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