|
WEA
WEA
WEA - WG Wearne Limited - Restatement of the 2009 Group Annual Financial
Statements
WG WEARNE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/005983/06)
JSE code: WEA
ISIN: ZAE000078002
("the company")
RESTATEMENT OF THE 2009 GROUP ANNUAL FINANCIAL STATEMENTS
Shareholders are advised that the company has become aware of a calculation
error that occurred in accounting for the business combination relating to the
acquisition of the Portland Group of companies effective 1 September 2008. The
error is regarded as a fundamental error in terms of the accounting standards.
The company wishes to advise shareholders of the impact on the previously
reported group annual financial statements for the financial year ended
28 February 2009.
The adjustments required to correct the error are reflected below. The
adjustments affect the group statement of comprehensive income, group statement
of financial position and the group statement of changes in equity.
Although earnings per share, diluted earnings per share and net asset value per
share are affected by the adjustments, headline earnings per share, diluted
headline earnings per share and net tangible asset value per share are not.
Condensed group statement of comprehensive income
Audited Restated
Year Year
ended ended
February February
2009 Adjustment 2009
R`000 R`000 R`000
Revenue 587 002 - 587 002
Operating expenses (521 620) - (521 620)
Earnings before interest, tax,
depreciation and amortisation
("EBITDA") 65 382 - 65 382
Depreciation and amortisation (44 814) - (44 814)
Operating profit 20 568 - 20 568
Other income 20 393 (17 473) 2 920
Net interest paid (41 040) - (41 040)
Loss before taxation (79) (17 473) (17 552)
Taxation 4 233 - 4 233
Profit/(loss) for the period 4 154 (17 473) (13 319)
Other comprehensive loss:
Hedging loss (4 996) - (4 996)
Other comprehensive (losses)/
income for the period (4 996) - (4 996)
Total comprehensive loss for the
period (842) (17 473) (18 315)
Total comprehensive loss
attributable to:
Owners of the parent (762) (17 473) (18 235)
Non-controlling interests (80) - (80)
Loss for the period (842) (17 473) (18 315)
Reconciliation of headline earnings:
Comprehensive loss attributable to
ordinary shareholders (762) (17 473) (18 235)
Profit on disposal of property,
plant and equipment (928) - (928)
IFRS 3 profit on purchase of
subsidiary (16 648) 17 473 825
Headline loss attributable to
ordinary shareholders (18 338) - (18 338)
Weighted average number of shares in
issue (`000) 162 978 - 162 978
Fully diluted weighted average
number of shares (`000) 168 097 - 168 097
Loss per share (cents) (0.5) (10.7) (11.2)
Headline loss per share (cents) (11.3) - (11.3)
Fully diluted loss per share (cents) (0.5) (10.3) (10.8)
Fully diluted headline loss per
share (cents) (10.9) - (10.9)
Condensed group statement of financial position
Audited Restated
February February
2009 Adjustment 2009
R`000 R`000 R`000
ASSETS
Non-current assets 680 648 (17 473) 663 175
Property, plant and equipment 595 169 - 595 169
Intangible assets 40 045 - 40 045
Goodwill 38 186 (17 473) 20 713
Available for sale investments 5 201 - 5 201
Deferred tax asset 2 047 - 2 047
Current assets 119 538 - 119 538
Inventories 36 463 - 36 463
Trade and other receivables 79 764 - 79 764
Taxation receivable 1 471 - 1 471
Cash and cash equivalents 1 840 - 1 840
Total assets 800 186 (17 473) 782 713
EQUITY AND LIABILITIES
Equity 243 659 (17 473) 226 186
Issued capital 179 - 179
Share premium 142 198 - 142 198
Non-distributable reserves (99) - (99)
Accumulated profits 100 636 (17 473) 83 163
Non-controlling interest 745 - 745
Non-current liabilities 318 586 - 318 586
Environmental obligation 17 898 - 17 898
Secured loans 77 953 - 77 953
Instalment sale creditors 187 774 - 187 774
Deferred tax liability 34 961 - 34 961
Current liabilities 237 941 - 237 941
Trade and other payables 79 561 - 79 561
Current portion of long term
liabilities 95 341 - 95 341
Taxation payable 1 129 - 1 129
Bank overdraft 61 910 - 61 910
Total equity and liabilities 800 186 (17 473) 782 713
Number of shares in issue (`000) 182 962 - 182 962
Net asset value per share (cents) 133.2 (9.6) 123.6
Net tangible asset value per share (cents) 96.5 - 96.5
Condensed group statement of changes in equity
Audited Restated
February February
2009 Adjustment 2009
R`000 R`000 R`000
Balance at beginning of period 179 082 - 179 082
Issue of share capital and share
issue expense 65 351 - 65 351
Share-based payment reserve 122 - 122
Loss for the period (762) (17 473) (18 235)
Investment fair-value adjustment (663) - (663)
Non-controlling interest 745 - 745
Treasury shares (216) - (216)
Balance at end of period 243 659 (17 473) 226 186
The impact on the reported interim results for the six months ended 31 August
2009 relates to the group statement of financial position only and is dealt
with in the table below.
Unaudited Restated
August August
2009 Adjustment 2009
R`000 R`000 R`000
Accumulated profits 87 614 (17 473) 70 141
Goodwill 38 186 (17 473) 20 713
Randburg
16 February 2010
Designated Adviser
Vunani Corporate Finance
Date: 16/02/2010 09:39:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
