| Mon 20 Dec 2004, 17:37 | | Interim Results |
|
Samrand Development Holdings Limited - Unaudited Interim Results For The Six
Months Ended 30 September 2004
SAMRAND DEVELOPMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1971/003132/06)
Share code: SMR ISIN: ZAE000010419
(`Samrand` or `the group` or `the company`)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
Six months Six months 12 months
30/09/2004 30/09/2003 31/03/2004
(unaudited) (unaudited) (audited)
R`000 R`000 R`000
ABRIDGED BALANCE SHEET
ASSETS
Non-current assets 84 655 190 504 194 963
Property, plant and equipment 2 123 566 115 000
Loan to local authority 84 653 66 938 79 963
Current assets 226 581 213 890 226 550
Developed land for resale 213 227 205 230 216 965
Accounts receivable 10 951 5 341 8 776
Bank and cash balances 2 403 3 319 809
Total assets 311 236 404 394 421 513
EQUITY AND LIABILITIES
Share capital and reserves 96 671 117 111 121 429
Non-current liabilities 17 354 118 746 114 601
Current liabilities 197 211 168 537 185 483
Accounts payable 197 211 160 270 179 606
Bank overdraft - 8 267 5 877
Total equity and liabilities 311 236 404 394 421 513
Closing number of shares
in issue (`000) 136 163 136 163 136 163
Net asset value per share (cents) 71,00 86,00 89,20
Net tangible asset value
per share (cents) 71,00 86,00 89,20
ABRIDGED INCOME STATEMENT
Gross revenue 11 838 17 300 44 750
Land sales 4 458 - 11 960
Rental income 7 380 17 300 32 790
(Loss)/profit from operations (841) 4 959 (5 800)
Net financing expense (9 813) (29 318) (49 370)
(Loss) on disposal of investment
property (13 985) - -
Investment income - - 16 787
Revaluation of property, plant
and equipment - - 18 342
(Loss) before taxation (24 639) (24 359) (20 041)
Taxation (118) - -
Net (loss) for period (24 757) (24 359) (20 041)
Average number of shares
in issue (`000) 136 163 136 163 136 163
(Loss) per share (cents) (18,10) (17,90) (14,70)
Headline (loss) per share (cents) (18,10) (17,90) (14,50)
ABRIDGED CASH FLOW STATEMENT
Operating activities 8 396 (9 747) (999)
Investing activities 96 322 - (4 722)
Financing activities (97 247) 7 894 3 749
Net cash (utilised)/generated 7 471 (1 853) (1 972)
Cash and cash equivalents
at beginning of period (5 068) (3 095) (3 096)
Cash and cash equivalents
end of the period 2 403 (4 948) (5 068)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Equity at beginning of the period 121 429 141 470 141 470
Net (loss) for period (24 757) (24 359) (20 041)
Equity at end of period 96 672 117 111 121 429
COMMENTARY
INCOME STATEMENT
Shareholders are advised that the group generated a loss before taxation of
R24,639 million for the six months ended 30 September 2004. During the period
under review the remaining properties within the Samstocks group of companies
were sold. Hatfield Square was sold for R52,7 million on 25 June 2004 and
Pricewaterhouse Place was sold for R18,5 million on 28 July 2004. These sales
resulted in the lower than expected rental income of R7,380 million.
Land sales of R4,458 million reflect an improvement when compared to the same
period last year, (Rnil 30 September 2003).
The loss on the disposal of investment property of R13,985 million reflects the
total loss on the disposal of all properties within the Samstocks group of
companies and was derived from the original purchase price of R92,537 million,
plus revaluation of the properties of R22,462 million, less the proceeds
derived on the sale of all properties of R101,014 million. All net sale
proceeds were utilised to reduce various loans with The Standard Bank of South
Africa Limited.
BALANCE SHEET
Shareholders are advised that the company still disputes the claim by The New
Republic Bank Limited (under Receivership). This dispute is subject to
litigation.
Negotiations with the Tshwane Metropolitan Municipality to settle the loan of
R84,653 million are ongoing. The company has engaged the services of an
independent consultant to verify the amount due to Samrand.
PROSPECTS
The company is currently considering offers for the sale of land at Kosmosdal
valued at R15 million which are expected to be finalised by 31 March 2005.
The company intends to apply to the JSE Securities Exchange South Africa for
the lifting of the suspension in trading the company`s shares.
DIVIDENDS
No dividends have been declared or recommended for the period under review.
ACCOUNTING POLICIES
These un-audited interim 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 2004.
CHANGE IN DIRECTORATE
At the company`s annual general meeting held on 25 November 2004 the following
changes in the directorate of this company occurred:
Confirmation of director appointments
The shareholders confirmed the appointment of D V Reid as a non- executive
director from 30 March 2004 to 25 November 2004,
The shareholders confirmed the appointment of N B Egan as an executive director
from 30 March 2004 to 25 November 2004.
Re-election of directors
The shareholders re-elected I D P Burger as a non-executive director.
The shareholders re-elected N B Egan as an executive director.
Mr D V Reid withdrew his availability for re-election and resigned as a
non-executive director.
New directors appointed
The shareholders elected Mr P Berrange, Mr T W van den Heever and Mr A D
Wilkins as non-executive directors.
For and on behalf of the board
N B Egan
Company Secretary
13 December 2004
Directors:
Non-executive: I D P Burger, P Berrange, M D Lamola, T W van den Heever,
A D Wilkins.
Executive: N B Egan
Company Secretary: N B Egan
Registered Office: Hillcrest Forum
731 Duncan Street
Hillcrest, 0083
Postal Address: PO Box 6060
Homestead, 1412
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg, 2001
Sponsor : LPC Manhattan Sponsors
Auditors: Meagher Moynihan
