Wrap Text
Unaudited Abridged Interim Results for the Period Ended 30 June 2013
BONATLA PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/014533/06)
Share code: BNT ISIN: ZAE000013694
("Bonatla" or "the company" or "the group")
UNAUDITED ABRIDGED INTERIM RESULTS
FOR THE PERIOD ENDED 30 JUNE 2013
ABRIDGED CONDENSED STATEMENTS OF FINANCIAL POSITION
As at As at As at
30 June 30 June 31 December
2013 2012 2012
6 months 6 months Year
Unaudited Unaudited Audited
R'000 R'000 R'000
ASSETS
Non-current assets 198 649 424 132 394 381
Property, plant and equipment 47 762 49 822 50 521
Investment property 220 000 189 500
Goodwill 45 000 45 000 45 000
Other intangible assets 1 1
Investments 1 178 1 604 1 178
Prepayments 54 205 54 871 54 497
Deferred taxation 504 2 353 3 684
Deposit 50 000 50 481 50 000
Current assets 119 213 77 444 88 695
Inventories 715 321 217
Trade and other receivables 117 366 74 888 86 601
Prepayments current portion 583 582 833
Cash and cash equivalents 549 1 653 1 044
Assets held for sale 183 001 13 000 40 500
Total assets 500 863 514 576 523 576
EQUITY AND LIABILITIES
Equity capital and reserves 375 816 380 119 376 829
Share capital 256 070 227 340 256 070
Shares to be issued 221 857 247 067 221 857
Accumulated loss (99 666) (89 183) (100 180)
Other reserves (918) (918)
Non-controlling interests (1 527) (5 105)
Non-current liabilities 30 091 79 375 80 649
Borrowings long term 22 592 56 070 54 676
Deferred taxation 7 499 23 305 25 973
Current liabilities 31 225 55 082 66 098
Borrowings short term 11 403 32 619 28 423
Trade and other payables 17 467 14 117 29 232
Bank overdraft 566 1 952 2 521
Taxation 1 789 6 394 5 922
Liabilities associated with assets held
for sale 63 731 - -
Total equity and liabilities 500 863 514 576 523 576
cents cents cents
Net asset value per share 29,94 31,16 30,02
Net tangible asset value per share 26,36 27,47 26,44
Ordinary shares in issue (including to be issued) 1 255 099 285 1 219 849 285 1 255 099 285
Diluted asset value per share 29,94 31,16 30,02
Diluted tangible asset value per share 26,36 27,47 26,44
Total shares (ordinary and preference) and including
to be issued 1 255 099 285 1 219 849 285 1 255 099 285
ABRIDGED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the For the For the
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
R'000 R'000 R'000
Revenue 21 257 16 449 29 515
Cost of sales (6 040) (10 924) (18 215)
Gross margin 15 217 5 525 11 300
Other income 35 1 050 1 249
Operating costs (12 767) (12 744) (34 472)
Fair value adjustment 24 440 21 440
Goodwill impairment (1 387)
Loss on disposal of subsidiaries (1 375)
Operating (loss)/profit (277) 18 271 (483)
Results from operating activities (277) 18 271 (483)
Investment revenue 13 1 13
Finance charges (4 869) (7 250) (13 849)
(Loss)/Profit before taxation (5 133) 11 022 (14 319)
Taxation 4 120 (7 290) (7 642)
(Loss)/Profit from continuing operations (1 013) 3 732 (21 961)
Loss from discontinued operations (5 396) (5 395)
Loss for the period (1 013) (1 664) (27 356)
Other comprehensive loss (370)
Total comprehensive loss for the period (1 013) (1 664) (27 726)
Attributable to:
owners of the parent continuing operations 514 8 837 (3 079)
discontinued operations (5 396) (5 395)
514 3 441 (8 474)
non-controlling interest (1 527) (5 105) (19 252)
Total comprehensive loss for the period (1 013) (1 664) (27 726)
Loss for the period (1 013) (1 664) (27 356)
Attributable to:
owners of the parent continuing operations 514 8 837 (2 709)
discontinued operations (5 396) (5 395)
514 3 441 (8 104)
non-controlling interest (1 527) (5 105) (19 252)
Loss for the period (1 013) (1 664) (27 356)
Earnings per share information (cents)
Earnings/(loss) per share 0,04 0,28 (0,66)
Diluted earnings/(loss) per share 0,04 0,28 (0,66)
Headline earnings/(loss) per share 0,26 (1,00) (1,54)
Diluted headline earnings/(loss) per share 0,26 (1,00) (1,54)
Weighted average ordinary shares in issue for basic and
headline earnings/(loss) per share 1 255 099 285 1 219 849 285 1 225 698 601
Weighted average ordinary and preference shares in
issue for diluted earnings/(loss) per share 1 255 099 285 1 219 849 285 1 225 698 601
ABRIDGED CONSOLIDATED STATEMENTS OF CASH FLOW
Restated Restated
As at As at As at
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 6 months
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash outflows from operating activities (14 128) (12 306) (7 364)
Cash inflows/(outflows) from investing activities 20 461 (611) (1 141)
Cash (outflows)/inflows from financing activities (4 168) 16 762 11 172
Net increase in cash and cash equivalents 2 165 3 845 2 667
Cash and cash equivalents at the beginning of the period (1 477) (4 144) (4 144)
Cash and cash equivalents at the end of the period 688 (299) (1 477)
ABRIDGED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Retained
earnings/
Restated (Accumu- Non-
Share Share Treasury Shares to Other lated controlling
capital premium shares be issued reserves loss) interests Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 31 December 2011 5 002 220 838 (17 461) 267 148 (548) (92 076) 382 903
Ordinary shares to be issued
cancelled (1 120) (1 120)
Ordinary shares issued 200 1 300 (1 500)
Net profit/(loss) for the
six months 3 441 (5 105) (1 664)
Balance at 30 June 2012 5 202 222 138 (17 461) 264 528 (548) (88 635) (5 105) 380 119
Ordinary shares issued 3 495 25 235 (28 730)
Ordinary shares to be issued 3 520 3 520
Net loss for the six months (370) (11 545) (14 147) (26 062)
Equity contribution 19 252 19 252
Balance at 31 December 2012 8 697 247 373 (17 461) 239 318 (918) (100 180) 376 829
Net profit/(loss) for the
six months 514 (1 527) (1 013)
Balance at 30 June 2013 8 697 247 373 (17 461) 239 318 (918) (99 666) (1 527) 375 816
COMMENTARY
1. Basis of preparation
The unaudited abridged interim results for the six months ended 30 June 2013 (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. Commentary on results
The revenue increased in the period under review by 29,23%, cost of sales decreased by 44,71% while operating
costs remained static. The increase in revenue is mainly attributable to performance fees charged. The gearing
ratio of the company reduced from 23,3% to 19,6%. This allowed the group to place itself in a stronger financial
position for sustainability and growth of its operations.
3. Segmental analysis
The basis of segmentation has remained the same as used in the last annual financial statements.
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
Segmented assets R'000 R'000 R'000
Investment property Leisure 55 037 55 586 55 314
Investment property Industrial 45 443 50 409 51 363
Investment property Commercial and Retail 258 324 333 162 323 032
Head office 64 100 19 768 21 859
Manufacturing 77 959 55 651 72 008
Consolidated 500 863 514 576 523 576
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
Segmented liabilities R'000 R'000 R'000
Investment property Leisure
Investment property Industrial 7 952 8 014 8 414
Investment property Commercial and Retail 65 501 79 521 82 401
Head office 47 130 39 649 48 706
Manufacturing 4 464 7 273 7 226
Consolidated 125 047 134 457 146 747
The investment property assets and liabilities reduced in tandem as a consequence of the disposal of property
assets.
Segment revenues and results by reportable segment: income statement
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
Net revenue after elimination of inter-segment revenue R'000 R'000 R'000
Continuing operations
Investment property Leisure
Investment property Industrial
Investment property Commercial and Retail 12 445 14 655 28 647
Head office 8 200 1 002
Manufacturing 612 792 868
Total revenue 21 257 16 449 29 515
30 June 30 June 31 December
Segment results after elimination of inter-segment 2013 2012 2012
revenue and costs 6 months 6 months 12 months
R'000 R'000 R'000
Investment property Leisure (291) (292) (661)
Investment property Industrial (3 086) (64) (424)
Investment property Commercial and Retail 3 420 4 508 8 579
Head office 8 037 (6 042) (19 023)
Manufacturing (5 595) (4 279) (10 394)
Results from operating activities 2 485 (6 169) (21 923)
Investment revenue 13 1 13
Finance charges (4 869) (7 250) (13 849)
Loss before taxation and discontinued operations (2 371) (13 418) (35 759)
Fair value adjustment 24 440 21 440
Goodwill impairment (1 387)
Loss on disposal of subsidiaries (1 375)
(Loss)/Profit before taxation and discontinued operations (5 133) 11 022 (14 319)
Taxation 4 120 (7 290) (7 642)
Loss from discontinued operations (5 396) (5 395)
Other comprehensive loss (370)
Total comprehensive loss (1 013) (1 664) (27 726)
4. Investment property
Austin Crossing was disposed of for R5,8 million, Bishops Court for R23,0 million, Milestone Place for R9,0 million
and Property 259 for R14,0 million. Agreements have been included for the disposals of Milestone Properties
and Property 259 with effect from 1 June 2013. Detail of all disposals have been separately announced.
5. Interest in subsidiaries
The company has increased its interest in the activated carbon and charcoal business from 51% to 90%.
6. Non-current assets held for sale
The company intends to dispose of the following investments: Madeline Street, Flextronics, Chambers and Nungu
during 2013.
7. Share capital
Share capital
and share
Reconciliation premium Number of
000's shares
Shares issued 31 December 2012 8 697 869 724 813
ordinary share capital 8 697
share premium 247 373
Total 30 June 2013 256 070 869 724 813
8. Shares to be issued
Ordinary 12 Bluezone property acquisitions 268 971 369 969 272
settle liabilities 7 520 85 250 000
Total number of ordinary shares in issue (and to be issued) 276 491 455 219 272
Less:
Fair value of shares to be issued adjustment (three Investment properties
companies acquired in 2011) (37 173)
Treasury shares (17 461) (69 844 800)
Fair value shares to be issued at 30 June 2013 221 857 385 374 472
Total issued shares and shares to be issued 1 255 099 285
Weighted average shares in issue for basic and headline earnings/(loss) per share 1 255 099 285
Weighted average shares in issue for diluted basic and headline earnings/(loss)
per share 1 255 099 285
9. Minority interests
The minority shareholders in the activated carbon and charcoal business shared in their proportions of the loss
(R1,53 million) made during the first six months of 2013.
10. Borrowings
Total borrowings decreased from R83,0 million to R73,5 million at 30 June 2013.
11. Loss from discontinued operations
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
R'000 R'000 R'000
The net cash inflows from the discontinued operations is as
follows:
Cash inflows from operating activities 31
Cash inflows from investing activities
Cash inflows from financing activities
Net increase in cash and cash equivalents 31
Cash and cash equivalents at the beginning of the period (31)
Cash and cash equivalents at the end of the period
Reflected on the statements of financial position as follows:
Cash and cash equivalents
Bank overdraft
Total as per above
The breakdown of the loss from discontinued operations is
as follows:
Revenue
Cost of sales
Gross margin
Other income
Operating expenses (5 396) (5 396)
Results from operating activities (5 396) (5 396)
Investment income
Finance charges
Loss before taxation (5 396) (5 396)
Taxation
Loss after taxation (5 396) (5 396)
12. Reconciliation of headline profit/(loss)
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
R'000 R'000 R'000
Profit attributable to ordinary equity holders of the parent entity 514 3 441 (8 104)
Goodwill impairment 1 387 4 261 4 261
Fair value adjustment (net of deferred tax) (19 878) (15 003)
Loss on disposal of subsidiaries 1 375
Headline profit/(loss) 3 276 (12 176) (18 846)
Earnings per share information cents cents cents
Earnings/(loss) per share 0,04 0,28 (0,66)
Diluted earnings/(loss) per share 0,04 0,28 (0,66)
Headline earnings/(loss) per share 0,26 (1,00) (1,54)
Diluted headline earnings/(loss) per share 0,26 (1,00) (1,54)
Weighted average shares in issue for basic and headline
earnings/(loss) per share 1 255 099 285 1 219 849 285 1 225 698 601
Weighted average shares in issue for diluted basic and headline
earnings/(loss) per share 1 255 099 285 1 219 849 285 1 225 698 601
13. Events after the reporting date
The company is engaged in negotiations for certain disposals and acquisitions which are expected to be
announced in due course.
14. Dividends
No dividends were declared during the period.
15. Management of the property portfolio
There are no appointed asset managers and this function is managed by the company during the period under
review.
The property management function is carried out by CDA Property Consultants (Pty) Limited, of which the sole
shareholder is C Douglas, who also is an executive director of Bonatla.
16. Board of directors
* Mr RL Rainier re-elected as director on 28 August 2013
# Mr MH Brodie re-elected as director on 28 August 2013
* Mr DA Scott resigned as director on 31 May 2013
* Mr NG Vontas CEO
# Mr SST Ngcobo resigned as director on 12 April 2013
* Ms C Douglas
* Mr W Voigt Financial Director
* executive directors
# non-executive and independent directors
17. Contingent liabilities
The directors are not aware of any contingent liabilities that, in their opinion, may have a material effect on
Bonatla's financial position.
18. Future prospects
The activated carbon and charcoal business is expected to return to profitability in 2014. The facility will be
substantially expanded during the forthcoming financial year.
The company is engaged in various disposal and acquisition negotiations which will be finalised in accordance
with required shareholders' approval.
19. Change in company secretary
The company secretary changed to Arcay Client Support (Pty) Ltd during the period under review.
20. Preparation of report
This report has been prepared by Wilfried Voigt, Financial Director.
21. Renewal of cautionary announcement
Shareholders are referred to the previous cautionary announcements dated 6 March 2013, 22 April 2013,
5 July 2013, 8 July 2013, 19 August 2013 and 1 November 2013, 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.
4 November 2013
Johannesburg
Directors
MH Brodie, NG Vontas, RL Rainier, C Douglas, W Voigt
Registered address
31, 8th Street, Houghton, Johannesburg, 2198
Company secretary
Arcay Client Support (Pty) Limited
Transfer secretaries
Computershare Investor Services (Pty) Limited
Auditors
Nolands Inc.
Sponsors
Arcay Moela Sponsors (Pty) Limited
Date: 04/11/2013 02:12:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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