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WLO WLN WLP1 WLOP
WLO
WLO/WLN/WLOP/WLP1 - Wooltru Limited - Unaudited Interim Results for the six
months ended 31 December 2008
WOOLTRU LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
REGISTRATION NUMBER: 1936/008278/06
SHARE CODE: WLO ISIN ZAE000007993
SHARE CODE: WLN ISIN ZAE000008744
SHARE CODE: WLOP ISIN ZAE000008009
SHARE CODE: WLP1 ISIN ZAE000008017
Unaudited Interim Results for the six months ended 31 December 2008
BALANCE SHEETS
Unaudited Audited
31 December 30 June
2008 2007 2008
Rm Rm Rm
ASSETS
Non-current assets
Deferred tax 0.6 1.3 0.6
Current assets 61.6 59.2 59.4
Listed investments - - 7.2
Trade and other receivables 0.6 0.4 0.1
Taxation 1.6 1.6 1.6
Bank balances and cash equivalents 59.4 57.2 50.5
Total assets 62.2 60.5 60.0
EQUITY AND LIABILITIES
Capital and reserves attributable
to equity holders 56.5 58.7 58.0
Ordinary share capital 9.9 9.9 9.9
Share premium 464.7 464.7 464.7
Non-distributable reserves 8.1 8.1 8.1
Accumulated loss (426.2) (424.0) (424.7)
Total equity 56.5 58.7 58.0
Non-current liabilities
Preference share capital 1.5 1.5 1.5
Current liabilities
Trade and other payables 4.2 0.3 0.5
Total equity and liabilities 62.2 59.4 60.0
Net asset value per share (cents) 12.0 12.5 12.1
INCOME STATEMENTS
Unaudited Audited
Six months ended Year ended
31 December 30 June
2008 2007 2008
Notes Rm Rm Rm
Revenue 2 3.4 2.7 5.9
Other income 1.6 0.7 0.2
Total income 5.0 3.4 6.1
Medical aid settlement (4.4)
Other operating costs (2.1) (1.9) (4.6)
(Loss)/profit from operations (1.5) 1.5 1.5
Finance costs - - (0.1)
(Loss)/profit before taxation (1.5) 1.5 1.4
Taxation 3 - - (0.6)
(Loss)/profit attributable to
equity holders (1.5) 1.5 0.8
Number of shares issued (millions) 470.9 470.9 470.9
Weighted average number of shares
(millions) 470.9 470.9 470.9
Earnings per share
Basic earnings per share (cents) (0.3) 0.3 0.1
Headline earnings per share (cents) (0.3) 0.3 0.1
Diluted earnings per share (cents) (0.3) 0.3 0.1
Diluted headline earnings per share
(cents) (0.3) 0.3 0.1
CASH FLOW STATEMENTS
Unaudited Audited
Six months ended Year ended
31 December 30 June
2008 2007 2008
Rm Rm Rm
Cash flow from operating activities
Cash flow from trading (6.5) (1.9) (4.1)
Working capital movements 3.2 (0.2) 0.6
Cash utilised in operating activities (3.3) (2.1) (3.5)
Finance income 3.4 2.7 5.9
Finance costs - - (0.1)
Net cash inflow from operating
activities 0.1 0.6 2.3
Cash flow from investing activities
Purchase of listed investments - - (8.3)
Proceeds on sale of listed investments 8.8 17.6 17.5
Net cash inflow from investing
activities 8.8 17.6 9.2
Net increase in cash and cash equivalents 8.9 18.2 11.5
Cash and cash equivalents at beginning
of period 50.5 39.0 39.0
Cash and cash equivalents at end of
period 59.4 57.2 50.5
STATEMENT OF CHANGES IN EQUITY
Ordinary share Non-distributable
capital Share premium reserves
Rm Rm Rm
Opening balance at 1
January 2008 9.9 464.7 8.1
Recognised gains and
losses
Loss attributable to
equity holders - - -
Balance at 30 June
2008 9.9 464.7 8.1
Recognised gains and
losses
Loss attributable to
equity holders - - -
Closing balance at
31 December 2008 9.9 464.7 8.1
Accumulated loss Total equity
Rm Rm
Opening balance at 1 January 2008 (424.0) 58.7
Recognised gains and losses
Loss attributable to equity holders (0.7) (0.7)
Balance at 30 June 2008 (424.7) 58.0
Recognised gains and losses
Loss attributable to equity holders (1.5) (1.5)
Closing balance at 31 December 2008 (426.2) 56.5
NOTES
1. The interim financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS) and presented in accordance
with IAS 34 (Interim Financial Reporting) and in accordance with the Companies
Act of South Africa as amended. The accounting policies and methods of
computation are consistent with those applied in the financial results for the
year ended 30 June 2008. There are no identifiable segments. The interim
financial report has not been reviewed by an external auditor.
Unaudited Audited
Six months ended Year ended
31 December 30 June
2008 2007 2008
Rm Rm Rm
2. Revenue
Finance income 3.4 2.7 5.9
3. Contingent liabilities
CNA post-retirement medical aid
liabilities* - 13.9 13.9
SARS tax reassessment on leasehold
improvements recoupment** 27.9 24.6 27.9
* In regard to the claims by former employees of the business of Central News
Agencies Limited ("CNA") regarding post-retirement medical aid contributions,
Wooltru has settled with the former employees and will no longer note a
contingent liability in this regard.
The settlement amount of R4.35 million has been expensed during the current
period.
** SARS has raised a revised assessment for Wooltru Property Holdings (Pty) Ltd
for the 2001 year of assessment adding back to taxable income an amount of
R50.9 million as a taxable recoupment in respect of leasehold improvements
claimed as a deduction by a taxpayer in terms of section 11(f) of the Act. The
case was heard by the Tax Court of Cape Town in December 2006. The court ruled
in favour of Wooltru Property Holdings (Pty) Ltd. SARS appealed against the
ruling. The appeal was heard in the High Court in January 2008. Judgment was
given by the High Court of SA, CPD sitting as a Court of Appeal on 7 August 2008
and dismissed with costs the SARS appeal against the judgment of the Tax Court.
SARS has again appealed against the judgment and the appeal process continues.
Until the appeals process is exhausted Wooltru will continue to disclose a
contingent liability in this regard.
CHAIRMAN`S REVIEW
GROUP RESULTS
During the six months ended 31 December 2008 Wooltru recorded a loss before
taxation of R1.5 million compared to a profit of R1.5 million for the previous
six months ended 31 December 2007. The loss resulted from the settlement of
medical aid claims dealt with below.
MEDICAL AID CLAIMS
In regard to the claims by former employees of the business of Central News
Agencies Limited ("CNA") regarding post-retirement medical aid contributions,
Wooltru has settled with the former employees who have lodged claims and will
no longer note a contingent liability in this regard (June 2008:
R13.9 million).
The settlement amount of R4.35 million has been expensed in the current period.
The balance that remains unpaid at 31 December 2008 is included in trade and
other payables.
In December 2005 Wooltru lodged a bank guarantee with Johnnic of R20.8 million
which covered total potential claims as calculated by Johnnic. This bank
guarantee will be reduced to an amount equal to R2 million plus any unsettled
claims.
TAXATION QUERIES
As disclosed in previous communications, South African Revenue Services (SARS)
has raised a revised assessment for Wooltru Property Holdings (Pty) Ltd for the
2001 year of assessment adding back to taxable income an amount of R50.9 million
as a taxable recoupment in respect of leasehold improvements claimed as a
deduction by a taxpayer in terms of section 11(f) of the Act. The case was heard
by the Tax Court of Cape Town in December 2006. The Court ruled in favour of
Wooltru Property Holdings (Pty) Ltd. SARS appealed against the ruling. The
appeal was heard in the High Court in January 2008. Judgment was given by the
High Court of SA, CPD sitting as a Court of Appeal on 7 August 2008 and
dismissed with costs the SARS appeal against the judgment of the Tax Court. SARS
has again appealed against the judgment and the appeal process continues. Until
the appeals process is exhausted Wooltru will continue to disclose a contingent
liability in this regard.
BOARD COMPOSITION
During the period under review there were two executive directors,
Messrs A Groll and AM Louw, while Mr M Kaplan and Dr JC van der Horst served as
non-executive directors. There have been no changes in directorship during the
period.
PROSPECTS
It is not possible to predict the outcome of the unresolved taxation queries
with any accuracy. Shareholders will be advised of any developments regarding
these matters.
M Kaplan
Chairman
Cape Town
11 February 2009
DIRECTORS
M Kaplan* (Chairman)
A Groll
AM Louw
JC van der Horst*
* Non-executive
COMPANY REGISTRATION NUMBER
1936/008278/06
PRINCIPAL BANKER
The Standard Bank of South Africa Limited
AUDITORS
PKF (Newlands) Inc.
SPONSOR
Bridge Capital Advisors (Pty) Limited
SECRETARY
AL Winkler
DOMICILE AND
REGISTERED OFFICE
2nd Floor, The Hudson
30 Hudson Street
Cape Town, 8001,
South Africa
POSTAL ADDRESS
PO Box 671, Cape Town, 8000
TELEPHONE NUMBER
(021) 421 5550
FAX NUMBER
(021) 421 5551
TRANSFER SECRETARY
Computershare Investor Services (Pty) Limited
70 Marshall Street,
Johannesburg, 2001
South Africa
Date: 12/02/2009 08:00:02 Produced by the JSE SENS Department.
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