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Wooltru Limited - Year End Results 30 June 2005
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:
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 secretary:
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg , 2001
Sponsor:
Bridge Capital Services (Pty) Ltd
Legal Advisor:
Mallinicks Attorneys
Balance sheet as at 30 June
Audited
Year ended 30 June
Restated
2005 2004
Rm Rm
ASSETS
Non-current assets
Deferred tax 10,7 12,8
Current assets 222,6 209,0
Listed investments 15,7 -
Trade and other receivables 3,3 3,0
Taxation 1,6 1,5
Bank balances and cash equivalents 202,0 204,5
Total assets 233,3 221,8
EQUITY AND LIABILITIES
Capital and reserves 216,6 218,5
Ordinary share capital 9,9 9,9
Share premium 620,1 620,1
Non-distributable reserves 8,1 8,1
Accumulated loss (421,5) (419,6)
Total equity 216,6 218,5
Non-current liabilities
Preference share capital 1,5 1,5
Current liabilities 15,2 1,8
Trade and other payables 1,2 1,8
Provision 14,0 -
Total equity and liabilities 233,3 221,8
Net asset value per share 46,0c 46,4c
Statement of changes in ordinary shareholders` interest
Audited
Year ended 30 June
Restated
2005 2004
Note Rm Rm
Ordinary shareholders`interest at
beginning of period 218,5 198,7
Balance at beginning of period as
previously reported 210,1 190,3
Change in accounting policy
- Retained income 3 8,4 8,4
Recognised gains and losses
Net (loss)/profit attributable to
ordinary shareholders (1,9) 19,8
Ordinary shareholders`interest
at end of period 216,6 218,5
Cash flow statement
Audited
Year ended 30 June
2005 2004
Rm Rm
Cash flow from operating activities
Cash flow from trading (3,3) (2,2)
Working capital movements (15,8) (5,3)
Cash utilised in operating activities (19,1) (7,5)
Finance income 16,8 18,4
Finance costs (0,1) (0,2)
Taxation paid (0,1) (2,5)
Cash (utilised in)/generated by operations (2,5) 8,2
Dividends paid - -
Net cash (outflow)/inflow from operations (2,5) 8,2
Cash flow from investing activities
Proceeds on the sale of property,
plant and equipment - 5,6
Loans and other investments - 0,2
Net cash inflow from investing activities - 5,8
Net (decrease)/increase in cash and
cash equivalents (2,5) 14,0
Cash and cash equivalents at beginning
of period 204,5 190,5
Cash and cash equivalents at end of period 202,0 204,5
Income statement
Audited
Year ended 30 June
2005 2004
Notes Rm Rm
Revenue 4 101,1 20,4
Cost of sales (79,4) (0,5)
Gross profit 21,7 19,9
Depreciation and amortisation - (0,1)
Occupancy costs (0,2) (0,3)
Employment costs - (2,5)
Other operating costs (7,2) (5,4)
Profit before exceptional items 14,3 11,6
Exceptional items 5 (14,0) 4,7
Profit from operations 0,3 16,3
Finance costs (0,1) (0,2)
Net profit before taxation 0,2 16,1
Taxation (2,1) 3,7
Net (loss)/profit attributable
to ordinary shareholders (1,9) 19,8
Earnings per share (0,4c) 4,2c
Diluted earnings per share (0,4c) 4,2c
Headline earnings per share 6 2,6c 3,2c
Dividend per share - -
Notes
The basis of preparation of the financial information complies with South
African Statements of Generally Accepted Accounting Practice and the accounting
policies used are consistent with those applicable for the 30 June 2004
financial statements except for the change in accounting policy, as indicated in
note 3, relating to a deferred tax asset raised on STC credits.
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.
3. Change in accounting policy:
During the year the company changed its accounting policy with respect to the
treatment of STC credits in order to conform with AC 501 which became effective
for years ending subsequent to 31 December 2004. The company now recognises a
deferred tax asset for the related STC credits.
This has resulted in an increase of R8,4 million to the 2004 opening retained
income. There is no impact on the current or prior year net profit.
2005 2004
Rm Rm
4. Revenue
Transactions in listed investments 84,2 -
Property sales - 1,7
Finance income 16,8 18,4
Other 0,1 0,3
101,1 20,4
5. The exceptional items relate to:
Profit on sale of property, plant
and equipment - 0,4
Loss on sale of subsidiary -
Tiradeprops - (0,2)
Recovery of onerous contract costs - 4,5
Settlement with liquidators of
Consolidated News Agencies (Pty) Ltd (14,0) -
(14,0) 4,7
Taxation - -
(14,0) 4,7
6. Headline earnings per share
is calculated as follows:
Net profit attributable to
ordinary shareholders (1,9) 19,8
Net exceptional items (note 5) 14,0 (4,7)
Headline earnings 12,1 15,1
Headline earnings per share (cents) 2,6 3,2
7. The group has no banking facilities, although there is no limit on the
group`s authority to raise interest-bearing debt.
8. At 30 June the group`s future minimum operating lease commitments were as
follows:
Expiring within one year - 0,1
Expiring between two and five years - -
9. Contingent liabilities:
CNA post-retirement medical
aid liability* 13,9 20,0
SARS tax re-assessment on
leasehold improvement recoupment** 15,3 15,3
SARS interest on above
recoupment - 2001 assessment** 7,6 5,4
Three proposed High Court actions
against the company by the liquidators
of Consolidated News Agencies (Pty) Ltd*** - unknown
* Approaches have been made to Wooltru claiming a liability exists on Wooltru`s
part for the post retirement medical aid contributions of former employees of
CNA. A best estimate of these liabilities is shown. This claim is disputed.
** SARS raised an assessment for the 2001 year adding back an amount as a
taxable recoupment with interest. This claim is disputed.
*** A settlement agreement has been concluded subsequent to year end, in terms
of which Wooltru will make a once off payment of R14,0 million to Consolidated
News Agencies (Pty) Ltd in full and final settlement of all claims arising from
the winding up of Consolidated News Agencies (Pty) Ltd. A provision has
accordingly been raised at 30 June 2005.
10. 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
11. Ernst & Young has provided an unqualified audit opinion, which is available
for inspection at the company`s registered office, on the June 2005 annual
financial statements, which have been summarised for the purposes of this
report.
Date: 25/08/2005 05:00:08 PM
Produced by the JSE SENS Department
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