|
CORWIL INVESTMENTS LIMITED
(Registration number 1987/000732/06)
(Incorporated in the Republic of South Africa)
Share code : CRW
ISIN : ZAE000001806
Reviewed interim report for the half year
ended 30 September 2002
Directors: D Martin*(Chairman), K Emmanual*, C Williams**, K Mwaitirwa***
* British, ** Nigerian, *** Zimbabwean
Issued share capital
Ordinary shares : R34 750 divided into 3 475 007 ordinary
shares of 1 cent each, fully paid.
Redeemable convertible : R869 divided into 86 920 redeemable convertible
participating
participating preference
shares : preference shares of 1 cent shares each, fully
paid
Financial results : The unaudited financial statements of the company
for the half year ended 30 September 2002 are as
follows :
Income statement Half-year Half-year
ended ended Year
ended
30/09/02 30/09/01 31/03/02
Unaudited Unaudited Audited
R`000 R`000 R`000
Income 67 62 369
Dividends 60 57 363
Interest 7 5 6
(Loss) surplus on revaluation (119) 302 939
of listed
investments to market value
Expenses (119) (87) (215)
(Loss) income before taxation (171) 277 1 093
Taxation 153 - (96)
Net (loss) income (18) 277 997
Income statement Half-year Half-year
ended ended Year
ended
30/09/02 30/09/01 31/03/02
Unaudited Unaudited Audited
R`000 R`000 R`000
Weighted average number of 3 475 3 127 3 185
ordinary shares in issue
(`000)
(Loss) earnings per share (0,5) 8,9 31,3
(cents)
(Loss) headline earnings per (0,5) 8,9 31,3
share (cents)
Fully diluted (loss) earnings (0,5) 7,8 30,5
per share (cents) (note 4)
Dividends per share (cents) - - -
Balance sheet Half-year Half-year
ended ended Year
ended
30/09/02 30/09/01 31/03/02
Unaudited Unaudited Audited
R`000 R`000 R`000
Investments 14 423 12 954 14 152
Current assets 238 60 259
Deferred tax 57 - (96)
Current liabilities (1 154) (152) (733)
Shareholders` equity 13 564 12 862 13 582
Number of shares in issue 3 561 927 3 561 927 3 561
(ordinary and preference) 927
Net asset value per share
(cents)
(ordinary and preference)
- investments at 381 361 381
cost/valuation
Statement of changes in Half-year Half-year
equity
ended ended Year
ended
30/09/02 30/09/01 31/03/02
Unaudited Unaudited Audited
R`000 R`000 R`000
Share capital and premium
Balance at beginning and end 9 206 9 206 9 206
of period
Revenue reserves
Balance at beginning of 4 376 3 379 3 879
period
(Loss) income attributable to (18) 277 997
shareholders
4 358 3 656 4 376
Shareholders` equity 13 564 12 862 13 582
Abridged cash flow statement
Cash flow from operations 110 136 113
Cash utilised in investing (391) (169) (729)
activities
Short term loan raised 446 - 561
Cash resources at beginning 8 63 63
of period
Cash resources at end of 173 30 8
period
Notes Half-year Half-year
ended ended Year
ended
30/09/02 30/09/01 31/03/02
Unaudited Unaudited Audited
R`000 R`000 R`000
1. Investments comprise the
following:
1.1 Unlisted
Willoughby`s 8 085 8 085 8 085
Consolidated Plc
557 604 stock units and
2 044 551 preferred
shares at valuation
Directors` valuation 8 085 8 085 8 085
1.2 Listed
Iprop Holdings Ltd 1 430 1 920 2 000
500 000 ordinary shares
at market value
Monteagle Societe 2 381 1 633 2 737
Anonyme
170 059 (30 September
2001 :
135 000, 31 March 2002 :
170 000) ordinary shares
at market value
Metorex Ltd 1 260 991 1 105
400 000 (30 September
2001 and 31 March 2002 :
325 000) ordinary shares
at market value
JCI Ltd (previously 370 325 225
Consolidated African
Mines Ltd
1 000 000 (30 September
2001 and 31 March 2002 :
500 000) ordinary
shares, at market value
iFour Properties Limited
230 000 (30 September
2001 and
31 March 2002 : Nil) 897 - -
6 338 4 869 6 067
14 423 12 954 12 152
2. 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.
Shareholders are referred to the audit qualification in the annual
financial statements for the year ended 31 March 2002 regarding this investment.
3. Fully diluted earnings per share are calculated on the assumption that all
the preference shares are converted into ordinary shares. The number of shares
used to calculate fully diluted earnings is 3 561 927.
4. The interim financial statements have been prepared in terms of South
African Statements of Generally Accepted Accounting Practice. The accounting
policies applied are consistent with those applied in the comparative periods.
5. The interim financial statements have been reviewed by the company`s
auditors, Light and Livingstone, whose report is available for inspection at the
registered office of the company.
By order of the board
D Martin
C Williams Directors
Johannesburg
17 December 2002
By order of the board
FHS Secretarial Services CC Transfer secretaries and transfer office:
FHS House Computershare Investor Services Ltd
15 Girton Road Ground Floor
Parktown, 2193 70 Marshall Street
Johannesburg Johannesburg, 2000
Postal address: Postal address:
P O Box 1370 P O Box 1053
Johannesburg, 2000 Johannesburg, 2000
Date: 19/12/2002 04:54:11 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
