| Thu 27 Sep 2001, 0:00 | | Moribo Leisure Limited - Unaudited Interim Results |
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Moribo Leisure Limited
(Registration number 1919/001318/06)
Share Code: MRB ISIN Code: ZAE000014023
Unaudited interim results for the
period ended 30 June 2001
Consolidated income statement
Unaudited Unaudited
for the for the
six months six months
ended ended
30 June 30 June
2001 2000
R'000 R'000
Turnover 12 397 13 185
Operating loss for the period (1 471) (2 256)
Operating loss (1 471) (2 256)
Net interest received 485 745
Operating loss before
abnormal items (986) (1 511)
Abnormal items (16 252) -
Profit on sale of investments 4 842 -
Development cost written off (20 145) -
Loan to share incentive trust
written off (949) -
Loss before taxation (17 238) (1 511)
Taxation - -
Retained loss (17 238) (1 511)
Headline loss per share (1,69) (2,59)
Loss per share (29,50) (2,59)
Abridged consolidated cash flow statement
Unaudited Unaudited
for the for the
six months six months
ended ended
30 June 30 June
2001 2000
R'000 R'000
Operating activities (2 253) 966
Cash generated from
operations (2 738) 221
Interest paid (19) (14)
Taxation paid - -
Interest received 504 759
Investing activities 11 942 (2 523)
Financing activities (1 440) 513
Net increase/(decrease)
in cash
and cash equivalents 8 249 (1 044)
Cash and cash equivalents
at beginning of period 2 607 14 210
Cash and cash equivalents
at end of period 10 856 13 166
Consolidated balance sheet
Unaudited Unaudited
for the for the
six months six months
ended ended
30 June 30 June
2001 2000
R'000 R'000
ASSETS
Non-current assets
Tangible fixed assets 252 4 310
Development expenditure - 16 117
Unlisted investments 5 212 885
Loan to share incentive scheme - 949
5 464 22 261
Current assets 13 442 23 725
Inventories - 399
Receivables and prepayments 1 586 10 160
Short-term loans 1 000 -
Cash and cash equivalents 10 856 13 166
Total assets 18 906 45 986
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 83 418 83 418
Non-distributable reserves 7 276 7 276
Accumulated loss (73 153) (52 685)
Net equity 17 541 38 009
Non-current liabilities
Long-term borrowings - 648
Current liabilities 1 365 7 329
Trade and other payables 1 365 7 329
Bank overdraft - -
Total equity and liabilities 18 906 45 986
Issued ordinary shares 58 430 513 58 430 513
Weighted number of shares
in issue 58 430 513 58 430 513
Net asset value excluding
development cost per
share (cents) 30,02 37,47
Net asset value per
share (cents) 30,02 65,05
Statement of changes in equity
Non-
distri-
Stated butable Retained
capital reserves loss Total
Balance at
31 December 2000 83 418 7 276 (55 915) 34 779
Current year loss (17 238) (17 238)
Balance at
30 June 2001 83 418 7 276 (73 153) 17 541
Comments on the results
The company reported a headline loss per share of 1,69 cents
(2000: 2,59 cents). These results include the results of the Company's 45%
share in Gitam SA (Pty) Ltd from 1 January 2001 to the date of disposal,
interest earned on surplus cash and the return on the Company's unlisted
investments. The net asset value reduced from 65,05 cents per share in June
2000 to 64,05 cents per share as at 30 June 2001. As at 31 December the net
asset value per share was 60,28 cents per share. The increase was
attributable to the profit on the sale of Gitam. The tangible net asset
value per share is 30,02 cents (2000: 37,47 cents).
Advertising - Gitam SA (Pty) Limited
As reported to shareholders in July, the company sold its 45% share in Gitam
SA (Pty) Ltd for a total consideration of R8m. The sale was effective 20
April 2001 and consequently the results reported on include the results of
Gitam for the period ending this date. During this period Gitam recorded a
profit before taxation of R181 182.
The sale of Gitam resulted in a profit of R4,8m and is reflected as an
abnormal item in the income statement.
Route Operations - Lottec Holdings
(Pty) Limited
During the period under review the company spent R658 000
(2000: R3,3m on the preparation for the operation of potential Route
Operations.
The company noted in the annual report for the year ended
31 December 2000 that the preferred bidder for the Central Monitoring System
would be announced during April 2001. It also noted there were two bidders
for the contract. The preferred bidder was announced on 10 April 2001.
However, the losing bidder Maline has filed to have the winning bid be set
aside on the grounds of non-compliance with the RFP's bid process. It should
be noted two independent audit firms audited the bid process. The company is
disappointed that the process has once again been subjected to potential
delay. However, the company is confident there is a genuine desire to
finalise this process, which should be completed by the end of the year.
As previously reported, the investment for Lottec in the Mpumalanga province
will be funded out of internal resources and borrowings.
Shareholders should note that the previous practice of capitalising the
development expenditure for Lottec was based on GAAP
AC 122. However, in line with GAAP AC 129 which supercedes GAAP AC 122,
governing the capitalisation of development expenditure, the board of
directors deems it prudent to write off all capitalised costs. These are
reflected as an abnormal item. In spite of this, the company continues to be
confident with the potential returns in the route operations, once
operational.
Unlisted investments
The returns on the unlisted investments were in line with management's
expectations. During the period under review a total of R1,5m was received
in partial repayment of shareholders' loans. Subsequent to June the company
has received a further R1m from its investment. The company invested a total
of R7,2m as more fully outlined in the company's annual report for the year
ended 31 December 2000. The investment is a financing facility for an
entity, which provides a network facility to the gaming industry.
Further cautionary announcement
Shareholders are advised that Moribo is continuing negotiations, which, if
successfully concluded, may have a material effect on the price of the
Moribo shares.
Accordingly shareholders are advised to exercise caution when dealing in
their shares until a further announcement has been made.
On behalf of the board
A B Mashiatshidi R Biesheuvel
Chairman Chief Executive Officer
Thursday, 27 September 2001
Registered office: 2nd Floor, Building Number 14, The Woodlands, Kelvin
Drive, Woodmead, Sandton, 2157 Transfer secretaries: Mercantile Registrars
Limited, First National House, 11 Diagonal Street, Johannesburg, 2001
