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Fairvest - Bridged Report On The Audited Group Financial Results For The Year
Release Date: 17/05/2005 15:05:05 Code(s): FVT
Fairvest - Bridged Report On The Audited Group Financial Results For The Year
Ended 30 September 2004
Fairvest Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1998/005011/06)
(`Fairvest` or `the company`)
Share code: FVT ISIN: ZAE000034658
ABRIDGED REPORT ON THE AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30
SEPTEMBER 2004
Report of changes reflected in the Annual Report as compared to Reviewed
Provisional Financial Statements for the year ended 30 September 2004.
On 24 December 2004, Fairvest published its Unaudited Reviewed Provisional
Financial Statements for the year ended 30 September 2004, both on SENS and in
the Press. Subsequently, the Annual Report was sent to shareholders on 31 March
2005.
The board of directors wishes to draw the attention of users of the Annual
Report to a number of changes that were made to the previous published figures.
The changes arose primarily from the following:
Bringing to account a previously unaccounted for asset and a related dividend;
Bringing to account an issue of shares that had taken place during the financial
year;
A reduction in the selling price of a subsidiary; and
The reclassification of a number on items on the balance sheet and income
statement.
The directors also wish to draw the attention of users to the second paragraph
under `General` in the Directors` Report, which forms part of Fairvest`s Annual
Report for the year ended 30 September 2004, which paragraph states:
`In terms of Generally Accepted Accounting Practice, the fair value adjustment
in terms of AC133 for debentures should be included in headline earnings.
However, in the case of the Fairvest Group, this would result in disclosing
misleading information. Accordingly, the directors have excluded this fair value
adjustment from headline earnings resulting in a far more meaningful disclosure.
Comparative figures for the previous year have been adjusted accordingly and
highlight the fact that there was an error in the reconciliation of headline
earnings and have been restated.`
The impact of the above paragraph, with regard to headline earnings is reflected
as part of the Income Statement. The previously published headline earnings
reconciliation for the 2003 financial year is reflected along with the restated
2003 comparatives.
With regard to headline earnings per share, two variations are reflected below,
one as required by Generally Accepted Accounting Practice and the other in terms
of the paragraph in the Directors` Report.
AUDITED REVIEWED
2004 PROVISIONAL
RESULTS 2004 RESULTS
AS PER AS PUBLISHED ON
ANNUAL REPORT SENS
R`000 R`000
BALANCE SHEET AT 30 SEPTEMBER 2004
ASSETS
NON-CURRENT ASSETS 196,713 196,663
Property and 196,609 196,609
equipment
Financial assets 104 54
CURRENT ASSETS 20,040 20,462
Trade and other 10,742 20,462
receivables
Amount due from a 9,151 -
vendor
Cash and cash 147 -
equivalents
TOTAL ASSETS 216,753 217,125
AUDITED REVIEWED
2004 PROVISIONAL
RESULTS 2004 RESULTS
AS PER AS PUBLISHED ON
ANNUAL REPORT SENS
R`000 R`000
EQUITY AND LIABILITIES
EQUITY AND RESERVES
Ordinary share 1,162 1,147
capital
NON-CURRENT 194,687 194,727
LIABILITIES
Debentures debt
portion
Linked unit 67,581 67,708
debentures and
premium
Long-term liabilities 116,464 116,395
10,642 10,624
CURRENT LIABILITIES 20,904 21,251
Loans payable 5,450 6,370
Taxation 1,122 1,272
Trade and other 11,305 10,731
payables
Interest bearing 2,291 2,291
redeemable debentures
Bank overdraft 736 587
TOTAL EQUITY AND 216,753 217,125
LIABILITIES
AUDITED REVIEWED
2004 PROVISIONAL
RESULTS 2004 RESULTS
AS PER AS PUBLISHED ON
ANNUAL REPORT SENS
R`000 R`000
INCOME STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2004
TURNOVER 50,528 52,014
Operating costs (26,874) (27,776)
Other revenue net of 1,299 (2,385)
costs
Fair value 15,671 14,640
adjustment -
debentures
Fair value (270) -
adjustment -
investments
Loss on sale of (15,517) (13,111)
investment property
Fair value (1,094) (1,094)
adjustment -
investment
properties
Change in value of - (2,970)
financial assets
Profit on sale - - 150
shares in subsidiary
Financial asset 2,509 -
accounted for
OPERATING PROFIT 24,953 21,853
Interest received 266 265
Debenture interest (218) (327)
Finance charges (21,662) (21,656)
Dividends received - 2,700
PROFIT BEFORE 3,339 2,835
TAXATION
Taxation (3,339) (2,835)
PROFIT ATTRIBUTABLE - -
TO SHAREHOLDERS
AUDITED REVIEWED
2004 PROVISIONAL
RESULTS 2004
AS PER RESULTS
ANNUAL PUBLISHED
REPORT ON SENS
R`000 R`000
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2004
(30,065) (22,456)
Cash flow from
operating activities
Cash flow from 66499 58155
investing activities
Cash flow from (37,320) (36,583)
financing activities
Net decrease/increase (886) (884)
in cash and cash
equivalents
Cash and cash 297 297
equivalents at
beginning of year
Cash and cash (589) (587)
equivalents at end of
year
RECONCILIATION BETWEEN NET EARNINGS AND HEADLINE EARNINGS
Shares are traded as part of linked units
AUDITED REVIEWED RESTATED ORIGINAL
2004 PROVISIONAL 2003 2003
RESULTS 2004 COMPARATIVES AUDITED
AS PER RESULTS TO 2004 RESULTS
ANNUAL PUBLISHED ANNUAL R`000
REPORT ON SENS REPORT
R`000 R`000 R`000
Profit attributable 0 0 0 0
to shareholders
Realised loss on sale 15,517 13,111 6,860 1,488
of investment
properties
Realised loss on sale of (150) 5,372
investment
property subsidiary
Fair value 1,094 1,094 7,522 7,522
adjustments to
investment
properties
Fair value 270
adjustments to
investments
Capital gains 661
tax thereon
Headline 16,881 14,055 14,382 15,043
earnings as
required by
Generally
Accepted
Accounting
Practice
Fair value (15,671) (51,465)
adjustment to
debentures
Revised headline 1,210 14,055 (37,083) 15,043
earnings
Basic earnings 0 0 0 0
per share
(cents)
Headline 14.38 12.25 12.41 13.11
earnings/(loss)
per share
(cents)
as required by
Generally
Accepted
Accounting
Practice
Headline 1.03 12.25 (32.00) 13.11
earnings/(loss)
per share
(cents)
Number of shares 117 411 604 114 741 370 115 878 270 114 741 370
in issue
AUDITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2004 (PER
ANNUAL REPORT)
Share Share Distributable Non-
Capital Premium Reserve Distributable Total
R`000 R`000 R`000 Reserve R`000
R`000
GROUP
Balance at 1 1,147 - - - 1,147
October 2003
Share 15 - - - 15
capital
issued
Balance at 1 1,162 - - - 1,162
September
2004
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2004 (AS
PUBLISHED ON SENS)
Share Share Distributable Non-
Capital Premium Reserve Distributable Total
R`000 R`000 R`000 Reserve R`000
R`000
GROUP
Balance at 1 1,147 - - - 1,147
October 2003
Profit for - - - - -
the year
Balance at 1 1,147 - - - 1,147
September
2004
AUDITED STATEMENT OF CHANGES IN DEBENTURES FOR THE YEAR ENDED 30 SEPTEMBER 2004
(PER ANNUAL REPORT)
Debenture Linked unit
Capital debenture Total
R`000 premium R`000
R`000
GROUP
Balance at 1 1,147 81,200 82,347
October 2003
Debentures 15 890 905
issued
AC133 - (15,671) (15,671)
adjustment
Balance at 1 1,162 66,419 67,581
September
2004
STATEMENT OF CHANGES IN DEBENTURES FOR THE YEAR ENDED 30 SEPTEMBER 2004 (AS
PUBLISHED ON SENS)
Debenture Linked unit
Capital debenture Total
R`000 premium R`000
R`000
GROUP
Balance at 1 1,147 81,200 82,347
October 2003
AC133 - (14,639) (14,639)
adjustment
Balance at 1 1,147 66,561 67,708
September
2004
ANALYSIS OF SHAREHOLDING
At 3 May 2005, Fairvest had 1 904 public shareholders amongst its 1908
shareholders.
The holding of securities was split as follows:
Public shareholders 67,92%
Non-public shareholders 32,08%
The Non-public shareholders comprised the following:
Directors 6,01%
Shareholders holding in excess of 10% of
the issued securities 26,07%
Total holding 32,08%
ANNUAL GENERAL MEETING
The annual report was mailed to shareholders on 31 March 2005 along with the
notice of annual general meeting. The annual general meeting will be held on
Tuesday, 24 May 2005 at 10h00 at 43 Wierda Road West, Wierda Valley, Sandton.
For and on behalf of the directors
RS Wilkinson
TA Bell
TP Botsis
DA Johnston
AB Platt
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Limited,
Sponsor and Corporate Finance Advisor
Imara Corporate Finance South Africa (Pty) Limited
Company Secretary
Corporate Governance CC
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