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GROWTHPOINT PROPERTIES LIMITED - FINAL REPORT FOR THE YEAR

Release Date: 20/04/2000 08:18
Code(s): GRT
Wrap Text
GROWTHPOINT PROPERTIES LIMITED
FINAL REPORT FOR THE YEAR ENDED 31 MARCH 2000

2000 1999 %
R000 R000 CHANGE
TURNOVER 23 159 30 800 (24.81)
NET INCOME FROM PROPERTIES 17 482 24 492 (28.62)
INTEREST PAID 14 187 23 114 (38.62) NET INCOME BEFORE ABNORMAL ITEM
AND DEBENTURE INTEREST 3 295 1 378
ABNORMAL ITEM 9 678 2 790
NET INCOME BEFORE DEBENTURE INTEREST 12 973 4 168
LESS DEBENTURE INTEREST 5 171 4 795
NET INCOME/(LOSS) BEFORE TAXATION 7 802 (627)
TAXATION 136 138
PROFIT/(LOSS) AFTER TAXATION 7 666 (765) TRANSFER TO
NON-DISTRIBUTABLE RESERVE 7 793 -
(127) (765) (ACCUMULATED LOSS)/RETAINED
INCOME AT BEGINNING OF YEAR (15 165) 17 PRIOR YEAR ADJUSTMENT
RETAINED EARNINGS - (14 412)
(15 292) (15 160)
DIVIDENDS 5 5
ACCUMULATED LOSS AT END OF YEAR (15 297) (15 165) HEADLINE EARNINGS: PROFIT AFTER TAX BEFORE
DEBENTURE INTEREST 12 837 4 030 LESS NET OF SURPLUS ON SALE
OF PROPERTIES AND WRITE OFFS (9 678) (2 790)
HEADLINE EARNINGS 3 159 1 240
EARNINGS PER LINKED UNIT (CENTS) 37.87 11.89 HEADLINE EARNINGS PER
LINKED UNIT (CENTS) 9.32 3.66 COMBINED INCOME PER UNIT (CENTS)
INTERIM 7.86 7.16
FINAL 7.41 7.00
15.27 14.16 7.84
2000 1999 %
BALANCE SHEET AS AT 31 MARCH 2000 R000 R000 CHANGE CAPITAL EMPLOYED
SHAREHOLDERS' INTEREST 47 232 52 936 (10.78)
LOANS PAYABLE 78 377 107 000 (26.75)
125 609 159 936 EMPLOYMENT OF CAPITAL
FIXED ASSETS 118 301 166 178 (28.81)
NET CURRENT ASSETS/(LIABILITIES) 7 308 (6 242) 217.08
125 609 159 936
NUMBER OF UNITS IN ISSUE 33 896 383 33 896 383 FINANCIAL RESULTS OF THE GROUP
TURNOVER IS DOWN AS A RESULT OF THE SALE OF THE PROPERTIES IN NELSPRUIT & GOODWOOD.
A FINAL DIVIDEND OF 7.41 CENTS PER LINKED UNIT FOR THE PERIOD TO MARCH 2000 HAS BEEN DECLARED.
THIS AMOUNTS TO 15.27 CENTS PER LINKED UNIT FOR THE YEAR TO MARCH 2000 (1999: 14.16 CENTS), AND REFLECTS AN INCREASE OF 7.84% OVER THE PRIOR YEAR.
LEGAL ACTION AGAINST THE SURETIES OF A DEBTOR HAVE CONTINUED DURING THE YEAR AND JUDGEMENT HAS BEEN OBTAINED AGAINST THEM. AT YEAR END THE DEBT HAS BEEN FULLY PROVIDED FOR.
THE SURPLUS THAT AROSE ON THE SALE OF THE TWO PROPERTIES MENTIONED ABOVE HAS BEEN PARTIALLY USED TO WRITE DOWN THE VALUE OF THE PROPERTY IN THE JOHANNESBURG CBD AS WELL AS THE PROPERTY IN BRAAMFONTEIN. BORROWINGS AND INTEREST PAID
INTEREST PAID FELL BY 38% AS A RESULT OF THE DROP IN INTEREST RATES AS WELL AS THE REPAYMENT OF R44 MILLION OF BORROWINGS. PROPERTY PORTFOLIO
VACANCIES ARE 11% OF THE TOTAL LETTABLE AREA. 48% OF THE TOTAL VACANCIES ARE ATTRIBUTABLE TO THE PROPERTY IN THE JOHANNESBURG CBD. FUTURE PROSPECTS
IF INTEREST RATES REMAIN AT CURRENT LEVELS AND NO FURTHER SALES OF PROPERTY TAKE PLACE THE DIRECTORS FORESEE GROWTH IN EARNINGS OF 10% FOR THE YEAR TO MARCH 2001.
2000 1999
R000 R000 ABNORMAL ITEM
SURPLUS ON SALE OF PROPERTIES 15 771 5 374
PROVISION FOR DOUBTFUL DEBTS - (1 584)
WRITE DOWN VALUE OF PROPERTIES (3 632) (1 000)
WRITE OFF OF PRELIMINARY EXPENSES (2 461) -
9 678 2 790 CHANGE IN ACCOUNTING POLICY
THE COMPANY CHANGED ITS ACCOUNTING POLICY REGARDING THE ACCOUNTING TREATMENT FOR INTEREST ON A MORTGAGE LOAN FROM THE NOMINAL INTEREST RATE TO THE EFFECTIVE INTEREST RATE METHOD.
THIS RESULTED IN THE RESTATEMENT OF THE 1999 REPORTED AMOUNTS AS FOLLOWS: R000
RETAINED INCOME PREVIOUSLY REPORTED 100
PRIOR YEAR ADJUSTMENT IN RESPECT OF INTEREST (14 412)
RESTATEMENT OF 1999 RESULTS (853)
RESTATED ACCUMULATED LOSS 1 MARCH 1999 (15 165)
THE CHANGE IN THE ACCOUNTING POLICY HAD A NEGATIVE IMPACT ON THE NET INCOME BEFORE AND AFTER TAX AMOUNTING TO R340 812 FOR 2000 AND R853 397 FOR 1999. YEAR 2000 COMPLIANCY
THE COMPANY EXPERIENCED NO DIFFICULTIES WHATSOEVER OVER THE TRANSITION PERIOD. DECLARATION OF DIVIDEND AND INTEREST PAYMENT
NOTICE IS HEREBY GIVEN OF DIVIDEND DECLARATION NUMBER 25 OF 0.0074 CENTS PER SHARE AND DEBENTURE INTEREST PAYMENT NUMBER 25 OF 7.4026 CENTS PER UNIT OF 10 DEBENTURES FOR THE INCOME DISTRIBUTION PERIOD OCTOBER 1999 TO 31 MARCH 2000. THE DISTRIBUTION AMOUNTS TO 7.41 CENTS PER UNIT PAYABLE TO UNITHOLDERS REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON FRIDAY 5 MAY 2000. DIVIDEND CHEQUES WILL BE POSTED ON OR ABOUT 26 MAY 2000. BY ORDER OF THE BOARD CM LIEBENBERG
SECRETARY 18 APRIL 2000
GROWTH PROPERTIES LIMITED REGISTRATION NUMBER 87/04988/06 REGISTERED OFFICE:
GROWTHPOINT MANAGER (PROPRIETARY)LIMITED, REGISTRATION NUMBER 87/04982/07. 100 GRAYSTON DRIVE SANDOWN, SANDTON 2196. PO BOX 78949 SANDTON 2146 TRANSFER SECRETARY:
MERCANTILE REGISTRARS LIMITED, REGISTRATION NUMBER 87/00519/06. 11 DIAGONAL STREET, JOHANNESBURG 2001. PO BOX 1053 JOHANNESBURG 2000.

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