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SFA
SFA
SFA - Shops for Africa - Interim Results: Six Months Ended 28 February 2007
Shops for Africa Limited
Incorporated in the Republic of South Africa
Registration number: 2000/018084/06
Share code: SFA & ISIN code: ZAE000031241
Interim Results
For the six months ended 28 February 2007
Balance Sheet
Unaudited Audited Audited
28 February 31 August 30 April
2007 2006 2005
Note R`000 R`000 R`000
ASSETS
Non-current assets
Investments 2 22 820 18 387 12 939
Current assets 9 503 8 200 11 437
Accounts receivable 290 - 66
Cash and cash equivalents 9 213 8 200 11 371
Total assets 32 323 26 587 24 376
EQUITY AND LIABILITIES
Capital and reserves
Share capital - - -
Retained earnings 16 947 15 883 14 724
Fair value reserve 12 077 8 287 3 608
Total equity 29 024 24 170 18 332
Non-current liabilities
Deferred tax liability 2 048 1 406 637
Current liabilities 1 251 1 011 5 407
Accounts payable 132 169 498
Taxation payable 1 109 832 4 009
Interest payable on
debentures 10 10 900
Total equity and liabilities 32 323 26 587 24 376
Net asset value per share
(cents) 40 34 25
Income Statement
Unaudited Audited
6 months 16 months Audited
ended ended Year ended
28 February 31 August 30 April
2007 2006 2005
Note R`000 R`000 R`000
Trading income/(loss) 135 (1 389) 4 712
Investment income 1 206 3 072 5 826
Finance costs - (78) (4 100)
Profit before taxation 1 341 1 605 6 438
Taxation (277) (446) (1 889)
Profit for the period/year 1 064 1 159 4 549
Number of shares issued
(thousands) 72 115 72 115 72 115
Weighted average number
of shares
(thousands) 72 115 72 115 72 115
Earnings per share
Basic earnings per share
(cents) 1.5 1.6 6.3
Headline earnings per
share (cents) 3 1.0 1.9 (0.3)
Distribution per share
(cents) - - 6.8
Statement of Changes in Equity
Unaudited Audited
6 months 16 months Audited
ended ended Year ended
28 February 31 August 30 April
2007 2006 2005
R`000 R`000 R`000
Total equity at beginning of
period 24 170 18 332 16 330
Distribution of shares - - (1 280)
Total recognised income 4 854 5 838 8 157
Profit for the period/year 1 064 1 159 4 549
Fair value gain on
available-for-sale
investments 3 790 4 679 3 608
Dividends paid - - (4 875)
Total equity at end of period 29 024 24 170 18 332
Cash Flow Statement
Unaudited Audited
6 months 16 months Audited
ended ended Year ended
28 February 31 August 30 April
2007 2006 2005
R`000 R`000 R`000
Cash flow from operating activities
Cash (used in)/generated by
Operating activities (579) (1 652) 227 917
Investment income 1 206 3 072 5 826
Finance costs - (968) (16 742)
Dividends paid - - (4 875)
Taxation paid - (3 623) (2 618)
Net cash inflow/(outflow) from
Operating activities 627 (3 171) 209 508
Cash flow from investing activities
Proceeds from disposal of
Investment properties - - 4 053
Additions to investments - - (750)
Proceeds from disposals of
investments 386 - 193 439
Net cash inflow from investing
activities 386 - 196 742
Cash flow from financing activities
Distribution of share capital - - (721)
Distribution of share premium - - (559)
Repayment of debentures - - (179 565)
Repayment of loans - - (219 672)
Net cash outflow from financing
activities - - (400 517)
Net increase/(decrease) in cash
and cash equivalents 1 013 (3 171) 5 733
Cash and cash equivalents at
beginning of period 8 200 11 371 5 638
Cash and cash equivalents at end
of period 9 213 8 200 11 371
Notes
1 The interim financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS).
Unaudited Audited
6 months 16 months Audited
ended ended Year ended
28 February 31 August 30 April
2007 2006 2005
R`000 R`000 R`000
2 Investments
Listed investments at fair value
Units in ApexHi Properties Limited
644 043 "A" linked units 9 339 8 566 6 518
644 043 "B" linked units 11 110 9 821 6 421
450 830 "C" linked units 2 371 - -
22 820 18 387 12 939
3 Headline earnings per share
Headline earnings are calculated as
follows:
Profit for the period/year 1 064 1 159 4 549
Loss on sale of investment
properties - 225 74
Realised profit on
available-for-sale investments (386) - (5 717)
Tax effect 30 (33) 846
708 1 351 (248)
The calculation of headline earnings per share is based on a weighted average
number of 72 114 720 shares in issue during the period (2006: 72 114 720).
Directors` report
These results comply with International Financial Reporting Standards ("IFRS").
Previous results have been restated to comply with IFRS.
Shareholders are also referred to the annual reports for the year to 30 April
2005 and the 16-month period to 31 August 2006 which have been circulated to
shareholders simultaneously with these interim results.
History and background
The year ended 30 April 2004 was the last period for which audited financial
statements were produced prior to the publication of the current results. For
most of the year ended 30 April 2004, Shops for Africa was a JSE-listed
property loan stock company with a portfolio of investment properties.
At a general meeting of shareholders held on 12 March 2004, the shareholders
approved the disposal of most of the property portfolio to ApexHi Properties
Limited ("ApexHi") with effect from 1 April 2004. The properties not included
in the sale to ApexHi were sold separately. The consideration for the sale was
a combination of cash and ApexHi units. The bulk of the proceeds of the sale
were distributed to unitholders during 2004 and the outstanding debentures were
redeemed. The JSE suspended trade in the units on 24 May 2004.
On 10 September 2004, the company was placed under voluntary liquidation and
the intention was to wind up the company. At that point the assets of the
company consisted of the residual ApexHi units and cash that had not yet been
distributed to unitholders.
There were certain final income tax assessments which delayed the final
winding-up of the company and during the course of the liquidation process,
Trematon Capital Investments Limited ("Trematon") acquired 75.8% of the issued
shares of Shops for Africa from existing shareholders in a series of separate
transactions. Trematon made application to the High Court to have the
liquidation order set aside and this application was granted on 28 September
2006. Shops for Africa is currently a subsidiary of Trematon.
During the liquidation period the company was not required to produce audited
financial results. The company is no longer in liquidation and has produced
audited annual financial results for all relevant historic periods. The
financial year-end of the company has been changed from April to August in
order to coincide with its holding company.
Catalyst Property Asset Managers (Pty) Ltd managed the company on behalf of the
liquidator until 27 September 2006. On 4 October 2006 the following directors
resigned: Messrs JD Broll, BP Mitchell, HM Marais, IL Sturrock, WA Botha, J
Pienaar, PO van Niekerk and TB Kubheka and the following directors were
appointed: A Groll, M Kaplan, AM Louw and AJ Shapiro. On 15 March 2007, AA
Maresky was appointed as a director.
Commentary on financial statements
The primary component of income is interest received on cash deposits and
interest received on the holdings of ApexHi units. The company had no employees
during the period under review and no directors` fees were paid.
Shops for Africa`s investments consist exclusively of units in ApexHi which had
a value of R22.8 million as at 28 February 2007. Cash on hand amounted to
R9.2 million. The reported net asset value per share of 40c includes the full
fair value of all investments.
Outlook and future plans
The directors of the company are actively engaged in determining a course of
action which will provide the best long-term outcome for shareholders.
Shareholders can expect further communication during the course of 2007.
On behalf of the board
AJ Shapiro
Director
18 April 2007
Cape Town
Directors A Groll*, M Kaplan* (chairman), AM Louw*, AA Maresky, AJ Shapiro*
* non-executive director
Shops for Africa Limited
Incorporated in the Republic of South Africa
Registration number: 2000/018084/06
Share code: SFA ISIN code: ZAE000031241
Domicile and registered office 42 Hans Strijdom Avenue, Foreshore, Cape Town.
PO Box 7677, Roggebaai, 8012, South Africa
Secretary S Litten
Contact details Tel: 021 421 5550. Fax: 021 421 5551
Transfer secretaries Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Principal banker Nedbank Limited
Sponsor Bridge Capital Advisors (Pty) Ltd
Auditors KPMG Inc
Date: 03/05/2007 16:00:01 Produced by the JSE SENS Department.
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