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Samrand - Audited Results For The Year Ended 31 March 2004
SAMRAND DEVELOPMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1971/003132/06)
Share code: SMR ISIN: ZAE000010419
(`the group` or `the company`)
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2004
12 months 12 months
31/03/2004 31/03/2003
R`000 R`000
ABRIDGED BALANCE SHEET
Assets
Non-current assets 194 963 190 513
Property, plant and equipment 115 000 123 575
Loan to local authority 79 963 66 938
Current assets 225 254 215 428
Developed land for resale 216 965 205 230
Accounts receivable 7 480 5 849
Bank and cash balances 809 4 349
Total assets 420 217 405 941
Equity and liabilities
Share capital and reserves 119 517 141 470
Non-current liabilities 114 602 110 852
Current liabilities 186 098 153 619
Accounts payable 180 221 146 174
Bank overdraft 5 877 7 445
Total equity and liabilities 420 217 405 941
Closing number of shares
in issue (`000) 136 163 136 163
Net asset value per share (cents) 87,77 103,90
Net tangible asset value
per share (cents) 87,77 103,90
ABRIDGED INCOME STATEMENT
Gross revenue 44 750 35 562
Land sales 11 960 3 000
Rental income 32 790 32 562
(Loss)/Profit from operations (7 712) 4 297
Net financing expense (32 583) (24 976)
Revaluation of property, plant
and equipment 18 342 (9 435)
(Loss) before taxation (21 953) (30 114)
Taxation - -
Net (loss) for the year (21 953) (30 114)
Average number of shares
in issue (`000) 136 163 136 163
(Loss) per share (cents) (16,13) (22,1)
Headline (loss) per share (cents) (16,13) (22,1)
ABRIDGED CASH FLOW STATEMENT
Operating activities (1 000) 9 858
Investing activities (4 722) (1 345)
Financing activities (5 067) (3 095)
Net cash (utilised)/generated (1 972) 9 812
Cash and cash equivalent
beginning of the year (3 095) (12 907)
Cash and cash equivalent
end of the year (5 067) (3 095)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Equity beginning of the year 141 470 171 584
Net (loss) for the year (21 953) (30 114)
Equity end of the year 119 517 141 470
COMMENTARY
Shareholders are advised that the group traded at a loss of R21,9 million after
taxation for the twelve months ended 31 March 2004. This reflects a 27 percent
improvement on the results for the same period last year (31 March 2003 loss
R30,1 million).
Net finance expense includes the interest charged by New Republic Bank (under
Receivership) and The Standard Bank of South Africa Limited, less interest
received on the loan by this group to the local authority.
POST-BALANCE SHEET EVENTS
The remaining properties within the Samstocks group of companies have been sold
and transfer of ownership of Hatfield Square in Pretoria was effected on 25
June 2004 whilst the transfer of ownership of Pricewaterhouse Place in Durban
has been lodged in the Deeds Office on 21 July 2004.
The price realised for Hatfield Square was R52,7 million and for
Pricewaterhouse Place R18,5 million, these values are inclusive of VAT.
PROSPECTS
A comprehensive marketing plan for land sales at Midrand has been com- piled
and it is expected that a contract for the active marketing of this asset
through reputable agents will be signed shortly. It is expected that land sales
for the current financial period will reflect a growing confidence in the group
by prospective investors.
DIVIDENDS
No dividends has been declared or recommended for the year.
ACCOUNTING POLICIES
The audited results have been prepared in accordance with the South African
Statements of Generally Accepted Accounting Practice and are consistent with
the group`s policies as reflected in the annual report for the year ended 31
March 2003.
The audit report is available for inspection at the offices of Meagher Moynihan,
Hillcrest Forum, 731 Duncan Street, Hillcrest.
For and on behalf of the board of directors of the company.
I D P Burger M D Lamola
Director Director
30 July 2004
Directors:
Non-executive: I D P Burger, M D Lamola, D V Reid
Executive: N B Egan
Company Secretary: N B Egan
Registered Office: Postal Address:
Hillcrest Forum PO Box 6060
731 Duncan Street Homestead
Hillcrest 1412
0083
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Ltd, 70 Marshall Street,
Johannesburg, 2001.
Sponsor :
LPC Manhattan Sponsors
Auditors:
Meagher Moynihan
Date: 29/07/2004 02:47:07 PM Produced by the JSE SENS Department
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