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Moribo - Unaudited Group Results For The Six Months Ended 30 June 2005
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 2005
Consolidated income statement
Unaudited Unaudited
for the for the Audited
six months six months for the
ended ended year ended
30 June 2005 30 June 2004 31 Dec 2004
R"000 R"000 R"000
Revenue 254 1 212 1 505
Operating loss (3 006) (2 615) (4 870)
Loss from sale of discontinued - - (936)
operation
Operating loss before finance (3 006) (2 615) (5 806)
costs
Finance costs (1) - (66)
Loss before taxation (3 007) (2 615) (5 872)
Taxation - - -
Net loss (3 007) (2 615) (5 872)
Headline loss reconciliation
Net loss attributable to ordinary (3 007) (2 615) (5 872)
shareholders
Loss from sale of discontinued - - 936
operation
Headline loss (3 007) (2 615) (4 936)
Issued ordinary shares 55 230 513 55 230 513 55 230 513
Weighted number of share in issue 55 230 513 55 230 513 55 230 513
Headline loss per share (5,44) (4,73) (8,94)
Loss per share (5,44) (4,73) (10,63)
Consolidated balance sheet
Unaudited Unaudited Audited
as at as at as at
30 June 2005 30 June 2004 31 Dec 2004
R"000 R"000 R"000
ASSETS
Non-current assets
Tangible fixed assets 18 278 156
Long-term loans 439 497 398
Current assets 4 744 9 077 5 809
Inventory - 972 -
Receivables and prepayments 712 3 636 1 351
Cash and cash equivalents 4 032 4 469 4 458
Total assets 5 201 9 852 6 363
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 (87 600) (81 336) (84 593)
Total shareholders" equity 2 709 8 973 5 716
Current liabilities 2 492 879 647
Accounts payable and accruals 2 025 751 595
Provisions 467 128 52
Total equity and liabilities 5 201 9 852 6 363
Net tangible asset value per 4,90 16,25 10,35
share (cents)
Net asset value per share (cents) 4,90 16,25 10,35
Consolidated statement of changes in equity
Non-
Stated distributable Accumulated
capital reserves loss Total
Balance at 31 December 83 033 7 276 (84 593) 5 716
2004
Current year loss - - (3 007) (3 007)
Balance as at 30 June 83 033 7 276 (87 600) 2 709
2005
Consolidated abridged cash flow statement
Unaudited Unaudited
for the for the
six months six months
ended ended
30 June 2005 30 June 2004
R"000 R"000
Cash flow from operating activities (556) (1 153)
Cash generated from operations (809) (1 153)
Interest received 254 -
Interest paid (1) -
Cash flow from investing activities 130 4 693
Net (decrease)/increase in cash and cash (426) 3 540
equivalents
Cash and cash equivalents at beginning of 4 458 929
period
Cash and cash equivalents at end of period 4 032 4 469
Comments
The company"s results for the six months ended 30 June 2005 have been prepared
with reference to and in compliance with South African Generally Accepted
Accounting Practice Statement AC127, Interim Financial Reporting. The principal
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.
Offer to shareholders
The Board has accepted an offer by IFA Hotels & Resorts KSCC who are the
shareholders of IFA Zimbali Lodge (Pty) Limited to reverse their assets into
Moribo Leisure Limited. The result of this transaction is that existing
shareholders of Moribo will own 2,5% of the new entity and will receive a
dividend being a distribution of existing assets after provisions, of between 5-
7 c.p.s. More details of this transaction were provided in the announcement
dated 9 September 2005.
Director appointment
Mr Andrew Ball was appointed non-executive director on 1 July 2005, which was
announced on SENS on 4 July 2005.
On behalf of the Board
WS Yeowart
30 September 2005
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")
Directors: WS Yeowart (Executive Chairman), A Ball, AJ Hugo, SA Levitt, M
Lutrin, KN Michael, A Norman, EP Rechter* *Israeli
Registered office:
1st Floor, Block "A", Sandhavon Office Park, 12 Pongola Crescent, Eastgate
Extension 17, Sandton, 2146
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg, 2001
Sponsor:
Absa Corporate and Merchant Bank - Corporate Finance, a division of Absa Bank
Limited
(Registration number 1986/004797/06)
Date: 29/09/2005 05:00:08 PM Produced by the JSE SENS Department
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