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ORE
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ORE - Orion Real Estate - Unaudited Interim Results For The Six Months Ended
31 December 2007
ORION REAL ESTATE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE & ISIN: ZAE000075651
("Orion" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
ABRIDGED INCOME STATEMENT Unaudited Unaudited Audited year
six months six months ended 30
ended 31 ended 31 June 2007
December December
2007 2006
R R R
Revenue 11,755,368 10,782,971 21,456,171
Recoveries 2,205,400 1,265,614 3,370,525
Operating costs (10,607,494) (8,983,065) (17,380,808)
Operating profit 3,353,274 3,065,520 7,445,888
Interest Income 284,447 309,549 408,075
Straight line operating 559,392 372,075 482,299
lease adjustment
Provision for - - (461,482)
bad debts
Loan written - - 1,998,380
back
Non-current - - (1,177,357)
assets available
for sale
Profit on sale of - - 71,741
furniture, plant and
equipment
Revaluation of properties - 9,057,232 31,317,559
Profit on sale of 1,800,000 - -
investment properties
Finance charges (5,642,369) (6,778,254) (11,960,313)
Profit before taxation 354,744 6,026,122 28,124,790
Taxation 731,654 (2,071,974) (7,264,279)
Profit before minority 1,086,398 3,954,148 20,860,511
interest
Minority 36,147 - 4,151
shareholders`
interest
Profit for the period 1,122,545 3,954,148 20,864,662
-
Earnings per linked unit 0.56 2.18 10.95
(cents)
Diluted earnings per 0.56 2.18 10.95
linked unit (cents)
Headline profit (loss) (0.24) (1.62) (1.09)
per linked unit (cents)
Diluted headline profit (0.24) (1.62) (1.09)
(loss) per linked unit
(cents)
Weighted average linked 192,820,910 181,796,833 190,508,436
units in issue
Diluted number of linked 192,820,910 181,796,833 190,508,436
units in issue
Reconciliation between
net earnings and headline
loss
Net profit per Income 1,086,398 3,954,148 20,860,511
Statement
- Loans written off - - (1,998,380)
- Fair value adjustment - (9,057,232) (31,317,559)
to investment property
Non-current - - 1,177,357
assets available
for sale
Profit on sale of - - (71,741)
furniture, plant and
equipment
Profit on sale of (1,800,000) - -
investment properties
- Tax effect as a result 252,000 2,164,560 9,273,614
of the above
Headline loss (461,602) (2,938,524) (2,076,198)
ABRIDGED BALANCE SHEET Unaudited Unaudited Audited
six months six months year ended
ended 31 ended 31 30 June
December December 2007
2007 2006
ASSETS
Non-current assets 164,522,293 165,336,039 194,017,636
Investment properties 159,043,470 159,740,403 188,682,998
Furniture, plant and equipment 126,388 353,425 99,200
Other financial assets 5,352,435 5,242,211 5,235,438
Current assets 75,390,307 57,041,187 58,558,055
Non-current assets held for sale 52,291,280 51,605,279 52,291,280
Trade and other receivables 4,993,606 5,222,695 6,266,475
Cash and cash equivalents 18,105,421 213,213 300
Total assets 239,912,600 222,377,226 252,575,691
EQUITY AND LIABILITIES
Capital and reserves
Share capital 5,354,622 4,549,497 5,354,622
Distributable reserves 34,088,216 16,291,662 32,965,671
Share capital and reserves 39,442,838 20,841,159 38,320,293
Linked debentures 44,480,749 44,929,375 44,480,749
Linked unit holders` interest 83,923,587 65,770,534 82,801,042
Minority shareholders` interest (40,283) - (4,136)
83,883,304 65,770,534 82,796,906
Liabilities 78,772,527 99,270,146 93,484,365
Long-term borrowings 62,713,695 87,598,530 76,693,880
Deferred tax 16,058,832 11,671,616 16,790,485
Current liabilities 77,256,769 57,336,546 76,294,420
Trade and other payables 23,479,831 8,864,997 23,089,438
Provisions 55,834 - 55,834
Short-term portion of long-term 53,721,104 48,471,549 53,149,148
liabilities
Total liabilities 156,029,296 156,606,692 169,778,785
Total equity and liabilities 239,912,600 222,377,226 252,575,691
Net asset and net tangible value 43.52 36.69 42.94
per linked unit at end of period
(cents)
Number of linked units at end of 192,820,910 179,264,001 192,820,910
period
ABRIDGED CASH FLOW Unaudited Unaudited Audited year
STATEMENT six months six months ended 30
ended 31 ended 31 June 2007
December December
2007 2006
Net cash flow from 1,532,998 (3,394,517) 3,779,811
operating activities
- Cash generated from 6,890,920 3,074,188 15,332,049
operations
- Interest received 284,447 309,549 408,075
- Interest paid (5,642,369) (6,778,254) (11,960,313)
Net cash inflow from 31,283,961 12,699,383 7,525,660
investing activities
Net cash outflow from (14,711,838) (8,319,610) (10,533,128)
financing activities
Net increase in cash and 18,105,121 985,256 772,343
cash equivalents
Cash and cash equivalents 300 (772,043) (772,043)
at the beginning of the
period
Cash and cash equivalents 18,105,421 213,213 300
at the end of the period
ABRIDGED STATEMENT OF Share Share Distributable Total
CHANGES IN EQUITY capital premium reserve
Balance at 30 June 2006 1,882,862 3,516,635 12,337,515 17,737,012
Shares held in treasury (90,212) (759,788) - (850,000)
from property sales
Attributable profit for - - 3,954,147 3,954,147
6 months
Balance at 31 December 1,792,650 2,756,847 16,291,662 20,841,159
2006
Issue of shares 45,347 - - 45,347
Shares held in treasury 90,212 759,788 - 850,000
from property sales
Buy back of shares (90,222) - - (90,222)
Adjustment prior year - - (236,506) (236,506)
error
Attributable profit for - - 16,910,515 16,910,515
6 months
Balance at 30 June 2007 1,837,987 3,516,635 32,965,671 38,320,293
Attributable profit for - - 1,122,545 1,122,545
6 months
Balance at 31 December 1,837,987 3,516,635 34,088,216 39,442,838
2007
Notes to the Abridged Interim Financial Statements
Accounting policies
This interim financial report was prepared in accordance with the requirements
of IAS 34 - Interim Financial Reporting. The accounting policies that are
followed in the preparation thereof are in accordance with International
Financial Reporting Standards ("`IFRS") and is consistent with prior years.
Operating performance and prospects:
The group experienced satisfactory trading conditions with rentals increasing by
9% and recoveries increasing by 74%. This is indicative of better management of
the properties owned by the group. The group will show significantly increased
rentals and profitability once the Gmeiner portfolio is finally transferred,
which is expected to be finalised over the next six months.
The net asset value has improved over the prior comparative period, with large
cash reserves being available to leverage new opportunities.
Segmental reporting
By gross revenue R % R %
Commercial 2,065,722 18 Gauteng 6,033,998 51
Industrial 4,411,017 38 Western 1,415,431 12
Cape
Retail 5,037,423 42 Mpumalanga 4,305,939 37
Hospitality 241,206 2
11,755,368 100 11,755,368 100
Property values R % R %
Commercial 28,064,154 18 Gauteng 69,428,017 44
Industrial 43,200,000 27 Western 29,300,000 18
Cape
Retail 72,684,676 46 Mpumalanga 60,315,453 38
Hospitality 15,094,640 9
159,043,470 100 159,043,470 100
Gross lettable Sq.metres % Sq.metres %
area
Commercial 10,411 13 Gauteng 59,107 73
Industrial 44,714 56 Western 5,383 7
Cape
Retail 20,103 25 Mpumalanga 15,838 20
Hospitality 5,100 6
80,328 100 80,328 100
Post balance sheet events
The corporate tax rate has been reduced to 28% from 29% as per the latest budget
speech. Therefore, deferred tax has been calculated at the future tax rate, in
accordance with IAS 12, which is 28%.
Investment property acquired and disposed
Acquired
- 130 Marshall Street (Intec House): Erf 1137 Marshalltown - purchase price
of R 3 200 000.
Disposed
- SAB Complex: Portion 1&5 of Erf 632 Isando Township - selling price of R 34
000 000.
- 130 Marshall Street (Intec House): Erf 1137 Marshalltown - selling price of
R 5 000 000.
Directors Changes
Prof AL Boessenkool was appointed to the board on 11 September 2007.
Dividends
No dividend has been proposed for the period under review.
By order of the Board
RS Wilkinson F Gmeiner
Chairman Managing Director
27 March 2008
Johannesburg
Registered Office
16th Floor, Orion House, 49 Jorissen Street, Braamfontein,
Johannesburg
Directors
RS Wilkinson*(Chairman), F Gmeiner (MD), Dr AC Gmeiner*, Prof
FM Viruly*, Prof AL Boessenkool*
* Non-executive
Sponsors
Arcay Moela Sponsors
(Proprietary) Limited
Date: 27/03/2008 15:42:07 Produced by the JSE SENS Department.
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