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ALA
ALA
Alpina - Abridged annual report for the year ended 30 June 2005: Clarification
ALPINA INVESTMENTS LIMITED
Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ALA & ISIN: ZAE000048377
("Alpina" or "the company")
ABRIDGED ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2005: CLARIFICATION
The directors of Alpina wish to clarify and to remind users of the annual report
for the year ended 30 June 2005 that was mailed to unit holders in December
2005, that the annual report contained a number of amendments when compared to
the audited consolidated results for the year ended 30 June 2005 that were
published on SENS on 3 October 2005. The comparisons are set out below.
The differences result mainly from additional provisions made and the tax
effects thereon.
CONSOLIDATED INCOME STATEMENT
Annual report Previously
Year ended published
30 June 2005 Year ended
R"000 30 June 2005
R"000
Revenue 22 401 22 401
Operating profit 12 328 13 852
Profit/ (loss) before taxation 12 684
14 837
Taxation (5 708) (6 918)
Profit/(loss) for year 6 976 7 919
Earnings/(loss) per linked unit (cents) 38.46
43.66
Headline earnings/(loss) per linked unit (16.75)
(cents) (9.84)
Weighted number of linked units (`000) 18 139
18 139
Diluted number of linked units 17,758,125
Reconciliation between net earnings and headline earnings
Annual report Previously
Year ended published
30 June 2005 Year ended
R"000 30 June 2005
R"000
Net profit/(loss) per Income Statement 6 976 7 919
- Profit on disposal of subsidiary (3 405) (2 926)
- Loans written off 3 470 2 362
- Reversal of unsubstantiated liability (4 380) (4 380)
entry that has prescribed
- Straight line operating lease (733) (733)
adjustment
- Profit on sale of investment property (1 873)
(1 873)
- Fair value adjustment to investment (9 072)
property (9 072)
- Tax effect as a result of the above 5 979 6 918
Headline earnings/(loss) (3 038) (1 785)
CONSOLIDATED CASH FLOW STATEMENT
Annual report Previously
Year ended published
30 June 2005 Year ended
R"000 30 June 2005
R"000
Net cash flow from operating activities (6 292)
(8 655)
Net cash outflow from investing 12 768 12 768
activities
Net cash inflow from financing (5 712) (3 349)
activities
Net increase/ (decrease) in cash and 764 764
cash equivalents
Cash and cash equivalents at the begin 12 12
of the year
Cash and cash equivalents at the end of 776 776
the year
CONSOLIDATED BALANCE SHEET
Annual report Previously
Year ended published
30 June 2005 Year ended
R"000 30 June 2005
R"000
Investment properties 90 700 90 700
Tangible assets 136 136
Loans receivable 7 378
5 405
Non Current Assets 1 138
Current assets 1 748 4 829
Total assets 101 100 101 070
Shareholders" equity (3 906) (2 113)
Subordinated debentures 18 045 17 283
Long-term borrowings 78 830 77 287
Current liabilities 8 131 8 613
Total equity and liabilities 101 100 101 070
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Annual report Previously
Year ended published
30 June 2005 Year ended
R"000 30 June 2005
R"000
Balance at 30 June 2004 (10 802) (10 802)
Straight line operating lease adjustment 579 815
- 2004
Straight line operating lease adjustment 2 480 3 094
- prior year
Restated balance at 30 June 2004 (7 743) (6 893)
Issue of linked units 742 742
Attributable loss for 6 months (1 324) (1 324)
Balance at 31 December 2004 (8 325) (7 475)
Issue of debentures incorrectly (3 882) (3 882)
classified as share premium
Attributable profit for 6 months 8 299 9 244
Balance at 30 June 2005 (3 906) (2 113)
ANNUAL GENERAL MEETING
The annual report was mailed to shareholders in December 2005 along with the
notice of annual general meeting. The annual general meeting will be held on
Wednesday, 15 February 2006 at 10h30 at 43 Wierda Road West, Wierda Valley,
Sandton.
For and on behalf of the board:
Directors: PD Alexander*; M Makhubalo*; BA Smith (Chief Executive) RS Wilkinson*
(Chairman)
*Non-executive
Sponsor: Imara Corporate Finance South Africa (Pty) Limited
Auditors: Horwath Leveton Boner
11 FEBRUARY 2006
Date: 10/02/2006 12:58:12 PM Produced by the JSE SENS Department
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