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CVI
CVI
CVI - Capevin Investments Limited - Audited consolidated results for the year
ended 30 June 2009
Capevin Investments Limited
(Previously KWV Investments Limited)
ISIN number: ZAE000136446
JSE share code: CVI (previously KWV)
Registration number 1979/007263/06
Audited consolidated results for the year ended 30 June 2009
- Salient features
- Increase in headline earnings per share: 1%
- Increase in dividend per share: 8.9%
- Increase in net asset value per share: 8.4%
Balance sheet
2009 2008
Note R`000 R`000
Assets
Non-current assets
Investment in associate 1 1 411 998 1 302 671
Current assets 631 377
Cash and cash equivalents 612 361
Taxation receivable 19 16
Total assets 1 412 629 1 303 048
Equity and liabilities
Capital and reserves
Share capital 42 000 42 000
Reserves 1 369 695 1 260 454
Ordinary shareholders` funds 1 411 695 1 302 454
Current liabilities
Payables 934 594
Total equity and liabilities 1 412 629 1 303 048
Net asset value per share (Rands) 33.61 31.01
Income statement
2009 2008 %
Note R`000 R`000 change
Income from associate 1 278 990 278 905
Interest income 288 68
Administrative expenses (1 412) (1 122)
Profit before taxation 277 866 277 851
Taxation (80) (19)
Net profit attributable to ordinary 277 786 277 832
shareholders
Headline earnings reconciliation
Net profit attributable to ordinary 277 786 277 832
shareholders
Adjusted for after tax interest in (268) (3 080)
associate`s capital profits
Headline earnings 277 518 274 752 1.0
Ordinary shares in issue (thousands) 42 000 42 000
Cents Cents
Earnings and diluted earnings per
share
- Attributable earnings 661.4 661.5
- Headline earnings 660.8 654.2 1.0
Dividend per share 355.0 326.0 8.9
- Interim 173.0 144.0
- Final (declared after year-end) 182.0 182.0
Cash flow statement
2009 2008
R`000 R`000
Cash flow from operating activities
Administrative expenses (1 412) (1 122)
Increase in payables 353 57
Cash utilised in operations (1 059) (1 065)
Dividends received from associate 150 205 124 976
Dividends paid (149 100) (123 900)
Interest received 288 68
Taxation paid (83) (47)
Net increase in cash and cash 251 32
equivalents
Cash and cash equivalents at 361 329
beginning of the year
Cash and cash equivalents at end of 612 361
the year
Statement of recognised income and expenses
2009 2008
R`000 R`000
Net profit attributable to ordinary 277 786 277 832
shareholders
Interest in associate`s "net income (23 861) (11 496)
recognised directly in equity"
Dilution of investment in associate (1 101) (5 716)
Total recognised income for the year 252 824 260 620
Notes
The consolidated financial statements have been prepared on the historical cost
basis, except if otherwise indicated, in accordance with International Financial
Reporting Standards (IFRS) and in the manner required by the Companies Act of
South Africa and the Listings Requirements of the JSE Limited.
These consolidated annual financial statements incorporate accounting policies
that have been consistently applied to both years presented, with the exception
of the implementation of the following new standards, interpretations and
amendments to IFRS that became effective during the current financial year:
- Amendments to IAS 39 - Financial Instruments: Recognition and Measurement
and IFRS 7 Financial Instruments: "Disclosures - Reclassification of
Financial Assets".
- IFRIC 12, Service Concession Arrangements.
- IFRIC 13, Customer Loyalty Programmes.
- IFRIC 14, IAS 19 - The limit on a defined benefit asset, minimum funding
requirements and their interaction.
These standards, interpretations and amendments to published standards are not
relevant and the adoption thereof had no impact on the group`s financial
statements.
1. Investment in associate company
The main asset of the company is an effective interest of 29.22% (2008: 29.25%)
in the issued share capital of Distell Group Limited (Distell). Each share in
Capevin Investments Limited represents 1.397 issued shares in Distell. The
dividend income of Capevin Investments Limited is sourced solely from this
company.
For more comprehensive financial information readers are referred to Distell`s
results, released on 26 August 2009.
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 Capevin
Investments Limited`s 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, Capevin Investments Limited
will recognise, a dilution of up to 15% against its investment in its associate
(currently carried at R1,41 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 2009 financial statements disclose
diluted earnings per share that is 4,2% (2008: 6,1%) less than the attributable
earnings per share. Although there has been no real dilution of Capevin
Investments` interests yet, this is viewed as a realistic indication of the
extent to which the rights, which 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 Capevin Investments Limited`s results, its headline earnings for the
year would decrease by R11,6m (2008: R16,8m) to 633,2 cents (2008: 614,1 cents)
per share.
3. Declaration of dividend
The directors have resolved to declare a final dividend of 182 cents per share.
Last day to trade "cum" dividend Thursday.....17 September 2009
Trading "ex" dividend commences Friday 18 September 2009
Record date Friday 25 September 2009
Dividend payment date Monday 28 September 2009
Share certificates may not be dematerialised or rematerialised between Friday 18
September 2009 and Friday 25 September 2009, both days inclusive.
4. Report from the auditor
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 2009.
Signed on behalf of the board of directors
Khutso Mampeule Chris Otto
Chairman Financial director
Stellenbosch
2 September 2009
Directors: KI Mampeule, AEvZ Botha, JJ Mouton, CA Otto
Company secretary: PSG Corporate Services (Pty) Ltd
Registered office: La Concorde, 57 Main Street, Suider-Paarl, 7646
Transfer secretaries: Computershare Investor Services (Pty) Ltd
PO Box 61051, Marshalltown, 2001
Sponsor: PSG Capital (Pty) Ltd
Capevin Investments Limited is a subsidiary of Capevin Holdings Limited
Date: 02/09/2009 16:00:49 Produced by the JSE SENS Department.
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