Wrap Text
Growthpoint Properties Limited
Registration number 1987/004988/06
JSE SHARE CODE: GRT ISIN CODE ZAE000012712
Unaudited Interim Results and Dividend Declaration for the Nine months ended
31 December 2001
FOR THE NINE MONTHS ENDED 31 DECEMBER
2001
Six months
ended 30 September
2000
Income Statement R'000 R'000
2001
Turnover 113,879 9,691
Net income from 88,621 7,510
properties
Interest received 1,710
Expenses (2,248)
Interest paid (27,397) (5,455)
Net income before 60,686 2,055
debenture interest and
taxation
Less distrubutions 60,633 2,058
Debenture interest 60,572 2,055
61
Dividends 3
Net Income before 53 (3)
taxation
Taxation 34 -
19 (3)
Retained income at 97 100
beginning of period
Retained income at end 116 97
of period
Earnings per linked 11.05 6.07
unit (cents)
5 months to August 6.30 -
2001
6 months to September - 6.07
2000
4 months to December 4.75 -
2001
Headline earnings per 11.05 6.07
linked unit (cents)
Number of linked units 1,231,518,605 33,896,383
in issue
Balance sheet as at 31 December 30 September
2001 2000
R'000 R'000
ASSET
S
1,670,044 117,240
Investment 98,712 12,540
properties
Current Assets 1,768,756 129,780
EQUITIES AND
LIABILITIES
Capital and Reserves 1,155,084 48,840
Non-current 544,894 78,305
Liabilities
Current 68,778 2,635
Liabilities
1,768,756 129,780
Statement of changes Nine months Six months
in equity to December to September
2001 2000
R'000 R'000
Changes in share
capital
Shares issued 11,976 -
Changes in debenture
capital
Debentures issued 1,065,883 -
Changes in 2
accumulated
profits and reserves
Net income for the 19 2
period
Net increase in equity 1,077,878 2
Equity at beginning of 2 -
period
Equity at end of 1,077,880
period
Cash flow statement 2001 2000
R'000 R'000
Cash flow from 70,259 97
operating activities
Cash flow from 1,550,847 1
investing activities
5,455
Cash flow from 1,546,907
financing activities
66,319 5,551
Cash and cash 4,747 3,674
equivalents at
beginning of period
Cash and cash 71,066 9,225
equivalents at end of
period
Basis of Accounting
The interim results have been prepared in accordance with statements of
Generally Accepted Accounting Practice and are consistent with those used in
the annual financial statements for the year ended 31 March 2001.
Financial results of the group
The financial results of the group are not comparable with those of the
previous period, as the company has changed it's financial year end from
March to June and made a major acquisition during the period under review.
The results are in line with the forecast as set out in the circular to
Growthpoint linked unitholders dated 31 July 2001.
Property portfolio
In August 2001 the company acquired a portfolio of properties from Sentinel
Mining Industry Retirement Fund and the Mine Employees Pension Fund for a
total consideration of R 1 539,8 million which was settled by the issue of 1
197 622 222 new linked units at 90 cents, and by further borrowings of R
461,9 million.
Details of the acquisition are contained in a circular to Growthpoint linked
unitholders dated 31 July 2001.
At 31 December the company owned 60 properties with a gross lettable area of
732 005 m2
The vacancy factor at 31 December is 11.13 % amounting to 81 481 m2. The
major vacancies are 12 877 m2 in the Ernst & Young building in the
Johannesburg CBD, as well as the OK Brakpan building totalling 9 914 m2. In
preparing the forecasts for Growthpoint, no income from these buildings was
brought into account from the date of expiry of the respective leases.
Borrowings
At 31 December the company's borrowings amounted to R 545 million .The
company has facilities of R 824 million with a consortium of banks of which
R 279 million is unutilised at present. The interest rates in respect of 93
% of these borrowings have been fixed for periods ranging from 3 to 7 years.
Acquisitions
In January 2002 the company acquired the Meerlus office block in Centurion
for a cost of R 16.6 million, reflecting an initial yield of 13.5%. The
company is in the process of concluding an agreement to acquire the Beacon
Bay retail centre In East London at a purchase price of R 88.5 million,
equating to a yield of 13.5%. Transfer of this property is expected in April
2002.
Both these acquisitions will enhance the property portfolio and the
acquisition of the Beacon Bay retail centre will help balance the sectorial
spread of the portfolio.
Consolidation of Share and Debenture Capital
The company proposes that the capital structure, comprising ordinary shares
of one cent each, linked to unsecured, subordinated, variable rate
debentures of 50 cents each in the ratio of one share linked to ten
debentures, each linked unit therefore having a nominal value of R 5.01, be
consolidated on a 1-for- 5 basis.
A circular to linked unitholders, containing full details of the
consolidation of share and debenture capital and containing a notice
convening a general meeting of linked unitholders to give approval thereto,
will be posted to unitholders within 28 days of this
announcement.
Declaration of dividend and interest payment
Notice is hereby given of second interim dividend declaration number 29 of
0.0047 cents per share and debenture interest payment number 29 of 4.7453
cents per unit of 10 debentures for the income distribution
period 1 September 2001 to 31 December 2001. The distribution amounts to
4.7500 cents per Growthpoint linked unit and the last day to trade (cum the
distribution) in order to participate in the distribution will be
Friday 1 March 2002. The Growthpoint linked units will commence trading "ex"
distribution from the commencement of business on Monday 4 March 2002 and
the record date for such distribution will be Friday 8 March 2002.
Payment in respect of the second interim distribution will be made to
Growthpoint linked unit holders on Monday 11 March 2002.
No dematerialisation or rematerialisation of Growthpoint linked unit
certificates may take place between Monday 25 February 2002 and Friday 8
March 2002, both dates inclusive.
By order of the board
C M Liebenberg, Secretary 15 February 2002
Registered office:
100 Grayston Drive Sandown Sandton 2196, P O Box 78949 Santon 2146
Transfer secretary:
Mercantile Registrars Limited, Registration number 1987/000519/06
11 Diagonal Street, Johannesburg 2001
MANAGED BY INVESTEC PROPERTY GROUP
Sharenet Sites 
