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ORE
ORE
ORE - Orion Real Estate - Unaudited interim consolidated results of the group
for the six months ended 31 December 2006
Orion Real Estate Limited
(formerly Alpina Investment Holdings Limited)
Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE & ISIN: ZAE000075651
("Orion Real Estate" or "the company")
UNAUDITED INTERIM CONSOLIDATED RESULTS OF THE GROUP FOR THE SIX MONTHS ENDED 31
DECEMBER 2006
(All amounts given in Rands unless stated otherwise)
CONSOLIDATED INCOME STATEMENT Unaudited six Unaudited six Audited year
months ended months ended ended 30
31 December 31 December June 2006
2006 2005
Revenue 10 782 971 10 252 459 16 131 084
Recoveries 1 265 614 -- 1 543 996
Operating costs -8 983 065 -6 865 421 -14 325 947
Operating profit 3 065 520 3 387 038 2 950 843
Interest Income 309 549 2 216 209 490
Straight line operating lease 372 075 -- 766 165
adjustment
Revaluation of properties 5 928 000 -- 34 202 191
Profit on sale of investment 3 129 232 -- --
properties
Finance charges -6 778 254 -4 935 907 -11 660 191
Profit/ (loss) before 6 026 122 -1 546 653 27 648 350
taxation
Taxation -2 071 974 359 077 -6 652 832
Profit/(loss) for year 3 954 14 8 -1 187 576 20 995 518
-
Earnings per linked unit 2.18 -5.62 14.10
(cents)
Diluted earnings per linked 2.18 -5.62 14.10
unit (cents)
Headline profit (loss) per 0.10 -5.62 -3.17
linked unit (cents)
Diluted headline profit 0.10 -5.62 -3.17
(loss) per linked unit
(cents)
Net asset value per linked 36.69 64.11 33.73
unit at end of period (cents)
Number of linked units at end 179 264 001 21 139 125 188 286 200
of period
Weighted number of linked 181 796 833 21 139 125 148 859 622
units
Diluted number of linked 181 796 833 21 139 125 148 859 622
units
Reconciliation between net
earnings and headline
earnings
Net profit/(loss) per Income 3 954 147 -1 187 576 20 995 518
Statement
- Fair value adjustment to -5 928 000 -- -34 202 191
investment property
- Tax effect as a result of 2 164 560 -- 9 673 274
the above
Headline earnings/(loss) 190 707 -1 187 575 -4 713 252
CONSOLIDATED BALANCE SHEET Unaudited six Unaudited Audited year
months ended six months ended 30 June
31 December ended 31 2006
2006 December
2005
Investment properties 159 740 403 90 700 001 175 204 284
Tangible assets 353 425 106 903 391 437
Deferred tax 688 886 1 522 440 808 887
Loans receivable and rental 5 242 211 3 954 421 4 692 119
smoothing
Current assets 57 041 187 1 451 662 48 924 718
Total assets 223 066 112 97 735 427 230 021 446
Shareholders` equity 20 841 159 -5 063 931 17 737 012
Subordinated debentures 44 929 375 18 615 345 45 779 375
Deferred tax 12 360 502 4 055 495 10 408 528
Long-term borrowings 136 070 079 71 779 670 124 848 665
Current liabilities 8 864 997 8 348 848 31 247 866
Total equity and liabilities 223 066 112 97 735 427 230 021 446
CONSOLIDATED CASH FLOW Unaudited six Unaudited Audited year
STATEMENT months ended six months ended 30 June
31 December ended 31 2006
2006 December
2005
Net cash flow from operating -3 394 517 -2 758 133 -4 502 775
activities
- Cash generated from 3 074 188 2 452 079 7 320 681
operations
- Interest received 309 549 2 216 209 490
- Interest paid -6 778 254 -4 935 907 -11 660 191
- Taxation paid -- -276 520 -372 755
Net cash inflow (outflow) 12 699 383 4 225 820 -65 201 983
from investing activities
Net cash (outflow) inflow -8 319 610 -2 020 116 68 156 505
from financing activities
Net increase/ (decrease) in 985 256 -552 429 -1 548 253
cash and cash equivalents
Cash and cash equivalents at -772 043 776 210 776 210
the beginning of the period
Cash and cash equivalents at 213 213 223 781 -772 043
the end of the period
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Vendors Distributabl Total
capital premium share e reserve
subscriptio
n
commitment
Balance at 30 161 786 3 516 635 3 158 964 -17 639 418 -10 802 033
June 2004
Straight line 3 059 381 3 059 381
operating
lease
adjustment
Restated 161 786 3 516 635 3 158 964 -14 580 037 -7 742 652
balance at 30
June 2004
Issue of 19 605 3 881 750 -3 158 964 - 742 391
shares
Attributable - - - -1 324 508 -1 324 508
loss for 6
months
Balance at 31 181 391 7 398 385 - -15 904 545 -8 324 769
December 2004
Issue of - -3 881 - - -3 881 750
debentures 750
incorrectly
classified as
share premium
Attributable - - - 8 300 164 8 300 164
profit for 6
months
Balance at 30 181 391 3 516 635 - -7 604 381 -3 906 355
June 2005
Further losses - - - -1 053 622 -1 053 622
on disposal of
subsidiary
Restated 181 391 3 516 635 - -8 658 003 -4 959 977
balance at 30
June 2005
Issue of 30 000 - - - 30 000
shares
Attributable - - - -1 187 576 -1 187 576
loss for 6
months
Balance at 31 211 391 3 516 635 - -9 845 579 -6 117 553
December 2005
Issue of 1 671 471 - - - 1 671 471
shares
Attributable - - - 22 183 094 22 183 094
profit for 6
months
Balance at 30 1 882 862 3 516 635 - 12 337 515 17 737 012
June 2006
Shares held in -90 212 -759 788 - - -850 000
treasury from
property sales
Attributable - - - 3 954 147 3 954 147
profit for 6
months
Balance at 31 1 792 650 2 756 847 - 16 291 662 20 841 159
December 2006
Commentary on the December 2006 Interim Financial Statements
Operating Performance
Trading conditions were marked by further increases in commercial property
prices (as evidenced by market interest shown in certain of the group`s
portfolio); and reductions in vacancies and increases in property rentals.
Also during the period, R55,7m of 16,48% fixed rate mortgage debt was
successfully refinanced at prime less 1,0%. As a result of these factors
management is pleased to report a significant turnaround in both earnings and
headline earnings together with an 8,8% increase in net asset value per share
to 36,69 cents.
In addition, many prospects for the group going forward are favourable and
the shares continue to trade under a general cautionary:
- Your group has secured the land for a R1bn multi-purpose property
development in Bethlehem in the Free State and will remain the majority
shareholder in the venture in return for providing the land and putting the
project together. Development partners have signed on to the deal and ground
will be broken in early 2008 with the completion of phase 1 (a regional
shopping centre) in early 2009.
- The transfer of the balance of the Gmeiner property portfolio into the
listed company has not yet occurred. When it does, it will be at prices set
out in the Linked Unit Holders Circular of 23 January 2006 but property
values have risen since this date. Management estimates that there are
further unbooked revaluation gains on this portfolio of R60,0m after tax, or
33,5cps of additional net asset value.
- Management`s challenge of the Spoornet expropriation is expected to
yield a more favourable settlement from the Gautrain authorities.
Corporate actions
No dividends or debenture distributions have been declared for the period
under review.
Johannesburg
14 March 2007
Directors: RS Wilkinson* (Chairman) F Gmeiner (Managing Director), AC
Gmeiner, K Rothmann*
*Non-executive
Company Secretary: Corporate Governance Facilitators CC
Registered Office: 43 Wierda Road West, Wierda Valley, Sandton
Transfer Secretaries: Computershare Investors services 2004 (Proprietary)
Limited
Sponsor: Arcay Moela Sponsors (Proprietary) Limited
Auditors: Horwath Leveton Boner
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 14/03/2007 12:00:01 Produced by the JSE SENS Department.
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