| Thu 13 Dec 2007, 16:00 | | SMR- Samrand - Reviewed interim consolidated results for the six months ended 30 |
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SMR
SMR
SMR- Samrand - Reviewed interim consolidated results for the six months ended 30
September 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 INTERIM CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
The reviewed consolidated results of Samrand Development Holdings Limited and
its subsidiaries for the six months ended 30 September 2007 are set out below:
ABRIDGED CONSOLIDATED BALANCE SHEET
Six months Six months 12 months
30/09/2007 30/09/2006 31/03/2007
(reviewed) (reviewed) (audited)
R`000 R`000 R`000
Assets
Non-current assets 115 893 104 684 89 403
Loan to local authority 89 403 104 684 89 403
Investment property 26 490 - -
Current assets 196 010 219 368 221 307
Developed land for resale 190 971 190 947 190 971
Accounts receivable 1 138 23 748 26 310
Bank and cash balances 3 901 4 673 4 026
Total assets 311 903 324 052 310 710
Equity and liabilities
Share capital and reserves 6 359 29 755 22 544
Non-current liabilities 258 468 9 912 10 417
Current liabilities 47 076 284 385 277 749
Accounts payable 47 076 284 385 277 749
Total equity and liabilities 311 903 324 052 310 710
Net asset value per share 4,7 21,9 16,6
(cents)
Net tangible asset value per 4,7 21,9 16,6
share (cents)
ABRIDGED CONSOLIDATED INCOME STATEMENT
Gross revenue 2 305 14 710 47 118
Land sales - 12 564 42 584
Rental income 2 305 2 146 4 534
Profit/(loss) from operations 1 687 (5 090) 17 397
Net financing expense (17 872) (30 982) (63 831)
Net loss before taxation (16 185) (36 072) (46 434)
Taxation - (3) (34)
Net loss for period (16 185) (36 075) (46 468)
Average number of shares in 136 163 136 163 136 163
issue (`000)
Loss per share (cents) (11,9) (26,5) (31,8)
Headline loss per share (cents) (11,9) (26,5) (34,1)
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Operating activities (221 687) 5 037 (11 362)
Investing activities (26 490) (5 427) 9 853
Financing activities 248 052 407 879
Net cash (utilised)/generated (125) 17 (630)
Cash and cash equivalents at 4 026 4 656 4 656
beginning of period
Cash and cash equivalents at end 3 901 4 673 4 026
of period
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity at beginning of period 22 544 65 830 65 830
Net loss for period (16 185) (36 075) (43 286)
Equity at end of period 6 359 29 755 22 544
COMMENTARY
INCOME STATEMENT
The rental income of R2,3 million relates to the Samrand Flagship Building
situated at No 1 Samrand Avenue, Centurion. No land sales took place during this
reporting period.
The company continues to accrue charges on the disputed claim for arrear rates
by the Tshwane Metropolitan Municipality.
Cavcon (Pty) Limited acquired the disputed loan against this company from New
Republic Bank Limited (under receivership) and interest of R17,8 million was
accrued for the period April to September 2007.
No interest on the loan due by the Tshwane Metropolitan Municipality was accrued
during this period and discussions with the Tshwane Metropolitan Municipality on
this matter are ongoing.
BALANCE SHEET
This company acquired 100% ownership of Skyprops 99 (Pty) Limited from Nedbank
Limited during the settlement of the loan due to Nedbank Limited. Skyprops 99
(Pty) Limited owns the Samrand Flagship Building.
In addition to acquiring the disputed loan from New Republic Bank Limited (under
receivership), Cavcon (Pty) Limited also acquired the disputed loans due to
former directors of this company and the un-confirmed and disputed inter company
loans. The previously disputed loans acquired by Cavcon (Pty) Limited have been
resolved and are consolidated into the Non-current liabilities and form part of
the loan to the major shareholder.
Cavcon (Pty) Limited purchased the majority share holding of this company on 21
June 2007 and currently holds 73,61% of the company`s issued share capital.
Loss per share and headline loss per share (cents) is calculated as follows:
30/09/2007 30/09/2006
Loss before taxation 16 185 36 072
Divided by shares in issue (`000) 136 163 136 163
Loss and headline loss per share (cents) (11,9) (26,5)
AUDIT APPROVAL
These interim results have been reviewed by the company`s auditors, Meagher
Moynihan.
DIVIDENDS
No dividends have been declared or recommended for the period under review.
ACCOUNTING POLICIES
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS). There were no changes to the figures reported for
the previous corresponding period as a result of the adoption of IFRS and IAS 34
The interim 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
13 December 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: Arcay Moela Sponsor (Pty) Limited
Auditors: Meagher Moynihan
Date: 13/12/2007 16:00:01 Produced by the JSE SENS Department.
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