|
Sa Retail Properties Limited - Audited Abridged Financial Results And
Distribution For The Year Ended 31 March 2005 And Notice Of Annual General
Meeting
SA Retail Properties Limited
(Reg. No. 1999/025764/06)
Share Code: SRL ISIN Number: ZAE000034328
Website: www.saretail.co.za
AUDITED ABRIDGED FINANCIAL RESULTS AND DISTRIBUTION FOR THE YEAR ENDED 31 MARCH
2005 AND NOTICE OF ANNUAL GENERAL MEETING
Unitholders are advised that the preliminary results of S A Retail as announced
on the 6 May 2005, have been amended, details of which are set out in the
comments below. These amendments do not affect the distribution to unitholders
as set out in the previous announcement, and which was paid on 30 May 2005.
BALANCE SHEET (R"000) Audited Audite
2005 d
2004
ASSETS
Non-current assets
Investment properties 1 480 1 019
592 297
At valuation 1 544 1 077
420 730
Rental straight line adjustment (63 (58
828) 433)
Rental receivable - straight line 61 875 53 038
adjustment
1 542 1 072
467 335
Current assets
Trade and other receivables 21 871 17 674
Trade and other receivables 19 918 12 279
Rental receivable - straight line 1 953 5 395
adjustment
Cash and cash equivalents 62 402 13 426
84 273 31 100
TOTAL ASSETS 1 626 1 103
740 435
EQUITY AND LIABILITIES
Capital and reserves
Share capital and reserves 294 022 33 722
Non-current liabilities
Debentures 1 154 864
858 140
Fair value of Put obligation 12 118 32 450
Interest bearing borrowings 23 494 -
Deferred taxation 50 384 8 835
1 240 905
854 425
Current liabilities
Trade and other payables 9 014 8 301
Property acquisition obligation - 95 413
South African Revenue Services 3 4
Linked unitholders for distribution 82 847 60 570
91 864 164
288
TOTAL EQUITY AND LIABILITIES 1 626 1 103
740 435
INCOME STATEMENT (R"000) Audited Audited
2005 2004
Revenue 219 502 169 143
Contractual lease revenue 214 107 162 695
Straight line adjustment 5 395 6 448
Net rental income from 144 884 115 487
properties
Interest received 3 200 5 947
Finance costs (1 429) (211)
Capital profit on disposal of 48 -
investment properties
Net profit before fair value 146 703 121 223
adjustments
Write up on revaluation of 275 947 35 069
investment properties
As per valuation 281 342 41 517
Adjusted for rental straight (5 395) (6 448)
line adjustment
Surplus/(deficit) on revaluation 20 332 (5 950)
of Put obligation
Net profit before debenture 442 982 150 342
interest and taxation
Debenture interest (150 (114
435) 560)
Net profit before taxation 292 547 35 782
Taxation (41 554) (7 306)
Net profit attributable to 250 993 28 476
linked unitholders
Headline earnings per linked 81,29 65,11
unit (cents)
(weighted)
Earnings per linked unit (cents) 197,39 82,26
(weighted)
Distribution per linked unit
(cents)
Interest 69,18 65,86
Dividend 0,02 0,04
69,20 65,90
STATEMENT OF CHANGES IN EQUITY (R"000)
Share
Share Premium
Capital & Total
Reserves
Balance at 1 April 2003 2 33 249 33 251
Adjustment to opening balance
- Transitional provision in
terms of AC 133 in respect of fair - (26 500) (26 500)
value of Put obligation at 31 March
2003
- Prior year rental straight
line adjustment - (1 435) (1 435)
(net of deferred taxation)
Restated opening balance at 31 March 2 5 314 5 316
2003
Net profit attributable to linked - 28 476 28 476
unitholders
As previously reported - 29443 29443
Effect of prior year rental straight - (967) (967)
line adjustment
Dividend distributed - (70) (70)
Restated balance at 31 March 2004 2 33 720 33 722
Prepaid distribution received - 9 350 9 350
Net profit attributable to linked - 250 993 250 993
unitholders
Dividend distributed - (43) (43)
Balance at 31 March 2005 2 294 020 294 022
CASH FLOW STATEMENT (R"000) Audited Audited
2005 2004
OPERATING ACTIVITIES
Cash received from tenants 206 468 161 144
Cash paid to suppliers and (73 947) (52
employees 315)
Cash generated by operating 132 521 108 829
activities
Interest received 3 200 5 947
Distributions to linked (128 (82
unitholders 201) 048)
Finance costs (1 429) (211)
Taxation paid (6) (8)
6 085 32 509
INVESTING ACTIVITIES
Acquisition of investment (313 (65
properties 339) 152)
Disposal of investment 56 082 -
properties
Improvements to investment (23 456) (9 794)
properties
(280 (74
713) 946)
FINANCING ACTIVITIES
Debentures issued 300 110 29 570
Increase in interest bearing 23 494 -
borrowings
323 604 29 570
Net increase/(decrease) in cash 48 976 (12
and cash equivalents 867)
Cash and cash equivalents at 13 426 26 293
beginning of the year
CASH AND CASH EQUIVALENTS AT END OF THE 62 402 13 426
YEAR
REPORT BY INDEPENDENT AUDITORS
S A Retail"s auditors, KPMG Inc., have audited these financial results and
submitted an unqualified audit report.
NOTES TO THE FINANCIAL RESULTS
Earnings, headline earnings and distribution per linked unit
The earnings, headline earnings and distributions per linked unit for the period
1 April 2004 to 31 March 2005 are calculated as follows:
2005 2004
R"000 Cents per R"000 Cents per
linked unit linked unit
(weighted) (weighted)
Net profit attributable 250 993 123,42 28 476 16,38
to linked unitholders
Debenture interest 150 435 73,97 114 560 65,88
Earnings 401 428 197,39 143 036 82,26
Net surplus on write up
of investment properties
(net of deferred (236 053) (116,08) (29 809) (17,15)
taxation)
Profit on disposal of (48) (0,02) - -
investment property
Headline earnings 165 327 81,29 113 227 65,11
Distributable earnings are not impacted by the revaluation of the Put
obligation (AC 133 fair value adjustment), which is included in earnings
and headline earnings per linked unit
Although the distribution is unaffected, the above results differ from the
preliminary results released on 6 May 2005 due to the change in the recognition
of lease income which arises as a result of a change in interpretation of AC105,
following the circular issued by the South African Institute of Chartered
Accountants on 1 August 2005. The effect of the revised interpretation is that
operating lease receipts will be recognised on a straight-line basis over the
lease term, and not in terms of the cash flows inherent in the leases. There is
an adjustment to the change in fair value of investment property in the income
statement. The adjustments have been made as required by AC 103 with the
necessary restatement of comparative figures. The adjustments have been
reflected on the income statement and the balance sheet and the following
numbers have been affected:
1.Non current assets have been reduced by R1,9 million (2004: R5,4 million)
2.Current assets have been increased by R1,9 million (2004: R5,4 million)
3.Deferred taxation liability has been increased by R3,3 million (2004: R2,4
million)
4.Revenue has been increased by R5,4 million (2004: R6,4 million)
5.Write up of revaluation of investment properties has been reduced by R5,4
million (2004: R6,4 million)
6 Taxation expense has been increased by R0,9 million (2004: R0,9 million)
7.Opening share premium and reserves at 1 April 2003 have been reduced by R1,4
million
8.Share premium and reserves have been reduced by R0,9 million (2004: R0,9
million)
Other than the above amendments, no other amendments were made to the
preliminary results released on the 6 May 2005.
The net result of the above amendments are to reduce net profit attributable to
linked unitholders by R0,9 million (2004: R0,9 million), increase headline
earnings per linked unit by 1,86 cents (2004:2,59 cents), reduce earnings per
linked unit by 0,45 cents (2004: 0,55 cents) and reduce net asset value per
linked unit by 2 cents (2004: 1 cent)
Notice is hereby given of the Annual General Meeting of the company to be held
on Tuesday 1 November 2005 at 09h00 in the conference room at the offices of
Marriott Holdings Limited, Marriott at Kingsmead, Kingsmead Office Park, Durban.
BY ORDER OF THE BOARD
S A RETAIL PROPERTIES LIMITED
29 September 2005
Marriott Corporate Property
Property Asset Managers
KPMG Inc.
Registered Auditors and Accountants
Exchange Sponsors
Sponsor
Date: 29/09/2005 05:07:26 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
