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S & J Land Holdings Limited - Unaudited Interim Results For The Six Months Ended
31 December 2004
S & J Land Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/000139/06) (`the company`)
Directors` D J Defries, C M Dullabh, M D Smullen, D C L Wassung.
Share Code: SJL - ISIN No: ZAE 000009965
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2004
ABRIDGED CONSOLIDATED INCOME STATEMENTS
Audited
Six months ended Year ended
31 December 30 June
2004 2003 2004
R` 000 R` 000 R` 000
Turnover 593 375 751
Operating loss (467) (752) (1,210)
Results from operating (467) (752) (1,210)
activities
Investment income 42 322 369
Profit (loss) before taxation (425) (430) (841)
Taxation - (657) (661)
Profit (loss) after taxation (425) (1,087) (1,502)
Loss for the period (425) (1,087) (1,502)
Ordinary shares in issue (`000) 26,300 26,300 26,300
Basic earnings (loss) per share (1,6) (4,1) (5,7)
(cents)
Headline earnings (loss) per (1,6) (4,1) (5,7)
share (cents)
Reconciliation between basic
earnings (loss)
and headline earnings (loss)
Basic earnings (loss) (425) (1,087) (1,502)
Amortisation of mining rights - - 1
Headline earnings (loss) (425) (1,087) (1,501)
ABRIDGED CONSOLIDATED BALANCE
SHEETS
ASSETS
Non-current assets 51,636 51,768 51,621
Property, plant and equipment 18 1 3
Investment properties 51,617 51,765 51,617
Intangible assets 1 2 1
Current assets 1,160 2,402 1,530
Trade and other receivables 45 31 20
Loan to director - 352 -
Cash and cash equivalents 1,115 2,019 1,510
TOTAL ASSETS 52,796 54,170 53,151
EQUITY AND LIABILITIES
Equity capital and reserve 52,143 52,983 52,568
Share capital and premium 35,859 35,859 35,859
Retained earnings 16,284 17,124 16,709
Current liabilities 653 1,187 583
Trade and other payables 247 102 161
Taxation - 657 -
Provisions 34 119 50
Shareholders for dividend 372 309 372
TOTAL EQUITY AND LIABILITIES 52,796 54,170 53,151
Net asset value per share (cents) 198.3 201.5 199.9
ABRIDGED STATEMENT OF CHANGES IN
EQUITY
Audited
Six months ended Year ended
31 December 30 June
2004 2003 2004
R` 000 R` 000 R` 000
Equity at the beginning of the 52,568 59,330 59,330
period
Retained Earnings (425) (6,347) (1,502)
Dividends paid - - (5,260)
Equity at the end of the period 52,143 52,983 52,568
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from operating (378) (5,644) (6,641)
activities
Cash absorbed by operations (420) (706) (1,089)
Interest received 42 322 369
Normal taxation paid - - (661)
Dividend paid - (5,260) (5,260)
Cash flows from investing (17) - 488
activities
Property, plant & equipment (17) - (3)
acquired
Proceeds on disposal of - - 139
property
Repayment of (increase in) - - 352
loan to director
Net (Decrease) Increase in cash (395) (5,644) (6,153)
and cash equivalents
Cash and cash equivalents at 1,510 7,663 7,663
the beginning of the year
Cash and cash equivalents at 1,115 2,019 1,510
the end of the period
Comments on the interim results
Turnover was derived from the letting of property, no sales were finalized
during the period. The clearance of the mine dumps will be completed during the
course of the year ending December 2005. However a limited quantity
of uneconomic material will remain which will have some impact on the full
development of the property.
Change in Directors
Mr Koppel resigned as a director on 10 February 2005 and Mr Doron Jeremy Defries
was appointed as a director on 10 February 2005.
Dividend
No dividend has been declared or recommended for this period.
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 2004 and the six months ended 31 December 2004.
For and on behalf of the Board of Directors:
DCL WASSUNG
24 March
Transfer Secretaries
Computershare Investor Services 2004
(Proprietary) Limited
70 Marshall Street, Johannesburg,
2001
(PO Box 61051, Marshalltown,
2107)
Registered Office
1st Floor, Lincoln House
Epsom Downs Office Park
13 Sloane Street, Bryanston,
2191, Sandton
(PO Box 68657, Bryanston,
2021)
Sponsor
LPC Manhattan Sponsors (Pty)
Limited
Date: 23/03/2005 02:19:11 PM
Produced by the JSE SENS Department
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