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Corwil - Audited Financial Statements And Notice Of Annual General Meeting
Corwil Investments Limited
(Registration Number 1987/000732/06)
(Incorporated In The Republic Of South Africa)
Share Code: CRW
ISIN: ZAE000001806
AUDITED FINANCIAL STATEMENTS IN RESPECT OF THE YEAR ENDED 31 MARCH 2005 AND
NOTICE OF ANNUAL GENERAL MEETING
The audited results of the company for the year ended 31 March 2005 are as
follows:
Income statement Year ended Year ended
31/03/05 31/03/04
R`000 R`000
Income 1 651 1 366
Liquidation dividend - 709
Dividends (38) 235
Interest 190 378
Surplus on revaluation of listed 1 499 44
investments to market value
Expenses (293) (378)
Income before taxation 1 358 988
Taxation
South African normal tax
- Current year - (200)
- Prior year adjustment - (6)
- Deferred (184) 82
Income after tax 1 174 864
Income statement Year ended Year ended
31/03/05 31/03/04
R`000 R`000
Weighted average number of ordinary shares 3 900 3 823
in issue (`000)
Fully diluted weighted average number of 4 000 4 000
shares in issue (`000)
Weighted average earnings per share 27,0 22,0
(cents)
Headline earnings per share (cents) 27,0 22,0
Fully diluted earnings per share (cents) 27,0 29,0
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 2003 38 1 9 961 5 699 15 69
Issue of ordinary shares 1 - 195 - 196
Net income for year - - - 864 864
Balance at 31 March 2004 39 1 10 156 6 563 16 75
Net income for year - - - 1 174 1 174
Balance at 31 March 2005 39 1 10 156 7 737 17 93
Balance sheet Year ended Year ended
31/03/05 31/03/04
R`000 R`000
Investments 18 595 16 791
Current assets 31 416
Deferred tax (277) (93)
Loan payable (120) (9)
Current liabilities (296) (346)
Shareholders` funds 17 933 16 759
Number of ordinary shares in issue 3 899 832 3 899 832
Number of redeemable convertible 100 168 100 168
participating preference shares in issue
Net asset value per ordinary share (cents) 455 425
Net asset value per preference share 193 193
(cents)
Fully diluted net asset value per share- 448 419
investments at market value (cents)
Year ended Year ended
31/03/05 31/03/04
Cash flow statement R`000 R`000
Operating activities (19) 211
Investing activities (305) (66)
Financing activities 110 -
Net cash flow (214) 145
Cash at beginning of year 222 77
Cash at end of year 8 222
Dividend
The directors have resolved not to declare a dividend.
Accounting policies
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.
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 2004.
Annual Report and Notice of Annual General Meeting
As the annual report for the year ended 31 March 2005 (`the annual report`) will
be posted to shareholders on 30 June 2005, within 3 months of Corwil`s year end,
this announcement is not required to appear in the press and will not be sent to
shareholders. The annual report contains a notice convening the annual general
meeting of Corwil shareholders for the year ended 31 March 2005 (`the AGM`). The
AGM will be in the boardroom, PKF House, 15 Girton Road, Parktown, Johannesburg
on 17 August 2005 at 11h00.
By order of the board
Directors: D Martin*, K Emmanual *, C Williams***, M R Hamilton*
* British, *** Nigerian
Johannesburg
30 June 2005
PKF Secretarial Transfer secretaries and transfer office:
Services (Pty) Ltd
PKF House Computershare Investor Services 2004 (Pty) Limited
15 Girton Road Ground Floor
Parktown, 2193 70 Marshall Street
Johannesburg Johannesburg, 2001
Postal address: Postal address:
Postnet Suite 200 P O Box 61051
Private Bag X30500 Marshalltown, 2107
Houghton, 2041
Tel (011) 480-2300 Tel (011) 330-7700
Fax No (011) 484-1721 Fax No (011) 688-7710
Date: 30/06/2005 05:00:15 PM
Produced by the JSE SENS Department
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