|
HUG
HUG
HUG - Huge Group Limited - Updated Pro Forma Financial Information And
Withdrawal Of Cautionary Announcement
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
("Huge" or "the Company")
UPDATED PRO FORMA FINANCIAL INFORMATION AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
Pro forma Effects of the SSF Transactions
The updated 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 updated 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.
Consolidated Income Statement for the year ended 28 February 2009
Pro forma
Audited effects
results Eliminate SSF trans-
28 Feb purchase action
2009 of SSFs Note eliminated
Revenue 608 539 827 608 539 827
Gross profit 113 072 809 113 072 809
Other income 3 563 103 3 563 103
Operating expenses
-114 611 604 17 881 162 1 -96 730 442
Operating profit
2 024 308 17 881 162 19 905 470
Finance costs -6 527 695 2 708 073 2 -3 819 622
Interest received
6 205 310 6 205 310
Income from equity
accounted investments
2 641 740 2 641 740
Net income before taxation
4 343 663 20 589 235 24 932 898
Income taxation 3 093 559 -5 764 986 3 -2 671 427
Attributable earnings 7 437 222 14 824 249 4 22 261 471
Basic earnings per share
(cents)
6.82 20.41
Headline earnings per
share (cents)
6.85 20.44
Dividends per share 12.00 12.00
(cents)
Total number of shares in
issue (`000)
106 167 106 167
Weighted number of shares
in issue (`000)
109 089 109 089
Pro forma Assumed
effects repurchase Pro forma
SSF trans- at first effect
action roll over shares re-
eliminated date Note purchased
Revenue 608 539 827 608 539 827
Gross profit 113 072 809 113 072 809
Other income 3 563 103 3 563 103
Operating expenses
-96 730 442 -96 730 442
Operating profit
19 905 470 19 905 470
Finance costs -3 819 622 -3 819 622
Interest received
6 205 310 -648 656 9 5 556 654
Income from equity
accounted investments
2 641 740 2 641 740
Net income before taxation
24 932 898 -648 656 24 284 242
Income taxation 181 624
-2 671 427 8 -2 489 803
Attributable earnings
22 261 471 -467 032 21 794 439
Basic earnings per share
(cents)
20.41 20.30
Headline earnings per
share (cents)
20.44 20.34
Dividends per share 12.00 12.00
(cents)
Total number of shares in
issue (`000)
106 167 -8 405 97 762
Weighted number of shares
in issue (`000)
109 089 -1 751 107 338
Consolidated Balance Sheet as at 28 February 2009
Pro forma
Audited effects
results Eliminate SSF trans-
28 Feb purchase action
2009 of SSFs Note eliminated
Assets
Property, plant and
equipment 59 627 060 59 627 060
Investments 9 027 925 9 027 925
Deferred tax 9 652 736 -5 764 986 3 3 887 750
Intangible assets
216 437 491 216 437 491
Current assets
Inventory 28 720 933 28 720 933
Trade and other
receivables 93 257 238 -5 883 290 5 87 373 948
Loans receivable 6 124 364 6 124 364
Bank and cash 13 785 144 26 472 525 40 257 669
Bank and cash 13 785 144 5 883 290 5 19 668 434
Bank and cash 17 881 162 1 17 881 162
Bank and cash 2 708 073 2 2 708 073
Bank and cash -
Total assets 436 632 891 14 824 249 451 457 140
Equity and liabilities
Share capital 10 617 10 617
Share premium 228 822 360 228 822 360
Retained income 20 278 045 20 278 045
Reserves 296 467 14 824 249 4 15 120 716
249 407 489 14 824 249 264 231 738
Non-current liabilities
Other financial 1 516 202 1 516 202
liabilities
Shareholders loans
17 035 069 17 035 069
Finance lease obligations
9 484 917 9 484 917
28 036 188 28 036 188
Current liabilities
Other financial
liabilities 25 702 333 25 702 333
Finance lease liabilities
4 534 184 4 534 184
Trade and other payables
125 732 940 125 732 940
Shareholders for dividend
14 952 14 952
Provision for taxation
3 204 805 3 204 805
159 189 214 159 189 214
Total equity and
liabilities 436 632 891 14 824 249 451 457 140
Number of shares in issue
(`000) 106 167 106 167
Net asset value per share
(cents)
234.92 248.88
Net tangible asset value
per share (cents)
31.05 45.02
Pro forma Assumed
effects repurchase Pro forma
SSF trans- at first effect
action roll over shares re-
eliminated date Note purchased
Assets
Property, plant and
equipment 59 627 060 59 627 060
Investments 9 027 925 9 027 925
Deferred tax 3 887 750 3 887 750
Intangible assets
216 437 491 216 437 491
Current assets
Inventory 28 720 933 28 720 933
Trade and other
receivables 87 373 948 87 373 948
Loans receivable 6 124 364 6 124 364
Bank and cash 40 257 669 -31 803 019 8 454 650
Bank and cash 19 668 434 19 668 434
Bank and cash 17 881 162 17 881 162
Bank and cash 2 708 073 -648 656 9 2 059 417
Bank and cash - -31 154 363 6 -31 154 363
Total assets 451 457 140 -32 108 481 419 654 121
Equity and liabilities
Share capital 10 617 -840 6 9 777
Share premium 228 822 360 -31 134 656 6 197 687 704
Retained income 20 278 045 -648 656 10 19 629 389
Reserves 15 120 716 15 120 716
264 231 738 -31 784 152 232 447 586
Non-current liabilities
Other financial
liabilities 1 516 202 1 516 202
Shareholders loans
17 035 069 17 035 069
Finance lease
obligations 9 484 917 9 484 917
28 036 188 28 036 188
Current liabilities
Other financial
liabilities 25 702 333 25 702 333
Finance lease
liabilities 4 534 184 4 534 184
Trade and other
payables 125 732 940 125 732 940
Shareholders for
dividend 14 952 14 952
Provision for taxation 181 624
3 204 805 3 023 181
159 189 214 159 007 590
Total equity and -31 784 152
liabilities 451 457 140 419 654 121
Number of shares in
issue (`000) 106 167 8405 97 762
Net asset value per
share (cents)
248.88 237.94
Net tangible asset
value per share (cents)
45.02 16.54
Notes on Pro formas
1. Reversal of "Fair value right down on derivatives" and returning cash paid
on variation margin calls to bank.
2. Reversal of "Interest paid" to "Bank and cash" resulting from the
elimination of the SSF Purchase
3. Reversal of "Taxation" and "Deferred taxation" effects resulting from the
elimination of the SSF Purchase
4. Cumulative effect of the reversal of SSF`s on income statement and
reserves.
5. Reversal of the initial margin deposit back to "Bank and cash" resulting
from the elimination of the SSF Purchase.
6. Cash outflow to purchase the shares at first roll over date. Purchase price
being the future price as quoted on initial acquisition of the derivatives.
7. Number of shares assumed repurchased
8. Assumed no STC payable as shares will be repurchased using share premium
and not retained income. A tax reduction has been calculated at 28% due to
reduced interest income.
9. Interest received is reduced as a result of outflow of R 31 million to
purchase shares which reduced positive cash balances. Interest calculated
at 10% from assumed repurchase date.
10. Cumulative effect of the purchase of shares on income statement and
reserves.
Other Notes
The Pro formas assume the total repurchase of all underlying securities held
through SSF`s owned by the group, which include 359 200 SSF`s which were
purchased through the market from the general public.
The pro formas are presented in compliance with the JSE Limited`s Listings
Requirements.
The first roll over date was 15 December 2008.
DOCUMENTATION
The Company is in the process of finalising a circular to shareholders which
will contain a notice of general meeting whereby shareholders will be requested
to ratify the purchase of SSF`s by the Company from deemed related parties as
well as general purchases of SSF`s, to the extent required by law as well as to
authorise the possible future repurchase of the underlying securities in terms
of a specific authority to repurchase shares. A circular is expected to be
posted to shareholders within 28 days of this announcement.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous cautionary announcements dated 30
March 2009, 16 July 2009, 31 August 2009 and 14 October 2009 respectively and
are hereby advised that this cautionary has now been withdrawn.
Johannesburg
27 November 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 27/11/2009 17:39:04 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
