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KWV
KWV
KWV - Audited consolidated results for the year ended 30 June 2006
KWV Investments Limited
ISIN number: ZAE000004016
JSE share code: KWV
Registration number 1979/007263/06
Audited consolidated results for the year ended 30 June 2006
Salient features
- Increase in headline earnings per share: 8,0%
- Increase in headline earnings per share, excluding non-recurring portion of
BEE costs: 21,6%
- Increase in dividend per share: 25,0%
- Increase in net asset value per share: 11,9%
Balance sheet
2006 2005
R"000 R"000
Assets
Non-current assets
Investment in associate 966 522 863 591
Current assets
Cash and cash equivalents 94 263
Total assets 966 616 863 854
Equity and liabilities
Capital and reserves
Share capital 42 000 42 000
Reserves 924 171 821 512
Ordinary shareholders" funds 966 171 863 512
Current liabilities 445 342
Payables 441 322
Taxation payable 4 20
Total equity and liabilities 966 616 863 854
Income statement
2006 2005 %
R"000 R"000 change
Income from associate 158 295 146 958 7,7
- share of retained earnings 98 957 84 177
- BEE expense (19 872) -
- dividends received 79 210 62 781
Interest received 124 113
Administrative expenses (829) (713) 16,3
Profit before taxation 157 590 146 358
Taxation (36) (32)
Net profit attributable to ordinary 157 554 146 326 7,7
shareholders
Headline earnings reconciliation
Net profit attributable to ordinary 157 554 146 326
shareholders
Adjusted for after-tax interest in:
- associate"s loss on disposal of (53) (1)
property, plant and equipment
- associate"s loss on disposal of 521 -
its interest in an associate
Headline earnings 158 022 146 325 8,0
Ordinary shares issued (thousands) 42 000 42 000
Cents Cents
Earnings per share
- attributable earnings 375,1 348,4
- headline earnings 376,2 348,4
- headline earnings, excluding BEE 423,6 348,4 21,6
expense
Dividend per share 213,000 170,396 25,0
- interim 95,000 77,896
- final (declared after year-end) 118,000 92,500
Cash flow statement
2006 2005
R"000 R"000
Cash flow from operating activities
Administrative expenses (829) (713)
Increase in payables 128 9
Cash utilised in operations (701) (704)
Dividends received 79 210 62 781
Dividends paid (78 750) (61 927)
Interest received 124 113
Taxation paid (52) (9)
Net (decrease)/increase in cash and (169) 254
cash equivalents
Cash and cash equivalents at 263 9
beginning of the year
Cash and cash equivalents at end of 94 263
the year
Statement of changes in equity
2006 2005
R"000 R"000
Share capital at beginning and end 42 000 42 000
of the year
Retained earnings
Balance at beginning of the year (79) (301)
Net profit attributable to ordinary 157 554 146 326
shareholders
Net transfer to equity reserve (69 613) (84 177)
Dilution of investment in associate (9 472) -
Unclaimed dividends written back 9 -
Dividends (78 750) (61 927)
Balance at end of the year (351) (79)
Equity reserve
Balance at beginning of the year 821 591 739 587
Additions for the year:
- net transfer from retained 69 613 84 177
earnings
- BEE share-based payment reserve 21 905
of associate -
- other movements in equity of 11 413 (2 173)
associate
Balance at end of the year 924 522 821 591
Reserves at end of the year 924 171 821 512
Equity at end of the year 966 171 863 512
Notes
1 Adoption of International Financial Reporting
Standards (IFRS) and prior year adjustments
The group has adopted International Financial
Reporting Standards (IFRS) for the year ending 30 June
2006. IFRS 1: "First time adoption of International
Financial Reporting Standards" has been applied in
preparing the group"s results.
The date of transition to IFRS for the group is 1 July
2004 and therefore, as required by IFRS 1, the group"s
opening balance sheet at 1 July 2004 has been restated
to reflect all existing IFRS statements applicable at
30 June 2006.
The implementation of IFRS has had no impact on the
financial statements of KWV Investments Limited, but
it did impact on the results of the associated
company, Distell. These results are equity accounted
in the consolidated financial statements.
The adjustments to equity accounted earnings, the
carrying value of the investment and the equity
reserve, reflect the IFRS adjustments to Distell"s net
profit and net asset value.
30 Jun 2005 1 Jul
2004
R"000 R"000
Investment in associate
Previously reported in terms of 848 835 768 164
SA GAAP
Share of IFRS adjustments to net 14 756 13 423
assets of associate
Reported in terms of IFRS 863 591 781 587
Equity reserve
Previously reported in terms of 806 835 726 164
SA GAAP
Share of IFRS adjustments to net 14 756 13 423
assets of associate
Reported in terms of IFRS 821 591 739 587
Attributable Headline
profit earnings
for the year ended 30 June 2005
R"000 R"000
Net profit
Previously reported in terms of 143 495 143 494
SA GAAP
Share of IFRS adjustments to net 2 831 2 831
profit of associate
Reported in terms of IFRS 146 326 146 325
Cents Cents
Per share
Previously reported in terms of 341,7 341,7
SA GAAP
Share of IFRS adjustments to net 6,7 6,7
profit of associate
Reported in terms of IFRS 348,4 348,4
2 Investment in associate company
The main asset of the company is an effective interest of 29,55%
(2005: 29,9%) in the issued share capital of Distell Group Limited
(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, released on 29 August 2006.
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".
3 Declaration of dividend
The directors have resolved to declare a final dividend of 188 cents
per share.
Last day to trade "cum" dividend Thursday 21 September 2006
Trading "ex" dividend commences Friday 22 September 2006
Record date Friday 29 September 2006
Dividend payments dates Monday 2 October 2006
Share certificates may not be dematerialised or rematerialised
between Friday 22 September 2006 and Friday 29 September 2006, both
days inclusive.
4 Financial statements and annual general meeting
The annual financial statements have been audited by
PricewaterhouseCoopers Inc. and their unqualified audit opinion is
available for inspection at the company"s registered office. The
group"s annual report will be posted to shareholders before the end
of September 2006. The annual general meeting of the company will be
held on Tuesday 24 October 2006 in the Boardroom, KWV Head Office,
Suider-Paarl at 11:00.
5 Effective 1 September 2006, Mr PBB Hugo was appointed chairman of
the board. Mr D de Wet continues to hold office as a non-executive
director.
Signed on behalf of the board of directors
PBB Hugo WJ Barnard
Chairman Chief Executive Officer
Paarl
5 September 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
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd,
PO Box 61051, Marshalltown, 2107
Sponsor: PSG Capital Limited
KWV Investments Limited is a subsidiary of KWV Limited
Date: 05/09/2006 04:33:38 PM Produced by the JSE SENS Department
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