| Thu 20 Dec 2001, 0:00 | | Corwil Investments Limited - Interim Report For Th |
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September 2001
Corwil Investments Limited
(Registration number 87/00732/06)
(Incorporated in the Republic of South Africa)
Share code : CRW
ISIN : ZAE 00000 1806
Interim report for the half year ended 30 September 2001
Directors: D Martin*(Chairman), A Abou-Hamdan**, K Emmanual*,
C Williams****, K Mwaitirwa***
* British, ** Lebanese, **** Nigerian, *** Zimbabwean
Issued share capital
Ordinary shares : R31 273 divided into 3 127 327 ordinary shares of
1 cent each, fully paid.
Redeemable convertible : R4 346 divided into 434 600 redeemable
convertible participating
participating preference preference shares of 1 cent shares each, fully
shares paid.
Financial results : The unaudited financial statements of the company
for the half year ended 30 September 2001 are as
follows :
Income statement Half year Half year
ended ended Year ended
30/9/01 30/9/00 31/3/01
Unaudited Unaudited Audited
R'000 R'000 R'000
Income 62 80 318
Dividends 57 16 253
Interest 5 64 65
Surplus on revaluation of
unlisted investment - - 5 344
Surplus (loss) on
revaluation of listed
investments to market
value 302 (578) (178)
Loss on disposal of listed
Investment - (111) (166)
Expenses (87) (77) (199)
Income (loss) before taxation 277 (686) 5 119
Taxation - 2 7
Net income (loss) 277 (688) 5 112
Weighted average
number of ordinary shares
in issue ('000) 3 127 3 127 3 127
Earnings (loss) per share
(cents) 8,9 (22,0) 163,5
Headline earnings (loss)
per share (cents) 8,9 (22,0) 163,5
Fully diluted earnings
(loss) per share (cents)
(note 4) 7,8 (19,3) 143,5
Dividends per share (cents) - - -
Statement of changes
in equity Half year Half year
ended ended Year ended
30/9/01 30/9/00 31/3/01
Unaudited Unaudited Audited
R'000 R'000 R'000
Share capital and premium
Balance at beginning and
end of period 9 206 9 206 9 206
Revenue reserves
Balance at beginning
of period 3 379 (1 722) (1 732)
Income (loss) attributable to
Shareholders 277 (688) 5 112
Balance at end of period 3 656 (2 410) 3 380
Shareholders' equity 12 862 6 796 12 586
Abridged cash flow statement
Cash flow from operations 36 58 18
Cash utilised in investing
Activities (169) (2 386) 2 359)
Cash resources at
beginning of period 63 2 404 2 404
Cash resources at end
of period 30 76 63
Balance sheet
Half year Half year
ended ended Year ended
30/9/01 30/9/00 31/3/01
Unaudited Unaudited Audited
R'000 R'000 R'000
Investments 12 954 6 822 12 483
Current assets 60 95 209
Current liabilities (152) (121) (106)
Shareholders' equity 12 862 6 796 12 586
Number of shares in issue
(ordinary and preference) 3 561 927 3 561 927 3 561 927
Net asset value
per share (cents)
(ordinary and preference)
- investments at
cost/valuation 361 182 353
Notes:
1. Investments comprise the following :
1.1 Unlisted
Willoughby's
Consolidated Plc 8 085 2 741 8 085
557 604 stock units
and 2 044 551
preferred shares at
valuation
Directors' valuation 8 085 2 741 8 085
1.2 Listed
Iprop Holdings Ltd
500 000 ordinary shares
at market value 1 920 1 475 1 600
Monteagle Societe Anonyme
135 500 ordinary shares at
market value 1 633 1 558 1 490
Metorex Ltd
325 000 (30 September 2000 : 200 000,
31 March 2001 : 275 000) ordinary
shares at market value 991 600 1 128
Avgold Ltd
100 000 ordinary shares
at market value - 255 -
45 000 nil paid letters - 8 -
Consolidated African Mines Ltd
500 000 ordinary shares, at
market value 325 185 180
4 869 4 081 4 398
12 954 6 822 12 483
2. Subsequent to 30 September 2001, 347 680 of the redeemable convertible
participating preference shares will, in terms of the rights attaching to
those shares, be converted into ordinary shares on the basis of 1 ordinary
share for 1 preference share. This will have the effect of increasing the
issued ordinary share capital by 347 680 shares and reducing the preference
share capital by a like amount.
3. The directors' valuation of the unlisted investment in Willoughby's
Consolidated Plc has not been revised. The directors are continuing to
closely monitor the operations of that company both in Zimbabwe and in the
United Kingdom where the company owns substantial property investments.
4. the preference shares are converted into ordinary shares. The number of
shares used to calculate fully diluted earnings is 3 561 927.
5. The interim financial statements have been prepared in terms of
Statements of Generally Accepted Accounting Practice. The accounting
policies applied are consistent with those applied in the comparative
periods.
By order of the board
D Martin
C Williams Directors
Johannesburg
18 December 2001
By order of the board
FHS Secretarial Services CC Transfer secretaries and transfer office:
FHS House Mercantile Registrars Limited
15 Girton Road 6th Floor
Parktown, 2193 94 President Street
Johannesburg Johannesburg, 2001
Postal address: Postal address:
P O Box 1370 P O Box 1053
Johannesburg, 2000 Johannesburg, 2000
Tel (011) 480-2300 Tel (011) 333-8181
Fax No (011) 484-1721 Fax No (011) 337-5522
