| Thu 30 Nov 2006, 17:05 | | Samrand - Reviewed Interim Consolidated Results |
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SMR
SMR
Samrand - Reviewed Interim Consolidated Results
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 2006
The reviewed consolidated results of Samrand Development Holdings Limited and
its subsidiaries for the six months ended 30 September 2006 are set out below:
ABRIDGED CONSOLIDATED BALANCE SHEET
Six months Six months 12 months
30/09/2006 30/09/2005 31/03/2006
(reviewed) (unaudited) (audited)
R"000 R"000 R"000
Assets
Non-current assets 104 684 94 215 99 256
Loan to local authority 104 684 94 215 99 256
Property, plant and - - -
equipment
Current assets 219 368 235 385 233 718
Developed land for resale 190 947 209 935 205 681
Accounts receivable 23 748 22 433 23 381
Bank and cash balances 4 673 3 017 4 656
Total assets 324 052 329 600 332 974
Equity and liabilities
Share capital and reserves 29 755 77 205 65 830
Non-current liabilities 9 912 8 771 9 504
Current liabilities 284 385 243 624 257 640
Accounts payable 284 385 243 624 257 640
Total equity and liabilities 324 052 329 600 332 974
Net asset value per share 21,9 56,7 48,4
(cents)
Net tangible asset value per 21,9 56,7 48,4
share (cents)
ABRIDGED CONSOLIDATED INCOME STATEMENT
Gross revenue 14 710 1 686 11 458
Land sales 12 564 - 7 956
Rental income 2 146 1 686 3 502
Loss from operations (5 090) (4 252) (3 990)
Net financing expense (30 982) (8 008) (23 649)
Net loss before taxation (36 072) (12 260) (27 039)
Taxation (3) - 43
Net loss for period (36 075) (12 260) (26 996)
Average number of shares in 136 163 136 163 136 163
issue ("000)
Loss per share (cents) (26,5) (9,0) (17,5)
Headline loss per share (26,5) (9,0) (19,9)
(cents)
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Operating activities 5 037 3 929 9 913
Investing activities (5 427) (4 771) (9 813)
Financing activities 407 28 725
Net cash 17 (814) 825
(utilised)/generated
Cash and cash equivalents at 4 656 3 831 3 831
beginning of period
Cash and cash equivalents 4 673 3 017 4 656
end of period
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity at beginning of 65 830 89 465 89 657
period
Net loss for period (36 075) (12 260) (23 827)
Equity at end of period 29 755 77 205 65 830
COMMENTARY
INCOME STATEMENT
The rental income of R2,1 million relates to the Samrand Flagship Building,
situated at No 1 Samrand Avenue Centurion, which is the only revenue producing
building in the group. One proclaimed stand was sold during the period under
review for R12,5 million.
The operating loss of R5,0 million includes an accrual of R2,7 million for the
disputed rates charge by the Tshwane Metropolitan Municipality.
Net financing expenses of R30,9 million includes:
* interest of R30,9 million accrued in respect of the disputed claim of New
Republic Bank Limited (under receivership) which was increased by NRB to
correct previous under charged interest over the life of this disputed
claim by NRB on Samrand;
* interest accrued on the Nedbank loan of R3,3 million;
* interest on the disputed Tshwane Metropolitan Municipality rates charges of
R1,9 million;
* other interest paid R0,2 million; and
* interest income of R5,4 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) of R203,9 million as at 30 September 2006. Negotiations between
the parties have been initiated.
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 (CENTS)
This is determined as follows 30/09/2006 31/03/2006
Loss before taxation (36 072) (27 039)
Impairment of other receivables 3 169
Loss after impairment of other (36 072) (23 870)
receivables
Divided by shares in issue ("000) 136 163 136 163
(26,5) (17,5)
HEADLINE LOSS PER SHARE (CENTS)
This is determined as follows 30/09/2006 31/03/2006
Loss before taxation (36 072) (27 039)
Headline loss (36 072) (23 870)
Divided by shares in issue ("000) 136 163 136 163
(26,5) (19,9)
PROSPECTS
In a general meeting of shareholders on 7 November 2006 the sale of land in
Vanderbijlpark for R30,0 million plus vat was approved.
The net proceeds from this sale will, as far as it is possible, allow the group
to reduce its liability to Nedbank Limited.
AUDIT APPROVAL
These interim results have been reviewed by the company"s auditors Meagher
Moynihan.
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
30 November 2006
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: Suite 7c 123 Rietfontein Road, Primrose, 1400
Postal Address: PO Box 6060, Homestead, 1412
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited., 70
Marshall Street, Johannesburg, 2001
Sponsor: Vunani Corporate Finance (Pty) Limited
Auditors: Meagher Moynihan
Date: 30/11/2006 05:05:09 PM Produced by the JSE SENS Department
