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Alpina - Abridged report on the audited group financial results for the year
ended 30 June 2004
Alpina Investments Limited
(formerly Gold Edge Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1997/021085/06)
Share code: ALA ISIN ZAE000048377
(`Alpina`)
ABRIDGED REPORT ON THE AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30
JUNE 2004
Restatement of certain financial figures.
Set out below is a re-statement of the audited financial results for the year
ended 30 June 2004. The re-statement primarily relates to a reallocation of
expenditure to share premium from the previous financial year on the balance
sheet and the consequential changes.
AS ADJUSTMENT AUDITED
PUBLISHED 2004 2004
ON GROUP AUDITED
SENS
2004
GROUP
BALANCE SHEET AT 30 JUNE R R R
2004
ASSETS
NON-CURRENT ASSETS 135,462,173 0 135,462,173
Interest in subsidiaries -
Loans receivable 1,656,788
Intangible assets -
Investment property 127,800,000
Equipment furniture and 313,544
fittings
Deferred taxation 5,691,841
Amount owing by group -
companies
CURRENT ASSETS 3,901,678 (21,063) 3,880,615
Accounts and short term 3,868,506
loans receivable
Cash and cash equivalents 12,109
TOTAL ASSETS 139,363,851 (21,063) 139,342,788
EQUITY AND LIABILITIES
CAPITAL RESERVES AND 2,973,147 368,812 3,341,959
SUBORDINATED DEBENTURES
Share capital and premium 3,678,422
Vendors share subscription 3,158,964
commitment
Accumulated loss (17,639,418)
CAPITAL AND RESERVES - (10,802,032)
Subordinated debentures 14,143,991
NON-CURRENT LIABILITIES 126,756,982 (21,063) 126,735,918
Debentures debt portion
Long-term liabilities - 126,735,918
Amount owing to group -
companies
CURRENT LIABILITIES 9,633,722 (368,812) 9,264,910
Taxation 487,776
Accounts payable 6,513,514
Loans payable -
Provisions
Short term portion of long- 2,263,621
term liability
Bank overdraft -
TOTAL EQUITY AND 139,363,851 (21,063) 139,342,787
LIABILITIES
INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2004
AS PUBLISHED ADJUSTMENT AUDITED
ON SENS
2004 2004 2004
GROUP GROUP GROUP
R R R
GROSS REVENUE 20,025,780 0 20,025,780
Operating costs (16,290,692) (2,972,532) (13,318,160)
OPERATING PROFIT / (LOSS) 3,735,088 (2,972,531) 6,707,619
Investment income 2,916,812 0 2,916,812
Other income - (12,079) 12,079
Finance costs (13,562,687) (0) (13,562,687)
Impairments & Write-offs 1,048,774 2,460,324 (1,411,550)
Fair value adjustment on (18,625,367) (0) (18,625,367)
investment property
Profit on sale of 2,460,324 (0) 2,460,324
investment property
Net profit before tax (22,027,056) (524,286) (21,502,770)
Taxation 5,030,643 (369,211) 5,399,854
(LOSS) / PROFIT AFTER (16,996,413) (893,497)
TAXATION (16,102,916)
Loss per share (cents) (147.69) (6.51) (141.18)
-
Headline earnings per share 5.04 (6.52) 11.56
(cents)
-
Fully diluted earnings per 3.33 (4.00) 7.33
share (cents)
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2004
(AS PUBLISHED ON SENS)
Share Share Vendors Debenture Distri-
capital premium share Capital butable Tota
sub- reserve /
scription (Accumula-
commitment ted loss)
GROUP
Balance at 1 3,752 4,736,589 2,068,390 6,808,73
July 2002
Correction of -
error
Outside (356,840) (356,840
shareholders`
interest
Attributable (3,764,729) (3,764,729
loss for the
period
Balance at 30 3,752 4,736,589 - - (2,053,179) 2,687,16
June 2003
Restructure
of share
capital as
per circular
dated
15 July 2003 87,417 (178,587) 91,169
Issue of 70,617 13,982,203 70,617 14,123,43
linked units
Restructuring
cost
Linked units 3,158,964 3,158,96
to issue
Debentures
debt portion
Attributable (16,996,415) (16,996,415
loss for the
period
Balance at 30 161,786 18,540,205 3,158,964 161,786 (19,049,594) 2,973,14
June 2004
ADJUSTMENTS TO STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2004
GROUP
Balance at 1 - - - - (516,680) (516,680
July 2002
Correction of - (516,680) - - 516,680
error
Outside - - - - -
shareholders`
interest
Attributable - - - - 516,680 516,68
loss for the
period
Balance at 30 - (516,680) - - 516,680
June 2003
Restructure - - - - -
of share
capital as
per circular
dated
15 July 2003 - - - (91,169) - (91,170
Issue of - (13,982,203) - (70,617) - (14,052,820
linked units
Restructuring - (524,686) - - - (524,686
cost
Linked units - - - - -
to issue
Debentures - - - - -
debt portion
Attributable - - - - 893,496 893,49
loss for the
period
Balance at 30 - (15,023,569) - (161,786) 1,410,176 (13,775,180
June 2004
AUDITED 2004
GROUP
Balance at 1 3,752 4,736,589 - - 1,551,710 6,292,05
July 2002
Correction of - (516,680) - - 516,680
error
Outside - - - - (356,840) (356,840
shareholders`
interest
Attributable - - - - (3,248,049) (3,248,049
loss for the
period
Balance at 30 3,752 4,219,909 - - (1,536,499) 2,687,16
June 2003
Restructure of share capital as per - - -
circular dated
15 July 2003 87,417 (178,587) - (91,170
Issue of 70,617 - - - - 70,61
linked units
Restructuring - (524,686) - - - (524,686
cost
Linked units - - 3,158,964 - 3,158,96
to issue
Debentures - - - - -
debt portion
Attributable - - - - (16,102,919) (16,102,91
loss for the
period
Balance at 30 161,786 3,516,636 3,158,964 - (17,639,418) (10,802,03
June 2004
ANNUAL GENERAL MEETING
The annual report will be mailed to shareholders by 22 December 2004 along
with the notice of annual general meeting. The annual general meeting will be
held on Monday 14 March 2005 at 10:00 at Alpina Investments Limited, 1st
Floor, 43 Wierda Road West, Wierda Valley Sandton.
For and on behalf of the directors
BA Smith
MH Brodie
DA Johnston
MJ Lamola
MK Makhubalo
RS Wilkinson
PD Alexander
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg, 2001 (PO Box 1053, Johannesburg, 2003)
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
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