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Corwil Investment Limited - Reviewed Interim Report For The Half-Year Ended 30
September 2004
CORWIL INVESTMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/000732/06)
Share code CRW ISIN ZAE000001806
(`the company`)
REVIEWED INTERIM REPORT FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2004
Issued share capital
Ordinary shares : R38 998 divided into 3 899 832 ordinary shares of
1 cent each, fully paid.
Redeemable convertible : R1 002 divided into 100 168 redeemable convertible
participating participating preference shares of 1 cent shares
preference shares each, fully paid.
Financial results
The unaudited financial statements of the company for the half year ended
30 September 2004 are as follows:
Half-year Half-year Year
ended ended ended
30/09/04 30/09/03 31/03/04
Income statement Unaudited Unaudited Audited
R`000 R`000 R`000
Income 151 1 056 1 323
Liquidation dividend - Iprop Holdings
Limited - 709 709
Dividends (note) (38) 82 235
Interest 189 265 379
Surplus/(Loss) on revaluation of
listed
investments to market value (28) 86 44
Expenses (116) (188) (379)
Income before taxation 7 954 988
Taxation 4 108 124
Net income 3 846 864
Note:
The dividend received in the current
year
is negative as the dividend paid by
Monteagle Societe
Anonyme was less than proposed.
Weighted average number of ordinary
shares in issue (`000) 4 000 3 913 3 923
Earnings per share (cents) - 22,2 22,0
Headline earnings per share (cents) - 22,2 22,0
Fully diluted earnings per share
(cents) (note 4) - 21,6 21,6
Dividends per share (cents) - - -
Balance sheet
Investments 17 017 16 115 16 791
Current assets 147 1 088 416
Deferred tax (86) (118) (93)
Current liabilities (316) (539) (355)
Shareholders` equity 16 762 16 546 16 759
Number of shares in issue (ordinary
and preference) 4 000 000 3 913 167 4 000 000
Net asset value per share (cents)
(ordinary and preference)
- investments at cost/valuation 419 423 419
Statement of changes in equity
Share capital and premium
Balance at beginning and end of period 10 196 10 000 10 000
Issue of ordinary shares - - 196
Balance at end of period 10 196 10 000 10 196
Revenue reserves
Balance at beginning of period 6 563 5 699 5 699
Income attributable to shareholders 3 846 864
6 566 6 545 6 563
Shareholders` equity 16 762 16 545 16 759
Abridged cash flow statement
Cash flow from operations 166 324 221
Cash (utilised in)/generated by
investing activities (255) 652 (66)
Issue of share capital - - 196
Short-term loan repaid - - (206)
Cash resources at beginning of period 222 77 77
Cash resources at end of period 133 1 053 222
Notes
1. Investments comprise the
following:
1.1 Unlisted, at valuation
Willoughby`s Consolidated Plc 8 085 8 085 8 085
557 604 stock units and 2 044 551
preferred shares
Directors` valuation 8 085 8 085 8 085
1.2 Listed, at market value
Wankie Colliery Ltd
44 900 ordinary shares 17 - 17
Monteagle Societe Anonyme
293 348 (30 September 2003: 249 442,
31 March 2004: 288 263) ordinary
shares 4 459 3 867 4 180
Metorex Limited
550 000 (30 September 2003: 400 000,
31 March 2004: 501 905) ordinary
shares 1 111 1 080 1 130
JCI Limited
1 000 000 ordinary shares 330 730 630
iFour Properties Limited
450 000 (30 September 2003 and 31
March 2004: 439 885)
ordinary shares 3 015 2 353 2 749
8 932 8 030 8 706
17 017 16 115 16 791
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 2004 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 4 000 000.
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
XX December 2004
Directors: D Martin* (Chairman), K Emmanual*, C Williams**
* British ** Nigerian
FHS Secretarial Services CC Transfer secretaries and transfer office:
FHS House Computershare Investor Services 2004 Limited
15 Girton Road Ground Floor
Parktown, 2193 70 Marshall Street
Johannesburg Johannesburg, 2001
Postal address: Postal address:
PO Box 1370 PO Box 61051
Johannesburg, 2000 Marshalltown, 2107
Tel (011) 480 2300 Tel (011) 333 8181
Fax (011) 484 1721 Fax (011) 337 5522
Date: 28/12/2004 09:28:27 AM
Produced by the JSE SENS Department
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