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HUG
HUG
HUG - Huge Group Limited - Pro Forma Financial Effects and Withdrawal of
Cautionary
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG & ISIN: ZAE000102042
("Huge" or "the Company")
PRO FORMA FINANCIAL EFFECTS AND WITHDRAWAL OF CAUTIONARY
Further to the announcements dated 16 March 2009 and 17 March 2009 respectively,
relating to the purchase of Single Stock Futures ("SSF`s") and Contracts for
Difference ("CFD`s) as well as the cautionary announcements dated 30 March 2009
and 21 May 2009 respectively, the pro forma effects of the purchase of the SSF`s
and CFD`s on the reviewed results of Huge, as well as the pro forma effects of
any future repurchase of the underlying securities is set out below. For
purposes of the income statement, the purchase of the SSF`s and CFD`s has been
assumed from 01 March 2008 and for purposes of the balance sheet, the purchase
has been assumed with effect from 28 February 2009.
The pro forma financial effects, which are the responsibility of the directors,
have been prepared for illustrative purposes only and, due to their nature, may
not fairly present Huge`s financial position, changes in equity, results of
operations or cash flows. These pro forma effects have been reviewed by the
auditors of the company, Horwath Leveton Boner whose report is available for
inspection at the Company`s registered office.
Shareholders are also advised that a circular to shareholders is currently being
drafted in relation to, inter alia, the specific authority to repurchase the
underlying securities in relation to the above SSF`s and CFD`s.
Pro forma effects of the Transactions
Pro forma
Consolidated Income results prior to
Statement for the acquisition Acqui- Acqui-
year ended of the SSF`s sition of sition of
28 February 2009 and CFD`s the CFD`s Note the SSF`s
Revenue 605 848 155
Gross profit 125 930 913
Other income 3 563 103
Operating costs (82 412 897)
Trading profit from
operations 47 081 119
Fair value write
down on derivatives - 7 686 704 1b 17 881 162
Table continues:...
Published
Reviewed Share
results buy
28 back
February iro the SSF`s
Note 2009 Note Note
605 848 155
125 930 913
3 563 103
(82 412 897)
47 081 119
1a (25 567 866)
Earnings before
interest,
taxation, 47 081 119 7 686 704 17 881 162
depreciation &
amortisation
Depreciation (19 488 945)
Interest paid (2 659 019) 1 160 603 2b 2 708 073
Interest income 6 205 310
Earnings from 2 641 740
associates
Net income before
taxation 33 780 205 8 847 307 20 589 235
Taxation (5 148 853) (2 477 426) 3b (5 764 986)
Attributable 28 631 352 6 369 881 14 824 249
earnings
Basic earnings
per share (cents) 26.25
Headline earnings
per share (cents) 26.28
Dividends 12
Total number of
shares in issue 106 167
(`000)
Weighted number
of shares in 109 089
issue (`000)
Table continues:...
21 513 253 -
(19 488 945)
2a (6 527 695)
6 205 310
2 641 740
4 343 663 -
3a 3 093 559
7 437 222
-
6.82
6.85
12.00
106 167 5a (8 405) 5b
109 089 5a (8 405) 5b
Pro forma
Share effects after
Consolidated Income Statement buy the
28 February 2009 (Continued ......) back purchase of
iro the the
CFD`s shares
Revenue 605 848 155
Gross profit 125 930 913
Other income 3 563 103
Operating costs (82 412 897)
Trading profit from operations 47 081 119
Fair value write down on derivatives (25 567 866)
Earnings before interest, taxation, 21 513 253
depreciation & amortisation
Depreciation (19 488 945)
Interest paid (6 527 695
Interest income 6 205 310
Earnings from associates 2 641 740
Net income before taxation 4 343 663
Taxation 3 093 559
Attributable earnings 7 437 222
Basic earnings per share (cents) 7.68
Headline earnings per share (cents) 7.73
Dividends 12
Total number of shares in issue (`000) 93 858
Weighted number of shares in issue (`000) 96 780
Pro forma
results prior to
Consolidated Balance acquisition Acqui-
Sheet at of the SSF`s sition of
28 February 2009 and CFD`s the CFD`s Note
Assets
Property, plant and
equipment 59 368 404
Investments 14 027 925
Deferred tax 1 410 504 (2 477 246) 3b
Intangible assets 216 437 490
Current assets
Inventory 28 720 934
Accounts receivable 81 126 621 (6 247 326) 4b
Loans receivable 1 124 364
Receivable margin call
payments - (7 686 704) 4b
Bank and cash 55 352 302 15 094 633
Bank and cash 13 785 144
Bank and cash -
Bank and cash 3 868 676 1 160 603 2b
Bank and cash 25 567 866 7 686 704 4b
Bank and cash 12 130 616 6 247 326 4b
Total assets 457 568 544 (1 316 643)
Equity and liabilities
Issued share capital 228 832 973
Reserves 41 510 170 6 370 061
Reserves 20 315 860 -
Reserves 25 567 866 7 686 704 1a
Reserves 3 868 676 1 160 603 2a
Reserves (8 242 232) (2 477 246) 3a
Non-current liabilities
21 105 180
Current liabilities
Other financial 28 760 015
liabilities
Accounts payable 133 795 670
Derivative liability - (7 686 704) 1b
Shareholders for 14 952
dividend
Provision for taxation 3 549 584
Total equity and 457 568 544 (1 316 643)
liabilities
Number of shares in
issue (`000) 106 167
Net asset value per
share (cents) 273.78
Net tangible asset
value per share (cents)
69.91
Table continues:...
Published
Reviewed
Acqui- results
sition of 28 February
the SSF`s Note 2009 Note
59 368 404
14 027 925
(5 764 986) 3a 9 652 736
216 437 490
28 720 934
(5 883 290) 4a 93 257 237 6a
1 124 364
(17 881 162) 4a 25 567 866 6a
26 472 525 13 785 144
13 785 144
- 6a
2 708 073 2a -
17 881 162 4a -
5 883 290 4a -
(3 056 913) 461 942 100
228 832 973 6a
14 824 249 20 315 860
- 20 315 860
17 881 162 1a - 7a
2 708 073 2a -
(5 764 986) 3a -
21 105 180
28 760 015
133 795 670
(17 881 162) 1a 25 567 866 7a
14 952
3 549 584
(3 056 913) 461 942 100
106 167 5a
234.67
30.81
Pro forma
Consolidated Balance Share buy Share buy effects after
Sheet at back iro back iro the purchase
28 February 2009 the SSF`s Note the CFD`s of the
(Continued. .....) shares
Assets
Property, plant and 59 368 404
equipment
Investments 14 027 925
Deferred tax 9 652 736
Intangible assets 216 437 490
Current assets
Inventory 28 720 934
Accounts receivable (5 883 290) 6b (6 247 326) 81 126 621
Loans receivable 1 124 364
Receivable margin call (17 881 162) 6b (7 686 704) -
payments
Bank and cash (6 624 762) 7 160 382
Bank and cash 13 785 144
Bank and cash (6 624 762) (6 624 762)
Bank and cash -
Bank and cash -
Bank and cash -
Total assets (30 389 214) (13 934 030) 417 618 856
Equity and liabilities
Issued share capital (30 389 214) 6b (13 934 030) 184 509 729
Reserves 17 881 162 7 686 704 45 883 726
Reserves 20 315 860
Reserves 17 881 162 7b 7 686 704 25 567 866
Reserves -
Reserves -
Non-current 21 105 180
liabilities
Current liabilities
Other financial 28 760 015
liabilities
Account payable 133 795 670
Derivative liability (17 881 162) (7 686 704) -
Shareholders for 14 952
dividend
Provision for taxation 3 549 584
Total equity and (30 389 214) (13 934 030) 417 618 856
liabilities
Number of shares in (8 405) (3 904) 89 954
issue (`000)
Net asset value per 278.71
share (cents)
Net tangible asset 38.10
value per share
(cents)
Notes on transactions - SSF`s
1a. Reversal of "Fair value write down on derivatives" and
"Derivative liability" resulting from the elimination of
the acquisition of the SSF`s.
2a. Reversal of "Interest paid" to "Bank and cash"
resulting from the elimination of the acquisition of the
SSF`s.
3a. Reversal of "Taxation" and "Deferred taxation" effects
resulting from the elimination of the acquisition of the
SSF`s.
4a. Reversal of the initial margin and variation margin
deposits from "Loans receivable" and "Receivable margin
call payments" respectively back to "Bank and cash"
resulting from the elimination of the acquisition of the
SSF`s.
5a. Number of shares to be repurchased on closure of the
SSF contracts.
6a. Repurchase of ordinary shares at original cost price of
the SSF contracts - made up as follows
Initial margin call deposit 5 883 290
Variable margin call payments 17 881 162
Cash transferred 6 624 762
Cost of shares repurchased 30 389 214
7a. Fair value write down on derivatives are unwound in
equity on closure of SSF contracts.
Notes on transactions - CFD`s
1b. Reversal of "Fair value write down on derivatives" and
"Derivative liability" resulting from the elimination of
the acquisition of the CFD`s
2b. Reversal of "Interest paid" to "Bank and cash"
resulting from the elimination of the acquisition of the
CFD`s.
3b. Reversal of "Taxation" and "Deferred taxation" effects
resulting from the elimination of the acquisition of the
CFD`s.
4b. Reversal of the initial margin and variation margin
deposits from "Loans receivable" and "Receivable margin
call payments" respectively back to "Bank and cash"
resulting from the elimination of the acquisition of the
CFD`s.
5b. Number of shares to be repurchased in terms of the
CFD`s.
6b. Repurchase of ordinary shares at original cost price of
CFD - made up as follows:
Initial margin call deposit 6 247 326
Variable margin call payments 7 686 704
Cash transferred -
Cost of shares repurchased 13 934 030
7b. Fair value write down on derivatives are unwound in
equity on closure of CFD contracts.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENTS
Shareholders are referred to the previous cautionary announcement dated 30 March
2009 and 21 May 2009, and are advised that the cautionary announcement is now
withdrawn.
Johannesburg
02 July 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 02/07/2009 17:07:02 Produced by the JSE SENS Department.
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