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Alpina Investments Limited - Interim Unaudited Consolidated Results Of The Group
For The Six Months Ended 31 December 2003
Alpina Investments Limited
(Formerly Gold Edge Holdings Limited)
(Registration number: 1997/021085/06
Share code: ALA ISIN: ZAE000048377)
INTERIM UNAUDITED CONSOLIDATED RESULTS OF THE GROUP FOR THE SIX MONTHS ENDED 31
DECEMBER 2003
1.CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited Year
six months six months Ended 30 Jun
ended 31 Dec ended 31 Dec 2003
2003 2002
Revenue
7,416,320 4,488,581 11,114,920
Operating costs
(4,492,290) (2,098,816) (6,714,473)
Operating profit
2,924,030 2,389,765 4,400,447
Investment Income
135,054 44,356 807,885
Impairments & Write-
offs (134,844) - (5,539,094)
Net capital gain on
revaluation of - - 6,249,140
properties
Finance charges
(4,754,559) (3,642,127) (10,059,191)
Loss before taxation
(1,830,320) (1,208,006) (4,140,813)
Taxation
140,642 - 19,244
Loss before outside
shareholders (1,970,962) (1,208,006) (4,121,569)
interest
Minority interest
- (356,840) -
Loss for period
(1,970,962) (1,564,846) (4,121,569)
Loss per share (21.62) (3.27) (10.99)
(cents)(Note 1)
Headline loss per (20.14)
share (cents)(Note (8.10) (18.14)
1)
Weighted number of
ordinary shares 9,116,926 37,518,216 37,518,216
("000)
Notes:
(1) In August 2003, the share capital was restructured to 9 116 926 ordinary
shares. On this basis the following loss per share applies:
Unaudited six Unaudited six Audited Year
months ended months ended Ended 30 Jun
31 Dec 2003 31 Dec 2002 2003
Loss per share (21.62) (17.16) (45.21)
Headline loss (20.14) (33.37) (74.67)
per share
Reconciliation between net loss and headline loss
Net loss per Income
Statement (1,970,962) (1,208,006) (4,121,569)
- Amortization of
goodwill 134,844 134,844 269,687
- Impairment of
goodwill - - 3,293,616
- Profit on sale of -1,968,893
investment property - -
- Fair value
adjustment to - - (6,249,140)
investment property
- Profit on sale of
sub-licence - - -
Headline loss
(1,836,118) (3,042,055) (6,807,406)
2. CONSOLIDATED BALANCE SHEET
Unaudited 6 Unaudited 6 Audited Year
months ended months ended Ended 30 Jun
31 Dec 2003 31 Dec 2002 2003
Investment
properties 67,212,000 59,014,982 52,262,000
Tangible assets
9,786,562 78,818 9,315,132
Intangible
assets 16,489,702 4,840,010 16,624,546
Investments
- 10,520,633 -
Loans
receivable 5,240,446 593,713 8,876,732
Current assets
18,683,201 5,844,051 17,983,618
Total assets 105,062,028
117,411,911 80,892,207
Shareholders"
equity(Note 2) 716,199 5,243,885 2,687,162
Outside
shareholders" - 356,840 -
interest
NonCurrent
liabilities 6,566,205 - -
(Note 2)
Long-term
borrowings 94,310,581 64,545,626 74,201,724
Current
liabilities 15,818,926 10,745,856 28,173,142
Total equity 105,062,028
and liabilities 117,411,911 80,892,207
Notes:
(2) The non-current liability relates to the amount of listed units to be issued
to vendors.
3.CONSOLIDATED CASH FLOW STATEMENT
Unaudited 6 Unaudited 6 Audited Year
months ended months ended Ended 30 Jun
31 Dec 2003 31 Dec 2002 2003
Net cash flow (15,133,128)
from operating 398,837 5,177,421
activities
- Cash
generated from (10,372,981) 3,996,608 14,509,949
operations
- Interest
received 135,054 44,356 807,885
- Interest paid
(4,754,559) (3,642,127) (10,059,191)
- Taxation paid (140,642)
- (81,222)
Net cash outflow (15,421,432) (11,033,128) (14,321,164)
from investing
activities
Net cash inflow 30,270,858 13,441,452 10,516,444
from financing
activities
Cash and cash (283,702) 2,807,161 1,372,701
equivalents at
the end of the
year
4.CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Debenture Distribut- Total
capital premium capital able reserve
/(Accumulate
d loss)
Balance at 1
July 2002 3,752 4,736,589 - 2,068,390 6,808,731
Outside
shareholders" - - - (356,840) (356,840)
interest
Attributable -1,208,006
loss for 6 - - - (1,208,006)
months
Balance at 31
December 2002 3,752 4,736,589 - 503,544 5,243,885
Attributable
loss for 6 - - - (2,556,723) (2,556,723)
months
Balance at 30
June 2003 3,752 4,736,589 - (2,053,179) 2,687,162
Restructure
of share 87,417 (178,587) 91,169 - (1)
capital as
per circular
dated
15 July 2003
Attributable
loss for 6 - - - (1,970,962) (1,970,962)
months
Balance at 31
December 2003 91,169 4,558,002 91,169 (4,024,141) 716,199
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.
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 2003.
Ixia property portfolio acquisitions
In August 2003, the shareholders approved the acquisition of the 14 property R93
million Ixia property portfolio from Bonatla Property Holdings Ltd ("Ixia
property portfolio"). It was subsequently decided to only acquire properties to
the value of R85,6 million. The transfers of the properties have proceeded far
slower than anticipated, due mainly to the delays in obtaining municipal
clearance certificates. By 31 December 2003, properties to the value of R15
million had been transferred, resulting in linked units to the value of R6,5
million awaiting issue to the vendor at that date. As at 26 March 2004,
properties to the value of R67,4 million had been transferred. The last three
properties should be transferred within three weeks.
Operating Performance
Alpina"s interim results reflect a loss of R1,7 million, which loss was partly
attributable to the delays in the property transfers referred to above and the
aggressive financial restructuring and re-positioning of the company as an
active property loan stock company.
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. On completion of the Ixia property portfolio acquisitions, Alpina
will own property to the value of over R130 million. The imminent acquisition of
two further property portfolios this year, will boost the portfolio to in excess
of R400 million. The proposed acquisition of a property portfolio from Fairvest
Property Holdings Ltd has been delayed pending the finalisation of that
company"s audited results for the year ended 30 September 2003.
Other pending acquisitions include property related businesses in property
management, mortgage origination and bridging finance. The management"s
rationale behind the acquisitions is to provide unitholders with a sustainable
annuity based income stream to supplement the property income yields and to
increase capital growth. This diversification strategy is currently unique to
the South African listed property sector.
Dividends
No dividends have been declared for the six months under review.
For and on behalf of the board
Directors: MH Brodie*, DA Johnston*, MJ Lamola*, BA Smith, RS Wilkinson*, MK
Makhubalo* *Non-executive
Company Secretary: Corporate Governance Facilitators CC
Registered Office: 1 st Floor, 43 Wierda Road West, Wierda Valley, Sandton
Transfer Secretaries: Computershare Limited
Sponsor: Imara Corporate Finance South Africa (Pty) Ltd
Auditors: IAPA Johannesburg Chartered Accountants (SA)
Date: 29/03/2004 04:16:09 PM Produced by the JSE SENS Department
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