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BNT
BNT
BNT - Bonatla Property Holdings Limited - Unaudited consolidated condensed
results for the six months ended 30 June 2011
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")
UNAUDITED CONSOLIDATED CONDENSED RESULTS FOR THE SIX MONTHS ENDED
30 JUNE 2011
ABRIDGED CONSOLIDATED
STATEMENTS OF FINANCIAL
POSITION
As at As at As at
30 June 30 June 31 December
2011 2010 2010
6 months 6 months Year
Unaudited Unaudited Audited
R`000 R`000 R`000
ASSETS
Non-Current assets 380 477 157 312 324 629
Property, plant and 25 294 24 904 24 702
equipment
Investment property 216 310 20 750 189 810
Goodwill 3 261 4 418 3 261
Other intangible assets 28 145 1 286 1 193
Investments 2 096 - -
Prepayments 55 371 55 954 55 663
Deposit 50 000 50 000 50 000
Current assets 88 846 7 455 62 283
Trade and other receivables 87 405 6 842 60 546
Prepayments - current 582 582 582
portion
Cash and cash equivalents 859 31 1 155
Non- current assets held for 42500 14 900 40 000
sale
Total assets 511 823 179 667 426 912
EQUITY AND LIABILITIES
Equity capital and reserves 403 108 153 608 335 880
Share capital 254 570 254 570 254 570
Shares to be issued 238 308 - 190 491
Accumulated loss (89 770) (100 962) (109 181)
Non-current liabilities 64 795 20 443 46 325
Borrowings - long term 51 929 19 589 36 676
Deferred taxation 12 866 854 9 649
Current Liabilities 43 920 5 616 44 707
Borrowings - short term 29 653 3 403 37 594
Trade and other payables 8 844 2 213 6 002
Taxation 4 153 - 1 111
Bank overdraft 1 270 - -
Total equity and liabilities 511 823 179 667 426 912
cents cents cents
Net asset value per share 61.09 30.71 50.78
Net tangible asset value per 56.33 29.57 50.11
share
Ordinary Shares in issue 659 815 961 500 209 728 661 377 814
(including to be issued)
Diluted asset value per 42.25 30.71 40.24
share
Diluted tangible asset value 38.96 29.57 39.71
per share
Total shares (ordinary and 954 179 000 500 209 728 834 648 934
preference) and including
to be issued
STATEMENTS OF COMPREHENSIVE
INCOME
Revenue 20 477 6 172 24 266
Other income 6 763 17 20
Operating costs (16 415) (3 885) (11 702)
Goodwill - impairment (35) - (38 432)
Bargain purchase 15 927 - 21 840
Operating profit / (loss) 26 717 2 304 (4 008)
Results from operating 26 717 2 304 (4 008)
activities
Interest received 1 501 2 591
Finance charges (4 978) (1 341) (3 417)
Profit / (loss) before 23 240 965 (6 834)
taxation
Taxation (3 829) (94) (514)
Profit / (loss) after 19 411 871 (7 348)
taxation
Earnings per share information
(cents)
Earnings / (loss) per share 2.94 0.18 (1.41)
Diluted earnings / (loss) 2.33 0.18 (1.33)
per share
Headline earnings per share 0.53 0.40 1.95
Diluted headline earnings 0.42 0.40 1.83
per share
and headline earnings / 659 689 468 488 007 314 519 933 830
(loss) per share
issue for diluted earnings / 834 535 780 488 007 314 553 638 623
(loss) per share
STATEMENTS OF CHANGES IN EQUITY
Convertible Retained
preference earnings /
Share Share Share Shares to (Accumulated
Capital Capital Premium be issued loss) Total
R`000 R`000 R`000 R`000 R`000 R`000
GROUP
Balance at
31
December 4 561 287 245 662 1 900 (101 833) 150 577
2009
Shares 441 - 3 619
issued in (1 900) - 2 160
2010
Profit for
the 6 - - - -
months 871 871
Balance at 5 002 287 249 281 - 153 608
30 June (100 962)
2010
Shares to - - - 190 491 -
be issued 190 491
in 2011
Net (loss) - - - -
for the 6 (8 219) (8 219)
months
Balance at
31 5 002 287 249 281 190 491 (109 181) 335 880
December
2010
Shares to - - - 47 817 - 47 817
be issued
in 2011
Net profit - - - - 19 411 19 411
for the 6
months
Balance at 5 002 287 249 281 238 308 (89 770) 403 108
30 June
2011
STATEMENTS OF CASH FLOW
As at As at As at
30 June 30 June 31 December
2011 2010 2010
6 months 6 months Year
Unaudited Unaudited Audited
R`000 R`000 R`000
Cash (outflows) from operating (23 448) (2 258) (8 641)
activities
Cash inflows / (outflows) from 30 099 (5) 10 889
investing activities
Cash (outflows) / inflows from (8 217) 1 750 (1 637)
financing activities
Net (decrease) / increase in (1 566) (513) 611
cash and cash equivalents
Cash and cash equivalents at 1 155 544 544
the beginning of the period
Cash and cash equivalents at (411) 31 1 155
the end of the period
COMMENTARY
1 Basis of preparation
The unaudited abridged interim results for the six months ended 30 June
2011 (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.
2 Overview (from 30 June 2010 to 30 June 2011)
GROSS REVENUE 232% up
HEADLINE PROFIT 304% up
EARNINGS PER SHARE 1533% up
HEADLINE EARNINGS PER SHARE 32.5% up
TOTAL ASSETS 185% up
NET ASSETS 162% up
NET ASSET VALUE PER SHARE 99% up
INTEREST BEARING DEBT - % OF TOTAL ASSETS 16%
3 Commentary on results
The board of directors is pleased to announce that the Group has
continued to make increased profits and that the assets under the
Groups control have more than doubled, resulting in the net asset
value per share increasing substantially from 30.71 cents to 61.09
cents.
The Investment Property portfolio, purchased last year, continues to make
a substantial contribution to the profit after tax (R 3,603,000).
A further 3 investment property companies were acquired on 30 June 2011
and consequently did not contribute to these results.
4 Segmental Analysis
30 June 30 June 31
December
Segmented assets 2011 2010 2010
6 months 6 months 12
months
R`000 R`000 R`000
Property Investment - Leisure 55,954 56,536 56,245
Property Investment - 50,218 62,283 94,331
Industrial
Property Investment - 336,373 50,000 245,379
Commercial and Retail
Document storage 5,626 - 5,472
Holding company 24,708 10,848 25,485
Manufacturing 38,944 - -
Consolidated 511,823 175,792 426,912
Segmented liabilities 30 June 30 June 31Decemb
er
2011 2010 2010
6 months 6 months 12
months
R`000 R`000 R`000
Property Investment - Leisure - - -
Property Investment-Industrial 19,286 8,017 769
Property Investment-commercial 45,795 - 43,553
and Retail
Document storage - - 5
Holding company 37,263 17,198 46,705
Manufacturing 6,371 - -
Consolidated 108,715 25,215 91,032
Segment revenues and results by reportable
segment: income statement
Revenue 30 June 30 June 31
December
2011 2010 2010
6 months 6 months 12
months
R`000 R`000 R`000
Continuing operations
Property Investment - - - -
Leisure
Property Investment - 1,643 2,163 10,242
Industrial
Property Investment - 10,677 - 6,023
Commercial and Retail
Document storage - - 48
Holding company 5,284 - 7,953
Manufacturing 2,873 - -
Total Revenue 20,477 2,163 24,266
Results 30 June 30 June 31
December
2011 2010 2010
6 months 6 months 12
months
R`000 R`000 R`000
Property Investment - (822) (291) (883)
Leisure
Property Investment - 1,101 4,339 8,240
Industrial
Property Investment - 7,279 1,500 4,085
Commercial and Retail
Document storage (148) - (251)
Holding company 1,095 (3,244) 2,293
Manufacturing 2,320 - -
Results from operating 10,285 2,304 13,484
activities
Investment revenue 1,501 2 591
Finance charges (4,978) (1,341) (3,417)
Headline profit 7,348 965 10,658
Property revaluation - - (900)
Goodwill - impairment (35) - (38,432)
Bargain purchase 15,927 - 21,840
Profit / (loss) before 23,240 965 (6,834)
taxation
5 Business combinations
100% of the shares and loans of the 3 investment property
Companies
were acquired on 30 June 2011 with Bonatla taking effective
control on
this date. The details of these acquisitions are detailed
below.
Bonatla also acquired 51% of the Karbotek business on 1 January
2011
and the details are detailed below.
The 51% interest in this business was acquired to
assist the present
management in obtaining the activated carbon kiln
and running the business
to ensure that it obtained reasonable future
returns. The Karbotek
business achieved a break even position for the 6
months to 30 June 2011.
Fair Fair value Fair (Bar Pofit /
value of value gain loss
of
Proper Other Assets Purchase purc for the
ty hase 6
) /
and consider Good months
Liabilities ation will
acquired
- Austin Crossing 6,000 (110) 4,175 (1,7 0
Properties (Pty) Ltd - 15)
Austin Crossing building
- Tropical Paradise 50,000 2,134 37,922 (14, 0
Trading 334 (Pty) Ltd - 212)
Flextronics building
- Madeline Street 13,000 (1,691) 11,344 35 0
Properties (Pty) Ltd -
Madeline Street building
69,000 333 53,441 (15, 0
892)
Reflected as
- Goodwill impaired - 35
per statement of
comprehensive income
- Bargain purchase - per (15,
statement of 927)
comprehensive income
- Karbotek 0 27,000 0 27,0 0
business 00
The minority shareholders
have guaranteed that this
business
will not make
any losses
during 2011
Reflected as
Other Intangible 3,00
assets 0
(Intellectual
Property)
Other Intangible 24,0
assets (customer 00
contracts)
Assets and Long
Liabilities Term
Cash Trade Trade and Deferred Liab Total
and other ilit
other ies
receiv payables Tax
ables
- Austin 48 2,547 (2,614) (91) 0 (110)
Crossing
Properties (Pty)
Ltd
- Tropical 169 4,777 (5,052) 2,240 0 2,134
Paradise Trading
334 (Pty) Ltd
- Madeline 5 2,987 (3,099) (1,584) 0 (1,691)
Street
Properties (Pty)
Ltd
222 10311 (10,765) 565 0 333
Karbotek (0) 731 (22,544) (0) (5,1 (27,000)
business 87)
Cash paid -
Cash received 222
Bank overdraft (3,241)
Net Bank (3,019)
overdraft
These business combinations were accounted for by applying the
acquisition method in which the assets acquired and the liabilities
assumed were done at fair value.
6 Investments
As a result of the last 3 investment property companies acquired in
terms of the Section 311 Compromise, Bonatla had to make an investment
in these investment property companies` holding companies.
7 Share capital Share capital No. of
shares
Reconciliation and Share
Premium
000`s
Shares issued - 31 500,209,728
December 2010
- ordinary share 5,002
capital
- share premium 249,281
- Preference shares 287
Total - 31 December 254,570 500,209,728
2010
Shares to be issued
Ordinary - 9 755 75,479,740
Investment property
acquisitions
- 3 Investment 1 126,493
property
acquisitions
- 840 84,000,000
settle liabilities
Total number of ordinary 1,596 659,815,961
shares in issue (and to be
issued)
Preference - 9 1,748 174,846,312
Investment property
acquisitions
- 3 1,195 119,516,727
Investment property
acquisitions
Share premium - 265,271
ordinary and
preference
Total 269,810 954,179,000
Less fair value of shares to
be issued adjustment (3
Investment
properties companies 31,101
Fair value shares to 238,308
be issued
Weighted average
shares in issue for
basic and headline
earnings / (loss) 659,689,468
per share
Weighted average
shares in issue for
diluted basic and
headline earnings / 834,535,780
(loss) per share
Total borrowings increased by R 7,582,000
from R74,270,000 (at 31 December 2010) to R
81,852,000 at the 30 June 2011.This increase
was used to finance the legal and Section
311 application costs relating to the
acquisition of the 3 Bluezone Property
companies.
The majority of the above borrowings will be
settled through the future sale of the 2
Bluezone properties - see non-current assets
held for sale.
9 Reconciliation of
headline profit /
(loss)
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2011 2010 2010
R`000 R`000 R`000
Profit / (loss) 19,411 871 (7,348)
after taxation
Goodwill - 35 - 38,432
impairment
Bargain purchase (15,927) - (21,840)
Headline profit / 3,519 871 9,244
(loss)
Earnings per share cents cents cents
information
Earnings / (loss) 2,94 0.18 (1.41)
per share
Diluted earnings / 2.33 0.18 (1.33)
(loss) per share
Headline earnings 0.53 0.40 1.95
per share
Diluted headline 0.42 0.40 1.83
earnings per share
Weighted average
shares in issue for
basic and
headline earnings / 659,689,468 488,007,314 519,933,830
(loss) per share
Weighted average
shares in issue for
diluted
basic and headline 834,535,780 488,007,314 553,638,623
earnings / (loss)
per share
10 Post balance sheet events
Negotiations are currently in progress on the restructuring of the
existing preference shares which will be presented to shareholders
for approval.
11 Dividends
No dividends were declared during the period.
12 Management of the group
There are no appointed asset managers and this function has been
managed by the company during the period under review.
13 Board of Directors
* Mr RL Rainier - Re-elected as director on 21 July 2011
# Mr MH Brodie - Re-elected as director on 21 July 2011
* Mr DA Scott
* Mr DBW King
* Mr NG Vontas
# Mr SST Ngcobo
* Ms C Douglas - appointed 16 August 2011
# Mr I Dawood - appointed 16 August 2011
# Mr W Voigt - appointed 26 August 2011
* = executive directors
# = non executive directors
14 Future prospects
The investments made by Bonatla have established a solid basis for
growth, supported by a conservative total interest bearing debt of
15% of total assets.
The company is engaged in various acquisition negotiations which
will be finalised after the approval of the forthcoming circular
to shareholders.
15 Renewal of cautionary announcement
Shareholders are referred to the previous cautionary announcements
dated 04 January 2011, 20 January 2011, 15 February 2011, 25 March 2011,
6 May 2011, 11 July 2011, 22 August 2011 and 4 October 2011
respectively, and are advised that certain negotiations
referred to therein are still in progress.
Shareholders are accordingly advised to continue to exercise caution
in dealing in their securities until a further announcement in this
regard is made.
28 October 2011
Johannesburg
Directors:
MH Brodie, SST Ngcobo, DA Scott, DWB King, (CF de Lange - alternate),
RL Rainier, C Douglas, I Dawood, W Voigt
NG Vontas
Registered address:
623 Prince George Ave, Brenthurst, Brakpan, 1541
Company Secretary:
Gold Equity Registrars C.C.
Transfer Secretaries:
Computershare Investor Services (Pty) Ltd
Auditors:
Nolands Inc.
Sponsors:
Arcay Moela Sponsors (Pty) Ltd
Date: 31/10/2011 08:24:01 Produced by the JSE SENS Department.
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