 5,61 20,15
Headline earnings per unit
(cents) 6,57 5,61 10,24
Distributions per unit (cents) 6,50 5,28 9,71
Final - - 4,43
Interim 6,50 5,28 5,28
CONSOLIDATED BALANCE SHEET Unaudited Unaudited Audited
31 October 31 December 30 April
2004 2003 2004
R`000 R`000 R`000
ASSETS
Non-current assets
Tangible assets 711 398 472 006 510 643
Current assets 39 383 26 546 24 618
Trade and other receivables 7 340 12 911 5 041
Cash and cash equivalents 32 043 13 635 19 577
Total assets 750 781 498 552 535 261
EQUITY AND LIABILITIES
Stated capital 405 140 308 400 308 400
Non-distributable reserve 61 505 29 360 61 505
Retained earnings (1 058) - (1 519)
Total equity and reserves 465 587 337 761 368 386
Non-current liabilities 249 367 139 113 142 243
Long-term liabilities 246 200 139 113 139 076
Deferred taxation 3 167 - 3 167
Current liabilities 35 827 21 679 24 632
Trade and other payables 7 749 7 813 6 065
Unitholders for distribution 27 523 13 866 18 012
Current liabilities 35 827 21 679 24 632
Trade and other payables 7 749 7 813 6 065
Unitholders for distribution 27 523 13 866 18 012
Taxation 555 - 555
Total equity and liabilities 750 781 498 552 535 261
Net asset value per unit (cents) 89,78 83,16 90,72
CONSOLIDATED CASH FLOW Unaudited Unaudited Audited
STATEMENT six months six months ten months
ended ended ended
31 October 31 December 30 April
2004 2003 2004
R`000 R`000 R`000
Cash flow from operating
activities 9 357 (7 547) 2 910
Cash generated from operations
before
working capital changes 34 894 16 037 38 588
Working capital changes (615) (5 162) 924
Interest income 324 641 957
Finance charges (7 256) (2 849) (7 628)
Distributions to unitholders (17 990) (16 214) (29 931)
Cash flows from investing
activities (200 755) (348 416) (352 894)
Cash flows from financing
activities 203 864 347 384 347 347
Net increase/(decrease) in cash
and cash equivalents 12 466 (8 579) (2 637)
Cash and cash equivalents at
beginning of period 19 577 22 214 22 214
Cash and cash equivalents at end
of period 32 043 13 635 19 577
Stated Revaluation Retained
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
capital reserve earnings Total
R`000 R`000 R`000 R`000
Balance at 1 July 2003 100 129 29 360 2 129 491
Net profit for the
period 13 829 13 829
Issue of new units 208 271 - - 208 271
Distributions (13 831) (13 831)
Balance at 31 December
2003 308 400 29 360 - 337 760
Balance at 1 May 2004 308 400 61 505 (1 520) 368 386
Net profit for the
period 27 962 27 962
Issue of new units 96 740 96 740
Distributions (27 500) (27 500)
Balance as at
31 October 2004 405 140 61 505 (1 058) 465 587
BASIS OF PREPARATION
The unaudited interim financial statements have been prepared in accordance
with South African Statements of Generally Accepted Accounting Practice. The
accounting policies applied in the preparation of the unaudited interim
financial statements are consistent with those applied in the audited financial
statements for the 10 months ended 30 April 2004. The financial statements have
not been reviewed by Prima`s auditors.
COMMENTS
Review of results
Headline earnings of 6,57 cents per unit are 17% higher than those for the
comparative period ended 31 December 2003. Distribution for the six months
ended 31 October 2004 increased by 23,1% to 6,5 cents (2003: 5,28 cents) per
unit.
Non current assets at 31 October 2004 increased from 30 April 2004 by 39,3% to
R711,4 million.
Net asset value per unit is 89,78 cents (December 2003: 83,16 cents).
Segmental analysis:
October 2004 December 2003
R`000 % R`000 %
Revenue
Retail 26 683 52 13 998 58
Offices 18 454 36 7 704 32
Industrial 6 439 12 2 486 10
51 576 100 24 188 100
Net profit after
taxation
Retail 14 466 52 8 003 58
Offices 10 005 36 4 405 32
Industrial 3 491 12 1 421 10
27 962 100 13 829 100
Industrial 3 491 12 1 421 10
27 962 100 13 829 100
6,5% of current gross lettable area is vacant.
Acquisitions
Prima acquired 45 properties from Ellerine Bros. group of companies with effect
from 1 October 2004 for a total purchase consideration of R198 100 000 payable
R102 200 000 in cash and by the issue of 111 511 627 units at an issue price of
86 cents per unit which rank for a pro rata portion of the distribution only in
respect of October 2004.
Transfer of 42 properties was effected on 24 November 2004 and transfer of the
remaining 3 properties is expected to be registered shortly.
Valuation of investment properties
In accordance with Prima`s policy, investment properties are independently
valued annually at the financial year-end.
Material related party transactions
R`000
Madison Property Fund Managers
(Proprietary) Limited 3 986
Initial charge and promoters` fee
Prima Property Trust Managers Limited 2 079
Asset management fee
Standard Bank Properties 6 243
Interest on borrowings
Post-Balance sheet events
Prima has disposed of 3 properties to ApexHi Properties Limited for a total
purchase consideration of R115 million payable in cash effective from date of
transfer which was registered on 24 November 2004.
Prima has acquired 34 properties from a wholly-owned subsidiary of Ellerine
Holdings Limited with effect from 1 November 2004 for an aggregate purchase
price of R82 million payable R60 million in cash and the balance by the issue
of 24 444 444 units at an issue price of 90 cents per unit.
After the above transactions have been implemented, Prima will have gearing of
29%.
Directorate
Mr M J Cullabine was appointed to the Board of Prima Property Trust Managers
Limited as an independent non-executive director on 5 October 2004.
Management
Mr S Jersky resigned as a director of Prima Property Trust Managers Limited on
8 December 2004. Wolf Cesman will act as CEO pending a new appointment.
Prospects
The distribution per unit for the six months ending 30 April 2005 is expected
to be at least equal to that for the six months ended 31 October 2004. This
forecast has not been reviewed or reported on by Prima`s auditors.
DISTRIBUTION
Notice is hereby given of distribution no. 72 of 6,5 cents per unit for the six
months ended 31 October 2004.
Last date to trade cum distribution Friday, 31 December 2004
Units commence trading
ex-distribution Monday, 3 January 2005
Record date Friday, 7 January 2005
Payment date of distribution No 72 Monday 10 January 2005
Unit certificates may not be dematerialised or rematerialised between Monday,
3 January 2005 and Friday, 7 January 2005, both days inclusive.
On behalf of the Board of Prima Property Trust Managers Limited
N F J Haasbroek W E Cesman
Chairman Director
8 December 2004
Directors: N F J Haasbroek* (Chairman), W E Cesman*, M J Cullabine*,
M Wainer* (* Non-Executive)
Registered Office Transfer Secretaries
2 Arnold Road Computershare Investor
Rosebank, 2196 Services 2004 (Pty) Ltd
PO Box 3426, 70 Marshall Street
Parklands, 2121 Johannesburg, 2001
www.prima.co.za PO Box 61051, Marshalltown, 2107
Tel:+ 27 11 283 0000 Tel:+ 27 11 370 5200
Sponsor and Company Secretary
Corporate Advisor Probity Business Services (Pty) Ltd.
Java Capital (Pty) Ltd PO Box 85392, Emmarentia, 2129
Tel: + 27 11 327 7146
Date: 09/12/2004 07:00:16 AM
Produced by the JSE SENS Department
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