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KWV
KWV
KWV Investments Limited - Interim profit announcement and dividend declaration
KWV INVESTMENTS LIMITED
(Reg No 1979/007263/06)
JSE share code: KWV & ISIN number: ZAE000004016
INTERIM PROFIT ANNOUNCEMENT AND DIVIDEND DECLARATION
for the six months ended 31 December 2005
Six months Year
ended ended
31 December 30 June
2005 2004 % 2005
R"000 R"000 Change R"000
Restated Restated
Income from associate 85 302 88 941 (4,1) 146 958
- share of retained 68 021 59 017 15,3 84 177
earnings
- dividends received 39 312 29 924 31,4 62 781
- BEE expense (22 031) - -
Dilution of interest in (4 537) - -
associate
Interest received 62 49 113
Administrative expenses (323) (293) (713)
Profit before taxation 80 504 88 697 146 358
Taxation (18) (15) (32)
Profit for the period 80 486 88 682 146 326
HEADLINE EARNINGS
RECONCILIATION
Net profit attributable 80 486 88 682 146 326
to ordinary
shareholders
Dilution in interest in 4 537 - -
associate
Share in adjustments (246) (28) (1)
(net of taxation) of
associate
Headline earnings 84 777 88 654 146 325
Ordinary shares issued 42 000 42 000 42 000
(thousands)
Cents Cents Cents
Earnings per share
- attributable earnings 191,6 211,1 (9,2) 348,4
- headline earnings 201,9 211,1 (4,4) 348,4
- headline earnings, 254,3 211,1 20,5 348,4
excluding BEE expense
Dividends declared per 95,00 77,896 22,0 170,396
share
- interim 95,00 77,896 77,896
- final - - 92,500
Notes
The main asset of the company is an effective interest of 29,72% (2004: 29,88%)
in the issued share capital of Distell Group Limited (Distell). Each share of
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
interim results, published on 22 February 2006.
KWV Investments Limited and its associate company, Distell, has adopted and
applied International Financial Reporting Standards (IFRS) in reporting these
interim results. Comparative figures have been restated but the changes were not
material.
During the period Distell entered into a Black Economic Empowerment (BEE)
transaction. As part of this transaction share options were granted to a BEE
consortium and an expense has been recognised in terms of IFRS 2 "Share-based
Payment".
DECLARATION OF INTERIM DIVIDEND
The directors have resolved to declare an interim dividend of 95,00 cents per
share.
Last day to trade "cum" dividend Thursday 16 March 2006
Trading "ex" dividend commences Friday 17 March 2006
Record date Friday 24 March 2006
Dividend payment date Monday 27 March 2006
Share certificates may not be dematerialised or rematerialised between Friday 17
March 2006 and Friday 24 March 2006, both days inclusive.
INTERIM FINANCIAL REPORT
The interim financial report was approved by the directors on 28 February 2006
and will be posted to shareholders and updated to the website before the end of
March 2006.
Signed on behalf of the board of directors
D de Wet W J Barnard
Chairman Director
Paarl
28 February 2006
Directors: WJ Barnard, D de Wet, AS du Plessis, PBB Hugo.
Company secretary: AW Eksteen.
Registered office: La Concorde, 57 Main Street, Suider-Paarl, 7646
Website: kwvlimited.co.za
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd, PO Box
61051, Marshalltown, 2001
Sponsor: PSG Capital
KWV Investments Limited is a subsidiary of KWV Limited
Date: 02/03/2006 09:20:08 AM Produced by the JSE SENS Department
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