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WLO WLN WLP1 WLOP
WLO
WLO/ WLN/ WLOP/ WLP1 - Wooltru Limited - Interim Results 31 December 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)*, Dr JC van der Horst*, A Groll, AM Louw,
* 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 Advisors (Pty) Ltd
Principal banker:
The Standard Bank of South Africa Limited
Auditor:
Ernst & Young
Chairman`s Review - December 2006
Group Results
For the six month period ended 31 December 2006 Wooltru recorded a profit before
taxation R2.7 million compared to a profit of R5.7 million for the previous six
months ended 31 December 2005. The decline was as a result of the payment to
equity holders in January 2006 of R155.4 million, thus significantly reducing
the funds available for investment.
The taxation amount shown in the income statement refers to a reduction of the
deferred tax asset created in the previous year. The latter does not have any
impact on the company`s cash flow.
Medical Aid Claims
The claims by former employees of the business of Central News Agencies Limited
("CNA") regarding post-retirement medical aid contributions regrettably remains
unresolved.
Tax Claim
Wooltru previously reported that South African Revenue Service (SARS) had raised
a revised assessment for Wooltru Properties Holdings (Pty) Ltd for the 2001 year
of assessment in terms of which it claimed additional tax of R15.3 million
together with interest of R9.2 million calculated to date. The matter was heard
in The Tax Court, Cape Town in December 2006 and judgement was handed down in
favour of Wooltru. SARS indicated that there may be an appeal to the Cape
Division of the High Court and hence the matter remains unresolved. The company
continues to reflect a contingent liability of R24.5 million.
Board Composition
During the period under review there were two executive directors, Messrs A
Groll and AM Louw. Messrs M Kaplan and Dr JC van der Horst served as non-
executive directors.
Prospects
It is not possible to predict the outcome of the claims for medical aid
contributions of former CNA employees or the unresolved taxation queries with
any accuracy. Legal action continues and equity holders will be advised of any
developments regarding these matters.
The Board continues to explore possibilities to enhance equity holders` value.
M Kaplan AM Louw
Chairman) (Director)
Cape Town
19 March 2007
Balance sheet
Unaudited Audited
31 December 30 June
2006 2005 2006
Rm Rm Rm
ASSETS
Non-current assets
Deferred tax 0,2 2,3 2,3
Current assets 59,2 214,7 57,1
Listed investments - 3,5 23,0
Trade and other receivables 0,2 1,2 0,5
Taxation 1,6 1,6 1,6
Bank balances and cash equivalents 57,4 208,4 32,0
Total assets 59,4 217,0 59,4
EQUITY AND LIABILITIES
Capital and reserves attributable
to equity holders 57,4 58,5 56,8
Ordinary share capital 9,9 9,9 9,9
Share premium 464,7 464,7 464,7
Non-distributable reserves 8,1 8,1 8,1
Accumulated loss (425,3) (424,2) (425,9)
Total equity 57,4 58,5 56,8
Non-current liabilities
Preference share capital 1,5 1,5 1,5
Current liabilities 0,5 157,0 1,1
Trade and other payables 0,5 1,6 1,1
Shareholders for dividends - 155,4 -
Total equity and liabilities 59,4 217,0 59,4
Net asset value per share (cents) 12,2 12,4 12,1
Income statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2006 2005 2006
Notes Rm Rm Rm
Revenue 2 2,2 6,8 9,1
Other income (0,4) 3,2 0,8
Total income 1,8 10,0 9,9
Other operating costs 0,9 (4,3) (6,9)
Profit before: 2,7 5,7 3,0
Recovery of loan previously
written off - 1,2
Profit from operations 2,7 5,7 4,2
Finance costs - - (0,2)
Profit before taxation 2,7 5,7 4,0
Taxation 3 (2,1) (8,4) (8,4)
Profit/(loss) attributable to
equity holders 0,6 (2,7) (4,4)
Number of shares issued (millions) 470,9 470,9 470,9
Weighted average number of shares
(millions) 470,9 470,9 470,9
Earnings per share
Basic earnings per share (cents) 0,1 (0,6) (0,9)
Diluted earnings per share (cents) 0,1 (0,6) (0,9)
Headline earnings per share (cents) 0,1 (0,6) (0,9)
Distribution per share (cents) - 33,0 33,0
Cash flow statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2006 2005 2006
Rm Rm Rm
Cash flow from operating activities
Cash flow from trading (2,0) (16,7) (19,7)
Working capital movements (0,3) 2,5 2,7
Cash utilised in operating activities (2,3) (14,2) (17,0)
Finance income 2,2 6,8 9,1
Finance costs - - (0,2)
Distribution paid - - (155,4)
Net cash outflow from operating
activities (0,1) (7,4) (163,5)
Cash flow from investing activities
Purchase of listed investments (3,3) (10,1) (49,1)
Proceeds on sale of listed investments 28,8 23,9 42,6
Net cash inflow/(outflow) from
investing activities 25,5 13,8 (6,5)
Net increase/(decrease) in cash and
cash equivalents 25,4 6,4 (170,0)
Cash and cash equivalents at beginning
of period 32,0 202,0 202,0
Cash and cash equivalents at end of
period 57,4 208,4 32,0
Statement of changes in equity
Ordinary Share Non-distributable
share premium reserves Accumulated Total
capital loss equity
Rm Rm Rm Rm Rm
Opening balance at
1 January 2006 9,9 464,7 8,1 (424,2) 58,5
Recognised gains
and losses
Loss attributable to
equity holders - - - (1,7) (1,7)
Balance at
30 June 2006 9,9 464,7 8,1 (425,9) 56,8
Recognised gains
and losses
Gain attributable to
equity holders - - - 0,6 0,6
Closing balance at
31 December 2006 9,9 464,7 8,1 (425,3) 57,4
Notes
1. The interim financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS). The interim financial report
has not been reviewed nor audited by an external auditor.
Unaudited Audited
Six months ended Year ended
31 December 30 June
2006 2005 2006
Rm Rm Rm
2. Revenue
Finance income 2,2 6,8 9,1
3. Taxation 2,1 8,4 8,4
Secondary Tax on Companies credits
utilised - 8,4 8,4
Assessed losses utilised 2,1 - -
The reversal of deferred tax has no impact on the company`s cash flow.
4. Contingent liabilities:
CNA post-retirement medical aid
liabilities* 13,9 20,9 13,9
SARS tax re-assessment on leasehold
improvement recoupment** 24,5 24,0 23,4
* 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 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. Wooltru is disputing this
claim.
** SARS raised an assessment for the 2001 year adding back an amount as a
taxable recoupment with interest and penalties. This claim is disputed.
Date: 19/03/2007 09:07:53 Produced by the JSE SENS Department.
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