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CBS
CBS
CBS - CBS Property Portfolio Limited - Group Audited Results For The Year Ended
31 October 2006
CBS Property Portfolio Limited
Registration number: 2003/009523/06
Share code: CBS & ISIN: ZAE000073995
Group audited results for the year ended 31 October 2006
2006 Highlights
distribution
total from R19.4m to R90.5m up 366%
per linked unit from 64.5c to 72c up 11.6%
market cap
from R286m to R1.22bn up 327%
investment property
from R999m to R2bn up 100%
income statement
2006 2005
R`000 R`000
Revenue excluding straight-
line accrual 166 036 70 281
Straight-line lease income accrual 6 429 7 444
Revenue 172 465 77 725
Fair value adjustments 177 326 41 551
Gross fair value adjustment 183 755 48 995
Less straight-line lease adjustment (6 429) (7 444)
Operating income 9 425 5 454
Operating expenditure (61 024) (26 703)
Operating profit 298 192 98 027
Investment income 38 886 1 822
Finance costs (134 489) (51 033)
Profit before taxation 202 589 48 816
Taxation (53 340) (15 156)
Profit after tax 149 249 33 660
Distribution per linked unit 72c 64.5c
There are no minorities.
balance sheet
as at 31 October 2006
2006 2005
R`000 R`000
Non-current assets 1 960 323 777 812
Property, plant and equipment 1 530 287
Investment properties 1 926 042 751 173
Goodwill 14 968 14 968
Other financial assets - 29
Straight-line debtor 17 783 11 355
Current assets 52 763 89 710
Inventories 27
Loans to related parties 1 466 2 686
Trade and other receivables 20 466 19 497
Non-current assets held for sale 6 023 19 401
Cash and cash equivalents 24 781 48 126
TOTAL ASSETS 2 013 086 867 522
Equity and liabilities 465 023 67 614
Share capital and share premium 268 832 20 583
Distributable reserve 196 191 47 031
Non-current liabilities 1 455 563 717 482
Debentures 732 559 203 838
Deferred taxation 95 819 42 524
Borrowings 627 185 471 120
Current liabilities 92 500 82 426
Taxation 135 90
Trade and other payables* 91 776 27 187
Current portions of borrowings 34 52 368
Related-party loans 555 2 518
Bank overdraft 263
TOTAL LIABILITIES 2 013 086 867 522
Includes investor interest accrual of R59.9 million (previous
distribution paid on 31 October 2005).
segmental report
Group results presented according to primary business segment
Industrial Retail
2006 2005 2006 2005
R`000 R`000 R`000 R`000
REVENUE 3 914 2 095 81 113 45 637
RESULT 5 771 2 643 140 556 57 566
UNALLOCATED CORPORATE
INCOME/EXPENSES
Investment income
Interest paid
PROFIT BEFORE TAX
SEGMENT ASSETS 21 383 12 599 521 044 553 795
UNALLOCATED CORPORATE
ASSETS
CONSOLIDATED TOTAL
ASSETS
SEGMENT LIABILITIES 107 8 132 4 790 357 470
UNALLOCATED CORPORATE
LIABILITIES
CONSOLIDATED TOTAL
LIABILITIES
Capital expenditure 16 534 1 296 196 980 56 949
Non-cash item other
than depreciation 2 659 616 82 355 27 072
Commercial Consolidated
2006 2005 2006 2005
R`000 R`000 R`000 R`000
REVENUE 87 438 29 993 172 465 77 725
RESULT 151 866 37 818 298 192 98 027
UNALLOCATED CORPORATE
INCOME/EXPENSES
Investment income 38 886 1 822
Interest paid (134 489) (51 033)
PROFIT BEFORE TAX 202 589 48 816
SEGMENT ASSETS 1 417 995 283 830 1 960 422 850 224
UNALLOCATED CORPORATE
ASSETS 52 664 17 299
CONSOLIDATED TOTAL
ASSETS 2 013 086 867 522
SEGMENT LIABILITIES 8 239 183 210 13 136 548 812
UNALLOCATED CORPORATE
LIABILITIES 1 534 927 251 096
CONSOLIDATED TOTAL
LIABILITIES 1 548 063 799 908
Capital expenditure 783 449 29 187 996 963 87 432
Non-cash item other
than depreciation 92 312 13 863 177 326 41 551
Group results presented according to secondary geographic segment
REVENUE BY SEGMENT ASSETS BY
GEOGRAPHICAL AREA GEOGRAPHICAL AREA
2006 2005 2006 2005
R`000 R`000 R`000 R`000
KZN 36 405 - 192 877
WESTERN CAPE 129 194 73 478 648 742 576 517
GAUTENG 132 593 4 247 1 118 803 273 706
298 192 77 725 1 960 422 850 224
ADDITIONS TO SEGMENT ASSETS
BY GEOGRAPHICAL AREA
2006 2005
R`000 R`000
KZN 142 905
WESTERN CAPE 80 084 59 286
GAUTENG 773 974 28 146
996 963 87 432
statement of changes in equity
Share Treasury Share
capital shares premium
R`000 R`000 R`000
Balance as previously reported
1 November 2004 135 1 059
Revised application
of IAS 12 on Income
taxation (13 884)
Restated balance as at
1 November 2004 135 1 059
Issue of shares 77 22 069
Listing expenses
written off (2 757)
Profit for the year
Balance as at
1 November 2005 212 20 371
Issue of shares 541 252 812
Profit for the year
Dividends paid
Treasury shares held
by subsidiary (5 104)
Balance as at
31 October 2006 753 (5 104) 273 183
Distributable
reserve Total
R`000 R`000
Balance as previously reported
1 November 2004 27 255 28 449
Revised application
of IAS 12 on Income
taxation (13 884)
Restated balance as at
1 November 2004 13 371 14 565
Issue of shares 22 146
Listing expenses
written off (2 757)
Profit for the year 33 660 33 660
Balance as at
1 November 2005 47 031 67 614
Issue of shares 253 353
Profit for the year 149 249 149 249
Dividends paid (89) (89)
Treasury shares held
by subsidiary (5 104)
Balance as at
31 October 2006 196 191 465 023
cash flow statement
2006 2005
R`000 R`000
Cash flow from operating activities
Cash generated from operations 183 597 27 362
Interest income 38 886 1 376
Finance costs (134 489) (50 585)
Tax paid - 283
Net cash from operating activities 87 994 (21 564)
Cash flow from investing activities
Purchase of plant and equipment (1 553) (308)
Purchase of investment property (997 543) (280 218)
Sale of investment property 28 170 16 931
Acquisition of business - (968)
Movement in financial assets (6 120) (29)
Net cash from investing activities (977 046) (264 592)
Cash flow from financing activities
Proceeds from share issue 248 249 19 389
Movement in borrowings 155 653 177 901
Movement in debentures 528 721 68 973
Movement in other financial liabilities (52 338) 52 338
Movement in related-party loans (14 196) 6 463
Instalment sale obligation movements (30) 123
Dividends paid (89)
Net cash from financing activities 865 970 325 187
Total cash movement for the year (23 082) 39 031
Cash at the beginning of the period 47 863 8 832
Total cash at the end of the year 24 781 47 863
COMMENT
Our maiden listed year to 31 October 2006 was a remarkable success. The
distribution of 72 cents per linked unit represents an increase of 11.6% on
the previous year.
2006 2005
Headline earnings per linked unit 149 249 33 660
Add back fair value adjustments (177 326) (41 551)
Less taxation applicable thereto 46 689 20 237
Headline profit 18 612 12 346
Headline and diluted earnings per linked unit 22c 42c
PROPERTY ACQUISITIONS
The following properties were acquired during the financial year
under review:
February
The Quayside Hotel & Boardwalk Shopping Centre, Simonstown, for a purchase
consideration of
R31 million.
April
The following six properties for a purchase consideration of R91.5 million:
144, 150 and 152 Hendrick Verwoerd Drive, Randburg
Gateway Park, International Business Gateway Park, Midridge Park, Midrand
Green Oaks, Waterfall Park, Vorna Valley, Midrand
Teljoy House, International Business Gateway Park, Midridge Park, Midrand
July
The following twelve properties for a purchase consideration of R616 million:
Bristol-Myers Squibb, Bedfordview Royal Palms, Midrand
SITA Building, Rivonia Waterfall Close, Midrand
SARS House, Alberton Waterfall Edge, Midrand
Sun International, Sandton Waterfall View and Crescent, Midrand
Palm Grove Centre, Randburg UUNet Building, Woodmead
Birchwood Court, Midrand
Queensburgh Shopping Centre, adjacent to Malvern Centre, for a purchase
consideration of R6 million.
August
The Damelin Building, situated in Mowbray, Cape Town, for a purchase
consideration of R31.5 million along with an adjacent house also tenanted by
Damelin for R1.2 million.
The purchase of JGM House for R36.5 million was effective 1 November 2006.
Transfer of this property is expected to take place during March 2007.
DISPOSALS
CBS sold Tokai Village Shopping Centre on 20 September 2006. This property
was considered a non-core asset and identified as a trading property.
DEVELOPMENTS
Gavin Klerck is pursuing various opportunities to grow the property portfolio
and income stream. Material upgrades have commenced on two of our properties,
namely Buitengracht Centre and Matador Centre. The strategic alliance with
Zenprop will bear fruit in the new year.
REDUCTION IN VACANCIES
Based on GLA, the vacancy in the portfolio at 31 October 2006 was 2.9%, a
reduction of 41% on the previous year. This is a result of the driven
hands-on approach of our property management division.
POST BALANCE SHEET EVENTS
ZENPROP
On 29 November 2006 CBS concluded agreements with Zenprop Property Holdings`
affiliates to acquire the T-Systems Building and the Siemens Building,
located in Midrand, Johannesburg, for a purchase consideration of
R302 million.
These premium grade office buildings have an above average weighted annual
rental escalation of 9%. Both properties are occupied by single tenants and
are triple net leases with the tenant being responsible for all expenses. The
properties will be transferred by 1 April 2007 or earlier.
SHARES FOR CASH
CBS has successfully placed 15 million linked units equating to approximately
10% of CBS` issued linked units, with the Public Investment Corporation. The
proceeds from the placed shares will be used to fund further acquisitions.
BLACK ECONOMIC EMPOWERMENT
On 29 November 2006 CBS announced its involvement in a new property
initiative, African Capital Property Portfolio Limited, which aims to
establish the largest black-owned and managed unlisted commercial property
portfolio in South Africa. The controlling shareholder of African Capital is
a consortium led by businessman Zwelakhe Sisulu, which includes black
professionals and broad-based women`s groups from Gauteng, KwaZulu-Natal and
the Western Cape.
DIVIDEND AND INTEREST PAYMENT
Notice is hereby given of the final dividend distribution Number 2 of 0.04
cent and debenture interest payment Number 2 of 39.960 cents per linked unit,
totalling 40.0 cents per linked unit for the income distribution period 1 May
2006 to 31 October 2006.
TIMETABLE FOR DISTRIBUTION
Last day to trade `cum` the final distribution Friday, 5 January 2007
Linked units commence trading `ex` the final
distribution Monday, 8 January 2007
Record date to participate in the final
distribution Friday, 12 January 2007
Payment date of the final distribution Monday, 15 January 2007
No dematerialisation or rematerialisation of CBS linked unit certificates may
take place between Monday, 8 January 2007 and Friday, 12 January 2007.
ACCOUNTING POLICIES
These results for the year ended 31 October 2006 have been prepared in
accordance with International Financial Reporting Standards. The comparatives
have been restated for the revised application of
IAS 12 regarding the change in deferred tax rate applicable to the fair value
adjustments on buildings.
AUDIT REPORT
These results have been audited by BDO Spencer Steward (CT) Inc. and their
audit report is available for inspection at the company`s registered office.
By order of the Board
Cape Town
14 December 2006
DIRECTORS
Ivan Klerck* (Chairman), Martin Ettin, Gary Fisher, Derek Greenberg, Richard
Harman, Eugene Loubser*, Sean Mackay, Jeff Molobela*, Paul Sulcas*,
Colin Traub*. (*Non-Executive)
Company Secretary: Charmaine Loydall
CBS Property Portfolio Limited
Registration number: 2003/009523/06
Registered office: 7th Floor, Buitengracht Centre, 125 Buitengracht Street,
Cape Town, 8001
Share code: CBS ISIN: ZAE000073995
Sponsor:
Investec Bank Limited
Auditor:
BDO
BDO Spencer Steward
Chartered Accountants,
Financial and Taxation Advisers
Date: 14/12/2006 15:24:01 Produced by the JSE SENS Department.
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