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ATS
ATS
Atlas Properties Limited - Abridged Annual Financial Statements
ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Reg No 1988/000742/06)
JSE Share Code: ATS ISIN Code: ZAE000008975
ABRIDGED ANNUAL FINANCIAL STATEMENTS for the year ended 30 September 2005
The audited consolidated results of the group for the year ended 30 September
2005 are as follows:
2005 2004
Note R"000 R"000
ABRIDGED CONSOLIDATED INCOME STATEMENT
Revenue 170,168 169,699
Straight line rental adjustment 2 2,920 5,308
173,088 175,007
Trading income 106,173 102,685
Depreciation (1,824) (1,461)
Net surplus on revaluation of investment
properties
- Surplus on revaluation 213,476 81,503
- Straight line rental adjustment 2 (2,920) (5,308)
Profit on disposal of investment properties 250 3,755
Profit on disposal of property, plant &
equipment 34 -
Goodwill impairment (9,401) -
Goodwill amortised - (101)
Net operating profit 305,788 181,073
Interest received 1,368 2,062
Interest paid (33,752) (34,407)
Debenture premium & discount amortised 2,214 2,214
Profit before interest on debentures 275,618 150,942
Interest on debentures (66,937) (62,852)
Profit before taxation 208,681 88,090
Taxation (21,780) (16,178)
Net profit 186,901 71,912
Earnings per linked unit (cents) 398.371 211.279
Headline earnings per linked unit (cents) 114.153 108.320
Weighted average linked units in issue
("000) 63,719 63,785
Reconciliation of earnings to headline
earnings
Net profit 186,901 71,912
Interest on debentures 66,937 62,852
Earnings 253,838 134,764
Revaluation of investment properties
- Net surplus (210,556) (76,195)
- Deferred taxation thereon 20,299 14,177
Profit on disposal of investment properties
net of taxation (211) (3,755)
Profit on disposal of property, plant &
equipment (34) -
Goodwill impairment 9,401 -
Goodwill amortised - 101
Headline earnings 72,737 69,092
ABRIDGED CONSOLIDATED BALANCE SHEET
Investment properties at valuation 1,121,688 895,350
Straight line rental adjustment 2 (20,541) (17,621)
1,101,147 877,729
Property, plant & equipment 2,327 350
Goodwill 5,235 759
Loans 3,302 5,483
Rent receivable - straight line rental
adjustment 2 18,945 17,621
Current assets 43,799 38,586
Total assets 1,174,755 940,528
Capital and reserves 466,794 268,958
Debentures 312,618 312,594
Deferred taxation 38,910 17,946
Other long-term liabilities 282,098 277,570
Current liabilities 74,335 63,460
Total equity and liabilities 1,174,755 940,528
Capital expenditure
Expenditure incurred 27,161 29,934
Authorised and unspent 22,530 25,114
Committed 6,028 18,780
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash generated from operations 107,730 108,916
Net interest paid (32,384) (32,345)
Taxation paid (401) (125)
Distribution to unitholders (64,870) (61,084)
Cash flows from operating activities 10,075 15,362
Cash flows from investing activities (14,493) 4,486
Cash flows from financing activities 4,528 (20,911)
Net increase/(decrease) in cash and cash
equivalents 110 (1,063)
Cash and cash equivalents at beginning of
year 1,046 2,109
Cash and cash equivalents at end of year 1,156 1,046
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Treasury
Capital Premium Shares
R"000 R"000 R"000
Balance at 1 October 2003
- As previously reported 3,189 4,370 (7)
- Straight line rental adjustment (Note 2) - - -
- Transfer to non-distributable reserves - - -
Restated balance at 1 October 2003 3,189 4,370 (7)
Net disposal of treasury shares and
net profit thereon - - 4
Net profit - - -
Dividends - - -
Transfer to non-distributable reserves - - -
Debenture premium amortised - - -
Balance at 30 September 2004 3,189 4,370 (3)
Negative goodwill derecognised (Note 1) - - -
Transfer to non-distributable reserves - - -
3,189 4,370 (3)
Net purchase of treasury shares - - (3)
Net profit - - -
Dividends - - -
Transfer to non-distributable reserves - - -
Debenture premium amortised - - -
Balance at 30 September 2005 3,189 4,370 (6)
Non-
Debenture Accumulated Distributable
Premium Funds ReserveS Total
R"000 R"000 R"000 R"000
Balance at 1
October 2003
- As previously
reported 25,297 3,068 165,311 201,228
- Straight line
rental adjustment
(Note 2) - (1,847) - (1,847)
- Transfer to
non-distributable
reserves - 1,847 (1,847) -
Restated balance at
1 October 2003 25,297 3,068 163,464 199,381
Net disposal of
treasury shares and
net profit thereon - - 405 409
Net profit - 71,912 - 71,912
Dividends - (214) - (214)
Transfer to
non-distributable
reserves - (71,517) 71,517 -
Debenture premium
amortised (2,530) - - (2,530)
Balance at 30
September 2004 22,767 3,249 235,386 268,958
Negative goodwill
derecognised (Note
1) - 13,676 - 13,676
Transfer to
non-distributable
reserves - (13,676) 13,676 -
22,767 3,249 249,062 282,634
Net purchase of
treasury shares - - - (3)
Net profit - 186,901 - 186,901
Dividends - (208) - (208)
Transfer to
non-distributable
reserves - (185,377) 185,377 -
Debenture premium
amortised (2,530) - - (2,530)
Balance at 30
September 2005 20,237 4,565 434,439 466,794
Notes
The annual financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
Apart from the adoption of AC 140 (Business Combinations), the accounting
policies applied are consistent with those of the previous year.
1 In order to comply with AC 140 (Business Combinations), the negative
goodwill carried on the balance sheet has been derecognised and transferred
to opening accumulated funds. Positive goodwill is no longer amortised, but
is subjected to an impairment test at least annually. AC 140 has been
applied prospectively, therefore there are no changes to comparative
figures.
2 It has recently been clarified by The South African Institute of Chartered
Accountants that AC 105 (Leases) requires that rental income with fixed
escalations resulting from operating leases be recognised on a straight
line basis over the respective lease terms. Historically the group
recognised rental income in terms of the contractual cash flows inherent in
the leases. Rental income is now recognised on a straight line basis in
accordance with AC 105.
This change has been applied retrospectively and comparative figures have
been restated. In order to retain comparability with prior periods, the
rental income and the straight line income accrual have been separately
presented on the face of the income statement and balance sheet. The fair
value adjustment to investment properties has been reduced by the straight
line rental income accrual in order to avoid an overstatement of assets.
The deferred taxation impact of the above changes has also been taken into
account. Profit available for distribution will continue to be based on the
contractual income from rental agreements in accordance with the Trust
Deed.
The effect of the change is as follows:
2005 2004
R"000 R"000
Revenue 2,920 5,308
Surplus on revaluation of investment properties (2,920) (5,308)
Taxation (335) (796)
Effect on net profit (335) (796)
Decrease in opening non-distributable reserves (2,643) (1,847)
Assets
Investment properties (20,541) (17,621)
Rental receivable
- Non current 18,945 17,621
- Current 1,596 -
Equity and liabilities
Non-distributable reserves (2,978) (2,643)
Deferred taxation 2,978 2,643
- -
The annual financial statements have been audited by Deloitte & Touche. Their
unqualified report is available for inspection from the company"s secretary.
Notice is hereby given that the 18th annual general meeting of unitholders of
Atlas Properties Ltd will be held in the boardroom of Atlas Properties Ltd, 121
Roodebloem Road, Woodstock, Cape Town on Friday, 17 February 2006 at 12h00 to
transact the business as stated in the notice accompanying the annual financial
statements.
The annual financial statements and the notice of the annual general meeting
will be posted to unitholders today.
The full annual report is available at www.propertyatlas.com.
By order of the Board
Atlas Management Services (Pty) Ltd Cape Town
Secretaries 23 December 2005
Registered address: 121 Roodebloem Road, Woodstock, 7925
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Date: 23/12/2005 12:11:15 PM Produced by the JSE SENS Department
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