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Audited summarised consolidated annual financial statements for the year ended 30 June 2013
Attacq Limited
(previously Atterbury Investment Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT ISIN: ZAE000177218
("Attacq" or "the Company")
AUDITED SUMMARISED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED
30 JUNE 2013
Summarised Consolidated Statement of Financial Position
Audited Audited
30 June 30 June
2013 2012
R'000 R'000
Assets
Non-current assets
Property, plant and equipment 5 666 2 367
Investment properties 9 495 681 8 497 139
Per valuation 9 663 652 8 607 082
Straight-line lease debtor (167 971) (109 943)
Straight-line lease debtor 167 971 109 943
Deferred initial lease expenditure 4 504 4 351
Goodwill - 16 929
Investment in associates 1 145 246 1 156 943
Other investments 58 379 476 997
Deferred tax assets 8 103 4 194
Total non-current assets 10 885 550 10 268 863
Current assets
Inventories 126 304 41 644
Taxation receivable 1 497 711
Trade and other receivables 155 497 81 351
Loans to shareholders - 6 308
Loans to associates 487 142 621 652
Other financial assets 47 368 104 199
Cash and cash equivalents 44 389 200 501
Total current assets 862 197 1 056 366
Non-current assets classified as held for sale 1 601 642 262 122
Total assets 13 349 389 11 587 351
Equity and liabilities
Issued capital and share premium 2 196 594 2 196 596
Distributable reserves 3 170 832 2 442 040
Equity-settled employee benefit reserve 5 488 -
Foreign currency translation reserve 159 (668)
Equity attributable to owners of the holding company 5 373 073 4 637 968
Non-controlling interest 355 831 395 348
Total equity 5 728 904 5 033 316
Non-current liabilities
Long-term borrowings 3 872 731 3 640 378
Deferred tax liabilities 775 434 591 838
Other financial liabilities 70 944 127 331
Provision for liabilities relating to associates 71 355 58 202
Provision for liabilities relating to other investments - 9 049
Finance lease liabilities 624 358 440 148
Total non-current liabilities 5 414 822 4 866 946
Current liabilities
Loans from associates - 9 284
Other financial liabilities 145 257 213 177
Finance lease liabilities 6 662 114 018
Tax payable 25 759 7 198
Trade and other payables 327 990 150 231
Provisions 5 709 -
Current portion of long-term borrowings 1 295 713 1 062 004
Total current liabilities 1 807 090 1 555 912
Non-current liabilities directly associated with assets classified as held for sale 398 573 131 177
Total liabilities 7 620 485 6 554 035
Total equity and liabilities 13 349 389 11 587 351
Cents Cents
Net asset value per share 1 196 1 032
Net asset value per share excluding deferred tax 1 366 1 163
Summarised Consolidated Statement of Comprehensive Income
Audited Audited
30 June 30 June
2013 2012
R'000 R'000
Continuing operations
Gross rental income 628 532 639 856
Rental income 543 279 603 577
Straight-line lease income adjustments 85 253 36 279
Property expenses (212 362) (241 288)
Net rental income 416 170 398 568
Other income 126 348 93 371
Operating and other expenses (288 060) (2 999 593)
Operating profit / (loss) 254 458 (2 507 654)
Fair value adjustments 929 054 996 932
Investment properties 854 817 1 020 769
Other financial assets and liabilities 57 137 (83 138)
Other investments 17 100 59 301
Net income / (loss) from associates 94 430 (43 208)
Investment income 48 345 2 791 701
Finance costs (473 196) (492 349)
Profit before taxation 853 091 745 422
Taxation (202 601) (185 041)
Profit for the year from continuing operations 650 490 560 381
Discontinued operations
Profit from discontinued operations net of taxation 108 788 24 436
Total comprehensive income for the year 759 278 584 817
Attributable to:
Owners of the company 728 792 559 003
Non-controlling interests 30 486 25 814
Earnings per share
From continuing and discontinued operations
Basic (cents) 162.2 118.1
Diluted (cents) 162.0 118.0
From continuing operations
Basic (cents) 138.0 112.9
Diluted (cents) 137.8 112.9
Reconciliation between earnings, headline earnings and distributable earnings
Profit for the year 728 792 559 003
Headline earnings adjustments (net of tax and non-controlling interest) (776 393) (493 663)
Loss on disposal of associates - 16 879
Profit on disposal of other investment (40 080) (401)
Profit on sale of subsidiaries (10 240) -
Reversal of impairment of loans (17 610) (8 941)
Profit on disposal of investment property (9 587) -
Impairment of associates and other investments 69 190 -
Impairment of goodwill 16 929 147 366
Loans impaired 32 836 -
Fair value adjustments (728 914) (683 708)
Net (income) / loss from associates (88 917) 35 142
Headline (loss) / earnings (47 601) 65 340
Distributable (loss) / earnings adjustments (net of tax and non-controlling interest) (10 709) 31 207
Straight-line lease income adjustments (54 529) (26 108)
Finance lease interest 44 366 57 362
Actual lease payments (546) (47)
Distributable (loss) / earnings (58 310) 96 547
Number of shares in issue 449 406 150 449 406 150
Weighted average number of shares in issue 449 406 150 473 372 528
Weighted average number of shares in issue for purposes of diluted earnings 449 861 909 473 627 148
Headline (loss) / earnings per share
Basic and diluted (cents) (10.6) 13.8