IFA Hotels & Resorts Limited has announced the resignation of Cornelius (Cornel) J Schutte as executive financial director and company secretary of the company with effect from April 30, 2013. The board has identified Ms. Krishnee Pillay CA(SA) who is the company’s vice president finance to take up the role of executive financial director. The board has also identified Phillip Guy Rene’de Sylva, who is the company’s vice president operations, to take up the role of company secretary.

IFA Hotels & Resorts Limited reported audited consolidated earnings results for the year ended December 31, 2012. For the year, the company's revenue was ZAR 54.2 million compared with ZAR 98.2 million for the eighteen months ended December 31, 2011. Operating loss was ZAR 27.3 million compared with ZAR 122.1 million for the eighteen months ended December 31, 2011. Loss before taxation was ZAR 37.6 million compared with ZAR 161.9 million for the eighteen months ended December 31, 2011. Loss from continuing operations was ZAR 45.95 million compared with ZAR 151.96 million for the eighteen months ended December 31, 2011. Loss attributable to equity holders of the parent was ZAR 45.95 million or 21.78 cents per basic and diluted share compared with ZAR 136.3 million or 62.32 cents per basic and diluted share for the eighteen months ended December 31, 2011. Headline loss was ZAR 47.5 million or 21.78 cents per basic and diluted share compared with ZAR 140.99 million or 64.61 cents per basic and diluted share for the eighteen months ended December 31, 2011. As on December 31, 2012, the company's net asset value was 47.85 cents and net tangible asset value was 48.91 cents. LBITDA was ZAR 10.8 million compared with ZAR 7.4 million for the eighteen months ended December 31, 2011. LBIT was ZAR 28.5 million compared with ZAR 140.97 million for the eighteen months ended December 31, 2011. Cash flows from operating activities was ZAR 4.7 million compared with cash flows used in operating activities of ZAR 42.1 million for the eighteen months ended December 31, 2011. Purchase of property, plant and equipment was ZAR 0.49 million compared with ZAR 7.4 million for the eighteen months ended December 31, 2011.

IFA Hotels & Resorts Limited, Annual General Meeting, Apr 30, 2013., at 11:00 South Africa Standard Time. Location: Zimbali Northgate Suites.