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Bonatla - Interim Results For The Six Months Ended 31 March 2004
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`)
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED MARCH 2004
CONSOLIDATED INCOME STATEMENT
Unaudited Reviewed Audited Year
March March Ended
2004 2003 September
2003
R`000 R`000 R`000
Revenue 23,639 61,457 117,721
Operating expenses (19,439) (22,372) (43,563)
Operating profit 4,200 39,085 74,158
Fair value adjustment to - (5,572) (12,711)
investment properties
Management contract - - (8,000)
cancellation fee
Income from investments 1,177 448 741
Finance charges (20,307) (35,965) (84,346)
(Loss) before taxation (14,930) (2,004) (30,158)
Taxation 700 (1,323) (10,852)
(Loss) after taxation (14,230) (3,327) (41,010)
(Loss) per share (7.69) (1.80) (21.95)
Headline earnings per share (7.69) 1.21 (16.69)
Weighted average number of 185,097 185,097 186,811
shares (`000)
Diluted (loss) per share (7.58) (3.46) (20.94)
Diluted number of shares 185,097 194,686 193,478
(`000)
Reconciliation between net
earnings and headline
earnings
Net (loss) per the income (14,230) (3,327) (41,010)
statement
- Fair value adjustment to - 5,572 8,898
investment properties
- Fair value adjustment to - - 930
other financial assets
Headline earnings (14,230) 2,245 (31,182)
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
March March Year Ended
2004 2003 September
2003
R`000 R`000 R`000
Investment Properties 34,282 624,492 549,519
Deferred taxation - 7,054 -
Debt redemption scheme - 7,753 8,528
Investments 589 703 589
Current assets 24,289 2,206 4,852
Total assets 59,160 642,208 563,488
Shareholders` equity 11,331 166,425 126,064
Long-term borrowings - 450,610 -
Current liabilities 47,829 25,173 437,424
Total equity and liabilities 59,160 642,208 563,488
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Share Premium Shares to be
issued
R`000 R`000 R`000
Balance as at 1 October 2002 1,851 146,519 3,178
Recovery of amounts previously - - (2,678)
expensed
Issue of share 3 497 (500)
Net loss for year - - -
Balance as at 1 October 2003 1,854 147,016 -
Return of capital to - (92,503) -
shareholders
Redemption of debenture - - -
Net loss for the period - - -
Balance as at 31 March 2004 1,854 54,513 -
Consolidated Statement Of Changes In Equity (continued)
Convertible Retained Total
Debentures Profit
R`000 R`000 R`000
Balance as at 1 October 2002 8,000 10,204 169,752
Recovery of amounts previously - - (2,678)
expensed
Issue of share - - -
Net loss for year - (41,010) (41,010)
Balance as at 1 October 2003 8,000 (30,806) 126,064
Return of capital to - - (92,503)
shareholders
Redemption of debenture (8,000) - (8,000)
Net loss for the period - (14,230) (14,230)
Balance as at 31 March 2004 - (45,036) 11,331
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
March 2004 March 2003 Year Ended
September
2003
R`000 R`000 R`000
Net cash flows from operating (21,754) 3,944 397,176
activities
- Cash generated from (2,624) 39,461 466,326
operations
- Interest received 1,177 448 741
- Interest paid (20,307) (35,965) (69,772)
- Dividend paid - - 24
- Taxation paid - - (143)
Net cash inflows / (outflows) 512,039 (293) 67,850
from investing activities
Net cash outflows from (478,976) (6,275) (466,235)
financing activities
- Return of capital to (92,503) - -
shareholders
- Redemption of debentures (10,469) - -
- Reduction in interest (376,004) - -
bearing borrowings
Increase / (Decrease) in cash 11,309 (2,624) (1,209)
and cash equivalents
COMMENTS
Accounting Policies and Presentation
This report has been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice. The accounting policies and methods of
computation are consistent with those applied in the annual financial statements
for the year ended 30 September 2003. The provisional results for the year ended
30 September 2003 that were published on 31 March 2004 are now reflected as
`Audited`. There has been no change to the Provisional Results as published.
Operating Activity
The operating activity reflected in the financial results cannot be compared to
that of prior years as these results reflect the income of the property
portfolio up to their date of disposal and the expenditure incurred by the
company to dispose of the property portfolio and also with the unwinding
of the group.
Finance Changes
Included in finance charges is an amount of R7,5 million which relates to the
cost incurred to unwind a fixed interest rate agreement with Nedbank.
Property Portfolio
All but four properties have been transferred to the purchasers. A single
property situated in Mafikeng relates to the MPI transaction and three
properties relate to the Ixia transaction. Subsequent to 31 March 2004, the
Mafikeng property was transferred as well as the Spoornet property to Ixia,
resulting in two properties remaining to be transferred to Ixia, namely Gothic
House and Vanderbijl Park.
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 strategic objective for disposal
of all property assets in order to unlock shareholder value.
Pursuant to this strategy, an amount of R95 million was returned to shareholders
on February 16, 2004.
It is the intention of the board to continue with the sale of the remaining
properties. Once all the company`s affairs have been adequately wound up, a
decision will be made on its future.
By order of the board
Johannesburg: 31 March 2003
Directors:
BJ van der Ross (Chairman), MH Brodie (Non-executive), SA Meltzer (Executive)
Company Secretary
CORPORATE GOVERNANCE cc
Chartered Secretaries
Registered office
6 Dale Lace Glades, Eastwood Street, Randpark Ridge
Sponsor
Imara Corporate Finance South Africa (Pty) Limited
29 July 2004
Date: 29/07/2004 10:29:10 AM Produced by the JSE SENS Department
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