|
CORWIL INVESTMENTS LIMITED - AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2004
Corwil Investments Limited
(Registration number 1987/000732/06)
(Incorporated in the Republic of South Africa)
JSE Share code: CRW
ISIN: ZAE000001806
AUDITED FINANCIAL STATEMENTS IN RESPECT OF THE YEAR ENDED 31 MARCH 2004
Issued Share Capital:
Ordinary:
R38 998 (2003 : R38 130) divided into 3 899 832 (2003 : 3 812 999) ordinary
shares of 1 cent each, fully paid.
Redeemable Cumulative Participating Preference:
R1 002 divided into 101 168 redeemable cumulative participating preference
shares of 1 cent each, fully paid
Financial Results:
The audited results of the company for the year ended 31 March 2004 are as
follows:
Income statement Year Year
ended ended
31/03/04 31/03/03
R`000 R`000
Income 1 366 1 708
Liquidation dividend 709 -
Dividends 235 265
Interest 378 14
Surplus on revaluation of listed 44 1 429
investments to market value
Expenses (378) (305)
Income before taxation 988 1 403
Taxation
South African normal tax
- Current year (200) -
- Prior year adjustment (6) -
- Deferred 82 (80)
Income after tax 864 1 323
Income statement Year Year
ended ended
31/03/04 31/03/03
R`000 R`000
Weighted average number of ordinary 3 823 3 480
shares in issue (`000)
Fully diluted weighted average 4 000 3 580
number of shares in issue (`000)
Weighted average earnings per share 22,0 38,0
(cents)
Headline earnings per share (cents) 22,0 38,0
Fully diluted earnings per share 21,6 36,9
(cents)
Dividends per share (cents) - -
Statement of changes in Ordinary Preference Share Retained
equity
share share premium earnings Total
capital capital
R`000 R`000 R`000 R`000 R`000
Balance at 31 March 34 1 9 171 4 376 13 582
2002
Issue of preference - 1 147 - 148
shares
Conversion of 1 (1) - - -
preference shares into
ordinary shares
Issue of ordinary 3 - 643 - 646
shares (note 2)
Net income for year - - - 1 323 1 323
Balance at 31 March 38 1 9 961 5 699 15 699
2003
Issue of ordinary 1 - 195 - 196
shares (note 2)
Net income for year - - - 864 864
Balance at 31 March 39 1 10 156 6 563 16 759
2004
Balance sheet Year ended Year ended
31/03/04 31/03/03
R`000 R`000
Investments 16 791 15 972
Current assets 416 220
Deferred tax (93) (175)
Loan payable - (206)
Current liabilities (355) (112)
Shareholders` funds 16 759 15 699
Number of ordinary shares in issue 3 899 832 3 812 999
Number of redeemable convertible 100 168 100 168
participating preference shares in
issue
Net asset value per ordinary share 425 407
(cents)
Net asset value per preference 193 193
share (cents)
Fully diluted net asset value per 419 401
share- investments at market value
(cents)
Year Year
ended ended
31/03/04 31/03/03
Cash flow statement R`000 R`000
Operating activities 221 20
Investing activities (66) (390)
Financing activities (10) 439
Net cash flow 145 69
Cash at beginning of year 77 8
Cash at end of year 222 77
Year Year
ended ended
31/03/04 31/03/03
Notes 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 8 085 8 085
551 preferred
shares at valuation (2003 :
valuation)
1.2 Listed, at market value 8 706 7 887
Iprop Holdings Ltd
500 000 ordinary shares - 2 625
JCI Ltd
1 000 000 ordinary shares 630 560
Metorex Ltd
501 905 (2003 : 400 000) 1 129 1 000
ordinary shares
Monteagle Societe Anonyme
288 263 (2003 : 170 059) 4 180 2 517
ordinary shares
iFour Properties Ltd
439 885 (2003 : 230 000) 2 750 1 185
ordinary shares
Wankie Colliery Ltd
44 900 (2003 : Nil) ordinary 17 -
shares
16 791 15 972
2. Share Capital
In February 2004, 86 833 ordinary shares were issued at a price of R2,26 in
terms of a cash issue at the annual general meeting held on 31 October
2003.
3. 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 year ended 31 March 2004.
4. Dividend
The directors do not recommend the payment of a dividend.
5. 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.
6. 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.
7. Audit Review
These financial statements have been audited by the company`s auditors,
Light and Livingstone Chartered Accountants (S.A.), who have issued a
disclaimer thereon. Their report is available for inspection at the
registered office of the company. This disclaimer arises as the auditors
were not able to satisfy themselves as to the recoverability of the
investment in Willoughby`s Consolidated Plc. This disclaimer was made in
the audit report on the financial statements at 31 March 2003.
By order of the board
D Martin )
C Williams ) Directors
Johannesburg
31 May 2004
Directors:
D Martin*, K Emmanual *, C Williams***
* British, *** Nigerian
By order of the board
FHS Secretarial Services CC Transfer secretaries and transfer office:
FHS House Computershare Investor Services 2004 (Pty) Limited
15 Girton Road 70 Marshall Street
Parktown, 2193 Johannesburg, 2001
Johannesburg
Postal address: Postal address:
P O Box 1370 P O Box 61051
Johannesburg, 2000 Marshalltown, 2107
Tel No (011) 480-2300 Tel No (011) 333-8181
Fax No (011) 484-1721 Fax No (011) 337-5522
Date: 31/05/2004 01:56:06 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 ] | |||||||||||||
|
|||||||||||||
