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Turnstar Holdings Limited FY 2014 financial results
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Turnstar Holdings Limited FY 2014 financial results

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Turnstar Holdings Limited FY 2014 financial results

Turnstar Holdings Limited FY 2014 financial results

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  • 1. The Management and the Board of Directors of Turnstar Holdings Limited are pleased to present the Audited Group Financial results for the year ended 31 January 2014. The group consists of Turnstar Holdings Limited (Botswana) Island View (Proprietary Limited, (Botswana) and Mlimani Holdings Limited (Tanzania). We are pleased to report on the performance of the group. FINANCIAL HIGHLIGHTS • 16% increase in lease revenue, to P 223.1m • 33% increase in profit from operations before fair value adjustment • 23% increase in value of Investment property value • 22% increase in NAV per linked unit to 2.34 • 133% increase in earnings per linked unit Performance Group subsidiary (Mlimani) • The subsidiary contributed P94.9 Million to the total group revenue of P223.1 Million representing a 42.2% contribution. • Investment property P739.9 Million representing 43% of the total group investment property of P1.72 Billion • Dividend of P15.8 Million paid to holding company, for the year end 31 January 2014. Company (Turnstar) • Revenue increased by 10.2% • Investment income of P20.45M consists of interest earned from investment in debentures of Mlimani Holdings Limited. • Finance costs reduced by 13.89% to P13.6M due to repayment of USD loan and reduction in interest rates • Fair value of investment property increased by 200.1m. • Profit for the year ended 31 January 2014 up by 38% before fair value adjustment. Group • Group earnings per share (EPS) are 54.56 thebe per share up from 23.40 thebe per share. • Group tax charge of P70.8 million comprises wholly of a deferred tax charge calculated in accordance with IAS 12. • Group profit before fair valuation of investment property and tax increased by 32.6% from P104 Million (2013) to P138.4M • Declared total interest and dividend distribution of 17thebe per share. BOARD MEMBERS Mr G.H Abdoola was appointed as the Managing Director of the company on the 1st June 2013. Michelle Adelman and Pierre Bezuidenhout were appointed to the Board in April 2013. FINAL DISTRIBUTION The Directors have approved a final distribution of 9.30 thebe, split as follows. Debenture interest of 7.866 thebe and 1.434 thebe dividend per share in respect of the six months ended 31 January 2014 to all registered unit holders with the company at close of business on 16th May 2014. Payment of the distribution will be dispatched by the transfer secretaries on or about the 16th June 2014. In accordance with the requirements of the Income Tax Act, withholding tax shall be deducted by the company on the payment of interest and dividends paid to residents and non – resident holders of link units who are not exempt from the withholdings tax provisions of the Act. Dividend income of P8 204 193 is being distributed out of dividend income from an IFSC Company. This is exempt in the hands of ultimate shareholders. FUTURE AND PROSPECTS The Company is pleased to announce the imminent expansion projects of its Game City and Mlimani City properties. Game City will be expanded to include additional retail space including a fashion avenue, restaurant area including a food court, entertainment area and a parkade. The additional space is 80% pre let. Mlimani City Tanzania will be expanded to include additional retail and commercial space including basement parking, additions to the Conference Centre and a Botanical Garden. The additional space is fully pre let. C M Lekaukau G H Abdoola Chairman Managing Director 23.40 54.56 - 10.00 20.00 30.00 40.00 50.00 60.00 2013 2014 Basic Earnings per share(thebe) 15.96 17.00 15.40 15.60 15.80 16.00 16.20 16.40 16.60 16.80 17.00 17.20 2013 2014 Distribution per linked unit(thebe) 1.89 2.32 0.00 0.50 1.00 1.50 2.00 2.50 2013 2014 NAV per unit(thebe) 1404 1722 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2013 2014 Property values (In millions) 23.40 54.56 - 10.00 20.00 30.00 40.00 50.00 60.00 2013 2014 Basic Earnings per share(thebe) 15.96 17.00 15.40 15.60 15.80 16.00 16.20 16.40 16.60 16.80 17.00 17.20 2013 2014 Distribution per linked unit(thebe) Abriged Audited group financial results for the year ended 31 January 2014. Group revenue Profit Before Tax NAV Investment Group Investment Asset Value property Property Value per Linked Unit Directors: C M Lekaukau(Chairman), G H Abdoola (MD), I Nshakazhogwe, N W Armstrong M Nteta , P Pillar, ,M Adelman ( appointed 02/04/2013) , P Bezuidenhout (appointed 02/4/2013) Registered Office : Plot 50370, Fairground Office Park, P O Box 1172 Gaborone Transfer secretaries: Grant Thornton Business Services (Proprietary) Limited, Plot 50370, Fairground Office Park, P O Box 1157, Gaborone Company Number 2000/5302• CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANAURY 2014 FOR THE YEAR ENDED 31 JANUARY 2014 31-Jan-14 31-Jan-13 31-Jan-14 31-Jan-13 Stated capital Linked unit debentures Fair value surplus Foreign currency translation reserve Dividends and debenture interest reserve Sinking fund reserve Retained earnings Total equity and reserves Pula Pula Pula Pula Pula Pula Pula Pula Pula Pula Pula Pula Revenue Rental income 217 482 418 189 585 434 122 513 921 114 820 401 Opening balance of company at 01 February 2012 121 847 049 192 905 290 310 777 941 - 25 645 861 1 591 219 16 115 035 668 882 395 Straightline adjustment 5 620 854 2 711 040 5 679 044 1 543 910 Profit for the year 131 506 187 131 506 187 Total Rental income 223 103 272 192 296 474 128 192 965 116 364 311 Other comprehensive income 34 791 243 34 791 243 Other income 48 918 651 52 087 167 48 003 928 51 554 535 Total comprehensive income for the year 34 791 243 131 506 187 166 297 430 Operating expenses (120 021 705) (112 133 268) (86 970 583) (85 384 028) Dividend income from subsidiary - - 15 845 193 6 130 890 Issue of shares and linked unit debentures towards rights issue and business combination 227 338 489 93 171 512 - - - - - 320 510 001 Forward contract premium - - - - Share issue costs (2 764 983) (2 764 983) Professional fees towards acquisition - (12 470 310) - (12 470 310) Fair value surplus transferred (Turnstar properties) 31 503 736 (31 503 736) - Profit from operations before fair value adjustments 152 000 218 119 780 063 105 071 503 76 195 398 Fair value surplus transferred ( Mlimani Properties) - - 5 055 118 - - - (5 055 118) - Fair value adjustments 244 605 155 40 481 629 200 121 286 29 265 321 Transfer to sinking fund - - - - - 1 508 057 (1 508 057) - Profit from operations 396 605 373 160 261 692 305 192 789 105 460 719 Sinking fund utilised - - - - - (1 530 531) 1 530 531 - Finance income 69 295 428 908 20 448 628 20 637 082 Final debenture interest and dividends paid 31 January 2012 - - - - (25 645 861) - - (25 645 861) Finance cost (13 663 959) (15 869 309) (13 663 959) (15 869 309) Dividends and debenture interest transferred to dividends and debenture interest reserve 91 331 271 (91 331 271) - Profit before taxation 383 010 709 144 821 291 311 977 458 110 228 492 Interim debenture interest and dividends paid 31 July 2012 (44 627 981) (44 627 981) Taxation (70 839 319) (13 315 104) (42 889 692) (3 208 398) Profit for the year 312 171 390 131 506 187 269 087 766 107 020 094 Transactions with unit holders recognised in the statement of changes in equity. 224 573 506 93 171 512 36 558 854 - 21 057 429 (22 474) (127 867 651) 247 471 176 Other comprehensive income Exchange difference on translating foreign operations 21 031 036 34 791 243 - - Balance as at 31 January 2013 346 420 555 286 076 802 347 336 795 34 791 243 46 703 290 1 568 745 19 753 571 1 082 651 001 Total comprehensive income for the year 333 202 426 166 297 430 269 087 766 107 020 094 Profit for the year 312 171 390 312 171 390 Basic earnings per linked unit (in thebe) 54.56 23.40 47.03 19.10 Other comprehensive income 21 031 036 21 031 036 Diluted earnings per linked unit ( in thebe) 54.56 23.40 47.03 19.10 Total comprehensive income for the year - - - 21 031 036 - - 312 171 390 333 202 426 Distribution per linked unit(in thebe) 17.00 15.96 17.00 15.96 Fair value surplus transferred (Turnstar properties) 160 376 463 (160 376 463) - Debenture interest per linked unit(in thebe) 14.23 8.28 14.23 8.28 Fair value surplus transferred ( Mlimani Properties) - - 15 030 521 - - - (15 030 521) - Dividend per linked unit(in thebe) 2.77 7.68 2.77 7.68 Balance in sinking fund reserve transferred to retained earnings - - - - - (1 568 745) 1 568 745 - NAV per unit (thebe) 2.32 1.89 2.10 1.79 Final debenture interest and dividends paid 31 January 2013 - - - - (46 703 290) - - (46 703 290) Number of linked units 572 153 603 572 153 603 572 153 603 572 153 603 Dividends and debenture interest transferred to dividends and debenture interest reserve 97 266 113 (97 266 113) - Interim debenture interest and dividends paid 31 July 2013 (44 055 826) (44 055 826) CONSOLIDATED STATEMENT OF FINANCIAL POSITION - AS AT 31 JANUARY 2014 31-Jan-14 31-Jan-13 Transactions with unit holders recognised in the statement of changes in equity. - - 175 406 984 - 6 506 997 (1 568 745) (271 104 352) (90 759 116) 31-Jan-14 31-Jan-13 Pula Pula Pula Pula ASSETS Balance as at 31 January 2014 346 420 555 286 076 802 522 743 779 55 822 279 53 210 287 - 60 820 609 1 325 094 311 Non-Current Assets 1 811 716 627 1 480 527 235 1 563 633 128 1 342 336 796 Investment property 1 721 543 918 1 404 194 076 981 653 658 781 480 702 Plant and equipment 4 418 957 4 662 180 1 436 342 1 606 762 Goodwill 55 172 085 49 565 565 - - Investment in subsidiary - - 198 399 518 198 399 518 Other financial assets - - 356 922 311 345 742 124 Deferred tax 4 131 919 1 668 720 4 131 919 1 668 720 SEGMENT REPORT Operating lease asset 26 449 748 20 436 694 21 089 380 13 438 970 Figures in Pula Figures in Pula Primary segment - Geographical segment 2014 2013 2014 2013 2014 2013 Current Assets 93 277 134 100 319 841 77 185 810 82 368 026 Botswana Botswana Tanzania Tanzania Consolidated Consolidated Current tax receivable 2 057 548 2 325 082 606 970 340 700 Revenues from external customers 128 192 965 116 364 400 94 910 307 75 932 074 223 103 272 192 296 474 Operating lease asset 5 144 173 4 733 819 2 638 963 4 610 328 Inter segment revenues - - - - - - Cash and cash equivalent 74 239 026 82 936 100 66 040 234 69 451 972 Total segment revenues 128 192 965 116 364 400 94 910 307 75 932 074 223 103 272 192 296 474 Trade and other receivables 11 836 387 10 324 840 7 899 643 7 965 026 Segment property direct and indirect expenses 35 047 763 33 807 104 28 483 843 22 012 849 63 531 606 55 819 953 Total Assets 1 904 993 761 1 580 847 076 1 640 818 938 1 424 704 822 Segment operating profit 93 145 202 82 557 296 66 426 464 53 919 225 159 571 666 136 476 521 Segment Assets 1 085 497 109 880 563 180 819 496 652 700 283 896 1 904 993 761 1 580 847 076 EQUITY AND LIABILITIES Stated Capital and Reserves 1 325 094 311 1 082 651 001 1 201 702 315 1 023 373 665 Stated capital 346 420 555 346 420 555 346 420 555 346 420 555 Secondary segment- Operating segment 2014 2013 2014 2013 2014 2013 2014 2013 Figures in Pula Figures in Pula Linked unit debentures 286 076 802 286 076 802 286 076 802 286 076 802 Revenues 2014 2013 Fair value surplus 522 743 779 347 336 795 502 658 140 342 281 677 Botswana Botswana Tanzania Tanzania Botswana Botswana Tanzania Tanzania Consolidated Consolidated Retained earnings 60 820 609 19 753 571 13 336 531 322 596 Rental income from external customers 99 635 180 87 621 172 49 747 315 41 442 714 28 557 787 28 743 228 45 162 990 34 489 360 223 103 272 192 296 474 Sinking Fund Reserves - 1 568 745 - 1 568 745 Inter segmental revenues - - - - - - - - - - Debenture interest and dividend reserves 53 210 287 46 703 290 53 210 287 46 703 290 Total segment revenues 99 635 180 87 621 172 49 747 315 41 442 714 28 557 787 28 743 228 45 162 990 34 489 360 223 103 272 192 296 474 Foreign currency translation reserve 55 822 279 34 791 243 - - Segment expenses 29 740 419 28 387 163 14 576 505 18 754 985 5 307 344 5 419 941 13 907 339 3 257 863 63 531 607 55 819 952 Non- Current Liabilities 534 231 164 427 479 708 407 952 362 342 218 423 Segment operating profit 69 894 761 59 234 009 35 170 810 22 687 729 23 250 443 23 323 287 31 255 651 31 231 497 159 571 665 136 476 522 Borrowings 319 094 691 298 713 642 319 094 691 298 713 642 Deferred taxation 215 136 473 128 766 066 88 857 671 43 504 781 Figures in Pula Figures in Pula Current Liabilities 45 668 286 70 716 367 31 164 261 59 112 734 2014 2013 Trade and other payables 28 166 373 27 308 776 13 662 348 15 705 143 Reconciliation of group net profit before tax Unclaimed debenture interest and dividend 448 146 411 145 448 146 411 145 Total reporting segment operating profit 159 571 665 136 476 522 Borrowings 17 053 767 42 996 446 17 053 767 42 996 446 Professional fee towards acquisition - (12 470 310) Salaries and wages (12 803 144) (12 956 074) Loss on exchange difference (34 160 473) (35 483 552) Total Equity and Liabilities 1 904 993 761 1 580 847 076 1 640 818 938 1 424 704 822 Profit on exchange differences 43 146 035 48 880 552 Fair value adjustments 244 605 155 42 281 634 Finance income 69 295 428 908 Other income 3 652 581 2 185 023 Sundry income 2 120 035 1 021 592 Corporate expenses (9 526 480) (7 873 689) Operating profit 396 674 668 162 490 606 Impairment of fair values - (1 800 005) Finance costs (13 663 959) (15 869 309) Group profit before tax 383 010 709 144 821 292 Segment information is organised into two, georaphical and into operating segments which comprises retail and commercial. The segments are the basis on which the company reports its primary segment information. Retail segment comprises Game City, Nzano, Supa Save and Mlimani shopping centres. The commercial segment incorporates office, residential, industrial properties in Botswana and Tanzania. 2.34 GroupCOMPANYGROUP Commercial 16% 33% 22% 23% Retail 1.7 bn GROUP COMPANY CONSOLIDATED STATEMENT OF CASHFLOW FOR THE YEAR ENDED 31 JANUARY 2014 31-Jan-14 31-Jan-13 31-Jan-14 31-Jan-13 Pula Pula Pula Pula CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations 138 291 355 123 476 972 74 132 705 66 741 128 Finance income 69 295 428 908 20 448 628 20 637 082 Taxation (paid) received (2 174 253) (973 448) (266 270) 1 010 934 Net cash from operating activities 136 186 397 122 932 432 94 315 063 88 389 144 Cash flows from investing activities Additions to plant and equipment (686 621) (549 911) (202 680) (218 066) Acquisition costs in relation to business combination - (12 470 310) - (12 470 310) Movement in investment in subsidiary - (198 399 518) Movement in other financial assets net of foreign exchange gain - - 30 827 536 (297 464 167) Business combinations - (510 460 110) - - Dividend received from subsidiary - - 15 845 193 6 130 890 Additions to investment properties (51 670) (3 070 587) (51 670) (3 070 587) Net cash from investing activities (738 291) (526 550 918) 46 418 379 (505 491 758) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds on shares and linked units debenture( net of related issue costs - 317 745 018 - 317 745 018 Proceeds from borrowings( net of foreign exchange loss) - 211 975 049 - 211 975 049 Repayment of borrowings (39 629 309) (186 827 143) (39 629 309) (186 827 143) Dividends and debenture interest paid (90 759 118) (70 273 850) (90 759 118) (70 273 850) Finance costs (13 663 959) (15 869 309) (13 663 959) (15 869 309) Net cash from financing activities (144 052 386) 256 749 765 (144 052 386) 256 749 765 Total cash and cash equivalents movement (8 604 280) (146 868 721) (3 318 944) (160 352 849) Cash and cash equivalent at the beginning 82 936 100 229 202 226 69 451 972 229 202 226 Effect of exchange rate movement on cash balance (92 794) 602 595 (92 794) 602 595 Total cash and cash equivalents 74 239 026 82 936 100 66 040 234 69 451 972 GROUP COMPANY

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