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Atlas - ABRIDGED ANNUAL FINANCIAL STATEMENTS for the year ended 30 September
2004
ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Reg No 1988/000742/06)
JSE Share Code: ATS ISIN Code: ZAE000008975
ABRIDGED ANNUAL FINANCIAL STATEMENTS for the year ended 30 September 2004
The audited consolidated results of the group for the year ended 30 September
2004 are as follows:
2004 2003
(R`000) (R`000)
CONSOLIDATED INCOME STATEMENT
Revenue 169,699 188,529
Trading income 97,377 93,086
Depreciation (1,461) (1,240)
Surplus on revaluation of investment 81,503 58,139
properties
Profit on disposal of investment 3,755 212
properties
Goodwill amortised (101) (101)
Net operating profit 181,073 150,096
Interest received 2,062 4,326
Interest paid on borrowings (34,407) (36,150)
Debenture premium & discount amortised 2,214 2,208
Profit before interest on debentures 150,942 120,480
Interest on debentures (62,852) (59,309)
Profit before taxation 88,090 61,171
Taxation (15,382) (243)
Net profit 72,708 60,928
Earnings per share (cents) 113.989 95.593
Headline earnings per linked unit 102.494 97.255
(cents)
Weighted average linked units in issue 63,785 63,737
(`000)
Reconciliation of earnings to headline
earnings
Earnings 72,708 60,928
Surplus on revaluation of investment (81,503) (58,139)
properties
Deferred tax on revaluation of 14,973 -
investment properties
Profit on disposal of investment (3,755) (212)
properties
Goodwill amortised 101 101
Headline earnings attributable to 2,524 2,678
shareholders
Interest on debentures 62,852 59,309
Headline earnings attributable to 65,376 61,987
unitholders
ABRIDGED CONSOLIDATED BALANCE SHEET
Property, plant and equipment 895,700 812,063
Goodwill 759 860
Loans 5,483 8,929
Current assets 38,586 49,099
Total assets 940,528 870,951
Capital and reserves 271,601 201,228
Debentures 312,861 312,545
Treasury debentures (267) (738)
Other long-term liabilities 277,570 298,481
Deferred taxation 15,303 313
Current liabilities 63,460 59,122
Total equity and liabilities 940,528 870,951
ABRIDGED CONSOLIDATED CASH FLOW
STATEMENT
Cash generated from operations 108,916 73,595
Net interest paid (32,345) (31,824)
Taxation paid (125) (289)
Distribution to unitholders (61,084) (57,822)
Cash flows from operating activities 15,362 (16,340)
Cash flows from investing activities 4,486 8,723
Cash flows from financing activities (20,911) 9,487
Net (decrease)/increase in cash and cash (1,063) 1,870
equivalents
Cash and cash equivalents at beginning 2,109 239
of year
Cash and cash equivalents at end of year 1,046 2,109
STATEMENT OF
CHANGES IN
EQUITY
Accumu- Non-
Share Share Treasury Debenture lated Distribu-
table
Capital Shares Premium Funds Reserves Total
Premium
R`000 R`000 R`000 R`000 R`000 R`000 R`000
Balance at 1
October 2002
As previously
reported
3,181 4,368 - 27,566 326 107,297 142,738
Change in
accounting
policy (see
Note) - - - - - 329 329
Restated
balance at 1
October 2002 3,181 4,368 - 27,566 326 107,626 143,067
Issue of
linked units 8 2 - 255 - - 265
Net purchase
of treasury
shares - - (7) - - - (7)
Profit on
disposal of
treasury
shares and
debentures - - - - - 13 13
Prior year
income from -
associate - - - - 2,772 (2,772)
Net profit - - - - 60,928 - 60,928
The Atlas
Employee
Trust
expenses - - - - 14 (14) -
Dividends - - - - (514) - (514)
Surplus on
revaluation
of investment
properties
- - - - (58,139) 58,139 -
Profit on
disposal of
investment
properties - - - - (212) 212 -
Goodwill - - - - 101 (101) -
amortised
Debenture
premium and
discount
amortised - - - (2,524) (2,208) 2,208 (2,524)
Balance at 30
September
2003 3,189 4,370 (7) 25,297 3,068 165,311 201,228
Net disposal
of treasury
shares - - 4 - - - 4
Profit on
disposal of
treasury
shares and
debentures - - - - - 405 405
Net profit - - - - 72,708 - 72,708
The Atlas
Employee
Trust
expenses - - - - 85 (85) -
Dividends - - - - (214) - (214)
Revaluation
of investment
properties
Surplus
- - - - (81,503) 81,503 -
Deferred
taxation
thereon - - - - 14,973 (14,973) -
Profit on
disposal of
investment
properties - - - - (3,755) 3,755 -
Goodwill
amortised - - - - 101 (101) -
Debenture
premium and
discount
amortised - - - (2,530) (2,214) 2,214 (2,530)
Balance at 30
September
2004 3,189 4,370 (3) 22,767 3,249 238,029 271,601
Note
The annual financial statements are prepared in accordance with South African
Statements of GAAP. Except for the treatment of The Atlas Employee Trust, the
same accounting policies and methods of computation were followed as adopted
in the financial statements for the year ended 30 September 2003. The Atlas
Employee Trust is now consolidated. This change in policy has been applied
retrospectively and comparative figures have been restated.
The annual financial statements have been audited by Deloitte & Touche. A
copy of the unqualified report is available for inspection at the company`s
registered office.
Notice is hereby given that the 17th annual general meeting of unitholders of
Atlas Properties Ltd will be held in the boardroom of Atlas Properties Ltd,
121 Roodebloem Road, Woodstock, Cape Town on Wednesday, 26 January 2005 at
12h00 totransact the business as stated in the annual general meeting notice
forming part of the annual financial statements.
The annual financial statements and the notice of the annual general meeting
was posted to unitholders on 23 December 2004.
By order of the Board
Atlas Management Services (Pty) Ltd Cape Town
Secretaries 23 December 2004
Registered address:
121 Roodebloem Road, Woodstock, 7925
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Date: 23/12/2004 03:22:11 PM
Produced by the JSE SENS Department
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