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Latest Results
 
CONDENSED FINANCIAL STATEMENTS AND INTERIM RESULTS
for the six months ended 30 September 2011
 
  • Distribution for the six months up 7.5% to 54.31 cents per linked unit
  • Increase in net property revenue over comparable period – 8%
  • Weighted average cost of debt reduces to 9.38%
  • Acquisition of R1.5 billion property portfolio announced on 14 November 2011
  • Ranked 29th in recent Sunday Times Top 100 Companies survey

Unaudited consolidated statement of comprehensive income

  Unaudited Unaudited Audited
  30 Sept 2011 30 Sept 2010 31 Mar 2011
  R000 R000 R000
Property revenue 442 667 394 870 836 124
Straight-line rental income accrual 61 174 15 262 14 368
Gross property revenue 503 841 410 132 850 492
Property expenses (166 458) (139 706) (293 603)
Profit from property operations 337 383 270 426 556 889
Profit from the asset management business 9 101 23 840 44 913
Corporate administrative expenses (10 667) (12 531) (25 509)
Investment and other income 7 771 5 701 14 380
Operating profit before finance costs 343 588 287 436 590 673
Finance costs (82 721) (78 422) (161 803)
Profit before debenture interest 260 867 209 014 428 870
Debenture interest (190 263) (168 825) (403 948)
Profit before capital items 70 604 40 189 24 922
Capital items      
Impairment of intangible asset - - (49 935)
Loss on sale of investment properties - (14 753) (14 798)
Goodwill written off on sale of properties by subsidiary (762) - (5 192)
Amortisation of debenture premium 1 839 1 832 2 519
Profit/(loss) before fair value adjustments 71 681 27 268 (42 484)
Fair value adjustments 356 427 349 374 78 494
Gross change in fair value of investment properties 417 601 364 636 92 862
Straight-line rental income adjustment (61 174) (15 262) (14 368)
Profit for the period before taxation 428 108 376 642 36 010
Taxation (110 105) (105 303) (25 488)
Profit for the period after taxation 318 003 271 339 10 522
Other comprehensive (losses)/income      
Cash flow hedging (15 029) (7 848) 6 062
Available-for-sale financial assets (6 122) (820) (3 556)
Other comprehensive (losses)/income for the period, net of tax (21 151) (8 668) 2 506
Total comprehensive income for the period 296 852 262 671 13 028
Earnings per linked unit      
Basic earnings per linked unit (cents) 144.80 131.99 120.85
Diluted earnings per linked unit (cents) 144.80 131.99 120.85
Total number of linked units in issue (000) 351 015 351 015 351 015
Weighted average number of linked units in issue (000) 351 015 333 478 342 949

 

Unaudited condensed consolidated statement of financial position

  Unaudited Unaudited Audited
  30 Sept 2011 30 Sept 2010 31 Mar 2011
  R000 R000 R000
ASSETS      
Non-current assets 5 937 406 6 225 147 5 487 419
Investment properties 5 412 925 5 662 078 4 984 840
Investment properties 5 527 697 5 763 405 5 083 993
Straight-line rental income adjustment (114 772) (101 327) (99 153)
Other non-current assets 524 481 563 069 502 579
Intangible asset 312 832 362 767 312 832
Straight-line rental income asset 114 772 101 327 99 153
Development expenditure - 166 2 723
Furniture, fittings and computer equipment 1 658 1 603 1 774
Financial asset at amortised cost 4 782 5 450 4 782
Available-for-sale financial asset 20 092 15 457 10 208
Goodwill 70 345 76 299 71 107
Current assets 252 628 202 264 409 218
Trade and other receivables 64 377 52 930 71 409
Cash and cash equivalents 188 251 149 334 337 809
Investment properties held for sale 355 206 30 441 281 422
Total assets 6 545 240 6 457 852 6 178 059
       
EQUITY AND LIABILITIES      
Equity attributable to owners of the parent 1 701 326 1 653 186 1 404 550
Non-current liabilities 4 480 083 4 025 123 3 909 613
Linked debentures and premium 2 115 076 2 117 603 2 116 916
Other interest bearing borrowings 1 676 990 1 238 494 1 226 282
Derivative financial instruments 36 929 36 051 21 867
Deferred tax liabilities 651 088 632 975 544 548
Current liabilities 363 831 779 543 863 896
Trade and other payables 172 709 143 504 173 277
Short-term borrowings - 461 360 449 600
Current taxation liabilities 471 5 510 5 416
Linked unitholders for distribution 190 651 169 169 235 603
Total equity and liabilities 6 545 240 6 457 852 6 178 059

 

Unaudited condensed consolidated statement of cash flows

  Unaudited Unaudited Audited
  30 Sept 2011 30 Sept 2010 31 Mar 2011
  R000 R000 R000
Cash flow from operating activities 278 998 270 664 570 910
Cash flow from investing activities (111 340) (536 532) (371 782)
Cash flow from financing activities (317 216) 200 877 (75 644)
Net (decrease)/increase in cash and cash equivalents (149 558) (64 991) 123 484
Cash and cash equivalents at the beginning of the period 337 809 214 325 214 325
Cash and cash equivalents at the end of the period 188 251 149 334 337 809

 

Unaudited condensed consolidated statement of changes in equity

 

 

Share capital
and share
premium R000

Non-
distributable
reserves
R000

Revaluation of
available-for-
sale financial
assets
R000

 

Cash flow
hedges
R000

 

Retained
earnings
R000

 Total
R000

Balance as at 31 March 2010

27 596

1 380 023

(16 274)

(28 290)

18 447

1 381 502

Issue of share capital

4 667

-

-

-

-

4 667
Dividend distribution - - - - (344) (344)

 

32 263

1 380 023

(16 274)

(28 290)

18 103

1 385 825
Net profit for the period - - - - 271 339 271 339
Change in fair value of investment properties - 364 636 - - (364 636) -

Deferred taxation on change in fair value of investment properties and straight-line rental accrual

-

(97 529)

 -

-

97 529

-

Share-based remuneration

-

4 690

-

-

-

4 690

Transfer from non-distributable reserve

-

(14 753)

-

-

14 753

-
Other comprehensive losses            
Revaluation of available-for-sale financial asset - - (820) - - (820)
Revaluation of interest rate swaps - - - (7 848) - (7 848)
Balance as at 30 September 2010 32 263 1 637 067 (17 094) (36 138) 37 088 1 653 186

Dividend distribution

 -

 -

 -

 -

 (480)

 (480)
  32 263 1 637 067 (17 094) (36 138) 36 608 1 652 706
Net loss for the period - - - - (260 817) (260 817)
Change in fair value of investment properties - (271 774) - - 271 774 -
Deferred taxation on change in fair value of investment properties and straight-line rental accrual - 85 571 - - (85 571) -

Share-based remuneration

-

1 487

-

-

-

1 487

Transfer from non-distributable reserve

-

(62 301)

-

-

62 301

-
Other comprehensive income            

Revaluation of available-for-sale financial asset

-

-

(2 736)

-

-

(2 736)

Revaluation of interest rate swaps

-

-

-

13 910

-

13 910

Balance as at 31 March 2011

32 263

1 390 050

(19 830)

(22 228)

24 295

1 404 550

Dividend distribution

-

-

-

-

(388)

(388)
  32 263 1 390 050 (19 830) (22 228) 23 907 1 404 162

Net profit for the period

 -

 -

 -

 -

318 003

 318 003
Change in fair value of investment properties - 417 601 - - (417 601)
Deferred taxation on change in fair value of investment properties and straight-line rental accrual - (103 423) - - 103 423 -
Share-based remuneration - 4 528 - - - 4 528
Disposal of Namibian subsidiary - (4 216) - - - (4 216)
Transfer from non-distributable reserves - (762) - - 762 -
Other comprehensive losses            
Revaluation of available-for-sale financial asset - - (6 122) - - (6 122)
Revaluation of interest rate swaps - - - (15 029) - (15 029)

Balance as at 30 September 2011

32 263

1 703 778

(25 952)

(37 257)

28 494

1 701 326

COMPLETE FINANCIAL RESULTS PDF CAN BE DOWNLOADED HERE

Vukile Property Fund Limited has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.

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