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WLO WLN WLOP
WLO
WLO / WLN / WLOP / WLP1 - Wooltru Limited - Unaudited Interim Results For The
Six Months Ended 31 December 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
UNAUDITED INTERIM RESULTS for the six months ended 31 DECEMBER 2009
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
31 December 30 June
2009 2008 2009
Rm Rm Rm
ASSETS
Non-current assets
Deferred taxation 0.2 0.6 0.2
Current assets 13.7 61.6 60.4
Listed investments - - 14.0
Trade and other receivables 0.3 0.6 1.9
Taxation - 1.6 1.6
Bank balances and cash equivalents 13.4 59.4 42.9
Total assets 13.9 62.2 60.6
EQUITY AND LIABILITIES
Capital and reserves attributable
to owners of the parent 11.9 56.5 58.2
Ordinary share capital 9.9 9.9 9.9
Share premium 464.7 464.7 464.7
Non-distributable reserves 0.2 8.1 0.2
Accumulated loss (462.9) (426.2) (416.6)
Total equity 11.9 56.5 58.2
Non-current liabilities
Preference share capital 1.5 1.5 1.5
Current liabilities 0.5 4.2 0.9
Trade and other payables 0.3 4.2 0.9
Taxation 0.2 - -
Total equity and liabilities 13.9 62.2 60.6
Net asset value per share (cents) 2.5 12.0 12.4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
Six months ended Year ended
31 December 30 June
2009 2008 2009
Notes Rm Rm Rm
Continuing operations
Revenue 2 1.5 2.4 6.2
Other income 2.0 0.5 3.3
Total income 3.5 2.9 9.5
Medical aid settlement - (4.4) (4.4)
Other operating costs (2.6) (2.1) (4.4)
Profit/(loss) from continuing
operations 0.9 (3.6) 0.7
Finance costs - - (0.1)
Profit/(loss) before taxation from
continuing operations 0.9 (3.6) 0.6
Taxation (0.2) - (0.4)
Profit/(loss) after tax from
continuing operations 0.7 (3.6) 0.2
Discontinued operations
Profit for the period from
discontinued operations 0.1 2.1 -
Profit/(loss) for the period 0.8 (1.5) 0.2
Total comprehensive income 0.8 (1.5) 0.2
Profit attributable to:
Equity owners of the parent
Profit/(loss) for the period from
continuing operations 0.7 (3.6) 0.2
Profit for the period from
discontinued operations 0.1 2.1 -
Profit/(loss) for the period
Attributable to owners of the parent 0.8 (1.5) 0.2
Total comprehensive income
attributable to:
Equity owners of the parent 0.8 (1.5) 0.2
Non-controlling interest - - -
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) 0.2 (0.3) 0.04
Headline earnings per share (cents) 0.2 (0.3) 0.04
Diluted earnings per share (cents) 0.2 (0.3) 0.04
Diluted headline earnings per share (cents) 0.2 (0.3) 0.04
CASH FLOW STATEMENT
Unaudited Audited
Six months ended Year ended
31 December 30 June
2009 2008 2009
Rm Rm Rm
Cash flow from operating activities
Cash flow from trading (0.8) (6.5) (7.5)
Working capital movements 1.0 3.2 (1.4)
Cash utilised in operating activities 0.2 (3.3) (8.9)
Finance income 1.6 3.4 6.2
Finance costs - - (0.1)
Taxation received 1.6 - -
Dividends paid (47.1) - -
Net cash (outflow)/inflow from operating
activities (43.7) 0.1 (2.8)
Cash flow from investing activities
Purchase of listed investments - - (13.7)
Proceeds on sale of listed investments 14.2 8.8 8.9
Net cash inflow from investing activities 14.2 8.8 (4.8)
Net (decrease)/increase in cash and
cash equivalents (29.5) 8.9 (7.6)
Cash and cash equivalents at beginning
of period 42.9 50.5 50.5
Cash and cash equivalents at end of period 13.4 59.4 42.9
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary Non-
share Share distributable
capital premium reserves
Rm Rm Rm
Opening balance at 1 January 2009 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 31 December 2009 9.9 464.7 0.2
Accumulated Total
loss equity
Rm Rm
Opening balance at 1 January 2009 (426.2) 56.5
Recognised gains and losses
Transfer of non-distributable reserves 7.9 -
Total comprehensive income for the period 1.7 1.7
Balance at 30 June 2009 (416.6) 58.2
Recognised gains and losses
Total comprehensive income for the period 0.8 0.8
Distribution to shareholders (47.1) (47.1)
Closing balance at 31 December 2009 (462.9) 11.9
NOTES:
1. The interim financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS) and presented in accordance
with IAS 34 (Interim Financial Reporting) and in accordance with the Companies
Act of South Africa as amended. The accounting policies and methods of
computation are consistent with those applied in the financial results for
the year ended 30 June 2009. The interim financial report has not been
reviewed by an external auditor.
Unaudited Audited
Six months ended Year ended
31 December 30 June
2009 2008 2009
Rm Rm Rm
2. Revenue
Finance income 1.6 3.4 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 six months ended 31 December 2009 Wooltru recorded a profit before
taxation of R1 million compared to a loss of R1.5 million for the previous six
months ended 31 December 2008. The increase in profit is a result of the sale
of Wooltru Properties (Pty) Limited for an amount of R5.4 million which
resulted in a recovery of R1.5 million of a loan previously impaired (included
in "Other income" in the Statement of Comprehensive Income).
MEDICAL AID CLAIMS
The previous guarantee in respect of post-retirement medical aid claims for
R20.8 million has been replaced with a guarantee of R2.32 million which lapses
in December 2010. No further expense is expected and Wooltru no longer
notes a contingent liability in this regard.
DIVIDEND
As announced in previous correspondence, a dividend of R47.1 million was paid
on 28 September 2009. The company had a cash balance of R13.4 million at
31 December 2009.
M Kaplan
Chairman
Cape Town
9 February 2010
Directors
M Kaplan* (Chairman)
AM Louw (Financial Director)
A Groll
JC van der Horst*
* Non-executive
Company registration number
1936/008278/06
Principal banker
The Standard Bank of South Africa Limited
Auditors
PKF (Cpt) Inc.
Sponsor
Bridge Capital Advisors (Pty) Ltd
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: 09/02/2010 10:46:02 Produced by the JSE SENS Department.
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