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KWV
KWV
KWV - KWV Investments Limited - Unaudited consolidated results for the six
months ended 31 December 2008
KWV Investments Limited
ISIN number: ZAE000004016
JSE share code: KWV
Registration number 1979/007263/06
Unaudited consolidated results for the six months ended 31 December 2008
Salient features
Increase in headline earnings per share: 19,3%
Increase in interim dividend per share: 20,1%
Increase in net asset value per share: 11,5%
Consolidated balance sheet
Unaudited Audited
31 December 30 June
2008 2007 2008
R`000 R`000 R`000
Assets
Non-current assets
Investment in associate 1 400 541 1 256 992 1 302 671
Current assets 1 030 459 377
Cash and cash equivalents 1 009 449 361
Taxation receivable 21 10 16
Total assets 1 401 571 1 257 451 1 303 048
Equity and liabilities
Capital and reserves
Share capital 42 000 42 000 42 000
Reserves 1 358 769 1 214 800 1 260 454
Ordinary shareholders` funds 1 400 769 1 256 800 1 302 454
Current liabilities
Payables 802 651 594
Total equity and liabilities 1 401 571 1 257 451 1 303 048
Consolidated income statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2008 2007 % 2008
R`000 R`000 Change R`000
Income from associate 190 344 161 778 17.7 278 905
Interest income 60 28 68
Administrative expenses (608) (514) (1 122)
Profit before taxation 189 796 161 292 277 851
Taxation (17) (8) (19)
Net profit attributable to 189 779 161 284 277 832
ordinary shareholders
Note Cents Cents Cents
Earnings per share
- attributable earnings 1 451.9 384.0 17.7 661.5
- headline earnings 1 451.3 378.2 19.3 654.2
Dividends declared per share 173.0 144.0 20.1 326.0
- interim 173.0 144.0 144.0
- final - - 182.0
Consolidated statement of recognised income and expense
Six months ended Year ended
31 December 30 June
2008 2007 2008
Note R`000 R`000 R`000
Net profit attributable to 189 779 161 284 277 832
ordinary shareholders
Interest in net income recognised 2 (16 755) (127) (11 496)
directly in equity of associate
Dilution of investment in (438) (554) (5 716)
associate
Total recognised income for the 172 586 160 603 260 620
year
Consolidated cash flow statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2008 2007 2008
R`000 R`000 R`000
Cash flow from operating activities
Administrative expenses (608) (514) (1 122)
Change in payables 208 101 57
Cash utilised in operations (400) (413) (1 065)
Dividends received 77 450 63 955 124 976
Dividends paid (76 440) (63 420) (123 900)
Interest received 60 28 68
Taxation paid (22) (30) (47)
Net increase in cash and cash 648 120 32
equivalents
Cash and cash equivalents at 361 329 329
beginning of the period
Cash and cash equivalents at end of 1 009 449 361
the period
Notes to the interim report
for the six months ended 31 December 2008
Unaudited Audited
Six months ended Year ended
31 December 30 June
2008 2007 2008
R`000 R`000 R`000
1. Earnings per share
Ordinary shares issued (thousands) 42 000 42 000 42 000
Reconciliation of headline
earnings
Net profit attributable to 189 779 161 284 277 832
ordinary shareholders
Share in adjustments (net of (216) (2 429) (3 080)
taxation) of associate
Headline earnings 189 563 158 855 274 752
Cents Cents Cents
Earnings per share
- attributable earnings 451.9 384.0 661.5
- headline earnings 451.3 378.2 654.2
R`000 R`000 R`000
2. Reconciliation of movements
on equity and reserves
Share capital at beginning and end 42 000 42 000 42 000
of the period
Retained earnings
Balance at beginning of the period (217) (233) (233)
Net profit attributable to 189 779 161 284 277 832
ordinary shareholders
Net transfer to equity reserve (112 456) ( 97 269) (148 213)
Dilution of investment in (438) (554) (5 716)
associate
Unclaimed dividends written back - - 13
Dividends paid (76 440) (63 420) (123 900)
Balance at end of the period 228 (192) (217)
Equity reserve
Balance at beginning of the period 1 260 671 1 115 623 1 115 623
Movements for the period:
- net transfer from retained 112 456 97 269 148 213
earnings
- interest in items recognised (16 755) (127) (11 496)
directly in associate`s equity
- other movements in equity of 2 169 2 227 8 331
associate
Balance at end of the period 1 358 541 1 214 992 1 260 671
Reserves at end of the period 1 358 769 1 214 800 1 260 454
Equity at end of the period 1 400 769 1 256 800 1 302 454
3. Basis of preparation
The interim report has been prepared in accordance with the recognition and
measurement principles of International Financial Reporting Standards
(IFRS), IAS 34: Interim Financial Reporting, the requirements of the South
African Companies Act, Act 61 of 1973, as amended; and the Listings
Requirements of the JSE Limited.
The accounting policies and the methods of computation are consistent with
those applied in the previous financial periods, with the exception of a
number of new statements, amendments and interpretations to IFRS that became
effective during the current reporting period. The adoption of these new
policies had no impact on the results of either the current or prior
periods.
4. Group structure
The sole investment of KWV Investments Limited is an effective interest of
29,24% (2007: 29,38%) in the issued share capital of Distell Group Limited
(Distell), held via Remgro-KWV Investments Limited. Each issued share in KWV
Investments represents 1,397 issued shares in its associate, Distell.
5. Financial results
In the six months under review Distell`s revenue grew by 21,6% to R6,1
billion, on a sales volume increase of 15,9%. It achieved an increase of
21,3% in trading income mainly as a result of continued revenue growth.
Benefits derived from improved throughput and efficiencies were largely
offset by steep increases in material costs and distribution expenses as
well as incremental costs to expand sales and marketing representation in
important markets.
KWV Investments` results reflects this improved performance and attributable
earnings and headline earnings for the six months under review increased by
17,7% and 19,3% respectively, while the dividend declared increased by
20,1%, compared to the prior period.
6. Prospects
The board of Distell has indicated the following:
South Africa`s economy and its consumers continue to adjust to the
unfavourable impact of a highly troubled global economy, the increase in
debt-servicing costs, and a moderation in real disposable income. The
deterioration in the global economy is expected to continue with major
economies now in recession. An early end to the depressed conditions seems
unlikely.
Distell, therefore anticipates that global and local trading conditions will
become increasingly difficult. Nevertheless, its board believes that the
business is appropriately structured to compete effectively under these
conditions. It has a portfolio of attractive and reputable brands across a
range of segments and price points affording it the flexibility to adjust to
changes in consumer spending and to capture opportunities in key established
and newer markets. A broad network of trading alliances across a diversity
of markets, some less adversely affected by the global credit crunch than
others, should also provide Distell with a measure of resilience.
Although it is extremely difficult to forecast under current volatile
conditions, Distell nevertheless expects to reflect continued growth in
revenue and earnings, albeit at moderate levels.
These expectations will largely be mirrored in the results of KWV
Investments Limited.
7. Declaration of interim dividend
The directors have resolved to declare an interim dividend of 173,0 cents
(2007: 144,0 cents) per share.
Last day to trade cum dividend Friday 13 March 2009
Trading ex dividend commences Monday 16 March 2009
Record date Friday 20 March 2009
Dividend payment date Monday 23 March 2009
Share certificates may not be dematerialised or rematerialised between Monday,
16 March 2009 and Friday, 20 March 2009, both days inclusive.
Signed on behalf of the board of directors
PBB Hugo MJ Loubser
Chairman Chief Executive Officer
Paarl
24 February 2009
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, 2001
Sponsor: KPMG Services (Pty) Ltd
KWV Investments Limited is a subsidiary of KWV Limited
Date: 24/02/2009 15:30:02 Produced by the JSE SENS Department.
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