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CLO
CLO
Calulo - Unaudited consolidated financial results of the group
Calulo Property Fund Limited
(Reg No 1987/006274/06)
Incorporated in the Republic of South Africa
Share code: CLO & ISIN: ZAE000060711
Unaudited consolidated financial results of the group for the six months
ended 31 December 2005
Summarised group income statement
Unaudited Unaudited RESTATED
Six months Six months Twelve
ended ended months
ended
31 December 31 December 30 June
2005 2004 2005
R000"s
Revenue 27,775 599 11,921
Straightline operating lease 3,229 0 1,619
adjustment
Sundry income 81 0 114
Property operating expenses (6,416) (454) (2,918)
Other operating expenses (349) 0 (2,446)
Net revaluation of investment 33,810 0 1,381
properties
Revaluation of investment 37,039 0 3,000
properties
Attributable to straightlining of (3,229) 0 (1,619)
operating lease adjustment
Operating profit 58,130 145 9,671
Net financing costs (11,350) (223) (7,030)
Distribution to linked unit (8,788) 0 (3,203)
holders
Movement in fair value of (639) 0 (5,423)
interest rate swaps
Profit / (loss) before taxation 37,353 (78) (5,985)
Taxation (5,415) (46) 1,751
Profit / (loss) for the period 31,938 (124) (4,234)
Investors" distributable earnings
Unaudited Unaudited RESTATED
Six months Six months Twelve
ended ended months
ended
31 December 31 December 30 June
2005 2004 2005
R000"s
Revenue 27,775 0 11,921
Sundry income 81 0 114
Direct property operating (6,416) 0 (2,918)
expenses
Other operating expenses (349) 0 (2,446)
Net finance costs (11,350) 0 (7,030)
Linked unitholders" distributable 9,741 0 (359)
earnings
Linked unitholders" distributable 9,741 0 (359)
earnings
Revaluation of investment 37,039 0 3,000
properties
Distribution to linked unit (8,788) 0 (3,203)
holders
Movement in fair value of (639) 0 (5,423)
interest rate swaps
Taxation (5,415) 0 1,751
Profit / (loss) for the period 31,938 0 (4,234)
Distribution to linked 11.80 0.0 4.3
unitholders for the period (in
cents)
Reconciliation between earnings /
(loss) and headline earnings
Unaudited Unaudited RESTATED
Six months Six months Twelve
ended ended months
ended
31 December 31 December 30 June
2005 2004 2005
R000"s
Profit/(loss) for the period 31,938 (124) (4,234)
Revaluation of investment (31,624) 0 (1,416)
properties net of tax
Headline (loss) for shareholders 314 (124) (5,650)
Debenture interest 8,788 0 3,203
Headline earnings / (loss) for 9,102 (124) (2,447)
linked unit holders
Number of shares and linked units 74,485 317 74,485
in issue (000"s)
Weighted average number of linked 74,485 317 14,013
units in issue (000"s)
Weighted average number of shares 74,485 317 14,013
in issue (000"s)
Earnings / (loss) per share (in 42.9 (39.1) (30.2)
cents)
Headline earnings / (loss) per 0.4 (39.1) (40.3)
share (in cents)
Earnings per linked unit (in 54.7 (39.1) (7.4)
cents)
Headline earnings / (loss) per 12.2 (39.1) (17.5)
per linked unit (in cents)
Summarised group balance sheet
Unuadited Unuadited Restated
Six months Six months Twelve
ended ended months
ended
31 December 31 December 30 June
2005 2004 2005
R000"s
ASSETS
Non-current assets
Equipment, furniture and fittings
130 171 148
Investment properties
395,152 5,000 372,042
Lease rental receivable 0
4,848 1,619
Deferred income tax 0
- 2,051
400,130 5,171 375,860
Current assets
Accounts receivable and
prepayments 8,492 3 3,020
Investment properties held for
sale 19,600 - 8,000
Bank and cash
613 113 3,354
28,705 116 14,374
Total assets
428,835 5,287 390,234
EQUITY AND LIABILITIES
Share capital and reserves
Share capital and share premium 5,719 57 5,719
Retained earnings/ (accumulated 27,856 28 (4,082)
loss)
Total unitholders" funds 33,575 85 1,637
Non-current liabilities
Interest-bearing borrowings 223,222 3,159 190,460
Debentures 148,225 630 148,225
Fair value of interest rate 6,062 0 4,884
swaps
Deferred income tax 4,195 0 10
381,704 3,789 343,579
Current liabilities
Accounts payable and accruals 4,768 1,413 4,625
Debenture interest payable 8,788 - 3,203
Fair value of interest rate 0 0 539
swaps
Short term portion of interest 0 0 36,651
bearing borrowings
13,556 1,413 45,018
428,835 5,287 390,234
-
Net asset value per share 45.08 26.90 2.20
(cents)
Net asset value per linked unit 244.08 225.90 201.20
(cents)
Summarised group cash flow
statement
Unaudited Unaudited Restated
Six months Six months Twelve
ended ended months
ended
R000"s 31 December 31 December 30 June
2005 2004 2005
Cash flows from operations 21,930 145 6,708
Movements in working capital (5,329) (27) 126
Debenture interest payment (3,203) 0 0
Net finance costs (11,350) (223) (7,030)
Cash flows from operating 2,048 (105) (196)
activities
Cash flow from investing (900) (96) (373,846)
activities
Cash flows from financing (3,889) 0 377,082
activities
Net movement in cash (2,741) (201) 3,040
Net cash at beginning of period 3,354 314 314
Net cash at end of period
613 113 3,354
Summarised group statement Share Share Retained
of changes in equity
R000"s capital premium earnings/ Total
(loss)
Balance at 30 June 2004 3 54 152 209
Loss for the year as 0 0 (2,224) (2,224)
previously reported
Share issue costs 0 (2,497) 0 (2,497)
Capital reduction 742 7,417 0 8,159
Balance at 30 June 2005 as 745 4,974 (2,072) 3,647
previously reported
Restatement 0 0 (2,010) (2,010)
Balance at 30 June 2005 745 4,974 (4,082) 1,637
restated
Net profit for the period 0 0 31,938 31,938
Balance at 31 December 2005 745 4,974 27,856 33,575
Segmental reporting Retail Office Industrial Other Total
Showrooms
Primary Segment
Revenue 14,364 7,729 5,682 - 27,775
Straightline operating 1,760 341 1,128 3,229
lease adjustment
Operating profit 29,414 19,114 10,885 -1,301 58,112
Geographical Segment
Geographical Spread Sectoral Spread
Gauteng 59.07% Retail 50.39%
Mpumalanga 5.96% Office 28.46%
KwaZulu Natal 1.29% Industrial 21.15%
Eastern Cape 21.15%
Western Cape 12.54%
Basis of presentation
The unaudited interim financial report has been prepared in accordance
with International Financial Reporting Standards ("IFRS"), IAS 34 -
Interim Financial Reporting and the requirements of the South African
Companies Act 1973.
IFRS 1 - First time adoption of International Financial reporting
Standards has been applied in the preparation of the interim financial
report.
The accounting policies framework has changed to IFRS but no material
changes have been made to the opening balance sheet at 1 July 2004.
Prior period adjustment
During the period to June 2005, due to an oversight an interest accrual
relating to the Matrix property portfolio was not brought to account. This
resulted in an over distribution of 0.75 cents for the 2005 period after
recognising the distributable earnings from the Albert Road sale in full
in that period.
This over distribution has been deducted from the current period
distributable earnings in determining the current distribution.
Commentary on the results
The directors of the Fund have declared an interim distribution of 11.80
cents for the six months ending 31 December 2005. Together with the 4.3
cents declared for June 2005 the total distribution of 16.1 cents
representing an annualised return of 11.5% compared to the prelisting
forecast of 12%. The share price as at the end of December 2005 closed at
230 cents, an increase of 20 cents over the issue price of 210 cents.
Earnings of 54.7c per linked unit shows a healthy annualised 52% return on
the issue price.
Property revaluations
The board has decided that the portfolio will be valued internally each
year at the interim date. The total revaluation of the portfolio for the
six months to 31 December 2005 resulted in a R37 million increase to
R419.6m. This is an annualised growth of 19,5% and increases the net asset
value per linked unit to 244.08 cents from 201.23 cents.
Acquisitions and disposals
During the period Calulo acquired the BSI Warehouse in Pietermaritzburg
for R14.25 million and the Fruit and Veg. City property in Carltonville
for R8.8 million.
Post Balance sheet events
The Orchards centre in Nelspruit has been sold for R12.75 million a loss
of R1.25 million against the holding value as the re-letting and
repositioning of this centre was projected to take too long to complete
and would have resulted in initially reduced income. In addition,
agreement has been reached to dispose of the De Waal Centre in
Stellenbosch for R5.7 million, as the re-development of this asset is no
longer considered appropriate.
It was announced on Sens that subject to shareholder and JSE approval, a
portfolio of properties has been acquired for the sum total of R132
million. The transaction will be settled by issuing additional 15.7
million linked units at 225 cents and finance of R96.8 million. The
transaction is expected to be yield enhancing but will have only minimal
impact on the June distribution. The financial effects of the transaction
will be announced shortly.
Change in shareholder
The acquisition of 20.9 million shares in Calulo by Matemeku Property
Acquisitions 104 (Pty), a company Controlled by Moss Mashishi, from Rand
Merchant Bank bringing the BEE equity stake in Calulo to just over 50%
provides a significant BEE building block, which will ensure Calulo"s
future growth targets, can be met.
Prospects
Distributions to June 2006 are projected to be below initial expectations
due to projected rent reversions at Parc Nicol 3. The Baby City and
Sportsman"s" Warehouse leases have been extended for ten years at lower
levels resulting in unbudgeted commission expenses and whilst this reduces
income in the first year the longer leases will provide future stability.
Income expected from the Orchards centre in Nelspruit, post the rental
guarantee which expired at the end of February 2006 will also decline.
The improved BEE status of the Fund opens significant oportunities for the
Fund to become the landlord of choice for government tenants and major
companies aliike providing a sharp competitive edge in search for new
properties starting with the next tranche.
Payment of debenture interest
Notice is hereby given that distribution number 2 of 11.80 cents per
linked unit has been approved in respect of the period ended 31 December
2005 to all unitholders recorded in the register of the company on the
record date, being Friday, 31 March 2006.
The last day to trade cum the distribution will be Friday, 24 March 2006.
The linked units of the company will commence trading ex-distribution from
the commencement of business on Monday, 27 March 2006. Payment will be
made on Monday, 3 April 2006.
Linked unit certificates may not be rematerialised or dematerialised
between Monday, 27 March 2006 and Friday, 31 March 2006, both days
inclusive.
For and behalf of the Board Registered Office
Calulo Property Fund Limited 2a Delany Road, Plumstead, 7800
RJ Harman (CEO) P.O. Box 610, Plumstead, 7801
M Faku (Chairman) Cape Town
DATE: 10 March 2006 Company Secretary: CK Loydall (Mrs)
Directors: RJ Harman*; M Diale; M Faku; NN Madikizela*
* Executive
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001 (P.O. Box 61051, Marshalltown,
2107)
Date: 10/03/2006 04:06:50 PM Produced by the JSE SENS Department
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