|
WLN WLP1 WLO WLOP
WLO
Wooltru Limited - Year end results 30 June 2006
Wooltru Limited
(Registration number: 1936/008278/06)
Share code: WLO ISIN Code: ZAE000007993
Share code: WLN ISIN Code: ZAE000008744
Share code: WLOP ISIN Code: ZAE000008009
Share code: WLP1 ISIN Code: ZAE000008017
Directorate and administration:
Wooltru Limited (Registration number: 1936/008278/06)
Directors:
M Kaplan (chairman)*, A Groll, AM Louw, Dr JC van der Horst*, JB Rabb*
(resigned 31 December 2005)
* Non-executive
Secretary:
L Moller
Domicile and registered office:
1st Floor, The Spearhead, 42 Hans Strijdom Avenue, Foreshore, Cape Town,
8001, South Africa
Postal address: PO Box 671, Cape Town, 8000
Web site: http://www.wooltru.co.za
Telephone Number: (021) 421 5550
Fax Number: (021) 421 5551
Transfer secretary:
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg, 2001
Sponsor:
Bridge Capital Services (Pty) Ltd
Principal bankers:
The Standard Bank of South Africa Limited
Auditors:
Ernst & Young
Balance sheet
Audited
Year ended 30 June
2006 2005
Rm Rm
ASSETS
Non-current assets
Deferred tax 2,3 10,7
Current assets 57,1 222,6
Listed investments 23,0 15,7
Trade and other receivables 0,5 3,3
Taxation 1,6 1,6
Cash and cash equivalents 32,0 202,0
Total assets 59,4 233,3
EQUITY AND LIABILITIES
Capital and reserves attributable to
equity holders 56,8 216,6
Ordinary share capital 9,9 9,9
Share premium 464,7 620,1
Non-distributable reserves 8,1 8,1
Accumulated loss (425,9) (421,5)
Total equity 56,8 216,6
Non-current liabilities
Preference share capital 1,5 1,5
Current liabilities 1,1 15,2
Trade and other payables 1,1 1,2
Provision - 14,0
Total equity and liabilities 59,4 233,3
Net asset value per share 12,1c 46,0c
Statement of changes in equity
Audited
Year ended 30 June
2006 2005
Note Rm Rm
Capital and reserves attributable to
equity holders at beginning of
period 216,6 218,5
Recognised gains and losses
Loss attributable to equity holders (4,4) (1,9)
Distribution paid 7 (155,4) -
Capital and reserves attributable to
equity holders at end of period 56,8 216,6
Cash flow statement
Audited
Year ended 30 June
2006 2005
Rm Rm
Cash flow from operating activities
Cash flow from trading activities (19,7) (8,1)
Working capital movements 2,7 (0,9)
Cash utilised in operating activities (17,0) (9,0)
Finance income 9,1 16,8
Finance costs (0,2) (0,1)
Taxation paid - (0,1)
Cash (utilised in)/generated by operations (8,1) 7,6
Distribution paid (155,4) -
Net cash (outflow)/inflow from operating
activities (163,5) 7,6
Cash flow from investing activities
Purchase of listed investments (49,1) (94,3)
Proceeds on sale of listed investments 42,6 84,2
Net cash outflow from investing activities (6,5) (10,1)
Net decrease in cash and cash equivalents (170,0) (2,5)
Cash and cash equivalents at beginning
of period 202,0 204,5
Cash and cash equivalents at end of period 32,0 202,0
Income statement
Audited
Year ended 30 June
2006 2005
Notes Rm Rm
Revenue 3 9,1 16,9
Other income 0,8 6,2
Total income 9,9 23,1
Occupancy costs (0,1) (0,2)
Other operating income (6,8) (8,6)
Profit before: 3,0 14,3
Settlement with Consolidated News
Agencies (Pty) Ltd liquidators - (14,0)
Recovery of loan previously written
off 1,2 -
Profit from operations 4,2 0,3
Finance costs (0,2) (0,1)
Profit before taxation 4,0 0,2
Taxation (8,4) (2,1)
Loss attributable to equity holders (4,4) (1,9)
Earnings per share
Basic earnings per share (0,9c) (0,4c)
Diluted earnings per share (0,9c) (0,4c)
Headline earnings per share 4 (0,9c) 2,6c
Distribution per share 33c -
Comments
The Board is pleased to have effected a distribution to shareholders of
R155,4 million (33 cents per share - refer paragraph 7 below). In view
thereof the financial performance of the group is considered satisfactory.
It is not possible to predict the outcome of the remaining claim for
medical aid contributions of former CNA employees or the unresolved
taxation queries with any accuracy. Shareholders will be advised of any
developments regarding these matters.
The Board continues to pursue a range of strategic alternatives, which will
enhance shareholders value.
Notes
The annual financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS) with effect from 1 July
2005.
The opening balance sheet of 1 July 2004 and the comparative information
for the year ended 30 June 2005 have been restated where appropriate having
considered the transitional arrangements provided by IFRS1 - First Time
Adoption of International Financial Reporting Standards. None of the
optional/mandatory exemptions from full retrospective application of IFRS
have been applied.
The annual financial statements are prepared on the historical cost basis
except for financial instruments carried at fair value. All significant
accounting policies have been consistently applied throughout the group.
The reconciliations as required in terms of IFRS1 indicating the effect of
transition from South African Statements of Generally Accepted Accounting
Practice to IFRS has not been disclosed as there are no material changes to
the balance sheet of 1 July 2004, the balance sheet of 1 July 2005 or the
income statement for the year ended 30 June 2005.
The annual financial statements have been prepared on the going concern
basis as the directors have every reason to believe that the group has
adequate resources to continue in operation for the year ahead.
2006 2005
Rm Rm
3. Revenue
Finance income 9,1 16,8
Other - 0,1
9,1 16,9
The results of share trading activities, previously disclosed on a gross
basis in revenue and cost of sales, have been reclassified and are
disclosed on a net basis as a gain or loss on financial instruments held at
fair value through profit or loss. This amount is now included in other
income.
4. Headline earnings per share is calculated as follows:
Profit before taxation 4,0 0,2
Taxation (8,4) (2,1)
Loss attributable to equity holders (4,4) (1,9)
Settlement with Consolidation News
Agencies (Pty) Ltd liquidators - 14,0
Headline earnings (4,4) 12,1
Headline earnings per share (cents) (0,9) 2,6
5. The group has no credit banking facilities, although there is no limit
on the group"s authority to raise interest-bearing debt.
6. Contingent liabilities:
CNA post-retirement medical
aid liability* 13,9 13,9
SARS tax re-assessment on
leasehold improvements recoupment** 23,4 22,9
* In regard to the claims by former employees of the business of Central
News Agencies Limited ("CNA") regarding post-retirement medical aid
contributions, it has been held that Wooltru is liable for any claims,
which may be proved against Johnnic Book Retail Limited ("Johnnic")
(formerly CNA Gallo Limited) by erstwhile employees of the business of CNA,
as at 1 September 1997.
Johnnic brought interdict proceedings against Wooltru, which resulted in
Wooltru lodging a bank guarantee with Johnnic of R20,8 million which
covered total potential claims. At 31 December 2005 the possible liability
was reflected at R20,9 million, being two claims of R13,9 and R7,0 million.
The second claim was settled on the basis that Wooltru paid its own legal
costs with no further liability. The potential liability is reflected as
R13,9 million at 30 June 2006. Wooltru is disputing this claim.
** SARS raised an assessment for the 2001 year adding back an amount as a
taxable recoupment with interest. This claim is disputed.
7. Distribution paid
Declared and paid during the year 155,4 -
33 cents per share was paid out of share premium
Number of shares Number of shares
8. Ordinary share capital
Issued
Ordinary share capital 194,767,260 194,767,260
"N" Ordinary share capital 276,092,675 276,092,675
9. Ernst & Young has provided an unqualified audit opinion, which is
available for inspection at the company"s registered office, on the June
2006 annual financial statements, which have been summarised for the
purposes of this report.
Date: 06/10/2006 08:51:06 AM Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||
