ORION REAL ESTATE LIMITED - Supplementary Announcement to the Unaudited Results for the 6 months ended 31 December 2018

Supplementary Announcement to the Unaudited Results for the 6 months ended 31 December 2018

ORION REAL ESTATE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000201695
("Orion Real Estate Limited or “the Company” or “the Group”)


SUPPLEMENTARY ANNOUNCEMENT TO THE UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2018


Shareholders are referred to the interim results announcement published on 17 May 2019. It was noted that
the results had been restated for the period ended 31 December 2017. This restatement arose as a result of
the restatement of the results for the year ended 30 June 2017 as fully detailed in the announcement
published on 9 May 2019. Details of the impact of the restatement of the interim results for the six months
ended 31 December 2017 are set out below:

1. Restatement of Statement of Comprehensive Income for the six months ended 31 December 2017

   Interest on shareholder loan - prior period error
   During the 2018 audit it was decided to raise interest on loans to shareholder for 2016 and 2017 at repo
   rate plus 1% on the year-end balance. Accordingly, interest income of R1 407 680 was recognised for the
   six months ended 31 December 2017, with a tax effect of Rnil. This also resulted in a change to the earnings
   and headline earnings per share. A summary of the line items affected is presented below:

    Statement of Comprehensive Income for the          As previously
    period ended 31 December 2017                           reported         Adjustments         As restated
    Finance income                                         2 145 863           1 407 680           3 553 543
    Taxation                                                       -                   -                   -
    Profit after taxation                                  8 099 871           1 407 680           9 507 551
    Per share information:
    Basic earnings per share (cents)                            1.29                0.23                1.52
    Headline earnings per share (cents)                         1.29                0.23                1.52

2. Restatement of Statement of Financial Position as at 31 December 2017
   The above adjustment had the following impact on the Statement of Financial Position:

    Statement of Financial Position - 31              As previously
    December 2017                                          reported          Adjustments         As restated
    Statement of Financial Position
    Equity
    Retained earnings                                  (487 324 779)         (1 407 680)       (488 732 459)
    Loans to shareholder                                  44 686 474           1 407 680          46 094 154
    Net effect                                         (442 638 305)                   -       (442 638 305)

By order of the board
Johannesburg
28 May 2019

Directors:
RS Wilkinson* DK Mthembu** AC Gmeiner* F Gmeiner (CEO)# TFJ Oosthuizen** A Ritzlmayr#
Independent non-executive** Non-executive* Executive#

Company secretary and registered office                                                  Transfer office
Corporate Governance Facilitators CC                 Computershare Investor Services Proprietary Limited

Registered office                                                                                Sponsor
Registered office and business address                        Arbor Capital Sponsors Proprietary Limited
16th Floor, Orion Real Estate Limited House
49 Jorissen Street, Braamfontein, Johannesburg, 2017

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