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Wooltru Limited - Interim results for the six months ended 31 December 2004
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: ZAE000008071
Interim results for the six months ended 31 December 2004
Group results
In the current period, Wooltru recorded an attributable profit of R8.3 million
compared to R5.9 million for the previous six months ended December 2003.
Cash balances and listed investments
At 31 December 2004 net current assets amounted to R215.5 million (2003 R194.5
millions). These assets consist mainly of bank and cash balances of R201.5
million as well as liquid, low risk, income enhancing listed investments of R9.0
million.
Litigation arising from the liquidation of CNA
The pending litigation arising from the liquidation of Consolidated News
Agencies (Proprietary) Limited was fully reported in the review which
accompanied the 2004 Annual Financial Statements.
Due to the protracted nature of the litigation, little progress has been made
and these issues remain unresolved.
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. However
there is uncertainty regarding the success of any claims against Johnnic and
consequently the liability of Wooltru. This issue has been reflected as a
contingent liability in note 7 to the interim results.
Taxation queries
There has been no change in the position as regards taxation queries since the
last review, which accompanied the 2004 Annual Financial Statements. These
issues continue to be reflected as a contingent liability in note 7 to the
interim results.
Prospects
It is not possible to predict the outcome of the litigation surrounding CNA or
the unresolved taxation queries with any accuracy. Based on legal advice Wooltru
will continue to defend any claims.
In the interim, the Board will continue to keep the operating costs to a
minimum. Going forward, the company is expected to have a positive trading cash
flow.
M Kaplan
(Chairman)
24 February 2005
Directorate and administration:
Wooltru Limited (Registration number: 1936/008278/06)
Directors:
Non-executive: M Kaplan (chairman), A Groll, AM Louw, JB Rabb, JC van der Horst
Company secretary:
Credit Management Solutions Group (Pty) Limited
Domicile and registered office:
5 Corporation Street, Cape Town, 8001, South Africa
Postal address: PO Box 671, Cape Town, 8000
Web site:www.wooltru.co.za
Transfer secretaries:
South Africa
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg , 2001
Namibia
Transfer Secretaries (Pty) Limited, Shop 8, Kaiserkrone Centre, Post Street
Mall, Windhoek
Sponsor:
Bridge Capital Services (Pty) Ltd
Legal Advisor:
Mallinicks Attorneys
Balance sheet
Unaudited Audited
31 December 30 June
2004 2003* 2004
Rm Rm Rm
ASSETS
Non-current assets 4,4 3,2 4,4
Property, plant and equipment - 2,9 -
Loans - 0,3 -
Deferred tax 4,4 - 4,4
Current assets 217,0 199,8 209,0
Trade and other receivables 5,0 3,1 3,0
Taxation 1,5 1,3 1,5
Listed investments 9,0 - -
Bank balances and cash equivalents 201,5 195,2 204,5
Total assets 221,4 203,0 213,4
EQUITY AND LIABILITIES
Capital and reserves 218,4 196,2 210,1
Ordinary share capital 9,9 9,9 9,9
Share premium 620,1 620,1 620,1
Non-distributable reserves 8,1 8,1 8,1
Accumulated loss (419,7) (441,9) (428,0)
Total equity 218,4 196,2 210,1
Non-current liabilities 1,5 1,5 1,5
Preference share capital 1,5 1,5 1,5
Current liabilities 1,5 5,3 1,8
Short-term liabilities:
interest-bearing - 0,4 -
Trade and other payables 1,5 4,9 1,8
Total equity and liabilities 221,4 203,0 213,4
Net asset value per share (cents) 46 41 45
* Restated, see note 8
Statement of changes in ordinary shareholders` interest
Unaudited Audited
Six months ended Year ended
31 December 30 June
2004 2003* 2004
Notes Rm Rm Rm
Ordinary shareholders` interest
at beginning of period 210,1 190,3 190,3
Balance at beginning of period as
previously reported 210,1 188,0 188,0
Restated shareholders` interest
due to consolidation of share
purchase trust 8 - 2,3 2,3
Movements for the period:
Recognised gains and losses
Accumulated profit 8,3 5,9 19,8
Net attributable profit to
ordinary shareholders 8,3 5,9 19,8
Ordinary shareholders` interest
at end of period 218,4 196,2 210,1
* Restated, see note 8
Cash flow statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2004 2003* 2004
Rm Rm Rm
Cash flow from operating activities
Cash flow from trading (1,8) (4,9) (2,2)
Working capital movements (10,1) (2,2) (5,3)
Cash utilised by operating activities (11,9) (7,1) (7,5)
Interest received 8,9 11,3 18,4
Interest paid - (0,1) (0,2)
Income from investments - 0,1 -
Taxation paid - (2,4) (2,5)
Net cash (outflow)/inflow from
operations (3,0) 1,8 8,2
Cash flow from investing activities
Net loans and other investments - (0,1) -
Proceeds from the sale of property,
plant and equipment - 2,6 5,6
Loans and other investments - - 0,2
Net cash inflow from investing
activities - 2,5 5,8
Net (decrease)/increase in cash and
cash equivalents (3,0) 4,3 14,0
Cash and cash equivalents at beginning
of period 204,5 190,5 190,5
Cash and cash equivalents at end of
period 201,5 194,8 204,5
* Restated, see note 8
Income statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2004 2003* 2004
Notes Rm Rm Rm
Revenue 2 11,6 10,9 20,4
Cost of sales - (0,5) (0,5)
Gross profit 11,6 10,4 19,9
Depreciation and amortisation - (0,1) (0,1)
Occupancy costs (0,1) (0,1) (0,3)
Employment costs - (2,0) (2,5)
Other operating costs (3,7) (2,8) (5,4)
Net profit before exceptional
items 7,8 5,4 11,6
Exceptional items 3 0,6 1,5 4,7
Profit from operations 8,4 6,9 16,3
Finance costs (0,1) (0,2) (0,2)
Net profit before taxation 8,3 6,7 16,1
Taxation - (0,8) 3,7
Net profit attributable to
ordinary shareholders 8,3 5,9 19,8
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 (cents) 1,8 1,3 4,2
Diluted earnings per share
(cents) 1,8 1,3 4,2
Headline earnings per share
(cents) 4 1,7 1,2 3,2
Dividend per share (cents) - - -
* Restated, see note 8
Notes
The interim financial statements are prepared on the historical cost bases. The
group`s significant accounting policies conform to South African Statements of
General Accepted Accounting Practice. These policies are consistent with those
applied in the previous year. This financial report is prepared in accordance
with AC127, Interim Financial Reporting. This financial report has not been
reviewed nor audited by an auditor.
Unaudited Audited
Six months ended Year ended
31 December 30 June
2004 2003* 2004
Rm Rm Rm
2. Revenue
Sales - - 1,7
Interest income 8,9 10,4 18,4
Property development - 0,5 -
Realised profit on sale of
investments 1,4 - -
Unrealised profit on sale of
investments 1,2 - -
Other 0,1 - 0,3
11,6 10,9 20,4
3. The exceptional items relate to:
Loss on sale of subsidiary -
Tiradeprops - - (0,2)
Recovery of onerous contract costs - - 4,5
Rates refunded 0,3 - -
Sale of investments - 1,2 -
Adjustment to profit on sale of
property 0,3 - -
Profit on sale of property, plant
and equipment - 0,3 0,4
Total 0,6 1,5 4,7
Total exceptional items 0,6 1,5 4,7
Taxation - - -
0,6 1,5 4,7
4. Headline earnings per share is
calculated as follows:
Net profit attributable to
ordinary shareholders 8,3 5,9 19,8
Net exceptional items (note 3) (0,6) (1,5) (4,7)
Re-inclusion of:
Property developments impairment - 1,2 -
Rates refunded 0,3 - -
Headline earnings 8,0 5,6 15,1
Headline earnings per share (cents) 1,7 1,2 3,2
5. Unutilised banking facilities
amount to: - - -
There is no limit on the group`s
authority to raise interest-bearing
debt
6. Future minimum operating lease
commitments were as follows: - 0,2 0,1
7. Contingent liabilities:
CNA post-retirement medical aid
liabilities** 14,0 20,0 20,0
SARS tax re-assessment on leasehold
improvement recoupment*** 15,3 - 15,3
SARS interest on above recoupment -
2001 assessment*** 6,5 - 5,4
Three High Court actions against the
company by the liquidators unknown - unknown
** The best estimate of the possible liability on Wooltru`s part for the post-
retirement medical aid contributions of former employees of CNA is shown.
*** SARS raised an assessment for the 2001 year, adding back an amount
considered to be a taxable recoupment with interest. This claim is disputed.
8. Restatement of 31 December 2003 results and financial position: As
recommended by the JSE Securities Exchange South Africa, The Wooltru 1982
Executive Share Purchase Trust was consolidated retrospectively at 30 June 2004
and comparative figures have accordingly been restated for December 2003.
* Restated, see note 8
Date: 24/02/2005 11:17:23 AM
Produced by the JSE SENS Department
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