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CAPITAL PROPERTY FUND - INTERIM RESULTS AND INCOME DISTRIBUTION DECLARATION
CAPITAL PROPERTY FUND
Share code CPL
ISIN ZAE000001731
("Capital")
INTERIM RESULTS AND INCOME DISTRIBUTION DECLARATION
The directors of Property Fund Managers Limited, management company of
Capital Property Fund, announce that the interim unaudited consolidated results
of the Trust for the six months ended 30 June 2003 are as follows:
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 Dec
2003 2002 2002
R"000 R"000 R"000
Net property income 33 658 26 033 51 983
Interest 2 197 1 323 3 200
35 855 27 356 55 183
Operating expenditure 8 575 6 947 13 712
Headline earnings 27 280 20 409 41 471
Net write-down on revaluation
investment property - - (46 073)
Net deficit on disposal of investment property - - (945)
Deferred capital gains tax - - (1 728)
Net income/(loss) for the period 27 280 20 409 (7 275)
Reconciliation of net income/(loss) for the
period ended to amount available for
distribution
Net income/(loss) for the period 27 280 20 409 (7 275)
Transfer from revaluation reserve - - 47 801
Transfer from trust capital - - 945
Transfer (to)/from maintenance reserve (54) 162 360
Amount available for distribution 27 226 20 571 41 831
Units in issue 184 616 343 146 838 565 146 838 565
Headline earnings (cents per unit) 14,78 13,90 28,24
Net earnings/(loss) (cents per unit) 14,78 13,90 (4,95)
Distribution (cents per unit) 14,75 14,01 28,49
Net asset value (cents per unit) 220 259 225
CONSOLIDATED BALANCE SHEETS
Assets
Non-current assets
Investment property 389 093 370 995 313 528
Current assets
Cash on deposit 38 090 27 340 34 977
Accounts receivable 13 855 4 999 9 308
Total assets 441 038 403 334 357 813
Unitholders" interest and liabilities
Unitholders" interest 406 426 379 887 330 974
Non-current liabilities - Deferred tax 1 728 - 1 728
Current liabilities 32 884 23 447 25 111
Total unitholders" interest and liabilities 441 038 403 334 357 813
CONSOLIDATED STATEMENTS OF CHANGES IN
UNITHOLDERS" INTEREST
Trust Capital 387 322 312 838 311 924
Balance at beginning of the period 311 924 312 869 312 869
Units issued 75 556 - -
Share issue expenses (158) (31) -
Transfer to distributable reserve - - (945)
Revaluation reserve 11 539 59 340 11 539
Balance at beginning of the period 11 539 59 340 59 340
Transfers to distributable reserves - - (47 801)
Maintenance reserve 7 565 7 709 7 511
Balance at beginning of the period as restated 7 511 7 871 7 871
As previously reported 7 511 - 7 871
Change in accounting policy (refer below) - 7 871 -
Transfer from/(to) distributable reserve 54 (162) (360)
Undistributed income - - -
Balance at beginning of the period - - -
Net income/(loss) for the period 27 280 20 409 (7 275)
Net transfer (to)/from trust capital and
non-distributable reserves (54) 162 49 106
Income distributions (27 226) (20 571) (41 831)
Total unitholders" interest 406 426 379 887 330 974
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Net cash inflow/(outflow) from operating
activities 3 280 (808) (3 620)
Net cash outflow/(inflow) from investing
activities (75 565) (873) 9 576
Net cash inflow from financing activities 75 398 - -
Net increase/(decrease) in cash resources 3 113 (1 681) 5 956
Cash resources at the beginning of the period 34 977 29 021 29 021
Cash resources at the end of the period 38 090 27 340 34 977
INCOME DISTRIBUTIONS
Amount available for distribution
(cents per unit) 14,75 14,01 28,49
Distributions (cents per unit) 14,75 14,01 28,49
Interim 14,75 14,01 14,01
Final - - 14,48
The interim distributions being number 40 for Capital Property Fund, have been
declared in respect of the income distribution period 1 January 2003 to 30 June
2003.
INTERIM RESULTS AND INCOME DISTRIBUTION DECLARATION
NET INCOME
Net income available for distribution for the period ended 30 June 2003 amounted
to R27 225 879 or 14,75 cents per unit (2002: R20 571 287 or 14,01 cents per
unit).
PORTFOLIO COMMENTARY
Southway Mall in Durban and 2 Long Street in Cape Town were acquired with
effect from 1 January 2003. The purchase consideration was settled through the
issue of an additional 37 777 778 Capital units. The redevelopment of Southway
Mall, which is substantially pre-let, at a total capital cost of R14 million is
due for completion by year-end. Consideration is being given to the
refurbishment of 2 Long Street including the creation of additional parking.
Maybaker House was transferred on the 20 May 2003 for R1 500 000. In pursuance
of the strategy of selling under-performing properties, sale agreements are
being negotiated on another nine properties, with transfer of eight expected in
2003.
Vacancies are 10% as at 30 June 2003, compared with 14% as at 30 June 2002
and 11% as at 31 December 2002.
Various options to grow the portfolio significantly are being considered.
ACCOUNTING POLICIES
The results have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice. The accounting policies are consistent
with those applied for the year ended 30 June 2002 with the exception of the
provision for long-term maintenance, which is now treated as a reserve. The
results for the six months ended 30 June 2002 have been restated to comply with
South African Statements of Generally Accepted Accounting Practice.
OUTLOOK
Earnings for the remainder of 2003 are likely to be similar to those of the
first half, thus showing a modest increase over 2002 for the year as a whole.
INCOME DISTRIBUTION DECLARATION
Notice is hereby given that a cash distribution of 14,75 cents per unit
(2002: 14,01) ("the distribution") has been declared, payable to unitholders
recorded in the books of the Fund at the close of business on the record date,
Friday 29 August 2003. Unitholders are advised that the last day to trade "cum"
the distribution will be on Friday, 22 August 2003. The units will trade "ex"
distribution as from Monday, 25 August 2003. Payment will be made on Monday, 1
September 2003. Unit certificates may not be dematerialised or rematerialised
during the period Monday, 25 August 2003 to Friday, 29 August 2003, both days
inclusive.
On behalf of the board
JHI Real Estate Limited Johannesburg
Secretaries 8 August 2003
REGISTERED OFFICE:
1st Floor, JHI House
11 Cradock Avenue
Corner Baker Street
Rosebank, 2196
PO Box 2100, Parklands, 2121
TRANSFER SECRETARIES:
COMPUTERSHARE LIMITED
8th Floor
11 Diagonal Street, Johannesburg, 2001
PO Box 1053, Johannesburg, 2000
PROPERTY FUND MANAGERS LTD
Co. Reg. No. 1980/009531/06
Date: 07/08/2003 05:15:24 PM Supplied by www.sharenet.co.za
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