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WLL
WLL
WLL - Wellco - Restatement of unaudited consolidated interim results for the 6
months ended 31 August 2006
Wellco Health Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/005805/06)
Share code: WLL & ISIN: ZAE000071841
("Wellco" or "the company")
RESTATEMENT OF UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31
AUGUST 2006
Further to the announcement published on 04 May 2007, the company has restated
its interim results for the six months ended 31 August 2006 ("the interim
results").
The interim results have been restated due to the company incorrectly accounting
for the acquisition of 51% of the business of Nutribrands (Pty) Ltd
("Nutribrands"). This acquisition was effective 01 April 2006, and was announced
on SENS on 18 April 2006.
The acquisition of 51% of the business of Nutribrands was structured via a
shelf-
company, Rare Earth Minerals (Pty) Ltd ("REM"). REM acquired 100% of the
business of Nutribrands and Wellco acquired 51% of REM for cash while the former
owners of the business of Nutribrands ("the former owners") held the remaining
49% in REM.
In processing the journal entry in the books of REM, at acquisition, REM did not
bring into account the 49% equity held by the former owners, and also
understated the value of Intangible Assets acquired.
The effect in Wellco`s consolidated interim results is an understatement of
Intangible Assets and Minority Interests by R3,538,889.
RESTATED UNAUDITED CONSOLIDATED INTERIM RESULTS
for the 6 months ended 31 August 2006
Consolidated Balance Sheet
Previously
Restated Published
Unaudited Unaudited
6 months ended 6 months ended
31 August 2006 31 August 2006
R R
ASSETS
NON CURRENT ASSETS 35,901,681 32,362,792
Plant and equipment 1,282,931 1,282,931
Goodwill 13,548,702 13,548,702
Intangible assets 19,906,697 16,367,808
Deferred tax 1,163,351 1,163,351
CURRENT ASSETS 14,798,885 14,798,885
Inventory 8,109,081 8,109,081
Trade and other receivables 6,670,262 6,670,262
Cash and cash equivalents 19,542 19,542
TOTAL ASSETS 50,700,566 47,161,677
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES 35,594,488 32,055,599
Issued share capital 7,683 7,683
Share premium 35,420,530 35,420,530
Accumulated loss (3,086,725) (3,086,725)
Minority interest 3,253,000 (285,889)
LIABILITIES
NON-CURRENT LIABILITIES 413,608 413,608
Interest bearing borrowings 208,623 208,623
Other loans 204,985 204,985
CURRENT LIABILITIES 14,692,470 14,692,470
Taxation 2,184,644 2,184,644
Trade and other payables 9,553,944 9,553,944
Short term portion of
non-current liabilities 119,428 119,428
Bank overdraft 2,834,454 2,834,454
TOTAL EQUITY AND LIABILITIES 50,700,566 47,161,677
Net asset value per share
(cents) 55,05 49,58
Net tangible assets per
share (cents) 3,31 3,31
Weighted average number
of shares in issue 64,658,031 64,658,031
RESTATED UNAUDITED CONSOLIDATED INTERIM RESULTS
for the 6 months ended 31 August 2006
Consolidated Income Statement
Previously
Restated Published
Unaudited Unaudited
6 months ended 6 months ended
31 August 2006 31 August 2006
R R
Revenue 10,682,619 10,682,619
Cost of sales (5,718,511) (5,718,511)
Gross profit 4,964,108 4,964,108
Other operating income 508,227 508,227
Operating expenses (8,992,684) (8,992,684)
Advertising expenses (2,793,150) (2,793,150)
Overhead costs (6,199,535) (6,199,535)
Operating loss (3,520,349) (3,520,349)
Investment income 81 81
Finance costs (120,003) (120,003)
Loss before taxation (3,640,271) 3,640,271)
Taxation 978,043 978,043
Net loss attributable to
ordinary shareholders (2,662,227) (2,662,227)
HEADLINE EARNINGS PER SHARE
Net profit/(loss) (2,662,227) (2,662,227)
Profit on sale of plant
and equipment (11,355) (11,355)
Headline earnings (2,673,582) (2,673,582)
Earnings per share (cents) (4,12) (4,12)
Headline earnings per share
(cents) (4,13) (4,13)
RESTATED UNAUDITED CONSOLIDATED INTERIM RESULTS
for the 6 months ended 31 August 2006
Consolidated Statement of Changes in Equity
Share Share Accumulated Minority Total
Capital Premium Loss Interest
R R R R R
Balance at 1 March
2005
Issue of share
capital 5,683 29,321,482 - - 29,327,165
Net loss for
the year - - (710,387) - (710,387)
Balance at 28
February 2006 5,683 29,321,482 (710,387) - 28,616,778
Issue of share
capital 2,000 6,099,048 - - 6,101,048
Net loss for the
period - - (2,662,227) - (2,662,227)
Minority interest - - 285,889 3,253,000 3,538,889
Balance at 31 August
2006 7,683 35,420,530 3,086,725) 3,253,000 35,594,487
RESTATED UNAUDITED CONSOLIDATED INTERIM RESULTS
for the 6 months ended 31 August 2006
Consolidated Cash Flow Statement
Previously
Restated Published
Unaudited Unaudited
6 months ended 6 months ended
31 August 2006 31 August 2006
R R
CASH FLOWS FROM OPERATING ACTIVITIES (3,996,850) (3,996,850)
Cash generated by operating activities (3,876,928) (3,876,928)
Net Interest paid (119,922) (119,922)
Taxation paid - -
CASH FLOWS FROM INVESTING ACTIVITIES (4,846,849) (4,846,849)
Non-current assets acquired (558,918) (558,918)
Intangible assets developed (2,196,591) (2,196,591)
Intangible assets acquired (5,922,409) (2,383,520)
Shares issued to minorities in subsidiaries 3,538,889 -
Proceeds on disposal of non-current assets 292,180 292,180
CASH FLOWS FROM FINANCING ACTIVITIES 6,181,859 6,181,859
Increase in share capital and reserves 6,101,048 6,101,048
Decrease/(Increase) in non-current liabilities 80,811 80,811
INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS (2,661,840) (2,661,840)
Cash and cash equivalents
at the beginning of the period (153,072) (153,072)
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD (2,814,912) (2,814,912)
BASIS OF PREPARATION
The restated unaudited results of the group for the 6 months ended 31 August
2006 have been prepared in accordance with accounting policies that comply with
the International Financial Reporting Standards (IFRS).
The accounting policies used in the preparation of the results are consistent
with those applied in the audited annual financial statements from the year
ended 28 February 2006.
Midrand
16 May 2007
Designated Advisor
River Group
Date: 17/05/2007 08:05:01 Produced by the JSE SENS Department.
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