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ANA
ANA.
ANA - Adrenna Property Group Limited - Audited results for the year ended 29
February 2012
Adrenna Property Group Limited
(formerly Colliers South Africa Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
(JSE Share code: ANA ISIN: ZAE000163580)
("the company")
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Year ended
29 February 28 February
2012 2011
R`000 (audited) (audited)
Revenue 26 324 67 042
Operating income before interest and fair 9 243 6 333
value adjustments
Fair value adjustment on investment property 2 697 2 207
Investment income 62 1 026
Finance costs (8 106) (12 015)
Net income/(loss) before taxation 3 896 (2 449)
Taxation (186) 2 606
Income after taxation from continuing 3 710 157
operations
Loss from disposal group (56 909) -
Net (loss)/income for the year (53 199) 157
Income/(loss) attributable to:
Shareholders of the company (53 199) 307
Non-controlling interests - (150)
(53 199) 157
Other comprehensive income:
- Foreign currency translation reserve - (6)
Total comprehensive income/(loss)
attributable to:
- Shareholders of the company (53 199) 304
- Non-controlling interests - (153)
(53 199) 151
Operating income/(loss) before interest and
revaluations is arrived at after:
Audit fees 432 1 886
Depreciation - 1 347
Operating lease payments - 6 198
Write down of inventory to net realisable 4 439 -
value
Profit on sale of investment property (115) (1)
Profit on disposal of financial assets - 856
CONDENSED STATEMENT OF FINANCIAL POSITION
Year ended
29 February 28 February
2012 2011
R`000 (audited) (audited)
ASSETS
Non-current assets
Property, plant and equipment - 5 197
Investment properties 190 053 228 583
Investments and loans - 15 746
Operating lease debtors 3 020 -
Deferred taxation 5 344 15 340
198 417 264 866
Current assets
Inventory 10 188 44 750
Investments and loans 12 359 -
Accounts receivable 1 905 6 937
Operating lease debtors 705 696
Cash and cash equivalents 227 3 596
25 384 55 979
Total assets 223 801 320 845
EQUITY AND LIABILITIES
Stated capital and reserves (2011: Share 87 579 140 777
capital and reserves)
Non-current liabilities
Borrowings 80 346 105 076
Deferred taxation 22 354 20 303
102 700 125 379
Current liabilities
Current portion of borrowings 17 557 32 419
Investments and loans 1 727 -
Accounts payable 2 370 8 592
Operating lease creditors - 20
Bank overdraft 11 646 11 727
Taxation 222 1 931
33 522 54 689
Total equity and liabilities 223 801 320 845
CONDENSED GROUP STATEMENT OF CASH FLOW
Year ended
29 February 28 February
2012 2011
R`000 (audited) (audited)
Cash generated/(utilised) by operations (4 631) (125)
Net cash inflow/(outflow) from investing 2 331 (22 688)
activities
Net cash inflow/(outflow) from financing (988) 10 120
activities
Movement in cash and cash equivalents (3 288) (12 693)
Cash and cash equivalents at the beginning (8 131) 4 562
of the year
Cash and cash equivalents at the end of the (11 419) (8 131)
year
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Year ended
29 February 28 February
2012 2011
R`000 (audited) (audited)
Ordinary stated capital (2011: Ordinary 567 558
share capital)
Share premium - 8
Reserves
Retained income
Balance at the beginning of the year 122 652 122 348
Reduction of non-controlling interest due to 17 559 -
MBO
(Loss)/income attributable to ordinary (53 199) 304
shareholders
Balance at the end of the year 87 012 122 652
Reserves attributable to ordinary 87 012 122 652
shareholders
Reserves attributable to non-controlling - 17 559
interests
Total reserves 87 012 140 211
Total equity 87 579 140 777
SUPPLEMENTARY INFORMATION
Year ended
29 February 28 February
2012 2011
(audited) (audited)
Number of ordinary shares in issue - end of 55 915 55 915
the year (`000)
Number of ordinary shares in issue
- Beginning of year (`000) 55 915 55 915
Less: Treasury shares (`000) - (133)
Weighted average (`000) 55 915 55 782
Reconciliation of headline earnings per
share (R`000)
Net income/(loss) per statement of
comprehensive income
- Continuing operations 3 710 304
- Disposal group (56 909) -
Profit on sale of investment property
- Continuing operations (115) (1)
- Disposal group - -
Loss on sale of property, plant and
equipment
- Continuing operations - -
- Disposal group 156 -
Profit on sale of right - (2 061)
Impairments
- Continuing operations - -
- Disposal group 19 384 201
Reversal of provisions
- Continuing operations (100) -
- Disposal group (775) -
Forgiveness of debt
- Continuing operations - -
- Disposal group (872) -
Revaluation of investment property (net of
taxation)
- Continuing operations (2 000) -
- Disposal group - (1 898)
Headline earnings/(loss) per share
- Continuing operations 1 495 3 455
- Disposal group (39 016) -
Earnings/(loss) and diluted earnings per
share
- Continuing operations (cents) 6,6 0,54
- Disposal group (cents) (101,7) -
Headline earnings/(loss) and diluted
headline earnings per share
- Continuing operations (cents) 2,7 (6,19)
- Disposal group (cents) (69,78) -
Dividends per share (cents) - -
Net asset value per share (cents) 156,6 220,9
Net tangible asset value per share (cents) 156,6 220,9
Contingent liabilities (R`000) - -
There are no instruments in issue that have a dilutive effect on earnings.
NOTES:
BASIS OF PREPARATION
These audited condensed consolidated financial statements have been prepared in
accordance with IAS 34: Interim Financial Reporting, the requirements of the
Companies Act of South Africa, 2008, and the Listings Requirements of the JSE
Limited. The audited condensed consolidated results have been prepared on the
going concern basis as the directors are of the view that the group has adequate
resources in place to continue in operation for the foreseeable future. The
accounting policies applied are in compliance with International Financial
Reporting Standards and the AC 500 Standards as issued by the Accounting
Practices Board or its successor and are consistent with those applied in the
most recent annual financial statements.
AUDITED RESULTS
These condensed consolidated annual financial statements have been audited by
our auditors, RSM Betty & Dickson (Johannesburg). A copy of their unmodified
audit report is available for inspection at the company`s registered office.
PREPARER
These condensed results were prepared under the supervision of Bernard Kaiser in
his capacity as the Financial Director.
GENERAL REVIEW AND FINANCIAL RESULTS
Despite the continued depressed state of the market in which the group operates
stringent controls resulted in the net profit after taxation (net of MBO
entities) being achieved.
MANAGEMENT BUY-OUT
During the year under review, a management buy-out (MBO) of non-core operations
was concluded, leaving the company, which changed its name to Adrenna Property
Group Limited, as a pure property investment company.
Loss after taxation from disposal group R`000
Revenue 19 821
Operating loss before interest and revaluations (14 857)
Fair value adjustments on investment properties (224)
Investment income 171
Finance costs (883)
Net loss before taxation (15 793)
Loss on disposal (26 271)
Taxation (14 845)
Loss after taxation (56 909)
Assets of disposal group 87 349
Liabilities of disposal group (59 828)
Net assets disposed of 27 521
Proceeds from disposal (1 250)
Loss on disposal 26 271
The figures reflected above include the loss on disposal of MBO companies
effective 1 September 2011 as well as the disposal of foreign investment
property operations effective 1 March 2011.
SEGMENTAL REPORTING
Operating revenue and income/(loss) before taxation (after elimination of intra-
group transactions and balances) has been incurred by the segments, as follows:
29 February 28 February
2012 2011
R`000 (audited) (audited)
Revenue
Investment property holdings
- Continuing operations 26 324 20 304
Property-related services
- Continuing operations - 38 236
Property held for resale
- Continuing operations - 4 654
Head office administration
- Continuing operations - 3 848
26 324 67 042
Income/(loss) before taxation
Investment property holdings
- Continuing operations 7 099 4 189
Property-related services
- Continuing operations - 7 782
Property held for resale
- Continuing operations - (4 187)
Head office administration
- Continuing operations (3 203) (10 233)
3 896 (2 449)
Investment property holdings
- Continuing operations 211 570 268 468
Property-related services
- Continuing operations - 11 696
Property held for resale
- Continuing operations - 12 832
Head office administration
- Continuing operations 12 231 27 847
Total assets 223 801 320 843
Investment property holdings
- Continuing operations 125 318 120 842
Property-related services
- Continuing operations - 7 978
Property held for resale
- Continuing operations - 37 220
Head office administration
- Continuing operations 11 304 14 028
Total liabilities 136 622 180 068
A geographical segmental report is not presented as the majority of the group`s
operations are carried out in the Western Cape region.
Segmental aggregation after the MBO is based on the main sources of revenue
generated from investment property holdings, and head office administration.
ANNUAL FINANCIAL STATEMENTS
The audited annual financial statements for the year ended 29 February 2012
together with a notice of the annual general meeting to be held at the
registered office of the company, 2969 William Nicol Drive, Bryanston, Sandton,
2196 at 10:00 on 16 July 2012, will be mailed to shareholders on 31 May 2012.
Copies of the annual financial statements are available from
bernard@rmsprop.co.za
ACCOUNTING POLICIES
The accounting policies applied by the group are consistent with those applied
in the comparative financial periods, except for the adoption of improved,
revised or new standards and interpretations. The aggregate effect of these
changes in respect of the year ended 28 February 2011 is R nil.
SUBSEQUENT EVENTS
No material matters have occurred subsequent to 29 February 2012 that require
disclosure.
DIVIDENDS
Taking into account the negative impacts of the depressed economy and related
problems in the property industry the directors have resolved to retain cash in
the group to ensure future growth. As such no dividend has been recommended.
31 May 2012
DIRECTORS:
R P Fertig (Chief Executive Officer)
W P Alcock+ (Chairman)
B W Kaiser
B Mothelesi*
M Moela*
(+Non-executive)
(*Independent non-executive)
REGISTERED OFFICE:
2969 William Nicol Drive, Bryanston, Sandton, 2196
TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
SPONSOR:
Arcay Moela Sponsors (Pty) Limited
Date: 31/05/2012 16:00:06 Produced by the JSE SENS Department.
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