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EMG
EMG
EMG - Emergent - Unaudited interim results
EMERGENT PROPERTIES LIMITED.
(Incorporated in the Republic of South Africa)
(Formerly "Sizafika Property Investments Limited")
(Registration number: 1969/002908/06)
Share Code: EMG & ISIN Number : ZAE000097754
("Emergent" or "the company").
INCOME STATEMENT
Six months Six months Year ended
ended 31 ended 31 30 September
March 2007 March 2006 2006
R 000 R 000 R 000
Turnover
Cost of sales
Other income 90
Operating costs (3,582) - (3,272)
Operating loss (3,582) - (3,182)
Loss on sale of - (5,963) (5,963)
business and plant
impairment
Interest received 257 - 70
Loss before (3,325) (5,963) (9,075)
taxation
Taxation - 84 84
Loss for year (3,325) (5,879) (8,991)
Loss per share (38.0) (162.2) (227.7)
(cents)
Headline loss per (38.0) - (78.8)
share (cents)
Net asset value 74.9 90.0 249.9
per share at year-
end (cents)
Number of shares 8,739,790 3,625,000 8,739,790
at year-end
Weighted average 8,739,790 3,625,000 3,949,349
number of shares
Reconciliation between net earnings and headline earnings
R 000 R 000 R 000
Net loss per Income (3,325) (5,879) (8,991)
Statement
Loss on sale of - 5,879 5,879
business and plant
impairment
Headline loss (3,325) - (3,112)
BALANCE SHEET
Six months Six months Year ended
ended ended 30 September
31 March 31 March 2006
2007 2006 R 000
R 000 R 000
Investment in 2 - 2
subsidiary
Current assets 7,727 3,263 10,463
Total assets 7,729 3,263 10,465
Shareholders` (3,173) 3,263 152
equity
Debentures 9,777 - 9,777
Current liabilities 1,125 - 536
Total equity and 7,729 3,263 10,465
liabilities
CASH FLOW STATEMENT
Six months Six months Year ended
ended 31 ended 31 March 30 September
March 2007 2006 2006
R 000 R 000 R 000
Net cash flow from (3,994) 3,813 1,098
operating
activities
Net cash outflow - - (3,100)
from investing
activities
Net cash flow from - - 12,349
financing
activities
Net increase/ (3,994) 3,813 10,347
(decrease) in cash
and cash
equivalents
Cash and cash 9,797 (550) (550)
equivalents at the
begin of the year
Cash and cash 5,803 3,263 9,797
equivalents at the
end of the year
STATEMENT OF CHANGES IN EQUITY
Share Share Non Accumulated Total
capital premium Distrbut- profits
able
reserves
Balance at 1 1,813 315 169 6,845 9,142
October 2005
Loss for the year - - - (8,991) (8,991)
Conversion of 1,805 - - (4)
shares (1,809)
Issue of linked 5 - - - 5
units
Balance at 30 9 2,120 169 (2,146) 152
September 2006
Loss for the six - - - (3,325) (3,325)
months
Balance at 31 9 2,120 169 (5,471) (3,173)
March 2007
Commentary on the March 2007 Financial Statements
Basis of Preparation
The condensed consolidated unaudited results for the six month period ended 31
March 2007 has been prepared in accordance with the accounting policies which
fully comply with International Financial Reporting Standards and are consistent
with the audited annual financial statements at 30 September 2006. The interim
report has been prepared in accordance with IAS34 Interim Financial Reporting.
Operating Performance
During the six month period to 1 March 2007, the company continued with its
objectives of acquiring a commercial property portfolio and raising the required
amounts of equity and debt capital.
Post balance sheet events
In an announcement to unit holders on 4 May 2007, it was indicated that the
board was finalising a transaction whereby Emergent would participate in the
acquisition of a R480 million property portfolio to be held in a separate
company ("Newco"). This transaction has been concluded and Newco has taken
transfer of approximately 70% of the properties. Details of the
transaction will be announced shortly. Emergent has an equity and loan
participation interest in Newco, and has entered into discussions with a view to
realising its interest in the short term.
Corporate actions
No dividend or other distributions have been declared for the year under review.
Unitholders are reminded that the company, in an announcement on SENS on 25 May
2006 and on 22 December 2006, indicated that the board of directors would
incorporate a subsidiary through the subscription for 3 625 000 ordinary shares
with a cash value of 28 cents per share.
The intention is that this equity interest will be distributed as dividend in
specie to those unitholders who were registered on the last day to trade and
record date which respectively were Thursday, 8 June and Thursday, 15 June 2006.
An announcement of the distribution date will be made in due course.
Directorate
Directors: BA Smith, DJA White* (Chairman),
JE van der Burgh*, HT Dudley*, MJ Antonie*,
LD van Wyk, GA Ellis*
*Non-executive
Company Secretary: M J Antonie
Registered Office: 2nd Floor,
72 Grayston Drive, Sandown, 2196
Transfer Secretaries: Computershare Limited
Sponsor: Imara Corporate Finance South Africa (Pty) Limited
Auditors: Horwath Leveton Boner
Date: 01/08/2007 14:45:16 Produced by the JSE SENS Department.
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