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ATS
ATS
ATS - Atlas Properties Limited - Abridged Annual Financial Statements for
the year ended 30 September 2006
Atlas Properties Limited
(Incorporated in the Republic of South Africa)
Reg No 1988/000742/06
JSE Share Code: ATS & ISIN Code: ZAE000008975
ABRIDGED ANNUAL FINANCIAL STATEMENTS
for the year ended 30 September 2006
The audited consolidated results of the group for the year ended 30
September 2006 are as follows :
Restated
2006 2005
Note R`000 R`000
ABRIDGED CONSOLIDATED INCOME STATEMENT
Revenue 2 174,564 176,595
Straight-line rental adjustment 2,612 2,920
177,176 179,515
Trading income 110,615 106,173
Depreciation (2,189) (1,824)
Net surplus on revaluation of investment
properties
Surplus on revaluation 175,866 213,476
Straight-line rental adjustment (2,612) (2,920)
(Loss)/profit on disposal of investment
properties (133) 250
(Loss)/profit on disposal of property,
plant & equipment (7) 34
Debenture premium & discount amortised 2,214 2,214
Profit before interest 283,754 317,403
Interest received 1,121 1,368
Interest paid (33,953) (33,752)
Profit before interest on debentures 250,922 285,019
Interest on debentures (72,884) (66,937)
Profit before taxation 178,038 218,082
Taxation (21,408) (21,780)
Net profit 156,630 196,302
Earnings per linked unit (cents) 359.965 413.122
Weighted average linked units in issue
(`000) 63,760 63,719
RECONCILIATION OF EARNINGS TO HEADLINE
EARNINGS
Net profit 156,630 196,302
Interest on debentures 72,884 66,937
Earnings 229,514 263,239
Net surplus on revaluation of investment
properties (173,254) (210,556)
Deferred taxation thereon 21,122 20,299
Loss/(profit) on disposal of investment
properties net of taxation 133 (211)
Loss/(profit) on disposal of property,
plant & equipment 7 (34)
Headline earnings 77,522 72,737
Headline earnings per linked unit (cents) 121.584 114.153
ABRIDGED CONSOLIDATED BALANCE SHEET
Investment properties at valuation 1,330,200 1,121,688
Reclassified as held-for-sale 2 - (2,638)
Straight-line rental adjustment (23,153) (20,541)
1,307,047 1,098,509
Property, plant & equipment 2,502 2,327
Goodwill 5,235 5,235
Loans and available-for-sale investments 8,587 3,302
Rent receivable: straight-line rental
adjustment 21,101 18,945
Current assets 2 47,041 46,437
Total assets 1,391,513 1,174,755
Capital and reserves 620,989 466,794
Debentures 313,448 312,618
Deferred taxation 60,102 38,910
Other long-term liabilities 2 298,571 266,001
Current liabilities 2 98,403 90,432
Total equity and liabilities 1,391,513 1,174,755
Capital expenditure
Expenditure incurred 38,618 27,161
Authorised and unspent 59,913 22,530
Committed 32,000 6,028
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Cash generated from operations 112,603 107,730
Net interest paid (32,832) (32,384)
Taxation paid (873) (401)
Distribution to unitholders (69,625) (64,870)
Cash flows from operating activities 9,273 10,075
Cash flows from investing activities (41,893) (14,493)
Cash flows from financing activities 34,426 4,528
Net increase in cash and cash equivalents 1,806 110
Cash and cash equivalents at beginning of year 1,156 1,046
Cash and cash equivalents at end of year 2,962 1,156
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Treasury Share Debenture
Capital Shares Premium Premium
R`000 R`000 R`000 R`000
Balance at 1 October 2004
As previously reported 3,189 (3) 4,370 22,767
IFRS 1 - Goodwill impairment
(Note 1) - - - -
Transfer to
non-distributable reserves - - - -
Restated balance at 1
October 2004 3,189 (3) 4,370 22,767
Net purchase of treasury
shares - (3) - -
Net profit - - - -
Dividends paid - - - -
Net transfer to
non-distributable reserves - - - -
Debenture premium and
discount amortised - - - (2,530)
Restated balance at 30
September 2005 3,189 (6) 4,370 20,237
Disposal of treasury shares - 5 - -
Net profit - - - -
Dividends paid - - - -
Net transfer to
non-distributable reserves - - - -
Debenture premium and
discount amortised - - - (2,530)
Balance at 30 September 2006 3,189 (1) 4,370 17,707
Non-
Accumulated Distributable
Profit Reserves Total
R`000 R`000 R`000
Balance at 1 October 2004
As previously reported 3,249 249,062 282,634
IFRS 1 - Goodwill impairment
(Note 1) (9,401) - (9,401)
Transfer to non-distributable
reserves 9,401 (9,401) -
Restated balance at 1 October 2004 3,249 239,661 273,233
Net purchase of treasury shares - - (3)
Net profit 196,302 - 196,302
Dividends paid (208) - (208)
Net transfer to non-distributable
reserves (192,564) 192,564 -
Debenture premium and
discount amortised (2,214) 2,214 (2,530)
Restated balance at 30 September
2005 4,565 434,439 466,794
Disposal of treasury shares - 584 589
Net profit 156,630 - 156,630
Dividends paid (494) - (494)
Net transfer to non-distributable
reserves (153,869) 153,869 -
Debenture premium
and discount amortised (2 214) 2 214 (2,530)
Balance at 30 September 2006 4,618 591,106 620,989
Notes
The annual financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS). IFRS 1 First-time
adoption of International Financial Reporting Standards has been applied in
the preparation of these statements. The effect on the income statement and
balance sheet of adopting IFRS is set out in notes 1 & 2 below. Apart from
the effect of the first-time adoption of IFRS, the accounting policies
applied are consistent with those of the previous year.
1. 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 thereof 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.
Opening capital and reserves as previously reported 466,794 282,634
Adjustment on adoption of IFRS 1 - (9,401)
Opening capital and reserves as reported under IFRS 466,794 273,233
Effect on opening balance sheet
Goodwill - (9,401)
Capital and reserves - (9,401)
Effect on profit for the period
Adjustment on adoption of IFRS - 9,401
2. In terms of IAS 1 Presentation of Financial Statements, the following
amounts have been reclassified:
- an unsecured bank loan which was previously classified as a long-term
loan
has now been reclassified as a short-term loan.
- an investment property previously classified as a non-current asset, has
now been reclassified as an investment property held-for-sale.
- the income from Bayside Mall which was previously accounted for on a net
basis, has now been reallocated to revenue and expenses.
The effect on comparative figures is as follows:
Revenue - 6,427
Operating and administration expenses - (6,427)
Investment properties at valuation - (2,638)
Current assets - 2,638
Other long-term liabilities - (16,097)
Current liabilities - 16,097
The annual financial statements have been audited by the company`s
auditors. Their unqualified report is available for inspection from the
company`s secretary.
Notice is hereby given that the 19th annual general meeting of unitholders
of Atlas Properties Limited will be held in the boardroom of Atlas
Properties Ltd, 121 Roodebloem Road, Woodstock, Cape Town on Tuesday, 13
February 2007 at 12h00 to transact the business as stated in the notice
accompanying the annual financial statements.
The annual financial statements and the notice of the annual general
meeting were posted to unitholders on 22 December 2006.
By order of the Board
Atlas Management Services (Pty) Ltd
Secretaries
Cape Town
2 January 2007
Registered address:
121 Roodebloem Road, Woodstock, 7925
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Date: 02/01/2007 17:05:03 Produced by the JSE SENS Department.
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