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WEA - WG Wearne Limited - Change statement relating to the February 2011

Release Date: 31/08/2011 09:30
Code(s): WEA
Wrap Text

WEA - WG Wearne Limited - Change statement relating to the February 2011 reviewed results, Annual Report and Notice of Annual General Meeting WG WEARNE LIMITED (Incorporated in the Republic of South Africa) (Registration number 1994/005983/06) JSE code: WEA ISIN: ZAE000078002 ("the company") CHANGE STATEMENT RELATING TO THE FEBRUARY 2011 REVIEWED RESULTS, ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING ANNUAL REPORT Shareholders are advised that the annual report for the year ended 28 February 2011 will be dispatched to shareholders today 31 August 2011 and contains the following modifications to the reviewed condensed results for that year, which were released on SENS on 31 May 2011: Note Reviewed Adjust- Audited
s Condensed ments Annual Financial R`000 Financial results Statement 28.02.2011 s
R`000 28.02.201 1 R`000
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS Non-current assets 371,051 - 371,051 Property, plant and equipment 365,466 - 365,466 Intangible assets - - - Other financial assets 1 3,967 1 3,968 Deferred taxation 1,617 - 1,617 asset Current assets 57,433 - 57,433 Inventories 14,281 - 14,281 Other financial assets 2 2,963 (10) 2,953 Current taxation 270 - 270 receivable Trade and other 2 36,384 10 36,394 receivables Cash and cash 3,535 - 3,535 equivalents Non-current asset held for sale 3 37,926 38,476 76,402 TOTAL ASSETS 466,409 38,477 504,886 EQUITY AND LIABILTLIES EQUITY 3 60,745 706 61,451 Share capital 174,637 - 174,637 Reserves 1 373 1 374 Accumulated (losses) profits 2 (114,265) (79) (114,344) Non-controlling 3 - 784 784 interest Non-current 255,275 81 255,356 liabilities Borrowings 220,377 - 220,377 Deferred taxation 1,369 - 1,369 liability Trade and other 2 19,539 81 19,620 payables Provisions 13,990 - 13,990 Note Reviewed Adjust- Audited s Condensed ments Annual
Financial R`000 Financial results Statement 28.02.2011 s R`000 28.02.201
1 R`000 Current liabilities 1 150,389 (1) 150,388 Loans from Group 5,678 - 5,678 companies Borrowings 1 2,837 1 2,838 Current taxation 1 1,794 1 1,795 payable Trade and other 1 64,943 (3) 64,940 payables Bank overdraft 75,137 - 75,137 Liabilities classified as held for sale 3 - 37,691 37,691 TOTAL LIABILITIES 405,664 37,771 443,435 TOTAL EQUITY AND 466,409 38,477 504,886 LIABTILIES Number of shares in issue at year-end 246,703 12 246,715 (`000) Weighted average number of shares 246,486 5 246,491 (`000) Fully diluted weighted average number of shares (`000) 246,486 5 246,491 Net tangible asset value per share 24.6 0.3 24.9 (cents) Net intangible asset value per share 24.5 0.4 24.9 (cents) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONTINUING OPERATIONS Revenue 384,548 - 384,548 Cost of sales (264,993) - (264,993) Gross profit 119,555 - 119,555 Other income 11,394 - 11,394 Operating expenses 4 (206,503) (98) (206,601) Operating loss (75,554) (98) (75,652) Investment revenue 19 - 19 Finance costs (36,517) - (36,517) Loss before taxation (112,052) (98) (112,150) Taxation 1 1,539 3 1,542 Loss from continuing operations (110,513) (95) (110,608) Loss from discontinued operations (37,992) - (37,992) Other comprehensive - 98 98 income Total comprehensive loss for the year (148,505) 3 (148,502) Loss attributable to: Owners of the parent (148,505) (78) (148,583) Non-controlling - 81 81 interest Note Reviewed Adjust- Audited
s Condensed ments Annual Financial R`000 Financial results Statement 28.02.2011 s
R`000 28.02.201 1 R`000
Reconciliation of headline loss: Loss attributable to equity holders (148,505) (78) (148,583) Impairments 42,468 - 42,468 (Profit) los on the sale of property, plant and equipment (2,804) - (2,804) Fair value of non- current assets held 56,859 - 56,859 for sale Headline loss attributable to (51,982) (78) (52,060) shareholders Continuing operations Basic and diluted loss per share (cents) (44.84) (0.03) (44.87) Continuing and discontinued loss per (60.25) (0.03) (60.28) share (cents) Headline loss per share (cents) (21.09) (0.03) (21.12) CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Balance at 01 March 226,186 - 226,186 2009 Total comprehensive loss for the year (49,382) - (49,382) Non-controlling (42) - (42) interest Other comprehensive 4 - 179 179 income Issue of shares 30,252 - 30,252 Share issue expenses (580) - (580) Movement of treasury 4,530 - 4,530 shares Release of fair value on disposal of available for sale 376 (179) 197 investments Dividends (1,094) - (1,094) Balance at 01 March 210,246 - 210,246 2010 Total comprehensive loss for the year (148,505) (78) (148,583) Non-controlling (703) 784 81 interest Other comprehensive 4 - 98 98 income Issue of shares 1,500 - 1,500 Share issue expenses (5) - (5) Movement of treasury (1,886) - (1,886) shares Balance at 28 February 60,745 706 61,451 2011 Note Reviewed Adjust- Audited s Condensed ments Annual Financial R`000 Financial results Statement
28.02.2011 s R`000 28.02.201 1 R`000
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Cash flows from operating activities Cash generated from operations 2 75,129 (27) 75,102 Interest income 96 - 96 Dividends received 19 - 19 Finance costs (38,094) - (38,094) Taxation (paid) (1,176) - (1,176) refunded Net cash from operating activities 2 35,974 (27) 35,947 Cash flows from investing activities Acquisition of property, plant and equipment: Replacement 2 (8,220) 25 (8,195) Expansion (295) - (295) Proceeds on disposal of property, plant and equipment 16,189 - 16,189 Purchase of other financial assets (10) - (10) Loans received from Group companies 2 2,932 2 2,934 Net cash from investing activities 10,596 27 10,623
Cash flows from financing activities Movement in share (391) - (391) capital Repayment of (50,858) - (50,858) borrowings Net cash from - financing activities (51,249) (51,249) Cash movement for the (4,679) - (4,679) year Cash at beginning of the year (66,923) - (66,923) Cash at end of year (71,602) - (71,602) Note Reviewed Adjust- Audited s Condensed ments Annual Financial R`000 Financial
results Statement 28.02.2011 s R`000 28.02.201 1
R`000 CONDENSED SEGMENTAL REPORT Revenues Aggregates 188,472 - 188,472 Readymix concrete 170,984 - 170,984 Concrete manufactured products 25,092 - 25,092 384,548 - 384,548 Property, plant and equipment Aggregates 277,692 - 277,692 Readymix concrete 61,820 - 61,820 Concrete manufactured products 25,954 - 25,954 365,466 - 365,466 Notes: These figures have been amended as a result of applying rounding principles resulting in immaterial adjustments. The adjustments arose as a result of a reclassification between categories and are immaterial. In terms of IFRS 5 Non-current assets held for sale and Discontinued Operations, each component relating to the cash-generating unit must be disclosed separately and components of equity may only be derecognised when the cash-generating unit is actually sold. The fair value adjustment on the other financial assets was recognised as an operating expense, however this item actually qualifies as other comprehensive income and has been reclassified accordingly in both the statement of comprehensive income and the statement of changes in equity NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the annual general meeting of shareholders of the company will be held on Thursday, 20 October 2011 at the company`s offices, Stonemill Office Park, 3 Kiepersol House, 300 Acacia Road, Cresta, Randburg, in order to transact the business as stated in the notice of annual general meeting forming part of the annual report. 31 August 2011 Designated Adviser Vunani Corporate Finance Date: 31/08/2011 09:30:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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