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MICROmega Holdings Limited - Audited Abridged Group Results For The Year Ended
31 December 2002
MICROmega Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/003821/06
Share code MMG ISIN ZAE000034435
("Micromega" or "the Company")
AUDITED ABRIDGED GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
ABRIDGED INCOME STATEMENT
Year ended Year ended
31 December 31 December
2002 2001
Note R("000) R("000)
Gross revenue 97 209 100 284
Operating profit 19 139 37 719
Net finance income 3 111 3 332
Equity accounted profits 285 -
Profit before taxation 22 535 41 051
Taxation (7 107) (7 092)
Headline earnings 15 428 33 959
Write off of associate company - (5 104)
Exceptional item 2 (4 270)
Amortisation of goodwill (35 397) (24 262)
Profit/(Loss) attributable to
shareholders (24 239) 4 593
Headline earnings per
share (cents) 18.46 45.14
Earnings/(Loss) per
share (cents) (29.00) 6.10
Fully diluted earnings/(Loss)
per share (cents) (28.67) 5.48
Weighted average number of shares 83 577 75 237
Diluted weighted average
shares in issue 84 540 83 833
Total number of shares in issue 85 905 76 377
ABRIDGED CASH FLOW STATEMENT
Year ended Year ended
31 December 31 December
2002 2001
R("000) R("000)
Cash generated by operations 22 026 41 267
Net investment income 3 111 3 332
Taxation paid (7 706) (7 555)
Dividends - cash portion (5 317) -
Secondary tax on companies (664) (124)
Net cash from operating activities 11 450 36 920
Net cash from investing activities (18 419) (19 023)
Capital raised 22 907 130
Loans repaid (18 402) (5 977)
Net cash from finance activities 4 505 (5 847)
Net (decrease)/increase in
bank and cash (2 464) 12 050
Represented as follows:
Bank and cash at beginning
of the period 41 333 29 283
Bank and cash at end of the period 38 869 41 333
Net (decrease)/increase in
bank and cash (2 464) 12 050
ABRIDGED BALANCE SHEET
Year ended Year ended
31 December 31 December
2002 2001
Note R("000) R("000)
ASSETS
Non-current assets
Fixed assets 4 692 6 121
Goodwill 3 51 483 67 060
Deferred taxation 4 584 6 345
Loans receivable 3 875 140
Investment in associates 1 089 -
Investments 1 573 3 331
Current assets
Bank and cash 38 869 41 333
Other current assets 8 694 9 678
Total assets 114 859 134 008
EQUITY AND LIABILITIES
Capital and reserves
Shareholders" equity 62 018 69 736
Non-current liabilities
Borrowings 18 694 32 659
Current liabilities
Taxation 1 896 4 897
Other current liabilities 11 189 10 951
Income received in advance 2 252 3 039
Provisions 18 810 12 726
Total equity and liabilities 114 859 134 008
Net asset value per share (cents) 72.19 91.30
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policy
The financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
are consistent with those of the previous year, except as otherwise indicated.
2. Exceptional Item
This covers costs associated with the need of the group to protect itself
from the impact of negative publicity surrounding two of it"s previous
directors.
3. Goodwill
Carrying value Additions Amortisation Carrying value
1 January 31 December
2002 2002
R"(000) R"(000) R"(000)
Goodwill
arising from
acquisition 67 060 19 820 (35 397) 51 483
Goodwill represents the excess of the cost of acquisition over the fair value
of net assets of the subsidiaries on acquisition. Goodwill is amortised using
the straight line method over the lesser of the profit warranty period
associated with the specific acquisition or five years. The carrying amount of
goodwill is reviewed annually and written down for any permanent impairment
where considered necessary.The additional goodwill arose as a result of
subsidiaries acquired previously meeting profit warranties.
STATEMENT OF CHANGES IN EQUITY
Accumu-
Share Share lated
capital premium NDR loss Total
R("000) R("000) R("000) R("000) R("000)
Balance at 1 January 2001 725 118 930 - (54 458) 65 197
Net profit for the year as restated - - - 4 593 4 593
Revaluation of foreign entity"s
opening reserves (2 208) 2 208 -
Foreign currency translation reserve (184) (184)
Dividends 36 14 464 (14 500) -
Issue of shares 3 249 252
Share issue expenses (122) (122)
Restated balance at 31 December 2001 764 133 521 (2 392)(62 157) 69 736
Net loss for the period (24 239) (24 239)
Dividends 29 11 236 - (16 582) (5 317)
Revaluation of foreign entity"s
opening reserves 1 983 (1 983) -
Foreign currency translation reserve (1 070) (1 070)
Issue of shares 66 22 934 - - 23 000
Share issue expenses (92) (92)
Balance at 31 December 2002 859 167 599 (1 479)(104 961) 62 018
COMMENTARY ON RESULTS
The results for the year under review reflect both the impact costs
associated with closure of operating divisions and the negative effect on
operations as a result of market opportunities not being available to certain of
our operating divisions. This was largely a function of the extended publicity
surrounding our former CEO, Dave King. We believe that the market would have
allowed growth in earnings per share in the absence of this publicity. No
dividend has been declared for the period.
PROSPECTS
We experienced a number of event risks subsequent to the year under review.
These include the resignation of the managing director and all non-executive
directors, a change in auditors and more recently the resignation of our
sponsoring brokers. The newly constituted board is reviewing various
alternatives to protect shareholder value and further announcements will be made
shortly.
The annual financial statements have been audited by the group auditors P.R.
Niven & Company, the audit opinion is available for inspection at the companies
registered offices.
By order of the Board
Directors: A W Browne R Gibbs G M Kelly F J Pretorius
Company Secretary: A W Browne
MICROmega Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/003821/06
Share code MMG ISIN ZAE000034435
("Micromega" or "the Company")
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