|
MORIBO LEISURE LIMITED
(Incorporated in the Republic of
South Africa)
(Registration number:
1919/001318/06)
Share code: MRB ISIN:
ZAE000014023
("Moribo")
Audited consolidated results for the financial year ended 31 December 2002;
Report to shareholders;
Proposed specific share buy back; and
Cautionary announcement
CONSOLIDATED INCOME STATEMENT
Audited Audited
Year ended Year ended
31-Dec 31-Dec
2002 2001
R ` 000 R ` 000
Turnover
1,509 13,543
Operating loss
(891) (1,797)
Finance charges
(1) (19)
Operating loss before
abnormal items (892) (1,816)
Abnormal tems
(1,400) (17,452)
Profit on sale of
Gitam - 4,448
Development cost
written off (1,400) (20,951)
Loan to Share Incentive
Trust written off - (949)
Loss before taxation
(2,292) (19,268)
Taxation
Retained loss
(2,292) (19,268)
Headline loss per
share (cents) (1.53) (3.11)
Loss per share
(cents) (3.92) (32.98)
CONSOLIDATED BALANCE SHEET
ASSETS
Non- current assets
Tangible fixed assets
260 227
Unlisted investments 4,558 4,558
4,818 4,785
Current Assets
9,706 11,987
Receivables and
prepayments 5,961 4,181
Cash and cash
equivalents 3,745 7,806
Total assets
14,524 16,772
EQUITY AND
LIABILITIES
Capital and reserves
Share capital and
premium 83,418 83,418
Non-distributable
reserves 7,276 7,276
Accumulated loss
(77,475) (75,183)
Total shareholders`
equity 13,219 15,511
Current liabilities
1,305 1,261
Accounts payable &
accruals 1,214 1,261
Provisions
91 -
Total equity and
liabilities 14,524 16,772
-
Issued ordinary
shares 58,430,513 58,430,513
Weighted number of shares
in issue 58,430,513 58,430,513
Net tangible asset value
per share (cents) 22.62 26.55
Net asset value per
share (cents) 22.62 26.55
STATEMENT OF CHANGES IN EQUITY
Stated Non- Retained Total
capital distributa profit/(loss)
ble
reserves
Balance at 31 83,418 7,276 (75,183) 15,511
December 2001
Current year loss (2,292) (2,292)
Balance at 31 83,418 7,276 (77,475) 13,219
December 2002
ABRIDGED CONSOLIDATED CASHFLOW STATEMENT
Operating activities
(2,539) (7,430)
Cash generated from
operations (3,957) (8,556)
Interest paid
(1) (19)
Interest received
1,419 1,145
Investing activities
(1,522) 12,685
Financing activities
- (55)
Net increase / (decrease)
in cash and cash (4,061) 5,200
equivalents
Cash and cash equivalents
at beginning of period 7,806 2,606
Cash and cash equivalents
at end of period 3,745 7,806
-
Comments on the results
Your company reported a headline loss per share of 1.53 cents (2001:3.11 cents)
for the year ended 31 December 2002. The tangible net asset value per share
decreased from 26.55 cents in December 2001 to 22.62 cents as at 31 December
2002.
The group financial statements for the year ended 31 December 2002 have been
audited and prepared in accordance with South African Statements of Generally
Accepted Accounting Practice and in the manner required by the Companies Act in
South Africa
Route operations - Lottec Holdings (Pty) Limited
As reported in the results for the six months ended 30 June 2002, the board made
a decision to cease any further investment in the route operation business and
entered into an agreement to dispose of all contracted sites to Mpumalanga Video
Gaming (Pty) Ltd ("Mpumalanga") for a total consideration of R2m. R1m was
received by the company in August 2002 and was therefore not reflected in the
June 2002 results. This amount has been set off against the development cost
under abnormal items in the income statement for these results. This has
resulted in the loss per share in December 2002 being less than that reported in
June 2002. The balance of R1m will become due and payable when and if Mpumalanga
commences operations.
Unlisted investments
The company has continued to invest in an entity, which provides the network
infrastructure to the South African National Lottery. The total amount of R7
887 241 is reflected in unlisted investments and accounts receivable and
includes accrued interest and preference dividends on the total investment.
Specific share buy back - Moribo Investments (Pty) Ltd
The company has finalised a settlement with Moribo Investments (Pty) Ltd
("Moribo Investments"). In October 1997, Moribo acquired from Moribo
Investments Movement Marketing Enterprises (Pty) Ltd and Clara Sports (Pty) Ltd
and issued 4 300 000 Moribo shares as consideration ("the transaction"). A buy
back of 3 200 000 shares by Moribo Leisure from Moribo Investments at 12 cents
per shares, has been negotiated in settlement of a debt owing by Moribo
Investments to Moribo in terms of the warranty provided by Moribo Investments at
the time of concluding the transaction ("the buy back").
The financial effects of the buy back on the results for the year ended 31
December 2002 are set out below. In respect of the earnings per share, it has
been assumed that the buy back was affected on 1 January 2002. In respect of
the net asset value per share, it has been assumed that the buy back was
affected on 31 December 2002.
BEFORE AFTER CHANGE
(cents) (cents) %
Loss per share (3,92) (4,15) (5.9)
Headline loss per share (1.53) (1.62) (5.9)
Net asset value per share 22.62 23.93 5.8
A circular containing details of the buy back will be mailed to shareholders
with the Annual Report and will, in terms of the company`s articles of
association, be subject to the approval of the shareholders of Moribo at the
company`s annual general meeting to be held in April 2003. The notice of the
annual general meeting, where this matter will be dealt with, will be included
in the company`s Annual Report.
Cautionary announcement
Shareholders are advised that Moribo has entered into 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.
By Order of the Board
WS Yeowart R Biesheuvel
Chairman Chief Executive Officer
Sponsor : ABSA Corporate & Merchant Bank - Corporate Finance Division
20 February 2003
Date: 21/02/2003 07:05:01 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||
