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IFH
IFH
IFH - IFA Hotels & Resorts Limited - Trading statement and cautionary
IFA Hotels & Resorts Limited
(formerly Moribo Leisure Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the company")
Trading statement and extension of cautionary
1. Trading statement
In terms of the JSE Limited Listings Requirements, companies are required
to publish a trading statement as soon as they become reasonably certain
that the financial results for the period to be reported on will differ by
more than 20% from that of the previous corresponding period. IFA is
currently finalising its interim results for the six months ended 31
December 2006. Shareholders are accordingly advised that earnings per
share and headline earnings per share will be between 50% and 55% less than
the previous corresponding period. The interim results are due for release
in February 2007.
The decline in earnings is largely attributable to dual factors: the
expected slowing in sales associated normally with the conclusion of the
development phase of an estate (in this case the current phase of the
Zimbali Coastal Resort which accounts for 25% of IFA`s total development
potential in Zimbali) and timing differences associated with the method of
accounting for revenues and profits.
A key focus for IFA remains on building new land stocks for future phases
of the Zimbali Coastal Resort and recent land acquisitions have been made
in this regard. It is also important to note that approximately 340
hectares of land have been developed to date, which reflects only 25% of
the development potential of the total Zimbali project.
In addition, during the period IFA incurred certain set-up and running
costs where the associated benefits will only be recognised in future
periods. The 2 400 hectare Boschendal development, in which IFA holds a
19.25% stake, is still in the planning phase. It is expected to generate
in excess of R2 billion in sales, of which approximately R580 million in
reservations have been secured. IFA also established an in-house estate
agency - IFA Hotels & Resorts 8 (Pty) Limited - which has the sole mandate
to market and sell the R2 billion Fairmont Resort development within the
Zimbali Coastal Resort. Sales began only in January 2007. Finally, IFA
has set-up a head office structure in South Africa for its African and
Indian Ocean operations.
The directors believe that a solid foundation has been laid for long-term
sustainable growth and remain confident of the group`s growth prospects.
The financial information on which this trading statement is based has not
been reviewed or reported on by the company`s auditors.
2. Extension of cautionary announcement
Shareholders are advised that the company is continuing with negotiations
with third parties on separate matters which, if successfully concluded,
may have a material effect on the price of the company`s securities.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the company`s securities until a full announcement in this
regard is made.
22 January 2007
Zimbali
Sponsor to the company
BDO QuestCo (Pty) Ltd
Date: 22/01/2007 14:37:07 Produced by the JSE SENS Department.
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