UNAUDITED ABRIDGED GROUP INTERIM RESULTS FOR THE HALF YEAR ENDED 31 JULY 2023
9% REVENUE | 27% | GROUP | 8.39t SHARE HALF YEAR | 10t |
BEFOREPROFIT TAX | ||||
GROUP | EARNINGS PER |
DISTRIBUTION PER LINKED UNIT
Directors: B D Phirie(Chaiperson), G H Abdoola (MD), S Puvimanasinghe, V T Tebele Amaresh Chetty, S S Mantswe, S Manake
Registered Office : Acumen Park, Plot 50370, Fairground Office Park, P O Box 1172. Gaborone
Transfer secretaries: Grant Thornton Business Services (Proprietary) Limited,
Auditors: Ernst & Young, 2nd Floor Plot 22, Khama Crescent. PO Box 41015, Gaborone, Botswana
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
GROUP | COMPANY | ||||
Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 JULY 2023 | The Board | of Directors of Turnstar Holdings Limited are pleased to present the unau- |
dited Group Financial results, for the 6 month period ended 31 July 2023. | ||
Group |
Continuing operations
Rental income
Other income
Operating expenses
Dividend income from subsidiary
Operations profit
Finance income
Finance cost
Profit before exchange difference and FV
Exchange gain
Exchange loss
Profit before FV
Impairment of investment in subsidiary
Fair value adjustments
Profit before tax
Taxation
Profit for 6 months
Other comprehensive income
Exchange difference on translating foreign operations
Total comprehensive income for the half year
31-Jul-23 | 31-Jul-22 | 31-Jan-23 | 31-Jul-23 | 31-Jul-22 | 31-Jan-23 |
Pula | Pula | Pula | Pula | Pula | Pula |
155,191,425 | 142,652,668 | 291,267,868 | 81,325,948 | 80,313,748 | 158,318,540 |
1,618,102 | 1,438,703 | 3,083,810 | 2,162,352 | 2,314,486 | 4,734,486 |
(69,130,168) | (70,974,131) | (141,004,504) | (39,636,083) | (40,721,701) | (81,854,112) |
- | - | - | 7,378,285 | 6,280,224 | 15,865,608 |
87,679,359 | 73,117,240 | 153,347,174 | 51,230,502 | 48,186,757 | 97,064,522 |
1,085 | 14,339 | 16,074 | 10,105,478 | 7,020,596 | 17,018,901 |
(17,521,677) | (12,325,316) | (30,903,614) | (17,521,677) | (12,325,316) | (30,903,614) |
70,158,767 | 60,806,263 | 122,459,634 | 43,814,303 | 42,882,037 | 83,179,809 |
3,926,317 | 12,968,818 | 19,455,154 | 3,926,317 | 12,968,818 | 19,455,154 |
(5,756,037) | (19,768,666) | (31,077,831) | (4,909,102) | (19,639,233) | (30,733,214) |
68,329,047 | 54,006,415 | 110,836,957 | 42,831,519 | 36,211,622 | 71,901,749 |
(29,864,906) | - | ||||
- | - | 31,184,126 | - | - | 17,872,099 |
68,329,047 | 54,006,415 | 112,156,177 | 42,831,519 | 36,211,622 | 89,773,848 |
(20,320,846) | 14,621,549 | (4,128,002) | 1,102,251 | 23,836,699 | 12,465,233 |
48,008,201 | 68,627,964 | 108,028,175 | 43,933,770 | 60,048,321 | 102,239,081 |
16,444,648 | 51,326,513 | 74,510,636 | - | - | - |
64,452,849 | 119,954,477 | 182,538,811 | 43,933,770 | 60,048,321 | 102,239,081 |
Figures in Pula
Opening balance of group at 01 February 2023
Profit for the 6 month period
Other comprehensive income for the 6 month period
Total comprehensive income for the 6 month period
Final debenture interest and dividends paid 31 January 2023
Debenture interest and dividends transferred to dividend and debenture interest reserve
Transactions with unit holders recognised in statement of changes in equity
Balance as at 31 July 2023
Stated capital | Linked unit | Fair value | Foreign Currency | Retained | Total equity and | |||
translation | ||||||||
debentures | surplus | earnings | reserves | |||||
reserve | Distribution reserve | |||||||
346,420,555 | 286,076,802 | 719,809,226 | 251,672,304 | 51,493,824 | 158,822,119 | 1,814,294,830 | ||
48,008,201 | 48,008,201 | |||||||
16,445,645 | 16,445,645 | |||||||
- | - | - | 16,445,645 | - | 48,008,201 | 64,453,846 | ||
- | - | - | - | (51,493,824) | - | - | ||
57,215,306 | (57,215,306) | |||||||
- | - | - | - | 5,721,482 | (57,215,306) | (51,493,824) | ||
346,420,555 | 286,076,802 | 719,809,226 | 268,117,949 | 57,215,306 | 149,615,014 | 1,827,254,852 |
The Group consists of Turnstar Holdings Limited (Botswana), Island View (Propri- etary) Limited (Botswana), Mlimani Holdings Limited (Tanzania), Turnstar Investments Limited (UAE) and Palazzo Venezia Holdings Limited (UAE). We hereby report on the performance of the group.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The summarised financial results have been prepared in accordance with International Financial Reporting Standards ("IFRS"), and contain the information required by IAS 34, Interim Financial Reporting. In preparing the underlying financial statements from which these summarised financial results were extracted, all IFRS and International Reporting Interpretations Committee interpretations issued and effective for annual periods beginning on or after 1st of January 2023 have been applied. The Group's underlying consolidated financial statements have been prepared in accordance with IFRS. The principal accounting policies are consistent in all material aspects with those adopted in the previous year.
OVERVIEW
The rental revenues of the Group for the half-year period ended 31 July 2023 increased by 8.8% compared to the corresponding half-year period ended 31 July 2022 (P155.2million for the half-year period ended 31 July 2023 compared to P142.7million for the half-year period ended 31 July 2022). The increase in rental revenues, combined with a nominal reduction in operational expenses, resulted in an increase of P14.5million (20%) of the Group's operational profit, when compared to the corresponding half year period ending 31 July 2022 (P 87.7million for the half year period ending 31 July 2023 compared to P 73.1million for the half year ended 31 July 2022).
Basic earnings per linked unit (in thebe) Distribution per linked unit(in thebe) Debenture interest per linked unit(in thebe) Dividend per linked unit(in thebe) Number of linked units
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Non-Current Assets
Investment property
Plant and equipment
Goodwill
Investment in subsidiary
Loan to related compamy
Operating lease asset
Current Assets
Operating lease asset
Cash and cash equivalent
Trade and other receivables
Total Assets
EQUITY AND LIABILITIES
8.39 | 11.99 | 18.88 | 7.68 | 10.50 | 17.87 |
10.00 | 9.00 | 18.00 | 10.00 | 9.00 | 18.00 |
8.7104 | 7.9024 | 15.2270 | 8.7104 | 7.9024 | 15.2270 |
1.2896 | 1.0976 | 2.7730 | 1.2896 | 1.0976 | 2.7730 |
572,153,603 | 572,153,603 | 572,153,603 | 572,153,603 | 572,153,603 | 572,153,603 |
GROUP | COMPANY | ||||
Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited |
31-Jul-23 | 31-Jul-22 | 31-Jan-23 | 31-Jul-23 | 31-Jul-22 | 31-Jan-23 |
Pula | Pula | Pula | Pula | Pula | Pula |
2,641,966,493 | 2,579,052,367 | 2,616,747,755 | 2,166,200,277 | 2,165,398,163 | 2,171,140,496 |
2,622,475,762 | 2,532,247,141 | 2,599,722,059 | 1,429,283,153 | 1,407,218,716 | 1,427,539,285 |
1,843,077 | 2,093,816 | 1,928,866 | 282,990 | 317,043 | 268,782 |
- | 28,993,998 | - | - | - | - |
- | - | - | 541,529,229 | 541,529,229 | 541,529,229 |
- | - | - | 182,624,568 | 203,992,815 | 190,863,452 |
17,647,654 | 15,717,412 | 15,096,830 | 12,480,337 | 12,340,360 | 10,939,748 |
59,754,337 | 47,358,400 | 45,278,489 | 22,435,008 | 27,324,054 | 20,391,984 |
- | 3,159,062 | 1,300,967 | - | 3,159,062 | 1,300,967 |
23,644,472 | 12,603,310 | 9,542,151 | 8,455,123 | 8,763,512 | 3,892,636 |
36,109,865 | 31,596,028 | 34,435,371 | 13,979,885 | 15,401,480 | 15,198,381 |
2,701,720,830 | 2,626,410,767 | 2,662,026,244 | 2,188,635,285 | 2,192,722,217 | 2,191,532,480 |
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOW | ||||||||
FOR THE HALF YEAR ENDED 31 JULY 2023 | GROUP | COMPANY | ||||||
Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited | |||
31-Jul-23 | 31-Jul-22 | 31-Jan-23 | 31-Jul-23 | 31-Jul-22 | 31-Jan-23 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | Pula | Pula | Pula | Pula | Pula | Pula | ||
Cash generated from operations | 88,050,033 | 69,499,817 | 156,136,020 | 58,111,140 | 42,960,164 | 97,439,802 | ||
Taxation (paid) received | (837,139) | (708,734) | (3,467,744) | - | (1,925) | (1,692,556) | ||
Net cash from operating activities | 87,212,894 | 68,791,083 | 152,668,276 | 58,111,140 | 42,958,239 | 95,747,246 | ||
Net cash from investing activities | ||||||||
(1,854,054) | (3,308,837) | (5,820,766) | 17,708,942 | 23,504,334 | 50,286,948 | |||
Net cash from financing activities | ||||||||
(22,579,301) | (85,244,380) | (199,380,094) | (22,580,386) | (85,244,380) | (199,396,168) | |||
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS | ||||||||
62,779,539 | (19,762,134) | (52,532,584) | 53,239,696 | (18,781,807) | (53,361,974) | |||
Cash and cash equivalent at the beginning of the year | (39,273,367) | 14,058,183 | 14,058,183 | (44,922,882) | 9,238,058 | 9,238,057 | ||
Effects of exchange rate movement on cash balances | 22,699 | (88,442) | (798,966) | 22,699 | (88,442) | (798,966) | ||
Total cash and cash equivalents at the end of the year | 23,528,871 | (5,792,393) | (39,273,367) | 8,339,513 | (9,632,191) | (44,922,883) | ||
SEGMENT REPORT | ||||||||
Figures in Pula | Figures in Pula | |||||||
Primary segment - Geographical segment | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 |
Botswana | Botswana | Tanzania | Tanzania | Dubai | Dubai | Consolidated | Consolidated | |
Revenues from external customers | 81,325,948 | 80,313,749 | 72,921,775 | 61,518,009 | 943,703 | 820,910 | 155,191,425 | 142,652,668 |
Inter segment revenues | - | - | - | - | ||||
Total segment revenues | 81,325,948 | 80,313,749 | 72,921,775 | 61,518,009 | 943,703 | 820,910 | 155,191,425 | 142,652,668 |
Segment property direct and indirect expenses | 28,172,217 | 28,942,441 | 24,113,355 | 21,595,509 | 848,536 | 5,251,529 | 53,134,108 | 55,789,478 |
Segment operating profit | 53,153,730 | 51,371,309 | 48,808,421 | 39,922,501 | 95,167 | (4,430,620) | 102,057,318 | 86,863,190 |
Segment Assets | 1,464,481,488 | 1,447,200,173 | 1,151,681,774 | 1,157,534,901 | 25,803,231 | 21,675,693 | 2,641,966,493 | 2,626,410,767 |
Segment Liabilities | 666,021,095 | 645,221,843 | 208,275,267 | 169,923,008 | 170,616 | (1,472) | 874,466,978 | 815,143,379 |
Secondary segment- Operating segment | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 |
Revenues | Retail | Commercial |
High borrowing rates increased the Group's finance costs compared to the comparative prior period. The US Dollar also appreciated against the Botswana Pula, during the current half year period, resulting in foreign exchange losses recognised on the Group's borrowings denominated in US Dollar.
The Group's profit before taxation, for the half year period ended 31 July 2023, is P 14.3million (26.52%) higher than the previous period ended 31 July 2022 (P68. 3million for the half year ended 31st July 2023 compared to P54.0million for the half year ended 31st July 2022).
Stakeholders are reminded that foreign exchange translation gains are unrealized and are dependent on the US $ /BWP exchange rate at the reporting date.
Group
- Group earnings per share (EPS) is 8.39t per share
- Group Tax of P20.3million comprises wholly of a deferred tax realiza- tion, calculated in accordance with IAS 12.
INTERIM DISTRIBUTION
The dividend of 10t per linked unit will comprise of debenture interest of 8.7104t and dividend of 1.2896t per linked unit, to all registered unit holders as at the close of business on 1st December 2023.
Ex distribution date | 29th November 2023 |
Record date for participation | 1st December 2023 |
Date of payment of dividend | 12th December 2023 |
In accordance with requirements of the Income Tax Act(Act), withholding tax shall be deducted by the company on the payment of interest and dividends paid to residents and non - residents holders of linked units who are not exempt from the withholdings tax provisions of the Act. Dividend is paid out of dividend received from Mlimani Holdings Limited, therefore it will be tax exempt.
Figures in Pula | Figures in Pula | ||
31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 |
Stated Capital and Reserves
Stated capital
Linked unit debentures Fair value surplus Retained earnings
Debenture interest and dividend reserves Foreign currency translation reserve
Non- Current Liabilities
1,827,253,852 | 1,803,204,323 | 1,814,294,833 | 1,522,614,190 | 1,539,447,309 | 1,530,174,246 |
346,420,555 | 346,420,555 | 346,420,555 | 346,420,555 | 346,420,555 | 346,420,555 |
286,076,802 | 286,076,802 | 286,076,802 | 286,076,802 | 286,076,802 | 286,076,802 |
719,809,226 | 688,625,100 | 719,809,226 | 771,139,255 | 753,265,947 | 771,139,255 |
149,615,014 | 202,099,861 | 158,822,122 | 61,762,272 | 102,190,181 | 75,043,810 |
57,215,306 | 51,493,824 | 51,493,824 | 57,215,306 | 51,493,824 | 51,493,824 |
268,116,949 | 228,488,181 | 251,672,304 | - | - | - |
818,318,617 | 686,016,759 | 718,532,439 | 653,121,214 | 554,293,445 | 576,332,645 |
Botswana | Botswana | Tanzania | Tanzania | Botswana | Botswana | Tanzania | Tanzania | Dubai | Dubai | Consolidated | Consolidated | |
Rental income from external customers | 75,822,269 | 74,902,034 | 55,018,806 | 49,831,166 | 5,503,679 | 5,411,715 | 17,902,969 | 11,686,843 | 943,703 | 820,910 | 155,191,425 | 142,652,668 |
Inter segmental revenues | ||||||||||||
Total segment revenues | 75,822,269 | 74,902,034 | 55,018,806 | 49,831,166 | 5,503,679 | 5,411,715 | 17,902,969 | 11,686,843 | 943,703 | 820,910 | 155,191,425 | 142,652,668 |
Segment expenses | 26,556,000 | 27,639,902 | 19,338,491 | 18,893,715 | 1,616,218 | 1,302,539 | 4,774,864 | 2,701,794 | 848,536 | 5,251,529 | 53,134,108 | 55,789,478 |
Segment operating profit | 49,266,269 | 47,262,133 | 35,680,316 | 30,937,451 | 3,887,461 | 4,109,176 | 13,128,105 | 8,985,049 | 95,167 | -4,430,620 | 102,057,318 | 86,863,190 |
Borrowings
Deferred taxation
Current Liabilities
Trade and other payables Borrowings
Current tax
Unclaimed debenture interest and dividend Bank overdraft
Total Equity and Liabilities
581,459,764 | 492,901,210 | 503,568,944 | 581,459,764 | 492,901,210 | 503,568,944 |
236,858,853 | 193,115,549 | 214,963,495 | 71,661,450 | 61,392,235 | 72,763,701 |
56,148,361 | 137,189,685 | 129,198,972 | 12,899,881 | 98,981,463 | 85,025,589 |
53,634,621 | 44,347,163 | 51,585,906 | 10,386,141 | 6,138,941 | 7,412,523 |
- | 70,909,337 | 26,546,603 | - | 70,909,337 | 26,546,603 |
- | 1,573,372 | 2,250,945 | - | 1,573,372 | 2,250,945 |
2,398,139 | 1,964,110 | - | 2,398,139 | 1,964,110 | - |
115,601 | 18,395,703 | 48,815,518 | 115,601 | 18,395,703 | 48,815,518 |
2,701,720,830 | 2,626,410,767 | 2,662,026,244 | 2,188,635,285 | 2,192,722,217 | 2,191,532,480 |
- | - | - | - | - | - |
Figures in Pula | Figures in Pula | |
31-Jul-23 | 31-Jul-22 | |
Reconciliation of group net profit before tax | ||
Total reporting segment operating profit | 102,057,317 | 86,863,189 |
Salaries and wages | (8,105,936) | (7,605,670) |
Loss on exchange difference | (5,756,037) | (19,768,666) |
Profit on exchange differences | 3,926,317 | 12,968,818 |
Finance income | 1,085 | 14,339 |
Sundry income | 1,618,102 | 1,438,703 |
Corporate expenses | (7,890,124) | (7,578,982) |
Operating profit | 85,850,724 | 66,331,731 |
Finance costs | (17,521,677) | (12,325,316) |
Group profit before tax | 68,329,047 | 54,006,415 |
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,Tanzania and Dubai
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Turnstar Holdings Limited published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 13:12:41 UTC.