| Thu 28 Jun 2001, 0:00 | | Samrand - Preliminary Audited Results For The Year |
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SAMRAND DEVELOPMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1971/003132/06)
("Samrand", "the company" or "the group")
Preliminary audited results for the year ended 31 March 2001
The audited results of Samrand for the year ended 31 March 2001 are set out
below:
Balance Sheet
31 March 31 March
2001 2000
R'000 R'000
ASSETS
Non-current assets 58 238 94 567
Property, plant and equipment 892 121
Loan to town council 41 846 45 173
Investment in associate companies 15 500 5 500
Other investments - 43 773
Current assets 279 080 217 936
Developed land for sale 222 426 183 875
Accounts receivable 55 380 22 450
Bank and cash balances 1 250 11 611
Taxation 24 -
Total assets 337 318 312 503
EQUITY AND LIABILITIES
Share capital and reserves 170 503 156 030
Issued capital and share premium 195 153 195 153
Reserves (24 650) (39 123)
Non-current liabilities
Long-term borrowings 121 088 105 439
Net indebtedness to group companies 40 192 40 192
Current liabilities 5 535 10 842
Trade and other creditors 5 535 10 445
Bank overdraft - 397
Total equity and liabilities 337 318 312 503
Net asset value per share (cents) 125,22 114,59
Net tangible asset value
per share (cents) 125,22 114,59
Cash Flow Statement
31 March 31 March
2001 2000
R'000 R'000
Operating activities (75 923) (40 702)
Investing activities 50 312 50 511
Financing activities 15 648 5 155
Net cash utilised (9 963) 14 964
Income Statement
Turnover 14 482 28 252
Cost of sales (7 856) (14 529)
Gross profit 6 626 13 723
Other operating income 10 091 11 601
Administration costs (2 623) (1 728)
Other operating expenses (6 917) (9 149)
Profit from operations 7 177 14 447
Interest income 6 665 1 520
Interest expenses (13 449) (9 222)
Profit on sale of joint venture 14 080 -
Profit before taxation 14 473 6 745
Taxation - -
Profit after taxation 14 473 6 745
Revaluation of investments - (39 226)
Net profit/(loss) for year 14 473 (32 481)
Retained (loss) at beginning of year (39 123) (6 642)
Accumulated (loss) at end of year (24 650) (39 123)
Average number of shares
in issue ('000) 136 163 136 163
Earnings/(Loss) per share (cents) 10,6 (23,9)
Headline earnings per share (cents) 10,6 5,0
Statement of changes in equity
Ordinary shareholders' equity
at beginning of year 156 030 188 511
Movement in
non-distributable reserves - -
Net profit/(loss) for year 14 473 (32 481)
Balance at end of year 170 503 156 030
REVIEW OF FINANCIAL RESULTS
The group continues to operate in extremely difficult market conditions,
characterised by low levels of economic activity and lack of real growth in
all sectors of the economy.
The impact on the general trend of declining interest rates has been
dismal and disappointing mainly due to the excessive surplus capacity in
most commercial, industrial and manufacturing sectors, which has compounded
the challenges facing the local businesses.
As a result, demand for industrial and commercial developments remained
sluggish during the year under review.
Turnover of R14,5 million was recorded for the financial period ended 31
March 2001, 48,7% lower than the previous corresponding period. However,
profit after tax increased by 114,5% to R14,5 million after the realised
gain on the sale of the group's 40% interest in a joint venture entity,
Samrand Mitrajaya Development (Pty) Limited, for a cash consideration of R30
million. Headline earnings per share improved significantly by 112% to 10,6
cents per share.
PROSPECTS
The group is continuously placing its efforts to enhance the marketability
of its development land. It has identified the need to reduce the sizes of
the available stands for sale and provide a better security infrastructure
in order to attract higher levels of interest from small and medium
enterprises as well as making the stands more affordable. Trading conditions
may remain difficult but, barring unforeseen circumstances, the directors
are of the opinion that the group will continue to perform satisfactorily in
the current financial year.
DIVIDENDS
No dividend has been declared for the financial year ended 31 March 2001.
NB Egan
Company Secretary
29 June 2001
Directors:
Dato' AH Samsudin (Executive Chairman)*, Datin MV Samsudin, MN Samad* and NB
Egan *Malaysian
Company Secretary:
NB Egan
Registered Office:
Second Floor, SMG Corporation, 108 Johan Avenue, Corner Katherine Street,
Sandton 2196 (PO Box 652063, Benmore 2010)
Transfer Secretaries:
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg 2001 (PO Box
1053, Johannesburg 2000)
