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ORE
ORE
ORE - Orion Real Estate Limited - Audited results of the group for the year
ended 30 June 2007
ORION REAL ESTATE LIMITED
(formerly Alpina Investment Holdings Limited "Alpina")
Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000075651
("Orion Real Estate" or "the company")
AUDITED RESULTS OF THE GROUP FOR THE YEAR ENDED 30 JUNE
2007
(All figures are in Rands unless Audited Restated
otherwise stated)
Year Year ended
ended
CONSOLIDATED INCOME STATEMENT 30 June 30 June 2006
2007
Revenue 21 456 16 131 084
171
Recoveries 3 370 525 1 543 996
Operating costs -17 380 -14 724 237
808
Operating profit 7 445 888 2 950 843
Interest Income 408 075 209 490
Profit on disposal of subsidiary 1 179 852
Profit on sale of furniture, 71 741 -
plant and equipment
Loan written back 1 998 380 -
Provision for bad debts -461 482 -
Straight line operating lease 482 299 766 165
adjustment
Fair value adjustments on 31 317 34 202 191
investment properties 559
Non-current asset available for -1 177 -
sale 357
Finance charges -11 960 -11 660 191
313
Profit before taxation 28 124 27 648 350
790
Taxation -7 264 -6 652 832
279
Profit for year before minority 20 860 20 995 518
interest 511
Minority shareholder`s interest 4 151 -
Profit for year 20 864 20 995 518
662
Earnings per linked unit (cents) 10.95 14.10
Diluted earnings per linked unit 10.95 14.10
(cents)
Headline loss per linked unit -1.09 -3.17
(cents)
Diluted headline loss per linked -1.09 -3.17
unit (cents)
Net asset value per linked unit 42.94 33.73
at year-end (cents)
Number of linked units at year- 192 820 188 286 183
end 910
Weighted number of linked units 190 508 148 859 622
436
Diluted number of linked units 190 508 148 859 622
436
Reconciliation between net
earnings and headline earnings
Net profit per Income Statement 20 860 20 995 518
511
- Profit on disposal of - -1 179 852
subsidiary
- Loan written back -1 998 -
380
- Fair value adjustment to -31 317 -34 202 191
investment property 559
- Impairment of non-current asset 1 177 357 -
available for sale
- Profit on sale of furniture, -71 741 -
plant and equipment
- Tax effect as a result of the 9 273 614 9 673 264
above
Headline (loss)/earnings -2 076 -4 713 261
198
Audited Restated
CONSOLIDATED BALANCE SHEET 30 June 30 June 2006
2007
Investment properties 188 682 175 204 284
998
Tangible assets 99 200 391 437
Deferred tax - 808 887
Loans receivable and rental 5 235 438 4 692 119
smoothing
Current assets 58 558 48 924 719
054
Total assets 252 575 230 021 446
690
Shareholders` equity 38 320 17 737 012
294
Minority shareholders interest -4 136 -
Deferred tax 16 790 10 408 528
485
Linked unit debentures 44 480 45 779 375
749
Long-term borrowings 76 693 124 848 665
880
Current liabilities 76 294 31 247 866
418
Total equity and liabilities 252 575 230 021 446
690
Audited Restated
Year Year ended
ended
CONSOLIDATED CASH FLOW STATEMENT 30 June 30 June 2006
2007
Net cash flow from operating 3 779 811 -4 502 775
activities
Net cash outflow from investing 7 525 660 -65 201 983
activities
Net cash inflow from new share -1 343 29 435 501
capital and debentures 500
Net cash inflow from financing -9 189 38 721 004
activities 628
Net decrease in cash and cash 772 343 -1 548 253
equivalents
Cash and cash equivalents at the -772 043 776 210
begin of the year
Cash and cash equivalents at the 300 -772 043
end of the year
Consolidated Statement of Changes in Equity for the year ended 30 June 2007
Share Share Accumula Total
capita premiu ted
l m profit
(loss)
R R R R
Balance at 01 July 2005 181 3 516 -8 658 -4 959
as previously reported 391 635 003 977
Profit for the year as - - 20 995 20 995
previously reported 518 518
Issue of ordinary shares 1 701 - - 1 701
for cash 471 471
Balance at 01 July 2006 1 882 3 516 12 337 17 737
862 635 515 012
Effect of changes in - - -236 506 -236
accounting policies and 506
correction of errors
Restated balance at 01 1 882 3 516 12 101 17 500
July 2006 862 635 009 506
Profit for year - - 20 864 20 864
662 662
Issue of ordinary shares 45 347 - - 45 347
for cash
Buy back of shares -90 - - -90 222
222
Balance at 30 June 2007 1 837 3 516 32 965 38 320
987 635 671 293
COMMENTARY
The board of directors presents the Group`s results for the year ended 30 June
2007. These results have been prepared in terms of IAS 34: Interim Financial
Reporting and the accounting policies, which are in line with International
Financial Reporting Standards ("IFRS"), are consistent with the prior year.
The results have been audited by the company`s auditors, SAB&T, whose unmodified
audit report is available for inspection at the registered office of the
company.
FINANCIAL OVERVIEW
General
The benefits of the management incorporation into the company and the change in
the company`s facilities management have been realised, with operating profits
increasing significantly, not withstanding the disposal of four non-core
properties, as mentioned last year.
The transfer of the balance of the original Gmeiner Group properties is in the
process of being finalised with transfer expected to be completed before 30
November 2007.
The addition of these 21 properties will add R230 million to the gross assets of
the group.
The company is still in ongoing discussions with potential Black Economic
Empowerment partners with a view to meeting the objectives of the Charter for
the commercial property sector signed in March 2006 between Government and the
property sector representatives.
Income statement review
The focus on efficiencies resulted in a 33% increase in revenue with fewer
properties and an increase of 118% in recoveries. Increased taxation and lower
fair value adjustments resulted in a similar profit for the year.
Balance sheet review
Whilst investment properties have increased by 7%, shareholder`s equity has
increased by 116%, with a substantial reduction in long term borrowings.
Cash Flow Statement review
Operating cash flow has improved by 184% to R3 779 811.
LITIGATION
There is no material litigation pending against the Group.
SUBSEQUENT EVENTS
The group has entered into agreements in which it will have an effective 55%
stake in the process of developing a R2 000 million mixed use development in
Bethlehem, in the Eastern Free State. This will significantly increase the asset
base and expand the earnings capacity of the group. This development is expected
to be completed by the end of 2009.
DIRECTOR CHANGES
During the year under review the following director changes occurred:
Appointed Date Resigned Date
Professor F M 12 June 2007 Ms. K Rothmann 12 June 2007
Viruly
CHANGE IN AUDITORS
During the year, SAB&T were appointed as auditors to Orion.
DIVIDENDS
No dividend has been declared.
FUTURE PROSPECTS
The Bethlehem development, the increased portfolio and other exciting prospects
bode well for the future growth and profitability of the group.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
With regard to the cautionary announcement renewed on 06 August 2007, the
company advises that it is still in negotiations that may affect the price at
which its securities trade. Accordingly, shareholders should exercise caution
when dealing in their securities until a further announcement is made.
NOTICE OF GENERAL MEETING
Shareholders are advised that annual financial statements have been posted to
shareholders and the Annual General Meeting will be held on 19 November 2007 at
14h30 in the Boardroom, 16th floor, Orion House, 49 Jorissen Street,
Braamfontein, Johannesburg.
Johannesburg
27 September 2007
Sponsor Auditors
Arcay Moela Sponsors (Proprietary) Limited SAB&T Incorporated
Date: 27/09/2007 16:15:02 Produced by the JSE SENS Department.
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