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Congella Federation Limited - The Directors announce the unaudited Interim
Financial Results of the Group for the six months ended 30 June 2002
Congella Federation Limited
Registration no 1947/025767/06
ORDINARY DIVIDEND
SHARE CODE : CNF
ISIN NO : ZAE000001624
PREFERENCE DIVIDEND
SHARE CODE : CNFP
ISIN NO : ZAE000001632
INTERIM RESULTS 2002 AND DIVIDEND DECLARATION
DIVIDENDS INCREASED BY 9.8%
The Directors announce the unaudited Interim Financial Results of the Group for
the six months ended 30 June 2002
GROUP INCOME STATEMENT
Half Year Ended Year Ended
30/6/2002 30/6/01 31/12/01
(R000) (R000) (R000)
(Unaudited) (Unaudited) (Audited)
Profit before including
the following
Items 3,429 3,441 7,058
Depreciation (30) (29) (59)
Dividend received 407 461 586
Net interest received/
(paid) 508 (315) 163
Surplus on realisation
of investments 0 8,985 8,985
Profit before taxation 4,314 12,543 16,733
Taxation (1,424) (1,132) (2,383)
Profit after taxation 2,890 11,411 14,350
Transfer to capital
profits reserve 0 (8,985) (8,985)
Preference dividend paid (3) (3) (7)
Profit attributable to
ordinary Shareholders 2,887 2,423 5,358
Ordinary shares issued
(000) 847 847 847
Earnings per ordinary
share (cents)
Total earnings per share
(cents) 340.8 1346.9 1693.4
Surplus on disposal of
investments (cents) 0.0 (1060.8) (1060.8)
Headline earnings per
share (cents) 340.8 286.1 632.6
Dividends
per share (cents) 67.0 61.0 345.0
Times covered 5.1 4.7 1.8
Net asset value per
ordinary share
At book value (cents) 5792 5449 5735
At market value (cents) 10,052 9387 10221
Listed investments
at market value 16,854 11,721 17,954
Land and buildings
Market value (directors`
Valuation) 68,000 65,250 64,825
Capital expenditure 4,017 2,357 3,554
Capital expenditure
committed/authorised 0 0 3,681
ABRIDGED BALANCE SHEET
Assets
Property, plant and
equipment 47,677 42,524 43,691
Other investments 6,666 7,315 6,864
Current assets 1,203 1,201 1,791
Total assets 55,546 51,040 52,346
Equities and Liabilities
Shareholders` equity 49,166 46,267 48,685
Deferred tax 360 333 347
Current liabilities 6,020 4,440 3,314
55,546 51,040 52,346
ABRIDGED CASH FLOW STATEMENTS
Net cash inflows from
operating activities 3,927 (3,187) (2,004)
Net cash outflows from
investing activities (3,818) 3,178 2,432
Net (decrease)/increase
in cash equivalents 109 (9) 428
Cash and cash equivalents
at beginning of year 471 43 43
Cash and cash equivalents
at end of year 580 34 471
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 17,984 17,984
Balance at beginning 17,984 8,999 8,999
Capital profits reserve 0 8,985 8,985
Retained income 30,009 27,110 29,528
Balance at beginning 29,528 26,804 26,804
Profit for year 2,890 11,412 14,350
Capital profits 0 (8,985) (8,985)
Dividends (2,409) (2,121) (2,641)
Shareholders equity 49,166 46,267 48,685
ACCOUNTING POLICIES
The interim report has been prepared in conformity with South African Statements
of Generally Accepted Accounting Practice and on a basis consistent with the
previous year.
Comparative figures are restated where necessary to afford a proper comparison.
Comment
The Group`s developed properties remained well let during the six months to June
2002, resulting in earnings for the half year of 340.8 cents. (2001 - 286.1
cents).
The vacant land in the Redhill Industrial Park, North Coast Road, Durban and the
recently acquired vacant land in Springfield Industrial Park, Durban with
approximate values of R1.2 million and R3.7 million are undeveloped and will
only be developed to tenant`s requirements.
Expectations are that the second half of the year will reflect an improvement in
earnings over that of the corresponding period in 2001.
Dividend Declaration
Notice is hereby given that the Board has declared an interim dividend number 96
of 67 cents (2001 : 61 cents) per ordinary share in respect of the period ended
30 June 2002. The dividend will be paid on Monday 28 October 2002.
To comply with the procedures of STRATE the last day to trade in the shares for
purposes of entitlement to the interim dividend is Friday 18 October 2002. The
shares will commence trading ex dividend on Monday 21 October 2002 and the
record date will be Friday 25 October 2002. Share certificates may not be
dematerialised or rematerialised between Monday 21 October 2002 and Friday 25
October 2002, both days inclusive.
A preference dividend number 110 of 6 cents per share has been declared for the
half year. The dividend will be paid on Monday 30 September 2002. The last day
to trade for purposes of entitlement to the interim dividend is Thursday 19
September 2002. The preference shares will commence trading ex dividend on
Friday 20 September 2002 and the record date will be Friday 27 September 2002.
Share certificates may not be dematerialised or rematerialised between Friday 20
September 2002 and Friday 27 September 2002, both days inclusive.
By Order of the Board
W J Swain (Chairman)
D E Daugherty (Director)
Registered Office Transfer Secretaries
1100 Mansion House Computershare Investor Services Ltd
Durban P O Box 1053, Johannesburg
4001 2000
Durban
6 September 2002
Date: 05/09/2002 04:30:00 PM Produced by the JSE SENS Department
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