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ORE
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ORE - Orion Real Estate - Audited Results For The Year Ended 30 June 2009 And
Notice Of Annual General Meeting
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")
Audited results for the year ended 30 June 2009 and notice of annual general
meeting
Balance Sheet
Group
Reviewed Audited Audited
Figures in Rand 2009 2009 2008
ASSETS
Non-current assets 573,627,305 577,855,841 273,954,575
Investment property 568,480,000 568,480,000 271,128,511
Furniture, plant and equipment 625,701 625,701 131,640
Loans to related parties - 4,228,536
Other financial assets 4,521,605 4,521,605 2,694,424
Current Assets 15,088,107 15,088,107 7,664,911
Trade and other receivables 14,992,425 14,992,425 7,656,696
Cash and cash equivalents 95,682 95,682 8,215
Assets of disposal group - - 39,303,857
Total Assets 588,715,413 592,943,948 320,923,343
EQUITY AND LIABILITIES
Capital and reserves
Share capital 62,288,101 62,288,101 5,695,799
Retained earnings 178,279,312 209,006,924 53,825,701
Share capital and reserves 240,567,413 271,295,025 59,521,500
Linked Debentures 55,074,867 55,074,867 49,939,573
Linked unitholders` interest 295,642,280 326,369,892 109,461,073
Minority Shareholders interest (171,185) (171,185) (60,522)
295,471,094 326,198,706 109,400,551
Liabilities 278,045,326 251,546,249 158,512,997
Long-term liabilities 197,977,736 197,977,736 104,337,425
Deferred taxation 40,474,909 40,474,909 22,642,602
Loans from shareholders 13,093,604 13,093,604 31,458,012
Loans from related parties 26,499,076 - 74,958
Current Liabilities 15,198,994 15,198,994 10,272,827
Current tax payable - - 895,724
Trade and other payables 6,178,898 6,178,898 6,641,055
Provisions 160,724 160,724 130,853
Short term portion of long term
liabilities 8,859,372 8,859,372 2,605,195
Liabilities of disposal group - - 42,736,968
Total Liabilities 293,244,320 266,745,244 211,522,792
Total Equity and Liabilities 588,715,413 592,943,948 320,923,343
Income Statement
Group
Reviewed Audited Audited
Figures in Rand 2009 2009 2008
Continued Operations
Gross Revenue 47,429,151 47,429,151 23,810,399
Recoveries 9,145,054 9,145,054 3,976,666
Operating costs (42,335,353) (42,335,353) (16,651,056)
Operating profit (loss) 14,238,852 14,238,852 11,136,009
Interest Income 895,692 895,692 328,749
Provision for bad debts (1,998,408) (1,998,408) (1,174,746)
Provision for Leave (38,921) (38,921)
Loans written back - - 278,190
Impairment of loan - - (57,128)
Straight line operating
lease adjustment 2,376,020 2,376,020 (2,380,027)
Fair value adjustments on
investment properties 144,154,501 174,882,113 40,769,338
Impairment of non-current
asset available for sale - - (738,527)
Profit/(Loss) on sale of
assets held for sale - - 1,073,035
Profit/(Loss) on sale of
investment property 4,803,725 4,803,725 3,389,617
Profit on Sale of Shares 2,195,071 2,195,071 -
Finance charges (23,813,769) (23,813,769) (17,319,519)
Profit before taxation 142,812,761 173,540,373 35,304,991
Taxation (18,530,337) (18,530,337) (6,028,341)
Profit for year from
continued operations 124,282,425 155,010,037 29,276,650
Discontinued Operations
Loss for the period from
discontinued operations - - (8,473,005)
Profit for the year before
minority interest 124,282,425 155,010,037 20,803,645
Minority shareholder`s interest 110,663 110,663 56,386
Profit for year 124,393,088 155,120,700 20,860,031
Earnings per share (cents) 52.88 65.95 9.89
Diluted earnings per share (cents) 21.54 26.86 9.89
Headline loss per share (cents) (2.43) (0.55) (5.63)
Diluted headline loss per
share (cents) (2.43) (0.22) (5.63)
Net asset value per share at
year-end (cents) 50.99 56.29 48.21
Number of shares at year-end 579,490,167 579,490,167 226,938,557
Weighted number of shares 235,214,362 235,214,362 210,923,488
Diluted number of shares 577,556,243 577,556,243 210,923,488
Statement of Changes in Equity
GROUP
Share Share Retained
Figures in Rand capital premium Earnings Total
Balance at 31
December 2005 211,391 3,516,635 (9,845,579) (6,117,553)
Issue of Linked
units 1,671,471 - - 1,671,471
Adjustment for
prior year error - - (236,506) (236,506)
Attributable
profit for 6 months - - 22,183,094 22,183,094
Balance at 30 June
2006 1,882,862 3,516,635 12,101,009 17,500,506
Issue of Linked
units 45,347 - - 45,347
Buy back of Linked
units (90,222) - - (90,222)
Attributable
profit for the year - - 20,864,662 20,864,662
Balance at 30 June
2007 1,837,987 3,516,635 32,965,671 38,320,293
Issue of Linked
units 341,177 - - 341,177
Attributable
profit for the year - - 20,860,031 20,860,031
Balance at 30 June
2008 2,179,164 3,516,635 53,825,702 59,521,501
Minority Interesst - - 60,522 60,522
Issue of Linked
units 3,578,849 53,013,452 - 56,592,301
Attributable
profit for the year - - 155,120,700 155,120,700
Balance at 30 June
2009 5,758,013 56,530,088 209,006,924 271,295,024
Cash Flow Statement
Group
Reviewed Audited Audited
Figures in Rand 2009 2009 2008
Net cash flow from
operating activities (13,364,798) (13,364,798) (13,823,470)
- Cash generated from
operations 9,553,280 9,553,280 3,167,300
- Interest received 895,692 895,692 328,749
Smoothing Adjustment - -
- Interest paid (23,813,769) (23,813,769) (17,319,519)
Net cash outflow from
investing activities (147,274,095) (147,274,095) (11,805,178)
Acquisition/ Development
of investment
property for sale - - 13,321,930
Acquisition of investment
properties (163,901,374) (133,173,762) (79,476,175)
Proceeds on disposal of
investment property 9,190,230 9,190,230 41,189,617
Loans advanced to related
parties (54,277) (4,228,536) -
Loans advanced to related
parties 26,424,118 (129,236) -
Proceeds from Loans from
Shareholders (18,364,408) (18,364,408) 31,458,012
Loans from related parties
repaid - - (18,241,474)
Acquisition of furniture,
plant and equipment (568,383) (568,383) (57,088)
Net cash inflow from
financing activities 160,726,360 160,726,360 25,636,563
Long term liabilities
(repaid) raised 93,640,311 93,640,311 27,643,545
Short-term portion of
Long-term liabilities raised 5,358,453 5,358,453 729,096
liabilities of disposal
group repaid (8,536,079)
Proceeds from share issue 56,592,302 56,592,302 341,177
Proceeds from (buyback)
issue of linked units 5,135,294 5,135,294 5,458,824
Net increase/ (decrease)
in cash and cash equivalents 87,467 87,467 7,915
Cash and cash equivalents
at the beginning of the year 8,215 8,215 300
Cash and cash equivalents
at the end of the year 95,682 95,682 8,215
1. Commentary
Due to certain audit adjustments in the reviewed figures for 30 June 2009
previously published on SENS on 30 September 2009, the following account
balances and transactions were modified:
Increase in loans to related parties (Cape Gannet) (Balance Sheet)
R 30 727 612.
Increase in fair value adjustment on investment properties (Income Statement
R 30 727 612.
2. Notice of general meeting
Shareholders are advised that the annual general meeting will be held at
10:00 on Thursday, 21 January 2010 in the Boardroom, 16th Floor, Orion House,
49 Jorissen Street, Braamfontein, Johannesburg.
JOHANNESBURG
27 November 2009
Directors
R S Wilkinson, F M Viruly, A Boessenkool, A C Gmeiner, F Gmeiner (MD),
C B Nolte (FD)
Company secretary and registered office
Corporate Governance Facilitators CC
Sponsor
Arcay Moela Sponsors (Pty) Limited
Transfer office
Computershare Investor Services (Pty) Limited
Date: 27/11/2009 12:22:02 Produced by the JSE SENS Department.
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