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Moribo - Unaudited group results for the six months ended 30 June 2004
Moribo Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1919/001318/06)
Share code MRB
ISIN code ZAE000014023
(`Moribo` or `the company`)
Unaudited group results for the six months ended 30 June 2004
Consolidated group income statement
Unaudited Unaudited
for the for the Audited
six months six months for the
ended ended year ended
30 June 2004 30 June 2003 31 Dec 2003
R`000 R`000 R`000
Turnover 1 212 1 011 2 269
Profit/(loss) before taxation (2 615) 262 (1 246)
Taxation - - -
Retained income/(loss) for the period (2 615) 262 (1 246)
Headline earnings/(loss) per share (4,73) 0,45 (2,19)
(cents)
Earnings/(loss) per share (cents) (4,73) 0,45 (2,19)
Consolidated group balance sheet
ASSETS
Non-current assets
Fixed assets 278 232 325
Unlisted investments - 4 558 4 558
278 4 790 4 883
Long-term loans 497 - 632
Current assets 9 077 9 324 7 206
Inventory 972 - 611
Receivables and prepayments 3 636 6 224 5 666
Cash and cash equivalents 4 469 3 100 929
Total assets 9 852 14 114 12 721
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 83 033 83 033 83 033
Non-distributable reserves 7 276 7 276 7 276
Accumulated loss (81 336) (77 213) (78 721)
Total shareholders` equity 8 973 13 096 11 588
Non-current liabilities
Current liabilities 879 1 018 1 133
Trade and other payables 751 926 1 029
Provisions 128 92 104
Total equity and liabilities 9 852 14 114 12 721
Issued ordinary shares 55 230 513 55 230 513 55 230 513
Weighted number of shares in issue 55 230 513 58 351 608 57 001 465
Net tangible asset value per share 16,25 22,44 20,98
(cents)
Net asset value per share (cents) 16,25 22,44 20,98
Statement of changes in equity
Share Non-
capital
and distributable Retained
premium reserves profit/(los Total
s)
Balance at 31 December 83 033 7 276 (78 721) 11 588
2003
Current year loss (2 615) (2 615)
Balance at 30 June 2004 83 033 7 276 (81 336) 8 973
Abridged consolidated group cash flow statement
Unaudited Unaudited
for the for the
six months six months
ended ended
30 June 2004 30 June 2003
R`000 R`000
Cash flow from operating activities (1 153) (632)
Cash generated from operations (1 153) (632)
Interest paid - -
Cash flow from investing activities 4 693 (13)
Net increase/(decrease) in cash and cash 3 540 (645)
equivalents
Cash and cash equivalents at beginning of period 929 3 745
Cash and cash equivalents at end of period 4 469 3 100
Comments
The company`s results for the six months ended 30 June 2004 have been prepared
with reference to and in compliance with South African Statements of Generally
Accepted Accounting Practice - statement AC127, Interim Financial Reporting. The
principal accounting policies applied in the preparation of these interim
financial statements are consistent with those applied in the prior period.
Dividend
The Board has resolved not to declare any dividend to shareholders for the
period under review.
Sale of investments
The company sold its investments in The Beverage Worx (Pty) Limited effective
from 1 July 2004 for an amount of R750 000.
Offer to shareholders
The company announced on 8 September 2004 that DNR Capital, a division of DNR
Corporate Advisors (Proprietary) Limited, has notified the Board of a firm
intention to make an offer (`the offer`), either in its own name or that of its
nominee, to all shareholders of Moribo to acquire all their shares in Moribo for
a cash consideration of 13 cents per share.
A circular, containing the views of the Board on the offer and an opinion from
an independent advisor as to whether or not the offer is fair and reasonable to
Moribo shareholders, will be posted to shareholders within the time period
prescribed in the Securities Regulation Code on Takeovers and Mergers.
On behalf of the Board
WS Yeowart
30 September 2004
Directors: WS Yeowart (Chairman), R Biesheuvel (CEO), M Lutrin, PP Mashabela, KN
Michael, H Ndude, A Norman, M Ramollo, EP Rechter* and VI Zwane *Israeli
Registered office: 2nd Floor, Building 14, The Woodlands, Woodlands Drive,
Woodmead, 2157
Transfer secretaries: Mercantile Registrars, First National House, 11 Diagonal
Street, Johannesburg, 2001
Date: 30/09/2004 07:00:19 AM Produced by the JSE SENS Department
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