HPA HPB
HPA
Hospitality - Trading Statement
Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Share code for A linked units: HPA
ISIN for A linked units: ZAE000076790
Share code of B linked units: HPB
ISIN for B linked units: ZAE000076808
("Hospitality" or "the Company")
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will be more than 20%
different than that of a profit forecast previously provided to the market. The
factors set out below have not had a material effect on the forecast
distribution per A or B linked unit set out in the Prospectus issued on 23
January 2006 ("the Prospectus").
As a result of the above, Hospitality"s linked unit holders are informed that
Hospitality"s earnings per linked unit ("EPLU") for the period ended 30 June
2006 are expected to be 435% to 445% higher than that set out in the forecast
contained in the Prospectus, primarily as a result of a net surplus arising on
the revaluation of investment properties. It is also expected that headline
earnings per linked unit ("HEPLU") for the period ended 30 June 2006 will be 15%
to 25% higher than that set out in the forecast contained in the Prospectus as a
result of lower than expected listing expenses and the accounting for rentals on
a straight-line basis in terms of the interpretation of IAS17, as set out in
Circular 7/2005 issued by the South African Institute of Chartered Accountants.
These factors have not had a material effect on the forecast distribution per A
or B linked unit set out in the Prospectus.
The above information has not been reviewed or reported on by the Company"s
auditors and the Company"s results for the period ended 30 June 2006 are
expected to be published on or about Friday, 25 August 2006.
The directors of the Company consider the measurement of movements in EPLU and
HEPLU to be inappropriate as a measure for trading statements for listed
property loan stock companies. The Company has consequently made application to
the JSE Limited for the adoption of distributable earnings per linked unit as
the future measure for trading statements.
Johannesburg
23 August 2006
Investment bank and sponsor
Nedbank Capital
Date: 23/08/2006 12:52:02 PM Produced by the JSE SENS Department
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