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SJL
SJL
S & J Land - Condensed Consolidated Interim Results For The Six Months
Ended 31 December 2005
S & J Land Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/000139/06)
Share Code: SJL - ISIN No: ZAE000009965
("the company")
Directors" D J Defries, C M Dullabh, M D Smullen, D C L Wassung.
CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER
2005
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENTS
Audited
Six months Year ended
ended
31 December 30 June
2005 2004 2005
R" 000 R" 000 R" 000
Turnover 516 593 1,118
Operating loss before financing (551) (467) (225)
costs
Results from operating activities (551) (467) (3,890)
Investment income 32 42 101
Profit (loss) before taxation (519) (425) (3,789)
Taxation - - (1)
Profit (loss) after taxation (519) (425) (3,790)
Loss for the period (519) (425) (3,790)
Ordinary shares in issue ("000) 2,630 2,630 2,630
Basic earnings (loss) per share (1,8) (1,6) (14,4)
(cents)
Diluted earnings (loss) per share (1,8) (1,6) (14,4)
(cents)
Reconciliation between basic
earnings (loss)
and headline earnings (loss)
Basic earnings (loss) (519) (425) (3,790)
Amortisation of mining rights - - -
Headline earnings (loss) (519) (425) (3,790)
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
ASSETS
Audited
As at 31 As at "30
December June
2005 2004 2005
R" 000 R" 000 R" 000
Property, plant and equipment 4 18 16
Investment properties 46,785 51,617 46,785
Intangible assets 0 1 0
Total non-current assets 46,789 51,636 46,801
Trade and other receivables 445 45 37
Loan to director - - -
Cash and cash equivalents 1,659 1,115 2,848
Total current assets 2,104 1,160 2,885
TOTAL ASSETS 48,893 52,796 49,686
EQUITY
Share capital and premium 35,859 35,859 35,859
Retained earnings 12,400 16,284 12,919
Total equity 48,259 52,143 48,778
Liabilities
Trade and other payables 69 247 276
Taxation - - 1
Provisions 195 34 261
Shareholders for dividend 370 372 370
Total Current liabilities 634 653 908
Total liabilities 634 653 908
TOTAL EQUITY AND LIABILITIES 48,893 52,796 49,686
Net asset value per share (cents) 197.3 198.3 199.9
STATEMENT OF CHANGES IN EQUITY
Audited
As at 31 As at "30
December June
2005 2004 2005
R" 000 R" 000 R" 000
Equity at the beginning of the 48,778 52,568 52,568
period
Retained Earnings (519) (425) (3,790)
Dividends paid - - 0
Equity at the end of the period 48,259 52,143 48,778
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
Six months Audited
ended
31 December Year ended
2005 2004 30 June
R" 000 R" 000 R" 000
Cash flows from operating (1,177) (378) (578)
activities
Cash absorbed by operations (1,209) (420) (678)
Interest received 32 42 101
Normal taxation paid (1)
- -
Dividend paid 0
- -
Cash flows from investing (12) (17) 1,916
activities
Property, plant & equipment (12) (17) (16)
acquired
Proceeds on disposal of property 1,932
- -
Repayment of (increase in) loan 0
to director - -
Net (Decrease) Increase in cash (1,189) (395) 1,338
and cash equivalents
Cash and cash equivalents at the 2,848 1,510 1,510
beginning of the year
Cash and cash equivalents at 31 1,659 1,115 2,848
December 2005
Comments on the interim results
Turnover was derived from the letting of property, no sales were finalized
during the period. The clearance of the dumps is proceeding slowly.
Anglogold Ashanti one of the parties clearing dumps has ceased operations
in the area, which has resulted in some material being left behind.
DRD gold, the other party clearing dumps in the area have taken over the
clearing of some of the material left behind by AnglogoldAshanti, this will
however delay the ultimate clearing of the land.A quantity of uneconomic
material will remain which will have some impact on the full development of
the property.
Cautionary Notice
Shareholders are referred to the cautionary notice published on 3 March
2006
Dividend
No dividend has been declared or recommended for this period.
Preparation of the interim results
These condensed consolidated interim financial statements have been
prepared on the basis of International Financial Reporting Standards in
issue that are effective or available for early adoption at the Group"s
first IFRS annual reporting date, 30 June 2006. Based on these IFRS, the
Board of Directors have made assumptions about the accounting policies
expected to be adopted when the first IFRS annual financial statements are
prepared for the year ended 30 June 2006. The adoption of IFRS has not
resulted in any adjustments, which would necessitate the presentation of a
reconciliation between earnings under IFRS and GAAP, respectively.
For and on behalf of the Board of Directors:
DCL WASSUNG
24 March 2006
Registered Office
202, Sandhurst Centre
60 Rivonia Rd, Chislehuston, 2196, Johannesburg
(PO Box 1470,Fontainbleau, 2032)
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Sponsor
LPC Manhattan Sponsors (Pty) Limited
Date: 28/03/2006 10:15:09 AM Produced by the JSE SENS Department
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