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Saambou - Audited results for the year ended 30 September 2005
SAAMBOU HOLDINGS LIMITED
Registration Number 1987/004170/06
Share Code: SBO
Isin Code: ZAE000006409
COMPANY RESULTS
Audited results for the year ended 30 September 2005
BALANCE SHEET
Audited Audited
12 months 18 months
30 Sept 30 Sept
2005 2004
ASSETS
Other assets - 0,3
Liquid assets 7,5 58,2
7,5 58,5
SHAREHOLDERS" FUNDS AND LIABILITIES
Total shareholders" interest 5,4 50,6
Other liabilities and provisions 0,8 3,9
Receiver of Revenue 1,3 4,0
7,5 58,5
INCOME STATEMENT
Net interest and related income 0,5 8,8
Non-interest income - 11,2
Total income 0,5 20,0
Operating expenditure (0,8) (7,2)
Net income before tax (0,3) 12,8
Tax - (3,3)
Income attributable to ordinary (0,3) 9,5
shareholders
Earnings per share (cent)
- Basic (0,2) 0,9
CASH FLOW STATEMENT
Cash flow from operating activities (5,8) 6,7
Cash flow from investment activities - 1,5
Cash flow from financing activities (44,9) (77,7)
Net increase in cash and cash (50,7) (69,5)
equivalents
Balance at beginning of period 58,2 127,7
Balance at end of period 7,5 58,2
STATEMENT OF CHANGES IN EQUITY
Audited Audited
12 months 18 months
30 Sept 30 Sept
2005 2004
Rm Rm
Equity at beginning of the period 50,6 118,7
Changes in share premium (42,1) (77,7)
Changes in preference share premium (2,8) -
Changes in non-distributable reserves - 7,2
Changes in distributable reserves (0,3) 2,4
Equity at end of the period 5,4 50,6
COMMENTS
1. Accounting policies
The accounting policies adopted for the purpose of this announcement are in
compliance with South African Statements of Generally Accepted Accounting
Practice and are consistent with those of the previous year.
2. Overview of results
The financial year-end was changed to 30 September. This resulted in the
2004 income statement, cash flow statement and the statement of changes in
equity being presented for 18 months.
The net loss after tax of Saambou Holdings Limited for the year ended 30
September 2005 amounted to R0,3 million (2004 profit R9,5 million). This
was mainly derived from interest received on the call account of Saambou
Holdings Limited and operating expenses paid.
The Income Statements and Balance Sheets for 2004 and 2005 exclude the
income and net assets of any subsidiaries as all subsidiaries were disposed
of.
3. Prospects and Post Balance Sheet events
After year end all trade creditors were settled and the obligation to pay
unclaimend dividends will be passed to a third party. It is the intention
of the directors to voluntarily liquidate Saambou Holdings Limited,
resulting in the liquidator making a modest distribution to shareholders.
The directors are of the opinion that the final distribution will not be as
substantial as the distributions to date. The total distribution to date
amounts to 77 cents per Saambou Holdings share.
The results have been reviewed by Ernst & Young. Their unqualified review
opinion is available for inspection at the company"s registered office.
DM Lawrence BP Botha
Chairman Director
2 October 2006
Registered office
Saambou Park, Alkantrant Road, Lynnwood Manor, Pretoria 0081
PO Box 74127, Lynnwood Ridge 0040
Share Transfer Secretaries
Computershare Investor Services Limited, 70 Marshall Street, Johannesburg
2001
Date: 29/09/2006 04:14:05 PM Supplied by www.sharenet.co.za
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