| Thu 27 Dec 2001, 0:00 | | Samrand Development Holdings Limited - Unaudited I |
|
SAMRAND DEVELOPMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1971/003132/06)
Share code SMR ISIN ZAE000010419
("the group")
Unaudited interim results for the six months ended 30 September 2001
The unaudited results of Samrand Development Holdings Limited and its
subsidiaries for the six months ended 30 September 2001 are set out below:
6 months 12 months 6 months
30/09/2001 31/03/2001 30/09/2000
(unaudited) (audited) (unaudited)
R'000 R'000 R'000
BALANCE SHEET
ASSETS
Non-current assets
Loan to local authority 44 204 41 846 50 334
Property, plant and
Equipment 684 892 119
Investments 15 500 15 500 79 887
Current assets 243 929 279 080 193 026
Total assets 304 317 337 318 323 366
EQUITY AND LIABILITIES
Share capital and reserves 167 369 170 502 154 472
Non-current liabilities
Long-term liabilities 104 053 121 088 109 512
Net indebtedness to
group companies 30 763 40 192 40 192
Current liabilities 2 132 5 536 19 190
Total equity
and liabilities 304 317 337 318 323 366
Net asset value per
share (cents) 122,9 125,2 113,4
Net tangible asset value
per share (cents) 122,9 125,2 113,4
CASH FLOW STATEMENT
Operating activities 31 807 (75 923) 18 134
Investing activities (2 368) 50 311 (35 541)
Financing activities (26 464) 15 649 6 819
Net cash generated/
(utilised) 2 975 (9 963) (10 588)
Cash and cash equivalents
beginning of period 1 250 11 213 11 213
Cash and cash equivalents
end of period 4 225 1 250 625
INCOME STATEMENT
Sales 3 900 14 482 3 164
Operating profits/(loss) (3 330) 21 258 (1 265)
Net interest
received/(paid) 197 (6 784) (542)
Profit/(loss) on ordinary
activities
before taxation (3 133) 14 474 (1 807)
Taxation - - -
Profit/(loss) for
the period (3 133) 14 474 (1 807)
Average number of shares
in issue ('000) 136 163 136 163 136 163
Earnings/(loss) per
share (cents) (2,3) 10,6 (1,3)
Headline earnings/(loss
per share (cents) (2,3) 10,6 (1,3)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Equity beginning
of period 170 502 156 028 156 028
Net profit/(loss)
for the period (3 133) 14 474 (1 807)
Equity end of period
167 369 170 502 154 221
FINANCIAL RESULTS
The land sales of R3,9 million does not reflect the enhanced interest by
entrepreneurs in the land banks at Midrand and Vanderbijlpark. The
unforeseen delays in closing land sale agreements with certain foreign
investors have prevented the transfer of land to these investors for the
period under review. Certain foreign investors have delayed investment in
our land banks due to their contracts in the United States of America being
temporarily delayed due to the 11 September 2001 attacks on the World Trade
Centre.
In addition, the group has had to absorb some unexpected major maintenance
expenses at the Flagship Building in Centurion so that this building can
continue to attract quality tenants.
PROSPECTS
The group is currently negotiating with foreign investors whereby this group
will develop certain commercial complexes together with these entrepreneurs
and thereby shift the group's focus from that of land sales to developing
business units for long-term rental. Certain of these developments are at an
advanced level and construction is expected to commence by mid 2002.
The recent local currency fluctuations against most major overseas
currencies, have made certain spheres of business in South Africa more
attractive, provided that the perceived negative factors such as the crime
rate can be reduced and the level of the country's competitiveness in the
global markets can be increased.
The on-going financial restructuring of the group should result in reducing
its gearing to an acceptable level and, furthermore, the group will be able
to decrease interest-servicing costs.
Dividend
No dividend has been declared or recommended for this period.
Accounting policies
The results were prepared in accordance with the statements of Generally
Accepted Accounting Practices and are consistent with the group's accounting
policies.
By order of the Board
N Samad N B Egan
Director Director
28 December 2001
Directors:
Dato' A H Samsudin*, Datin M V Samsudin, N Samad*, N B Egan * Malaysian
Company secretary: N B Egan
Address:
SMG Holdings Limited, 108 Johan Avenue, Corner Katherine Street, Sandton,
2196
Transfer secretaries:
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg, 2001
Sponsor
Sasfin Bank Limited
Registration number 1951/002280/06
