| Fri 1 Oct 2010, 11:58 | | WLO/WLN/WLOP/WLP1 - Wooltru Limited - Preliminary Results for the period ended |
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WLO WLN WLP1 WLOP
WLO
WLO/WLN/WLOP/WLP1 - Wooltru Limited - Preliminary Results for the period ended
30 June 2010
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
("Wooltru" or "Group")
Preliminary Results for the period ended 30 June 2010
Consolidated Statement of Financial Position
Reviewed Audited
30 June 30 June
2010 2009
Rm Rm
ASSETS
Non-current assets
Deferred tax 0.2 0.2
Current assets 12.4 60.4
Listed investments - 14.0
Trade and other receivables 0.3 1.9
Taxation - 1.6
Bank balances and cash equivalents 12.1 42.9
Total assets 12.6 60.6
EQUITY AND LIABILITIES
Capital and reserves attributable to owners
of the parent 10.5 58.2
Ordinary share capital 9.9 9.9
Share premium 464.7 464.7
Non-distributable reserves 0.2 0.2
Accumulated loss (464.3) (416.6)
Total equity 10.5 58.2
Non-current liabilities
Preference share capital 1.5 1.5
Current liabilities 0.6 0.9
Trade and other payables 0.6 0.9
Taxation - -
Total equity and liabilities 12.6 60.6
Net asset value per share (cents) 2.2 12.4
Consolidated Statement of Comprehensive Income
Reviewed Audited
Period Year
ended ended
30 June 30 June
2010 2009
Notes Rm Rm
Continuing operations
Revenue 2 3.8 6.2
Other income 0.1 3.3
Total income 3.9 9.5
Medical aid settlement - (4.4)
Other operating costs (4.3) (4.4)
(Loss)/profit from continuing operations (0.4) 0.7
Finance costs (0.1) (0.1)
(Loss)/profit before taxation from continuing operations
(0.5) 0.6
Taxation (0.2) (0.4)
(Loss)/profit after tax from continuing operations
(0.7) 0.2
Discontinued operations
Profit for the period from discontinued operations 0.1 -
(Loss)/profit for the period (0.6) 0.2
Total comprehensive income (0.6) 0.2
Profit attributable to:
Equity owners of the parent
(Loss)/profit for the period from continuing operations
(0.7) 0.2
Profit for the period from discontinued operations
0.1 -
(Loss)/profit for the period attributable to
owners of the parent (0.6) 0.2
Total comprehensive income attributable to:
Equity owners of the parent (0.6) 0.2
Non-controling interest - -
Number of shares issued (millions) 470.9 470.9
Weighted average number of shares (millions) 470.9 470.9
Earnings per share
Basic earnings per share (cents) (0.1) 0.04
Headline earnings per share (cents) (0.1) 0.04
Diluted earnings per share (cents) (0.1) 0.04
Diluted headline earnings per share (cents) (0.1) 0.04
Cash Flow Statement
Reviewed Audited
Period Year
ended ended
30 June 30 June
2010 2009
Rm Rm
Cash flow from operating activities
Cash flow from trading (2.7) (7.5)
Working capital movements 1.3 (1.4)
Cash utilised in operating activities (1.4) (8.9)
Finance income 2.0 6.2
Finance costs (0.1) (0.1)
Taxation received 1.6 -
Dividends paid (47.1) -
Net cash (outflow)/inflow from operating activities (45.0) (2.8)
Cash flow from investing activities
Purchase of listed investments - (13.7)
Proceeds on sale of listed investments 14.2 8.9
Net cash inflow/(outflow) from investing activities 14.2 (4.8)
Net increase in cash and cash equivalents (30.8) (7.6)
Cash and cash equivalents at beginning of period 42.9 50.5
Cash and cash equivalents at end of period 12.1 42.9
Consolidated Statement of Changes in Equity
Ordinary Non-dis-
share Share tributable
capital premium reserves
Rm Rm Rm
Opening balance at 1 July 2008 9.9 464.7 8.1
Recognised gains and losses
Transfer of non-distributable reserves - - (7.9)
Total comprehensive income for the period - - -
Balance at 30 June 2009 9.9 464.7 0.2
Recognised gains and losses
Total comprehensive income for the period - - -
Distribution to shareholders - - -
Closing balance at 30 June 2010 9.9 464.7 0.2
Accumu- Total
lated loss equity
Rm Rm
Opening balance at 1 July 2008 (424.7) 58.0
Recognised gains and losses
Transfer of non-distributable reserves 7.9 -
Total comprehensive income for the period 0.2 0.2
Balance at 30 June 2009 (416.6) 58.2
Recognised gains and losses
Total comprehensive income for the period (0.6) (0.6)
Distribution to shareholders (47.1) (47.1)
Closing balance at 30 June 2010 (464.3) 10.5
NOTES:
1 The condensed financial information has been prepared in accordance with the
framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS), the AC 500 standards as
issued by the Accounting Practices Board and the information as required by IAS
34: Interim Financial Reporting, JSE Listings Requirements and in accordance
with the Companies Act of South Africa as amended.
The accounting policies applied in the preparation of the condensed preliminary
consolidated financial results are consistent with those applied in the
financial results for the year ended 30 June 2009, with the exception of the
adoption of IAS 1, Revised: Presentation of Financial Statements. These
condensed preliminary consolidated financial results have been prepared in
accordance with the historical cost basis, excluding financial instruments which
are at fair value.
The condensed preliminary financial information for the period ended 30 June
2010 has been reviewed by the group`s auditors, PKF (Cpt) Inc. The review was
conducted in accordance with ISRE 2410 "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity". A copy of their unmodified
review report is available for inspection at the company`s registered office.
Any reference to future financial performance included in this announcement, has
not been reviewed or reported on by the company`s auditors.
Reviewed Audited
Period Year
ended ended
30 June 30 June
2010 2009
Rm Rm
2 Revenue
Finance income 3.8 6.2
3 Distributions
Ordinary and "N" ordinary dividend paid 47.1 -
During the period a dividend of 10 cents per share was paid to all ordinary and
"N" ordinary shareholders.
Chairman`s Review
GROUP RESULTS
During the period ended 30 June 2010 Wooltru recorded a loss of R0.6 million
compared to a profit of R0.2 million for the previous comparable year. The loss
resulted from the payment of a dividend of 10 cents per "N" ordinary and
ordinary share (R47.1 million) on 28 September 2009 which had the effect of
reducing the group`s interest revenue. During the year the group sold Wooltru
Properties for an amount of R5.4 million. The profit earned from the
discontinued operation while under the control of Wooltru has an immaterial
effect on earnings and therefore is considered to have an insignificant effect
on earnings per share.
REVERSE TAKEOVER OF THE PBT GROUP
On 9 June 2010 and 15 July 2010, it was announced that Wooltru had entered into
an agreement with PBT Holdings (Pty) Limited to acquire 100% of PBT Group (SA)
(Pty) Limited which has two wholly-owned subsidiaries, namely PBT Technology
Services (Pty) Limited and PBT Infosight (Pty) Limited, 100% of Tetra Cape
Stricklands (Pty) Limited and 51% of PBT Insurance Technologies (Pty) Limited
for a maximum consideration of R232.7 million by way of an issue of 5 146 199
700 Wooltru ordinary shares at 4.51 cents per share to be issued pursuant to the
proposed reorganisation of Wooltru`s share capital ("the reverse takeover"). As
part of the restructuring resulting from the reverse takeover, Wooltru changed
its year-end from 30 June to 31 August. These interim statements are therefore
issued in terms of the requirements of the Companies Act and the JSE Listings
Requirements. Wooltru will issue full financial statements for the period of 14
months ended 31 August 2010.
DIVIDEND
A dividend of 10 cents per "N" ordinary and ordinary share was paid on 28
September 2009.
M KAPLAN
Chairman
Cape Town
1 October 2010
Directors: M Kaplan* (Chairman), AM Louw (Financial Director), A Groll,
JC van der Horst*
* Non-executive Independent
Company registration number: 1936/008278/06
Principal banker: The Standard Bank of South Africa Limited
Auditors: PKF (Cpt) 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
Contact details: Tel: 021 421 5550, Fax: 021 421 5551
Transfer secretary: Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001, South Africa
Date: 01/10/2010 11:58:04 Produced by the JSE SENS Department.
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