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WEA
WEA
WEA - WG Wearne Limited - Change statement relating to the February 2011
reviewed results, Annual Report and Notice of Annual General Meeting
WG WEARNE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/005983/06)
JSE code: WEA
ISIN: ZAE000078002
("the company")
CHANGE STATEMENT RELATING TO THE FEBRUARY 2011 REVIEWED RESULTS, ANNUAL REPORT
AND NOTICE OF ANNUAL GENERAL MEETING
ANNUAL REPORT
Shareholders are advised that the annual report for the year ended 28 February
2011 will be dispatched to shareholders today 31 August 2011 and contains the
following modifications to the reviewed condensed results for that year, which
were released on SENS on 31 May 2011:
Note Reviewed Adjust- Audited
s Condensed ments Annual
Financial R`000 Financial
results Statement
28.02.2011 s
R`000 28.02.201
1
R`000
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Non-current assets 371,051 - 371,051
Property, plant and
equipment 365,466 - 365,466
Intangible assets - - -
Other financial assets 1 3,967 1 3,968
Deferred taxation 1,617 - 1,617
asset
Current assets 57,433 - 57,433
Inventories 14,281 - 14,281
Other financial assets 2 2,963 (10) 2,953
Current taxation 270 - 270
receivable
Trade and other 2 36,384 10 36,394
receivables
Cash and cash 3,535 - 3,535
equivalents
Non-current asset held
for sale 3 37,926 38,476 76,402
TOTAL ASSETS 466,409 38,477 504,886
EQUITY AND LIABILTLIES
EQUITY 3 60,745 706 61,451
Share capital 174,637 - 174,637
Reserves 1 373 1 374
Accumulated (losses)
profits 2 (114,265) (79) (114,344)
Non-controlling 3 - 784 784
interest
Non-current 255,275 81 255,356
liabilities
Borrowings 220,377 - 220,377
Deferred taxation 1,369 - 1,369
liability
Trade and other 2 19,539 81 19,620
payables
Provisions 13,990 - 13,990
Note Reviewed Adjust- Audited
s Condensed ments Annual
Financial R`000 Financial
results Statement
28.02.2011 s
R`000 28.02.201
1
R`000
Current liabilities 1 150,389 (1) 150,388
Loans from Group 5,678 - 5,678
companies
Borrowings 1 2,837 1 2,838
Current taxation 1 1,794 1 1,795
payable
Trade and other 1 64,943 (3) 64,940
payables
Bank overdraft 75,137 - 75,137
Liabilities classified
as held for sale 3 - 37,691 37,691
TOTAL LIABILITIES 405,664 37,771 443,435
TOTAL EQUITY AND 466,409 38,477 504,886
LIABTILIES
Number of shares in
issue at year-end 246,703 12 246,715
(`000)
Weighted average
number of shares 246,486 5 246,491
(`000)
Fully diluted weighted
average number of
shares (`000) 246,486 5 246,491
Net tangible asset
value per share 24.6 0.3 24.9
(cents)
Net intangible asset
value per share 24.5 0.4 24.9
(cents)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONTINUING OPERATIONS
Revenue 384,548 - 384,548
Cost of sales (264,993) - (264,993)
Gross profit 119,555 - 119,555
Other income 11,394 - 11,394
Operating expenses 4 (206,503) (98) (206,601)
Operating loss (75,554) (98) (75,652)
Investment revenue 19 - 19
Finance costs (36,517) - (36,517)
Loss before taxation (112,052) (98) (112,150)
Taxation 1 1,539 3 1,542
Loss from continuing
operations (110,513) (95) (110,608)
Loss from discontinued
operations (37,992) - (37,992)
Other comprehensive - 98 98
income
Total comprehensive
loss for the year (148,505) 3 (148,502)
Loss attributable to:
Owners of the parent (148,505) (78) (148,583)
Non-controlling - 81 81
interest
Note Reviewed Adjust- Audited
s Condensed ments Annual
Financial R`000 Financial
results Statement
28.02.2011 s
R`000 28.02.201
1
R`000
Reconciliation of
headline loss:
Loss attributable to
equity holders (148,505) (78) (148,583)
Impairments 42,468 - 42,468
(Profit) los on the
sale of property,
plant and equipment (2,804) - (2,804)
Fair value of non-
current assets held 56,859 - 56,859
for sale
Headline loss
attributable to (51,982) (78) (52,060)
shareholders
Continuing operations
Basic and diluted loss
per share (cents) (44.84) (0.03) (44.87)
Continuing and
discontinued loss per (60.25) (0.03) (60.28)
share (cents)
Headline loss per
share (cents) (21.09) (0.03) (21.12)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Balance at 01 March 226,186 - 226,186
2009
Total comprehensive
loss for the year (49,382) - (49,382)
Non-controlling (42) - (42)
interest
Other comprehensive 4 - 179 179
income
Issue of shares 30,252 - 30,252
Share issue expenses (580) - (580)
Movement of treasury 4,530 - 4,530
shares
Release of fair value
on disposal of
available for sale 376 (179) 197
investments
Dividends (1,094) - (1,094)
Balance at 01 March 210,246 - 210,246
2010
Total comprehensive
loss for the year (148,505) (78) (148,583)
Non-controlling (703) 784 81
interest
Other comprehensive 4 - 98 98
income
Issue of shares 1,500 - 1,500
Share issue expenses (5) - (5)
Movement of treasury (1,886) - (1,886)
shares
Balance at 28 February 60,745 706 61,451
2011
Note Reviewed Adjust- Audited
s Condensed ments Annual
Financial R`000 Financial
results Statement
28.02.2011 s
R`000 28.02.201
1
R`000
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from
operating activities
Cash generated from
operations 2 75,129 (27) 75,102
Interest income 96 - 96
Dividends received 19 - 19
Finance costs (38,094) - (38,094)
Taxation (paid) (1,176) - (1,176)
refunded
Net cash from
operating activities 2 35,974 (27) 35,947
Cash flows from
investing activities
Acquisition of
property, plant and
equipment:
Replacement 2 (8,220) 25 (8,195)
Expansion (295) - (295)
Proceeds on disposal
of property, plant and
equipment 16,189 - 16,189
Purchase of other
financial assets (10) - (10)
Loans received from
Group companies 2 2,932 2 2,934
Net cash from
investing activities 10,596 27 10,623
Cash flows from
financing activities
Movement in share (391) - (391)
capital
Repayment of (50,858) - (50,858)
borrowings
Net cash from -
financing activities (51,249) (51,249)
Cash movement for the (4,679) - (4,679)
year
Cash at beginning of
the year (66,923) - (66,923)
Cash at end of year (71,602) - (71,602)
Note Reviewed Adjust- Audited
s Condensed ments Annual
Financial R`000 Financial
results Statement
28.02.2011 s
R`000 28.02.201
1
R`000
CONDENSED SEGMENTAL
REPORT
Revenues
Aggregates 188,472 - 188,472
Readymix concrete 170,984 - 170,984
Concrete manufactured
products 25,092 - 25,092
384,548 - 384,548
Property, plant and
equipment
Aggregates 277,692 - 277,692
Readymix concrete 61,820 - 61,820
Concrete manufactured
products 25,954 - 25,954
365,466 - 365,466
Notes:
These figures have been amended as a result of applying rounding principles
resulting in immaterial adjustments.
The adjustments arose as a result of a reclassification between categories and
are immaterial.
In terms of IFRS 5 Non-current assets held for sale and Discontinued Operations,
each component relating to the cash-generating unit must be disclosed separately
and components of equity may only be derecognised when the cash-generating unit
is actually sold.
The fair value adjustment on the other financial assets was recognised as an
operating expense, however this item actually qualifies as other comprehensive
income and has been reclassified accordingly in both the statement of
comprehensive income and the statement of changes in equity
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of the
company will be held on Thursday, 20 October 2011 at the company`s offices,
Stonemill Office Park, 3 Kiepersol House, 300 Acacia Road, Cresta, Randburg, in
order to transact the business as stated in the notice of annual general meeting
forming part of the annual report.
31 August 2011
Designated Adviser
Vunani Corporate Finance
Date: 31/08/2011 09:30:01 Produced by the JSE SENS Department.
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