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BNT
BNT
BNT - Bonatla - Reviewed Interim Results For The 6 Months Ended 30 June 2008
And Renewal Of Cautionary Announcement
BONATLA PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/014533/06)
Share code: BNT
ISIN code: ZAE000013694
("Bonatla" or "the company")
REVIEWED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2008 AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT
ABRIDGED GROUP As at As at As at As at
BALANCE SHEETS 30 June 31 30 31
December September March
2008 2007 2007 2007
Reviewed Audited Reviewed Unaudit
ed
R`000 R`000 R`000 R`000
ASSETS
Non-Current assets 45 321 44 954 1 155 56
Goodwill 6 476 1 118 1 118 -
Prepayment - 99 38 409 38 606 - -
lease
Prepayment - Sable - 5 200 - -
Property, plant 349 30 37 56
and equipment
Deferred Tax 87 - - -
Current assets 3 078 2 402 2 095 2 522
Other financial - - - 2 256
assets
Trade and other 2 084 2 284 1 532 142
receivables
Short-term loan - - 496 -
Cash and cash 274 118 67 124
equivalents
Total assets 48 399 47 356 3 250 2 578
EQUITY AND
LIABILITIES
Equity capital and 32 470 35 209 -5 724 -1 112
reserves
Share capital 83 926 83 926 83 926 83 926
Shares to be 44 200 44 200 - -
issued
Revaluation 2 - - -
Reserve
Accumulated loss -95 658 -92 917 -89 650 -85 038
Non-current 11 475 8 699 5 724 2 381
liabilities
Subordinated long- - - 5 724 2 381
term liability
Borrowings 11 475 8 699 - -
Current 4 454 3 448 3 250 1 309
Liabilities
Borrowings 1 277 1 431 1 498 -
Trade and other 3 111 2 003 1 738 1 309
payables
Bank overdraft 46 - - -
Taxation 20 14 14 -
Total equity and 48 399 47 356 3 250 2 578
liabilities
Net asset value 13.02 14.12 (3.09) (0.60)
per share (cents)
Net tangible asset 13.67 (3.69) (0.60)
value per share 10.24
(cents)
Shares in issue - 249 439 185 346 185 346
including to be 249 439 978 954 954
issued (cents) 978
ABRIDGED GROUP Six months 15 months 12 months Six months
INCOME STATEMENTS
30 June 31 December 30 31 March
September
2008 2007 2007 2007
Reviewed Audited Reviewed Unaudited
R`000 R`000 R`000 R`000
Turnover 2 097 - - -
Cost of sales -925 - - -
Other income 183 127 129 44
Operating costs -3 352 -8 424 -6 281 -1 826
Operating loss -1 977 -8 297 -6 152 -1 782
Impairment of - -1 235 -1 235 -
interest in
subsidiaries
Impairment of - -899 - -
short term loan
Results from -1 997 -10 431 -7 387 -1 782
operating
activities
Interest received 1 23 - -
Finance charges -745 -585 -338 -108
Profit on - 12 12 12
disposal of
listed shares
Loss before -2 741 -10 981 -7 713 -1 878
taxation
Taxation - -11 -11 -
Loss after -2 741 -10 992 -7 724 -1 878
taxation
Reconciliation of
headline
earnings:
(Loss)/profit -2 741 -10 992 -7 724 -1 878
after taxation
Impairment of - 1 235 1 235 -
interest in
subsidiaries
Impairment of - 899 - -
short term loan
Profit on - -12 -12 -12
disposal of
listed shares
Fair value - - - -
adjustment of
interest rate
swap
Headline loss -2 741 -8 870 -6 501 -1 890
Earnings per cents cents cents cents
share information
Loss per share (1.48) (5.93) (4.17) (1.01)
Headline loss (1.48) (4.79) (3.50) (1.02)
per share
Diluted loss per (1.10) (5.93) (4.17) (1.01)
share
Weighted average 185 462 510 185 462 510 185 346 185 346 954
shares in issue 954
Diluted weighted 249 439 978 185 462 510 185 346 185 346 954
average shares in 954
issue
ABRIDGED CASH FLOW STATEMENTS
Six 15 12 Six
months months months months
30 June 31 30 31
December Septembe March
r
2008 2007 2007 2007
Reviewe Audited Reviewed Unaudit
d ed
R`000 R`000 R`000 R`000
Cash flows from (2 042) (10 757) (7 404) (825)
operating activities
Cash flows from (471) 2 290 1 794 34
investing activities
Cash flows from 2 623 8 662 5 754 915
financing activities
Net increase/ 195 144 88
(decrease) in cash 110
and cash equivalents
Cash and cash (77) (77) 36
equivalents at the 118
beginning of the year
Cash and cash 118 67 124
equivalents at the 228
end of the period
STATEMENT OF CHANGES IN EQUITY
Share Convertible Share Shares to
capital preference premium be issued
share
capital
R`000 R`000 R`000 R`000
Balance at 1 1 853 - 54 343 -
October 2005
28 730 140
convertible `B`
preference
shares of 1 cent - 287 27 443
each
Net profit for the
year
Balance at 30 1 853 287 81 786 -
September 2006
Sale of Subsidiary
Net loss for the
year
Balance at 30 1 853 287 81 786 -
September 2007
Liability in 5 200
respect of shares
to be issued
Liability in 39 000
respect of shares
to be issued
Net loss for the
period
Balance at 31 1 853 287 81 786 44 200
December 2007
Gain on
revaluation of
plant and
equipment
Net loss for the
six months
Balance at 30 June 1 853 287 81 786 44 200
2008
Table continues:.
Revaluation Retained Total
Reserve earnings/
(Accumulated
loss)
R`000 R`000 R`000
- (83 332) (27 136)
27 730
172 172
- (83 160) 766
1 235 1 235
(7 724) (7 724)
- (89 649) (5 723
5 200
39 000
(3 268) (3 268)
- (92 917) 35 209
2
2
(2741) (2 741)
2 (95 658) 32 470
COMMENTARY
Basis of preparation
The reviewed interim results for the 6 months ended 30 June 2008(prepared in
accordance with IAS 34 - Interim Financial Reporting) have been prepared in
accordance with accounting policies consistent with International Financial
Reporting Standards and with those applied in previous periods.
Results
The operating costs have decreased significantly over the 6 month period and
income from the Sable acquisition has flowed into the Group. Unfortunately,
due to the lifting of the suspension in the company`s securities still having
not been made, income from the Property Investment - leisure segment has not
yet materialised.
This has resulted in a larger than anticipated loss being made for the six
months under review. The results for the 6 months ended 30 June 2008 have
been reviewed by Bester Viljoen Inc. and their unmodified review report is
available for inspection at the Company`s registered office.
Segmental Analysis
Segmented assets and
liabilities
Assets Liabilities
30 June 31 December 30 June 31 December
2008 2007 2008 2007
R`000 R`000 R`000 R`000
Property Investment - 38,803 39,000 - -
Leisure
Property Investment - 1,278 - 1,132 -
Industrial
Property Investment - - - - -
Commercial and Retail
Holding company 8,318 8,356 14,797 12,147
Consolidated 48,399 47,356 15,929 12,147
Segment revenues and results by reportable segment: income statement
Revenue Loss
6 months 15 months 6 months 15 months
ended ended ended ended
2008 2007 2008 2007
R`000 R`000 R`000 R`000
Continuing operations
Property Investment - - - -235 -
Leisure
Property Investment - 2,097 - 305 -
Industrial
Property Investment - - - -
Commercial and Retail
Holding company - other 183 127 2,811 -10,981
income
Total Revenue 2,280 127
Total Loss before tax
(continuing operations) -2,741 -10,981
Post balance sheet events
After the balance sheet date, the company through a wholly owned subsidiary
concluded an agreement to acquire ervin 1627 and 1628 Escourt extension 13
from Karbotech Carbon Technologies (Pty) Ltd (Karbotech) for a purchase
consideration of R 45,000,000, to be settled by the issue of 60,000,000 new
shares in Bonatla at an issue price of 75c per share within 7 working days of
the transfer.
The company, through a wholly owned subsidiary also concluded an agreement to
acquire an effective 50% shareholding in the Durban Point Development Company
from Gemini Moon Trading 177 (Pty) Ltd for a purchase consideration of R
210,000,000 to be settled by the payment in cash of R 160,000,000 and the
balance through the issue of 100,000,000 ordinary shares in Bonatla at a
price of 50 cents a share, payable within 120 days of signature of the
agreement. The subsidiary has already received certain offers for the sale of
its interest in the Durban Point Development Company (DPDC), which offers
will be subject to, inter alia, approval of the proposed purchaser as a
developer.
As detailed in prior announcements, these acquisitions will be subject to
shareholder approval. A further announcement in this regard is expected in
due course.
Dividends
No dividends were declared during the period.
Management and interim funding of the group
CDA Property Consultants (Pty) Ltd continues to finalise deals to strengthen
the balance sheet and to achieve profitability. It has also continued to
provide funding required by the company until the suspension in the trade in
the company`s securities is lifted. Once this happens, the company will be
able to secure its own funding.
Board of Directors
Mr. D.A. Scott and Mr. D W King were re-elected as directors on 24 June 2008
in terms of Article 88 of the Articles. Mr. D.A. Johnston and Mr. R.L.
Rainier were re-elected on 24 June 2008 in terms of Article 91 of the
Articles. Mr. N.G. Vontas was appointed as a director on 4 July 2008 and as
Chief Executive Officer from 29 August 2008.
Contingent liabilities
There has been no change in the status of the contingent liabilities since
the 31 December 2007.
Future prospects, documentation and suspension of trade in securities
With the signing of the Karbotech and DPDC deals, revenue will only start
flowing into the company in late 2008.This will auger well for 2009 when an
improved asset base and profitability will materialise. A revised circular,
relating to acquisitions announced, will be forwarded to the shareholders in
due course. The directors and management are confident that the suspension in
the trade in the company`s securities will be lifted in the near future.
Renewal of cautionary announcement
Shareholders are referred to the previous cautionary announcements dated 25
February 2007, 16 April 2007, 17 May 2007, 6 September 2007, 2 July 2008, 4
July 2008, 14 August 2008 and 25 September 2008 and are advised that certain
negotiations referred to therein are still in progress. Shareholders are
accordingly advised to continue to exercise caution in dealing with Bonatla
shares until a further announcement in this regard is made.
30 September 2008
Johannesburg
Directors:
MH Brodie (non-executive), DA Johnston (non-executive), SST Ngcobo (non-
executive), DA Scott (executive), DWB King (executive) (CF de Lange -
alternate), RL Rainier (executive), NG Vontas (executive)
Registered address
623 Prince George Ave, Brenthurst, Brakpan, 1541
Company Secretary Transfer secretaries
Gold Equity Registrars C.C. Computershare Investor
Services (Pty) Ltd
Auditors Asset Managers
Bester Viljoen Inc CDA Property Consultants
(Pty) Ltd
Sponsor
Arcay Moela Sponsors
(Proprietary) Limited
Date: 30/09/2008 14:59:38 Produced by the JSE SENS Department.
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