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Moribo Leisure Limited - Reviewed Consolidated Results For The Financial Year
Release Date: 15/04/2004 07:03:01 Code(s): MRB
MORIBO LEISURE LIMITED - REVIEWED CONSOLIDATED RESULTS FOR THE FINANCIAL YEAR
ENDED 31 DECEMBER 2003 AND CAUTIONARY ANNOUNCEMENT
Moribo Leisure Limited
(Reg No: 1919/001318/06)
(Incorporated in the Republic of South Africa)
JSE Share code: MRB
ISIN: ZAE000014023
("Moribo" or "the company")
REVIEWED CONSOLIDATED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2003 AND
CAUTIONARY ANNOUNCEMENT
Consolidated Group Income Statement
Reviewed Audited
Year ended Year ended
31 December 31 December
2003 2002
R"000 R"000
Turnover 2 269 1 509
Operating loss from
continuing operations (1 246) (891)
Development cost written off - (1 400)
Operating loss (1 246) (2 291)
Finance charges - (1)
Loss before taxation (1 246) (2 292)
Taxation - -
Retained loss (1 246) (2 292)
Headline loss per share (cents) (2,19) (3,92)
Loss per share (cents) (2,19) (3,92)
Abridged Consolidated Group Cash Flow Statement
Reviewed Audited
Year ended Year ended
31 December 31 December
2003 2002
R"000 R"000
Operating activities (1 659) (2 539)
Cash generated from operations (2 802) (3 957)
Interest paid - (1)
Interest received 1 143 1 419
Investing activities (772) (1 522)
Financing activities (385) -
Net decrease in cash and
cash equivalents (2 816) (4 061)
Cash and cash equivalents at
beginning of year 3 745 7 806
Cash and cash equivalents at
end of year 929 3 745
Consolidated Group Balance Sheet
Reviewed Audited
Year ended Year ended
31 December 31 December
2003 2002
R"000 R"000
Assets
Non-current assets
Tangible fixed assets 325 260
Unlisted investments 4 558 4 558
Long-term loans 632 -
5 515 4 818
Current assets 7 206 9 706
Inventory 611 -
Receivables and prepayments 5 666 5 961
Cash and cash equivalents 929 3 745
Total assets 12 721 14 524
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 83 033 83 418
Non-distributable reserves 7 276 7 276
Accumulated loss (78 721) (77 475)
Total shareholders" equity 11 588 13 219
Current liabilities 1 133 1 305
Accounts payable and accruals 1 029 1 214
Provisions 104 91
Total equity and liabilities 12 721 14 524
Issued ordinary shares 55 230 513 58 430 513
Weighted number of shares in issue 57 001 465 58 430 513
Net tangible asset value per share (cents) 20,98 22,62
Net asset value per share (cents) 20,98 22,62
Statement Of Changes In Equity
Non-
distri- Retained
Stated butable profit/
capital reserves (loss) Total
R"000 R"000 R"000 R"000
Balance at 31 December 2002 83 418 7 276 (77 475) 13 219
Share buyback (385) - - (385)
Current year loss - - (1 246) (1 246)
Balance as 31 December 2003 83 033 7 276 (78 721) 11 588
Comments On The Results
The results have been reviewed and prepared in accordance with Statements of
Generally Accepted Accounting Practice and in the manner required by the
Companies Act in South Africa.
Specific Share Buyback
On 10 July 2003, the shareholders voted unanimously at the general meeting to
acquire 3 200 000 ordinary shares in the issued share capital of the company
from Moribo Investments at a purchase consideration of 12 cents per share. The
results have taken into consideration the effects of the share buy back.
The Acquisition Of An Investment In A Beverages Bottling Plant
The company announced in its results for the six months ended 30 June 2003 that
subject to certain suspensive conditions to acquire 60% of a bottling plant in
Gauteng. The company announced on 2 March 2004 that due to the non-fulfillment
of certain of the suspensive conditions the agreements that failed had no
further force or effect.
Future Of The Company And Cautionary Announcement
The company is continuing to evaluate several opportunities including the
possibility of disposing of certain investments and potentially making a
distribution to shareholders. The financial statements have been prepared on a
going concern basis, which is dependent on there being sufficient business
opportunities in the future.
Shareholders are referred to the announcement of 2 March 2004 and are advised to
continue to exercise caution in their share dealings.
PricewaterhouseCoopers have reviewed the results and the accounts are open for
inspection at the registered office of the company.
By order of the board
WS Yeowart
30 March 2004
Board Of Directors:
Mr WS Yeowart (Chairperson),
Mr R Biesheuvel (Chief Executive Officer),
Mr M Lutrin, Ms P Mashabela, Mr KN Michael, Ms H Ndude,
Mr A Norman, Mr M Ramollo, Mr EP Rechter*, Mr V Zwane
*Israeli
Transfer Secretaries:
Computershare Limited
(Registration number 1958/003546/06)
Registered Office:
2nd Floor,
Building 14,
The Woodlands,
Woodlands Drive,
Woodmead,
2157
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