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KWV
KWV
KWV - KWV Investments Limited - Audited consolidated results for the year ended
30 June 2008
KWV INVESTMENTS LIMITED
ISIN number: ZAE000004016
JSE share code: KWV
Registration number 1979/007263/06
Audited consolidated results for the year ended 30 June 2008
SALIENT FEATURES
- Increase in basic earnings per share: 11,8%
- Increase in headline earnings per share: 20,3%
- Increase in dividend per share: 20,3%
- Increase in net asset value per share: 12,5%
BALANCE SHEET
2008 2007
R`000 R`000
ASSETS
Non-current assets
Investment in associate 1 302 671 1 157 623
Current assets 377 329
Cash and cash equivalents 361 329
Taxation receivable 16 -
Total assets 1 303 048 1 157 952
EQUITY AND LIABILITIES
Capital and reserves
Share capital 42 000 42 000
Reserves 1 260 454 1 115 390
Ordinary shareholders` funds 1 302 454 1 157 390
Current liabilities 594 562
Payables 594 550
Taxation payable - 12
Total equity and liabilities 1 303 048 1 157 952
Net asset value per share (Rands) 31,01 27,56
INCOME STATEMENT
2008 2007 %
R`000 R`000 change
Income from associate 278 905 249 399 11,8
Interest income 68 165
Administrative expenses (1 122) (970) 15,7
Profit before taxation 277 851 248 594
Taxation (19) (47)
Net profit attributable to ordinary 277 832 248 547 11,8
shareholders
HEADLINE EARNINGS RECONCILIATION
Net profit attributable to ordinary 277 832 248 547
shareholders
Adjusted for after tax interest in (3 080) (20 152)
associate`s capital profits:
Headline earnings 274 752 228 395 20,3
Ordinary shares issued (thousands) 42 000 42 000
Cents Cents
Earnings per share
- Attributable earnings 661,5 591,8 11,8
- Headline earnings 654,2 543,8 20,3
Dividends declared per share 326,0 271,0 20,3
- Interim 144,0 120,0
- Final (declared after year-end) 182,0 151,0
CASH FLOW STATEMENT
2008 2007
R`000 R`000
Cash flow from operating activities
Administrative expenses (1 122) (970)
Increase in payables 57 120
Cash utilised in operations (1 065) (850)
Dividends received from associate 124 976 100 919
Dividends paid (123 900) (99 960)
Interest received 68 165
Taxation paid (47) (39)
Net increase in cash and cash equivalents 32 235
Cash and cash equivalents at beginning of the year 329 94
Cash and cash equivalents at end of the year 361 329
STATEMENT OF RECOGNISED INCOME AND EXPENSE
2008 2007
R`000 R`000
Interest in associate`s "net income recognised (11 496) 27 673
directly in equity"
Dilution of investment in associate (5 716) (5 264)
Net profit attributable to ordinary shareholders 277 832 248 547
Total recognised income for the year 260 620 270 956
NOTES
1 Investment in associate company
The main asset of the company is an effective interest of 29,25% (2007:
29,4%) 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 20 August 2008.
2 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 R1,3 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 2008 financial statements
disclose diluted earnings per share that are 6,1% (2007: 6,8%) 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 hare
is applied to KWV Investments` results, its headline earnings for the year
would decrease by R16,8 million (2007: R15,6 million).
3 Declaration of dividend
The directors have resolved to declare a final dividend of 182 cents per
share.
Last day to trade cum dividend Friday 12 September 2008
Trading ex dividend commences Monday 15 September 2008
Record date Friday 19 September 2008
Dividend payment date Monday 22 September 2008
Share certificates may not be dematerialised or rematerialised between
Monday 15 September 2008 and Friday 19 September 2008, both days
inclusive.
4 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
2008. The annual general meeting of the company will be held on Tuesday 21
October 2008 in the Boardroom, KWV Head Office, Suider-Paarl, at 11:00.
Signed on behalf of the board of directors
PBB Hugo MJ Loubser
Chairman Chief Executive Officer
Paarl
26 August 2008
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
Website: www.kwv.co.za
Transfer secretaries: Computershare Investor Services (Pty) Ltd
PO Box 61051, Marshalltown, 2107
Sponsor: KPMG Services (Pty) Ltd
KWV Investments Limited is a subsidiary of KWV Limited
Date: 26/08/2008 16:00:01 Produced by the JSE SENS Department.
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