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WLO WLN WLOP
WLO
WLO / WLN / WLOP / WLP1 - Wooltru - Audited Final Results For The Year
Ended 30 June 2009
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 ZAE000008071
("Wooltru" or "Group")
AUDITED FINAL RESULTS for the year ended 30 June 2009
CHAIRMAN`S REVIEW
GROUP RESULTS
During the year ended 30 June 2009 Wooltru recorded a profit before taxation
of R0.6 million (2008: R1.4 million).
Due to existing assessed losses no taxation was paid during the current or
previous financial year.
MEDICAL AID CLAIMS
Regarding the claims by former employees of the business of Central News
Agencies Limited ("CNA") pertaining to post-retirement medical aid
contributions, it has been held that Wooltru was 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. However, there was uncertainty regarding the success of any
claims against Johnnic and consequently the liability of Wooltru.
During the year, a settlement was reached with all known claimants with a
maximum settlement payment of R4.35 million which was expensed during the
year.
As a result legal action has been terminated. The previous guarantee of
R20.8 million has been replaced with a guarantee of R2.32 million which
lapses during December 2010. No further expense is expected and Wooltru will
no longer note a contingent liability in this regard.
TAXATION CLAIM
As disclosed in previous communications, South African Revenue Service (SARS)
had raised a revised assessment for Wooltru Property Holdings (Pty) Ltd for
the 2001 year of assessment adding back to taxable income an amount of
R50.9 million as a taxable recoupment and interest in respect of leasehold
improvements claimed as a deduction by a taxpayer in terms of section 11(f)
of the Act.
Subsequent to the year-end a settlement has been reached with SARS in terms
of which Wooltru will make a contribution to the legal costs of SARS and the
amount of tax and interest will be reversed. Wooltru will no longer note a
contingent liability in this regard.
BOARD COMPOSITION
During the period under review there were two executive directors,
Messrs A Groll and AM Louw who was appointed as financial director with
effect from 19 June 2009 and Mr M Kaplan and Dr JC van der Horst served as
non-executive directors. There have been no changes in directorship during
the year.
DIVIDEND
Notice is hereby given that the directors have declared a final dividend of
10 cents per share (2008: Nil) on Friday 21 August 2009 payable to "N" and
ordinary shareholders recorded in the share register on Friday, 25 September
2009.
Set out below are the salient dates and times applicable to the dividend:
Last day to trade "cum" dividend Thursday, 17 September 2009
Trading commences "ex" dividend Friday, 18 September 2009
Record date Friday, 25 September 2009
Payment date Monday, 28 September 2009
Share certificates may not be dematerialised or rematerialised between
Friday, 18 September 2009 and Friday, 25 September 2009, both days inclusive.
PROSPECTS
The Board continues to pursue strategic alternatives to enhance shareholder
value.
M Kaplan (Chairman)
Cape Town
21 August 2009
Balance sheet as at 30 June 2009
Audited Group
Year ended 30 June
2009 2008
Rm Rm
ASSETS
Non-current assets
Deferred tax 0.2 0.6
Current assets 60.4 59.4
Listed investments 14.0 7.2
Trade and other receivables 1.9 0.1
Taxation 1.6 1.6
Bank balances and cash equivalents 42.9 50.5
Total assets 60.6 60.0
EQUITY AND LIABILITIES
Capital and reserves attributable to equity holders 58.2 58.0
Ordinary share capital 9.9 9.9
Share premium 464.7 464.7
Non-distributable reserves 0.2 8.1
Accumulated loss (416.6) (424.7)
Total equity 58.2 58.0
Non-current liabilities
Preference share capital 1.5 1.5
Current liabilities
Trade and other payables 0.9 0.5
Total equity and liabilities 60. 6 60.0
Net asset value per share 12.4 12.3
Income statement for the year ended 30 June 2009
Audited
Year ended 30 June
2009 2008
Note Rm Rm
Revenue 3 6.2 5.9
Other income 3.3 0.2
Total income 9.5 6.1
Medical aid settlement (4.4) -
Operating costs (4.4) (4.6)
Profit from operations 0.7 1.5
Finance costs (0.1) (0.1)
Profit before taxation 0.6 1.4
Taxation (0.4) (0.6)
Profit attributable to equity holders 0.2 0.8
Basic earnings per share 0.04c 0.2c
Headline earnings per share 0.04c 0.2c
Diluted earnings per share 0.04c 0.2c
Diluted headline earnings per share 0.04c 0.2c
Statement of changes in equity for the year ended 30 June 2009
2009 2008
Rm Rm
Capital and reserves attributable to equity
holders at the beginning of the period 58.0 57.2
Recognised gains and losses
Profit attributable to equity holders 0.2 0.8
Capital and reserves attributable to equity
holders at end of the period 58.2 58.0
Cash flow statement for the year ended 30 June 2009
Audited
Year ended 30 June
2009 2008
Rm Rm
Cash flow from operating activities
Cash flow from trading activities (7.5) (4.1)
Working capital movements (1.4) 0.6
Cash utilised in operating activities (8.9) (3.5)
Finance income 6.2 5.9
Finance costs (0.1) (0.1)
Taxation paid - -
Cash utilised in operations (2.8) 2.3
Distribution paid - -
Net cash (outflow)/inflow from operating activities (2.8) 2.3
Cash flow from investing activities
Purchase of listed investments (13.7) (8.3)
Proceeds on sale of listed investments 8.9 17.5
Net cash (outflow)/inflow from investing activities (4.8) 9.2
Net (decrease)/increase in cash and cash equivalents (7.6) 11.5
Cash and cash equivalents at beginning of period 50.5 39.0
Cash and cash equivalents at end of period 42.9 50.5
NOTES
1. The annual financial statements were prepared in accordance with the
requirements of the South African Companies Act, 61 of 1973, as amended;
International Financial Reporting Standards ("IFRS") and the Interim
Financial Reporting Statement IAS 34.
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.
2. 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.
2009 2008
Rm Rm
3. Revenue
Finance income 6.2 5.9
6.2 5.9
4. Headline earnings:
Profit before tax 0.6 1.4
Taxation (0.4) (0.6)
Profit attributable to equity holders 0.2 0.8
Headline earnings 0.2 0.8
Headline earnings per share (cents) 0.04 0.2
5. The group has no credit banking facilities, although there is no limit on
the group`s authority to raise interest-bearing debt.
6. Dividend
The directors have declared a dividend of 10 cents per share (2008: Nil) on
Friday 21 August 2009.
7. Share capital Number of shares Number of shares
Issued
Ordinary share capital 194 767 260 194 767 260
"N" Ordinary share capital 276 092 675 276 092 675
8. The group`s results for the year ended 30 June 2009 have been audited by
PKF (Cpt) Inc. Their unqualified audit opinion is available for inspection at
the company`s registered office.
DIRECTORATE AND ADMINISTRATION
Directors
M Kaplan* (Chairman)
A Groll
AM Louw (Financial director)
JC van der Horst*
* Non-executive
Company registration number
1936/008278/06
Principal bankers
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
Telephone Number
(021) 421 5550
Fax number
(021) 421 5551
Transfer secretary
Computershare Investor Services (Pty) Limited
70 Marshall Street
Johannesburg, 2001
South Africa
Date: 21/08/2009 17:00:01 Produced by the JSE SENS Department.
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