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BNT - Bonatla Property Holdings Limited - Unaudited consolidated condensed

Release Date: 31/10/2011 08:24
Code(s): BNT
Wrap Text

BNT - Bonatla Property Holdings Limited - Unaudited consolidated condensed results for the six months ended 30 June 2011 BONATLA PROPERTY HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1996/014533/06) Share code: BNT ISIN code: ZAE000013694 ("Bonatla" or "the company") UNAUDITED CONSOLIDATED CONDENSED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 ABRIDGED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at As at As at 30 June 30 June 31 December
2011 2010 2010 6 months 6 months Year Unaudited Unaudited Audited R`000 R`000 R`000
ASSETS Non-Current assets 380 477 157 312 324 629 Property, plant and 25 294 24 904 24 702 equipment Investment property 216 310 20 750 189 810 Goodwill 3 261 4 418 3 261 Other intangible assets 28 145 1 286 1 193 Investments 2 096 - - Prepayments 55 371 55 954 55 663 Deposit 50 000 50 000 50 000 Current assets 88 846 7 455 62 283 Trade and other receivables 87 405 6 842 60 546 Prepayments - current 582 582 582 portion Cash and cash equivalents 859 31 1 155 Non- current assets held for 42500 14 900 40 000 sale Total assets 511 823 179 667 426 912 EQUITY AND LIABILITIES Equity capital and reserves 403 108 153 608 335 880 Share capital 254 570 254 570 254 570 Shares to be issued 238 308 - 190 491 Accumulated loss (89 770) (100 962) (109 181) Non-current liabilities 64 795 20 443 46 325 Borrowings - long term 51 929 19 589 36 676 Deferred taxation 12 866 854 9 649 Current Liabilities 43 920 5 616 44 707
Borrowings - short term 29 653 3 403 37 594 Trade and other payables 8 844 2 213 6 002 Taxation 4 153 - 1 111 Bank overdraft 1 270 - - Total equity and liabilities 511 823 179 667 426 912 cents cents cents Net asset value per share 61.09 30.71 50.78 Net tangible asset value per 56.33 29.57 50.11 share Ordinary Shares in issue 659 815 961 500 209 728 661 377 814 (including to be issued) Diluted asset value per 42.25 30.71 40.24 share Diluted tangible asset value 38.96 29.57 39.71 per share Total shares (ordinary and 954 179 000 500 209 728 834 648 934 preference) and including to be issued STATEMENTS OF COMPREHENSIVE INCOME
Revenue 20 477 6 172 24 266 Other income 6 763 17 20 Operating costs (16 415) (3 885) (11 702) Goodwill - impairment (35) - (38 432) Bargain purchase 15 927 - 21 840 Operating profit / (loss) 26 717 2 304 (4 008)
Results from operating 26 717 2 304 (4 008) activities Interest received 1 501 2 591 Finance charges (4 978) (1 341) (3 417) Profit / (loss) before 23 240 965 (6 834) taxation Taxation (3 829) (94) (514) Profit / (loss) after 19 411 871 (7 348) taxation Earnings per share information (cents) Earnings / (loss) per share 2.94 0.18 (1.41) Diluted earnings / (loss) 2.33 0.18 (1.33) per share Headline earnings per share 0.53 0.40 1.95 Diluted headline earnings 0.42 0.40 1.83 per share and headline earnings / 659 689 468 488 007 314 519 933 830 (loss) per share issue for diluted earnings / 834 535 780 488 007 314 553 638 623 (loss) per share STATEMENTS OF CHANGES IN EQUITY Convertible Retained preference earnings / Share Share Share Shares to (Accumulated Capital Capital Premium be issued loss) Total R`000 R`000 R`000 R`000 R`000 R`000 GROUP
Balance at 31 December 4 561 287 245 662 1 900 (101 833) 150 577 2009 Shares 441 - 3 619 issued in (1 900) - 2 160 2010 Profit for the 6 - - - - months 871 871 Balance at 5 002 287 249 281 - 153 608 30 June (100 962) 2010 Shares to - - - 190 491 - be issued 190 491 in 2011 Net (loss) - - - - for the 6 (8 219) (8 219) months Balance at 31 5 002 287 249 281 190 491 (109 181) 335 880 December 2010 Shares to - - - 47 817 - 47 817 be issued in 2011 Net profit - - - - 19 411 19 411 for the 6 months Balance at 5 002 287 249 281 238 308 (89 770) 403 108 30 June 2011 STATEMENTS OF CASH FLOW As at As at As at 30 June 30 June 31 December 2011 2010 2010 6 months 6 months Year
Unaudited Unaudited Audited R`000 R`000 R`000 Cash (outflows) from operating (23 448) (2 258) (8 641) activities Cash inflows / (outflows) from 30 099 (5) 10 889 investing activities Cash (outflows) / inflows from (8 217) 1 750 (1 637) financing activities
Net (decrease) / increase in (1 566) (513) 611 cash and cash equivalents Cash and cash equivalents at 1 155 544 544 the beginning of the period Cash and cash equivalents at (411) 31 1 155 the end of the period COMMENTARY 1 Basis of preparation The unaudited abridged interim results for the six months ended 30 June 2011 (prepared in accordance with IAS 34 - Interim Financial Reporting) have been prepared in accordance with accounting policies consistent with International Financial Reporting Standards and with those applied in previous periods. 2 Overview (from 30 June 2010 to 30 June 2011) GROSS REVENUE 232% up HEADLINE PROFIT 304% up EARNINGS PER SHARE 1533% up HEADLINE EARNINGS PER SHARE 32.5% up TOTAL ASSETS 185% up NET ASSETS 162% up NET ASSET VALUE PER SHARE 99% up INTEREST BEARING DEBT - % OF TOTAL ASSETS 16%
3 Commentary on results The board of directors is pleased to announce that the Group has continued to make increased profits and that the assets under the Groups control have more than doubled, resulting in the net asset value per share increasing substantially from 30.71 cents to 61.09 cents. The Investment Property portfolio, purchased last year, continues to make a substantial contribution to the profit after tax (R 3,603,000). A further 3 investment property companies were acquired on 30 June 2011 and consequently did not contribute to these results.
4 Segmental Analysis 30 June 30 June 31 December
Segmented assets 2011 2010 2010 6 months 6 months 12 months R`000 R`000 R`000
Property Investment - Leisure 55,954 56,536 56,245 Property Investment - 50,218 62,283 94,331 Industrial Property Investment - 336,373 50,000 245,379 Commercial and Retail Document storage 5,626 - 5,472 Holding company 24,708 10,848 25,485 Manufacturing 38,944 - - Consolidated 511,823 175,792 426,912
Segmented liabilities 30 June 30 June 31Decemb er 2011 2010 2010 6 months 6 months 12
months R`000 R`000 R`000 Property Investment - Leisure - - - Property Investment-Industrial 19,286 8,017 769 Property Investment-commercial 45,795 - 43,553 and Retail Document storage - - 5 Holding company 37,263 17,198 46,705 Manufacturing 6,371 - - Consolidated 108,715 25,215 91,032
Segment revenues and results by reportable segment: income statement Revenue 30 June 30 June 31 December 2011 2010 2010 6 months 6 months 12 months
R`000 R`000 R`000 Continuing operations Property Investment - - - - Leisure Property Investment - 1,643 2,163 10,242 Industrial Property Investment - 10,677 - 6,023 Commercial and Retail Document storage - - 48 Holding company 5,284 - 7,953 Manufacturing 2,873 - -
Total Revenue 20,477 2,163 24,266 Results 30 June 30 June 31 December
2011 2010 2010 6 months 6 months 12 months R`000 R`000 R`000
Property Investment - (822) (291) (883) Leisure Property Investment - 1,101 4,339 8,240 Industrial Property Investment - 7,279 1,500 4,085 Commercial and Retail Document storage (148) - (251) Holding company 1,095 (3,244) 2,293 Manufacturing 2,320 - - Results from operating 10,285 2,304 13,484 activities Investment revenue 1,501 2 591 Finance charges (4,978) (1,341) (3,417) Headline profit 7,348 965 10,658 Property revaluation - - (900) Goodwill - impairment (35) - (38,432) Bargain purchase 15,927 - 21,840 Profit / (loss) before 23,240 965 (6,834) taxation
5 Business combinations 100% of the shares and loans of the 3 investment property Companies were acquired on 30 June 2011 with Bonatla taking effective control on this date. The details of these acquisitions are detailed below. Bonatla also acquired 51% of the Karbotek business on 1 January 2011 and the details are detailed below. The 51% interest in this business was acquired to assist the present management in obtaining the activated carbon kiln and running the business to ensure that it obtained reasonable future returns. The Karbotek business achieved a break even position for the 6 months to 30 June 2011.
Fair Fair value Fair (Bar Pofit / value of value gain loss of Proper Other Assets Purchase purc for the
ty hase 6 ) / and consider Good months Liabilities ation will
acquired - Austin Crossing 6,000 (110) 4,175 (1,7 0 Properties (Pty) Ltd - 15) Austin Crossing building - Tropical Paradise 50,000 2,134 37,922 (14, 0 Trading 334 (Pty) Ltd - 212) Flextronics building - Madeline Street 13,000 (1,691) 11,344 35 0 Properties (Pty) Ltd - Madeline Street building
69,000 333 53,441 (15, 0 892) Reflected as - Goodwill impaired - 35 per statement of comprehensive income - Bargain purchase - per (15, statement of 927) comprehensive income - Karbotek 0 27,000 0 27,0 0 business 00 The minority shareholders have guaranteed that this business will not make any losses during 2011 Reflected as Other Intangible 3,00 assets 0 (Intellectual Property) Other Intangible 24,0 assets (customer 00 contracts) Assets and Long Liabilities Term Cash Trade Trade and Deferred Liab Total and other ilit other ies
receiv payables Tax ables - Austin 48 2,547 (2,614) (91) 0 (110) Crossing Properties (Pty) Ltd - Tropical 169 4,777 (5,052) 2,240 0 2,134 Paradise Trading 334 (Pty) Ltd - Madeline 5 2,987 (3,099) (1,584) 0 (1,691) Street Properties (Pty) Ltd 222 10311 (10,765) 565 0 333
Karbotek (0) 731 (22,544) (0) (5,1 (27,000) business 87) Cash paid - Cash received 222 Bank overdraft (3,241) Net Bank (3,019) overdraft These business combinations were accounted for by applying the acquisition method in which the assets acquired and the liabilities assumed were done at fair value. 6 Investments As a result of the last 3 investment property companies acquired in terms of the Section 311 Compromise, Bonatla had to make an investment in these investment property companies` holding companies. 7 Share capital Share capital No. of shares Reconciliation and Share Premium 000`s
Shares issued - 31 500,209,728 December 2010 - ordinary share 5,002 capital - share premium 249,281 - Preference shares 287
Total - 31 December 254,570 500,209,728 2010 Shares to be issued Ordinary - 9 755 75,479,740 Investment property acquisitions - 3 Investment 1 126,493 property acquisitions - 840 84,000,000
settle liabilities Total number of ordinary 1,596 659,815,961 shares in issue (and to be issued) Preference - 9 1,748 174,846,312 Investment property acquisitions - 3 1,195 119,516,727 Investment property acquisitions Share premium - 265,271 ordinary and preference Total 269,810 954,179,000
Less fair value of shares to be issued adjustment (3 Investment properties companies 31,101 Fair value shares to 238,308 be issued
Weighted average shares in issue for basic and headline earnings / (loss) 659,689,468 per share Weighted average shares in issue for diluted basic and headline earnings / 834,535,780 (loss) per share Total borrowings increased by R 7,582,000 from R74,270,000 (at 31 December 2010) to R 81,852,000 at the 30 June 2011.This increase was used to finance the legal and Section 311 application costs relating to the acquisition of the 3 Bluezone Property companies. The majority of the above borrowings will be settled through the future sale of the 2 Bluezone properties - see non-current assets held for sale.
9 Reconciliation of headline profit / (loss) 6 months 6 months Year
ended ended ended 30 June 30 June 31 December 2011 2010 2010 R`000 R`000 R`000
Profit / (loss) 19,411 871 (7,348) after taxation Goodwill - 35 - 38,432 impairment Bargain purchase (15,927) - (21,840) Headline profit / 3,519 871 9,244 (loss) Earnings per share cents cents cents information Earnings / (loss) 2,94 0.18 (1.41) per share Diluted earnings / 2.33 0.18 (1.33) (loss) per share Headline earnings 0.53 0.40 1.95 per share Diluted headline 0.42 0.40 1.83 earnings per share Weighted average shares in issue for basic and headline earnings / 659,689,468 488,007,314 519,933,830 (loss) per share Weighted average shares in issue for diluted basic and headline 834,535,780 488,007,314 553,638,623 earnings / (loss) per share 10 Post balance sheet events Negotiations are currently in progress on the restructuring of the existing preference shares which will be presented to shareholders for approval.
11 Dividends No dividends were declared during the period. 12 Management of the group There are no appointed asset managers and this function has been managed by the company during the period under review. 13 Board of Directors * Mr RL Rainier - Re-elected as director on 21 July 2011 # Mr MH Brodie - Re-elected as director on 21 July 2011 * Mr DA Scott * Mr DBW King * Mr NG Vontas # Mr SST Ngcobo * Ms C Douglas - appointed 16 August 2011 # Mr I Dawood - appointed 16 August 2011 # Mr W Voigt - appointed 26 August 2011 * = executive directors # = non executive directors 14 Future prospects The investments made by Bonatla have established a solid basis for growth, supported by a conservative total interest bearing debt of 15% of total assets. The company is engaged in various acquisition negotiations which will be finalised after the approval of the forthcoming circular to shareholders. 15 Renewal of cautionary announcement Shareholders are referred to the previous cautionary announcements dated 04 January 2011, 20 January 2011, 15 February 2011, 25 March 2011, 6 May 2011, 11 July 2011, 22 August 2011 and 4 October 2011 respectively, and are advised that certain negotiations referred to therein are still in progress. Shareholders are accordingly advised to continue to exercise caution in dealing in their securities until a further announcement in this regard is made. 28 October 2011 Johannesburg
Directors: MH Brodie, SST Ngcobo, DA Scott, DWB King, (CF de Lange - alternate), RL Rainier, C Douglas, I Dawood, W Voigt NG Vontas Registered address: 623 Prince George Ave, Brenthurst, Brakpan, 1541
Company Secretary: Gold Equity Registrars C.C. Transfer Secretaries: Computershare Investor Services (Pty) Ltd Auditors: Nolands Inc. Sponsors: Arcay Moela Sponsors (Pty) Ltd Date: 31/10/2011 08:24:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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