| Wed 30 Jul 2003, 17:08 | | AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2003 |
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Samrand -
Samrand Development Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1971/003132/06)
Share code SMR ISIN ZAE000010419
("the group")
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2003
The audited results of Samrand Development Holdings Limited and its
subsidiaries ("the group") for the year ended 31 March 2003 are set
out below:
12 months 12 months
31/03/2003 31/03/2002
(audited) (audited)
R"000 R"000
BALANCE SHEET
ASSETS
Non-current assets 190 513 198 210
Property, plant and equipment 123 575 138 533
Loan to Town Council 66 938 59 677
Investment in associate company - -
Current assets 215 428 209 322
Total assets 405 941 407 532
EQUITY AND LIABILITIES
Share capital and reserves 141 470 171 584
Non-current liabilities 110 852 111 126
Current liabilities 153 619 124 822
Total equity and liabilities 405 941 407 532
Net asset value per share (cents) 103,9 126,0
Net tangible asset value per share (cents) 103,9 126,0
Number of shares in issue ("000) 136 163 136 163
CASH FLOW STATEMENT
Operating activities 9 858 164 920
Investing activities (1 345) (128 923)
Financing activities 1 299 (50 154)
Net cash generated/(utilised) 9 812 (14 157)
Cash and cash equivalents beginning of the year (12 907) 1 250
Cash and cash equivalents end of the year (3 095) (12 907)
INCOME STATEMENT
Sales 35 562 51 866
Land sales 3 000 17 861
Rental income 32 562 34 005
(Loss)/Profit from operations (14 990) 18 174
Net financing expense (24 976) (18 525)
Profit on sale of investment property 417 1 433
Revaluation of property, plant and equipment 9 435 -
(Loss)/Profit before taxation (30 114) 1 082
Taxation - -
Net (loss)/profit for the year (30 114) 1 082
(Loss)/Profit per share (cents) (22,1) 0,8
Headline (loss)/profit per share (cents) (22,1) 0,8
Weighted average number of shares in issue ("000) 136 163 136 163
RECONCILIATION OF EARNINGS AND HEADLINE EARNINGS
Net (loss)/profit for the year (30 114) 1 082
Headline (loss)/profit earnings (30 114) 1 082
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Equity beginning of the year 171 584 170 502
Net (loss)/profit for the year (30 114) 1 082
Equity end of the year 141 470 171 584
COMMENTARY
The results for the group for the 12 months ended 31 March 2003 reflect a
turnover of R35,6m which is 31,4 percent less than the turnover for the same
period last year. The land sales for the current financial year did not meet
management"s expectations.
The reported negotiations with a leading property developer for the possible
joint development of the remaining unsold industrial land at Centurion did not
reach fruition and the anticipated, integrated approach of commercial,
industrial and residential plans also stalled. The previous announcement
concerning negotiations with foreign investors pertaining to the development of
certain commercial complexes and the construction of such developments have not
materialised and no further negotiations are taking place.
Loss per share and headline loss per share of 22,1 cents was realised and the
net asset value per share reduced to 103,9 cents at the year-end.
PROSPECTS
The group is currently defending litigation, which has been instituted by a
creditor, which the group believes it can successfully defend. The directors are
of the opinion that, once the action brought by the creditor has been resolved,
the land sales at the unencumbered land bank at Centurion will reach its full
potential and will allow this group to return to profitability.
The proposed action plan to resolve the debt due by Samstocks (Pty) Limited
and its subsidiaries to Standard Corporate and Merchant Bank, if successfully
implemented, will positively enhance the group"s cash flow.
A major re-organisation in terms of capital and management resources will be
considered by the directors in order for the group to take advantage of market
opportunities in the near future.
DIVIDENDS
No dividend has been declared or recommended for the financial year ended
31 March 2003.
ACCOUNTING POLICIES
The results comply with the South African Statements of Generally Accepted
Accounting Practice and are consistent with the group"s policies. Meagher
Moynihan issued an unqualified report but emphasised the following matter in
their audit report:
"Going Concern
Without qualifying our opinion we draw attention to the litigation instituted
by a creditor. The ultimate outcome of the matter cannot be presently
determined. These conditions indicate the existence of a material uncertainty
which may cast doubt about the company"s ability to continue as a going
concern."
This report is available for inspection at the registered office.
For and on behalf of the board
Dato" A H Samsudin I D P Burger
Chairman - non-executive director Deputy chairman - non-executive director
30 July 2003
Directors:
Dato" A H Samsudin* (Chairman), I D P Burger (Deputy chairman), D V Reid,
Datin M V Samsudin. *Malaysian
Registered office:
SMG Holdings Limited
108 Johan Avenue
corner Katherine Street
Sandton, 2196
Transfer secretaries:
Computershare Limited
70 Marshall Street
Johannesburg, 2001
Date: 30/07/2003 05:01:07 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
