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SZA
SZA
Sizafika - Unaudited interim results and updated cautionary announcement
Sizafika Property Investments Limited
(Formerly Adonis Knitwear Holdings Limited)
(Incorporated in the Republic of South Africa)
Registration number: 1969/002908/06
Share code: SZA & ISIN: ZAE000080198
("Sizafika" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2006 AND
UPDATED CAUTIONARY ANNOUNCEMENT
INCOME STATEMENT
Six months Six months Year
Ended Ended Ended
31 March 2006 31 March 30 September
R 2005 2005
R R
Revenue 0 7 560 177 16 509 884
Operating profit 0 54 230 188 598
Net finance costs 0 (147 272) (274 710)
Impairment of plant (839 089) 0 0
Loss on sale of business (5 123 916) 0 0
Net (loss) profit before (5 963 005) (93 042) (86 112)
taxation
Taxation 83 841 (49 128) 35 730
Net (loss) profit attributable (5 879 164) (142 170) (50 382)
to ordinary shareholders
Reconciliation of headlines
earnings (loss)
Net loss (5 879 164) (142 170) (50283)
Less: Impairment of plant 839 089 0 0
Less: Loss on sale of business 5 123 916 0 0
Headline earnings (loss) 83 841 (142 170) (50 382)
BALANCE SHEET
Six months Six months Year
Ended Ended Ended
31 March 2006 31 March 30 September
R 2005 2005
R R
ASSETS
Non current assets 0 1 199 195 1 075 331
Current assets 3 262 500 17 053 999 13 169 095
Total assets 3 262 500 18 253 194 14 244 426
EQUITY AND LIABILITIES
Capital and reserves 3 262 500 9 049 876 9 141 664
Non current liabilities 0 4 095 155 1 636 678
Current liabilities 0 5 108 163 3 466 084
Total Equity and Liabilities 3 262 500 18 253 194 14 244 426
SUMMARISED CASH FLOW STATEMENT
Six months Six months Year
Ended Ended Ended
31 March 2006 31 March 30 September
R 2005 2005
R R
Cash flow from operating 3 823 106 (4 059 043) (1 426 863)
activities/sale of business
Cash flow from financing 0 (2 269) (2 372 942)
activities
Decrease in cash and cash 3 823 106 (4 061 312) (3 799 805)
equivalents
Cash and cash equivalents at (550 606) 3 249 199 3 249 199
beginning of period
Cash and cash equivalents at 3 262 500 (812 113) (550 606)
end of period
STATEMENT OF CHANGES IN EQUITY
Share Reserves* Total
Capital
and share
premium
Balance 1 October 2004 2 127 724 7 064 322 9 192 046
Net loss for the period 0 (142170) 0
Balance 31 March 2005 2 127 724 6 922 152 9 0498 76
Net loss for the period 0 91 788 91 788
Balance 1 October 2005 2 127 724 7 013 940 9 141 664
Net loss for the period 0 (879 164) (5 879 164)
Balance 31 March 2006 2 127 724 1 124 776 3 262 500
(* = includes "Non
distributable reserve"
of R168 816)
COMMENTARY ON THE MARCH 2006 INTERIM FINANCIAL REPORT
At a general meeting held on 25 May 2006, the shareholders of Adonis
Knitwear Holdings Limited ("Adonis") approved the disposal of the entire
business of Adonis to Dream World Investments 363 (Proprietary) Limited, a
company controlled Mr J Bencen for R3 262 500 with effect from 1 October
2005.
Shareholders approved the conversion of the authorised and issued share
capital consisting of ordinary shares of 50 cents each into ordinary shares
of 0,1 cent each which are linked to one debenture of 0,1 cent each to
comprise a linked unit. The name of Adonis has been changed to Sizafika
Property Investments Limited.
Basis of preparation
The unaudited condensed interim financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS"). The
company adopted IFRS for the first time on 1 October 2005 and these are the
group"s first interim IFRS condensed financial statements. IFRS First Time
Adoption of IFRS has been applied. IAAS34-Interim Financial Reporting and
the requirements of the South African Companies Act of 1973 and the
disclosure requirements of the JSE Limited have been adopted. This report
has been prepared on the fair value and going concern basis.
Impact of the transition to IFRS
The requirements for the First Time Adoption of IFRS as required by IFRS1
are clearly reflected in the company"s statement of changes in equity.
Due to the sale of the business of the company and its remaining asset
being cash only, no restatement of amounts in terms of IFRS were required.
Significant changes to the company"s accounting policies as a result of the
adoption of IFRS will be applied in the future when the company acquires
assets.
Review of Operations
Sizafika, which traded as Adonis Knitwear Holdings Limited for the
financial period under review, reflected a loss of R5,9 million. The loss
was the result of the impairment of plant and the disposal of the company"s
business. The company has not yet traded as at 31 March 2006.
Company objectives
The company"s short-term investment strategy is to acquire a commercial
property of at least R500 million at a net yield of approximately 9.5% to
10%.
Dividend
No distributions have been made for the six months under review.
UPDATED CAUTIONARY ANNOUNCEMENT
Linked unit holders are referred to the detailed cautionary announcement
that was released on SENS on 25 May 2006 and published in the press on 26
May 2006.
In view of the ongoing discussions and negotiations to acquire the
properties referred to above, linked unit holders are advised to continue
to exercise caution in their dealings in their linked units. A formal
announcement in this regard is expected by the end of July 2006.
For and on behalf of the board
Directors:
DJA White * (Chairman)
BA Smith (Managing Director)
JE van der Burgh *
HT Dudley *
* Non-Executive Directors
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Auditor
Horwath Leveton Boner
Transfer secretaries
Computershare Investor Services 2004 (Pty) Ltd
Date: 26/06/2006 03:20:32 PM Produced by the JSE SENS Department
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