| Wed 20 Mar 2002, 0:00 | | Congella Federation Limited - Audited Results 2001 |
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CONGELLA FEDERATION LIMITED
Registration no 1947/025767/06
SHARE CODE: CNF
ISIN NO: ZAE000001624
AUDITED RESULTS 2001 AND DIVIDEND DECLARATION
- EARNINGS PER SHARE INCREASED BY 25.5%
- DIVIDENDS INCREASED BY 13.1%
The Group audited results for the year ended 31 December 2001 are as
follows:
GROUP INCOME STATEMENT
2001 2000
(R000) (R000)
Profit before including the following
Items 7,058 5,028
Depreciation (59) (58)
Dividend received 586 676
Net interest received 163 330
Surplus on realisation
of investments 8,985 0
Profit before taxation 16,733 5,976
Taxation (2,383) (1,701)
Profit after taxation 14,350 4,275
Transfer to capital
profits reserve (8,985) 0
Preference dividend paid (7) (7)
Profit attributable to
ordinary Shareholders 5,358 4,268
Ordinary shares issued (000) 847 847
Earnings per ordinary share (cents)
Total earnings per share (cents) 1693.4 503.9
Surplus on disposal of
investments (cents) (1,060.8) 0
Headline earnings per
share (cents) 632.6 503.9
Dividends
- Per share (cents) 345.0 305.0
- Times covered 1.8 1.7
Net asset value per
ordinary share
- At book value (cents) 5735 4329
- At market value (cents) 10221 9289
Investments listed at market value 17,954 20,441
Land and buildings
Market value (directors'
Valuation) 64,825 65,250
Capital expenditure 3,554 12,153
Capital expenditure
committed/authorised 3,681 5,500
ABRIDGED BALANCE SHEET
Assets
Property, plant and
equipment 43,691 40,197
Other investments 6,864 3,865
Current assets 1,791 2,055
Total assets 52,346 46,117
Equity and Liabilities
Shareholders' equity 48,685 36,976
Deferred tax 347 319
Current liabilities 3,314 8,822
Total equity and liabilities 52,346 46,117
ABRIDGED CASH FLOW STATEMENTS
Net cash outflows from
operating activities (2,004) 11,408
Net cash inflows from
investing activities 2,432 (12,080)
Net increase/(decrease)
in cash equivalents 428 (672)
Cash and cash equivalents
at beginning of year 43 715
Cash and cash equivalents
at end of year 471 43
Statement of Changes in Equity
Share capital and share premium 1,073 1,073
Non-distributable reserve 100 100
Capital profits reserve 17,984 8,999
Balance at beginning 8,999 8,999
Capital profits reserve 8,985 0
Retained income 29,528 26,804
Balance at beginning 26,804 24,831
Profit for year 14,350 4,275
Capital profits (8,985) 0
Dividends (2,641) (2,302)
Shareholders equity 48,685 36,976
Comment
Income attributable to ordinary shareholders increased by 25.5%. As
expected gross rentals from the Group's nine developed properties increased
by 36% over last year. This includes rental income from the new development
at Springfield Park from February 2001. All properties remained almost
fully let with a vacancy factor of less than 1%.
Properties
The industrial property letting market continues to be difficult with
renewal rentals either remaining static or in some instances declining.
Notwithstanding this, gross rentals for 2002 are forecast to improve. The
vacant land in the Redhill Industrial Park, North Coast Road, Durban, with a
value of approximately R1.2 million, remains undeveloped. The Group has
acquired the vacant land (measuring approximately 12.698 square metres)
adjacent to the new development at Springfield Industrial Park for R3.5
million, which will be financed from the Group's own resources and short
term borrowings. Transfer is expected early in the new year.
Accounting Policies
During the year the Group changed its accounting policy with respect to
dividends which are only accounted for on the date of declaration to
shareholders to comply with South African Generally Accepted Accounting
Practice and has resulted in an increase in net profit of R62,710 due to
reduced secondary tax on companies. Where necessary comparative figures
have been restated.
Dividend Declaration
A final ordinary dividend number 95 of 284 cents (2000 : 250 cents) per
share has been declared payable to shareholders. The dividend will be paid
on Monday, 22 April 2002. To comply with the procedure of Strate the last
day to trade in the shares for the purpose of entitlement to the final
dividend is Friday, 12 April 2002. The shares will commence trading ex
dividend on Monday, 15 April 2002 and the record date will be Friday, 19
April 2002. Share certificates may not be dematerialised or rematerialised
between Monday, 8 April 2002 and Friday, 19 April 2002.
The Annual report including the Financial Statements detailing the results
and activities of the Group will be mailed to shareholders on or about 27
March 2002.
Durban By Order of the Board
20 March 2002 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
