|
MNY
MNY
MNY - Moneyweb - Reviewed provisional condensed financial results for the
year ended 31 March 2011
Moneyweb Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1998/025067/06)
JSE code: MNY ISIN: ZAE000025409
("Moneyweb" or "the company" or "the group")
REVIEWED PROVISIONAL CONDENSED FINANCIAL RESULTS FOR THE YEAR ENDED 31
MARCH 2011
Second year of circa 30% revenue growth
looklocal successfully launched with 29 community sites live
First iPad application launched
Condensed Group Statement of
Comprehensive Income
Reviewed Audited
12 months 12 months
31-Mar-11 31-Mar-10
R`000 R`000
Revenue 35 367 27 159
(Loss)/profit before investment (2 159) 3 478
income, fair value adjustment,
depreciation, amortisation,
impairments and exchange
gain/loss
Depreciation and (1 212) (962)
amortisation
Investment income 840 358
Finance cost (139) (34)
Fair value adjustment of 1 7
investment and financial
instruments
Impairment of financial (116) (1 118)
assets
Exchange (loss)/gain (112) 463
Loss on disposal of (843) -
intangible asset
Loss on disposal of tangible - (9)
asset
Net (loss)/profit before (3 740) 2 183
taxation
Taxation (287) (732)
Profit from joint ventures 271 175
Net (loss)/profit for the (3 756) 1 626
year
Other comprehensive income
Exchange differences on (32) (516)
translating foreign
operations
Total comprehensive (3 788) 1 110
(loss)/income for the year
Reconciliation of headline
(loss)/earnings
Net (loss)/profit for the (3 756) 1 626
period
Loss on disposal of 843 -
intangible asset
Loss on disposal of tangible - 9
asset
Headline (loss)/earnings (2 913) 1 635
Basic and diluted (3.94) 2.15
earnings/(loss) per share
(cents)
Basic and diluted headline (3.06) 2.16
(loss)/earnings per share (cents)
Number of shares (000`s)
- Issued closing (net of 106 575 75 775
treasury)
- weighted average 95 352 75 777
Condensed Group Statement of
Financial Position
Reviewed Audited
31-Mar-11 31-Mar-10
ASSETS R`000 R`000
Non-current assets
Tangible assets 1 988 2 226
Intangible assets 2 808 4 077
Investment in joint ventures 1 334 1 108
Other investment 15 14
Deferred taxation 136 147
6 281 7 572
Current assets
Trade and other receivables 8 838 8 820
Income tax prepaid 824 -
Other financial asset 15 015 -
Cash and cash equivalents 9 209 5 935
33 886 14 755
Total assets 40 167 22 327
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 32 732 11 788
Accumulated profit (1 352) 3 194
Ordinary shareholders` 31 380 14 982
interest
Non-current liabilities
Current liabilities
Trade and other payables 3 749 2 520
Deferred revenue 5 038 3 873
Income tax payable - 952
8 787 7 345
Total equity and liabilities 40 167 22 327
Net asset value per share 29.4 19.8
(cents)
Net tangible asset value per 26.8 14.4
share (cents)
Condensed Group Statement of
Changes in Equity
Share Share Translation Accumulated Total
capital premium of foreign profit
operations
R`000 R`000 R`000 R`000 R`000
Balance at 1 April 76 11 729 (363) 3 205 14 647
2009
Total comprehensive - - (516) 1 626 1 110
income for the year
ended 31 March 2010
Ordinary dividend (758) (758)
paid
Treasury shares (17) (17)
purchased
Balance at 1 April 76 11 712 (879) 4 073 14 982
2010
Total comprehensive (32) (3 756) (3 788)
income for the year
ended 31 March 2010
Ordinary dividend (758) (758)
paid
Ordinary shares 31 20 913 20 944
issued
Balance at 31 March 107 32 625 (911) (441) 31 380
2011
Condensed Group
Statement of Cash
Flow
Reviewed Audited
12 months 12 months
31-Mar-11 31-Mar-10
R`000 R`000
Cash flows from
operating activities
Cash (1 231) 3 156
(utilised)/generated
by operations
Movements in working 1 211 (800)
capital
Cash (utilised) (20) 2 356
generated by
operating activities
Investment income 842 364
Finance costs (139) (34)
Taxation paid (2 063) (353)
Dividend paid (758) (758)
Net cash flows (2 138) 1 575
(utilised by)/from
operating activities
Cash flows from
investing activities
Acquisition of - (1 795)
intangible assets
Acquisition of (553) (1 948)
tangible assets
Advance from joint 37 -
venture
Investment in other (15 015) -
financial asset
Repayment of loan - 90
receivable
Net cash flows (15 531) (3 653)
(utilised by)/from
investing activities
Cash flows from
financing activities
Shares issued for 20 944 -
cash
Acquisition of - (17)
treasury shares
Net cash flows from 20 944 (17)
financing activities
Net movement in cash and 3 275 (2 095)
cash equivalents for the
period
Cash and cash equivalents 5 935 8 030
at beginning
Cash and cash equivalents 9 210 5 935
at end of period
Financial results
The group achieved another year of strong revenue growth of 30% (2010:
29%). This was achieved by solid growth across our existing platforms and
the first effects of looklocal revenues.
Current year profits have been negatively impacted by the fraudulent
activities of the previous Financial Director, the write-off of
irrecoverable receivables, an increase in the provision for doubtful debts
and the initial costs relating to launching looklocal. The Group has
initiated a criminal charge against the previous Financial Director. The
earnings enhancing benefit of looklocal is only expected to be evident
following the completion of the initial roll-out plan towards the end of
the financial year ending 31 March 2012. looklocal is an important
strategic initiative for the group.
Investment income increased significantly reflecting the benefit of the
issue of 30.8 million shares for R20.9 million cash in August 2010.
The aforegoing has resulted in a net loss of R3.76 million for the year
(2010: net profit R1.63 million), representing a loss of 3.94 cents per
share (2010: 2.15 cents profit per share).
While the group`s operating cash flow for the year reflects the trading
loss reported, the group had in excess of R24 million in cash reserves and
highly liquid investments at year-end and remains debt free.
Operating results
Another year of circa 30% revenue growth confirms that our strategy over
the last 18 months of extending and deepening our various web and broadcast
platforms is producing the desired financial result.
During the year we concluded an arrangement with the Caxton group in terms
of which Moneyweb will build, manage and operate a portfolio of
geographically focused (hyper-local) community websites, under the
looklocal brand. By year-end, 29 looklocal sites had gone live and we
expect to complete the initial roll-out by 31 March 2012. Subsequent to
year end we have launched our first iPad application for Mineweb, which is
available for download on the Apple iTunes store. Plans are well advanced
for additional applications, both on the Apple and Android platforms.
Prospects
We will continue to increase our focus by looking to drive additional
revenues across our flagship platforms. Our decision post year end to
discontinue Mineweb`s joint venture arrangements with Infomine will allow
us to pursue revenue opportunities from which we were previously precluded.
Furthermore, as indicated above, we anticipate increasing contributions
from both looklocal and the roll-out of our Apps strategy as these gain
traction.
Post balance sheet events
There are no other material events subsequent to the year-end that have not
been reflected in the reviewed financial results for the year ended 31
March 2011 or that require further disclosure.
Basis of preparation
Statement of compliance
The reviewed condensed financial statements for the year ended 31 March
2011 have been prepared in accordance with the framework concepts and the
recognition and measurement requirements of International Financial
Reporting Standards ("IFRS") and the AC500 Standards as issued by the
Accounting Practices Board or its successor, and contains the information
required by IAS34: Interim Financial Reporting, and is in compliance with
the requirements of the Companies Act of South Africa and the Listing
Requirements of the JSE Limited
The principal accounting policies used in the preparation of the results
for the year ended 31 March 2011 are consistent with those applied for the
year ended 31 March 2010 and are in terms of IFRS, except for the adoption
of IAS1: Presentation of Financial Statements (Revised) which has had no
impact on the results but affects presentation. International Financial
Reporting Standard 8: Operating Segments is not applicable as the group is
a single segment business.
Basis of measurement
The reviewed condensed financial statements for the year ended 31 March
2011 have been prepared on the historical cost basis with the exception of
certain financial instruments that are stated at fair value.
Going concern
The reviewed condensed financial statements for the year ended 31 March
2011 have been prepared on the going-concern basis since the directors have
every reason to believe that the company has adequate resources in place to
continue in operation for the foreseeable future.
Review opinion
The group`s auditors, BDO South Africa Inc. have reviewed the provisional
condensed financial results for the year ended 31 March 2011 contained in
this announcement and have issued an unmodified conclusion with emphasis
being drawn to the reportable irregularity, as defined in the Auditing
Profession Act, being reported. Particulars of the reportable irregularity
are that suspected fraud took place by a member of management. The board of
directors has reported the matter to the South African Police Service. Due
to the matter being dealt with the reportable irregularity is not
continuing.
Dividend
No dividend is proposed.
Changes to the board
On 8 April 2011 Mr. Danie Wessels resigned as Financial Director and
Company Secretary of the company and Mr. John Donnelly was appointed to
these positions.
On behalf of the Board
Dr Andrew Smith
Executive Chairman
24 June 2011
Corporate Information
Non executive directors: E A Jay; L Sipoyo; T Ncube; L M Hogg; T D Moolman;
P Greyling
Executive directors: Dr A Smith (Chairman), (CEO); A B Hogg; J M Donnelly
Registration number: 1998/025067/06
Registered address: 20 The Piazza, Second Floor, Melrose Arch, 2196
Postal address: PO Box 8, Melrose Arch, 2076
Company secretary: J M Donnelly
Telephone: (011) 344 8600
Facsimile: (011) 344 8601
Transfer secretaries: Computershare Investor Services (Pty) Limited
Auditors: BDO South Africa Incorporated
Designated Adviser: Vunani Corporate Finance
Date: 24/06/2011 14:38:02 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 ] | |||||||||||||
|
|||||||||||||
