|
Alpina Abridged Report On The Unaudited Group Financial Results For The Six
Months Ended 31 December 2004 and cautionary announcement
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`)
INTERIM CONSOLIDATED RESULTS OF THE GROUP FOR THE SIX MONTHS ENDED 31 DECEMBER
2004 AND CAUTIONARY ANNOUNCEMENT
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited Year
six months six months ended 30 Jun
ended 31 Dec ended 31 Dec 2004
2004 2003
R R R
Investment properties 120,882,000 67,212,000 127,800,000
Tangible assets 276,734 9,786,562 313,544
Intangible assets - 16,489,702 -
Loans receivable 2,197,508 5,240,446 1,656,788
Deferred taxation 4,026,841 - 5,691,841
Current assets 14,580,979 18,683,201 3,880,614
Total assets 141,964,062 117,411,911 139,342,787
Shareholders` equity (11,384,150) 716,199 (10,802,032)
Subordinated 14,143,991 14,143,991 14,143,991
debentures
Long-term borrowings 120,713,378 80,166,590 126,735,918
NonCurrent liabilities - 6,566,205 -
Current liabilities 18,490,843 15,818,926 9,264,910
Total equity and 141,964,062 17,411,911 139,342,787
liabilities
CONSOLIDATED INCOME STATEMENT
Unaudited six Unaudited Audited Year
months ended six months ended 30 Jun
31 Dec 2004 ended 31 Dec 2004
2003
R R R
Revenue 14,902,173 7,416,320 20,025,780
Operating costs (7,969,063) (4,492,290)
(13,306,081)
Operating profit 6,933,110 2,924,030 6,719,698
Investment Income 48,051 135,053 2,916,812
Impairments & Write- - (134,844) (1,411,550)
offs
Devaluation of - - (18,625,367)
properties
Profit on sale of 1,700,000 - 2,460,324
investment property
Finance charges (8,340,669) (4,754,559) (13,562,687)
Profit (Loss) before 340,492 (1,830,320) (21,502,770)
taxation
Taxation (1,665,000) 140,642 5,399,854
Loss for period (1,324,508) (1,970,962) (16,102,916)
Loss per linked unit (7.33) (21.62) (139.93)
(cents)
Headline (16.73) (20.14) 12.81
earnings/(loss) per
linked unit (cents)
Fully diluted earnings (7.30) (21.62) (88.77)
/ (loss) per share
(cents)
Fully diluted headline (16.67) (20.14) 8.12
earnings / (loss) per
share (cents)
Weighted number of 18,075,625 9,116,926 11,507,890
linked units
Diluted number of 18,139,125 9,116,926 18,139,125
linked units
Reconciliation between
net earnings and
headline earnings
Net loss per Income (1,324,508) (1,970,962) (16,102,916)
Statement
- Amortization of - 134,844 -
goodwill
- Impairment of - - 1,411,550
goodwill
- Profit on sale of (1,700,000) - (2,460,324)
investment property
- Fair value - - 18,625,367
adjustment to
investment property
Headline (3,024,507) (1,836,118) 1,473,677
earnings/(loss)
CONSOLIDATED CASH FLOW
STATEMENT
Unaudited six Unaudited Audited Year
months ended six months ended 30 Jun
31 Dec 2004 ended 31 Dec 2004
2003
R R R
Net cash flow from (3,642,989) (15,133,128) 1,543,277
operating activities
- Cash generated from 4,666,238 (10,372,981) 12,167,549
operations
- Interest received 48,051 135,054 2,916,812
- Interest paid (8,340,669) (4,754,559) (13,562,687)
- Taxation paid (16,609) (140,642) 21,603
Net cash outflow from 8,826,025 (15,421,432) (73,871,839)
investing activities
Net cash inflow from (6,042,144) 30,270,858 72,060,789
financing activities
Net movement in cash (859,108) (283,702) (267,773)
and cash equivalents
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Shares to Distributable
capital premium issue reserve / Total
(Accumula-
ted
loss)
R R R R
Balance at 3,752 4,736,589 - 503,544 5,243,885
31 December
2002
Restructurin (516,680) (516,680)
g cost
Attributable - - - (2,040,043) (2,040,043)
loss for 6
months
Balance at 3,752 4,219,909 - (1,536,499) 2,687,162
30 June 2003
Restructure 87,417 (178,587) - - (91,170)
of share
capital as
per circular
dated 15
July 2003
Attributable - - - (1,970,962) (1,970,962)
loss for 6
months
Balance at 91,169 4,041,322 - (3,507,461) 625,030
31 December
2003
Issue of 70,617 - - - 70,617
linked units
Restructurin - (524,687) - - (524,687)
g cost
Shares to - - 3,158,964 - 3,158,964
issue
Attributable - - - (14,131,957) (14,131,957)
loss for 6
months
Balance at 161,786 3,516,635 3,158,964 (17,639,418) (10,802,033)
30 June 2004
Issue of 19,605 3,881,750 (3,158,964) 742,391
linked units
Attributable (1,324,508) (1,324,508)
loss for 6
months
Balance at 181,391 7,398,385 - (18,963,926) (11,384,150)
31 December
2004
Commentary for Alpina December 2004 Interim Financial Statements Announcement
Basis of Preparation
The consolidated financial statements are prepared in accordance with South
African Statements of Generally Accepted Accounting Practice (`GAAP`),
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 2004.
Operating Performance
Alpina`s results reflect a profit before tax of R340 000 for the period after
accounting for a profit on the sale of investment property of R1,7 million.
After accounting for Deferred taxation of R1 665 000, the company made a loss of
R1 324 000. At the headline earnings level, the loss amounted to R3 024 000.
Corporate activity
In an announcement made on 10 March 2005, linked unit holders were informed that
Alpina has entered into agreements to dispose
of most of its property portfolio and to acquire the Orion portfolio for an
amount of R225 million. These transactions would result in a
change of control, a repurchase of all of the `b class` linked units in issue
and a restructure of the `a class` linked units. A circular
to shareholders would be prepared shortly and sent to linked unit holders to
obtain their approval for the transactions at a general
meeting.
Dividends
No dividends have been declared for the six months under review.
Further cautionary announcement
Linked unit holders are referred to the acquisition, disposal, change of control
and restructure referred to above and are accordingly advised to exercise
caution when dealing in the company`s securities until a further announcement is
made.
For and on behalf of the board:
Directors: PD Alexander*; M Makhubalo*; BA Smith (Chief Executive), RS
Wilkinson* (Chairman)
*Non-executive
Company Secretary: Corporate Governance Facilitators CC
Registered Office: 43 Wierda Road West, Wierda Valley, Sandton
Transfer Secretaries: Computershare Limited
Sponsor: Imara Corporate Finance
Auditors: Horwath Leveton Boner
Date: 31/03/2005 03:07:51 PM
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
