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Bonatla Property Holdings Limited -
BONATLA PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/014533/06)
Share code: BNT ISIN: ZAE000013694
("Bonatla" or "the company")
CONSOLIDATED INCOME STATEMENT
Audited
Reviewed Unaudited year ended
March March September
2003 2002 2002
R"000 R"000 R"000
Revenue 61,457 56,666 116,397
Operating expenses (22,372) (20,395) (37,540)
Operating profit 39,085 36,271 78,857
Fair value adjustment to (5,572) - (16,642)
investment properties
Income from investments 448 166 1,180
Finance charges (35,965) (30,373) (67,511)
(Loss)/profit before taxation (2,004) 6,064 (4,116)
Taxation (1,323) (1,307) 1,749
(Loss)/profit after taxation (3,327) 4,757 (2,367)
(Loss)/earnings per share (1.80) 2.57 (1.28)
Headline earnings per share 1.21 2.57 4.85
Weighted average number of shares 185,097 185,097 185,097
("000)
Diluted (loss)/earnings per share (3.46) 2.46 (1.19)
Diluted number of shares ("000) 194,686 194,686 194,686
Reconciliation between net
earnings and headline earnings
Net (loss)/profit per the income (3,327) 4,757 (2,367)
statement
- Fair value adjustment to 5,572 - 11,649
investment properties
- Fair value adjustment to other - - (305)
financial assets
Headline earnings 2,245 4,757 8,977
CONSOLIDATED BALANCE SHEET
Audited
Unaudited Unaudited year ended
March March September
2003 2002 2002
R"000 R"000 R"000
Investment properties 624,492 646,958 631,343
Deferred taxation 7,054 8,176 7,122
Debt redemption scheme 7,753 4,913 8,277
Investments 703 1,300 472
Current assets 2,206 1,812 2,605
Total assets 642,208 663,159 649,819
Shareholders" equity 166,425 173,613 169,752
Long-term borrowings 450,610 467,771 456,885
Current liabilities 25,173 21,775 23,182
Total equity and 642,208 663,159 649,819
liabilities
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Shares to Convertibl Retained
e
capital premium be issued debentures profit Tot
R"000 R"000 R"000 R"000 R"000 R"0
Balance at 1 October 1,851 145,219 3,178 8,000 20,359 178
2001
Prior year - - - - (5,857) (5,
adjustments
Recovery of amounts - 1,300 - - - 1,3
previously expensed
Net profit for year - - - - (2,367) (2,
Dividend paid - - - - (1,931) (1,
Balance 1 October 1,851 146,519 3,178 8,000 10,204 169
2002
Net loss for the - - - - (3,327) (3,
period
Balance at 31 March 1,851 146,519 3,178 8,000 6,877 166
2003
CONSOLIDATED CASH FLOW STATEMENT
Audited
Unaudited Unaudited year ended
March March September
2003 2002 2002
R"000 R"000 R"000
Net cash flows from 3,944 1,810 8,606
operating activities
- Cash generated 39,461 34,695 77,881
from operations
- Interest received 448 166 1,180
- Interest paid (35,965) (30,373) (67,511)
- Dividend paid - (1,892) (1,900)
- Secondary - - (462)
taxation on
companies
- Taxation paid - (786) (580)
Net cash outflows (293) (4,142) (7,190)
from investing
activities
Net cash outflows (6,275) (2,303) (8,050)
from financing
activities
Decrease in cash and (2,624) (4,635) (6,632)
cash equivalents
COMMENT
Operating Activity
The operating profit of the company increased by 7.76% to R39 085 000-00.
During the same period the sharp rise in finance costs and operating expenses
resulted in a loss after taxation of R3 327 000-00. After adjustments for
fair value to property investments the headline earnings for the period,
amounted to R2 245 000-00 or 1.21 cents per share (2.57cents in 2002).
Finance changes and capital structure
Although the total debt ratio of the company remained stable, the finance
charges during the period increased by 18.4%.
Property Portfolio
The property portfolio of the company was managed by Broll and Catalyst until
31 March 2003 on which date all previous management contracts were cancelled.
The portfolio is currently managed by RMB Properties (Pty) Ltd and Primo
Property Services (Pty) Ltd. The total expense ratio increased to 36.4%
(36.0 in 2002).
A fair value adjustment of R5 572 000-00 to the property investments has been
made in order to align the value of the portfolio to the consideration
received in respect of the disposal of the entire portfolio.
Subsequent to the period under review the entire portfolio of Bonatla was
disposed of for a total consideration of R623 000 000 subject to certain
suspensive conditions as previously announced on 14th May 2003.
Strategy
The shareholders" value in Bonatla has not been reflected in the share price
due to a combination of high interest rates, inadequate capital structure and
the high returns expected on listed property stock in current market
conditions.
The above criteria substantially determined the stategic objective for
disposal of all property assets in order to unlock shareholder value.
Accounting Policy
The interim results were reviewed by the company"s auditors Grant Thornton
Kessel Feinstein; their report is available for inspection at the company"s
registered office. The financial results have been prepared in accordance
with South African statements of Generally Accepted Accounting Practice. No
dividend distribution will be made in respect of the period under review.
Further Cautionary Announcement
Further to the cautionary announcement dated 14 May 2003 shareholders are
hereby advised that a detailed circular to shareholders will be issued during
July 2003. Shareholders are advised to exercise caution when dealing with
Bonatla shares until the circular to shareholders has been published.
BY ORDER OF THE BOARD
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
Date: 30/06/2003 04:33:06 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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