Growthpoint - Headline earnings per linked unit
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN: ZAE000037669
(`Growthpoint`)
SENS ANNOUNCEMENT
On 22 February 2005, Growthpoint Properties Limited (`Growthpoint`) published on
SENS its unaudited interim results for the 6 months ended 31 December 2004.
Growthpoint published figures for earnings per share and headline earnings per
share but did not publish headline earnings per linked unit.
The only difference between these figures is that debenture interest is added
back to arrive at the headline earnings per linked unit.
As requested by the JSE Securities Exchange South Africa, we are publishing the
headline earnings per linked unit as follows:
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Dec 2004 31 Dec 30 June
2003 2004
Weighted number of shares in 652,767,981 623,100,09 592,528,105
issue 2
R`000 R`000 R`000
Basic earnings 232 208 443
Fair value adjustment - (956,138) 479 (383,522)
investment property
Capital gains taxation 286,841 (144) 112,892
Headline loss attributable (669,065) 543 (270,187)
to linked unitholders
add back: debenture interest 231,897 208,552 442,797
paid
Headline (loss) / earnings (437,168) 209,095 172,610
attributable to linked
unitholders
cents cents cents
Headline (loss) / earnings (66.97) 33.56 29.13
per linked unit
The disclosure of headline earnings per linked unit is not meaningful as the
calculation excludes the revaluation of investment property but includes the
fair value adjustments in respect of financial instruments. The company`s policy
is to reflect debentures at fair value and any increase in the value of
investment property results in a corresponding increase in the debenture
liability.
Sandton
15 March 2005
Sponsor
Investec Bank Limited
Date: 15/03/2005 11:19:02 AM
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