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Corwil Investments Limited - Preliminary financial statements in respect of
the year ended 31 March 2002
CORWIL INVESTMENTS LIMITED
(Registration number 1987/000732/06)
(Incorporated in the Republic of South Africa)
Share code : CRW
ISIN : ZAE 00000 1806
Preliminary financial statements in respect of the year ended 31 March 2002
Directors: D Martin*, A Abou-Hamdan**, K Emmanual *, C Williams***, K
Mwaitirwa****
* British, ** Lebanese, *** Nigerian, **** Zimbabwean
Issued share capital:
Ordinary:
R34 750 (2001 : R31 273) divided into 3 475 007 (2001 : 3 127 327) ordinary
shares of 1 cent each, fully paid.
Redeemable cumulative participating preference:
R869 (2001 : R4 346) divided into 86 920 (2 001 : 434 600) redeemable
cumulative participating preference shares of 1 cent each, fully paid
Financial results:
The directors estimate the results of the company for the year ended 31
March 2002 as follows :
Income statement Year ended Year ended
31/03/02 31/03/01
R`000 R`000
Income 1 308 5 662
Dividends 363 253
Interest 6 65
Surplus on revaluation of unlisted - 5 344
investments
Surplus on revaluation of listed 939 -
investments to market value
Expenses (215) (199)
Loss on disposal of listed - (241)
investments
Loss on revaluation of listed - (103)
investments
Income before taxation 1 093 5 119
Taxation
South African normal tax
- Current year (1) (7)
- Deferred (95) -
Income after tax 997 5 112
Income statement Year ended Year ended
31/03/02 31/03/01
R`000 R`000
Weighted average number of ordinary 3 185 3 127
shares in issue (`000)
Fully diluted weighted average 3 562 3 562
number of shares in issue (`000)
Weighted average earnings per share 31,3 163,5
(cents)
Headline earnings per share (cents) 31,3 163,5
Fully diluted earnings per share 28,0 143,5
(cents)
Dividends per share (cents) - -
Statement of changes Ordinary Preference Share Retained
in equity
share share premium earnings Total
capital capital
R`000 R`000 R`000 R`000 R`000
Balance at 31 March 31 4 4 9 171 (1 733) 7 473
2000
Net income for year - - - 5 112 2 5 112
Balance at 31 March 31 4 4 9 171 3 379 12 585
2001
Conversion of 3 (3) - - -
preference shares
into ordinary shares
Net income for year - - - 997 2 997
Balance at 31 March 34 1 9 171 4 376 13 582
2002
Balance sheet Year ended Year ended
31/03/02 31/03/01
R`000 R`000
Investments 14 152 12 483
Current assets 258 208
Deferred tax (95) -
Loan payable (561) -
Current liabilities (172) (106)
Shareholders` funds 13 582 12 585
Number of ordinary shares in issue 3 475 007 3 127 327
Number of redeemable convertible 86 920 434 600
participating preference shares in
issue
Net asset value per ordinary share 388 384
Net asset value per preference 131 131
share
Fully diluted net asset value per
share
- investments at market value 381 353
(cents)
Year Year ended
ended
31/03/02 31/03/01
Cash flow statement R`000 R`000
Operating activities 116 18
Investing activities (730) (2 359)
Financing activities 561 -
Net cash flow (53) (2 341)
Cash at beginning of year 63 2 404
Cash at end of year 8 63
Year ended Year ended
31/03/02 31/03/01
Notes R`000 R`000
1. Investments comprise the
following :
1.1 Unlisted, at valuation 8 085 8 085
Willoughby`s Consolidated Plc
557 604 stock units and 2 044 8 085 4 777
551 preferred shares at
valuation (2001 : cost)
Revaluation - 3 308
1.2 Listed, at market value 6 067 4 398
Iprop Holdings Ltd
500 000 ordinary shares 2 000 1 600
Metorex Ltd
325 000 (2001 : 275 000) 1 105 1 128
ordinary shares
Monteagle Societe Anonyme
170000 (2001 : 135 500) 2 737 1 490
ordinary shares
Consolidated African Mines Ltd
500 000 ordinary shares 225 180
14 152 12 483
2. Share capital
During the year under review 347 680 redeemable cumulative
participating preference shares were converted into ordinary shares on the
basis of 1 ordinary share for 1 preference share. This conversion was
approved by shareholders at the annual general meeting held on 24 October
2001.
At the annual general meeting held on 24 October 2001, shareholders
approved the cash issue of 380 000 shares at a price of R1,70 per share.
Due to unforeseen circumstances the issue was not implemented during the
year under review. It remains the intention of the directors to increase
the issued share capital by way of a cash issue. Shareholders will be
provided with the appropriate information on publication of the annual
financial statements.
3. Loan payable
In anticipation of the increase in share capital referred to above,
Messina Investments Ltd, a substantial shareholder advanced an amount of
R560 978 to the company to enable it to increase its portfolio of listed
investments. The loan is unsecured and interest free. No terms of
repayment have been fixed but it is anticipated that the funds will be
repaid within one year.
4. Deferred tax
With the introduction of Capital Gains Tax on 1 October 2002, the
directors have provided for deferred tax on the capital profit earned on its
listed investments in the period ended 31 March 2002.
5. Income statement
The income before taxation is significantly lower than in the prior
year due to a significantly lower revaluation surplus. In this regard
shareholders` attention is drawn to note 7 below.
6. Dividend
The directors do not recommend the payment of a dividend.
7. 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 interests.
8. The financial statements have been prepared in terms of Generally
Accepted Accounting Practice. The accounting policies applied are
consistent with those applied in the comparative period.
9. Audit review
These preliminary financial statements have been reviewed by the
company`s auditors, Light and Livingstone (Chartered Accountants (S.A.)),
who have issued an unqualified report thereon. Their report is available
for inspection at the registered office of the company.
By order of the board
D Martin
C Williams Directors
Johannesburg
28 June 2002
By order of the board
FHS Secretarial Services CC Transfer secretaries and transfer office:
FHS House Computershare Investor Services Limited
15 Girton Road Edura House
Parktown, 2193 41 Fox Street
Johannesburg Johannesburg, 2001
Postal address: Postal address:
P O Box 1370 P O Box 61051
Johannesburg, 2000 Marshalltown, 2107
Tel (011) 480-2300 Tel (011) 333-8181
Fax No (011) 484-1721 Fax No (011) 337-5522
Date: 28/06/2002 01:20:11 PM Produced by the SENS Department
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