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CORWIL INVESTMENTS LIMITED
(Registration number 1987/000732/06)
(Incorporated in the Republic of South Africa)
Preliminary financial statements in respect of the year ended 31 March 2001
Directors: A Abou-Hamdan**, K Emmanual *, M Waitirwa *, C Williams***
* British, ** Lebanese, *** Nigerian
Issued share capital:
Ordinary:
R31 273 divided into 3 127 327 ordinary shares of 1 cent each, fully paid.
Redeemable cumulative participating preference:
4 346 divided into 434 600 redeemable cumulative participating preference
shares, fully paid
Financial results:
The directors estimate the results of the company for the year ended 31
March 2001 as follows :
Income statement
Year ended Year ended
31/3/01 31/3/00
R'000 R'000
Income 5 662 1 240
Dividends 253 61
Interest 65 148
Surplus on revaluation of
unlisted investment 5 344 -
Surplus on revaluation
of listed investments
to market value - 1 031
Expenses (199) (211)
Loss on disposal of listed
investments (241) (63)
Loss on revaluation of l
isted investment (103) -
Loss on revaluation of unlisted
investment - (2 035)
Income (loss) before taxation 5 119 (1 069)
Taxation
South African normal tax -
Current year (7) (4)
Income (loss) after tax 5 112 (1 073)
Year ended Year ended
31/3/01 31/3/00
Weighted average number of
ordinary shares in issue ('000) 3 127 3 090
Fully diluted weighted average
number of shares in issue ('000) 3 562 3 343
Weighted average earnings (loss)
per share (cents) 163,5 (34,7)
Headline earnings (loss) per share
(cents) 163,5 (34,7)
Fully diluted earnings (loss)
per share (cents) 143,5 (32,1)
Dividends per share (cents) - -
Balance sheet
31/3/01 31/3/00
R'000 R'000
Investments 12 483 5 125
Current assets 208 2 426
Current liabilities (106) (78)
Shareholders' funds 12 585 7 473
Number of ordinary shares in issue 3 127 327 3 127 327
Number of redeemable convertible
participating preference shares
in issue 434 600 434 600
Net asset value per ordinary share 384 221
Net asset value per preference share 131 131
Fully diluted net asset value
per share - investments at market
value (cents) 353 210
Notes:
1. Investments comprise the following :
1.1 Unlisted, at valuation 8 085 2 742
Willoughby's Consolidated Plc
557 604 stock units and
2 044 551
preferred shares at cost 4 777 4 777
Revaluation 3 308 (2 035)
1.2 Listed, at market value 4 398 2 383
Iprop Holdings Ltd
500 000 (2000 : 244 300)
ordinary shares 1 600 1 136
Metorex Ltd
275 000 ordinary shares 1 128 -
Monteagle Societe Anonymous
135 500 ordinary shares 1 490 -
Consolidated Africa Mining Ltd
500 000 ordinary shares 180 260
Avgold Ltd
250 000 ordinary shares - 987
12 483 5 125
Note:
The directors have reconsidered their valuation of the unlisted investment
in Willoughby's Consolidated Plc. The principal trading activities and a
significant portion of its assets are situated in Zimbabwe and due to the
problems experienced in that country, these assets are not realisable at
their book values. However, the company also owns fixed property in the
United Kingdom which has significant value.
After taking both of the above factors into account the directors have
revalued the investment to take into account the value of the property
situated in the United Kingdom.
By order of the board
D Martin )
C Williams ) Directors
Johannesburg
21 June 2001
By order of the board
FHS Secretarial Services CC Transfer secretaries and transfer
FHS House office:
15 Girton Road Mercantile Registrars Limited
Parktown, 2193 6th Floor
Johannesburg 94 President Street
Johannesburg, 2001
Postal address: Postal address:
P O Box 1370 P O Box 1053
Johannesburg, 2001 Johannesburg, 2001
Tel (011) 480-2300 Tel (011) 333-8181
Fax No (011) 484-01721 Fax No (011) 337-5522
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