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EMG
EMG
EMG - Emergent - Abridged Audited Results For The Year Ended 30
September 2007 And Change To Board Of Directors
Emergent Properties Limited
(Formerly Sizafika Property Investments Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1969/002908/06)
Share code: EMG & ISIN: ZAE000097754
("Emergent or "the company")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007 AND CHANGE TO
BOARD OF DIRECTORS
Audited Previously
published
Year ended Year ended
INCOME STATEMENT 30 September 2007 30 September
2007
Notes R 000 R 000
Turnover 25 -
Cost of sales - -
25 -
Operating costs (3,007) (3,007)
Operating loss (2,982) (3,007)
Fair value adjustments 1 7,596 -
Interest paid (1,072) (1,072)
Interest received 1,420 1,445
Loss before taxation 4,962 (2,634)
Taxation 1 109 -
Loss for year 5,072 (2,634)
Earnings / Loss per linked 58,03 (30.14)
unit (cents)
Headline earnings / loss per 58,03 (30.14)
linked unit (cents)
Net asset value per linked 178.62 82.78
unit at year-end (cents)
Number of linked units at 8,739,790 8,739,790
year-end
Weighted average number of 8,739,790 8,739,790
linked units
BALANCE SHEET
Audited Previously
published
30 September 30 September
2007 2007
Notes R 000 R 000
Investment in 1 1
subsidiaries
Current assets 1 16,051 7,674
Total assets 16,052 7,675
Shareholders` equity 1 5,895 (2,482)
Debentures 9,777 9,777
Non current liabilities
Current liabilities 380 380
Total equity and 16,052 7,675
liabilities
CASH FLOW STATEMENT
Audited Previously
published
Year ended Year ended
30 September 30 September
2007 2007
R 000 R 000
Net cash flow from operating (2,891) (2,891)
activities
- Cash generated from operations (3,239) (3,264)
- Interest received 1,420 1,445
- Interest paid (1,072) (1,072)
Net cash outflow from investing (6,505) (6,505)
activities
Net cash flow from financing - -
activities
Net increase/ (decrease) in cash (9,396) (9,396)
and cash equivalents
Cash and cash equivalents at the 9,797 9,797
beginning of the year
Cash and cash equivalents at the 401 401
end of the year
STATEMENT OF CHANGES IN EQUITY
Share Share Fair Non Accumu- Total
capital premium value distrbutable lated
adjust- reserves profits
ment
assets
available
for sale
reserve
Balance at 9 2,120 169 (2,146) 152
30
September
2006
Attributabl (2,634) (2,634)
e profit
for year
Balance at
30 9 2,120 169 (4,780) (2,482)
September
2007 as
previously
published
Profit for 5,072 5,072
the year
Available 671 671
for sale
financial
asset fair
value
adjustment
(net of
tax)
Balance at 9 2,120 671 169 2,926 5,895
30
September
2007
Commentary on the changes between the previously published reviewed results
and the audited results for the year ended 30 September 2007 is set out
below:
Note 1. The investment and financial derivative have been fair valued in
terms of IFRS requirements along with taking into account the
deferred tax implications.
Change to board of directors
In compliance with section 3.59 of the Listings Requirements of the JSE
Limited, the board of directors announces the resignation of Leon David van
Wyk from the board of Emergent with effect from close of business on
31 March 2008.
The board of directors of Emergent would like to thank Mr. Van Wyk for the
contribution he has made to the company, and wishes him well in his future
endeavours.
By order of the Board
DJA White
Chairman
3 April 2008
Johannesburg
Directors
DJA White* (Chairman), JE van der Burgh*
(*Non-executive)
Registered Office
Registered Office: 2nd Floor, 72 Grayston Drive, Sandown, 2196
Transfer Office
Computershare Investor Services (Proprietary) Limited
Auditors
Horwath Leveton Boner
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 03/04/2008 16:10:06 Produced by the JSE SENS Department.
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