| Mon 30 Jul 2007, 17:00 | | SMR - Samrand - Reviewed preliminary consolidated |
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SMR
SMR
SMR - Samrand - Reviewed preliminary consolidated results for the 12 months
ended 31 March 2007
Samrand Development Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1971/003132/06)
Share code: SMR ISIN: ZAE000010419
("Samrand" or "the group" or "the company")
REVIEWED PRELIMINARY CONSOLIDATED RESULTS
FOR THE 12 MONTHS ENDED 31 MARCH 2007
The reviewed consolidated results of Samrand Development Holdings Limited and
its subsidiaries ("the group") for the 12 months ended 31 March 2007 are set out
below:
ABRIDGED CONSOLIDATED BALANCE SHEET
12 months 12 months
31/03/2007 31/03/2006
(reviewed) (reviewed)
R`000 R`000
Assets
Non-current assets 89 404 99 256
Loan to local authority 89 404 99 256
Property, plant and equipment - -
Current assets 221 306 233 718
Developed land for resale 190 971 205 681
Accounts receivable 26 309 23 381
Bank and cash balances 4 026 4 656
Total assets 310 710 332 974
Equity and liabilities
Share capital and reserves 22 544 65 830
Non-current liabilities 10 417 9 504
Current liabilities 277 749 257 640
Accounts payable 277 749 257 640
Total equity and liabilities 310 710 332 974
Net asset value per share (cents) 16,6 48,4
Net tangible asset value per share (cents) 16,6 48,4
ABRIDGED CONSOLIDATED INCOME STATEMENT
Gross revenue 47 119 11 458
Land sales 42 584 7 956
Rental income 4 535 3 502
Profit/(loss) from operations 17 398 (3 390)
Net financing expense (63 832) (23 649)
Loss on disposal of investment property - -
Loss before taxation (46 434) (27 039)
Taxation (34) 43
Loss for year (46 468) (26 996)
Average number of shares in issue (`000) 1 361 1 361
Loss per share (cents) (31,8) (17,5)
Headline loss per share (cents) (34,1) (19,9)
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Operating activities (11 362) 9 913
Investing activities 9 853 (9 813)
Financing activities 879 725
Net cash generated (630) 825
Cash and cash equivalents at beginning 4 656 3 831
of year
Cash and cash equivalents at end of year 4 026 4 656
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity at beginning of year 65 830 89 657
Impairment of loan account 3 182 3 169
Loss for the year (46 468) (26 996)
Equity at end of year 22 544 65 830
COMMENTARY
INCOME STATEMENT
Land sales of R42,5 million and rental income of R4,5 million were achieved
during this financial year.
Net financing charges of R63,8 million includes interest accrued on the disputed
claim by New Republic Bank Limited (under Receivership) and interest charged by
Nedbank Limited and the reversal of the interest raised on the loan to the
Tshwane Metropolitan Municipality in the 2006 financial year.
BALANCE SHEET
The directors have valued the loan to Tshwane Metropolitan Municipality at R89,4
million and did not accrue for interest on the this loan during the current
financial year and reversed the interest raised during the 2006 financial year.
The directors are in negotiations with the Tshwane Metropolitan Municipality
pertaining to the settlement of this loan and the claim by the Tshwane
Metropolitan Municipality for arrear rates and service charges. The directors
believe these negotiations will be amicably settled.
The Nedbank loan together with all financial costs related thereto was settled
from the nett proceeds of the land sales.
The accrual for the disputed claim by New Republic Bank Limited (under
Receivership) {NRB} amounts to R220,0 million. The accrual of R16,4 million for
the un-confirmed and disputed inter group loans has been retained. Shareholders
are advised that these claims were acquired by Cavcon (Pty) Limited in June 2007
as part of the change in ownership of the majority shareholder of Samrand.
LOSS PER SHARE
This is determined as follows:
Loss before taxation (46 434) (27 039)
Add back impairment of other receivables 3 154 3 169
Revised loss before taxation (43 280) (23 870)
Divided by shares in issue (`000) 1 361 1 361
Loss per share (cents) (31,8) (17,5)
HEADLINE LOSS PER SHARE
This is determined as follows:
31/03/2007 31/03/2006
Headline loss (46 434) (27 039)
Divided by shares in issue (`000) 1 361 1 361
Headline loss per share (cents) (34,1) (19,9)
POST BALANCE SHEET EVENTS
On 21 June 2007 Cavcon (Pty) Limited acquired the majority shareholding of
Samrand.
Mr P Berrange, a non-executive director, resigned on 25 June 2007 whilst Mr A D
Wilkins and Mr T W van den Heever, both non-executive directors, resigned on 26
June 2007.
Mr I D P Burger, the non-executive chairman, resigned as a director on 26 July
2007.
Messrs C Cavaleros, S M Rothbart and A Fischer were appointed non-executive
directors on 26 June 2007. Mr C Cavaleros was elected the Executive Chairman on
26 July 2007.
The offer of settlement by Samrand to NRB previously advised to shareholders has
lapsed.
PROSPECTS
Land sales at Samrand are scheduled to recommence from July 2007 with the
support of the majority shareholder and an application to the JSE Limited to
lift the suspension in the trading in the company`s shares is being considered.
AUDIT APPROVAL
These preliminary results were reviewed by the group auditor, Meagher Moynihan
and are unqualified.
DIVIDENDS
No dividend has been declared or proposed for the period under review.
ACCOUNTING POLICIES
The results have been prepared in accordance with International Financial
Reporting Standards. There were no changes to the figures reported for the
previous corresponding period as a result of the adoption of IFRS.
The preliminary financial results have been reviewed in terms of rule 3.23 of
the Listing Requirements of the JSE Limited by the group`s auditors, Meagher
Moynihan. This review opinion is available for inspection at the registered
office.
For and on behalf of the board of directors
C Cavaleros A Fischer
Executive Chairman Non-executive Director
30 July 2007
Directors:
Executive Directors: C Cavaleros (Chairman), N B Egan (Managing)
Non-executive Directors: A Fischer, M D Lamola, S M Rothbart
Company Secretary: N B Egan
Registered Office: Suite 7, 123 Rietfontein Road, Primrose, 1401
Postal Address: PO Box 6060, Homestead, 1412
Transfer Secretaries: Computershare Investor Services 2004
(Pty) Limited, 70 Marshall Street, Johannesburg, 2001
Sponsor: Sansara Independent Sponsor Services (Pty) Limited
Auditors: Meagher Moynihan
Date: 30/07/2007 17:00:01 Produced by the JSE SENS Department.
