|
CRW
CRW
Corwil Investments Limited - Interim Financial Statements
Corwil Investments Limited
(Registration number 1987/000732/06)
(Incorporated in the Republic of South Africa)
Share code: CRW
ISIN: ZAE000001806
Unaudited interim financial statements in respect of the period ended 30
September 2005
Directors: D Martin*, K Emmanual *, C Williams***, M R Hamilton*
* British, *** Nigerian
Issued share capital:
Ordinary:
R38 998 (2005 : R38 998) divided into 3 899 832 (2005 : 3 899 832) 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 unaudited results of the company for the period ended 30 September 2005 are
as follows:
Unaudited Audited
Income statement Half year Half year Year
ended ended ended
30/09/05 30/09/04 31/03/05
R"000 R"000 R"000
Income 1 612 151 1 651
Dividends 122 (38) (38)
Interest 372 189 190
Surplus on revaluation of listed 1 118 - 1 499
investments to market value
Expenses (167) (144) (293)
Income before taxation 1 445 7 1 358
Taxation
South African normal tax
- Current year (43) (4) -
- Deferred (190) - (184)
Income after tax 1 212 3 1 174
Unaudited Audited
Income statement Half year Half year Year
ended ended ended
30/09/05 30/09/04 31/03/05
R"000 R"000 R"000
Weighted average number of 3 900 4 000 3 900
ordinary shares in issue ("000)
Fully diluted weighted average 4 000 - 4 000
number of shares in issue ("000)
Weighted average earnings per 30,0 - 29,0
share (cents)
Headline earnings per share 30,0 - 29,0
(cents)
Fully diluted earnings per share 30,0 - 29,0
(cents)
Dividends per share (cents) - - -
Statement of Ordinar Prefere Share Retaine
changes in equity y nce d
share share premium earning Total
s
capital capital
R"000 R"000 R"000 R"000 R"000
Balance at 31 March 39 1 10 156 6 563 16 759
2004
Net income for year - - - 1 174 1 174
Balance at 31 March 39 1 10 156 7 737 17 933
2005
Net income for - - - 1 212 1 212
period
Balance at 30 39 1 10 156 8 949 19 145
September 2005
Unaudited Audited
Balance sheet Half year Half year Year
ended ended ended
30/09/05 30/09/04 31/03/05
R"000 R"000 R"000
Investments 19 713 17 017 18 595
Current assets 267 147 31
Deferred tax (467) (86) (277)
Loan payable (120) - (120)
Current liabilities (248) (316) (296)
Shareholders" funds 19 145 16 762 17 933
Number of ordinary shares in 3 899 832 4 000 000 3 899 832
issue
Number of redeemable convertible 100 168 100 168 100 168
participating preference shares
in issue
Net asset value per ordinary 486 419 455
share (cents)
Net asset value per preference 193 167 193
share (cents)
Fully diluted net asset value 479 409 448
per share- investments at market
value (cents)
Unaudited Audited
Cash flow statement Half year Half year Year
ended ended ended
30/09/05 30/09/04 31/03/05
R"000 R"000 R"000
Operating activities 244 166 (19)
Investing activities - (255) (305)
Financing activities - - 110
Net cash flow 244 (89) (214)
Cash at beginning of period 8 222 222
Cash at end of period 252 133 8
Unaudited Audited
Notes Half year Half year Year
ended ended ended
30/09/05 30/09/04 31/03/05
R"000 R"000 R"000
1. Investments comprise the
following :
1.1 Unlisted, at valuation
Willoughby"s Consolidated
Plc
557 604 stock units and 2 8 085 8 085 8 085
044 551 preferred
shares at valuation
1.2 Listed, at market value 11 628 8 932 10 510
JCI Ltd
1 163 985 (30/09/04 : 1 186 330 280
000 000) ordinary
shares
Metorex Ltd
550 000 (30/09/04 : 550 2 778 1 111 1 870
000) ordinary
shares
Monteagle Societe Anonyme
293 348 (30/09/04 : 293 4 430 4 459 4 107
348) ordinary
shares
iFour Properties Ltd
450 000 (30/09/04 : 450 4 207 3 015 4 230
000) ordinary
shares
Wankie Colliery Ltd
44 900 (30/09/04 : 44 900) 27 17 23
ordinary
shares
19 713 17 017 18 595
2. Share capital
There was no change in the authorised and issued share capital during the
year under review.
3. Deferred tax
With the introduction of Capital Gains Tax on 1 October 2001, the directors
have provided for deferred tax on the unrealised capital profit earned on
its listed investments in the period ended 30 September 2005.
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. IFRS Adoption
The financial statements have been prepared in terms of International
Financial Reporting Standards (IFRS). The adoption of IFRS did not result
in any changes to accounting policies and hence the accounting policies are
consistent with those applied in the comparative period.
Notes
7. As a result of the disclaimed audit opinion on the annual financial
statements for the year to 31 March 2005 the JSE suspended trade in the
shares of the company.
8. Audit review
The financial statements have not been reviewed by the company"s auditors
as Light and Livingstone Chartered Accountants (SA) resigned on 1 December
2005 and they have not yet been replaced.
Light and Livingstone Chartered Accountants (S.A.) issued a disclaimer on
the financial statements at 31 March 2005. 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.
By order of the board
D Martin )
C Williams ) Directors
Johannesburg
12 January 2006
PKF Secretarial Services (Pty) Ltd Transfer secretaries and transfer office:
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) 370-7700
Fax No (011) 484-1721 Fax No (011) 688-7710
Date: 12/01/2006 05:53:57 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 ] | |||||||||||||
|
|||||||||||||
