PREMIUM PROPERTIES LIMITED - Change statement and Notice of AGM

Release Date: 17/07/2014 17:30
Code(s): PMM
 
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Change statement and Notice of AGM

Premium Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/003601/06)
Share code: PMM
ISIN: ZAE 000009254
(“Premium”)
REIT status approved

CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

Unitholders are referred to Premium's reviewed condensed consolidated financial results for the year
ended 28 February 2014 released on SENS on 6 May 2014 (“the reviewed results”).

There have been no changes to the reviewed results, with the exception of the calculation of headline
earnings per share (“HEPS”) and the statement of cash flows.

The aforementioned changes arose as a result of Premium having received an extraordinary dividend
from IPS Investments Proprietary Limited (“IPS”), an investee company of Premium, which was
included in Premium's reserves and deducted when calculating HEPS at the time of issuing the
reviewed results.

The disclosure of earnings per share/linked unit and headline earnings per share/linked unit, while
obligatory in terms of IAS33 – “Earnings per share” and the JSE Listings Requirements, is not
meaningful to investors in a REIT as the calculations include certain non-distributable items. The
calculation of distributable earnings and distribution per share/linked unit is more meaningful.


The effect of this change on HEPS in the audited results for the year ended 28 February 2014 is as
set out below.

Earnings, headline earnings and distributable earnings


                                                                 Reviewed    Audited                   %
R'000                                                             results    results     Change      change

Earnings– net profit after taxation                               515,972    515,972         -
Adjusted for
– debenture premium amortised                                     (22,825)    (22,825)       -
– sale of investment property                                        (886)       (886)       -
– net gain from fair value adjustment of investment properties   (418,375)   (418,375)       -
– revaluations of joint venture/associate                         (32,567)    (11,767)    20,800
Headline earnings per share                                        41,319      62,119     20,800        50.3%
Debenture interest on linked units                                235,081     235,081         -
Headline earnings - linked unitholders                            276,400     297,200     20,800         7.5%
Straight-line lease adjustment                                     (7,399)     (7,399)        -
Fair value adjustment on interest rate derivatives                (38,642)    (38,642)        -
Transfer to capital reserves - dividend from IPS, previously             -    (20,800)  (20,800)
equity accounted
Deferred taxation adjustments                                       5,992       5,992          -
Distributable earnings                                            236,351     236,351          -
Distributable earnings per linked unit (cents)                      150.8       150.8          -
Earnings per linked unit (cents)                                    329.1       329.1          -
Headline earnings per linked unit (cents)                           176.3       189.6       13.3        7.5%
Cash flow statement

Cash flows from operating activities                               42,684      63,484     20,800
Cash flows from investing activities                             (458,667)   (479,467)   (20,800)
Cash flows from financing activities                              429,690     429,690          -
Net increase in cash and cash equivalents                          13,707      13,707          -
Cash and cash equivalents at the beginning of the year             (5,937)     (5,937)         -
Cash and cash equivalents at the end of the year                    7,770       7,770          -



The 2014 Integrated Report and consolidated annual financial statements are available on
Premium’s website at www.premiumproperties.co.za and will be posted to shareholders on
Thursday, 17 July 2014.

The consolidated annual financial statements have been audited by Grant Thornton and their
unmodified report is available for inspection at Premium’s registered office.

NOTICE OF ANNUAL GENERAL MEETING

The 19th annual general meeting of Premium will be held at CPA House, 101 Du Toit Street, Pretoria
on Friday, 22 August 2014 at 11h30 for the purpose of conducting the business as stated in the
Notice of Annual General Meeting in the 2014 integrated report. The record date for the purpose of
determining which linked unitholders are entitled to participate in and vote at the annual general
meeting is Friday, 15 August 2014.

Pretoria
17 July 2014

Sponsor:
Nedbank Capital

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