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Putco Properties Limited - Interim Report for the six months ended
31 December 2004
Putco Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000005567
(`Putprop` or `the Company`)
Interim Report for the six months ended 31 December 2004
Income statement
Six months ended Year ended
31 December 30 June
2004 2003 Change 2004
Rm (Unaudited) (Unaudited) % (Audited)
Gross rentals 13,6 14,1 (3,5) 28,4
Cost of operating 2,2 2,9 (24,1) 2,1
Income before finance income
and taxation 11,4 11,2 1,8 26,3
Net finance income 0,6 1,4 (57,1) 2,6
Income before taxation 12,0 12,6 (4,8) 28,9
Taxation 4,8 5,3 (9,4) 11,5
Net income for period 7,2 7,3 (1,4) 17,4
Shares in issue (weighted average
number) (millions) 28,8 28,8 28,8
Ordinary earnings per share (cents) 24,8 25,3 (2,0) 60,3
Headline earnings per share (cents) 28,3 31,9 (11,3) 58,1
Ordinary dividends per share (cents)30,0 30,0 - 55,0
Reconciliation of headline earnings:
Net profit for period 7,2 7,3 17,4
Adjusted for:
Profit on sale of investment properties - - -
Fair value adjustments on investment
properties 1,0 1,9 (0,7)
Headline earnings 8,2 9,2 (16,7)
Accounting policies
This report has been prepared using the same principles as contained in AC127
-Interim Financial Reporting. The principles adopted herein are consistent,in
all material respects, with those applied in the most recently published
annual financial statements and comply with the requirements of Statements
of South African Generally Accepted Accounting Practice.
Balance sheet
31 December 30 June
2004 2003 2004
Rm (Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets 91,7 89,1 98,1
Current assets 27,6 37,0 23,3
Trade and other receivables 1,7 0.8 7,8
Cash and cash equivalents 25,9 36.2 15,5
Total assets 119,3 126,1 121,4
EQUITY AND LIABILITIES
Equity capital and reserves 116,1 114,6 117,6
Non-current liabilities 0,6 0,6 0,6
Current liabilities 2,6 10,9 3,2
Total equity and liabilities 119,3 126,1 121,4
CAPITAL EXPENDITURE
- authorised but not contracted
for - 0,2 -
RATIOS
Net asset value per share (cents) 403 398 408
Cash flow statement
Six months ended Year ended
31 December 30 June
2004 2003 2004
Rm (Unaudited) (Unaudited) (Audited)
Cash inflow/(outflow) from
operating
activities 5,0 12,3 (2,0)
Cash receipts from customers 21,5 27,3 27,0
Cash paid to suppliers (0,1) (1,2) (5,2)
Net cash generated from operations 21,4 26,1 21,8
Net finance income 0,6 1,4 2,6
Taxation paid (8,3) (6,5) (10,6)
Dividends paid (8,7) (8,7) (15,8)
Cash inflow/(outflow) from
investing
activities 5,4 (0,1) (6,5)
Additions to non-current assets (0,1) (0,1) (13,7)
Proceeds on disposal of property 5,5 - 7,2
Net increase/(decrease) in cash
and
cash equivalents 10,4 12,2 (8,5)
Cash and cash equivalents
at beginning of period 15,5 24,0 24,0
Cash and cash equivalents
at end of period 25,9 36,2 15,5
Statement of changes in equity
Share
capital
and Distributable
premium reserves Total
Half-year ended 31 December 2003 Rm Rm Rm
At 30 June 2003 4,1 111,9 116,0
Earnings per income statement 7,3 7,3
Dividend paid (8,7) (8,7)
At 31 December 2003 4,1 110,5 114,6
Half-year ended 31 December 2004
At 30 June 2004 4,1 113,5 117,6
Earnings per income statement 7,2 7,2
Dividend paid (8,7) (8,7)
At 31 December 2004 4,1 112,0 116,1
GENERAL REVIEW
Gross rentals decreased by 3,5%, from R14,1 million to R13,6 million compared
to the same period last year. The annual escalation increase on the majority
of properties is 9% (effective 1 January). The reasons for the lower increase
in gross rental income was the result of the loss of rental from the sale of
the Boksburg and Baragwanath properties in the 2004 financial year, and the
decision not to escalate the rentals on the unoccupied Wembley, Lea Glen and
Garthdale properties, as previously reported.
Cost of operating decreased from R2,9 million to R2,2 million (24,1%). An
amount of R1,0 million (2003: R1,9 million) is included in the R2,2 million,
which represents a downward adjustment to fair value on some of our
properties.The maintenance expenditure on our properties increased from R0,17
million to R0,53 million, which is in line with our budgeted maintenance
plan. Salaries decreased from R0,29 million to R0,05 million, as a result of
a change in staff structure. Insurance costs decreased by 35% as compared to
the same period last year. This can be attributed to the less risky nature of
Putprop`s specific business.
Profit before tax is R12,0 million (2003: R12,6 million). Interest received
decreased from R1,4 million to R0,6 million due to the purchase of the
`Lancol`property for R13,6 million in May 2004 and the decrease in interest
rates. Cash and cash equivalents are at R25,9 million (2003: R36,2 million).
Valuations of properties
In line with our current practice the directors have again performed an
assessment of all the properties and a further write-down in fair value of
R1,0 million (December 2003: R1,9 million) is accounted for in the income
statement.
Loans
The Company has no loans.
A B Adrian (Chairman)
A Carleo (Chief Executive Officer)
E M R L Oldham (Managing Director)
31 March 2005
Registered office Transfer secretaries
Carlin House Computershare Investor Services
No. 8, 4th Street 2004 (Proprietary) Limited
Wynberg 70 Marshall Street
Sandton, 2090 Johannesburg, 2001
Company Secretary Sponsor
D Campbell, C.A. (Scotland) Ernst & Young Sponsors (Pty) Ltd
Date: 31/03/2005 08:37:13 AM
Produced by the JSE SENS Department
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