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Prima - Audited results for the year ended 30 April 2005 and further cautionary
Prima Property Trust
A collective investment scheme in property, registered as such in terms
of the Collective Investment Schemes Act no. 45 of 2002
Share code: PRM ISIN: ZAE000005641
(`Prima`)
Managed by Prima Property Trust Managers Limited (PPTM)
(Incorporated in the Republic of South Africa)
(Registration number 1969/011594/06)
AUDITED RESULTS FOR THE YEAR ENDED 30 APRIL 2005 AND FURTHER CAUTIONARY
ANNOUNCEMENT
CONSOLIDATED INCOME STATEMENT Audited Audited
year ten months
ended ended
30 April 2005 30 April 2004
R`000 R`000
Revenue 122 514 55 393
Operating expenses 38 445 17 093
Property profit 84 069 38 300
Net finance charges 20 063 6 630
Profit before revaluation and sale
of investment properties 64 006 31 670
Loss on sale of investment properties (2 373) -
Change in fair value of
investment properties 18 417 34 406
Profit before taxation 80 050 66 076
Taxation 128 (3 722)
Profit after taxation 80 178 62 354
Headline earnings
Profit after taxation 80 178 62 354
Loss on sale of investment properties 2 373 -
Change in fair value of
investment properties (18 417) (34 406)
Taxation (140) 3 722
Headline earnings 63 994 31 670
Earnings per unit
Actual number of units in issue (000) 559 933 406 092
Units to be issued which rank for
final distribution (000) 5 791 -
Weighted average number of units (000) 492 502 309 424
Earnings per unit (cents) 16,28 20,15
Headline earnings per unit (cents) 12,99 10,24
Distribution per unit (cents) 13,00 9,71
- Interim 6,50 5,28
- Final 6,50 4,43
CONSOLIDATED BALANCE SHEET Audited Audited
30 April 2005 30 April 2004
R`000 R`000
Assets
Non current assets 843 520 510 643
Investment properties 843 520 510 643
Current assets 44 318 24 618
Receivables 11 813 5 041
Cash and cash equivalents 32 505 19 577
Total assets 887 838 535 261
Equity and liabilities
Stated capital 462 004 308 400
Non distributable reserves 77 637 61 505
Accumulated loss (1 519) (1 519)
Total equity and reserves 538 122 368 386
Non-current liabilities 206 395 142 243
Long-term liabilities 205 430 139 076
Deferred taxation 965 3 167
Current liabilities 143 321 24 632
Payables 13 011 6 620
Property vendors 93 896 -
Unit holders for distribution 36 414 18 012
Total equity and liabilities 887 838 535 261
Net asset value per unit (cents) 95,12 90,72
ABRIDGED CONSOLIDATED Audited Audited
CASH FLOW STATEMENT year ten months
ended ended
30 April 2005 30 April 2004
R`000 R`000
Cash flows from operating activities 15 907 2 910
Cash generated from operations 84 069 38 588
Working capital changes (2 455) 924
Interest income 923 957
Finance charges (20 986) (7 628)
Distributions to unit holders (45 644) (29 931)
Cash flows from investing activities (316 833) (352 894)
Cash flows from financing activities 313 854 347 347
Net increase (decrease) in cash
and cash equivalents 12 928 (2 637)
Cash and cash equivalents at
beginning of the year 19 577 22 214
Cash and cash equivalents at end
of the year 32 505 19 577
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-
Stated distributable Retained
capital reserves income Total
R`000 R`000 R`000 R`000
Balance at 1 July 2003 100 129 29 359 2 129 490
Issue of units 208 271 208 271
Net profit for the period 62 354 62 354
Transfer to
non-distributable reserve 32 146 (32 146) -
Distributions (31 729) (31 729)
Balance at 30 April 2004 308 400 61 505 (1 519) 368 386
Issue of units 153 604 153 604
Net profit for the year 80 178 80 178
Transfer to
non-distributable reserve 16 132 (16 132) -
Distributions (64 046) (64 046)
Balance at 30 April 2005 462 004 77 637 (1 519) 538 122
BASIS OF PREPARATION
The annual financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies applied in the preparation of the annual financial statements are
consistent with those applied for the 10 months ended 30 April 2004.
AUDIT OPINION
Grant Thornton has audited the financial information set out in this report and
their unqualified audit report is available for inspection at the registered
office.
COMMENTS
Financial results
Headline earnings for the year under review increased to 12,99 cents per unit as
compared with 10,24 cents per unit for the 10 months ended 30 April 2004.
During the year ended 30 April 2005, investment properties increased by R332,9
million to R843,5 million.
The net asset value per unit increased to 95,12 cents (April 2004: 90,72 cents).
Distributions
Prima paid an interim distribution of 6,50 cents per unit for six months ended
31 October 2004.
The board has approved a final distribution of 6,50 cents per unit for six
months ended 30 April 2005 in accordance with the forecast made in December
2004.
The total distribution for the year ended 30 April 2005 is 13 cents per unit.
Valuation of investment properties
In accordance with Prima`s policy, investment properties were independently
valued at 30 April 2005, save for the portfolio acquired from Standard Bank
which has been valued at cost as the purchase was concluded at the financial
year end.
Property acquisitions
During the year under review the following properties were acquired:
Description Location GLA Purchase price
(m2) R`000
Ellerine Bros
Portfolio
(45 properties) Various 81 595 198 100
Ellerine Holdings
Portfolio
(34 properties) Various 52 454 82 000
Standard Bank
Portfolio*
(20 properties) Various 31 900 80 000
RT Hillbank Johannesburg 3 309 11 000
Q Tyre*
(4 properties) Various 3 627 5 772
Juniper Road Durban 1 041 5 700
38 Prospecton Isipingo 1 528 3 900
Absa Scottburgh Scottburgh 330 1 900
Russels Kuruman Kuruman 1 296 1 300
Geen & Richards Phalaborwa 810 1 200
390 872
* Transfer pending
Property disposals
During the year under review the following properties were disposed of and
ownership transferred:
Description Location GLA Selling Price
(m2) R`000
Besterbrown Nelspruit 13 452 52 550
Sammy Marks Pretoria 7 519 38 100
Witbank Medical Witbank 13 923 24 350
115 000
Property portfolio and segmental analysis
The number of properties in the property portfolio has increased to 166 at 30
April 2005 (April 2004 - 61).
Vacancies reduced to 6% (April 2004 - 7%).
65% of net income is derived from properties situated in Gauteng, 11% in
Mpumalanga, 10% in KwaZulu-Natal, with the balance spread across the other six
provinces.
Over 55% of leases are due to expire after 2007, with 17% expiring after 2009.
Retail Commercial Industrial
% % %
Revenue 57 31 12
Net profit 60 27 13
Borrowings
At 30 April 2005 Prima`s borrowings amounted to R205 million.
Prima has fixed the rate of interest on R100 million at 8,94% per annum for two
years with effect from 21 April 2005.
The balance of the borrowings attract interest at a rate of prime less 1,5%.
Material related party transactions
R`000
Apex Hi Properties 115 000
Disposal of Properties
Madison Property Fund
Managers(Proprietary)Limited 5 353
Fees - Acquisitions
Prima Property Trust Managers Ltd 5 324
Asset management fee
Standard Bank Properties
Borrowings 205 430
Property acquisitions 80 000
Interest on borrowings 16 088
Directorate
Mr A Levy was appointed to the board of Prima Property Trust Managers Ltd on 6
April 2005.
Mr S Jersky and Mr M J Cullabine resigned as directors of Prima Property Trust
Managers Ltd during the year.
Further cautionary announcement
Further to the cautionary announcements dated 4 April 2005 and 16 May 2005, unit
holders are advised that Prima is still involved in discussions which, if
successfully concluded, may have a material effect on the price of Prima`s
securities.
Accordingly, unit holders are advised to continue exercising caution when
dealing in Prima`s securities until a further announcement is made.
DISTRIBUTION DECLARATION
Notice is hereby given of distribution No.73 of 6,50 cents per unit for the six
months ended 30 April 2005.
Last date to trade cum distribution Friday, 1 July 2005
Date units will trade ex distribution Monday, 4 July 2005
Record date Friday, 8 July 2005
Payment of distribution No 73 Monday, 11 July 2005
Unit certificates may not be dematerialised or rematerialised between Monday,
4 July 2005 and Friday, 8 July 2005.
N F J Haasbroek W E Cesman
Chairman Director
Johannesburg
14 June 2005
Directors: N F J Haasbroek* (Chairman), W E Cesman*, M Wainer*, A Levy
(* Non-executive)
Registered Office Transfer Secretaries
2 Arnold Road Computershare Investor
Rosebank, 2196 Services 2004 (Pty) Ltd
PO Box 3426, 70 Marshall Street
Parklands, 2121 Johannesburg, 2001
www.prima.co.za PO Box 61051, Marshalltown, 2107
Tel:+ 27 11 283 0000 Tel:+ 27 11 370 5200
Sponsor and Company Secretary
Corporate Advisor Probity Business Services (Pty) Ltd.
Java Capital (Pty) Ltd PO Box 85392, Emmarentia, 2129
Tel: + 27 11 327 7146
Date: 14/06/2005 05:40:09 PM
Produced by the JSE SENS Department
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