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CORWIL - Reviewed interim report for the half year ended 30 September 2003
CORWIL INVESTMENTS LIMITED
(Registration number 1987/000732/06)
(Incorporated in the Republic of South Africa)
Share code: CRW
ISI : ZAE000001806
Reviewed interim report for the half year ended 30 September 2003
Directors: D Martin*(Chairman), K Emmanual*, C Williams**
* British, ** Nigerian,
Issued share capital
Ordinary shares: R38 130 divided into 3 812 999 ordinary shares of
1 cent each, fully paid.
Redeemable convertible: R1 002 divided into 100 168 redeemable convertible
participating preference participating preference shares of 1 cent shares
shares each, fully paid.
Financial results: The unaudited financial statements of the company
for the half year ended 30 September 2003 are as
follows
Income statement Half-year Half-year
ended ended Year ended
30/09/03 30/09/02 31/03/03
Unaudited Unaudited Audited
R"000 R`000 R"000
Income 1 056 67 279
Liquidation dividend - Iprop 709 - -
Holdings Ltd
Dividends 82 60 265
Interest 265 7 14
Surplus (loss) on revaluation 86 (119) 1 429
of listed investments to
market value
Expenses` (188) (119) (305)
Income (loss) before taxation 954 (171) 1 403
Taxation 108 153 (80)
Net income (loss) 846 (18) 1 323
Weighted average number of 3 913 3 475 3 480
ordinary shares in issue
(`000)
Earnings (loss) per share 22,2 (0,5) 38,0
(cents)
Headline earnings (loss) per 22,2 (0,5) 38,0
share (cents)
Fully diluted earnings (loss) 21,6 (0,5) 36,9
per share (cents) (note 4)
Dividends per share (cents) - - -
Balance sheet Half-year Half-year
ended ended Year ended
30/09/03 30/09/02 31/03/03
Unaudited Unaudited Audited
R"000 R`000 R"000
Investments 16 115 14 423 15 972
Current assets 1 088 238 220
Deferred tax (118) 57 (176)
Current liabilities (539) (1 154) (317)
Shareholders" equity 16 546 13 564 15 699
Number of shares in issue 3 913 167 3 561 927 3 913 167
(ordinary and preference)
Net asset value per share
(cents)
(ordinary and preference)
- investments at 423 381 401
cost/valuation
Statement of changes in Half-year Half-year
equity
ended ended Year ended
30/09/03 30/09/02 31/03/03
Unaudited Unaudited Audited
R"000 R`000 R"000
Share capital and premium
Balance at beginning and end 10 000 9 206 9 206
of period
Issue of preference shares - - 148
Issue of ordinary shares - - 646
Balance at end of year 10 000 9 206 10 000
Revenue reserves
Balance at beginning of 5 699 4 376 4 376
period
Income (loss) attributable to 846 (18) 1 323
shareholders
6 545 4 358 5 699
Shareholders" equity 16 545 13 564 15 699
Abridged cash flow statement
Cash flow from operations 324 110 20
Cash generated by (utilised 652 (391) (390)
in) investing activities
Issue of share capital - - 794
Short term loan raised - 446 (355)
(repaid)
Cash resources at beginning 77 8 8
of period
Cash resources at end of 1 053 173 77
period
Notes Half-year Half-year
ended ended Year ended
30/09/03 30/09/02 31/03/03
Unaudited Unaudited Audited
R`000 R"000 R"000
1. Investments comprise the
following:
1.1 Unlisted, at valuation
Willoughby"s Consolidated 8 085 8 085 8 085
Plc
557 604 stock units and 2
044 551 preferred shares
Directors" valuation 8 085 8 085 8 085
1.2 Listed, at market value
Iprop Holdings Ltd - 1 430 2 625
500 000 ordinary shares
Monteagle Societe Anonyme 3 867 2 381 2 517
249 442 (30 September
2002 : 170 059, 31 March
2003 : 135 000) ordinary
shares
Metorex Ltd 1 080 1 260 1 000
400 000 ordinary shares
JCI Ltd 730 370 560
1 000 000 ordinary shares
iFour Properties Limited
439 885 (30 September
2002 and
31 March 2003 : 230 000) 2 353 897 1 184
8 030 6 338 7 886
16 115 14 423 15 971
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 2003 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 3 913
167.
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
Directors
D Martin
C Williams
Johannesburg
19 December 2003
FHS Secretarial Services CC Transfer secretaries and transfer office:
FHS House Computershare 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 61051
Johannesburg, 2000 Marshalltown, 2107
Date: 19/12/2003 08:54:07 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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