| Tue 5 Mar 2002, 0:00 | | S&j Land Holdings Limited - Unaudited Interim |
|
Ended 31 December 2001
S&J LAND HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000139/06)
JSE Code: SJL
ISIN No: ZAE000009965
("the company")
Directors' W R B Hamlyn; W N B Imrie*; M Koppel; (Alternate R G Rainey); D C
L Wassung. *British
ABRIDGED CONSOLIDATED INCOME STATEMENTS
Six months ended Year ended
31 December 30 June
2001 2000 2001
R' 000 R' 000 R' 000
Turnover 226 158 302
Operating loss (1,043) (1,368) (2,720)
Net investment income 440 554 1113
Loss on ordinary activities
before exceptional items (603) (814) (1,607)
Exceptional items - - (65,142)
Loss on ordinary activities
before taxation (603) (814) (66,749)
Taxation (19) - (18)
Loss for the period (622) (814) (66,767)
Ordinary shares in issue ('000) 26,300 26,300 26,300
Loss per share (cents) (2.4) (3.1) (253.9)
ABRIDGED CONSOLIDATED BALANCE SHEETS
ASSETS
Non-current assets 57,908 123,098 57,932
Tangible assets 57,883 123,010 57,889
Intangible assets 5 5 5
Deferred taxation 20 56 38
Loan to Share Incentive Trust - 27 -
Current assets 8,650 11,002 10,225
TOTAL ASSETS 66,558 134,100 68,157
EQUITY AND LIABILITIES
Equity capital and reserve 65,178 131,753 65,800
Share capital and premium 35,859 35,859 35,859
Non-distributable reserve - 62,053 -
Distributable reserve 29,319 33,841 29,941
Current liabilities 1,380 2,347 2,357
Trade and other payables 391 583 593
Provision for cost of
eviction of illegal occupants 825 1,600 1,600
Shareholders for dividend 164 164 164
TOTAL EQUITY AND LIABILITIES 66,558 134,100 68,157
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Six months ended Year ended
31 December 30 June
2001 2000 2001
R' 000 R' 000 R' 000
Equity at the beginning
of the period 65,800 132,567 132,567
Net loss for the period (622) (814) (66,767)
Equity at the end of the period 65,178 131,753 65,800
ABRIDGED CASH FLOW STATEMENT
Cash flows from operating
activities (1,534) (639) (1,539)
Loss before taxation (603) (814) (66,749)
Provision for impairment of
investment property - - 65,115
Provision for loss on share
incentive trust - - 27
Depreciation 5 9 17
Change in working capital (936) 167 51
Cash flows from investing
activities - 46 44
Net cash flows for the period (1,534) (593) (1,495)
Cash and cash equivalents at
the beginning of period 10,139 11,634 11,634
Cash and cash equivalents at
the end of the period 8,605 11,042 10,139
Comments:
1. Due to the restructuring of the company effective from October 2001, as
well as increased rental revenue, the operating loss for the half-year has
been reduced.
2. Saambou Bank was put under Curatorship on 9th February 2002. Deposit
accounts of approximately R8,5m held with them have been frozen until
further notice. The directors' await further information from the curator.
3. Prospects for the sale and development of company property remain bleak
in the short term owing to a stagnant property market in the holding area.
4. Clearance of mine dumps by the operating companies is progressing.
5. In accordance with the company's agreement with Germiston Council,
relocation of the remaining squatter beneficiaries by them is continuing.
6. The accounting policies used in the preparation of the interim results
announcement are consistent with those applied in the previous year ended 30
June 2001 and comply with South African statements of Generally Accepted
Accounting Practice.
For and on behalf of the Board of Directors:
W.R.B. Hamlyn
D.C.L. Wassung
Bryanston
4 March 2002
Transfer Office
Mercantile Registrars Limited
11 Diagonal Street,
Johannesburg 2001
Registered Office
Lincoln House
Epson Downs Office Park
13 Sloan Street, Bryanston 2021
Sponsor
The Janus Corporation (Pty) Ltd
