| Mon 27 Jul 2009, 17:34 | | FVT - Fairvest - Change statement and notice of annual general meeting |
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FVT
FVT
FVT - Fairvest - Change statement and notice of annual general meeting
FAIRVEST PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/005011/06)
Share code: FVT ISIN: ZAE000034658
("Fairvest" or "the company")
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
CHANGE STATEMENT
Shareholders are advised that the Annual Report for the year ended 31 March
2009 was dispatched to shareholders on 24 July 2009 and contains no material
modifications to the Reviewed Provisional Consolidated Group results
published on 24 June 2009 ("the SENS announcement") other than those detailed
below:
Reclassification of investment property
It has been identified that in the sens announcement and prior year results,
that investments in associate property companies was separately disclosed
from investments in investment property as a result of incorrect terminology,
even though the intended measurement principles were correctly and
consistently applied. To rectify this error, the investments in associate
property companies have been correctly reclassified as investment property.
Accordingly in 2009, investments in associate property companies was reduced
by R18.3 million to nil and investment property increased by R18.3 million.
In 2008 investments in associate property companies was reduced by R16.9
million to nil; investment property increased by R18.4 million and long term
liabilities increased by R1.5 million.
The above mentioned reclassification resulted in cash inflows from investing
activities and cash outflows from financing activities each increasing by R1
5 million. This results in a net cash flow effect for the year of nil. Other
than as set out above, there were no changes to the cash flow statement for
the year ended 31 March 2009.
As per IAS 40: (Investment Property), fair value adjustments to investment
property must be classified as revenue. Accordingly, the reclassification, of
investment in associate companies to investment property impacted on the
income statement with an increase in revenue of R153 000, resulting in an
increase in trading profit of R153 000 and a reduction in fair value
adjustments to investment properties of R153 000. This had no effect on
earnings per linked unit. As per Circular 8/2007: Headline Earnings, fair
value adjustments are excluded from headline earnings. As a result fair value
adjustments to investment properties are deducted for headline earnings
purposes. This decreased the headline loss per linked unit from 1.4 cents to
1.2 cents.
The financial impacts of the modifications set out above are tabled below:
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009
Balance sheet
As per Reclassifi Fairvest
the SENS cation of 2009
announcem investment Annual
ent property Report
R`000 R`000 R`000
Investment property 68 171 18 255 86 426
Investment in associate
property companies 18 255 (18 255) -
Total assets 136 841 - 136 841
Total equity and liabilities 136 841 - 136 841
Income statement
Revenue 16 027 153 16 180
Trading profit 4 459 153 4 612
Fair value adjustment -
investment properties 8 013 (153) 7 860
Headline loss per linked
unit (cents) (1.4) 0.2 (1.2)
Cash flow
Cash inflow from investing
activities 46 005 1 521 47 526
Cash outflow from financing
activities (15 887) (1 521) (17 407)
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2008
Balance sheet
As per Reclassifi Fairvest
the SENS cation of 2009
announcem investment Annual
ent property Report
R`000 R`000 R`000
Investment property 59 033 18 409 77 442
Investment in associate
property companies 16 888 (16 888) -
Long-term liabilities 12 526 1 521 14 047
Total assets 138 747 1 521 140 268
Total equity and liabilities 138 747 1 521 140 268
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of
Fairvest will be held on Tuesday, 18 August 2009 at 11:00 in the boardroom,
Ninth Floor, Protea Hotel, corner Lighthouse Road and Chartwell Drive,
Umhlanga Rocks to transact the business stated in the notice of annual
general meeting, which notice forms part of the Annual Report.
Durban
27 July 2009
Sponsor
Merchantec (Proprietary) Limited
Date: 27/07/2009 17:34:21 Produced by the JSE SENS Department.
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