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Wsl - Wescoal Holdings Limited - Restated Results For The Year Ended 31 March

Release Date: 30/09/2008 09:44:01      Code(s): WSL
WSL - Wescoal Holdings Limited - Restated results for the year ended 31 March   
2008 and notice of annual general meeting                                       
WESCOAL HOLDINGS LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
JSE code: WSL ISIN: ZAE000069639                                                
("Wescoal" or "the company")                                                    
RESTATED RESULTS FOR THE YEAR ENDED 31 MARCH 2008 AND NOTICE OF ANNUAL GENERAL  
MEETING                                                                         
1    RESTATED  RESULTS FOR THE YEAR ENDED 31 MARCH 2008                         
Shareholders are referred to the annual results for the year ended 31 March 2008
announced on SENS on 11 June 2008. The auditors have subsequently requested the 
following reclassifications:                                                    
*    between long term liabilities and current liabilities on the balance sheet 
    resulting in a zero net effect on the balance sheet; and                    
*    between net cash received from operating activities and cash received from 
    financing activities, resulting in a zero net effect on the cash flow       
    statement.                                                                  
Wescoal hereby restates its annual results previously announced.                
Condensed Consolidated balance sheets                                           
                       Restated audited  Audited        Audited                 
                       results           results        results for             
                       for the year      for the year   the year                
ended             ended          ended                   
                       31 March          31 March       31 March                
                        2008              2008          2007                    
                       R`000             R`000          R`000                   
ASSETS                                                                         
                                                                                
 Non-current assets    78 014            78 014         47 705                  
                                                                                
Property, plant and   14 703            14 703         13 065                  
 equipment                                                                      
 Goodwill and license  36 726            36 726         32 691                  
 fees                                                                           
Investments           24 000            24 000         -                       
 Deferred taxation     2 585             2 585          1 949                   
                                                                                
 Current assets        78 246            78 246         54 665                  

 Total assets          156 260           156 260        102 370                 
                                                                                
 EQUITY AND                                                                     
LIABILITIES                                                                    
                                                                                
 Total Shareholders`   58 333            58 333         45 103                  
 funds                                                                          

 Long-term debt        20 044            19 833         4 995                   
                                                                                
 Current liabilities   77 883            78 094         52 272                  

 Total equity and      156 260           156 260        102 370                 
 liabilities                                                                    
                                                                                
Net asset value per   55.32             55.32          43.49                   
 share (cents)                                                                  
 Tangible net asset    20.49             20.49          11.97                   
 value per share                                                                
(cents)                                                                        
Condensed Consolidated Cash Flow Statements                                     
                                    Restated     Audited       Audited          
                                    audited      results       results          
results      for the year  for the          
                                    for the year ended         year ended       
                                    ended        31 March       31 March        
                                    31 March     2008          2007             
2008         R`000         R`000            
                                    R`000                                       
Net cash from operating              7 709        12 708        2 647           
activities                                                                      
Investing activities                 (32 415)     (32 415)      (5 239)         
Financing activities                 24 711       19 712        846             
Net increase/(decrease)               5            5            (1 746)         
in cash and cash                                                                
equivalents                                                                     
Cash and cash                        1 216        1 216         2 962           
equivalents at                                                                  
beginning of year                                                               
Cash and cash                        1 221        1 221         1 216           
equivalents at end of                                                           
year                                                                            
Segment Analysis                                                                
The analysis below, details the contribution of the two main divisions within   
the group:                                                                      
R`000                                                                           
31 March 2008                                                                   
Income Statement        Trading   Washing      Non         Total                
                                              operating                         
                                                                                
Revenue                 343 047   33 041       -           376 088              
Profit from Operations  16 301    1 739        -           18 040               
Headline earnings       11 252    1 276        ( 349)      12 179               
                                                                                
                                                                                

R`000                                                                           
31 March 2008                                                                   
Restated Balance Sheet      Trading   Washing     Elimination   Total           
entries                        
                                                                                
                                                                                
Current assets              62 864    15 382      -             78 246          
Non-current assets          47 194    9 576       (15 482)      41 288          
Goodwill and license fees   34 266    -           2 460         36 726          
Shareholders Funds          57 696    (1 823)     2 460         58 333          
Non-current liabilities     17 224    18 302      (15 482)      20 044          
Current liabilities         69 404    8 479       -             77 883          
                                                                                
                                                                                
R`000                                                                           
31 March 2007                                                                   
Income Statement            Trading     Washing   Non       Total               
                                                 Operating                      
                                                                                
Revenue                     259 275     10 283    -         269 558             
Profit from Operations      8 866       (2 097)   -         6 769               
Headline earnings           7 440       (2 009)   (1 494)   3 937               
                                                                                

R`000                                                                           
31 March 2007                                                                   
Balance Sheet        Trading  Washing   Elimination Total                       
entries                                  
                                                                                
Current assets       45 106   9 559     -           54 665                      
Non-current assets   16 043   9 996     (11 025)    15 014                      
Goodwill             30 231   -         2 460       32 691                      
Shareholders Funds   44 963   (2 320)   2 460       45 103                      
Non current          -        16 020    (11 025)    4 995                       
liabilities          46 417   5 855     -           52 272                      
Current liabilities                                                             
NOTICE OF ANNUAL GENERAL MEETING                                                
Shareholders are advised that the annual report for the year ended 31 March 2008
will be dispatched to shareholders today.                                       
Notice is hereby given that the 2008 annual general meeting of shareholders will
be held on Wednesday, 29 October 2008 at 10h00, at the company`s registered     
offices 228 Voortrekker Street, Krugersdorp.                                    
Johannesburg                                                                    
30 September 2008                                                               
Designated Adviser                                                              
Exchange Sponsors                                                               
Date: 30/09/2008 09:44:01 Supplied by www.sharenet.co.za                     
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