| Mon 30 Jun 2003, 14:49 | | Corwil Investment Limited - Disclaimed reviewed pr |
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Corwil Investment Limited - Disclaimed reviewed preliminary financial statements
in respect of the year ended 31 March 2003
CORWIL INVESTMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/000732/06)
Share code CRW ISIN ZAE000001806
("the company")
Disclaimed reviewed preliminary financial statements in respect of the year
ended 31 March 2003
Issued share capital:
Ordinary:
R38 130 (2002 : R34 750) divided into 3 812 999 (2002 : 3 475 007) ordinary
shares of 1 cent each, fully paid.
Redeemable cumulative participating preference:
R1 001 (2002 : R869) divided into 101 168 (2002 : 86 920) redeemable
cumulative participating preference shares of 1 cent each, fully paid.
Financial results:
The preliminary results of the company for the year ended 31 March 2003 are
as follows :
Income statement Year ended Year ended
31/03/03 31/03/02
R"000 R"000
Income 1 708 1 308
Dividends 265 363
Interest 14 6
Surplus on revaluation of listed investments
to market value 1 429 939
Expenses (305) (215)
Income before taxation 1 403 1 093
Taxation
South African normal tax
- Current year - (1)
- Deferred (80) (95)
Income after tax 1 323 997
Weighted average number of ordinary shares
in issue ("000) 3 480 3 185
Fully diluted weighted average number of shares
in issue ("000) 3 914 3 562
Weighted average earnings per share (cents) 38,0 31,3
Headline earnings per share (cents) 38,0 31,3
Fully diluted earnings per share (cents) 33,8 28,0
Dividends per share (cents) - -
Statement of changes in equity
Ordinary Preference
share share Share Retained
capital capital premium earnings Total
R"000 R"000 R"000 R"000 R"000
Balance at 31 March 2001 31 4 9 171 3 379 12 585
Conversion of preference
shares into ordinary shares 3 (3) - - -
Net income for year - - - 997 997
Balance at 31 March 2002 34 1 9 171 4 376 13 582
Issue of preference shares - 1 147 - 148
Conversion of preference
shares into ordinary shares 1 (1) - - -
Issue of ordinary
shares (note 2) 3 - 643 - 646
Net income for year - - - 1 323 1 323
Balance at 31 March 2003 38 1 9 961 5 699 15 699
Balance Sheet Year ended Year ended
31/03/03 31/03/02
R"000 R"000
Investments 15 972 14 152
Current assets 220 258
Deferred tax (175) (95)
Loan payable (206) (561)
Current liabilities (112) (172)
Shareholders" funds 15 699 13 582
Number of ordinary shares in issue 3 812 999 3 475 007
Number of redeemable convertible participating
preference shares in issue 101 168 86 920
Net asset value per ordinary share (cents) 407 388
Net asset value per preference share (cents) 192 131
Fully diluted net asset value per share
- investments at market value (cents) 401 381
Cash flow statement Year ended Year ended
31/03/03 31/03/02
R"000 R"000
Operating activities 321 114
Investing activities (390) (730)
Financing activities - 561
Net cash flow 69 (55)
Cash at beginning of year 8 63
Cash at end of year 77 8
Notes Year ended Year ended
31/03/03 31/03/02
R"000 R"000
1. Investments comprise the following
1.1 Unlisted, at valuation
Willoughby"s Consolidated Plc
557 604 stock units and 2 044 551 preferred
shares at valuation (2002 : valuation) 8 085 8 085
1.2 Listed, at market value 7 887 6 067
Iprop Holdings Ltd
500 000 ordinary shares 2 625 2 000
JCI Ltd
1 000 000 (2002 : 500 000) ordinary shares 560 225
Metorex Ltd
400 000 (2002 : 325 000) ordinary shares 1 000 1 105
Monteagle Societe Anonyme
170 059 (2002 : 170 000) ordinary shares 2 517 2 737
iFour Properties Ltd
230 000 ordinary shares 1 185 -
15 972 14 152
2. Share capital
On 1 March 2003, 52 152 redeemable cumulative participating preference
shares were converted into ordinary shares on the basis of 1 ordinary share
for 1 preference share.
In addition, 65 400 redeemable cumulative participating preference shares
were issued at a price of R2,25 to a director on 27 January 2003, in terms of
the share incentive scheme.
At the annual general meeting held on 31 October 2002, shareholders approved
the cash issue of 285 840 shares at a price of R2,26 per share. The shares were
issued on 22 May 2003. The financial statements have been prepared on the basis
that the shares were issued on 31 March 2003.
3. Loan payable
The loan is unsecured and interest free. It is repayable on demand.
4. Deferred tax
With the introduction of Capital Gains Tax on 1 October 2002, the directors
have provided for deferred tax on the unrealised capital profit earned on its
listed investments in the period ended 31 March 2003.
5. Dividend
The directors do not recommend the payment of a dividend.
6. 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.
7. The 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 period.
8. Audit review
These preliminary financial statements have been reviewed by the company"s
auditors, Light and Livingstone Chartered Accountants (S.A.) Their report
contains the following: The reason for the qualification is that the company has
an investment in Willoughby"s Consolidated PLC, an unlisted United Kingdom
company ("Willoughby"s"). The principal trading activities of Willoughby"s and a
portion of its assets are based in Zimbabwe. It also has substantial property
interests in the United Kingdom. The investment in Willoughby"s is recorded at
directors" valuation of R8 085 267. Due to the unfavourable economic and
political situation in Zimbabwe, together with exchange control regulations
restricting the transfer of funds and the movement of assets, there is
significant uncertainty regarding the recoverability of the assets in that
country. In addition, you have been unable to provide us with sufficient
information to support the recoverability of the value attributed to the
investment in Willoughby"s, nor have you been able to provide us with the
financial statements of Willoughby"s at 30 September 2002. As a result, we were
unable to determine whether the carrying value of the investment in Willoughby"s
is fairly stated.
By order of the board
D Martin
C Williams Directors
Johannesburg
30 June 2003
Directors: D Martin*, K Emmanual *, C Williams***, K Mwaitirwa****
Directors: * British, *** Nigerian, **** Zimbabwean
FHS Secretarial Services CC Transfer secretaries and transfer office:
FHS House Computershare Investor Services Limited
15 Girton Road Ground Floor
Parktown, 2193 70 Marshall 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: 30/06/2003 07:10:07 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
