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WLN WLO WLOP
WLO
Wooltru Limited - Interim Results 31 December 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: ZAE000008071
Directorate and administration:
Directors:
M Kaplan* (chairman), A Groll, AM Louw, JB Rabb*+, JC van der Horst*
* Non-executive
+ Resigned 31 December 2005
Secretary:
L Moller
Domicile and registered office:
5 Corporation Street, Cape Town, 8001, South Africa
Postal address: PO Box 671, Cape Town, 8000
Website: http://www.wooltru.co.za
Contact details:
Tel: (021) 425 5550
Fax: (021) 425 5551
Transfer secretary:
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg , 2001
Sponsor:
Bridge Capital Services (Pty) Ltd
Principle banker:
The Standard Bank of South Africa Limited
Auditor:
Ernst & Young
Balance sheet
Unaudited Audited
31 December 30 June
2005 2004 2005
Rm Rm Rm
ASSETS
Non-current asset
Deferred tax 2,3 4,4 10,7
Current assets 214,7 217,0 222,6
Listed investments 3,5 9,0 15,7
Trade and other receivables 1,2 5,0 3,3
Taxation 1,6 1,5 1,6
Bank balances and cash equivalents 208,4 201,5 202,0
Total assets 217,0 221,4 233,3
EQUITY AND LIABILITIES
Capital and reserves 58,5 218,4 216,6
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 (579,6) (419,7) (421,5)
Total equity 58,5 218,4 216,6
Non-current liability
Preference share capital 1,5 1,5 1,5
Current liabilities 157,0 1,5 15,2
Trade and other payables 1,6 1,5 1,2
Shareholders for dividends 155,4 - -
Provision - - 14,0
Total equity and liabilities 217,0 221,4 233,3
Net asset value per share (cents) 12,4 46,4 46,0
Income statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2005 2004 2005
Notes Rm Rm Rm
Revenue 2 6,8 8,9 16,8
Other income 3,2 1,5 4,9
Total income 10,0 10,4 21,7
Occupancy costs (0,1) (0,1) (0,2)
Other operating costs (4,2) (2,5) (7,2)
Net profit before exceptional
items 5,7 7,8 14,3
Exceptional items 3 - 0,6 (14,0)
Net profit before interest and tax 5,7 8,4 0,3
Finance costs - (0,1) (0,1)
Net profit before taxation 5,7 8,3 0,2
Taxation 5 (8,4) - (2,1)
Net (loss)/profit attributable to
ordinary shareholders (2,7) 8,3 (1,9)
Number of shares issued (millions) 470,9 470,9 470,9
Weighted average number of shares
(millions) 470,9 470,9 470,9
(Loss)/Earnings per share (cents) (0,6) 1,8 (0,4)
Diluted (loss)/earnings per share
(cents) (0,6) 1,8 (0,4)
Headline (loss)/earnings per share
(cents) 4 (0,6) 1,7 2,6
Distribution per share to Ordinary
and "N" Ordinary shareholders
(cents) 33,0 - -
Cash flow statement
Unaudited Audited
Six months ended Year ended
31 December 30 June
2005 2004 2005
Rm Rm Rm
Cash flow from operating activities
Cash flow from trading 14,3 (1,8) (3,3)
Working capital movements 13,9 (10,1) (15,8)
Cash utilised in operating activities (0,4) (11,9) (19,1)
Finance income 6,8 8,9 16,8
Finance costs - - (0,1)
Taxation paid - - (0,1)
Net cash inflow/(outflow) from
operations 6,4 (3,0) (2,5)
Net increase/(decrease) in cash and
cash equivalents 6,4 (3,0) (2,5)
Cash and cash equivalents at beginning
of period 202,0 204,5 204,5
Cash and cash equivalents at end of
period 208,4 201,5 202,0
Statement of changes in ordinary shareholders" interest
Unaudited Audited
Six months ended Year ended
31 December 30 June
2005 2004 2005
Rm Rm Rm
Ordinary shareholders" interest
at beginning of period 216,6 210,1 218,5
Balance as previously reported 216,6 210,1 210,1
Change in accounting policy
- Retained income - - 8,4
Movements for the period:
Accumulated (loss)/profit (2,7) 8,3 (1,9)
Distribution to shareholders (155,4) - -
Ordinary shareholders" interest
at end of period 58,5 218,4 216,6
Notes
1. The interim financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS) with effect from 1 July
2005. The opening balance sheet of 1 July 2004 and 1 July 2005 as well as the
comparative income statement for the year ended 30 June 2005 were restated
where appropriate having considered the transitional arrangements provided by
IFRS1 - First Time Adoption of International Financial Reporting Standards.
2. The interim financial statements are prepared on the historical cost
basis, except for financial instruments carried at fair value, and in terms
of IAS 34 - Interim Financial Reporting.
3. The reconciliations as required in terms of IFRS1 indicating the effect
of transition from SA GAAP to IFRS has not been disclosed, as there are no
material changes to the balance sheet of 1 July 2004, the balance sheet of 1
July 2005 or the income statement for the year ended 30 June 2005.
4. This interim financial report has not been reviewed nor audited by an
external auditor.
Unaudited Audited
Six months ended Year ended
31 December 30 June
2005 2004 2005
Rm Rm Rm
2. Revenue
Finance income 6,8 8,9 16,8
The results of share trading activities, previously disclosed on a gross
basis in revenue and cost of sales, have been reclassified and are disclosed
on a net basis as a gain or loss on financial instruments held at fair value
through profit or loss. This figure is included in other income.
3. The exceptional items relate to:
Settlement with CNA liquidators - - (14,0)
Rates refunded - 0,3 -
Adjustment to profit on sale of
property - 0,3 -
Total - 0,6 (14,0)
- 0,6 (14,0)
Taxation - - -
- 0,6 (14,0)
4. Headline (loss)/earnings per share is
calculated as follows:
Net (loss)/profit attributable to
ordinary shareholders (2,7) 8,3 (1,9)
Net exceptional items (note 3) - (0,6) 14,0
Re-inclusion of:
Rates refunded - 0,3 -
Headline (loss)/earnings (2,7) 8,0 12,1
Headline (loss)/earnings per share
(cents) (0,6) 1,7 2,6
5. Taxation (8,4) - (2,1)
During the current period deferred taxation, which had been raised in prior
periods for the possible utilisation of Secondary Tax on Companies, was
reversed due to the dividend portion of the distribution to shareholders. The
transaction had no cash flow implication for taxation purposes.
6. Contingent liabilities:
CNA post-retirement medical aid
liabilities* 20,9 14,0 13,9
SARS tax re-assessment on leasehold
improvement recoupment** 15,3 15,3 15,3
SARS interest on above recoupment -
2001 assessment** 8,7 6,5 7,6
Three High Court actions against the
company by the liquidators*** - 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 R13,9
million. Wooltru guaranteed Johnnic Book Retail Limited, that should Johnnic
be held liable for post retirement medical aid claims by erstwhile employees
of CNA, Wooltru would settle the liability. However a bank guarantee of R20,9
million was issued in this regard, reflecting the amount Johnnic considered
to be a best estimate. The claim is disputed.
** SARS raised an assessment for the 2001 year, adding back an amount
considered to be a taxable recoupment with interest. This claim is disputed.
*** A settlement agreement has been concluded, in terms of which Wooltru made
a once off payment of R14,0 million to Consolidated News Agencies (Pty) Ltd
as full and final settlement of all claims arising from the winding up of
Consolidated News Agencies (Pty) Ltd.
Date: 06/02/2006 05:01:21 PM Produced by the JSE SENS Department
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