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SZA
SZA
SZA - Sizafika Property Investments Limited - Reviewed results for the year
ended 30 September 2006
Sizafika Property Investments Limited
Sizafika Property Investments Limited
Incorporated in the Republic of South Africa)
(Formerly "Adonis Knitwear Holdings Limited")
(Registration number: 1969/002908/06)
Share Code: SZA & ISIN Number : ZAE000080198
("Sizafika" or "the company")
Reviewed results for the year ended 30 September 2006
Year ended Year ended
INCOME STATEMENT 30 September 30 September
2006 2005
R 000 R 000
Turnover - 16,434
Cost of sales - (11,781)
- 4,653
Operating costs (306) (4,517)
Operating loss (306) 137
Impairment of loans -
Loss on dilution on sale of -
investment in subsidary
Income from subsidary
Loss on sale of business (5,879)
Corporate transaction costs (2,876)
Interest paid - (275)
Interest received 70 52
Loss before taxation (8,991) (86)
Taxation - 36
Loss for year (8,991) (50)
Loss per share (cents) (227.66) (1.54)
Headline loss per share (cents) (78.80) (1.54)
Net asset value per share at year- 264.98 436.26
end (cents)
Number of shares at year-end 8,739,790 3,265,000
Weighted average number of shares 3,949,349 3,265,000
Reconciliation between net earnings and headline earnings
R 000 R 000
Net loss per Income Statement (8,991) (50)
Impairment of loans 0
Loss on dilution on sale of 0
investment in subsidary
Corporate transaction costs -
Loss on sale of business 5,879 0
Headline loss (3,112) (50)
BALANCE SHEET
30 September 30 September
2006 2005
R 000 R 000
Plant and equipment 1,007
Investment in subsidary 2 12
Loan receivable 56
Current assets 10,463 13,169
Total assets 10,465 14,244
Shareholders` equity 152 9,142
Debentures 9,777 -
Non current liabilities 1,553
Deferred tax - 84
Current liabilities 536 3,465
Total equity and liabilities 10,465 14,244
CASH FLOW STATEMENT
Year ended Year ended
30 September 30 September
2006 2005
R 000 R 000
Net cash flow from operating 7,061 (1,427)
activities
- Cash generated from operations 6,991 (1,153)
- Interest received 70 52
- Interest paid - (326)
Net cash outflow from investing (3,099) -
activities
Net cash flow from financing 6,386 (2,373)
activities
Net increase/ (decrease) in cash and 10,348 (3,800)
cash equivalents
Cash and cash equivalents at the (551) 3,249
begin of the year
Cash and cash equivalents at the end 9,797 (551)
of the year
STATEMENT OF CHANGES IN EQUITY
Share Share Non Accumulated Total
capital premium distrbutable profits
reserves
Balance at 30 1,813 315 169 6,895 9,192
September 2004
Attributable profit - - - (50) (50)
for the year
Balance at 30 1,813 315 169 6,845 9,142
September 2005
Issue of shares 5 - - - 5
Share split from (1,809) 1,805 - - (4)
50c shares to 0.1c
shares
Attributable profit - - - (3,112) (8,991)
for year
Balance at 30 9 2,120 169 3,733 152
September 2006
Commentary on the September 2006 Financial Statements
Basis of Preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards have reviewed the finacial
statements. Their report is available for inspection.
IFRS
IFRS 1: First Time Adoption of IFRS has been applied. 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 Company`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 in subsidaries
The investment in subsidary was stated at cost.
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 year ended 30 September 2005,
the company 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.
Operating Performance
The company disposed of its entire business on 25 May 2006 effective from 1
October 2005. The financial statements have been prepared for the group as
it then existed.
Post balance sheet events
The board of directors is at present finalising the acquisition of a
commercial property portfolio for a purchase consideration of R520,9
million as the first phase of acquiring a property portfolio of
approximately R2 billion by mid 2008. Unitholders will be kept informed of
developments in this regard.
Corporate actions
No dividend or other distributions have been declared for the year under
review. Unitholders are reminded that the company, in an announcement on
SENS on 25 May 2006, indicated that the board of directors had resolved
that a subsidiary be established through the subscription by the company
for 3 625 000 new ordinary shares of 0,1 cent per share together with a
loan account of 27,9 cents per share. It is the intention that this equity
interest be distributed as a dividend in specie to those unitholders who
were registered on the last day to trade and record date which respectively
were Thursday, 8 June and Thursday, 15 June 2006. An announcement of the
distribution date will be made in January 2007.
Directorate
Directors: BA Smith, DJA White* (Chairman), JE van der Burgh*, HT Dudley*,
MJ Antonie*, LD van Wyk, C Nkosi*, GA Ellis*
*Non-executive
Company Secretary: M J Antonie
Registered Office: 2nd Floor, 72 Grayston Drive, Sandown, 2196
Transfer Secretaries: Computershare Limited
Sponsor: Imara Corporate Finance South Africa (Pty) Limited
Auditors: Horwath Leveton Boner
Sandton
22 December 2006
Date: 22/12/2006 16:11:01 Produced by the JSE SENS Department.
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