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ORE
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ORE - Orion Real Estate - Unaudited Interim Consolidated Results of the Group
for the six months ended 31 December 2011
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" or "the Group")
Unaudited Interim Consolidated Results of the Group for the six months ended 31
December 2011
Abridged Consolidated Statement of Financial Position
Restated
Unaudited unaudited Audited
six months ended six months ended year ended
Figures in Rand 31 December 2011 31 December 2010 30 June 2011
ASSETS
Non-current assets 659 480 850 650 062 858 658 327 454
Investment properties 637 289 209 631 900 000 637 289 209
Property, plant and equipment 599 844 603 405 381 113
Deferred tax assets 13 425 544 9 639 716 11 422 941
Other receivables 8 166 253 7 919 737 9 234 191
Current assets 25 568 538 25 068 455 22 333 524
Loans to related parties - 88 487 -
Trade and other receivables 25 568 538 24 891 491 22 333 524
Cash and cash equivalents - 88 477 -
Total assets 685 049 388 675 131 313 680 660 978
EQUITY AND LIABILITIES
Capital and reserves
Share capital and share
premium 74 235 526 74 235 526 74 235 526
Debenture reserve 10 675 886 10 675 886 10 675 886
Retained earnings 255 745 661 224 344 904 255 758 472
Total equity attributable
to equity holders 340 657 073 309 256 316 340 669 884
Non-controlling interest (182 692) (179 971) (180 457)
Total equity 340 474 381 309 076 345 340 489 427
Non-current liabilities 252 824 555 334 150 187 253 105 391
Linked debentures 61 043 086 49 343 086 55 043 086
Borrowings 138 578 268 195 368 310 145 036 215
Deferred tax liabilities 53 203 201 89 438 791 53 026 090
Current Liabilities 91 750 452 31 904 781 87 066 160
Current income tax
liabilities 7 992 119 3 238 867 6 315 840
Loans from shareholders 700 121 599 013 1 471 907
Loans from directors 2 593 616 2 612 015 2 598 511
Loans from related parties 1 077 731 5 140 850 1 736 046
Tenant deposits 6 750 314 6 726 805 5 939 753
Trade and other payables 17 432 082 11 818 650 16 601 850
Borrowings 54 594 071 1 768 581 51 154 229
Bank overdraft 610 398 - 1 248 024
Total liabilities 344 575 007 366 054 968 340 171 551
Total equity and
liabilities 685 049 388 675 131 313 680 660 978
Abridged Consolidated Statement of Comprehensive Income
Restated
Unaudited unaudited Audited
six months ended six months ended year ended
Figures in Rand 31 December 2011 31 December 2010 30 June 2011
Revenue 46 738 090 40 465 888 82 042 959
Other income 1 926 085 261 976 1 753 375
Other direct property
operating costs (27 655 400) (22 446 989) (49 416 333)
Administrative expenses (5 980 922) (5 657 418) (11 395 598)
Repairs and maintenance (1 678 508) (1 190 830) (3 476 676)
Net gain from fair
value adjustments on
investment property - - 2 089 209
Operating profit 13 349 345 11 432 627 21 596 936
Finance income 1 366 462 1 269 880 1 803 626
Finance costs (14 841 807) (9 967 452) (24 371 378)
(Loss)/Profit before taxation (126 000) 2 735 055 (970 816)
Taxation 110 954 (812 934) (873 486)
(Loss)/Profit for the year (15 046) 1 922 121 (1 844 302)
Other comprehensive income - - -
Total comprehensive
income for the year (15 046) 1 922 121 (1 844 302)
(Loss)/Profit and total
comprehensive income for
the year attributable to:
Equity holders of the company (12 811) 1 924 484 (1 841 453)
Non-controlling interest (2 235) (2 363) (2 849)
(15 046) 1 922 121 (1 844 302)
Earnings per linked unit
Basic earnings per
linked (cents) (0,00) 0,31 (0,29)
Diluted earnings per
linked (cents) (0,00) 0,31 (0,29)
Headline earnings per linked
unit (cents) (0,00) 0,31 (0,58)
Diluted headline earnings per
linked unit (cents) (0,00) 0,31 (0,58)
Abridged Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
six months ended six months ended year ended
Figures in Rand 31 December 2011 31 December 2010 30 June 2011
Cash flows from
operating activities 4 106 008 (550 151) 4 294 849
Cash generated
by/(utilised in) operations 12 986 075 9 531 035 23 079 961
Interest paid (8 841 807) (9 967 452) (18 671 378)
Taxation paid (38 260) (113 734) (113 734)
Cash flows from
investing activities 208 038 4 585 849 (1 696 031)
Cash flows from
financing activities (3 676 420) (4 035 693) (3 935 313)
Net increase/(decrease)
in cash and cash equivalents 637 626 5 (1 336 495)
Cash and cash equivalents
at the beginning
of the period (1 248 024) 88 471 88 471
Cash and cash equivalents
at the end of the period (610 398) 88 476 (1 248 024)
Investing and financing transactions that did not require the use of cash and
cash equivalents are excluded from the cash flow statement.
Abridged Consolidated Statement of Changes in Equity
Total
share
capital
Share Share and Debenture
Figures in Rand capital premium premium reserve
Restated opening
balance
- 1 July 2009 5 758 013 56 530 088 62 288 101 15 018 472
Issue of linked units 512 085 11 435 340 11 947 425 -
Issue of linked
debentures - - - (4 342 586)
Issue of equity portion
of linked debentures - - - (6 031 369)
Deferred taxation on
equity portion of
linked debentures issued - - - 1 688 783
Amendment to IAS 12
"Income Taxes" - - - -
Total comprehensive
income for the year - - - -
Restated balance at
30 June 2010 6 270 098 67 965 428 74 235 526 10 675 886
Total comprehensive
income for the
six months - - - -
Balance at
31 December 2010 6 270 098 67 965 428 74 235 526 10 675 886
Total comprehensive
income for the
six months
Balance at
30 June 2011 6 270 098 67 965 428 74 235 526 10 675 886
Total comprehensive
income for the six months - - - -
Balance at
31 December 2011 6 270 098 67 965 428 74 235 526 10 675 886
Non-
Retained controlling Total
Figures in Rand earnings Total interest equity
Restated opening
balance
- 1 July 2009 202 899 564 280 206 137 (171 185) 280 034 952
Issue of linked
units - 11 947 425 - 11 947 425
Issue of linked
debentures - (4 342 586) - (4 342 586)
Issue of equity
portion of linked
debentures - (6 031 369) - (6 031 369)
Deferred taxation
on equity portion of
linked debentures
issued - 1 688 783 - 1 688 783
Amendment to IAS 12
"Income Taxes" 2 029 651 2 029 651 - 2 029 651
Total comprehensive
income for the year 52 670 710 52 670 710 (6 423) 52 664 287
Restated balance at
30 June 2010 257 599 925 342 511 337 (177 608) 342 333 729
Total comprehensive
income for the
six months 1 924 484 1 924 484 (2 363) 1 922 121
Balance at
31 December 2010 259 524 409 344 435 821 (179 971) 344 255 850
Total comprehensive
income for the
six months (3 765 937) (3 765 937) (486) (3 766 423)
Balance at
30 June 2011 255 758 472 340 669 884 (180 457) 340 489 427
Total comprehensive
income
for the six months (12 811) (12 811) (2 235) (15 046)
Balance at
31 December 2011 255 745 661 340 657 073 (182 692) 340 474 381
Segment Reporting for the period ended 31 December 2011
By gross revenue R %
Commercial 15 778 886 44
Industrial 5 604 018 16
Retail 9 357 201 26
Hospitality 4 293 610 12
Residential 445 857 1
35 479 572 100
R %
Gauteng 25 060 487 71
Western Cape 2 387 711 7
Mpumalanga 7 531 147 21
KwaZulu-Natal 500 227 1
35 479 572 100
Property values R %
Commercial 245 385 507 38
Industrial 83 497 000 13
Retail 148 876 012 23
Hospitality 61 843 786 9
Residential 45 686 904 7
Land 52 000 000 9
637 289 209 100
R %
Gauteng 491 571 000 77
Western Cape 36 095 000 6
Mpumalanga 100 823 209 16
KwaZulu-Natal 8 800 000 1
637 289 209 100
Gross lettable area Sqm %
Commercial 53 331 43
Industrial 21 988 18
Retail 27 576 22
Hospitality 16 029 13
Residential 5 205 4
124 129 100
Sqm %
Gauteng 93 495 75
Western Cape 8 784 7
Mpumalanga 15 850 13
KwaZulu-Natal 6 000 5
124 129 100
Liabilities R %
Commercial 84 921 279 44
Industrial 35 314 995 18
Retail 44 780 637 23
Hospitality 17 990 028 9
Residential 10 165 400 5
193 172 339 100
R %
Gauteng 152 115 915 79
Western Cape 14 697 101 8
Mpumalanga 18 396 923 10
KwaZulu-Natal 7 962 400 4
193 172 339 100
Tenant categories R %
Commercial A 5 118 418 17
B 4 572 139 16
C 3 085 693 11
Industrial A - -
B 2 310 832 8
C 2 514 716 9
Retail A 3 729 365 13
B 1 553 628 5
C 4 406 219 15
Hospitality A - -
B 1 563 154 5
C - -
Residential A - -
B - -
C 413 317 1
29 267 481 100
R %
Gauteng A 5 113 237 17
B 7 523 116 26
C 7 758 507 27
Western Cape A 1 480 813 5
B 408 409 1
C 528 529 2
Mpumalanga A 2 253 733 8
B 1 568 002 5
C 2 132 908 7
KwaZulu-Natal A - -
B 500 227 2
C - -
29 267 481 100
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 2011 Interim
Financial Statements
1. Operating Performance
The Group managed to grow revenue despite tight trading conditions by 15.5%.
Other direct property operating costs increased by 23.20%. Administrative
expenses and repairs and maintenance also showed increases of 5.72% and 40.95%
respectively. The operating profit increased from R11.43 million to R13.35
million. The total comprehensive income for the year decreased from R1.92
million to a total comprehensive loss for the year of R15 046. Finance cost
increasing from R9.97 million to R14.84 million was mainly responsible for the
decline in profits. Included in finance costs of R14.84 million is an amount of
R6.0 million relating to the debenture revaluation.
1.1 Reconciliation of basis earnings and headline earnings:
R
Loss attributable to equity holders (12 811)
Adjustments -
Headline loss (12 811)
2. Restatement of Unaudited Abridged Consolidated
Financial Statements for the six months ended 31 December 2010
In line with the prior period restatements of the Annual Financial Statements
for the year ended 30 June 2011 the Interim Results for the period ended 31
December 2010 were also adjusted accordingly. The effect of these restatements
is summarised below:
2.1 Deferred Tax Assets
Deferred tax assets were previously offset against deferred tax liabilities and
are now disclosed separately as deferred tax assets.
2.2 Tenant Deposits
Tenant deposits were previously included under trade and other payables but are
now disclosed separately.
2.3 Repairs and Maintenance
The cost of repairs and maintenance was previously disclosed as part of
operating costs but is now disclosed separately.
3. Basis of Preparation
The interim financial report was prepared in accordance with the requirements of
IAS 34: Interim Financial Reporting. The accounting policies followed 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.
4. 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.
5. Investment Property Acquired and Disposed
5.1 Acquired
No properties were acquired during the reporting period.
5.2 Disposed
No properties were disposed of during the reporting period.
6. Subsequent Events
The company acquired various sections and real rights in the sectional title
scheme known as Selborne Park, situated at Pennington Township, Municipality of
Umdoni. The transfer of the property has not yet been finalised.
7. Dividends
No dividends were paid or declared during the financial period under review.
8. Change to the Board of Directors
Dr A Parker has joined the Board of Directors during the period under review.
9. Future Prospects
The trading conditions were tight during the reporting period, but it is
expected that measures to improve recoveries and manage cost would yield
positive results in the remaining period. Special attention is also given to
reduce vacancies and improve revenue.
Johannesburg
29 March 2012
Directors: R S Wilkinson*, F M Viruly*, A Boessenkool*, A Parker*, A C Gmeiner#,
F Gmeiner, C B Nolte
* Independent non-executive # Non-executive Executive
Company secretary and registered office: Corporate Governance Facilitators CC
Sponsor: Arcay Moela Sponsors (Pty) Limited
Transfer office: Computershare Investor Services (Pty) Limited
Prepared by C B Nolte.
Date: 29/03/2012 10:50:01 Produced by the JSE SENS Department.
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