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ORE
ORE
ORE - Orion Real Estate - Unaudited interim consolidated results of the group
for the six months ended 31 December 2009
ORION REAL ESTATE LIMITED
Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000075651
("Orion Real Estate" or "the company")
UNAUDITED INTERIM CONSOLIDATED RESULTS OF THE GROUP FOR THE SIX MONTHS ENDED 31
DECEMBER 2009
(All amounts given in Rands unless stated otherwise)
ABRIDGED Unaudited Unaudited Audited
CONSOLIDATED six months six months year ended
STATEMENT OF ended 31 ended 31 30 June 2009
COMPREHENSIVE December December
INCOME 2009 2008
Revenue 30 612 475 21 998 958 47 429 151
Recoveries 6 765 398 4 107 611 9 145 054
Operating costs -25 203 093 -13 829 324 -42 335 353
Operating profit 12 174 780 12 277 245 14 238 852
Interest Income 1 133 730 545 899 895 692
Straight line 1 232 023 312 903 2 376 020
operating lease
adjustment
Provision for bad 0 0 -1 998 408
debts
Provision for 44 148 0 -38 921
Leave
Finance Charges -10 410 208 -10 834 207 -23 813 769
Profit before 4 174 473 2 301 840 -8 340 534
taxation
Taxation -1 195 886 -644 515 2 335 350
Profit from 2 978 587 1 657 325 -6 005 184
continued
operations
Other
comprehensive
income
Loss on disposal -820 0 0
of Subsidiary
Fair value 0 59 961 709 174 882 113
adjustments on
investment
properties
Profit on sale of 0 3 250 193 4 803 725
investment
properties
Profit on sale of 0 0 2 195 071
shares
Taxation on other 115 -17 869 450 -20 865 687
comprehensive
income
Other -705 45 342 452 161 015 222
comprehensive
income net of tax
Total 2 977 882 46 999 777 155 010 038
comprehensive
income
Profit from 2 978 587 1 657 325 -6 005 184
continued
operations
Minority 171 56 386 110 663
shareholders`
interest
Profit 2 978 758 1 713 711 -5 894 521
attributable to
majority
shareholders
Total 2 977 882 46 999 777 155 010 038
comprehensive
income
Minority 171 56 386 110 663
shareholders`
interest
Profit/(loss) for 2 978 053 47 056 163 155 120 701
the period
Earnings per
linked units 0.51 20.74 65.95
(cents)
Diluted earnings
per linked unit 0.51 20.74 26.86
(cents)
Headline earnings
(loss) per linked 0.51 0.45 (0.55)
unit (cents)
Diluted headline
earnings (loss) 0.51 0.45 (0.22)
per linked unit
(cents)
Net asset value
per linked unit at 56.83 69.92 56.32
end of period
(cents)
Number of linked 579 490 167 226 938 557 579 490 167
units at end of
period
Weighted number of 579 490 167 226 938 557 235 214 362
linked units
Diluted number of 579 490 167 226 938 557 577 556 243
linked units
Reconciliation
between net
earnings and
headline earnings
Net profit/(loss) 2 978 053 46 999 778 155 120 701
per Income
Statement
- Fair value 0 -59 961 709 -174 882 113
adjustment to
investment
property
Profit on sale of 0 0 -2 195 071
Shares
Loss on disposal 820 0 0
of Subsidiary
Profit on sale of 0 -3 250 193 -4 803 725
investment
properties
- Tax effect as a -115 17 244 306 25 463 327
result of the
above
Headline 2 978 758 1 032 182 -1 296 881
earnings/(loss)
ABRIDGED Unaudited Unaudited Audited
CONSOLIDATED six months six months year ended
STATEMENT OF ended 31 ended 31 30 June 2009
FINANCIAL POSITION December December
2009 2008
ASSETS
Non-current assets 580 561 614 379 796 839 577 855 842
Investment 568 480 000 374 699 990 568 480 000
properties
Furniture, plant 805 313 236 061 625 701
and equipment
Loans to Related 4 650 526 0 4 228 536
Parties
Other financial 6 625 775 4 860 788 4 521 605
assets
Current assets 19 502 396 13 730 928 15 088 107
Trade and other 19 672 407 13 140 041 14 992 425
receivables
Rental Smoothing -291 980 590 887 0
Short Term
Cash and cash 121 969 0 95 682
equivalents
Assets of disposal 0 14 294 422 0
group
Total assets 600 064 009 407 822 189 592 943 948
EQUITY AND
LIABILITIES
Capital and
reserves
Share capital 62 288 100 5 695 799 62 288 101
Retained earnings 211 984 977 103 048 229 209 006 924
Share capital and 274 273 077 108 744 028 271 295 025
reserves
Linked debentures 55 074 867 49 939 573 55 074 867
Linked unit 329 347 944 158 683 601 326 369 892
holders` interest
Minority -171 356 -56 386 -171 185
shareholders`
interest
329 176 588 158 627 215 326 198 707
Liabilities 234 091 457 224 751 217 251 546 249
Long-term 185 920 455 134 230 093 197 977 736
liabilities
Deferred tax 35 077 398 41 517 434 40 474 909
Loans from 13 093 604 49 003 690 13 093 604
shareholders
Current 36 795 963 17 440 109 15 198 994
liabilities
Trade and other 19 677 184 10 540 675 6 178 898
payables
Provisions 116 575 103 690 160 724
Short-term portion 17 002 204 6 795 744 8 859 372
of long-term
liabilities
Liabilities of 0 7 003 646 0
disposal group
Total liabilities 270 887 421 249 194 972 266 745 243
Total equity and 600 064 009 407 822 189 592 943 948
liabilities
ABRIDGED CONSOLIDATED Audited
STATEMENT OF CASH FLOWS Unaudited Unaudited year ended
six six 30 June
months months 2009
ended 31 ended 31
December December
2009 2008
Net cash flow from 21 382 3 323 020 -13 364 797
operating activities 620
- Cash generated from 30 659 13 611 9 553 280
operations 099 328
- Interest received 1 133 730 545 899 895 692
- Interest paid -10 410 -10 834 -23 813 769
208 207
Net cash inflow (outflow) -2 705 -40 467 -147 274
from investing activities 772 084 095
Net cash (outflow) inflow -18 650 37 135 160 726 360
from financing activities 563 849
Net increase/ (decrease) 26 286 -8 215 87 468
in cash and cash
equivalents
Cash and cash equivalents 95 683 8 215 8 215
at the beginning of the
period
Cash and cash equivalents 121 969 0 95 683
at the end of the period
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Retained Total
capital premium Earnings
Balance at 1 1 837 987 3 516 635 32 965 671 38 320 293
July 2007
Attributable 1 122 545 1 122 545
profit for 6
months
Balance at 1 837 987 3 516 635 34 088 216 39 442 838
31 December
2007
Issue of 341 177 0 0 341 177
Linked Units
Attributable 19 737 486 19 737 486
profit for 6
months
Balance at 2 179 164 3 516 635 53 825 702 59 521 501
30 June 2008
Issue of
Linked Units
Attributable 47 056 163 47 056 163
Profit for
the 6 months
Balance at 2 179 164 3 516 635 100 881 865 106 577 664
31 December
2008
Issue of 3 578 849 53 013 452 56 592 301
Linked Units
Minority 60 522 60 522
Interest
Prior year 2 166 364 2 166 364
adjustment
Attributable 105 898 173 105 898 173
profit for 6
months
Balance at 5 758 013 56 530 087 209 006 924 271 295 024
30 June 2009
Attributable 2 978 053 2 978 053
Profit for
the 6 months
Balance at 5 758 013 56 530 087 211 984 977 274 273 077
31 December
2009
Segment reporting
By gross revenue R % R %
Commercial 18 245 066 49 Gauteng 26 056 809 70
Industrial 5 170 826 14 Western 2 117 346 6
Cape
Retail 12 918 902 35 Mpumalanga 8 758 518 23
Hospitality 1 019 480 3 KwaZulu 445 200 1
Natal
Residential 23 599 0
37 377 873 100 37 377 873 100
Property values R % R %
Commercial 222 386 39 Gauteng 440 500 77
228 000
Industrial 74 400 000 13 Western 39 880 000 7
Cape
Retail 180 682 32 Mpumalanga 80 000 000 14
400
Hospitality 51 622 063 9 KwaZulu 8 100 000 1
Natal
Residential 14 993 309 3
Land 24 396 000 4
568 480 100 568 480 100
000 000
Gross lettable Sq.metres % Sq.metres %
area
Commercial 53 331 42 Gauteng 97 213 76
Industrial 25 706 20 Western 8 784 7
Cape
Retail 27 576 22 Mpumalanga 15 850 12
Hospitality 16 029 13 KwaZulu 6 000 5
Natal
Residential 5 205 4
127 847 100 127 847 100
Liabilities R % R %
Commercial 104 507 52 Gauteng 153 007 75
104 909
Industrial 35 529 251 18 Western 19 092 474 9
Cape
Retail 53 408 420 26 Mpumalanga 24 115 328 12
Hospitality 6 706 948 3 KwaZulu 6 706 948 3
Natal
Land 2 770 936 1
202 922 100 202 922 100
659 659
Rating of Tenants
(Rental Income)
R % R %
Commercial A 2 771 254 11% Gauteng 3 653 352 15%
A
1 594 805 6% 1 633 338 7%
B B
7 451 803 30% 12 555 607 50%
C C
Industrial 0 0% Western 41 031 0%
A Cape
A
0 0% 1 405 574 6%
B B
4 065 479 16% 599 499 2%
C C
Retail 1 835 339 7% Mpumalanga 912 210 4%
A A
1 761 985 7% 317 878 1%
B B
4 575 416 18% 3 431 050 14%
C C
Hospitality 0 0% KZN 0 0%
A A
0 0% 0 0%
B B
915 059 4% 445 200 2%
C C
Residential A 0 0%
0 0%
B
23 599 0%
C
24 994 739 100% 24 994 739 100%
"A" represents major listed companies.
"B" represents smaller listed companies and big unlisted companies.
"C represents smaller unlisted companies and private businesses.
Commentary on the December 2009 Interim Financial Statements
1. Operating Performance
The group experienced satisfactory trading conditions. Rentals
increased by 39% and recoveries increased by 64%. The better
rental income is indicative of the transfer of the last
properties from the Gmeiner portfolio. The last transfers
happened in June 2009 and therefore contributed income for the
full period of six months under review.
2. Basis of preparation
The interim financial report was prepared in accordance with
the requirements of IAS 34: Interim Financial Reporting. The
accounting policies followed in the preparation thereof are in
compliance with International Financial Reporting Standards
("IFRS") and are consistent with those used to prepare the most
recent annual financial statements
3. Contingent Liabilities
The company has signed surety for the obligations of its
subsidiaries in respect of mortgage bond finance and has
guaranteed the debts of a wholly owned subsidiary company until
that company`s assets, fairly valued, exceeds its liabilities,
and whilst it remains a wholly owned subsidiary.
4. Investment property acquired and disposed
4.1 Acquired
No properties were acquired during the reporting period
4.2 Disposed
No properties were disposed of during the reporting period
5. Subsequent events
Following the approval of shareholders in general meeting, the
51 208 521 shares for the payment of the remaining R12 500 000
for the acquisition of 296 Kent Street were issued during
February 2010 at an issue price of 24.41 cents.
6. Dividends
No dividends were paid or declared during the financial period
under review
7. Change to Board of Directors
There has been no change to the board of directors during the
period under review
8. Future Prospects
The transfers of all the Gmeiner properties have been finalised
at the end of June 2009. The larger portfolio is already
showing improved results from the better economies of scale. It
is expected that the results would improve even further due to
tight management of costs and further initiatives to improve
the income of the individual properties. Potential acquisitions
are also evaluated on an ongoing basis.
Johannesburg
18 March 2010
Directors
R S Wilkinson, F M Viruly, A Boessenkool, A C Gmeiner, F
Gmeiner, C B Nolte
Company Secretary and Registered Office
Corporate Governance Facilitators cc
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Transfer Office
Computershare Investor Services (Pty) Ltd
Date: 18/03/2010 07:46:01 Produced by the JSE SENS Department.
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