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SJL
SJL
S & J Land - Audited results for the year ended 30 June 2006
S & J LAND HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000139/06) ("the company")
Share Code: SJL & ISIN no: ZAE000009965
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2006
BALANCE SHEETS as at 30 June
2006
Group Company
2006 2005 2006 2005
R"000 R"000 R"000 R"000
ASSETS
Non-current assets 46 801 46 801 47 442 47 778
Property, plant and - 16 - -
equipment
Investment properties 40 635 46 785 - -
Intangible assets - - - -
Financial assets - - 47 442 47 778
Current assets 8 362 2 885 285 388
Trade and other receivables 5 954 37 25 18
Cash and cash equivalents 2 408 2 848 260 370
Total assets 48 997 49 686 47 727 48 166
EQUITY AND LIABILITIES
Equity capital and reserve 48 465 48 778 47 297 47 610
Share capital and premium 35 859 35 859 35 859 35 859
Retained earnings 126/6 12 919 11 438 11 751
Current liabilities 532 908 430 556
Trade and other payables 102 276 - -
Taxation - - - -
Provisions 60 261 60 186
Shareholders for dividend 370 370 370 370
Total equity and 48 997 49 686 47 727 48 166
liabilities
INCOME STATEMENTS for the year ended 30
June 2006
Group Company
2006 2005 2006 2005
R"000 R"000 R"000 R"000
Turnover 938 1 118 24 24
Other Income 530 937 - -
Operating expenses (1820) (2 280) (559) (562)
Operating loss (352) (225) (535) (538)
Fair value adj. of investment - (3 665) - -
properties
Fair value adj. of investment - - (221) (3 269)
in subsidiaries
Results from operating (352) (3 890) (314) (3 807)
activities
Net investment income 39 101 1 17
Profit (loss) before (313) (3 789) (313) (3 790)
taxation
Taxation - (1) - -
Loss for the year (313) ( 3 790) (313) (3 790)
Basic earnings (loss) per (1,2) (14,4) (1,2) (14,4)
share (cents)
Headline earnings (loss) per (1,2) (14,4) (1,2) (14,4)
share (cents)
Reconciliation between basic
loss
and headline loss
Basic loss (313) (3 790) (313) (3 790)
Fair value adj. of investment - 3 665 - 3 665
properties
Headline loss (313) (125) (313) (125)
STATEMENTS OF CHANGES IN EQUITY for the year ended 30
June 2006
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 July 2005 2 630 33 229 12 919 48 778
Net loss for the year (313) (313)
Balance at 30 June 2006 2 630 33 229 12 606 48 465
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 1 July 2005 2 630 33 229 11 751 47 610
Net loss for the year (313) (313)
Balance at 30 June 2006 2 630 33 229 11 438 47 297
CASH FLOW STATEMENTS for the year ended 30
June 2006
Group Company
2006 2005 2006 2005
R"000 R"000 R"000 R"000
CASH FLOWS FROM OPERATING (578) (578) (394) (394)
ACTIVITIES
Cash absorbed by -7 137 (678) (668) (411)
operations
Interest received 39 101 1 17
Normal taxation paid - (1) - -
CASH FLOWS FROM INVESTING 6 658 1 916 557 376
ACTIVITIES
Property, plant & - (16) - -
equipment acquired
Proceeds on disposal of 6 658 1 932 - -
property, plant and equipment
Repayment of loans to - - 557 376
subsidiary companies
NET (DECREASE) INCREASE IN
CASH AND CASH
EQUIVALENTS (440) -1 338 (110) 18
Cash and cash equivalents at 2 848 1 510 370 388
the beginning of the year
Cash and cash equivalents at 2 408 2 848 260 370
the end of the year
Audit
The above results have been prepared in accordance with International Financial
Reporting Standards (IFRS) and have been audited by CCF & Associates are
available for inspection at the company"s registered offices.
ABRIDGED DIRECTOR"S REPORT
S&J Land reported revenue of R938,000 (R1.1m) and a headline loss of 1.2cps
(14.4cps).Properties held comprises 403 hectares of deproclaimed mining land in
the Germiston area.The development of the land is dependent on the removal of
Sand and Slime dumps and thecompliance with Statutory requirements for the
rehabilitation of mining ground.
Progress on the removal of the dumps by the parties responsible was slow due to
the economic viability of the remaining material. Discussions are being held to
expedite progress.Rental income amounted to R938,000 (R1.1m) , there were two
property sales amounting to R6,650,000. The one property sold to the
Ekurhuleni Metropolitan Municipality has the majority of the income producing
buildings on it.
In the year ahead no significant land sales or developments are expected and
Revenue will be lower due to the sale of the one property.
No dividend has been declared or recommended for this period.
For and on behalf of the Board of Directors:
DCL WASSUNG
29th September 2006
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
Directors" D.J. Defries, C M Dullabh, M D Smullen, D C L Wassung.
Date: 06/10/2006 11:37:08 AM Produced by the JSE SENS Department
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