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ADRENNA PROPERTY GROUP LIMITED - Audited Results for the Year Ended 28 February 2013

Release Date: 31/05/2013 11:53
Code(s): ANA     PDF:  
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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
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