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KWV Investments limited - Profit Announcement And Dividend Declaration
KWV Investments limited
(Registration number 1979/007263/06)
JSE share code: KWV ISIN number: ZAE000004016
Sponsor: PSG Capital
Profit announcement and dividend declaration for the year ended 30 June 2004
The audited results of KWV Investments Limited for the year ended 30 June are as
follows:
2004 2003 %
R`000 R`000 change
Restated
Income from associate 108 056 93 739 15,3
- Dividends received 47 526 44 006
- Share of exceptional items - 14 629
- Share of retained earnings 60 530 40 306
- Change in accounting policy - (5 202)
Dilution of investment in associate (1 697) -
Interest received 20 30
Administrative expenses (696) (615)
Profit before taxation 105 683 93 154
Taxation (6) (9)
Net profit attributable to
ordinary shareholders 105 677 93 145 13,5
HEADLINE EARNINGS
RECONCILIATION
Net profit attributable to
ordinary shareholders 105 677 93 145
Adjusted for after-tax
interest in associate`s:
- profit on sale of fixed assets
and amortisation of goodwill (587) (2 786)
- compensation for cancellation
of exclusive distribution rights - (13 140)
- profit on sale of subsidiary - (1 489)
Dilution of investment in associate 1 697 -
Headline earnings 106 787 75 730 41,0
Ordinary shares issued (thousands) 42 000 42 000
Cents Cents
Earnings per share
- attributable earnings 251,6 221,8
- headline earnings 254,3 180,3
Dividend per share 133,812 103,380
- interim 64,262 55,880
- final (declared after year-end) 69,550 47,500
Accounting policy and comparative figures
Comparative figures have been restated in accordance with the results of Distell
Group Limited (`Distell`) which has changed its accounting policies in order to
comply with the new South African Statement of GAAP dealing with `Agriculture`
(AC 137).
Particulars of associate company
The main asset of the company is an effective interest of 29,88%
(2003: 30%) in the issued share capital of 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 17 August 2004.
Declaration of dividend
The directors have resolved to declare a final dividend of 69,55 cents per
share.
Last day to trade `cum` dividend Friday 10 September 2004
Trading `ex` dividend commences Monday 13 September 2004
Record date Friday 17 September 2004
Dividend payment date Monday 20 September 2004
Share certificates may not be dematerialised or rematerialised between Monday 13
September 2004 and Friday 17 September 2004, 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 2004.
Signed on behalf of the board of directors
D de Wet WJ Barnard
Chairman Director
Paarl
23 August 2004
Directors: D de Wet, WJ Barnard, AS du Plessis, PBB Hugo
Company secretary: AW Eksteen
Registered office: La Concorde, Main Street, Southern Paarl, 7646
KWV Investments Limited is a subsidiary of KWV Limited
Date: 24/08/2004 05:29:31 PM Produced by the JSE SENS Department
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