A quietly kept asset dating back to the mid 1980s has resulted in a neat little windfall of R29.58m for KWV Limited, with the liquidation of a wholly owned subsidiary company in the Channel Islands.

This helped see the group arrive at adjusted headline earnings of R113.3m for the financial year ended 30 June 2003.

The holding company for KWV's UK subsidiary, Edward Cavendish & Sons was established at a time when it offered certain tax concessions - which have subsequently fallen away, according to Financial Director, Nico Kotzé.

As a result KWV realised a foreign currency translation reserve of R29.58m from the liquidation.

KWV also pushed its turnover for the year by 10.8% from R928.8m in 2002 to over R1 billion for the first time ever.

The group's operating profit increased by 49.8% from R95.4m to R142.5m, including the R29.6m for the sale of the overseas business.

KWV brand exports grew by 17%, while the sale of rebate brandy and blended brandy on domestic market was up 21% and 19% respectively.