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FVT
FVT
Fairvest - Unaudited abridged consolidated group financial interim results
FAIRVEST PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/005011/06)
("Fairvest" or "the company")
Share code: FVT & ISIN: ZAE000034658
UNAUDITED ABRIDGED CONSOLIDATED GROUP FINANCIAL INTERIM RESULTS FOR THE SIX
MONTH PERIOD ENDED 31 MARCH 2006
UNAUDITED UNAUDITED AUDITED
interim interim year-end
results results results
for 6 months for 6 months for year
ended ended ended
31 March 31 March 2005 30 September
2006 2005
R "000 R "000 R "000
CONSOLIDATED BALANCE SHEETS
ASSETS
NON-CURRENT ASSETS 120,872 139,923 134,991
Property and equipment 119,215 137,423 132,790
Financial assets 104 104 104
Accounts receivable 1,553 2,396 2,097
CURRENT ASSETS 6,106 18,124 8,435
TOTAL ASSETS 126,978 158,047 143,426
EQUITY AND LIABILITIES
EQUITY AND RESERVES
Ordinary share capital 845 986 845
NON-CURRENT LIABILITIES 120,058 144,569 133,300
Linked unit debentures and 57,306 58,017 59,071
premium
Long-term liabilities 54,163 75,573 65,384
Deferred taxation 8,589 10,979 8,845
CURRENT LIABILITIES 6,075 12,492 9,281
TOTAL EQUITY AND LIABILITIES 126,978 158,047 143,426
CONSOLIDATED INCOME
STATEMENTS
GROSS REVENUE 12,303 15,727 32,421
Turnover 12,678 15,306 31,956
Adjustment in respect of -375 421 465
smoothing of leases
Operating costs -11,418 -9,163 -23,356
Other revenue net of costs 2,040 2,061 -868
Fair value adjustments - 1,765 1,578 -5,003
debentures
Fair value adjustment - put 0 483 0
options
Profit (loss) on sale of 275 0 -150
investment property
Fair value adjustment - 0 0 4,285
investment properties
Financial asset accounted for 0 0 0
OPERATING PROFIT 2,925 8,625 8,197
Interest received 64 127 182
Debenture interest -115 -109 -218
Finance charges -3,130 -8,241 -10,886
PROFIT BEFORE TAXATION -256 402 -2,725
Taxation 256 -402 2,725
PROFIT ATTRIBUTABLE TO 0 0 0
SHAREHOLDERS
CASH FLOW STATEMENTS
Cash flow from operating -1,447 -18,288 1,985
activities
Cash flow from investing 13,850 59,186 67,949
activities
Cash flow from financing -11,221 -40,891 -66,686
activities
Net decrease/increase in cash 1,182 7 3,248
and cash equivalents
Cash and cash equivalents at 2,659 -589 -589
beginning of year
Cash and cash equivalents at 3,841 -582 2,659
end of year
RECONCILIATION BETWEEN NET EARNINGS AND HEADLINE EARNINGS
Shares are traded as part of linked units
Profit attributable to 0 0 0
shareholders
Realised loss on sale of -275 0 150
investment properties
Fair value adjustments to 0 0 -4,285
investment properties
Fair value adjustment - put 0 -483 0
options
Fair value adjustments to 0 0 0
investments
Headline earnings as required -275 -483 -4,135
by Generally Accepted
Accounting Practice
Fair value adjustments to -1,765 -1,578 5,003
debentures
Revised headline earnings -2,040 -2,061 868
Number of linked units in 85,795,988 99,795,988 85,795,988
issue
Weighted average number of 85,795,988 99,795,988 96,450,018
linked units
Interest distribution per 0 0 0
linked unit (cents)
Basic earnings per linked 0 0 0
unit (cents)
Headline earnings per linked -0.32 -0.48 -4.29
unit (cents) as required by
Generally Accepted Accounting
Practice
Headline earnings / (loss) -2.38 -2.07 0.90
per linked unit (cents)
Net asset value per linked 67.78 59.12 69.84
unit and net tangible asset
value per linked unit
(cents)*
* Linked unit debentures are included in the NAV calculation
STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 31 MARCH 2006
GROUP Share Share premium Distributabl
capital e reserve
Balance at 1 October 2003 1,147 0 0
Share capital issued 15 0 0
Profit for the year 0 0
Balance at 30 September 2004 1,162 0 0
Profit for the year 0 0 0
Share capital repurchased * -317 0 0
Balance at 31 March 2006 845 0 0
... continued Non- Total
distributable
reserve
Balance at 1 October 2003 0 1,147
Share capital issued 0 15
Profit for the year 0 0
Balance at 30 September 2004 0 1,162
Profit for the year 0 0
Share capital repurchased * 0 -317
Balance at 31 March 2006 0 845
STATEMENT OF CHANGES IN DEBENTURES FOR THE SIX MONTHS ENDED 31 MARCH
2006
Debenture Linked Unit Total
capital Debenture
Premium
GROUP
Balance at 1 October 2003 1,147 81,200 82,347
AC105 adjustment - in respect 0 1,226 1,226
of smoothing of leases
Restated balance at 1 October 1,147 82,426 83,573
2003
Debentures issued 15 890 905
AC133 adjustment - original 0 -15,671 -15,671
AC105 adjustment - in respect 0 550 550
of smoothing of leases
Balance at 30 September 2004 1,162 68,195 69,357
0
Debentures repurchased ** -317 -14,972 -15,289
AC133 adjustment 0 5,003 5,003
Balance at 30 September 2005 845 58,226 59,071
AC133 adjustment 0 -1,765 -1,765
Balance at 31 MARCH 2006 845 56,461 57,306
** These linked units were repurchased during the previous financial year.
The company has performed in respect of those repurchases agreements, but
certain administrative formalities have not yet been effected by the
sellers and their agents, and accordingly these linked units have not been
formally cancelled. The number of linked units reported above as being
currently in issue excludes the linked units repurchased.
COMMENTARY
Basis of preparation
The unaudited condensed consolidated 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. IAS34 -
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.
Significant changes to the group"s accounting policies as a result of the
adoption of IFRS
The principal accounting policies are consistent with those applied in the
previous year.
Investment properties
Items of property have consistently been stated on an annual basis at
valuation and accordingly no adjustments in this regard were necessary.
Smoothing of operating rentals received
The operating rentals have been smoothed for the year ended 30 September
2005 in accordance with AC105 - GAAP requirements. The previous year
results were restated as required by AC105. The smoothing of the operating
lease rentals received is also an IFRS requirement and the interim results
for 31 March 2005 have been adjusted to conform therewith.
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.
In comparing its comparative information for the six months ended 31 March
2005, the group has adjusted the amounts previously reported in the
financial statements prepared in accordance with previous GAAP. The net
effect of the transition to IFRS is not material, amounting to a
restatement of the comparative information by way of a decrease in the
revaluation of the debentures by an amount of R 366 421 for the six months
ended 31 March 2005.
Company objectives
The company"s short-term investment strategy is to create a property
portfolio of significant critical mass through acquisition of quality, high
yielding properties. Accordingly, investment opportunities are being
evaluated for acquisition on an ongoing basis.
As part of the repositioning objective, the board is also examining
opportunities to raise additional capital.
Post balance sheet event
As announced on SENS on 26 May 2006, the Ambassador house property was sold
by a group subsidary company for a net consideration of R5,8 million. The
relevant guarantees are still awaited from the purchaser.
No interest distributions
No interest distributions or dividends have been made for the six months
under review in respect of the linked units and none are proposed at this
stage, given the gradual turn around of the group.
Change of registered office
Please be advised that the registered addresses of the company are being
changed as follows:
- as regards physical address:
from 6 Dale Lace Glades, Eastwood Street, Randpark Ridge, 2156
to 9th Floor, Protea Hotel, cnr Lighthouse Road and Chartwell Drive,
Umhlanga Rocks, 4319
and
- as regards postal address address:
from P O Box 279, Randpark Ridge, 2156
to P O Box 18, Umhlanga Rocks, 4320
All linked certificates to be issued in the future will be amended
accordingly.
Linked unitholders are requested to use the above new address with
immediate effect when contacting the company directly. Communications
relating to linked unit holdings and transfer of linked units should,
however, still be addressed to the transfer secretaries. Their contact
details are listed below.
Change of financial year-end
The Board has resolved to make application to the Registrar of Companies to
change the financial year-end of the company from 30 September to 31 March
in each year. Accordingly, the current accounting period shall be extended
by 6 months and shall be for the period from 1 October 2005 to 31 March
2007.
For and on behalf of the board:
Directors
T A Bell (Chairman)
T P Botsis
D A Johnston
A B Platt
Company Secretary
J A Lupton, ACIS
Registered office
9th Floor, Protea Hotel, Cnr Lighthouse Road and Chartwell Drive, Umhlanga
Rocks, 4319
(P O Box 18, Umhlanga Rocks, 4320)
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Auditor
Horwath Leveton Boner
Chartered Accountants (SA)
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 26/06/2006 03:30:05 PM Produced by the JSE SENS Department
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