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ATS
ATS
Atlas Properties Limited - Interim Report for the Six Months Ended 31 March 2006
ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
Reg. No. 1988/000742/06
JSE Share Code: ATS & ISIN: ZAE000008975
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2006
The consolidated unaudited results of the group for the six months ended
31 March 2006 are as follows:
March March September
2006 2005 2005
R"000 R"000 R"000
DISTRIBUTION
Net income distributed to
unitholders
Debenture interest 30 134 28 312 66 974
Dividend 227 44 311
Total 30 361 28 356 67 285
"000 "000 "000
Linked units in issue 63 785 63 785 63 785
Distribution per linked unit Cents Cents Cents
Debenture interest 47,243 44,387 105,001
Dividend 0,356 0,069 0,487
Total 47,599 44,456 105,488
Unaudited Restated Restated
6 months 6 months 12 months to
to March to March September
2006 2005 2005
R"000 R"000 R"000
CONSOLIDATED INCOME STATEMENT
Revenue 84 079 82 031 170 168
Straight-line rental adjustment 1 414 1 813 2 920
85 493 83 844 173 088
Trading income 49 342 47 793 106 173
Depreciation (1 106) (869) (1 824)
(Loss)/profit on disposal of
investment properties (93) (53) 250
(Loss)/profit on disposal of property,
plant and equipment (51) - 34
Debenture premium and discount
amortised 1 107 1 107 2 214
Net surplus on revaluation of
investment properties - - 210 556
- Surplus on revaluation - - 213 476
- Straight-line rental adjustment - - (2 920)
Profit before interest 49 199 47 978 317 403
Interest received 466 225 1 368
Interest paid on borrowings (16 696) (16 738) (33 752)
Profit before debenture interest 32 969 31 465 285 019
Debenture interest (30 092) (28 303) (66 937)
Profit before taxation 2 877 3 162 218 082
Taxation (752) (360) (21 780)
Profit for the period 2 125 2 802 196 302
Earnings per linked unit (cents) 50,544 48,805 413,125
Headline earnings per linked unit
(cents) 50,770 48,214 114,153
Weighted average linked units in
issue ("000) 63 741 63 733 63 719
The weighted average linked units in issue for the six months ended 31 March
2005 has been adjusted to take into account treasury shares held by the group.
Reconciliation of earnings to
headline earnings
Profit for the period 2 125 2 802 196 302
Debenture interest 30 092 28 303 66 937
Earnings 32 217 31 105 263 239
Revaluation of investment properties
- Surplus - - (210 556)
- Deferred tax thereon and rate
adjustment - (485) 20 299
Loss/(profit) on disposal of
investment properties net of
taxation 93 108 (211)
Loss/(profit) on disposal of
property, plant and equipment 51 - (34)
Headline earnings 32 361 30 728 72 737
Unaudited Restated Restated
March March September
2006 2005 2005
R"000 R"000 R"000
ABRIDGED CONSOLIDATED BALANCE SHEET
Investment properties 1 106 256 882 639 1 101 147
- At valuation 1 126 797 900 260 1 121 688
- Straight-line rental adjustment (20 541) (17 621) (20 541)
Property, plant and equipment 2 395 2 033 2 327
Goodwill 5 235 5 235 5 235
Investments 68 - -
Loans 4 188 3 618 3 302
Rental receivable - straight-line
adjustment 20 199 17 234 18 945
- Total 21 955 19 435 20 541
- Included in current assets (1 756) (2 201) (1 596)
Current assets 42 185 45 030 43 799
Total assets 1 180 526 955 789 1 174 755
Capital and reserves 468 003 274 803 466 794
Debentures 313 290 312 640 312 618
Deferred tax 39 436 17 557 38 910
Long-term loans 290 271 288 554 282 098
Current liabilities 69 526 62 235 74 335
Total equity and liabilities 1 180 526 955 789 1 174 755
Capital expenditure
Expenditure incurred 9 817 16 763 27 161
Authorised and unspent 70 722 8 466 22 530
Committed 57 646 1 000 6 028
Unaudited Restated Restated
6 months 6 months 12 months to
to March to March September
2006 2005 2005
R"000 R"000 R"000
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Treasury Debenture
Capital Premium Shares Premium
R"000 R"000 R"000 R"000
Balance at 1 October 2004 3 189 4 370 (3) 22 767
Goodwill impairment (note 2) - - - -
Transfer to non-distributable
reserves - - - -
Balance as restated 3 189 4 370 (3) 22 767
Net purchase of treasury
shares - - (3) -
Profit for the period - - - -
Dividends - - - -
Transfer to non-distributable
reserves - - - -
Debenture premium amortised - - - (2 530)
Balance at 30 September 2005 3 189 4 370 (6) 20 237
Disposal of treasury shares - - 5 -
Profit for the period - - - -
Dividends - - - -
Transfer to non-distributable
reserves - - - -
Debenture premium amortised - - - (1 265)
Balance at 31 March 2006 3 189 4 370 (1) 18 972
ABRIDGED CONSOLIDATED CASH FLOW
STATEMENT
Cash generated from operations 54 860 48 292 107 730
Net interest paid (16 230) (16 513) (32 384)
Taxation paid (740) (324) (401)
Distribution to unitholders (38 887) (36 545) (64 870)
Cash flows from operating activities (997) (5 090) 10 075
Cash flows from investing activities (6 371) (5 764) (14 493)
Cash flows from financing activities 8 173 10 984 4 528
Net increase in cash and cash
equivalents 805 130 110
Cash and cash equivalents at
beginning of period 1 156 1 046 1 046
Cash and cash equivalents at end of
period 1 961 1 176 1 156
Non- Accumu-
distributable lated
Reserves Funds Total
R"000 R"000 R"000
Balance at 1 October 2004 249 062 3 249 282 634
Goodwill impairment (note 2) - (9 401) (9 401)
Transfer to non-distributable
reserves (9 401) 9 401 -
Balance as restated 239 661 3 249 273 233
Net purchase of treasury shares - - (3)
Profit for the period - 196 302 196 302
Dividends - (208) (208)
Transfer to non-distributable
reserves 194 778 (194 778) -
Debenture premium amortised - - (2 530)
Balance at 30 September 2005 434 439 4 565 466 794
Disposal of treasury shares - 611 616
Profit for the period - 2 125 2 125
Dividends - (267) (267)
Transfer to non-distributable
reserves 2 530 (2 530) -
Debenture premium amortised - - (1 265)
Balance at 31 March 2006 436 969 4 504 468 003
Notes
1. Basis of preparation
The interim report was prepared in accordance with International Financial
Reporting Standards ("IFRS"), and complies with IAS 34 Interim Financial
Reporting. This is the group"s first set of results that comply with IFRS.
IFRS 1 First-time Adoption of International Financial Reporting Standards
("IFRS 1") has been applied in preparing this report. The accounting policies
used in the preparation of the interim report are consistent with those used
in the annual financial statements for the year ended 30 September 2005 except
where otherwise indicated. Comparative figures have been restated as set out in
note 2. Investment properties have not been revalued for the interim financial
periods.
2. Change in accounting policy and restatement of comparative figures
The group elected to apply the optional exemption provided in IFRS 1 relating
to the retrospective application of IFRS 3 Business Combinations ("IFRS 3"). In
terms of this exemption, the group elected not to apply IFRS 3 to business
combinations prior to 1 October 2004. This exemption does however require that
goodwill be subjected to an impairment test at 1 October 2004, and that any
resulting impairment be recognised on that date against equity. The effect
hereof is that the goodwill impairment recognised in the income statement for
the year ended 30 September 2005 has been reversed and deducted from
accumulated funds as at 1 October 2004.
IAS 17 Leases requires that rental income with fixed escalations resulting from
operating leases be recognised on a straight-line basis over the respective
lease terms. The 31 March 2005 figures have been restated to take this
requirement into account. The resultant changes are separately disclosed in the
income statement and balance sheet. The effect on earnings per linked unit is as
follows:
Effect on earnings per linked unit (cents) - 2,019 -
Opening capital and reserves as previously
reported 466 794 285 477 282 634
Adjustment on adoption of IFRS - (9 401) (9 401)
Straight-line rental adjustment - tax effect - (2 643) -
Equity as reported under IFRS 466 794 273 433 273 233
Effect on opening balance sheet
Goodwill - (9 401) (9 401)
Capital and reserves - (9 401) (9 401)
Effect on profit for the period
Adjustment on adoption of IFRS - - 9 401
Straight-line rental adjustment net of tax - 1 287 -
3. Segmental information for the six months ended 31 March 2006
Retail Commercial Industrial Services
Revenue - contractual
basis 36 474 35 856 2 379 9 301
Results 24 669 19 277 1 542 866
Depreciation
Straight-line rental
adjustment
Trading income
Other Elimination Total
Revenue - contractual basis 5 864 (5 795) 84 079
Results - trading income after
depreciation 468 - 46 822
Depreciation 1 106
Straight-line rental adjustment 1 414
Trading income 49 342
The revenue eliminated relates to internal revenue generated by the Services
segment.
Comments
The distribution for the six months at 47,599 (2005: 44,456) cents per unit is
7,1% higher than the comparable period in the previous year, which is in line
with the company"s consistent record of increased earnings over the past twelve
years. It is anticipated that this rate of increase will continue for the
remainder of the financial year.
Building vacancies were 5,0% (2005: 3,9%) of lettable area, or 3,3% (2005:
1,7%) of gross rental income.
E Osrin IS Raubenheimer Cape Town
Chairman Chief Executive Officer 18 May 2006
Declaration of interim dividend and interest on debentures
Notice is hereby given that an interim distribution of 47,599 cents (2005:
44,456 cents), consisting of interest of 47,243 cents (2005: 44,387 cents) per
debenture and a dividend of 0,356 cents (2005: 0,069 cents) per share has been
declared in respect of the six months ended 31 March 2006. The record date for
this distribution is Friday, 23 June 2006 with a payment date of Monday, 26
June 2006. The last date to trade the linked units cum-dividend and interest is
Thursday, 15 June 2006, and the linked units will start trading ex-dividend
and interest on Monday, 19 June 2006. Dividend and interest payments will be
made to unitholders on Monday, 26 June 2006. No dematerialisation or
rematerialisation of linked unit certificates may take place between Monday, 19
June 2006 and Friday, 23 June 2006, both days inclusive.
By order of the Board
Atlas Management Services (Pty) Ltd Cape Town
Secretaries 18 May 2006
Registered address: 121 Roodebloem Road, Woodstock, 7925
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Date: 18/05/2006 03:04:12 PM Produced by the JSE SENS Department
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