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AMBIT PROPERTIES LIMITED - ABRIDGED RESULTS ANNOUNCEMENT
AMBIT PROPERTIES LIMITED
Registration number: 2001/007003/06
Share code: ABT ISN code: ZAE000051645
AUDITED ABRIDGED FINANCIAL RESULTS AND DISTRIBUTION FOR THE 8 MONTH PERIOD ENDED
30 SEPTEMBER 2004, AND NOTICE OF GENERAL MEETING
Unitholders are advised that the preliminary results of Ambit as announced on 22
November 2004, has been amended, details of which are set out in the comments
below. These amendments do not affect the distribution to unitholders as set
out in the previous announcement, and which was paid on 13 December 2004.
Distribution exceeds prospectus forecast by 4,7%
Vacancy factor < 1% 28,2% of issued units traded
The Directors of Ambit Properties Limited submit their report on the group
financial results for the 8 month period from 4 February to 30 September 2004
GROUP INCOME STATEMENT
Notes 4 Feb 2004 to
30 Sept 2004
R`000
Revenue 64 951
Net rental income from properties 39 835
Interest earned 416
Finance costs (19 452)
Debenture interest income from associate 4 033
Profit before fair value adjustments 24 832
Change in fair value of investment property 35 644
Profit after fair value adjustments 60 476
Share of associate company`s after tax profits 1 492
Debenture interest (26 520)
Profit before taxation 35 448
Taxation expense (10 239)
Net profit attributable to linked unitholders 25 209
Headline earnings per linked
unit (cents) (weighted) 17,04
Earnings per linked unit
(cents) (weighted) 32,86
Distributable earnings per
linked unit (cents) 16,75
Distribution per linked unit (cents) 16,75
GROUP BALANCE SHEET
30 Sept 2004
R`000
ASSETS
Non-current assets
Investment properties 555 500
Investment in associate 65 836
621 336
Current assets
Trade and other receivables 5 385
Cash resources and short-term investments 29 286
34 671
Total assets 656 007
EQUITY AND LIABILITIES
Capital and reserves
Share capital and reserves 53 076
Non-current liabilities
Debentures 284 989
Interest bearing borrowings 275 654
Deferred tax liability 10 239
570 882
Current liabilities
Trade and other payables 5 529
Linked unitholders for distribution 26 520
32 049
TOTAL EQUITY AND LIABILITIES 656 007
GROUP CASH FLOW STATEMENT
4 Feb 2004 to
30 Sept 2004
R`000
OPERATING ACTIVITIES
Cash generated by operating activities 39 979
Adjusted for:
Interest received 416
Investment income 4 033
Finance costs (19 452)
Distribution to linked unitholders -
Cash inflow from operating activities 24 976
INVESTING ACTIVITES
Acquisition of associate (64 344)
Acquisition of investment properties (519 754)
Improvements to investment properties (102)
Cash outflow from investing activities (584 200)
FINANCING ACTIVITIES
Linkedits issued 316 652
Share issue expenses (3 796)
Long-term loans raised 275 654
Cash inflow from financing activities 588 510
Net increase in cash and cash equivalents 29 286
Cash and equivalents at beginning of period -
Cash and equivalents at end of period 29 286
GROUP STATEMENT OF CHANGES IN EQUITY
Reval- Distrib-
Share Share uation utable
capital premium reserve reserves Total
R`000 R`000 R`000 R`000 R`000
On listing on
4 February 2004 1 493 28 361 - - 29 854
Shares issued
during the
period 90 1 719 - - 1 809
Initial expenses
charged
against share
premium - (3 796) - - (3 796)
Net profit
for the year - - - 25 209 25 209
Transfer to
Revaluation
Reserve - - 24 952 (24 952) -
Balance at
30 September
2004 1 583 26 284 24 952 257 53 076
Although the distribution is unaffected, the above results differ from the
preliminary results released on 22 November 2004 in the following areas:
Based on expert advice received from Ambits auditor`s, KPMG Inc. on the
treatment of deferred taxation on the revaluation of investment properties,
deferred tax was applied at 15% in the preliminary results, being the rate at
which the realised capital gain would be taxed, should a property be disposed
of. Subsequent to the release of the preliminary results, KPMG Inc. has provided
the directors with different advice that their technical interpretation is that
deferred taxation should be applied at 30%. The audited results have therefore
been adjusted to reflect this change. The following numbers have been affected:
Deferred taxation expense and deferred taxation liability have increased by R5,3
million
Transfers to revaluation reserve and revaluation reserve have decreased by R5,3
million
These items flow through to the statement of changes in equity.
KPMG Inc. originally advised that the revaluation of investment properties
should be disclosed net of the deferred taxation provided, and has now advised
that it should be shown as a gross amount, with the deferred taxation shown in
the taxation expense line. This has affected the following:
The change in the fair value of the investment properties in the income
statement has increased by R5,3 million, and the taxation expense line has
increased by a further R5,3 million
Other than the above amendments, no other amendments were made to the
preliminary results released on 22 November 2004.
The net result of the above amendments are to reduce net profit attributable to
linked unitholders by R5,3 million and earnings per linked unit by 3,4 cents per
unit.
Notice is hereby given of the Annual General Meeting of the company to be held
on Wednesday 16 February 2005 at 10am at the offices of ABSA, Ground floor,
Palazzo Towers West, Monte Casino Boulevard, Fourways.
7 January 2004
On behalf of the board
DL Brown Chairman
NBS Harris Chief Executive Officer
Directors: DL Brown (Chairman), NBS Harris (CEO)*, JH Beare, CJ Ewin,
NP Mageza, IN Moloto, F Uys, F Meisenholl (alternate) *executive
news@ambitprops.co.za
http://www.ambitprops.co.za
Registered Office
Ambit Properties Limited
1st Floor, Palazzo Towers West
Monte Casino Boulevard
Fourways, 2055
PO Box 783676
Sandton, 2196
AUDITORS
KPMG Inc.
20 Kingsmead Boulevard
Kingsmead Office Park, Durban, 4001
PO Box 1496, Durban, 4000
SPONSOR
EXCHANGE SPONSORS
Registration number 1999/024433/07
Hyde Park Manor, 79 Hyde Lane, Hyde Park, 2196
PO Box 411216, Craighall, 2024
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Ltd
Registration number 2004/0003647/07
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
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