| Thu 31 Mar 2005, 14:59 | | Reviewed results for the financial year ended 31 |
|
Moribo - Reviewed results for the financial year ended 31 December 2004 and
renewal of cautionary announcement
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`)
Reviewed results for the financial year ended 31 December 2004 and renewal of
cautionary announcement
Consolidated income statement
Reviewed Audited
Year ended Year ended
31 Dec 31 Dec
2004 2003
R`000 R`000
Revenue 1 505 2 269
Operating loss (4 870) (1 246)
Loss from sale of discontinued operations (936) -
Operating loss before finance costs (5 806) (1 246)
Finance costs (66) -
Loss before taxation (5 872) (1 246)
Taxation - -
Net loss (5 872) (1 246)
Headline loss reconciliation
Net loss attributable in ordinary shareholders (5 872) (1 246)
Loss on sale of discontinued operations 936 -
Headline loss (4 936) (1 246)
Issued ordinary shares 55 230 513 55 230 513
Weighted number of shares in issue 55 230 513 57 001 465
Headline loss per share (8,94) (2,19)
Loss per share (10,63) (2,19)
Consolidated balance sheet
Reviewed Audited
as at as at
31 Dec 31 Dec
2004 2003
R`000 R`000
ASSETS
Non-current assets
Tangible fixed assets 156 216
Intangible assets - 110
Unlisted investments - 4 558
Long-term loans 398 632
Current assets 5 809 7 206
Inventory - 611
Receivables and prepayments 1 351 5 666
Cash and cash equivalents 4 458 929
Total assets 6 363 12 722
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 83 033 83 033
Non-distributable reserves 7 276 7 276
Accumulated loss (84 593) (78 721)
Total shareholders` equity 5 716 11 588
Current liabilities 647 1 134
Accounts payable and accruals 595 1 028
Provisions 52 106
Total equity and liabilities 6 363 12 722
Net tangible asset value per share (cents) 10,35 20,98
Net asset value per share (cents) 10,35 20,98
Consolidated statement of changes in equity
Non-
Share distributable Accumulated
capital reserves loss Total
Balance at 31 December 83 033 7 276 (78 721) 11 588
2003
Current year loss - - (5 872) (5 872)
Balance at 31 December 83 033 7 276 (84 593) 5 716
2004
Consolidated abridged cash flow statement
Reviewed Audited
Year ended Year ended
31 Dec 31 Dec
2004 2003
R`000 R`000
Net cash used in operating activities (1 717) (1 659)
Cash generated from operations (2 197) (2 802)
Interest paid (66) -
Interest received 546 1 143
Net cash from/(used in) investing activities 5 246 (772)
Net cash used in financing activities - (385)
Net increase/(decrease) in cash and cash 3 529 (2 816)
equivalents
Cash and cash equivalents at beginning of year 929 3 745
Cash and cash equivalents at end of year 4 458 929
Comments
Your company reported a headline loss per share of 8,94 cents (2003: 2,19 cents)
and a loss per share of 10,63 cents (2003: 2,19 cents) for the year ended 31
December 2004. The tangible net asset value per share decreased from 20,98 cents
in December 2003 to 10,35 cents as at 31 December 2004.
The financial statements for the year ended 31 December 2004 have been prepared
in 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 years.
The reviewed results of the company, as set out above, have been reviewed by the
company`s auditors, PricewaterhouseCoopers Inc., as required by the JSE
Securities Exchange South Africa. Their review report is available for
inspection at the company`s registered address.
Dividend
The board has resolved not to declare any dividend to shareholders for the year
under review.
Unlisted investments
The investments in the preference shares in Main Street 47 (Pty) Limited and the
loan to WBS Investments (Pty) Limited were redeemed at the end of May 2004 at an
aggregate value of R6 500 000.
Sale of investment
The company sold its investment in The Beverage Worx (Pty) Limited effective
from 1 July 2004 for an amount of R750 000.
Offer to shareholders
Shareholders are reminded that the company announced on 13 December 2004 that
the offer by DNR Capital, a division of Corporate Advisors (Proprietary)
Limited, to acquire all issued shares in Moribo for a consideration of 13 cents
per share, had not been accepted in respect of at least 51% of the issued share
capital of Moribo, and accordingly, that the offer had lapsed.
Directors
The following directors resigned on 27 January 2005: R Biesheuvel, P Mashabela,
H Ndude, M Ramollo and V Zwane. Two new directors were appointed: AJ Hugo and SA
Levitt.
Change of registered address
As of 1 April the registered address of the company will change to: 1st Floor,
Block A, Sandhavon Office Park, 12 Pongola Crescent, Eastgate Ext 17, Sandton.
Renewal of cautionary announcement
Shareholders are referred to the cautionary announcement dated 16 March 2005 and
are advised that negotiations are still in progress which, if successfully
concluded, may have a material impact on the price of the company`s shares.
Accordingly, shareholders are advised to continue exercising caution when
dealing in their shares in the company until a further announcement is made in
this regard.
WS Yeowart
31 March 2005
Directors: WS Yeowart (Executive Chairman), AJ Hugo, SA Levitt, M Lutrin, KN
Michael, A Norman, EP Rechter* * Israel
Registered office: 1st Floor, Block A, Sandhavon Office Park, 12 Pongola
Crescent, Eastgate Ext 17, Sandton
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg
Sponsor: Absa Corporate and Merchant Bank - Corporate Finance, a division of
Absa Bank Limited (Registration number 1986/004797/06)
Date: 31/03/2005 02:37:16 PM
Produced by the JSE SENS Department
