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KWV INVESTMENTS LIMITED -
KWV INVESTMENTS LIMITED
(Registration number 1979/007263/06)
JSE share code: KWV
ISIN number: ZAE000004016
Profit announcement and dividend declaration for the year ended 30 June 2003
The audited results of KWV Investments Limited for the year ended 30 June are as
follows:
2003 2002 %
R"000 R"000 change
Income from associate 98 941 70 945 39,5
Dividends received 44 006 44 592
Share of exceptional items 14 629 (14 906)
Share of retained earnings 40 306 41 259
Interest received 30 15
Administrative expenses (615) (517)
Profit before taxation 98 356 70 443
Taxation (9) (4)
Net profit attributable to
ordinary shareholders 98 347 70 439 39,6
Adjusted for after-tax interest
in associate"s:
- profit on sale of fixed assets
and amortisation of goodwill (2 786) (4 520)
- compensation for cancellation
of exclusive distribution
rights (13 140) -
- other (1 489) (1 624)
Headline earnings 80 932 64 295 25,9
Ordinary shares
issued (thousands) 42 000 42 000
Cents Cents
Earnings per share
- attributable earnings 234,2 167,7
- headline earnings 192,7 153,1
Dividend per share 103,380 96,395
- interim 55,880 48,895
- final (declared after year-end) 47,500 47,500
The accounting policy for the calculation of headline earnings was changed to
comply with Circular 7/2002 Headline Earnings, as issued by the South African
Institute of Chartered Accountants. Comparative figures have been restated and
headline earnings now include merger costs of the associate. This change had no
effect on the current reporting period, but the headline earnings of the prior
year reduces by R21 050 000 (50,1 cents per share).
PARTICULARS OF ASSOCIATE company
The main asset of the company is an effective interest of 30% in the issued
share capital of Distell Group Limited (Distell). Each share in KWV Investments
Limited represents 1,397 issued shares in Distell. The dividend income of KWV
Investments Limited is sourced solely from this company. For more comprehensive
financial information readers are referred to Distell"s results, published on 20
August 2003.
DECLARATION OF DIVIDEND
The directors have resolved to declare a final dividend of 47,5 cents per share.
Last day to trade "cum" dividend Friday 5 September 2003
Trading "ex" dividend commences Monday 8 September 2003
Record date Friday 12 September 2003
Dividend payment date Monday 15 September 2003
Share certificates may not be dematerialised or rematerialised between Monday 8
September 2003 and Friday 12 September 2003, both days inclusive.
FINANCIAL STATEMENTS
Complete financial statements with an unqualified audit opinion are available
for inspection at the company"s registered office. The company"s annual report
will be posted to shareholders before the end of September 2003.
Signed on behalf of the board of directors
LN Jonker WJ Barnard
Chairman Director
PAARL
20 August 2003
SPONSOR
PSG Capital Limited
Date: 20/08/2003 05:00:14 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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