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S & J Land Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/000139/06)
("the company")
Directors` W N B Imrie*; M Koppel*; D C L Wassung. * British
JSE Code: SJL - ISIN No: ZAE 000009965
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
ABRIDGED CONSOLIDATED
INCOME STATEMENTS
Audited
Six Year
months ended
ended
31 30 June
December
2002 2001 2002
R` 000 R` 000 R` 000
Turnover 339 226 501
Operating loss (932) (1,043) (1,455)
Net investment income 488 440 874
Loss on ordinary (444) (603) (581)
activities before
exceptional items
Exceptional items - - (11,376)
Loss on ordinary (444) (603) (11,957)
activities before
taxation
Taxation - (19) (46)
Loss for the period (444) (622) (12,003)
Ordinary shares in 26,300 26,300 26,300
issue (` 000)
Loss per share (cents) (1.7) (2.4) (45.6)
Headline loss per share (1.7) (2.4) (2.4)
(cents)
Reconciliation between
loss and headline loss
per share (cents)
Loss per share (cents) (1.7) (2.4) (45.6)
Add: exceptional items - - 43.2
(cents)
Headline loss per share (1.7) (2.4) (2.4)
(cents)
ABRIDGED CONSOLIDATED
BALANCE SHEETS
ASSETS
Non-current assets 46,506 57,908 46,508
Tangible assets 46,501 57,883 46,503
Intangible assets 5 5 5
Deferred taxation - 20 -
Current assets 8,203 8,650 8,621
TOTAL ASSETS 54,709 66,558 55,129
EQUITY AND LIABILITIES
Equity capital and 53,353 65,178 53,797
reserve
Share capital and 35,859 35,859 35,859
premium
Distributable reserve 17,494 29,319 17,938
Current liabilities 1,356 1,380 1,332
Trade and other 192 391 168
payables
Provision for cost of 1,000 825 1,000
eviction of illegal
occupants
Shareholders for 164 164 164
dividend
TOTAL EQUITY AND 54,709 66,558 55,129
LIABILITIES
Net asset value per 202.9 247.8 204.6
share (cents)
ABRIDGED STATEMENT OF
CHANGES IN EQUITY
Audited
Six Year
months ended
ended
31 30 June
December
2002 2001 2002
R` 000 R` 000 R` 000
Equity at the beginning 53,797 65,800 65,800
of the period
Net loss for the period (444) (622) (12,003)
Equity at the end of 53,353 65,178 53,797
the period
ABRIDGED CONSOLIDATED
CASH FLOW STATEMENTS
Cash flows from (443) (1,534) (1,539)
operating activities
Loss before taxation (444) (603) (11,957)
Provision for - - 11,376
impairment of
investment property
Depreciation 2 5 10
Taxation - - (8)
Change in working (1) (936) (960)
capital
Cash flows from - - -
investing activities
Net cash flows for the (443) (1,534) (1,539)
period
Cash and cash 8,600 10,139 10,139
equivalents at the
beginning of period
Cash and cash 8,157 8,605 8,600
equivalents at the end
of the period
COMMENTS ON THE INTERIM RESULTS
* Turnover was derived from the letting of property, no sales were entered
into during the period. Higher interest rates contributed to the increase in
Investment Income .
* The clearance of Mine dumps is proceeding in terms of the agreements with
the contractors.
* No further progress has been made with regard to the resettlement of the
illegal settlers.
* Offer to the minority shareholders and the proposed delisting of the
company-
-It was announced in the press on 20 November 2002 that WNB Imrie, a
director of the company, was obliged to extend a mandatory offer to the
minority shareholders of the company at 38 cents per share, following the
acquisition by Partridge Investments Limited, a company associated with WNB
Imrie, of 5 198 589 ordinary shares.
-As a consequence of the mandatory offer and for other reasons set out in
the announcement, the Board of Directors has proposed to voluntarily
terminate the listing of the company on the JSE Securities Exchange South
Africa. Full details of the mandatory offer and the proposed termination of
listing have been set out in a circular to shareholders which, subject to the
approval of the JSE Securities Exchange South Africa and the Securities
Regulation Panel is expected to be mailed on Wednesday, 29 January 2003.
* Preparation of the interim results
The interim results have been prepared in accordance with Statements of
Generally Accepted Accounting Practice on a basis consistent with that of the
year ended 30 June 2002 and the six months ended 31 December 2001.
* Dividend
No dividend has been declared or recommended for the period.
For and on behalf of the Board of Directors:
DCL WASSUNG
20 January 2003
Transfer Secretaries Registered Office
Computershare Investor Services Limited Lincoln House
70 Marshall Street Epsom Downs Office Park
Johannesburg, 2001 13 Sloane Street
(PO Box 61051, Marshalltown, 2107) Bryanston, 2021
(PO Box 68657, Bryanston, 2021)
Sponsor
LPC Manhattan Sponsors (Pty) Limited
Date: 21/01/2003 05:15:01 PM Produced by the JSE SENS Department
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