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ORE
ORE
ORE - Orion Real Estate - Restated Audited Results
ORION REAL ESTATE LIMITED
(formerly Alpina Investment Holdings Limited "Alpina")
Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE & ISIN: ZAE000075651
("Orion Real Estate" or "the company")
RESTATED AUDITED RESULTS OF THE GROUP FOR THE YEAR ENDED 30 JUNE 2006
(All figures are in Rands unless Restated Previous
otherwise stated)
Year ended Year ended
CONSOLIDATED INCOME STATEMENT 30 June 2006 30 June 2006
Revenue 16 131 084 17 091 333
Recoveries 1 543 996 1 543 996
Operating costs -14 724 237 -14 293 103
Operating profit 2 950 843 4 342 226
Interest Income 209 490 209 490
Profit on disposal of subsidiary 1 179 852 -
Straight line operating lease 766 165 1 346 605
adjustment
Revaluation of properties 34 202 191 34 202 191
Finance charges -11 660 191 -11 649 804
Profit before taxation 27 648 350 28 450 708
Taxation -6 652 832 -7 600 399
Profit for year 20 995 518 20 850 309
Earnings per linked unit (cents) 14.10 14.01
Diluted earnings per linked unit 14.10 14.01
(cents)
Headline loss per linked unit -3.17 -2.31
(cents)
Diluted headline loss per linked -3.17 -2.31
unit (cents)
Net asset value per linked unit 33.73 33.66
at year-end (cents)
Number of linked units at year- 188 286 183 188 286 183
end
Weighted number of linked units 148 859 622 148 859 622
Diluted number of linked units 148 859 622 148 859 622
Reconciliation between net
earnings and headline earnings
Net profit per Income Statement 20 995 518 20 850 309
- Profit on disposal of -1 179 852 --
subsidiary
- Fair value adjustment to -34 202 191 -34 202 191
investment property
- Tax effect as a result of the 9 673 264 9 918 635
above
Headline (loss)/earnings -4 713 262 -3 433 247
Restated Previous
CONSOLIDATED BALANCE SHEET 30 June 2006 30 June 2006
Investment properties 175 204 284 175 691 056
Tangible assets 391 437 377 213
Deferred tax 808 887 544 327
Loans receivable and rental 4 692 119 5 450 578
smoothing
Current assets 48 924 718 45 416 909
Total assets 230 021 446 227 480 083
Shareholders` equity 17 737 012 17 591 803
Deferred tax 10 408 528 14 413 609
Linked unit debentures 45 779 375 45 779 575
Long-term borrowings 124 848 665 126 819 686
Current liabilities 31 247 866 22 875 411
Total equity and liabilities 230 021 446 227 480 083
Restated Previous
Year ended Year ended
CONSOLIDATED CASH FLOW STATEMENT 30 June 2006 30 June 2006
Net cash flow from operating -4 502 775 -33 817 742
activities
Net cash outflow from investing -65 201 983 -48 861 426
activities
Net cash inflow from new share 29 435 501 29 111 000
capital and debentures
Net cash inflow from financing 38 721 004 52 019 916
activities
Net decrease in cash and cash -1 548 253 -1 548 252
equivalents
Cash and cash equivalents at the 776 210 776 210
begin of the year
Cash and cash equivalents at the -772 043 -772 042
end of the year
NOTICE OF GENERAL MEETING
Shareholders are advised that the Annual General Meeting will be held on 23
February 2007 at 09h00 in the Boardroom, 16th floor, Orion House, 49
Jorissen Street, Braamfontein, Johannesburg.
CHANGE OF SPONSOR
Orion Real Estate has appointed Arcay Moela Sponsors (Proprietary) Limited as
its sponsor with immediate effect.
Johannesburg
22 December 2006
Sponsor Auditors
Arcay Moela Sponsors (Proprietary) Limited Howath Leveton Boner
Date: 22/12/2006 16:36:01 Produced by the JSE SENS Department.
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