| Thu 29 Mar 2001, 0:00 | | Con Fed Limited Audited Results 2000 And Dividend |
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CONGELLA FEDERATION LIMITED
Registration no 1947/025767/06
AUDITED RESULTS 2000 AND DIVIDEND DECLARATION
EARNINGS PER SHARE INCREASED BY 15.4%
DIVIDENDS INCREASED BY 15.1%
The Group audited results for the year ended 31 December 2000 are as follows:
2000 1999
(R000) (R000)
ABRIDGED INCOME STATEMENT
Operating Income before including the
following items 5,028 4,676
Depreciation (58) (21)
Dividend received 676 391
Net interest received 330 600
Net income before taxation 5,976 5,646
Taxation (1,687) (1,927)
Net income after taxation 4,289 3,719
Preference dividend paid (7) (7)
Income attributable to
Ordinary Shareholders 4,282 3,712
Ordinary shares issued (000) 847 847
Earnings per ordinary share (cents) 505.6 438.3
Headline earnings per share (cents) 505.6 438.3
Dividends
Per share (cents) 305.0 265.0
Times covered 1.66 1.65
ABRIDGED BALANCE SHEET
Assets
Fixed assets 40,197 28,101
Other investments 3,865 3,938
Current assets 2,055 4,305
Total assets 46,117 36,344
Equity and Liabilities
Shareholders equity 34,657 32,957
Deferred taxation 319 292
Current liabilities 11,141 3,095
Total equity and liabilities 46,117 36,344
ABRIDGED CASH FLOW STATEMENT
Net cash inflows from operating
expenses 11,408 2,562
Net cash outflows from investing
activities (12,080) (2,113)
Net (decrease)/increase in cash
equivalents (672) 449
Cash and cash equivalents
at beginning of year 715 266
Cash and cash equivalents
at end of year 43 715
Net asset value per ordinary share
- At book value (cents) 4,079 3,913
- At market value (cents) 9,139 9,377
Investments
Listed at market
value (R000) 20,441 20,770
Land and buildings
Open market value
(Directors valuation)(R000) 65,250 57,550
Capital expenditure during
the year (R000) 12,153 2,113
Capital expenditure committed &
Authorised (R000) 5,500 0
Comments
The economic climate remained difficult through out the year and had a negative
impact on both the letting market and new property developments. More recently
there has been a strong demand for lettable space with the result that from an
average vacancy of approximately 10% during 2000 the Group is now fully let.
Notwithstanding the vacancies during the year, gross rentals increased by 5%
over 1999. With the Group fully let and the new development at Springfield
Industrial Park with occupation in February 2001, expectations are that gross
rentals for 2001 will show significant improvement on 2000.
The Annual Report including the Financial Statements detailing the results and
activities of the Group will be mailed to shareholders today.
Dividend Declaration
A final ordinary dividend number 93 of 250 cents (1999 : 216 cents) per share
has been declared, payable to shareholders registered as such on 20 April 2001.
The dividend will be paid on or about 4 May 2001.
Durban By Order of the Board
30 March 2001 W J Swain (Chairman)
D E Daugherty (Director)
Registered Office Transfer Secretaries
1100 Mansion House, KPMG Services (Pty) Ltd,
12 Field Street, 20 Kingsmead Boulevard
Durban, 4001 Durban, 4001
Directors: W J Swain, D E Daugherty, W J McAdam, C van der Pol
