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BNT
BNT
Bonatla - Audited results for the year ended 30 September 2005 and further
cautionary announcement
BONATLA PROPERTY HOLDINGS LIMITED
(Registration number 1996/014533/06)
("Bonatla" or "the Company")
Share code: BNT & ISIN: ZAE000013694
AUDITED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005
BALANCE SHEET
Group Group Company Company
2005 2004 2005 2004
R"000 R"000 R"000 R"000
ASSETS
Non-current assets
Office and computer equipment 77 - - -
Current assets 10 237 13 740 - 19 189
Investment property 6 000 6 000 - -
Investment in subsidiaries - - - 19 189
Investments 2 035 2 495 - -
Trade and other receivable 1 248 413 - -
Short term loan 765 656 - -
Cash and cash equivalents 188 4 176 - -
TOTAL ASSETS 10 314 13 740 - 19 189
EQUITY AND LIABILITIES
Equity and capital reserves (25 713) (9 937) (78) 19 090
Share capital and premium 56 196 56 196 56 196 56 196
Accumulated loss (81 909) (66 133) (56 274) (37 106)
Current liabilities 36 027 23 677 78 99
Interest bearing borrowings 2 525 2 274 - -
Interest rate swap liability 27 996 16 356 - -
Taxation 1 143 1 814 14 14
Trade and other payables 4 363 3 233 64 85
TRADE AND EQUITY LIABILITES 10 314 13 740 - 19 189
INCOME STATEMENT
Group Group Company Company
2005 2004 2005 2004
R"000 R"000 R"000 R"000
Turnover 887 27 663 - -
Operating costs (5 264) (23 604) - -
Operating profit/(loss) (4 377) 4 059 - -
Fair value adjustment of investment - 1 000 - -
properties
(Impairment) reversal of impairment - - (19 168) 15 399
Results from operating activities (4 377) 4 059 - -
Interest received 236 1 480 - -
Finance charges (2 089) (21 926) - -
Loss on disposal of investment - (1 326) - -
properties
Profit on disposal of investment 237 - - -
Profit on redemption of debentures - 99 - 99
Fair value adjustment of listed and 72 (16 721) - -
unlisted investments
Fair value adjustment of interest (9 778) (1 782) - -
rate swap
(Loss)/profit before taxation (15 698) (35 117) (19 168) 15 498
Taxation (78) (210) - (14)
(Loss)/profit after taxation (15 776) (35 327) (19 168) 15 484
Earnings per share (cents) (8.51) (19.06)
Headline earnings per share (cents) (8,51) (18.68)
CASH FLOW STATEMENT
Group Group Company Company
2005 2004 2005 2004
R"000 R"000 R"000 R"000
CASH FLOWS FROM OPERATING (4 919) (24 107) (21) 90
ACTIVITIES
Cash (absorbed by)/ generated from (2 318) (3 871) (21) 90
operations
Interest received 236 1 480 - -
Interest paid (2 089) (21 926) - -
Normal taxation (paid) / refunded (748) 210 - -
CASH FLOWS FROM INVESTING 681 534 190 21 102 954
ACTIVITIES
Purchase of tangible assets - (88) - - -
additions
Proceeds on disposal of investment - 544 519 - -
properties
Additions to listed investments - (18 192) - 102 954
Proceeds from investments 769 7 863 21 -
CASH FLOWS FROM FINANCING 251 (502 - (103
ACTIVITIES 357) 044)
Return of capital to shareholders - (92 674) - (92 674)
Redemption of debentures - (10 370) - (10 370)
Increase/(decrease) in interest 251 (399 - -
bearing borrowings 313)
NET INCREASE/(DECREASE) IN CASH AND (3 987) 7 726 - -
CASH EQUIVALENTS
Cash and cash equivalents at 4 176 (3 550) - -
beginning of year
Cash and cash equivalents at end of 188 4 176
year
STATEMENT OF CHANGES IN EQUITY
Share Share Shares Convertible Retained Total
capital premium to be Debentures earnings /
issued accumulated
loss
R"000 R"000 R"000 R"000 R"000 R"000
Group
Balance at 1 1 853 147 017 - 8 000 (30 806) 126 064
October 2003
Redemption of - - - (8 000) - (8 000)
debentures
Return of - (92 - - - (92
capital to 674) 674)
shareholders
Net loss for - - - - (35 327) (35
the year 327)
Balance at 30 1 853 54 343 - - (66 133) (9 937)
September 2004
Net loss for - - - - (15 776) (15
the year 776)
Balance at 30 1 853 54 343 - - (81 909) (25
September 2005 713)
Company
Balance at 1 1 853 147 017 - 8 000 (52 590) 104 280
October 2003
Redemption of - - - (8 000) - (8 000)
debentures
Return of - (92 - - - (92
capital to 674) 674)
shareholders
Net profit for - - - - 15 484 15 484
the year
Balance at 30 1 853 54 343 - - (37 106) 19 090
September 2004
Net loss for - - - - (19 168) (19
the year 169)
Balance at 30 1 853 54 343 - - (56 274) (78)
September 2005
COMMENTS
1.Basis of preparation
The financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and accounting policies
consistent with those applied in the annual financial statements of the previous
year except for recognition of rental income which has been recognized on a
straight line as opposed to an accrued basis. The change in accounting policy
does not have a material affect on the financial statements.
The company"s auditors Grant Thornton have audited the results for the year
ended 30 September 2005.Their unqualified report is available for inspection at
the company"s registered office.
2.Taxation
SA NORMAL TAXATION Year ended 30 Year ended 30
September 2005 September 2004
R"000 R"000
Current year 73 932
Prior year over provisions - (696)
Prior year under provisions 6 -
Deferred current year - (26)
Total 78 210
3. Operating Activity
Efforts during the year were focused on rehabilitating the company, and the
publication of results for the years ending September 2003, 2004, and the
current year 2005.
The directors, in agreement with Nedcor, closed the interest rate swap on
February 16th 2005. The closing balance of the swap was R26.133 million. A R9
978 000 fair value adjustment of the interest rate swap agreement, as required
in terms of AC133, was made in the income statement.
4. Post Balance Sheet Events
On 17th January 2006 a Special General Meeting was held at which the
recapitalization of the Company through the issue of Compulsory Convertible and
Redeemable Debentures to Depfin (Pty) Ltd, a subsidiary of Nedcor, was approved.
The interest rate swap was repaid from the proceeds of the issue of the
Convertible and Redeemable Debentures, which were issued, on 17th January 2006.
Stand 206 Vanderbijlpark (Pty) Ltd was sold for a gross consideration of R6.0
million, and transfer took place on 7th October 2005.
An agreement subject to certain suspensive conditions was finalized on 10th
February 2006 whereby the 9 022 199 Alpina B class linked units included under
investments are to be repurchased by Alpina in exchange for the properties VLC
House and Manchester Park.
5.Directorate and Management
- Mr. M.H.Brodie remained on the Board and was appointed Chairman on 12
January 2005.
- Mr. R.L.Rainier was reappointed as director and C.E.O at the Annual General
Meeting of the Company on the 17 January 2006.
- Mrs. C.Douglas was appointed Non-executive Director on 15 December 2005.
- Mr. D.A Johnston was appointed as Independent Non-executive director on 3
February 2006.
- Mrs. H.Dudley was appointed a Director on 12 January 2005 and did not stand
for re-election, and resigned as Director on 17 January 2006.
- Mr. A. Platt was appointed as Director on the 12 January 2005 and resigned
as Director 25 November 2005.
6.Strategy
The Board and the management of the Company, intends pursuing the acquisitions
of certain property portfolios and implementing a BEE strategy in line with the
South African Property Charter.
7. Further Cautionary Announcement
Further to the cautionary announcement of 17 November 2005, shareholders are
advised that negotiations are continuing which, if successfully concluded, will
have a material effect on the shares on the shares of the company. Shareholders
are accordingly advised to continue to exercise caution in dealing in the
Company"s shares until a further announcement in this regard is made.
By Order of the Board
Johannesburg
16 February 2006
Directors
M.H.Brodie (Independent Non-executive Chairman)
R. L.Rainier (Executive)
C.Douglas (Non-executive)
D.A Johnston (Independent Non executive)
Company Secretary
Corporate Statutory Services (Pty) Ltd
Registered Office
PO Box 724 Melville 2019
Sponsor
LPC Manhattan Moela (Pty) Ltd
Transfer Secretary
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Date: 17/02/2006 12:06:10 PM Produced by the JSE SENS Department
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