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Calulo - Interim unaudited consolidated financial results of the group for the 6
months ended 31 December 2004
Calulo Property Fund
(formerly ANNUITY PROPERTY FUND LIMITED)
(`the company` or `Calulo`)
(Reg No. 1987/006274/06)
Incorporated in the Republic of South Africa
Share code : CLO ISIN : ZAE000060711
INTERIM UNAUDITED CONSOLIDATED FINANCIAL RESULTS OF THE GROUP FOR THE 6 MONTHS
ENDED 31 DECEMBER 2004
Summarised group income statement
Unaudited Audited Unaudited
6 months 12 months 6 months
ended ended ended
R000`s 31 Dec 2004 30 June 2004 31 Dec 2003
Revenue 599 1,125 555
Operating profit before
abnormal items 145 378 276
Revaluation of investment
properties - 350 -
Operating profit 145 728 276
Financial costs (223) (521) (276)
Taxation (46) (55) (62)
(Loss)/profit attributable
to linked unitholders (124) 152 (62)
Attributable (loss)/profit
per linked unit
(in cents) (39.2) 0.7 (0.2)
Headline (loss) per linked
unit (in cents) (39.2) (1.0) (0.2)
The difference between the attributable profit and the headline loss per linked
unit for the year ended 30 June 2004 results from the upward revaluation of an
investment property of R0,35 million.
Number of shares in issue
(000`s) 317 317 31,654
Number of linked units in
issue (000`s) 317 317 -
Summarised group statement of changes in equity
R000`s Share Share Accumulated
capital premium loss Total
Balance at 30 June 2003 316 15,247 (14,876) 687
Attributable profit
for the year - - 152 152
Capital reduction (313) (15,193) 14,876 (630)
Balance at 30 June 2004 3 54 152 209
Attributable loss 6 months
ended 31 December 2004 - - (124) (124)
Balance at 31 December 2004 3 54 28 85
Summarised group balance sheet
Unaudited Audited Unaudited
31 Dec 30 June 31 Dec
R000`s 2004 2004 2003
Capital employed
Unitholders` interests 85 209 625
Long term mortgage finance - 3,255 3,210
Debentures 630 630 -
715 4,094 3,835
Employment of capital
Investment property 5,000 5,000 4,650
Net current assets (1,126) (906) (815)
Short term mortgage finance (3,159) - -
715 4,094 3,835
Net asset value per
share (cents) 26.90 66.10 2.00
Number of shares in
issue (000`s) 317 317 31,654
Net asset value per linked
unit (cents) 225.90 265.2 -
Number of linked units in
issue (000`s) 317 317 -
Summarised group cash flow statement
Unaudited Audited Unaudited
6 months 12 months 6 months
ended ended ended
31 Dec 30 June 31 Dec
R000`s 2004 2004 2003
Cash flows from operations 145 378 276
Movements in working capital (27) 524 340
Financial costs (223) (521) (276)
Cash flows from operating
Activities (105) 381 340
Taxation paid - - -
Net cash from operating
Activities (105) 381 340
Cash effects of investment
and operating activities (96) (104) (149)
Net movement in cash (201) 277 191
Net cash at beginning of
period 314 37 37
Net cash at end of period 113 314 228
Comments:
1. The financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.The accounting policies
used are consistent with those in the previous financial year.
2. No distributions have been declared and none are recommended.
3. The increase in the net loss attributable to linked unitholders over the 6
month period ended 31 December 2003 is directly related to the employment of
staff in anticipation of the injection of new properties into the company.
4. During the year ended 30 June 2004 the company`s capital was restructured to
reconstitute the company as a variable loan stock company. The details of this
re-structure are contained in the circular sent to shareholders dated 30 January
2004.The effect of the re-stucture was to create linked units comprising 1
debenture of 199 cents and 1 share of 1 cent. Consequently the number of shares
in issue was reduced to 316 542 ordinary shares linked to a similar number of
debentures.
5. It was announced on 3 September 2004 that Calulo Properties (Proprietary)
Limited, a company controlled by Calulo Investments (Proprietary) Limited had,
subject to certain conditions, agreed to purchase 95.5% of the issued linked
units in Annuity Property Fund Limited from Edge to Edge 188 (Pty) Limited, a
company controlled by Nedbank Limited. In terms of the provisions of the
Securities Regulation Code, an offer to the minority unit holders was posted to
unitholders on 11 March 2005.
6. With effect from 17 December 2004 the unitholders of the company approved the
necessary ordinary and special resolutions to change the name of the company to
Calulo Property Fund Limited and to make certain minor amendments to the
Debenture Trust Deed.
7. The company is in the process of acquiring 16 new properties for R365 249 650
before costs. Subject inter alia to unitholder approval, 74 168 400 new linked
units are to be issued at 210 cents per linked unit as part payment to the
vendors. The details of these acquisitions are contained in the circular posted
to unitholders on Friday, 11 March 2005.
For and on behalf of the Board
M Faku (Chairman)
R J Harman (CEO)
Registered office
2a Delaney Rd, Plumstead, 7800
PO Box 610, Plumstead, 7801
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
P O Box 61051, Marshalltown, 2107
Cape Town, 23 March 2005
Directors: RJ Harman*, M Diale, M Faku, N Madikizela* (*Executive)
Company Secretary: C K Loydall (Mrs)
Date: 23/03/2005 03:00:13 PM
Produced by the JSE SENS Department
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