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HUG
HUG
HUG - Huge - Audited Results Of Huge For The Year Ended 28 February 2009 And
Notice Of Annual General Meeting
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
("Huge" or "the Group" or "the company")
AUDITED RESULTS OF HUGE FOR THE YEAR ENDED 28 FEBRUARY 2009 AND NOTICE OF ANNUAL
GENERAL MEETING
Statement of financial position as at 28 February 2009
Group
Figures (R) 2009 2008
Assets
Non-Current Assets
Property, plant and 59,627,060 57,286,740
equipment
Intangible assets 1,284,009 1,101,654
Goodwill 215,153,482 215,153,482
Investments 9,027,925 1,806,133
Deferred taxation 9,652,736 6,643,044
asset
294,745,212 281,991,053
Current Assets
Inventories 28,720,933 6,464,508
Loans receivable 6,124,364 -
Loans to group - -
companies
Trade and other 93,257,238 86,192,346
receivables
Cash and cash 13,785,144 19.878,646
equivalents
141,887,679 112,535,500
Total Assets 436,632,891 394,526,553
Equity and Liabilities
Equity
Share capital 10,617 10,676
Share premium 228,822,360 221,577,736
Revaluation reserve 296,467 224,043
Retained income 20,278,045 26,252,023
249,407,489 248,064,478
Liabilities
Non current
liabilities
Other financial 1,516,202 -
liabilities
Shareholders` loans 17,035,069 13,923,297
Finance lease 9,484,917 9,289,064
obligations
Deferred taxation - 1,535,125
liability
28,036,188 24,747,486
Current Liabilities
Other financial 25,702,333 22,373,978
liabilities
Finance lease 4,534,184 4,544,000
obligations
Shareholders for 14,952 -
dividends
Trade and other 125,732,940 89,403,542
payables
Current taxation 3,204,805 5,393,069
payable
159,189,214 121,714,589
Total Equity and 436,632,891 394,526,553
Liabilities
Income statement for the year ended 28 February 2009
Group
Figures (R) 2009 2008
Revenue 608,539,827 243,543,948
Cost of sales 495,467,018 184,801,880
Gross profit 113,072,809 58,742,068
Other income 3,563,103 2,163,315
Operating expenses (114,611,604) (30,506,764)
Operating profit 2,024,308 30,398,619
Interest received 6,205,310 10,841,183
Income from equity 2,641,740 915,213
accounted investments
Finance costs (6,527,695) (6,266,896)
Profit before 4,343,663 35,888,119
taxation
Income Taxation 3,093,559 (9,636,096)
Profit for the year 7,437,222 26,252,023
Profit/(Loss) on sale 40,125 (8,432)
of property, plant
and equipment
Headline earnings 7,477,347 26,243,591
Weighted average 109,089,000 59,435,633
number of shares in
issue
Earnings per share 6.82 44,17
(cents)
Headline earnings per 6.85 44,15
share(cents)
Statement of comprehensive income for the year ended 28 February 2009
Figures (R)
Profit for the year 7,437,222 26,252,023
Other comprehensive
income:
Revaluation of land - 993,328
and building:
Income tax relating 72,424 (769,285)
to revaluation of
land and buildings
Total comprehensive 7,509,646 26,476,066
income for the year
Statement of changes in equity for the year ended 28 February 2009
2009
Figures in (R) Share Share premium Revaluat Retained Total equity
capital ion income
reserve
Balance at 01 10,676 221,577,736 224,043 26,252,023 248,064,478
March 2008
Share issue on 500 14,999,500 - - 15,000,000
26 June 2008
Share (559) (7,754,876) - - (7,755,435)
repurchases
Dividends paid - - - (13,411,200) (13,411,200)
Transactions 10,617 228,822,360 224,043 12,840,823 241,897,843
with
shareholders
Profit for the - - - 7,437,222 7,437,222
year ending 28
February 2009
Income taxation - - 72,424 - 72,424
relating to
revaluation of
land and
buildings
Total - - 72,424 7,437,222 7,509,646
comprehensive
income
Balance at 28 10,617 228,822,360 296,467 20,278,045 249,407,489
February 2009
2008
Balance at 1 100 - - - 100
March 2007
Share issue on 2 860 - - - 860
July 2007
Share issue on 4004 75,047,330 - - 75,051,334
31 July 2007
Share issue on 2050 51,246,250 - - 51,248,300
31 July 2007
Share issue on 2950 73,748,750 - - 73,751,700
31 July 2007
Share issue on 7 36 883,462 - - 883,498
August 2007
Share issue to 676 21,631,324 - - 21,632,000
Centracell
vendors
Transfer of - (979,380) - - (979,380)
listing expenses
to share premium
Transactions 10,676 221,577,736 - - 221,588,412
with
shareholders
Profit for the 26,252,023 26,252,023
year ending 29
February 2008
Revaluation of - - 993,328 - 993,328
land and
buildings
Income taxation - - (769,285) - (769,285)
relating to
revaluation of
land and
buildings
Total - - 224,043 26,252,023 26,476,066
comprehensive
income
Balance at 29 10,676 221,577,736 224,043 26,252,023 248,064,478
February 2008
Statement of cash flows for the year ended 28 February 2009
Group
Figures (R) 2009 2008
Operating activities
Cash received from 705,720,879 341,150,654
customers
Cash paid to suppliers (650,021,637) (315,198,417)
and employees
Cash generated from 55,699,242 25,952,237
operations
Interest received 6,205,310 10,841,183
Finance costs (6,527,695) (6,266,896)
Derivative margin call (25,567,876) -
payments
Taxation paid (3,567,094) (2,991,290)
Cash flow from 26,241,887 27,535,234
operating activities
Investing activities
Acquisition of - (123,072,011)
subsidiaries
Purchase of property, (21,407,810) (10,962,901)
plant and equipment
Proceeds from disposal 223,892 393,521
of property, plant and
equipment
Purchase of intangible (867,828) (402,625)
assets
Loans receivables (6,124,364) -
Investments (6,135,010) (365,833)
Cash flow from (34,311,120) (134,409,849)
investing activities
Financing activities
Proceeds from share 15,000,000 124,905,080
issue
Dividends paid (13,411,200) -
Share repurchases (7,755,435) -
Proceeds from 8,142,366 1,848,181
borrowings
Cash flow from 1,975,731 126,753,261
financing activities
Net changes in cash and (6,093,502) 19,878,646
cash equivalents
Cash and cash 19,878,646 -
equivalents at the
beginning of the period
Cash and cash 13,785,144 19,878,646
equivalents at the end
of the period
Segmental reporting
Business segments
LCR Other Consolidated
2009
Consolidated 544,655,597 63,884,510 608,539,827
revenue
2008
Consolidated 236,867,268 6,676,680 243,543,948
revenue
Geographical
Western Kwa-Zulu Gauteng Eastern Consolidated
Cape Natal Cape
2009
Segment 113,670,770 70,887,648 393,236,586 30,744,251 608 539,827
revenue
Segment result 20,709,984 12,915,212 73,846,233 5,601,378 113,072,809
Other income - - - - 3,563,103
Interest - - - - (6,527,695)
expense
Interest - - - - 2 641 740
received
Income from - - - - 6 205 310
equity
accounted
investments
Operating - - - - (89,043,728)
expenses
Loss on - - - - (25,567,876)
derivatives
Income tax - - - - 3,093,559
Profit for - - - - 7,437,222
period
Segment assets 41,322,412 25,769,585 142,952,388 11,176,370 221,220,755
Segment 34,972,330 21,809,531 120,984,663 9,458,878 187,225,402
liabilities
Capital 4,179,411 2,606,375 14,359,458 1,130,395 22,275,639
expenditure
Depreciation 3,656,565 2,280,316 12,563,083 988,982 19,488,946
Goodwill - - - - 215,153,481
2008
Segment 64,768,684 33,065,827 130,046,772 15,662,66 243,543,948
revenue 5
Segment result 11,508,190 9,528,709 34,907,842 2,797,327 58,742,068
Other income - - - - 3,078,528
Interest - - - - (6,266,896)
expense
Interest - - - - 10,841,183
income
Operating - - - - (30,506,764)
expenses
Income tax - - - - (9,636,096)
Profit for - - - - 26,252,023
period
Segment assets 52,729,004 21,095,871 95,565,026 9,983,170 179,373,071
Segment 44,132,883 21,016,065 71,405,062 9,908,065 146,462,075
liabilities
Capital 3,318,101 1,332,396 5,961,683 753,346 11,365,526
expenditure
Depreciation 2,053,989 534,079 2,732,819 295,306 5,616,193
Goodwill - - - - 215,153,482
COMMENTARY
The board of directors of Huge is pleased to present the abridged audited
financial statements for the year ended 28 February 2009. These abridged
financial statements have been prepared in accordance with accounting policies
and methods of computation that are consistent with those of the prior year and
with International Financial Reporting Standards ("IFRS") and in compliance with
IAS 34. These financial statements have been audited by the auditors of the
company, Horwath Leveton Boner, and their audit opinion, without modification is
available at the registered office of the company.
CHANGES TO REVIEWED PROVISONAL REPORTED RESULTS
Changes to the Income statement
- Revenue has increased from R 605 848 155 to R 608 539 827. This is due to
the reallocation of the movement in the bad debt provision, which was
incorrectly allocated to revenue. This has had no impact on net profit or
the statement of financial position.
- Gross profit as reported in the reviewed abridged results announcement in
May 2009 did not include depreciation of router equipment, which was
reported below EBITDA. Router depreciation of R 12.9 million is included in
cost of sales in the annual report.
- The above changes have no impact on attributable earnings, earnings per
share or headline earnings per share.
Changes to Statement of financial position
- Property, plant and equipment has increased by R 258 656 due to a
correction of depreciation on revaluation. This increases the revaluation
reserve reported as reserves in the reviewed abridged results. This has
resulted in an increase in net asset value per share from 234.67 to 234.91
and an increase in net tangible asset value per share from 30.81 to 31.05.
- All the changes below are simply re-classifications and have no impact on
net asset value or net tangible asset value.
- Investments have decreased by R 5 million due to the loan to Eyeballs
Mobile Advertising (Proprietary) Limited being included in Investments in
the reviewed abridged results. The loan has been re-allocated to Loans
receivable in the annual report.
- The reviewed abridged results reported a Receivable margin call payment
account of R 25 567 876 as an asset and a derivative liability account of R
25 567 876. The Board has decided that the appropriate accounting treatment
is to set off the Margin call payments against the Derivative liability.
- A finance lease was incorrectly classified as trade and other payables in
the reviewed results. As a result of this correction trade and other
payables has decreased by R 8.4 million and short term and long term
liabilities have increased by R 1.5 million and R 6.9 million respectively.
- Provision for taxation as reported has reduced by R 344 779. This is due to
interest and penalties reclassified as trade and other payables.
Changes to the statement of cash flows
- As a result of the balance sheet re-allocations discussed above the
statement of cash flows has changed.
- Cash flows from operating activities has decreased by R 33.9 million.
- This is mainly as a result of mark to the market fair value
adjustments of R 25.6 million on derivatives which were reported as
cash flows from investing activities. In the annual report the fair
value adjustments have been reported as cash flows from operating
activities.
- The other R 8.4 million reduction was due to the reclassification
between trade and other payables and finance leases referred to above.
Changes to segmental analysis
- Due to revenue change noted above, there has been an increase in Gauteng
revenue and segment result from R 390 545 628 to R 393 236 586 and R 71 154
562 to R 73 846 233 respectively.
- Due to the set off of margin call payments against the derivative liability
of R 25.6 million, the segment assets and segment liabilities reported in
the reviewed abridged results have reduced by R 25.6 million.
Date of Annual General Meeting
The annual general meeting has been set for 27 November 2009 at 14:00 at Block
2, Huge Group Limited, 5 Woodlands Drive, Woodmead, Johannesburg.
Johannesburg
31 August 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Number 3 Anerley Road, Parktown, 2193
Auditors
Horwath Leveton Boner
No 3 Sandown Valley Crescent, Sandown, 2196
Registered office:
Block 2, Woodlands Drive Office Park, 5 Woodlands Drive, Woodmead, Johannesburg,
2191 (PO Box 16376, Dowerglen, 1610)
Transfer secretaries
Computershare Investor Services (Proprietary) Limited, Ground Floor, 70 Marshall
Street, Johannesburg
Directors:
AD Potgieter (Executive Chairman), BA McQueen*, D Tredoux*, KD Jarvis*, JC
Herbst (CEO), MA Meth (Financial Director), VM Mokholo, SP Tredoux*, M Pillay
*Non-executive
Date: 31/08/2009 17:16:17 Produced by the JSE SENS Department.
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