| Wed 27 Mar 2002, 0:00 | | Moribo Leisure Limited - Audited Consolidated Resu |
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Moribo Leisure Limited
Audited consolidated results for the financial year ended 31 December 2001
Consolidated income statement
Audited Audited
Year ended Year ended
31 Dec 2001 31 Dec 2000
R'000 R'000
Turnover 12 398 29 097
Operating loss from
continuing operations (2 961) (6 283)
Operating loss from
discontinued operations
Operating loss (2 961) (6 283)
Net interest received 1 145 1 542
Operating loss before
abnormal items (1 816) (4 741)
Abnormal items (17 452) -
Profit on sale of Gitam 4 448 -
Development cost
written off (20 951) -
Loan to share incentive
trust written off (949) -
Loss before taxation (19 268) (4 741)
Taxation
Retained loss (19 268) (4 741)
Headline loss per share (3,11) (8,11)
Loss per share (32,97) (8,11)
Abridged consolidated cashflow statement
Audited Audited
Year ended Year ended
31 Dec 2001 31 Dec 2000
R'000 R'000
Operating activities (7 430) 1 256
Cash generated from
operations (8 556) (219)
Interest paid (19) (67)
Taxation paid - -
Interest received 1 145 1 542
Investing activities 12 685 (12 780)
Financing activities (55) (80)
Net increase/(decrease) in
cash and cash equivalents 5 200 (11 604)
Cash and cash equivalents at
beginning of period 2 606 14 210
Cash and cash equivalents
at end of period 7 806 2 606
Consolidated balance sheet
Audited Audited
Year ended Year ended
31 Dec 2001 31 Dec 2000
R'000 R'000
ASSETS
Non-current assets
Tangible fixed assets 227 3 068
Development expenditure - 19 487
Unlisted investments 4 558 8 385
Share incentive scheme - 949
Current assets 11 987 13 194
Inventories - 344
Receivables and prepayments 4 181 10 141
Cash and cash equivalents 7 806 2 709
Total assets 16 772 45 083
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 83 418 83 418
Non-distributable reserves 7 276 7 276
Accumulated loss (75 183) (55 915)
Total shareholders' equity 15 511 34 779
Non-current liabilities
Long-term borrowings - 55
Current liabilities 1 261 10 249
Trade and other payables 1 261 10 146
Bank overdraft - 103
Total equity and liabilities 16 772 45 083
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 costs per share 26,55 26,17
Net asset value per
share (cents) 26,55 59,52
Statement of changes in equity
Non-
distri- Retained
Stated butable profit/
capital reserves (loss) Total
Balance at
31 December
2000 83 418 7 276 (55 915) 34 779
Current
year
profit (19 268) (19 268)
Balance at
31 December
2001 83 418 7 276 (75 183) 15 511
Comments on the results
Your company reported a headline loss per share of 3,11 cents (2000: 8,11
cents), and after adjusting for abnormal items, a loss per share of 32,97
cents (2000: 8,11 cents) resulted. These results include the results of the
company's 45% share in Gitam SA (Pty) Limited from 1 January 2001 to the
date of disposal, interest earned on surplus cash and the return on the
company's unlisted investment. The tangible net asset value per share
increased marginally from 26,17 cents in December 2000 to 26,55 cents as at
31 December 2001.
The results have been prepared in accordance with the South African
Statements of Generally Accepted Accounting Practice, save for the
development costs written off. The accounting policies adopted remain
consistent with those in the financial statements for the year ended 31
December 2000.
Disposal - Gitam SA (Pty) Limited
As reported to shareholders in July and September, the company sold its 45%
share in Gitam SA (Pty) Limited 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 year under review the company spent R1,4m (2000: R4,3m).
Shareholders should note that the previous practice of capitalising the
development expenditure for Lottec was based on GAAP AC122. However, in line
with GAAP AC129 that supercedes GAAP AC122 governing the capitalization of
development expenditure, the board of directors deems it prudent to write
off all capitalised costs. These are reflected as an abnormal item.
Due to the continuous delays in the launch of Route Operations with no
definite steps forward, the significant costs of remaining in the industry
and the current market conditions, and in order to maximise shareholder
returns, the board of directors is currently reviewing its investment
objectives in Route Operations.
Unlisted investments
The returns on the unlisted investments were in line with expectations.
During the year, the company received R2,6m (2000: Nil) on its investment.
By order of the board
27 March 2002
Moribo Leisure Limited (Registration number 1919/001318/06)
Share Code: MRB ISIN Code: ZAE000014023
Directors: Mr A B Mashiatshidi (Chairman), Mr R Biesheuvel (CEO), Mr J
Alderslade, Mr V P Khanyile, Mr M Lutrin,
Ms P Mashabela, Ms H Ndude, Mr M Ramollo,
Mr E P Rechter*, Prof H V Vorster, Mr W S Yeowart,
Mr V Zwane
* Israeli
Registered office: 2nd Floor, Building Number 14, The Woodlands, Woodlands
Drive, Woodmead, 2157
Transfer secretaries: Mercantile Registrars Limited,
First National House, 11 Diagonal Street, Johannesburg, 2001
