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SJL
SJL
SJL - S & J Land Holdings Limited - Abridged audited 30 June 2007
S & J LAND HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000139/06)
("the company")
Share Code: SJL & ISIN ZAE000009965
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2007
Balance sheets as at 30 June 2007
Group Company
2007 2006 2007 2006
R`000 R`000 R`000 R`000
ASSETS
Non-current 46 000 40 635 52 083 47 442
Investment Properties 46 000 40 635 - -
Financial Assets - - 52 083 47 442
Current assets 8 421 8362 309 285
Trade and other receivables 518 5 954 33 25
Cash and cash equivalents 7 903 2408 276 260
Total assets 54 421 48 997 52 392 47 727
EQUITY AND LIABILITIES
Equity capital and reserve 53 124 48 465 51 956 47 297
Share capital and premium 35 859 35 359 35 859 35 859
Distributable reserve 17 265 12 606 16 097 11 438
Current liabilities 1 297 532 436 430
Trade and other payables 867 102 6 -
Provisions 60 60 06 60
Shareholders for dividend 370 370 370 370
Total assets 54 421 46 997 52 392 47 727
Income statements for the year ended 30 June 2007
Group Company
2007 2006 2007 2006
R`000 R`000 R`000 R`000
Revenue 807 938 24 24
Other income 19 530 - -
Operating expenses (1 883) (1 820) (646) (559)
Operating loss (1057) (352) (622) (535)
Fair value adjustment of
Investment properties 5 500 - - -
Fair value adjustment of
investment in subsidiaries - - 5265 221
Operating profit (loss) 4 443 (352) 4 643 (314)
Investment revenue 216 39 16 1
Profit(loss) before taxation 4 659 ( 313) 4659 ( 313)
Taxation - - - -
Profit (loss) for the period 4 659 ( 313) 4 659 ( 313)
Basic profit(loss) per share
(cents) 17,7 ( 1,2) 17,7 ( 1,2)
Headline loss per share
(cents) ( 3,2) ( 1,2) ( 2,3) ( 2,0)
Reconciliation between basic
profit(loss) and headline
loss
Basic profit(loss) 4 659 ( 313) 4 659 ( 313)
Fair value adjustment of
Investment properties (5 500) - - -
Fair value adjustment of - - (5265) ( 221)
investment in subsidiaries
Headline loss ( 841) ( 313) ( 606) ( 535)
Statements of changes in equity for the year ended 30 June 2007
Share Share Retained Total
GROUP capital premium earnings
R`000 R`000 R`000 R`000
Balance at 1 July 2005 2 630 33 229 12 919 48 778
Net loss for the year ( 313) ( 313)
Balance at 1 July 2006 2 630 33 229 12 606 48 465
Net profit for the year 4 659 4 659
Balance at 30 June 2007 2 630 33 229 17 265 57 706
Share Share Retained Total
COMPANY capital premium earnings
R`000 R`000 R`000 R`000
Balance at 1 July 2005 2 630 33 229 11 751 47 610
Net loss for the year ( 313) ( 313)
Balance at 1 July 2006 2 630 33 229 11 438 47 297
Net profit for the year 4 659 4 659
Balance at 30 June 2007 2 630 33 229 16 097 51 956
Cash flow statements for the year ended 30 June 2007
Group Company
2007 2006 2007 2006
R`000 R`000 R`000 R`000
CASH FLOWS FROM OPERATING
ACTIVITIES 5 360 (7 098) ( 608) ( 667)
Cash generated(absorbed) by
operations 5 144 (7 137) ( 624) ( 668)
Interest received 216 39 16 1
CASH FLOWS FROM INVESTING
ACTIVITIES 135 6 658 624 557
Proceeds on disposal of
property, plant & equipment 135 6 658 - -
Repayment of loans to
subsidiary companies - - 624 557
NET(DECREASE) INCREASE IN
CASH AND CASH EQUIVALENTS 5 495 ( 440) 16 ( 110)
Cash and cash equivalents at
the beginning of the year 2 408 2 848 260 370
Cash and cash equivalents at
the end of the year 7 903 2 408 276 260
Audit
The above results have been prepared in accordance with International Financial
Reporting Standards (IFRS) and have been audited by CCF & Associates and are
available for inspection at the company`s registered office.
ABRIDGED DIRECTOR`S REPORT
S & J Land reported revenue of R897,000 (R928,000) and a headline loss of 3.2
cps(1.2cps). Properties held comprise 446 hectares of deproclaimed mining land
in the Germiston area. The development of the land is dependent on the removal
of Sand and Slime dumps and compliance with statutory requirements for the
rehabilitation of mining ground.
Progress on the removal of the dumps by the parties responsible was slow.
Discussions are being held to expedite progress. Rental income amounted to
R807,000 (R938,000) and there was one property sale amounting to R135,000.
The properties were valued by an independent valuer in June 2007 at R46 million.
Revenue in the year ahead will be lower due to the sale of the rental producing
properties. No dividend has been declared or recommended for this period.
For and on behalf of the Board of Directors:
DCL WASSUNG
30TH August 2007
Auditors
CCF & Associates
134 Rabie Street
Fontainebleau, Randburg
Registered Office
134 Rabie Street
Fontainebleau, Randburg
(P.O. Box 1470, Fontainebleau, 2032)
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
(P.O. Box 61051, Marshalltown, 2107)
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Directors
CM Dullabh, MD Smullen, G Stravino, DCL Wassung
Date: 31/08/2007 12:28:01 Produced by the JSE SENS Department.
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