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SKW
SKW
SKW - Skinwell Holdings Limited - Change statement and notice of
annual general meeting
SKINWELL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/025374/06)
JSE code: SKW
ISIN: ZAE000135893
("Skinwell" or "the company" or "the group")
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the audited annual financial
statements for the year ended 28 February 2010, which are included
in the company`s annual report for that year, will be dispatched to
shareholders today (27 August 2010). The annual financial
statements have been issued without qualification. Detailed below
are modifications contained in the annual financial statements when
compared to the reviewed results for that year, which were
published on SENS on 31 May 2010.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Adjustments Reviewed
February R`000 February
2010 2010
R`000 R`000
Revenue 69 894 - 69 894
Gross profit 35 542 (5) 35 547
Operating costs (70 480) (1 618) (68 862)
Operating loss (34 938) (1 623) (33 315)
Other income 5 312 - 5 312
Impairment of goodwill (2 439) - (2 439)
Loss before interest and (32 065) (1 623) (30 442)
taxation
Investment income 1 521 - 1 521
Finance costs (3 702) - (3 702)
Loss before taxation (34 246) (1 623) (32 623)
Taxation 8 441 - 8 441
Total comprehensive loss (25 805) (1 623) (24 182)
attributable to ordinary
shareholders
Reconciliation of headline
loss:
Loss attributable to ordinary (25 805) (1 623) (24 182)
shareholders
Adjusted for:
Loss/(Profit) on disposal of 805 1 523 (718)
property, plant and equipment
Loss/(Profit) on disposal of 1 212 1 657 (445)
subsidiary
Impairment of goodwill 2 439 - 2 439
Profit on sale of - -
intellectual property
Headline loss attributable to (21 349) 1 557 (22 906)
ordinary shareholders
Weighted average ordinary 155 364 155 364
shares in issue on which 544 544
earnings per share are based
Loss per share (cents) (16.6) (1.0) (15.6)
Headline loss per share (13.7) 1.0 (14.7)
(cents)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Adjustmen Reviewed
February ts February
2010 R`000 2010
R`000 R`000
ASSETS
Non-current assets 26 326 430 25 896
Property, plant and 5 109 (1 268) 6 377
equipment
Goodwill and intangible 6 888 (816) 7 704
assets
Other financial assets 3 223 2 523 700
Deferred taxation 11 106 (9) 11 115
Current assets 30 798 (4 744) 35 542
Inventories 10 051 (3 470) 13 521
Other financial assets 9 194 - 9 194
Current tax receivable 164 (176) 340
Trade and other receivables 11 268 (1 098) 12 366
Bank and cash 121 - 121
Total assets 57 124 (4 314) 61 438
EQUITY AND LIABILITIES
Equity 19 992 (1 621) 21 613
Share capital 49 830 - 49 830
Accumulated loss (29 838) (1 621) (28 217)
Non-current liabilities 5 755 (711) 6 466
Shareholders` loans - (515) 515
Other financial liabilities 5 442 (196) 5 638
Finance and operating lease - 310
liabilities 310
Deferred taxation 3 - 3
Current liabilities 31 377 (1 982) 33 359
Loans from shareholders 164 164 -
Trade and other payables 15 708 (1 495) 17 203
Other financial liabilities 9 344 62 9 282
Taxation 860 (248) 1 108
Finance lease obligation 312 - 312
Bank overdraft 4 989 (465) 5 454
Total equity and liabilities 57 124 (4 314) 61 438
Number of ordinary shares in 236 172 236 172
issue at year-end 773 773
Net asset value per share 8.5 9.2
(cents)
Net tangible asset value per 5.5 5.9
share (cents)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
Share Share Total Accumulated Total
capital premium share profit / equity
R`000 R`000 capital (loss) R`000
R`000 R`000
Balance 1 March 13 44 071 44 084 7 568 51 652
2008
Total (11 603) (11 603)
comprehensive
loss for the year
Balance 1 March 13 44 071 44 084 (4 035) 40 049
2009
Total (24 182) (24 182)
comprehensive
loss for the year
Issue of shares 11 6 874 6 885 6 885
Issue costs (1 139) (1 139) (1 139)
written off
Total changes 11 5 735 5 746 (24 182) (18 436)
Balance 28 24 49 806 49 830 (28 217) 21 613
February 2010
Audited Balance 24 49 806 49 830 (29 19 992
28 February 2010 839)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Audited Adjustm Reviewed
February ents February
2010 R`000 2010
R`000 R`000
Cash flows from operating (18 333) (838) (17 495)
activities
Cash flows from investing 5 508 (1 252) 6 760
activities
Cash flows from financing 9 242 2 555 6 687
activities
Net decrease in cash and cash (3 583) 465 (4 048)
equivalents
Cash and cash equivalents at (1 285) - (1 285)
beginning of period
Cash and cash equivalents at (4 868) 465 (5 333)
end of period
CONDENSED CONSOLIDATED SEGMENT REPORT
Audited Adjustment Reviewed
February s February
2010 R`000 2010
R`000 R`000
Revenue
Brands 57 154 - 57 154
Supply chain and support 14 369 - 14 369
Inter-segment (1 629) - (1 629)
69 894 - 69 894
Total comprehensive loss
attributable to ordinary
shareholders
Brands (24 185) (24 185)
Supply chain and support (423) (423)
Inter-segment (1 197) (1 623) 426
(25 805) (1 623) (24 182)
Depreciation
Brands 746 48 794
Supply chain and support 487 - 487
Inter-segment 24 (48) (24)
1 257 - 1 257
Notes:
1. The adjustments to the consolidated statement of comprehensive
income are mainly as a result of the disposal of a subsidiary,
CW Pharmaceuticals (Pty) Ltd of R 1 657 000.
2. The adjustments to the reconciliation of headline loss are as
a result of the disposal of CW Pharmaceuticals (Pty) Ltd,
detailed in note 1 above, and the reclassification between
loss/(profit) on disposal of property, plant and equipment and
other expenses.
3. The adjustments to loss per share and headline loss per share
are as a result of the adjustments detailed in note 1 and 2
above.
4. The adjustments to the condensed consolidated statement of
financial position are as a result of the disposal of CW
Pharmaceuticals (Pty) Ltd, detailed in note 1 above, and the
reclassification between non-current other financial
liabilities and shareholders` loans and current other
financial liabilities and shareholders` loans.
5. The adjustments to the condensed consolidated cash flow
statement are as a result of the adjustments detailed in note
1 above.
6. The adjustments to the condensed consolidated segment report
are as a result of the adjustments detailed in note 1 above.
The changes above arose primarily as a result of an error in the
consolidation process. This error was not identified during the
preparation of the reviewed results published on 31 May 2010 but
only during the course of finalising the audit opinion on the
complete annual financial statements.
Notice of annual general meeting:
Notice is hereby given that the annual general meeting of
shareholders of the company will be held on Wednesday, 13 October
2010 at 10h00 in the boardroom, Placecol Boulevard, Kosmosdal,
Centurion to transact the business as stated in the notice of
annual general meeting forming part of the company`s annual report.
27 August 2010
Designated Adviser
Grindrod Bank Limited
Date: 27/08/2010 17:16:01 Produced by the JSE SENS Department.
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