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WSL
WSL
WSL - Wescoal Holdings Limited - Restated results for the year ended 31 March
2008 and notice of annual general meeting
WESCOAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
JSE code: WSL ISIN: ZAE000069639
("Wescoal" or "the company")
RESTATED RESULTS FOR THE YEAR ENDED 31 MARCH 2008 AND NOTICE OF ANNUAL GENERAL
MEETING
1 RESTATED RESULTS FOR THE YEAR ENDED 31 MARCH 2008
Shareholders are referred to the annual results for the year ended 31 March 2008
announced on SENS on 11 June 2008. The auditors have subsequently requested the
following reclassifications:
* between long term liabilities and current liabilities on the balance sheet
resulting in a zero net effect on the balance sheet; and
* between net cash received from operating activities and cash received from
financing activities, resulting in a zero net effect on the cash flow
statement.
Wescoal hereby restates its annual results previously announced.
Condensed Consolidated balance sheets
Restated audited Audited Audited
results results results for
for the year for the year the year
ended ended ended
31 March 31 March 31 March
2008 2008 2007
R`000 R`000 R`000
ASSETS
Non-current assets 78 014 78 014 47 705
Property, plant and 14 703 14 703 13 065
equipment
Goodwill and license 36 726 36 726 32 691
fees
Investments 24 000 24 000 -
Deferred taxation 2 585 2 585 1 949
Current assets 78 246 78 246 54 665
Total assets 156 260 156 260 102 370
EQUITY AND
LIABILITIES
Total Shareholders` 58 333 58 333 45 103
funds
Long-term debt 20 044 19 833 4 995
Current liabilities 77 883 78 094 52 272
Total equity and 156 260 156 260 102 370
liabilities
Net asset value per 55.32 55.32 43.49
share (cents)
Tangible net asset 20.49 20.49 11.97
value per share
(cents)
Condensed Consolidated Cash Flow Statements
Restated Audited Audited
audited results results
results for the year for the
for the year ended year ended
ended 31 March 31 March
31 March 2008 2007
2008 R`000 R`000
R`000
Net cash from operating 7 709 12 708 2 647
activities
Investing activities (32 415) (32 415) (5 239)
Financing activities 24 711 19 712 846
Net increase/(decrease) 5 5 (1 746)
in cash and cash
equivalents
Cash and cash 1 216 1 216 2 962
equivalents at
beginning of year
Cash and cash 1 221 1 221 1 216
equivalents at end of
year
Segment Analysis
The analysis below, details the contribution of the two main divisions within
the group:
R`000
31 March 2008
Income Statement Trading Washing Non Total
operating
Revenue 343 047 33 041 - 376 088
Profit from Operations 16 301 1 739 - 18 040
Headline earnings 11 252 1 276 ( 349) 12 179
R`000
31 March 2008
Restated Balance Sheet Trading Washing Elimination Total
entries
Current assets 62 864 15 382 - 78 246
Non-current assets 47 194 9 576 (15 482) 41 288
Goodwill and license fees 34 266 - 2 460 36 726
Shareholders Funds 57 696 (1 823) 2 460 58 333
Non-current liabilities 17 224 18 302 (15 482) 20 044
Current liabilities 69 404 8 479 - 77 883
R`000
31 March 2007
Income Statement Trading Washing Non Total
Operating
Revenue 259 275 10 283 - 269 558
Profit from Operations 8 866 (2 097) - 6 769
Headline earnings 7 440 (2 009) (1 494) 3 937
R`000
31 March 2007
Balance Sheet Trading Washing Elimination Total
entries
Current assets 45 106 9 559 - 54 665
Non-current assets 16 043 9 996 (11 025) 15 014
Goodwill 30 231 - 2 460 32 691
Shareholders Funds 44 963 (2 320) 2 460 45 103
Non current - 16 020 (11 025) 4 995
liabilities 46 417 5 855 - 52 272
Current liabilities
NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the annual report for the year ended 31 March 2008
will be dispatched to shareholders today.
Notice is hereby given that the 2008 annual general meeting of shareholders will
be held on Wednesday, 29 October 2008 at 10h00, at the company`s registered
offices 228 Voortrekker Street, Krugersdorp.
Johannesburg
30 September 2008
Designated Adviser
Exchange Sponsors
Date: 30/09/2008 09:44:01 Produced by the JSE SENS Department.
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