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Oasis - Final abridged audited results and income 6 Jun 2006
OAS
OAS
Oasis - Final abridged audited results and income distribution declaration
Oasis Crescent Property Fund
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
Share code: OAS & ISIN: ZAE000074332
("OCPF")
OASIS CRESCENT PROPERTY FUND
FINAL ABRIDGED AUDITED RESULTS AND INCOME DISTRIBUTION DECLARATION
The directors of Oasis Crescent Property Fund Managers Limited (OCPFM), the
management company of the Oasis Crescent Property Fund (the Fund), present the
abridged audited results of the Fund for the period from listing on 23 November
2005 to 31 March 2006 as follows:
ABRIDGED INCOME STATEMENT
for the period from 23 November 2005 to 31 March 2006
31 March
2006
R
Revenue 6,836,905
Expenses 1,644,706
5,192,199
Fair value adjustment to investment properties
excluding straight lining of lease income 18,093,214
Operating profit for the period 23,285,413
Interest received 1,850,850
Interest paid (157)
Net profit for the period 25,136,106
Headline earnings and distribution income
reconciliation
Net profit for the period 25,136,106
Adjusted for:
Fair value adjustment to investment properties (18,990,208)
Headline earnings 6,145,898
Non-permissible rental income (244,992)
Non-permissible interest income (1,850,850)
Distribution excluding non-permissible income 4,050,056
Units in issue 20,000,000
Basic earnings per unit (cents) 125.7
Headline earnings per unit (cents) 30.7
Distribution per unit excluding non-permissible income (cents) 20.3
Net asset value per unit (cents) 1,087
ABRIDGED BALANCE SHEET
as at 31 March 2006
31 March
2006
R
ASSETS
Non-current assets 134,300,000
Investment properties 133,403,006
Straight line lease accrual 896,994
Current assets 89,582,973
Trade receivables 428,874
Cash and cash equivalents 89,154,099
Total assets 223,882,973
UNIT HOLDERS FUNDS AND LIABILITIES
Unit holders funds 217,447,240
Current liabilities 6,435,733
Trade payables 289,835
Unit holders for distribution 4,050,056
Non-permissible income available for distribution 2,095,842
Total unit holders funds and liabilities 223,882,973
ABRIDGED STATEMENT OF CHANGES IN UNIT HOLDERS FUNDS
for the period from 23 November 2005 to 31 March 2006
Capital Revaluation Retained Total
of the Fund reserve income
R R R R
Balance at
23 November 2005 - - - -
Issue of units 200,000,000 - - 200,000,000
Listing costs (1,542,968) - - (1,542,968)
Transfer to
revaluation
reserve - 18,990,208 (18,990,208) -
Net profit for
the period
ended
31 March 2006 - - 25,136,106 25,136,106
Distribution
to unit
holders - - (4,050,056) (4,050,056)
Distribution
of
non-permissible
income - - (2,095,842) (2,095,842)
Balance at
31 March 2006 198,457,032 18,990,208 - 217,447,240
ABRIDGED CASH FLOW STATEMENT
for the period from 23 November 2005 to 31 March 2006
31 March
2006
R
Cash generated from operations 4,156,166
Interest paid (157)
Interest received 1,850,850
CASH FLOWS FROM OPERATING ACTIVITIES 6,006,859
CASH FLOWS FROM INVESTING ACTIVITIES (115,309,792)
CASH FLOWS FROM FINANCING ACTIVITIES 198,457,032
NET INCREASE IN CASH AND
CASH EQUIVALENTS 89,154,099
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD -
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 89,154,099
COMMENTARY
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial statements of the Fund have been prepared in accordance with
International Financial Reporting Standards (IFRS), International Accounting
Standard 34 (IAS 34) and the requirements of the Collective Investment Schemes
Control Act of 2002.
The financial statements are prepared on the historical cost basis as modified
by the revaluation of investment properties which are carried at fair value.
There are no comparative figures presented for the previous year 2005, as 2006
is the first year of operation of the Fund.
PricewaterhouseCoopers Inc has audited the financial information set out in
this report. Their unqualified audit report is available for inspection at the
Fund"s registered office.
2. PORTFOLIO COMMENTARY
As at 31 March 2006, the net asset value of the Fund comprised of 5 properties
with a value of R134,3 million and cash holdings of R83,1 million after payment
of the distribution and current liabilities, which is earmarked for the
acquisitions as disclosed under capital commitments below. By gross rental, 18%
of the property portfolio is retail, 34% is offices and 48% is industrial. As
at 31 March 2006 100% of the property portfolio was located in the Western Cape.
The current portfolio concentration in the Western Cape provides the manager
with the focus and ability to lead the market and its competitors in
identifying good quality property investments. However, over the medium term
the portfolio is expected to expand its geographical spread.
There were no acquisitions or disposals during this period.
3. PORTFOLIO VALUATION
The investment properties were independently valued by Mills Fitchet Magnus
Penny (Pty) Ltd on 31 March 2006 and the portfolio was valued at R134,3
million. The portfolio increased by 16% from the acquisition cost at listing on
23 November 2005.
4. CAPITAL COMMITMENTS
OCPFM has contracted to acquire 27 Nourse Avenue, Epping Industria, Cape Town
for R10.3 million. This acquisition has not been recognised in the balance
sheet because the transfer of the property has not taken place.
A further substantial acquisition of The Ridge@Shallcross, a community shopping
centre, for R117 million was announced by OCPFM on 25 May 2006. It is expected
that R71 million of the purchase price will be settled from cash on hand, R10
million from short-term borrowings and R36 million will, subject to the
requisite shareholder and trustee approvals being received, be raised from a
proposed general issue of units for cash.
5. SEGMENTAL INFORMATION
Retail Office Industrial
R R R
Income statement
Rental and related income 1,056,435 2,002,036 2,881,440
Straight lining of lease income 129,410 293,426 474,158
Property expenses 40,452 670,443 334,090
Segment result
Operating profit 4,521,595 7,559,146 11,804,393
Balance sheet
Investment properties at valuation 26,777,994 38,199,170 68,425,842
Corporate Total
R R
Income statement
Rental and related income - 5,939,911
Straight lining of lease income - 896,994
Property expenses - 1,044,985
Segment result
Operating profit (599,721) 23,285,413
Balance sheet
Investment properties at valuation - 133,403,006
6. RELATED PARTY TRANSACTIONS AND BALANCES
Identity of the related parties with whom material transactions have occurred.
OCPFM is the management company of the Fund in terms of the Collective
Investment Schemes Control Act.
Oasis Crescent Property Fund (Pty) Ltd is the vehicle that accumulated the
properties prior to the listing of the Fund. The properties were sold to the
Fund on listing at the initial purchase prices.
Type of related party transactions
The Fund pays a service charge and a property managment fee on a monthly basis
to Oasis Crescent Property Fund Managers Ltd.
Material related party transactions R
Service charge paid to OCPFM 420,467
Property management fees paid to OCPFM 73,333
493,800
Material related party balances
Trade and other receivables from OCPF (Pty) Ltd 67,200
Trade and other payables to OCPFM 129,147
7. INCOME DISTRIBUTION AND NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that a distribution after non-permissible income of
20.25 cents per unit has been declared payable to unit holders recorded in the
register of the Fund at the close of business on the record date, Friday 30
June 2006. Unit holders are advised that the last day to trade "cum" the
distribution will be Friday 23 June 2006. Payment will be made on Monday 3
July 2006. Unit certificates may not be dematerialised or rematerialised during
the period Monday 26 June 2006 to Friday 30 June 2006, both days inclusive.
The annual general meeting of unit holders will be held at 20th floor,
Safmarine House, 22 Riebeek Street, Cape Town on Wednesday, 26 July 2006,
commencing at 10h00.
By order of the Board
Cape Town
6 June 2006
Note: The listing of units in the fund is on the AltX. Unit holders are advised
of the risks of investing in an entity listed on the AltxX. Unit holders are
advised that the JSE does not guarantee the viability or the success of an
entity listed on the AltX. In terms of the JSE Listings Requirements a
designated advisor has to be retained by the entity. The designated advisor is
required to, inter alia, attend all board meetings held by the entity to ensure
that all JSE Listings Requirements and applicable regulations are complied with,
approve the financial director of the entity and guide the entity in a
competent, professional and impartial manner. If the entity fails to retain the
designated advisor it must make arrangements to appoint a new designated advisor
within 10 business days, failing which the entity faces suspension of trading of
its securities. If a designated advisor is not appointed within 30 days of its
suspension the entity faces the termination of its listing without an offer to
minority unit holders.
Date: 06/06/2006 12:44:39 PM Produced by the JSE SENS Department
