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Audited Results for the Year Ended 28 February 2013
Adrenna Property Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
(JSE share code: ANA ISIN: ZAE000163580)
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2013
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Year ended
28 February 29 February
2013 2012
R'000 (audited) (audited)
Revenue 29 780 26 324
Cost of sales (1 452) -
Gross profit 28 328 26 324
Operating income before interest and 12 590 9 243
revaluations
Fair value adjustment on investment 10 848 2 697
properties
Investment income 1 069 62
Finance costs (8 052) (8 106)
Net income before taxation 16 455 3 896
Taxation (5 925) (186)
Income after taxation from continuing 10 530 3 710
operations
Loss after taxation from disposal group - (56 909)
Income/(loss) for the year 10 530 (53 199)
Income/(loss) attributable to:
Ordinary shareholders 10 530 (53 199)
Non-controlling interests -
Other comprehensive income - -
Total comprehensive income/(loss)
attributable to:
Ordinary shareholders 10 530 (53 199)
Non-controlling interests - -
10 530 (53 199)
Operating income before interest and
revaluations is arrived at after:
Audit fees 404 432
Depreciation owned assets 5 -
Legal fees 194 253
Operating lease payments premises 69 -
Consulting and professional fees 1 683 390
Total staff costs 719 809
Write down of inventory to net realisable 272 4 439
value
Profit on sale of investment property (610) (115)
CONDENSED STATEMENT OF FINANCIAL POSITION
Year ended
28 February 29 February
2013 2012
R'000 (audited) (audited)
Non-current assets
Property, plant and equipment 74 -
Investment properties 197 161 190 053
Investments and loans 8 053 -
Operating lease assets 4 665 3 020
Deferred taxation 3 646 5 344
Goodwill on acquisition 19 -
213 618 198 417
Current assets
Investments and loans 2 275 12 359
Inventory 8 664 10 188
Accounts receivable 1 312 1 905
Operating lease assets 1 491 705
Cash and cash equivalents 510 227
14 252 25 384
Total assets 227 870 223 801
EQUITY AND LIABILITIES
Stated capital and reserves 98 124 87 579
Non-current liabilities
Borrowings 82 188 80 346
Deferred taxation 25 620 22 354
107 808 102 700
Current liabilities
Current portion of borrowings 6 724 17 557
Investments and loans 411 1 727
Accounts payable 3 198 2 370
Taxation 595 222
Bank overdraft 11 010 11 646
21 938 33 522
Total equity and liabilities 227 870 223 801
CONDENSED GROUP STATEMENT OF CASH FLOWS
Year ended
28 February 29 February
2013 2012
R'000 (audited) (audited)
Cash generated/(utilised) by operations 4 911 (4 631)
Net cash inflow/(outflow) from investing 6 315 2 331
activities
Net cash inflow/(outflow) from financing (10 307) (988)
activities
Movement in cash and cash equivalents 919 (3 288)
Cash and cash equivalents at beginning of (11 419) (8 131)
the year
Cash and cash equivalents at end of the year (10 500) (11 419)
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Year ended
28 February 29 February
2013 2012
R'000 (audited) (audited)
Ordinary stated capital 567 567
Share premium - -
Retained earnings
Balance at beginning of the year 87 012 122 652
Acquisition of subsidiary during the year 15 -
Comprehensive income/(loss) attributable to 10 530 (53 199)
ordinary shareholders
Reduction of non-controlling interest due to - 17 559
MBO
Balance at end of the year 97 557 87 012
Reserves attributable to ordinary 97 557 87 012
shareholders
Reserves attributable to non-controlling - -
interests
Total reserves 97 557 87 012
Total equity 98 124 87 579
SUPPLEMENTARY INFORMATION
Year ended
28 February 29 February
2013 2012
(audited) (audited)
Number of ordinary shares in issue end of 55 915 55 915
the year ('000)
Number of ordinary shares in issue
Beginning of year ('000) 55 915 55 915
Weighted average ('000) 55 915 55 915
Reconciliation of headline earnings per
share (R'000)
Net income/(loss) per statement of
comprehensive income
Continuing operations 10 530 3 710
Disposal group - (56 909)
Profit on sale of investment property
Continuing operations (610) (115)
Disposal group
Loss on sale of property, plant and
equipment
Continuing operations
Disposal group - 156
Continuing operations 23
Disposal group - 19 384
Reversal of provisions
Continuing operations - (100)
Disposal group - (775)
Forgiveness of debt
Continuing operations
Disposal group - (872)
Revaluation of investment property (net of
taxation)
Continuing operations (6 609) (2 000)
Disposal group -
Headline earnings/(loss)
Continuing operations 3 334 1 495
Disposal group - (39 016)
Basic earnings/(loss) and diluted earnings
per share
Continuing operations (cents) 18,8 6,6
Disposal group (cents) - (101,7)
Headline earnings/(loss) and diluted
headline earnings per share
Continuing operations (cents) 5,9 2,7
Disposal group (cents) - (69,78)
Dividends per share (cents)
Net asset value per share (cents) 174,5 156,6
Net tangible asset value per share (cents) 174,5 156,6
Contingent liabilities (R'000)
There are no instruments in issue that have a dilutive effect on earnings.
NOTES:
BASIS OF PREPARATION
These audited condensed consolidated financial statements have been
prepared in accordance with IAS 34: Interim Financial Reporting, the
requirements of the Companies Act, No.71 of 2008, and the Listings
Requirements of the JSE Limited. The audited condensed consolidated
results have been prepared on the going concern basis as the directors are
of the view that the group has adequate resources in place to continue in
operation for the foreseeable future. The accounting policies applied are
in compliance with International Financial Reporting Standards, the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee
and Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council and are consistent with those applied in the
most recent annual financial statements.
AUDITED RESULTS
These condensed consolidated annual financial statements have been audited
by our auditors, RSM Betty & Dickson (Johannesburg). A copy of their
unmodified audit report is available for inspection at the company's
registered office.
PREPARER
These condensed results were prepared under the supervision of Hartmann
Beukes in his capacity as the Financial Director.
GENERAL REVIEW AND FINANCIAL RESULTS
Despite the continued depressed state of the market in which the group
operates, stringent controls and continuous emphasis on tenancy levels
within the group's investment properties resulted in an increase in net
profit after taxation being achieved.
SEGMENTAL REPORTING
Operating revenue and income/(loss) before taxation (after elimination of
intragroup transactions and balances) has been incurred by the segments,
as follows:
28 February 29 February
2013 2012
R'000 (audited) (audited)
Investment property holding 29 780 26 324
Property-related services - -
Property held for resale - -
Head office administration - -
29 780 26 324
Income/(loss) before taxation
Investment property holding 21 946 7 099
Property-related services (229) -
Property held for resale - -
Head office administration (5 262) (3 203)
16 455 3 896
Investment property holdings 217 434 211 570
Property-related services 2 -
Property held for resale - -
Head office administration 10 434 12 231
Total assets 227 870 223 801
Investment property holdings 117 436 125 318
Property-related services 1 032 -
Property held for resale - -
Head office administration 11 278 11 304
Total liabilities 129 746 136 622
A geographical segmental report is not presented as the majority of the
group's operations are carried out in the Western Cape region.
Segmental aggregation is based on the main sources of revenue generated
from investment property holding, property-related services and head
office administration.
ANNUAL FINANCIAL STATEMENTS
The audited annual financial statements for the year ended 28 February
2013 together with a notice of the annual general meeting to be held on
25 July 2013, will be mailed to shareholders on 31 May 2013. Copies of the
annual financial statements are available from bernard@rmsprop.co.za.
ACCOUNTING POLICIES
The accounting policies applied by the group are consistent with those
applied in the comparative financial periods, except for the adoption of
improved, revised or new standards and interpretations. The aggregate
effect of these changes in respect of the year ended 28 February 2013 is
Rnil.
SUBSEQUENT EVENTS
No material matters have occurred subsequent to 28 February 2013 that
require disclosure.
DIVIDENDS
Taking into account the impacts of the depressed economy and related
problems in the property industry the directors have resolved to retain
cash in the group to ensure future growth. As such no dividend has been
recommended.
31 May 2013
DIRECTORS:
R P Fertig (Chief Executive Officer)
W P Alcock (Chairman)
H Beukes CA(SA) (Appointed 25 March 2013)
B W Kaiser (Resigned 25 March 2013)
B Mothelesi*
M Moela*
(Non-executive)
(*Independent non-executive)
COMPANY SECRETARY:
B W Kaiser
REGISTERED OFFICE:
2969 William Nicol Drive, Bryanston, Sandton, 2196
TRANSFER SECRETARIES:
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001
SPONSOR:
Arcay Moela Sponsors Proprietary Limited
Date: 31/05/2013 11:53:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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