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FVT
FVT
Fairvest - Reviewed abridged consolidated group financial interim results
for the 12-month period ended 30 september 2006
FAIRVEST PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/005011/06)
("Fairvest" or "the company")
Linked unit code: FVT & ISIN: ZAE000034658
REVIEWED ABRIDGED CONSOLIDATED GROUP FINANCIAL INTERIM RESULTS FOR THE 12-
MONTH PERIOD ENDED 30 SEPTEMBER 2006
EXTENSION OF CAUTIONARY ANNOUNCEMENT
REVIEWED ABRIDGED CONSOLIDATED GROUP FINANCIAL INTERIM RESULTS FOR THE 12-
MONTH PERIOD ENDED 30 SEPTEMBER 2006
REVIEWED AUDITED UNAUDITED
INTERIM YEAR-END INTERIM
RESULTS RESULTS RESULTS
FOR 12 FOR THE FOR 6 MONTHS
MONTHS YEAR
ENDED ENDED ENDED
30/09/ 30/09/ 31/03/
2006 2005 2006
R "000 R "000 R "000
CONSOLIDATED BALANCE SHEETS
ASSETS
NON-CURRENT ASSETS 123,856 134,991 120,872
Property and equipment 121,710 132,790 119,215
Financial assets 104 104 104
Accounts receivable 2,042 2,097 1,553
CURRENT ASSETS 7,392 8,435 6,106
TOTAL ASSETS 131,248 143,426 126,978
EQUITY AND LIABILITIES
EQUITY AND RESERVES
Ordinary share capital 845 845 845
NON-CURRENT LIABILITIES 124,555 133,300 120,058
Linked unit debentures and 65,782 59,071 57,306
premium
Long-term liabilities 48,954 65,384 54,163
Deferred taxation 9,819 8,845 8,589
CURRENT LIABILITIES 5,848 9,281 6,075
TOTAL EQUITY AND LIABILITIES 131,248 143,426 126,978
CONSOLIDATED INCOME STATEMENTS
GROSS REVENUE 26,035 32,421 12,303
Turnover 26,187 31,956 12,678
Adjustment in respect of -152 465 -375
smoothing of leases
OPERATING COSTS -19,963 -23,356 -11,418
Other revenue net of costs 1,863 -868 2,040
Fair value adjustments - -6,712 -5,003 1,765
debentures
Profit / (loss) on sale of 3,575 -150 275
investment property
Fair value adjustment - 5,000 4,285 0
investment properties
OPERATING PROFIT 7,935 8,197 2,925
Interest received 289 182 64
Debenture interest -181 -218 -115
Finance charges -6,446 -10,886 -3,130
PROFIT BEFORE TAXATION 1,597 -2,725 -256
Taxation -1,597 2,725 256
PROFIT ATTRIBUTABLE TO 0 0 0
SHAREHOLDERS
CASH FLOW STATEMENTS
Cash flow from operating -3,358 1,985 -1,447
activities
Cash flow from investing 19,650 67,949 13,850
activities
Cash flow from financing -18,721 -66,686 -11,221
activities
Net decrease/increase in cash -2,429 3,248 1,182
and cash equivalents
Cash and cash equivalents at 2,659 -589 2,659
beginning of year
Cash and cash equivalents at 230 2,659 3,841
end of period
RECONCILIATION BETWEEN NET EARNINGS AND HEADLINE EARNINGS
Shares are traded as part of linked units
Profit attributable to 0 0 0
shareholders
Net realised loss on sale of -2,964 150 -275
investment properties
Fair value adjustments to -5,000 -4,285 0
investment properties
Headline loss in accordance -7,964 -4,135 -275
with IFRS
Net fair value adjustments to 8,296 5,003 -1,765
debentures
Headline earnings / (loss) as 332 868 -2,040
revised for fair value
adjustment to debentures
Number of linked units in 85,795,98 85,795,9 85,795,988
issue 8 88
Weighted average number of 85,795,98 96,450,0 85,795,988
linked units 8 18
Interest distribution per 0 0 0
linked unit (cents)
Basic earnings per linked 0 0 0
unit (cents)
Headline loss per linked unit -9.28 -4.29 -0.32
as required by International
Financial Reporting Standards
(cents)
Headline earnings / (loss) 0.39 0.90 -2.38
per linked unit (cents)
Net asset value and net 77.66 69.84 67.78
tangible asset value per
linked unit (cents)*
* Linked unit debentures
are included in the NAV
calculation
STATEMENT OF CHANGES IN EQUITY FOR THE 12 MONTHS ENDED 30 SEPTEMBER
2006
GROUP Share Share Distri- Non- Total
capital premiu butable Distri-
m reserve butable
reserve
Balance at 1 October 2004 1,162 0 0 0 1,162
Share capital repurchased -317 0 0 0 -317
Profit for the year 0 0 0 0 0
Balance at 30 September 2005 845 0 0 0 845
Profit for the year 0 0 0 0 0
Share capital repurchased 0 0 0 0 0
Balance at 30 September 2006 845 0 0 0 845
STATEMENT OF CHANGES IN DEBENTURES FOR THE 12 MONTHS ENDED 30 SEPTEMBER
2006
Debenture Linked Unit Total
capital Debenture
Premium
GROUP
Balance at 1 October 2004 1,162 68,195 69,357
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 6,711 6,711
Balance at 30 September 2006 845 64,937 65,782
COMMENTARY
Basis of preparation
The reviewed 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 second 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 Listings Requirements of 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 smoothing of the
operating lease rentals received is also an IFRS requirement and the
interim results for 30 September 2006 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. The
adjustment has no effect on prior period profit or equity.
Post balance sheet events
In terms of agreements dated 8 August 2006, Palms Office Park Units 215,
216 and 217, located in Nupen Crescent, Midrand, were acquired for purchase
considerations of R3,25 million, R3,75 million and R3,25 million
respectively. Transfer in respect of these acquisitions are imminent.
As announced on 20 November 2006, the Mangrove Centre and the Nedbank
Circle properties were sold by group subsidiary companies for net
considerations of R17,1 million and R26,25 million respectively.
Implementation of these transactions is awaited.
No interest distributions
No interest distributions or dividends have been made for the year under
review in respect of the linked units and none are proposed at this stage.
EXTENSION OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement dated 20 November 2006, Fairvest
linked unitholders are hereby advised that Fairvest is still engaged in
negotiations and in the process of implementation of transactions, which if
successfully concluded, may have a material effect on the price of Fairvest
securities. Accordingly, Fairvest linked unitholders are advised to
continue exercising caution when dealing in Fairvest linked units until a
full announcement is made.
For and on behalf of the board:
Directors
T A Bell (Chairman), T P Botsis (non-executive), D A Johnson (independent
non-executive), 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
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 08/12/2006 08:00:42 AM Produced by the JSE SENS Department
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