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WKF
WKF
WKF - Workforce - Condensed Audited Results For The Year Ended 31 December 2008
- Reconciliation Of Headline Earnings And Prior Year Errors
Workforce Holdings Limited
(Registration number 2006/018145/06)
JSE code: WKF
ISIN: ZAE000087847
("Workforce" or "the company")
CONDENSED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008 - RECONCILIATION
OF HEADLINE EARNINGS AND PRIOR YEAR ERRORS
The company released its condensed audited results for the year ended 31
December 2008 on 27 March 2009 ("results").
Reconciliation of headline earnings:
The reconciliation of headline earnings below was inadvertently omitted from the
results:
Group Group
2008 2007
R`000 R`000
Profit attributable to equity
shareholders 11 949 33 243
Headline earnings adjustments:
Loss on disposal of property, plant and
equipment 5 -
Gain on sale of available-for sale
financial assets (36) -
Impairment of loans receivable 500 -
Impairment loss on available-for-sale
financial assets 797 -
Headline earnings 13 215 33 243
Prior year errors:
The following detailed analysis of prior year errors and reclassifications at 31
December 2007, as reflected in the Consolidated Statements of Changes in equity,
is presented as follows:
Prior Reclassi-
Amount as year fication
previously errors of prior Restated
stated R`000 year amount
R`000 amounts R`000
R`000
Balance sheet
Property, plant
and equipment 10 878 - 2 062 12 940
Other intangible
assets 6 448 - (2 062) 4 386
Trade and other
receivables 260 104 (8 204) 6 352 258 162
Cash and bank 44 378 6 4 845 49 229
balances
Share capital (111 368) 4 609 - (106 759)
Retained earnings (51 433) 9 747 - (41 686)
Minority interest (195) (90) - (285)
Borrowings (116 443) (5 628) - (122 071)
Trade and other (32 889) (440) (11 197) (44 526)
payables
Income statement
Finance costs 14 796 535 - 15 331
Weighted average
number of ordinary
shares for the
purpose of basic
and headline
earnings per share 240 000 (12 870) - 227 130
(`000)
Earnings per share
(cents) 14.1 0.5 - 14.6
Headline earnings
per share (cents) 14.1 0.5 - 14.6
The retained earnings reflect prior year errors of R9,7 million. These errors
are made up as follows:
a) An R8,7 million reconciliation error was discovered in the trade and other
receivables. The adjustment relates to cumulative errors arising in the 2006
financial year and prior periods and therefore has no effect on the current or
prior year`s profit. Trade and other receivables and retained earnings have
accordingly been restated in 2007.
b) The directors, after due consideration, have consolidated an employee trust
and restated the comparatives.
Consequently the shares held in the listed entity by the trust are treated as
treasury shares. This has resulted in a
reduction of the retained earnings in the amount of R1 million.
Johannesburg
31 March 2009
Designated Adviser
Vunani Corporate Finance
Date: 31/03/2009 12:07:01 Produced by the JSE SENS Department.
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