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Moribo Leisure Limited - Unaudited consolidated results for the period
ended 30 June 2002
Moribo Leisure Limited
Registration number 1919/001318/06
Share Code: MRB
ISIN Code: ZAE000014023
Consolidated income statement
Unaudited Unaudited
for the six for the six
months ended months ended
30 June 2002 30 June 2001
R`000 R`000
Turnover 114 12 397
Operating loss from
continuing (987) (1 471)
operations
Operating loss (987) (1 471)
Net interest 687 485
received
Operating loss (300) (986)
before abnormal
items
Abnormal items (2 250) (16 252)
Profit on sale of - 4 842
investments
Development cost (2 250) (20 145)
written off
Loan to Share
Incentive Trust
written off - (949)
Loss before (2 550) (17 238)
taxation
Taxation - -
Retained loss (2 550) (17 238)
Headline loss per (0,51) (1,69)
share
Loss per share (4,36) (29,50)
Abridged consolidated cash flow statement for the six months ended 30
June 2002
Unaudited Unaudited
for the six for the six
months ended months ended
30 June 2002 30 June 2001
R`000 R`000
Operating (1 173) (7 430)
activities
Cash generated from (1 859) (8 556)
operations
Interest paid (1) (19)
Interest received 687 1 145
Investing (1 852) 12 685
activities
Financing - (55)
activities
Net
(decrease)/increase
in cash and
cash equivalents (3 025) 5 200
Cash and cash
equivalents at
beginning of period 7 806 2 606
Cash and cash
equivalents at
end of period 4 781 7 806
Consolidated balance sheet
Unaudited Unaudited
as at as at
30 June 2002 30 June 2001
R`000 R`000
Assets
Non-current assets
Tangible fixed assets 189 252
Unlisted investments 6 945 5 212
7 134 5 464
Current assets 7 089 13 442
Receivables and 2 308 1 586
prepayments
Short-term loan - 1 000
Cash and cash equivalents 4 781 10 856
Total assets 14 223 18 906
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 83 418 83 418
Non-distributable reserves 7 276 7 276
Accumulated loss (77 733) (73 153)
Total shareholders` equity 12 961 17 541
Current liabilities 1 262 1 365
Trade and other payables 1 262 1 365
Total equity and 14 223 18 906
liabilities
Issued ordinary shares 58 430 513 58 430 513
Weighted number of shares 58 430 513 58 430 513
in issue
Net asset value per share 22,18 30,02
(cents)
Statement of changes in equity for the six months ended 30 June 2002
Non-
distri- Accumu-
Stated butable lated
capital reserves (loss) Total
R`000 R`000 R`000 R`000
Balance at
31 December 2001 83 418 7 276 (75 183) 15 511
Current period (2 550) (2 550)
loss
Balance as 30 83 418 7 276 (77 733) 12 961
June 2002
Comments on the results
Your company reported a headline loss per share of 0,51 cents (2001:
1,69 cents). The tangible net asset value per share is 22,18 cents
(2001: 30,02 cents).
The results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the accounting
policies adopted remain consistent with the financial statements for the
period ended 30 June 2001.
Route operations - Lottec Holdings (Pty) Limited
As reported in the results for the financial year ended 31 December
2001, the board of directors has made a decision to cease any further
investments in the route operations industry and has entered into an
agreement to dispose of all contracts signed with the various sites to
Mpumalanga Video Gaming (Pty) Limited for a total consideration of R2m.
R1m was paid on signature of the agreement and was received by the
company subsequent to the period reported, and the balance of R1m will
be paid when Mpumalanga commences operations. The sale did not include
the disposal of the route operations licence held by Lottec (Mpumalanga)
(Pty) Limited. The decision to dispose of this investment was taken
after much deliberation but is reflective of the acute frustration
incurred by the company over many years. The company has invested
considerable time and resources in the route operations since 31
December 1997. In 1998, Lottec (Mpumalanga) (Pty) Limited was awarded
the route operations licence for Mpumalanga by the Mpumalanga Gaming
Board. Since then the industry has been subject to prevarication and
indecision from the National Government concerning the future of route
operations. This has led to the withdrawal of major international
operators at losses in the region of R400m. In view of this lamentable
state of affairs your company has had no alternative but to withdraw and
cease further investment.
The development costs of R2,2m reflected in the income statement take
into account all feasible costs including the retrenchment of staff and
no further costs are anticipated to be incurred.
Unlisted investments
The company has continued to invest in an entity, which provides part of
the network infrastructure to the South African National Lottery. The
total amount is reflected in unlisted investments and includes accrued
interest and preference dividends on the investment.
Changes to the board of directors
Prof H V Vorster has resigned from the board with effect from 17
September 2002. The board conveys its appreciation for Prof Vorster`s
invaluable contribution.
Future prospects
The board is reviewing a number of opportunities not necessarily related
to the gaming industry.
By order of the board
17 September 2002
Moribo Leisure Limited Registration number 1919/001318/06
Share Code MRB ISIN Code ZAE000014023
Board of directors: Mr W S Yeowart (Chairperson), Mr R Biesheuvel (Chief
Executive Officer), Mr M Lutrin, Ms P Mashabela, Mr K Michael, Ms H
Ndude, Mr A Norman, Mr M Ramollo, Mr E P Rechter*, Prof H V Vorster, Mr
V Zwane
*Israel
Transfer secretaries: Computershare Investor Services Limited
(Registration number 1958/003546/06)
10th Floor, 11 Diagonal Street, Johannesburg, 2001, PO Box 1053,
Johannesburg, 2000, South Africa
Registered office: 2nd Floor, Building 14, The Woodlands, Woodmead
Drive, Woodmead, 2157
PO Box 784583, Sandton, 2146
Date: 18/09/2002 08:00:00 AM Produced by the JSE SENS Department
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