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MICROmega - Quaterly Results
MICROmega Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/003821/06
Share code MMG ISIN ZAE000034435
("Micromega" or "the Company")
UNAUDITED GROUP RESULTS
For the three months ended 31 March 2002
Increase in attributable earnings 23%
Increase in headline earnings 19%
SUMMARISED INCOME STATEMENT 31 March 31 March Percentage
UNAUDITED 2002 2001 Change
R (` 000) R (` 000)
Operating income 11 423 9 003 27
Interest income 705 623
Net income before taxation 12 128 9 626 26
Taxation 2 967 2 188
Profit attributable to shareholders 9 161 7 438 23
Weighted average number of shares 76 332 74 000
Headline earnings per share 12.0 10.1 19
ABRIDGED BALANCE SHEET 31 March 31 March 31 December
UNAUDITED 2002 2001 2001
R (` 000) R (` 000) R (` 000)
ASSETS
Non-current assets 14 884 17 759 15 937
Goodwill 89 450 77 240 87 871
Current assets
Accounts receivable 8 407 5 454 8 942
Bank balances 35 625 30 287 41 333
Total assets 148 366 130 740 154 083
EQUITY AND LIABILITIES
Capital and reserves 91 736 74 381 69 273
Non-current liabilities 26 188 40 990 46 441
Current liabilities
Taxation 3 941 4 400 4 790
Accounts payable 4 806 4 107 9 522
Income received in advance 10 839 1 362 10 839
Current provisions 10 856 5 500 13 218
Total equity and liabilities 148 366 130 740 154 083
COMMENTARY ON RESULTS
We are pleased to report that our financial intermediary services continue
to perform favorably. We are however disappointed with our ability in
MICROmega Revenue Management Services to leverage earnings through the
delivery of asset and liability management solutions into our revenue
management client base. Our inability is primarily attributed to the slow
down in public sector capital expenditure and the scarcity of long-term
private sector investors willing to invest in the municipal debt market.
Whilst we were aware of these fundamentals when we entered this market all
indications from both Local Government and investors was the resurgence of
infrastructural development with an improved perception of municipal debt
investment during 2002. We believe that in the short to medium term this
market condition will remain unchanged and we will therefore not place
reliance on this sector as a contributor to superior profit growth.
Whilst we are disappointed with our inability to add value to the municipal
sector which we believe has need for our asset and liability management
services we are pleased to report that our current revenue management
business is responsible for the management of over R9 billion of annual
municipal and public utility revenues. The business is performing well and
we continue to enjoy strong market penetration and solid annuity income.
MICROmega Securities, our inter-dealer brokering operation, continues to
perform in line with expectation.
Global Credit Ratings has had a successful first quarter. The higher
reliance being placed on ratings in the local market and our strategic
position as the leading rating agency on the African continent should ensure
continued high earnings growth from this operation.
Quarterly reporting
The Board has elected to discontinue quarterly reporting and will in future
only report the Groups interim and final financial results.
By order of the Board
Directors: J E Newbury (Non - Executive Chairman), I G Morris (Managing
Director), A G Fletcher, M M Ngoasheng, F R Proudfoot
Date: 03/06/2002 08:15:06 AM Produced by the SENS Department
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