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KWV
KWV
KWV - KWV Investments Limited - Audited consolidated results for the year ended
30 June 2007
KWV INVESTMENTS LIMITED
ISIN number: ZAE000004016
JSE share code: KWV
Registration number 1979/007263/06
Audited consolidated results for the year ended 30 June 2007
SALIENT FEATURES
Increase in basic earnings per share: 57,8%
Increase in headline earnings per share: 44,5%
Increase in adjusted headline earnings per share: 28,4%
Increase in dividend per share: 27,2%
Increase in net asset value per share: 18,2%
BALANCE SHEET
2007 2006
R`000 R`000
ASSETS
Non-current assets
Investment in associate 1 157 623 979 194
Current assets
Cash and cash equivalents 329 94
Total assets 1 157 952 979 288
EQUITY AND LIABILITIES
Capital and reserves
Share capital 42 000 42 000
Reserves 1 115 390 936 843
Ordinary shareholders` funds 1 157 390 978 843
Current liabilities 562 445
Payables 550 441
Taxation payable 12 4
Total equity and liabilities 1 157 952 979 288
Net asset value per share (Rand) 27,56 23,31
INCOME STATEMENT
2007 2006 %
R`000 R`000 change
Income from associate 249 399 158 295 57,6
Interest income 165 124
Administrative expenses (970) (829) 17,0
Profit before taxation 248 594 157 590
Taxation (47) (36)
Net profit attributable to ordinary 248 547 157 554 57,8
shareholders
HEADLINE EARNINGS RECONCILIATION
Net profit attributable to ordinary 248 547 157 554
shareholders
Adjusted for after-tax interest in
associate`s:
- profit on disposal of property, plant (3 024) (53)
and equipment
- loss on disposal of its interest in - 521
an associate
- net insurance proceeds received for (17 128) -
fire damage to production site
Headline earnings 228 395 158 022 44,5
Adjusted for:
- interest in non-recurring component - 19 872
of Distell`s BEE expense
Adjusted headline earnings 228 395 177 894 28,4
Ordinary shares issued (thousands) 42 000 42 000
Cents Cents
Earnings per share
- Attributable earnings 591,8 375,1 57,8
- Headline earnings 543,8 376,2 44,5
- Adjusted headline earnings 543,8 423,6 28,4
Dividend per share 271,0 213,0 27,2
- Interim 120,0 95,0
- Final (declared after year-end) 151,0 118,0
CASH FLOW STATEMENT
2007 2006
R`000 R`000
Cash flow from operating activities
Administrative expenses (970) (829)
Increase in payables 120 128
Cash utilised in operations (850) (701)
Dividends received from associate 100 919 79 210
Dividends paid (99 960) (78 750)
Interest received 165 124
Taxation paid (39) (52)
Net increase/(decrease) in cash and 235 (169)
cash equivalents
Cash and cash equivalents at beginning 94 263
of the year
Cash and cash equivalents at end of the 329 94
year
STATEMENT OF RECOGNISED INCOME AND EXPENSES
2007 2006
R`000 R`000
Interest in associate`s "net income 27 673 15 842
recognised directly in equity"
Dilution of investment in associate (5 264) (9 613)
Net profit attributable to ordinary 248 547 157 554
shareholders
Total recognised income for the year 270 956 163 783
NOTES
1 Changes in accounting policies
During the year under review various new accounting standards,
interpretations and amendments to IFRS became effective. In addition
IFRIC Interpretation 11 - IFRS 2 Group and Treasury Share
Transactions (effective from 1 March 2007) was early adopted. Except
as noted below, the adoption of these new accounting standards,
interpretations and amendments to IFRS had no impact on the results
of either the current or prior years.
The company`s associate, Distell Group Limited, changed its
accounting policy by adopting the option in the amended statement of
IFRS dealing with Employee Benefits (IAS 19), to recognise all
actuarial gains and losses in retirement benefit obligations outside
profit and loss in the period in which they occur in the Statement
of Recognised Income and Expense.
This change in accounting policy has been accounted for
retrospectively and the comparative financial statements for 30 June
2006 have been restated. The effect of the change on 30 June 2006 is
as follows:
2006
R`000
Income statement
No impact on income from associate or profits -
Balance sheet
Increase in investment in associate 12 672
Statement of changes in equity
- Increase in opening balance of equity reserve 12 813
- Increase in dilution of investment in associate and 141
change in amount transferred from retained earnings
2 Investment in associate company
The main asset of the company is an effective interest of 29,4%
(2006: 29,55%) in the issued share capital of Distell Group Limited
(Distell). Each share in KWV Investments Limited represents 1,397
issued shares in Distell. The dividend income of KWV Investments
Limited is sourced solely from this company.
For more comprehensive financial information readers are referred to
Distell`s results, released on 22 August 2007.
3 Future dilution of investment in Distell
In terms of Distell`s broad-based black economic empowerment ("BEE")
transaction of October 2005, it will issue ordinary shares to a BEE
consortium, between 30 June 2013 and 30 June 2015. This will result
in a dilution of KWV Investments` interest in Distell. The extent of
the eventual dilution of Distell`s shareholders will depend on a
number of factors, but it will not exceed the maximum limit of 15%.
When these shares are issued to the BEE consortium, KWV Investments
will recognise, directly in equity, a dilution of up to 15% against
its investment in its associate (currently carried at R1,16
billion). At the same time its interest in Distell`s earnings will
decrease by up to 15%.
To take cognisance of the above, Distell`s 2007 financial statements
disclose diluted earnings per share that is 6,8% (2006: 0,5%) less
than the attributable earnings per share. Although there has been no
real dilution of KWV Investments` interests yet, this is viewed as a
realistic indication of the extent to which the rights, that will
lead to the eventual dilution, have already vested.
If the basis on which Distell has calculated its diluted earnings
per share is applied to KWV Investments` results, its headline
earnings for the year would decrease by R15,6 million (2006: R0,8
million).
4 Declaration of dividend
The directors have resolved to declare a final dividend of 151 cents
per share
Last day to trade "cum" dividend Friday 14 September 2007
Trading "ex" dividend commences Monday 17 September 2007
Record date Friday 21 September 2007
Divident payment date Tuesday 25 September 2007
Share certificates may not be dematerialised or rematerialised
between Monday 17 September 2007 and Friday 21 September 2007, both
days inclusive.
5 Financial statements and annual general meeting
The annual financial statements have been audited by
PricewaterhouseCoopers Inc. and their unqualified audit opinion is
available for inspection at the company`s registered office. The
group`s annual report will be posted to shareholders before the end
of September 2007. The annual general meeting of the company will be
held on Tuesday 30 October 2007 in the Boardroom, KWV Head Office,
Suider-Paarl, at 11:00.
6 Directorate
Mr Matthys Jan Loubser has been appointed as director with effect
from 1 February 2007. Mr Loubser has been appointed following the
retirement of Dr Willem Barnard.
Signed on behalf of the board of directors
PBB Hugo MJ Loubser
Chairman Chief Executive officer
Paarl
30 August 2007
Directors: PBB Hugo, D de Wet, AS du Plessis, MJ Loubser
Company secretary: AW Eksteen
Registered office: La Concorde, 57 Main Street, Suider-Paarl, 7646
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd, PO Box
61051, Marshalltown, 2107
Sponsor: KPMG Services (Pty) Ltd
KWV Investments Limited is a subsidiary of KWV Limited
Date: 30/08/2007 15:18:01 Produced by the JSE SENS Department.
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