Go Back Email this Link to a friend


Amaprop - Audited Results

Release Date: 18/11/1997 15:34:01      Code(s): OMN
AUDITED RESULTS FOR THE PERIOD ENDED 31 DECEMBER 1998
ANGLO AMERICAN PROPERTIES LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(COMPANY REGISTRATION NUMBER 62/04693/06)
REGISTERED OFFICE
17TH FLOOR
CARLTON INTERNATIONAL TRADE CENTRE
COMMISSIONER STREET
JOHANNESBURG 2001
TRANSFER SECRETARIES
CONSOLIDATED SHARE REGISTRARS LIMITED
1ST FLOOR, EDURA
41 FOX STREET, JOHANNESBURG 2001
PO BOX 61051, MARSHALLTOWN 2107
DIRECTORS
GGL LEISSNER (CHAIRMAN), JF BIHL, WFE BRAGG*, PR FARINA, MW KING, G LINDOP, NF
OPPENHEIMER, CL SUNTER*, MS HADJEE
ALTERNATE DIRECTORS
MC FELLING, GR PARDOE, HM THOMPSON
*BRITISH
RESULTS
THE DIRECTORS REPORT THAT THE AUDITED RESULTS OF THE GROUP FOR THE NINE MONTHS
ENDED 31 DECEMBER 1998 ARE AS FOLLOWS:
                                               NINE MONTHS    TWELVE MONTHS
                                               ENDED          ENDED
                                               31 DECEMBER    31 MARCH
                                               1998           1998
                                               R000           R000
TURNOVER                                       137 459        195 482
OPERATING PROFIT                               10 647         22 150
INTEREST RECEIVED                              32 497         33 545
INTEREST PAID                                  (14 723)       (20 983)
PROFIT BEFORE EXCEPTIONAL ITEMS                28 421         34 712
EXCEPTIONAL ITEMS                              (32 901)       (178 722)
- DEFICIT ON REVALUATION OF
  INVESTMENTS AND PROPERTIES                   (21 333)       (128 893)
- PROVISION FOR FUTURE LOSSES ON HEAD LEASES   (8 581)        (50 198)
- (LOSS)/PROFIT ON DISPOSAL OF
  INVESTMENTS AND PROPERTIES                   (6 463)        69
- SURPLUS ON REPURCHASE OF LOAN STOCK          3 476          -
LOSS BEFORE TAXATION                           (4 480)        (144 010)
TAXATION                                       (11 075)       5 470
- SA NORMAL TAXATION                           6 001          9 870
- DEFERRED TAXATION
   -  CURRENT YEAR                             (2 214)        (15 340)
   -  TAX RATE CHANGE                          7 288          -
LOSS AFTER TAXATION                            (15 555)       (138 540)
LESS: ATTRIBUTABLE TO OUTSIDE SHAREHOLDERS
BEING SHARE OF PROFITS/(LOSSES) IN CARLTON
CENTRE LIMITED                                 717            (53 098)
LOSS ATTRIBUTABLE TO SHAREHOLDERS              (16 272)       (85 442)
RECONCILIATION BETWEEN EARNINGS AND
HEADLINE EARNINGS:
LOSS ATTRIBUTABLE TO SHAREHOLDERS              (16 272)       (85 442)
ADJUSTMENTS
- EXCEPTIONAL ITEMS                            32 901         178 722
- REALISED HEAD LEASE LOSSES CHARGED
  AGAINST PROVISION                            (8 581)        (11 073)
- TAX AND OUTSIDE SHAREHOLDERS' INTEREST       -              (62 687)
HEADLINE EARNINGS                              8 048          19 520
NUMBER OF SHARES IN ISSUE                      52 158 055     52 158 055
LOSS PER SHARE (CENTS)                         (31,20)        (163,81)
ADJUSTMENTS                                    46,62          201,23
- EXCEPTIONAL ITEMS                            63,07          342,66
- REALISED HEAD LEASE LOSSES CHARGED
  AGAINST PROVISION                            (16,45)        (21,24)
- TAX AND OUTSIDE SHAREHOLDERS' INTEREST       -              (120,19)
HEADLINE EARNINGS PER SHARE (CENTS)            15,42          37,42
NET ASSET VALUE PER SHARE (CENTS)              679,66         711,83
YEAR END CHANGE
IN LINE WITH THE CHANGE IN THE FINANCIAL YEAR END OF THE HOLDING COMPANY, ANGLO
AMERICAN CORPORATION OF SOUTH AFRICA LIMITED, THE YEAR END OF AMAPROP HAS BEEN
CHANGED FROM 31 MARCH TO 31 DECEMBER. THE FINANCIAL REPORT, THEREFORE, IS IN
RESPECT OF THE NINE-MONTH PERIOD 1 APRIL 1998 TO 31 DECEMBER 1998.
GROUP RESULTS
THE LOSS ATTRIBUTABLE TO SHAREHOLDERS AFTER ADJUSTING FOR EXCEPTIONAL ITEMS WAS
R16,272 MILLION OR 31,20 CENTS PER SHARE (MARCH 1998: R85,442 MILLION OR 163,81
CENTS PER SHARE) AND NO DIVIDEND HAS BEEN DECLARED.
LOAN STOCK HOLDERS WILL RECEIVE A FINAL INTEREST PAYMENT OF 14,5 CENTS PER
UNIT. THE TOTAL DISTRIBUTION TO LOAN STOCK HOLDERS FOR THE NINE MONTHS AMOUNTS
TO 43,5 CENTS PER UNIT.
PROFIT BEFORE EXCEPTIONAL ITEMS AMOUNTED TO R28,421 MILLION. HEADLINE EARNINGS
WERE R8,048 MILLION OR 15,42 CENTS PER SHARE COMPARED WITH R19,520 MILLION OR
37,42 CENTS PER SHARE FOR THE YEAR ENDED 31 MARCH 1998.
POSITIVE INFLUENCES WERE THE MAJOR LETTINGS IN 11 DIAGONAL STREET, 320 WEST
STREET AND EDURA, FIRMER RENTALS IN THE SMALL STREET MALL, THE CLOSURE OF THE
CARLTON HOTEL AND HIGHER INTEREST RATES ON LARGER AVERAGE CASH BALANCES HELD BY
THE COMPANY. HOWEVER, THESE WERE OFFSET BY LETTING EXPENDITURE OF R21,426
MILLION INCURRED IN RELATION TO THE MAJOR LETTINGS MENTIONED ABOVE, AN
INCREASED DEFERRED TAX CHARGE OF R7,288 MILLION AS A RESULT OF THE LOWERING OF
THE COMPANY TAX RATE, AND LOSSES FROM THE ESTATES DEVELOPMENT BUSINESS AT
SILVERLAKES RESIDENTIAL ESTATE.
IN TERMS OF THE GROUP'S ACCOUNTING POLICY, THE INVESTMENT PROPERTIES WERE
VALUED BY MILLS FITCHET (TRANSVAAL) CC AT 31 DECEMBER 1998. THE VALUES OF
PROPERTIES WERE ADJUSTED IN ACCORDANCE WITH THE VALUES DETERMINED BY THE
INDEPENDENT VALUER, EXCEPT FOR THE FOUR BRUMA PROPERTIES (WATERVIEW CORNER,
LAKESIDE TWO, FINANCE HOUSE AND BRUMA BOULEVARD) AND SMALL STREET MALL WHERE
THE DIRECTORS' VALUES WERE MORE CONSERVATIVE THAN THOSE OF MILLS FITCHET. THIS
RESULTED IN A WRITE DOWN OF INVESTMENT PROPERTIES OF R19,919 MILLION. IN
ADDITION, THE INVESTMENT IN APEX PROPERTY FUND UNITS HAS BEEN WRITTEN DOWN BY
R1,414 MILLION.
THE LOSS ON DISPOSAL OF INVESTMENTS WAS MAINLY AS A CONSEQUENCE OF THE DISPOSAL
OF THE INVESTMENT IN ALLAN GRAY PROPERTY TRUST.
YEAR 2000 DISCLOSURE
AMPROS (PROPRIETARY) LIMITED ("AMPROS") ADMINISTERS THE AMAPROP PORTFOLIO.
AMPROS HAS IMPLEMENTED A STRATEGY, IN ACCORDANCE WITH INTERNATIONAL BEST
PRACTICE, TO ACHIEVE ACCEPTABLE LEVELS OF YEAR 2000 COMPLIANCE BY JUNE 1999.
BASED ON THE ASSESSMENT AND INFORMATION GIVEN BY AMPROS TO DATE, AMAPROP DOES
NOT EXPECT TO ENCOUNTER MATERIAL OPERATIONAL DIFFICULTIES AND CONSIDERS THE
RISK OF LEGAL LIABILITY NOT TO BE MATERIAL. NO MATERIAL COSTS ARE EXPECTED TO
BE INCURRED BY AMAPROP IN RESPECT OF THE ABOVE.
FUTURE PROSPECTS
THE GROUP IS CONTINUING WITH ITS PROGRAMME TO DISPOSE OF ITS ASSETS WITH THE
INTENTION OF UTILISING THE RESULTING PROCEEDS TO REPAY DEBT AS AND WHEN
APPROPRIATE.
THE REDEPLOYMENT OF THE SALES PROCEEDS, THE CESSATION OF THE TRADING LOSSES
INCURRED AT THE CARLTON HOTEL AND THE POSITIVE EFFECT OF MAJOR LETTINGS
MENTIONED ABOVE SHOULD MORE THAN OFFSET DECLINING RENTALS FROM CBD PROPERTIES
AND ADDITIONAL LOSSES FROM THE ESTATES DIVISION. ACCORDINGLY, IT IS EXPECTED
THAT HEADLINE EARNINGS WILL INCREASE IN THE COMING YEAR.
FOR AND ON BEHALF OF THE BOARD
GGL LEISSNER                 JF BIHL
DIRECTOR                     DIRECTOR
JOHANNESBURG                 MANAGED BY
17 FEBRUARY 1999             AMPROS (PROPRIETARY) LIMITED



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.