| Thu 16 Aug 2001, 0:00 | | Congella Federation Limited - Interim Results 2001 |
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Registration no 1947/025767/06
INTERIM RESULTS 2001 AND DIVIDEND DECLARATION
DIVIDENDS INCREASED BY 10.9%
The Directors announce the unaudited Interim Financial Results of the Group
for the six months ended 30 June 2001
GROUP INCOME STATEMENT
Half Year Ended Year Ended
30/6/2001 30/6/00 31/12/00
(R000) (R000) (R000)
(Unaudited) (Unaudited) (Audited)
Profit before including the following
Items 3,441 2,726 5,028
Depreciation (29) (29) (58)
Dividend received 461 344 676
Net interest (paid)/
received (315) 194 330
Surplus on realisation
of investments 8,985 0 0
Profit before taxation 12,543 3,235 5,976
Taxation (930) (852) (1,687)
Profit after taxation 11,613 2,383 4,289
Transfer to capital
profits reserve (8,985) 0 0
Preference dividend paid (3) (3) (7)
Profit attributable to
ordinary Shareholders 2,625 2,380 4,282
Ordinary shares issued
(000) 847 847 847
Earnings per ordinary share (cents)
Total earnings per share
(cents) 1370.7 281.0 505.6
Surplus on disposal of
investments (cents) (1060.8) 0 0
Headline earnings per
share (cents) 309.9 281.0 505.6
Dividends
per share (cents) 61.0 55.0 305.0
Times covered 5.1 5.1 1.7
Net asset value per
ordinary share
At book value (cents) 5,449 4,194 4,079
At market value (cents) 9,387 9,247 9,139
Listed at market value 11,721 16,673 20,441
Land and buildings
Market value (directors'
Valuation) 65,250 57,550 65,250
Capital expenditure 2,357 718 12,153
Capital expenditure
committed/authorised 0 0 5,500
ABRIDGED BALANCE SHEET
Assets
Property, plant and
equipment 42,524 28,789 40,197
Other investments 7,315 2,633 3,865
Current assets 1,201 4,519 2,055
Total assets 51,040 35,941 46,117
Equities and Liabilities
Shareholders' equity 46,267 35,630 34,657
Deferred tax 333 0 319
Current liabilities 4,440 311 11,141
51,040 35,941 46,117
ABRIDGED CASH FLOW STATEMENTS
Net cash outflows from
operating activities (3,187) (98) 11,408
Net cash inflows from
investing activities 3,178 587 (12,080)
Net (decrease)/increase
in cash equivalents (9) 489 (672)
Cash and cash equivalents
at beginning of year 43 715 715
Cash and cash equivalents
at end of year 34 1,204 43
Statement of Changes in Equity
Share capital and share
premium 1,073 1,073 1,073
Non-distributable reserve 100 100 100
Capital profits reserve 17,984 8,999 8,999
Balance at beginning 8,999 8,999 8,999
Capital profits reserve 8,985 0 0
Retained income 27,110 25,458 24,485
Balance at beginning 24,485 22,786 22,786
Prior year adjustment 0 292 0
Profit for year 11,613 2,383 4,289
Capital profits (8,985) 0 0
Dividends (3) (3) (2,590)
Shareholders equity 46,267 35,630 34,657
Comment
The Group's developed properties remained fully let during the six months to
June 2001, resulting in the Group's earnings for the half year improving to
309.9 cents per share (2000 - 281.0 cents).
The vacant land in the Redhill Industrial Park, North Coast Road, Durban
with a value of approximately R1.2 million remains undeveloped.
Expectations are that the second half of the year will reflect an
improvement in earnings over that of the corresponding period in 2000.
Ordinary share dividends are expected to be not less than 345 cents per
share.
Dividend Declaration
An interim ordinary dividend number 94 of 61 cents (2000 : 55 cents) per
share has been declared, payable to ordinary shareholders registered as such
on 12 October 2001. This dividend will be paid on or about 5 November 2001.
It is expected that the final dividend will be 284 cents per share (2000 :
250 cents) bringing the total ordinary dividends in respect of this year's
operation to 345 cents per share, as compared with 305 cents for 2000.
Preference dividend number 108 of 3% (6 cents) has been declared, payable to
the 6% Cumulative Preference shareholders registered on 7 September 2001.
This dividend will be paid on or about 25 September 2001.
Durban By Order of the Board
17 August 2001 W J Swain (Chairman)
D E Daugherty (Director)
Registered Office Transfer Secretaries
1100 Mansion House Mercantile Registrars Ltd
Durban P O Box 1053, Johannesburg
4001 2000
