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PPR
PPR
PPR - Putprop - Update on the Pro Forma Financial Effects
Putprop Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/001085/06)
Share code: PPR & ISIN: ZAE000072310
("Putprop" or "the Company")
UPDATE ON THE PRO FORMA FINANCIAL EFFECTS OF THE NEW LEASE CONDITIONS AGREED
WITH PUTCO LIMITED
Following the announcements made to shareholders of Putprop on 1 December 2006
and 25 January 2007 respectively, Ernst & Young Sponsors (Proprietary) Limited
is now authorised to announce that Putprop has calculated the pro forma
financial effects of the new lease entered into and those calculations have been
confirmed by the external auditors a copy of whose report is available on
request.
FINANCIAL EFFECTS OF THE ACQUISITION
As Putprop has not yet published its interim financial statements for the fiscal
year ending 30 June 2007 the table below sets out the pro forma financial
effects of the new lease based on Putprop`s audited annual financial statements
for the year ended 30 June 2006. These financial effects are the responsibility
of the directors of Putprop and they have been prepared for illustrative
purposes only, in order to provide information about the trading and/or
financial position of Putprop on the assumption that the new Putco lease had,
for income statement purposes, been entered into and become effective from 1
July 2005 and 30 June 2006 for balance sheet purposes. Due to its nature, the
pro forma financial information set out below may not give a fair reflection of
Putprop`s results, financial position and changes in equity subsequent to entry
into the new lease.
Before After
the new the new
lease was lease was
entered entered Percentage
into into change
Earnings per share (cents) 71.3 42.8 -40%
Headline earnings per share (cents) 50.9 22.4 -56%
Net asset value per share (cents) 503.3 474.9 -6%
Tangible net asset value per share
(cents) 322 322 0%
Number of shares in issue (`000) 28 792 28 792 0%
Notes:
The "Before the new lease was entered into" financial information has been
extracted from the annual financial statements of Putprop dated September 2006
and as such they are entirely unadjusted.
The earnings per share and Headline earnings per the "After the new lease was
entered into" column have been adjusted for the after-tax effect of the revised
rental agreement with Putco. The effect of the revised agreement on the income
statement is detailed below:
Before After
the new the new
lease was lease was
entered entered Percentage
into into change
Rent charged to Putco 27 945 21 789 -22%
Rent to Putco straightlining
adjustments -5 291 5 532 205%
rent charged to other tenants 172 172 0%
Future escalation debtor written
back early* - -16 549
-----------------
Rent received 22 826 10 944 -52%
Interest received 1 882 1 882 0%
-----------------
Revenue 24 708 12 826 -48%
Operating income 6 871 6 871 0%
Operating expenses 3 334 3 656 10%
-----------------
Profit before taxation 28 245 16 041 -43%
Taxation 7 711 3 718 -52%
-----------------
Profit attributable to equity
holders 20 534 12 323 -40%
-----------------
* Once off non-recurring adjustment due to the assumed commencement of the new
lease on 1 July 2005.
The directors deem the revised rental agreement not to have any effect on the
tangible net asset value of the company, or similarly the value of the
investment properties valued on an open market basis.
Shareholders are referred to the cautionary announcements dated 1 December 2006
and 25 January 2007 respectively, and are advised that caution is no longer
required to be exercised by shareholders when dealing in the company`s
securities.
SANDTON
2 March 2007
Registered OfficeCarlin House8, 4th Street, Wynberg, Johannesburg 2090P O Box
39002, Bramley, Johannesburg 2018
Share Transfer SecretariesComputershare Investor Services 2004 (Pty) Limited70
Marshall StreetMarshalltownP O Box 61051, Johannesburg 2107
AuditorsErnst & YoungWanderers Office Park52 Corlett Drive, IllovoP O Box 2322,
Johannesburg 2000
Sponsor
Ernst & Young Sponsors (Pty) Ltd
Incorporated in the Republic of South Africa
(Registration number 2000/031843/07)
Date: 02/03/2007 13:13:57 Produced by the JSE SENS Department.
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