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ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
Reg. No. 1988/000742/06
JSE Share Code: ATS ISIN Code: ZAE000008975
INTERIM REPORT
for the six months ended 31 March 2005
The consolidated unaudited results of the group for the six months ended 31
March 2005 are as follows:
Unaudited Unaudited Audited
6 months 6 months 12 months to
to March to March September
2005 2004 2004
R`000 R`000 R`000
Distribution
Net income distributed to unitholders
Debenture interest 28 312 26 525 62 931
Dividend 44 184 348
Total 28 356 26 709 63 279
`000 `000 `000
Linked units in issue 63 785 63 785 63 785
Distribution per linked unit Cents Cents Cents
Debenture interest 44,387 41,585 98,662
Dividend 0,069 0,288 0,545
Total 44,456 41,873 99,207
R`000 R`000 R`000
Consolidated income statement
Revenue 82 031 86 063 169 699
Trading income 45 980 44 366 97 377
Depreciation (869) (718) (1 461)
Surplus on revaluation of investment
properties - - 81 503
(Loss)/profit on disposal of investment
properties (53) (242) 3 755
Goodwill amortised - (51) (101)
Net operating profit 45 058 43 355 181 073
Interest received 225 616 2 062
Interest paid on borrowings (16 738) (17 506) (34 407)
Debenture premium and discount
amortised 1 107 1 107 2 214
Profit before debenture interest 29 652 27 572 150 942
Debenture interest (28 303) (26 469) (62 852)
Profit before taxation 1 349 1 103 88 090
Taxation 166 (89) (15 382)
Net profit 1 515 1 014 72 708
Earnings per linked unit (cents) 46,748 43,087 212,526
Headline earnings per linked unit (cents) 46,157 43,546 102,494
Weighted average linked units in issue
(`000) 63 785 63 785 63 785
Reconciliation of earnings to headline
earnings
Net profit 1 515 1 014 72 708
Debenture interest 28 303 26 469 62 852
Earnings 29 818 27 483 135 560
Revaluation of investment properties
Surplus - - (81 503)
Deferred tax thereon - - 14 973
Tax rate adjustment (485) - -
Loss/(profit) on disposal of
investment properties net of CGT 108 242 (3 755)
Goodwill amortised - 51 101
Headline earnings attributable to
linked unitholders 29 441 27 776 65 376
Less debenture interest (28 303) (26 469) (62 852)
Headline earnings attributable to
shareholders 1 138 1 307 2 524
Abridged consolidated balance sheet
Fixed assets 902 293 814 032 895 700
Goodwill 14 635 809 759
Loans 3 618 7 725 5 483
Current assets 42 831 44 628 38 586
Total assets 963 377 867 194 940 528
Capital and reserves 285 560 200 942 271 601
Debentures 312 640 311 868 312 594
Deferred tax 14 388 313 15 303
Other long-term liabilities 288 554 297 743 277 570
Current liabilities 62 235 56 328 63 460
Total equity and liabilities 963 377 867 194 940 528
Capital expenditure
Expenditure incurred 16 763 14 075 29 934
Authorised and unspent 8 466 33 748 25 114
Committed 1 000 18 842 18 780
Abridged consolidated cash flow statement
Cash generated from operations 48 292 54 347 108 916
Net interest paid (16 513) (16 890) (32 345)
Taxation paid (324) (78) (125)
Distribution to unitholders (36 545) (34 490) (61 084)
Cash flows from operating activities (5 090) 2 889 15 362
Cash flows from investing activities (5 764) (1 767) 4 486
Cash flows from financing activities 10 984 (738) (20 911)
Net increase in cash and cash equivalents 130 384 (1 063)
Cash and cash equivalents at beginning of
period 1 046 2 109 2 109
Cash and cash equivalents at end of
period 1 176 2 493 1 046
Statement of changes in equity
Share Share Treasury Debenture
Capital Premium Shares Premium
R`000 R`000 R`000 R`000
Balance at 1/10/2003 3 189 4 370 (7) 25 297
Net disposal of treasury
shares and net profit
thereon - - 4 -
Net profit - - - -
Dividends - - - -
Transfer to non-distributable
reserves - - - -
Debenture premium
amortised - - - (2 530)
Balance at 30/09/2004 3 189 4 370 (3) 22 767
Negative goodwill
derecognised - - - -
Treasury shares acquired - - (1) -
Net profit - - - -
Dividends - - - -
Transfer to non-distributable
reserves - - - -
Debenture premium
amortised - - - (1 265)
Balance at 31/03/2005 3 189 4 370 (4) 21 502
Non- Accumu-
distributable lated
Reserve Funds Total
R`000 R`000 R`000
Balance at 1/10/2003 165 311 3 068 201 228
Net disposal of treasury
shares and net profit
thereon 405 - 409
Net profit - 72 708 72 708
Dividends - (214) (214)
Transfer to non-distributable
reserves 72 313 (72 313) -
Debenture premium
amortised - - (2 530)
Balance at 30/09/2004 238 029 3 249 271 601
Negative goodwill derecognised - 13 876 13 876
Treasury shares acquired - - (1)
Net profit - 1 515 1 515
Dividends - (166) (166)
Transfer to non-distributable
reserves 15 356 (15 356) -
Debenture premium
amortised - - (1 265)
Balance at 31/03/2005 253 385 3 118 285 560
Basis of preparation
The interim report was prepared in accordance with South African Statements of
Generally Accepted Accounting Practice applicable to interim financial
reporting. IFRS 3 Business Combinations is applicable to the group`s results as
from 1 October 2004. In complying with this statement, the negative goodwill
carried on the balance sheet as at 1 October 2004 has been derecognised and
transferred to opening accumulated funds. Positive goodwill is no longer
amortised, and will be subject to impairment tests at least annually. Apart from
the implications of adopting IFRS 3, the accounting policies used in the
preparation of the interim financial statements were consistent with those
employed in the annual financial statements for the year ended 30 September
2004.
As detailed in the financial statements for the year ended 30 September 2004,
the group now consolidates the Atlas Employee Trust. The unaudited figures for
the six months to March 2004 have been restated to take into account this change
in policy, which has been applied retrospectively. The effect of the change is
as follows:
R`000 R`000 R`000
Effect on net profit - (6) -
Loans and investments - (570) -
Capital and reserves - 314 -
Debentures - (835) -
Current liabilities - (49) -
Comments
The distribution for the six months at 44,456 (2004 - 41,873) cents per unit is
6,2% higher than the previous year, which is in line with the company`s
consistent record of increased earnings over the past eleven years.
Building vacancies were 3,9% (2004 - 6,7%) of lettable area, or 1,7% (2004 -
4,1%) of gross rental income. The reduction in vacancies should have a positive
effect on earnings during the second six months of the year.
E Osrin IS Raubenheimer Cape Town
Chairman Chief Executive Officer 18 May 2005
Declaration of interim dividend and interest on debentures
Notice is hereby given that an interim distribution of 44,456 cents (2004 -
41,873 cents), consisting of interest of 44,387 cents (2004 - 41,585 cents) per
debenture and a dividend of 0,069 cents (2004 - 0,288 cents) per share has been
declared in respect of the six months ended 31 March 2005. The record date for
this distribution is 24 June 2005 with a payment date of 27 June 2005. The last
date to trade the linked units cum-dividend and interest is Friday, 17 June
2005, and the linked units will start trading ex-dividend and interest on
Monday, 20 June 2005.
Dividend and interest payments will be made to unitholders on 27 June 2005.
No dematerialisation or rematerialisation of linked unit certificates may take
place between Monday, 20 June 2005 and Friday, 24 June 2005, both days
inclusive.
By order of the Board
Atlas Management Services (Pty) Ltd Cape Town
Secretaries 18 May 2005
Registered address: 121 Roodebloem Road, Woodstock, 7925
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Date: 18/05/2005 12:58:14 PM
Produced by the JSE SENS Department
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