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PANGBOURNE PROPERTIES LIMITED - UNAUDITED FINANCIAL RESULTS

Release Date: 05/11/1997 16:00
Code(s): YRK
Wrap Text
REGISTRATION NO. 87/02352/06

UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 1998
ISSUED SHARE CAPITAL 64 567 263 (1997: 63 767 263)
ISSUED DEBENTURES 581 105 367 (1997: 573 905 367)
ISSUED COMBINED UNITS 64 567 263 (1997: 63 767 263)
WEIGHTED AVERAGE COMBINED UNITS 64 567 263 (1997: 63 767 263) ORDINARY SHARES OF 1 CENT EACH
UNSECURED VARIABLE RATE DEBENTURES OF 50 CENTS EACH ABRIDGED CONSOLIDATED INCOME STATEMENT
SIX MONTHS TO YEAR TO %
R'000 31.12.98 31.12.97 30.06.98 CHANGE GROSS RENTALS 29 020 28 167 58 065 3,0
OPERATING INCOME 19 097 20 290 43 058 (5,9) NET LOSS ON DISPOSAL OF PROPERTIES - 954 1 987
INCOME BEFORE INTEREST AND TAXATION 19 097 19 336 41 071
INTEREST RECEIVED 5 788 4 029 8 774 43.7 INCOME BEFORE TAXATION AND
DISTRIBUTION TO UNITHOLDERS 24 885 23 365 49 845
TAXATION 61 59 127
24 824 23 306 49 718 TRANSFER FROM NON-DISTRIBUTABLE
RESERVES 954 1 987
AVAILABLE FOR DISTRIBUTION 24 824 24 260 51 705 2,3
DISTRIBUTED TO UNITHOLDERS 24 535 24 231 51 654
TRANSFER TO DISTRIBUTABLE RESERVES 289 29 51
HEADLINE EARNINGS PER UNIT (CENTS) 38,45 38,04 80,58 1,1
EARNINGS PER UNIT (CENTS) 38,45 36,55 77,48 5,2
DISTRIBUTION PER UNIT (CENTS) 38,00 38,00 80,00 -
HEADLINE EARNINGS PER SHARE (CENTS) 1,19 0,79 1,66
EARNINGS PER SHARE (CENTS) 1,19 (0,71) (1,44)
DISTRIBUTION PER SHARE (CENTS) 0,75 0,75 1,58 COMMENTS
AGAINST A BACKGROUND OF HIGH INTEREST RATES AND LOW ECONOMIC GROWTH, THE COMPANY HAS MAINTAINED ITS DISTRIBUTION TO UNITHOLDERS. GROSS RENTALS HAVE ONLY INCREASED BY 3% AS A RESULT OF THE SALE OF CERTAIN BUILDINGS DURING 1998. RETENTION OF CASH RESOURCES HAS ALSO ENABLED THE COMPANY TO TAKE ADVANTAGE OF THE HIGH INTEREST RATES. DEBTORS ARE REVIEWED REGULARLY AND AN ADEQUATE PROVISION FOR DOUBTFUL DEBTS IS BEING MAINTAINED.
OCCUPANCY LEVELS HAVE DECLINED MARGINALLY TO 92,53% (1997: 93,75%) ON A SPACE AVAILABLE BASIS AS COMPARED WITH 93,9% AT 30 JUNE 1998.
NOTWITHSTANDING DIFFICULT MARKET CONDITIONS, NO MATERIAL CHANGE IN EARNINGS IS ANTICIPATED FOR THE FULL YEAR. ABRIDGED CONSOLIDATED BALANCE SHEET
R'000 31.12.98 31.12.97 30.06.98 CAPITAL EMPLOYED
UNITHOLDERS' FUNDS 406 347 403 095 406 058
LONG TERM LIABILITIES 33 2 253 31
406 380 405 348 406 089 EMPLOYMENT OF CAPITAL
LONG TERM ASSETS 390 195 390 555 381 604
NET CURRENT ASSETS 16 185 14 793 24 485
406 380 405 348 406 089
SIX MONTHS TO YEAR TO
31.12.98 31.12.97 30.06.98 DISTRIBUTION TO UNITHOLDERS
DEBENTURE INTEREST 24 054 23 756 50 641
DIVIDENDS 481 475 1 013
TOTAL DISTRIBUTION 24 535 24 231 51 654
IN PURSUING STRATEGIC GROWTH OPPORTUNITIES, A 75% SHAREHOLDING HAS BEEN TAKEN IN A PROPERTY RELATED FINANCING COMPANY. IT IS NOT ANTICIPATED THAT THE INVESTMENT WILL CONTRIBUTE MATERIALLY TO THE CURRENT YEAR'S EARNINGS OF THE GROUP. DECLARATION OF DIVIDEND AND DEBENTURE INTEREST
NOTICE IS HEREBY GIVEN OF THE DECLARATION OF A DISTRIBUTION OF 38,00 CENTS PER UNIT (1998: 38,00 CENTS) PAYABLE TO UNIT HOLDERS REGISTERED ON 12 MARCH 1999, COMPRISING DIVIDEND NUMBER 23 OF 0,7451 CENTS PER SHARE (1998: 0,7451 CENTS) AND INTEREST ON DEBENTURES CALCULATED AT 37,2549 CENTS PER COMBINED UNIT (1998: 37,2549 CENTS). DIVIDEND AND DEBENTURE INTEREST OF 38,00 CENTS PER COMBINED UNIT WILL BE PAID ON OR ABOUT 12 APRIL 1999. ON BEHALF OF THE BOARD
A.M.A CAMPBELL DIRECTOR 2ND FLOOR
P.L. CAMPBELL DIRECTOR 382 JAN SMUTS AVENUE CRAIGHALL
9 FEBRUARY 1999

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