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SJL
SJL
SJL - S & J Land Holdings - Abridged Unaudited Provisional Results For The Year
Ended 30 June 2008
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 UNAUDITED PROVISIONAL RESULTS FOR THE YEAR ENDED 30 JUNE 2008
Balance sheets as at 30 June 2008
Company
2008 2007
R`000 R`000
ASSETS
Non-current - 52 083
Financial assets - 52 083
Current assets 11 077 309
Trade and other receivables 10 768 33
Loan Receivable 2 205 -
Cash and cash equivalents 309 276
Total assets 13 282 52 392
EQUITY AND LIABILITIES
Equity capital and reserve 13 282 51 956
Share capital and premium 617 35 859
Distributable reserve 12 665 16 097
Current liabilities - 436
Trade and other payables - 6
Provisions - 60
Shareholders for dividend - 370
Total equity and liabilities 13 282 52 392
Income Statements for the year ended 30 June 2008
Company
2008 2007
R`000 R`000
Revenue 24 24
Dividends Received 5 000 -
Gains on disposal of subsidiaries 5 917 -
Other Income 370 -
Operating expenses (1 514) (646)
Operating profit/(loss) 9 797 (622)
Fair value adjustment of - -
investment properties
Fair value adjustment of - 5 265
investment in subsidiaries
Operating profit 9 797 4 643
Investment revenue 32 16
Profit before taxation 9 829 4 659
Taxation 1 205 -
Profit for the period 8 624 4 659
Basic profit per share (cents) 139,7 17,7
Headline profit (loss) per share 133,7 (2,3)
(cents)
Reconciliation between basic
profit (loss) and headline loss
Basic profit (loss) 8 624 4 659
Reversal of prescribed dividends (370) -
payable
Fair value adjustments of - (5 265)
investment in subsidiaries
Headline profit/(loss) 8 254 (606)
Statements of changes in equity for the year ended 30 June 2008
Share Share Retained
Capital Premium Earnings Total
COMPANY R`000 R`000 R`000 R`000
Balance at 1 July 2006 2 630 33 229 11 438 48 778
Net profit for the year - - 4 659 4 659
Balance at 1 July 2007 2 630 33 229 16 097 51 956
Repurchase of shares (2 013) (33 229) (12 056) (47 298)
Net profit for the year - - 8 624 8 624
Balance at 30 June 2008 617 - 12 665 13 282
Cash flow statements for the year ended 30 June 2008
Company
2008 2007
R`000 R`000
CASH FLOWS FROM OPERATING ACTIVITIES (10 669) (608)
Cash generated (absorbed) by operations (14 476) (624)
Interest received 32 16
Dividends received 5 000 -
Taxation paid (1 205) -
CASH FLOWS FROM INVESTING ACTIVITIES 58 000 624
Proceeds on disposal of subsidiaries 58 000 -
Repayment of loans to subsidiary - 624
companies
CASH FLOWS FROM FINANCING ACTIVITIES (47 298) -
Repurchase of share capital (47 298) -
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS 33 16
Cash and cash equivalents at the 276 260
beginning of the year
Cash and cash equivalents at the end of 309 276
the year
ABRIDGED DIRECTORS` REPORT
The company disposed of all its assets on 9th May, 2008 for the sum of
R58,000,000 settled in cash of R10,702,269.10 and R47,297,730.90 by way of set
off against the purchase price of 20,126,694 shares at a value of R2.35 each.
In addition a Dividend of R5,000,000 was received by the company from the
subsidiaries.
Subsequent to the year end all amounts due have been received and all
liabilities settled, leaving the company with approximately R12,700,000 in cash.
The board has considered a number of options for the company but no suitable
assets have been found to date.
In terms of the JSE rules the company has until the 9th November to conclude a
transaction, failing which the listing may be suspended or terminated.
For and on behalf of the Board of Directors:
DCL WASSUNG
13th October, 2008
Registered Office
134 Rabie Street
Fontainebleau, Randburg
(P.O. Box 1470, Fontainebleu, 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
C M Dullabh, M D Smullen, G Stravino, D C L Wassung.
Date: 13/10/2008 16:52:26 Produced by the JSE SENS Department.
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