| Mon 19 Dec 2005, 16:15 | | Samrand Development Holdings Limited - Reviewed in |
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Samrand Development Holdings Limited - Reviewed interim Consolidated results for
the six months ended
30 September 2005
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")
Reviewed interim Consolidated results for the six months ended
30 September 2005
The reviewed consolidated results of Samrand Development Holdings
Limited and its subsidiaries for the six months ended 30 September 2005 are
set out below:
Abridged Consolidated
Balance Sheet
Six months Six months 12 months
30/09/2005 30/09/2004 31/03/2005
(reviewed) (unaudited) (audited)
R"000 R"000 R"000
Assets
Non-current assets 94 215 84 655 89 403
Loan to local authority 94 215 84 653 89 03
Property, plant and equipment - 2 -
Current assets 235 385 226 581 241 681
Developed land for resale 209 935 213 227 209 935
Accounts receivable 22 433 10 951 27 915
Bank and cash balances 3 017 2 403 3 831
Total assets 329 600 311 236 331 084
Equity and liabilities
Share capital and reserves 77 205 96 671 89 465
Non-current liabilities 8 771 17 354 8 743
Current liabilities 243 624 197 211 232 876
Accounts payable 243 624 197 211 232 876
Total equity and liabilities 329 600 311 236 331 084
Net asset value per share (cents) 56,7 71,0 65,7
Net tangible asset value
per share (cents) 56,7 71,0 65,7
Abridged Consolidated
Income Statement
Gross revenue 1 686 11 838 20 745
Land sales - 4 458 10 657
Rental income 1 686 7 380 10 088
Loss from operations (4 252) (842) (3 952)
Net financing expense (8 008) (9 813) (11 282)
Loss on disposal of investment
property - (13 985) (13 985)
Net loss before taxation (12 260) (24 640) (29 219)
Taxation - (118) (2 745)
Net loss for period (12 260) (24 758) (31 964)
Average number of shares
in issue ("000) 136 163 136 163 136 163
Loss per share (cents) (9,0) (18,1) (21,5)
Headline loss per share (cents) (9,0) (18,1) (11,2)
Abridged Consolidated
Cash Flow Statement
Operating activities 3 929 8 396 23 156
Investing activities (4 771) 96 322 91 600
Financing activities 28 (97 247) (105 858)
Net cash (utilised)/generated (814) 7 471 8 899
Cash and cash equivalents
at beginning of period 3 831 (5 068) (5 068)
Cash and cash equivalents
end of period 3 017 2 403 3 831
Abridged Consolidated statement
of changes in equity
Equity at beginning of period 89 465 121 429 121 429
Net loss for period (12 260) (24 758) (31 964)
Equity at end of period 77 205 96 671 89 465
Commentary
Income Statement
The rental income of R1,6 million relates to the Samrand Flagship Building,
situated at No. 1 Samrand Avenue, Centurion, which is the only revenue
producing building in the group. There were no land sales during the period
under review.
The operating loss of R4,2 million includes an accrual of R3,3 million for the
disputed rates charge by the Tshwane Metropolitan Municipality.
Net financing expenses of R8,0 million includes interest of R10,3 million
accrued in respected of the disputed claim of New Republic Bank Limited (under
receivership), plus R2,1 million interest accrued on the Nedbank loan, less
interest income of R4,8 million due to the group on the loan to the Tshwane
Metropolitan Municipality.
Balance sheet
The group still disputes the claim by New Republic Bank Limited (under
receivership) and this matter was reported on in the last annual financial
statements and the recent circular to shareholders.
The accruals for the disputed loan to former related companies have been
retained.
The net asset value per share is derived by dividing the share capital and
reserves by the average number of shares in issue.
The suspension in the trading of the group"s shares on the JSE Limited remains
in force.
Loss per share
This is determined as follows: 30/09/2005 31/03/2005
Loss before taxation (Rand) (12 260) (29 219)
Divided by shares in issue ("000) 1 361 1 361
Loss per share (cents) (9,0) (21,5)
Headline loss per share
This is determined as follows: 30/09/2005 31/03/2005
R R
Loss before taxation (12 260) (29 219)
Add back: Disposal of investment property - 13 985
Headline loss (12 260) (15 234)
Divided by shares in issue ("000) 136 163 136 163
Headline loss per share (cents) (9,0) (11,2)
PROSPECTS
On 22 November 2005, shareholders were asked to approve land sales valued at
R81,9 million. This shareholders" meeting was postponed to 13 December 2005.
The directors have recommended to shareholders that they vote in favour of
these land sales.
Further offers to purchase land in Centurion from reputable land developers
have been received and these offers to purchase are being considered by the
directors.
RENEWAL OF CAUTIONARY
Shareholders are referred to the previous cautionary announcements dated 30
August 2005 and 7 October 2005, and are advised that the negotiations referred
to therein are still in progress. Thus shareholders are advised to continue to
exercise caution when dealing in their Samrand shares, until such time as the
cautionary is withdrawn.
AUDIT APPROVAL
These interim results have been reviewed by the company"s auditors, Meagher
Moynihan, and are unqualified.
DIVIDENDS
No dividends have been declared or recommended for the period under review.
ACCOUNTING POLICIES
The results have been prepared in accordance with International Financial
Reporting Standards. There were no changes to the figures reported for the
previous corresponding period as a result of the adoption of IFRS.
The interim financial results have been reviewed in terms in Rule 3.23 of the
Listing Requirements of the JSE Limited by the group"s auditors, Meagher
Moynihan. This review opinion is available for inspection at the registered
office.
For and on behalf of the board of directors
I D P Burger N B Egan
Non-Executive Chairman Executive Director
19 December 2005
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) Limited., 70
Marshall Street, Johannesburg, 2001
Sponsor: LPC Manhattan Moela
Auditors: Meagher Moynihan
Date: 19/12/2005 04:16:31 PM Produced by the JSE SENS Department
