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S & J Land Holdings Limited - Audited Results For The Year Ended 30 June 2005
S & J LAND HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000139/06) ("the company")
Share Code: SJL - ISIN no: ZAE 000009965
Directors" D.J. Defries, C M Dullabh, M D Smullen, D C L Wassung.
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2005
BALANCE SHEETS as at 30 June
2005
Group Company
2005 2004 2005 2004
R"000 R"000 R"000 R"000
ASSETS
Non-current assets 46 801 51 621 47 778 51 426
Property, plant and equipment 16 3 __ __
Investment properties 46 785 51 617 __ __
Intangible assets __ 1 __ __
Financial assets __ __ 47 778 51 426
Current assets 2 885 1 530 388 394
Trade and other receivables 37 20 18 6
Cash and cash equivalents 2 848 1 510 370 388
Total assets 49 686 53 151 48 166 51 820
EQUITY AND LIABILITIES
Equity capital and reserve 48 778 52 568 47 610 51 400
Share capital and premium 35 859 35 859 35 859 35 859
Retained earnings 12 919 16 709 11 751 15 541
Current liabilities 908 583 556 420
Trade and other payables 276 161 __ 30
Taxation 1 __ __ __
Provisions 261 50 186 18
Shareholders for dividend 370 372 370 372
Total equity and liabilities 49 686 53 151 48 166 51 820
INCOME STATEMENTS for the year ended 30
June 2005
Group Company
2005 2004 2005 2004
R"000 R"000 R"000 R"00
Turnover 1 118 751 24 24
Other Income 937 __ __ __
Operating expenses (2 280) (1 961) (562) (359
Operating loss (225) (1 210) (538) (335
Fair value adj. of investment (3 665) __ __ __
properties
Fair value adj. of investment in __ __ (3 269) (526)
subsidiaries
Results from operating activities (3 890) (1 210) (3 807) (861
Net investment income 101 369 17 16
Profit (loss) before taxation (3 789) (841) (3 790) (845
Taxation (1) (661) __ (658
Net profit (loss) for the year ( 3 790) (1 502) (3 790) (1 5
Basic earnings (loss) per share (14,4) (5,7) __ __
(cents)
Headline earnings (loss) per share (14,4) (5,7) __ __
(cents)
Basic earnings (loss) (3 790) (1 502) __ __
Fair value adj. of investment 3 665 __ __ __
pproperties
Amortisation of mining rights __ 1 __ __
Headline earnings (loss) (125) (1 501) __ __
STATEMENTS OF CHANGES IN EQUITY for the year
ended 30 June 2005
Share Share Retained Total
GROUP capital premium earnings
R"000 R"000 R"000 R"000
Balance at July 2004 2 630 33 229 16 709 52 568
Net loss for the year (3 790) (3 790)
Balance at 30 June 2005 2 630 33 229 12 919 48 778
Share Share Retained Total
COMPANY capital premium earnings
R"000 R"000 R"000 R"000
Balance at 1 July 2004 2 630 33 229 15 541 51 400
Net loss for the year (3 790) (3 790)
Balance at 30 June 2005 2 630 33 229 11 751 47 610
CASH FLOW STATEMENTS for the year ended 30 June 2005
Group Company
20005 2004 2005 2004
R"000 R"000 R"000 R"000
CASH FLOWS FROM OPERATING
ACTIVITIES (578) (6 641) (394) (5 962)
Cash absorbed by operations 678 (1 089) (411) (60)
Interest received 101 369 17 16
Normal taxation paid (1) (661) _ (658)
Dividend paid __ (5 260) _ (5 260)
CASH FLOWS FROM INVESTING ACTIVITIES 1 916 488 376 6 112
Property, plant & equipment acquired (16) (3) __ __
Proceeds on disposal of
property, plant and equipment 1 932 139 __ __
Repayment of loans to
subsidiary companies __ __ 376 5 760
Repayment of (increase in)
loan to director __ 352 __ 352
NET (DECREASE) INCREASE IN
CASH AND CASH EQUIVALENTS 1 338 (6 153) (18) 150
Cash and cash equivalents at the
beginning of the year 1 510 7 663 388 238
Cash and cash equivalents at the
end of the year 2 848 1 510 370 388
ABRIDGED DIRECTOR"S REPORT
Properties currently held comprises approximately 429 hectares of deproclaimed
mining and industrial properties in the Germiston area. The land is partly
overlain by sand dumps and slimes partly overlain by sand dumps and slimes
dams, shallowly undermined in areas and subject to certain encumbrances.
An area of approximately 65 hectares has been illegally occupied by informal
settlers, mainly in and around an undermined area.
Clearance is proceeding but has been delayed as it has been uneconomical to
remove certain materials. The directors, in consultation with the operating
contractors, reassess the clearance and rehabilitation programme on an ongoing
basis.
Rental income amounted to R1,180,000 during the financial year 2005, there were
no property sales.
In accordance with the Generally Accepted Accounting Practice requirement for a
fair market valuation, the directors have had the properties valued by an
independent valuer and the values adjusted accordingly, resulting in a
R4,190,000 dimunition in value.
Subsequent to the year end the company received assessments from the South
African Revenue the African Revenue Revenue Services for disputed VAT claims in
respect of certain Holding Company expenses. An amount of
R298,567 has been paid and an objection has been lodged.
No dividend has been declared or recommended for this period.
T h e results have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice, and in the manner required by the
companies Act of South Africa.
The reports will lie for inspection at the companies offices, 60 Rivonia Road,
Chislehurston.
For and on behalf of the Board of Directors:
DCL WASSUNG
30th September 2005
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
(P.O. Box 61051, Marshalltown, 2107)
Sponsor
LPC Manhattan Moela
Registered Office
202 2nd Floor, Sandhurst Centre,
60 Rivonia Road,
Chislehurston. 2196
(P.O. Box 55194, Northlands, 2116)
Auditors
ccf & associates
134 Rabie Street
Fontainebleau, Randburg
Date: 30/09/2005 04:36:55 PM Produced by the JSE SENS Department
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