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EMG
EMG
EMG - Emergent Properties - Reviewed Results For The Year Ended 30 September
2007
EMERGENT PROPERTIES LIMITED
(Formerly Sizafika Property Investments Limited)
(Registration Number: 1969/002908/06)
Share Code: EMG & ISIN Number: ZAE000097754
("Emergent" or "the company")
REVIEWED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007
The company presents its reviewed results for the year ended 30 September 2007
below:
Year ended Year ended
INCOME STATEMENT 30 September 2007 30 September 2006
R 000 R 000
Turnover
Cost of sales
Gross Profit - -
Operating costs (3 007) (306)
Operating loss (3 007) (306)
Loss on sale of business - (5 879)
Corporate transaction costs - (2 876)
Interest paid (1 072) -
Interest received 1 445 70
Loss before taxation (2 634) (8 991)
Taxation - -
Attributable loss for year (2 634) (8 991)
Loss per linked unit (cents) (30.14) (227.66)
Headline loss per linked unit (30.14) (78.80)
(cents)
Weighted average number of 8 739 790 3 949 349
shares
Reconciliation between net earnings and headline earnings
R 000 R 000
Attributable loss per Income (2 634) (8 991)
Statement
Loss on sale of business - 5 879
Headline loss (2 634) (3 112)
BALANCE SHEET 30 September 30 September
2007 2006
R 000 R 000
Investment in subsidiary 1 2
Current assets 7 674 10 463
Total assets 7 675 10 465
Shareholders` equity (2 482) 152
Subordinated Debentures 9 777 9 777
Non current liabilities
Current liabilities 380 536
Total equity and liabilities 7 675 10 465
Net asset value per linked unit
at year-end (cents) 82.78 249.89
Tangible net asset value per
linked unit at year-end (cents) 82.78 249.89
Number of shares at year-end 8 739 790 8 739 790
Year ended Year ended
CASH FLOW STATEMENT 30 September 30 September
2007 2006
R 000 R 000
Net cash flow from operating (2 891) 1 098
activities
- Cash generated from (3 264) 1 028
operations
- Interest received 1 445 70
- Interest paid (1 072) -
Net cash outflow from investing (6 505) (3 099)
activities
Net cash flow from financing - 12 349
activities
Net increase/ (decrease) in (9 396) 10 348
cash and cash equivalents
Cash and cash equivalents at 9 797 (551)
the beginning of the year
Cash and cash equivalents at 401 9 797
the end of the year
STATEMENT OF CHANGES IN EQUITY
Share Share Non Accumu- Total
capital premium distributa lated
ble profits
reserves
Balance at 30 1 813 315 169 6 845 9 142
September 2005
Issue of shares 5 5
Share split from (1 809) 1 805 (4)
50c shares to 0.1c
shares
Attributable loss (8 991) (8 991)
for year
Balance at 30 9 2 120 169 (2 146) 152
September 2006
Attributable loss (2 634) (2 634)
for year
Balance at 30 9 2 120 169 (4 780) (2 482)
September 2007
Commentary on the September 2007 Financial Statements
Basis of Preparation
The abridged results have been presented in accordance with IAS 34 - Interim
Financial Reporting and have been reviewed by Horwath Leveton Boner, whose
unmodified review report is available for inspection at the registered office of
the company. The financial statements have been prepared in accordance with
accounting policies that comply with International Financial Reporting Standards
("IFRS") and are consistent with the prior year.
Review of Operations
The company continued to provide the seed capital for the acquisition of a
commercial property portfolio.
As announced on 5 November 2007, Emergent Investments (Pty) Limited ("EI")
acquired a property portfolio to the value of R496 million, which was funded by
way of private equity participation. The Company has a shareholding of 1,73% in
Emergent Investments (Pty) Ltd ("EI") and a participation right through a "B"
loan account. The "B" loan allows Company to participate in the proceeds of the
sale of the property portfolio of EI to the extent of 25% of the sale proceeds
of the property portfolio that exceeds R505 million
The following assets are included in Current Assets: R2,541 million in respect
of the above-mentioned shareholding and loan account; R1,809 million in respect
of a short-term loan to EI; and R2,513 million in respect of the "B" loan
representing the right to participate in sale proceeds of the property portfolio
in excess of R505 million.
No segmental reporting is presented due to no revenue being earned at present
and one asset being owned.
Future prospects
On 5 November 2007, it was announced that a non-binding heads of agreement was
entered into with the shareholders of Trimanex Holdings Ltd ("Trimanex") to
acquire that company subject to the conclusion of inter alia a satisfactory due
diligence and competent person`s report over significant proven reserves of
copper and cobalt that Trimanex holds. Finality on this transaction is only
expected towards the end of February 2008.
Corporate actions, dividends and distributions
In terms of the debenture trust deed all debentures have been subordinated. No
dividend or other distributions have been declared for the year under review.
There have been no issues of shares during the year under review.
Directors
There have been no changes to directors for the year under review.
By order of the Board
DA White
Chairperson
13 December 2007
Johannesburg
Company Secretary
MJ Antonie
Registered Office
2nd Floor, 72 Grayston Drive, Sandown, 2196
Directors
DJA White* (Chairman), JE van der Burgh*, LD van Wyk
* Non-executive
Sponsor Transfer Office
Arcay Moela Sponsors Computershare Investor Services 2004
(Pty) Ltd (Proprietary) Limited
Date: 13/12/2007 14:54:20 Produced by the JSE SENS Department.
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