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Alpina Investments - Audited financial results for the year ended 30 June 2003
and renewal of cautionary announcement
(Formerly Gold Edge Holdings Limited)
Alpina Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/021085/06)
Share code: ALA ISIN ZAE000048377
("Alpina Investments" or "the company")
Audited financial results for the year ended 30 June 2003 and renewal of
cautionary announcement
INCOME STATEMENTS
Audited Audited
12 months 12 months
ended ended
30 June 2003 30 June 2002
GROUP GROUP
R R
GROSS REVENUE 11 256 324 11 154 098
Operating costs 6 855 877 5 120 480
OPERATING PROFIT 4 400 447 6 033 618
Investment income 807 885 668 615
Finance costs (10 059 191) (6 617 696)
Impairments and write-offs (5 539 094) (234 252)
Taxation 19 244 (211 337)
NET LOSS (10 370 709) (361 052)
Loss per share (cents) (27,64) (1,06)
Headline loss per share (cents) (18,14) (0,74)
RECONCILIATION OF HEADLINE LOSS
Attributable loss (10 370 709) (361 052)
Adjusted for:
Amortisation of goodwill 269 687 234 252
Impairment of goodwill 3 293 616 -
Profit on sale of sub-licence - (125 000)
Headline loss (6 807 406) (251 800)
Loss per share is based on losses of R10 370 709 (2002: (R361 052)) and a
weighted average number of ordinary shares of 37 518 216 (2002: 33 974 480) in
issue during the period.
Headline loss per share is based on losses of R6 807 406 (2002: (R251 800)) and
a weighted average number of ordinary shares of 37 518 216 (2002: 33 974 480) in
issue during the period.
CASH FLOW STATEMENTS
Audited Audited
12 months 12 months
ended ended
30 June 2003 30 June 2002
GROUP GROUP
R R
CASH FLOW to/(FROM) OPERATING
ACTIVITIES 5 177 421 (2 788 394)
Net cash flow from operating activities 14 509 949 3 199 245
Interest paid (10 059 191) (6 617 696)
Investment income 807 885 668 615
Taxation paid (81 222) (38 558)
CASH OUTFLOW TO INVESTING
ACTIVITIES (14 321 164) (12 349 666)
Additions to property, plant and equipment (24 494 459) (252 940)
Additions to intangible assets (16 041 640) -
Acquisition of investment - (10 520 733)
Acquisition of subsidiary - (1 700 993)
Proceeds on disposal of investment 10 520 734 -
Proceeds on disposal of sub-licence - 125 000
Proceeds on disposal of property 15 694 201 -
CASH INFLOW FROM
FINANCING ACTIVITIES 10 516 444 10 340 123
Proceeds from share issue - 851
Increase in share premium - 2 124 926
Loans receivable raised (8 349 769) -
Short-term portion repaid (3 075) -
Loans raised 18 869 288 8 214 346
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS 1 372 701 (4 797 937)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR (1 092 819) 3 705 118
CASH AND CASH EQUIVALENTS
AT END OF YEAR 279 882 (1 092 819)
BALANCE SHEETS
Audited Audited
30 June 2003 30 June 2002
GROUP GROUP
R R
ASSETS
NON-CURRENT ASSETS 87 078 410 62 166 210
Intangible assets 16 624 546 4 974 853
Property, plant and equipment 61 577 132 46 143 659
Investments - 10 520 734
Loans receivable 8 876 732 526 964
CURRENT ASSETS 17 835 995 2 616 196
Accounts receivable 17 164 232 2 616 196
Cash and cash equivalents 671 763 -
Total assets 104 914 405 64 782 406
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 1 747 862 6 808 731
Share capital 3 752 3 752
Share premium 4 736 589 4 736 589
(Accumulated loss)/Distributable reserve (8 302 319) 2 068 390
Revaluation reserve 5 309 840 -
NON-CURRENT LIABILITIES 74 993 401 55 332 436
Long-term liabilities 74 201 724 55 332 436
Deferred taxation 791 677 -
CURRENT LIABILITIES 28 173 142 2 641 239
Taxation 321 808 274 651
Accounts payable 27 162 247 972 094
Provisions 256 716 258 110
Short-term portion of long-term liability 40 490 43 565
Bank overdraft 391 881 1 092 819
Total equity and liabilities 104 914 405 64 782 406
STATEMENT OF CHANGES IN EQUITY
GROUP
R
SHARE CAPITAL AT 30 JUNE 2003 3 752
Balance at 1 July 2001 2 901
Movement 851
Balance at 1 July 2002 3 752
Movement -
SHARE PREMIUM AT 30 JUNE 2003 4 736 589
Balance at 1 July 2001 2 611 663
Movement 1 700 143
Share issue expenses 424 783
Balance at 1 July 2002 4 736 589
Movement -
ACCUMULATED LOSS AT 30 JUNE 2003 (8 302 319)
Balance at 1 July 2001 2 429 442
Attributable loss (361 052)
Balance at 1 July 2002 2 068 390
Attributable loss (10 370 709)
REVALUATION RESERVE AT 30 JUNE 2003 5 309 840
Balance at 1 July 2001 -
Movement -
Balance at 1 July 2002 -
Revaluation of property, plant and equipment 6 249 140
Deferred tax (939 300)
COMMENTARY
Basis of preparation
The consolidated financial statements are prepared in accordance with South
African Statements of Generally Accepted Accounting Practice, the South African
Companies Act, as amended, and the disclosure requirements of the JSE Securities
Exchange South Africa ("JSE").
The consolidated financial statements have been prepared on the fair value
and going concern basis. The principal accounting policies are consistent with
those applied in the annual financial statements for the year ended 30 June
2002.
Operating performance
Alpina Investments year-end results reflect a loss of R10 million, this was
due to the aggressive financial restructuring and positioning of the company as
an active property loan stock company. These results are for the period prior to
the acquisition of the Ixia portfolio that was subject to a circular to
shareholders dated 15 July 2003.
The acquisition of the Ixia portfolio and the restructuring of Alpina
Investments into a loanstock company was approved at a general meeting of
shareholders on Wednesday, 6 August 2003. The Ixia portfolio has as yet not been
transferred to Alpina Investments due to a delay in the transfer of the
properties.
The ordinary shares were restructured into 9 116 926 "a-class" linked units
with effect from Monday, 18 August 2003.
Company objectives
The company"s short-term investment strategy is to create a property
portfolio of significant critical mass through the acquisition of quality, high-
yielding properties.
The company is presently negotiating further acquisitions which will boost
the portfolio to in excess of R400 million.
Audit opinion
The annual financial statements have been audited by IAPA Johannesburg
Chartered Accountants (SA) and their unqualified audit opinion can be viewed at
the registered office of the group.
Dividends
No dividends have been declared for the year under review.
Renewal of cautionary announcement
Linked unit holders are referred to the cautionary announcement dated
4 September 2003 and are advised that the discussions referred to therein are
still continuing and linked unitholders should accordingly continue exercising
caution in dealing in their linked units on the JSE.
For and on behalf of the board
Directors: M H Brodie*, C Christodoulou, D A Johnston*, M J Lamola*,
B A Smith *Non-executive
Registered Office: 1st Floor, Twin Towers East, Sandton City
Transfer Secretaries: Computershare Limited
Sponsor: LPC Manhattan Sponsors (Pty) Ltd
Auditors: IAPA Johannesburg Chartered Accountants (SA)
Date: 01/10/2003 05:10:08 PM Produced by the JSE SENS Department
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