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Details Regarding The Annual General Meeting Of The Company And Change Statement
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or “the Group” or “the Company”)
DETAILS REGARDING THE ANNUAL GENERAL MEETING OF THE COMPANY AND
CHANGE STATEMENT
ANNUAL GENERAL MEETING
Shareholders are advised that the Company’s annual report
incorporating the audited annual financial statements for the year
ended 29 February 2012 (“the Annual Report”) was posted to
shareholders on 31 August 2012. The Annual General Meeting of the
Company will be held at 10:00am on Friday, 28 September 2012, in
the Woody Woods Boardroom, First Floor, 3M Building, 146a Kelvin
Drive, Woodmead, 2191.
CHANGE STATEMENT
The audited annual financial statements contain the following
modifications to the reviewed results released on SENS on 31 May
2012:
STATEMENT OF COMPREHENSIVE INCOME
SENS Annual Report
(reviewed) (audited) Difference
Note R R R
Revenue 388 854 143 388 854 143 -
Cost of sales (314 182 808)
Gross Profit 74 671 335 74 671 335 -
Other income 1 2 140 083 4 253 833 2 113 750
Operating
expenses 2 (79 054 428) (81 898 821) (2 844 393)
Operating loss 1,2 (2 243 010) (2 973 653) (730 643)
Investment
income 3 833 047 1 452 827 619 780
Net change in
fair value of
financial
instruments (2 662 602) (2 662 602) -
Loss from
equity
investments 61 733 61 733 -
Finance costs 3 (1 882 063) (2 501 843) (619 870)
(Loss)/profit
before taxation 1,2 (5 892 895) (6 623 538) (730 643)
Income tax
credit/(expense
) 1,2 2 213 068 2 213 040 (28)
Net (loss)/
profit for the 1,2 (3 679 827) (4 410 498) (730 671)
year
Non-controlling
interest 151 309 151 309 -
Net (loss)/
profit
attributable to
owners of the
company 1,2 (3 831 136) (4 561 808) (730 672)
Earnings before
interest,
taxation,
depreciation
and
amortisation 4 2 520 041 3 319 748 799 707
Basic (loss)/
earnings per
share (cents) 5 (4.05) (4.82) (0.75)
Headline
(loss)/
earnings per
share (cents) 5 (5.04) (5.88) (0.84)
Diluted (loss)/
earnings per
share (cents) 5 (4.05) (4.82) (0.75)
Diluted
headline
(loss)/earnings
per share
(cents) 5 (5.04) (5.88) (0.84)
Total number of
shares in issue
(‘000s) 90 942 90 942 -
Weighted number
of shares in
issue (‘000s) 94 586 94 586 -
(Loss)/
earnings
attributable to
ordinary
shareholders 1,2 (3 831 136) (4 410 498) (730 671)
Adjusted for:
(Loss)/profit
on disposal of
property, plant
and equipment 5 1 901 793 - (1 901 793)
Tax effect 5 (532 502) - 532 502
Profit on
disposal of
associate
company 5 (2 685 372) - 2 685 372
Tax effect 5 375 952 - (375 952)
Headline
(loss)/
earnings 5 (4 771 265) (5 662 272) (891 007)
Notes:
1. The realisation of a non-distributable reserve of R71 500 was
moved from income to equity. The remainder of the change
relates to the elimination of intergroup management fees
arising from a classification difference between other income
and operating expenses, and amounting to R2,113,750.
2. Due to the lapsing of the Eyeballs option an amount of
R659 393 was moved from operating expenses to equity. The
balance of the change relates to a classification difference
between other income and operating expenses.
3. Interest paid was reclassified to interest received.
4. The difference is attributable to the increased loss
resulting from the amendments mentioned in notes 1 – 3 above.
5. The reclassifications mentioned in notes 1 – 3 above resulted
in an increase in the loss attributable to ordinary
shareholders, thereby affecting earnings and headline
earnings per share.
STATEMENT OF FINANCIAL POSITION
SENS Annual Report Difference
(Reviewed) (Audited)
Note R R R
Assets 1 275 918 326 276 654 761 736 435
Property, plant
and equipment 33 025 064 33 025 064 -
Goodwill 215 153 478 215 153 482 4
Intangible assets 15 392 172 15 392 170 (2)
Investments in
joint venture 562 230 562 230 -
Investments in
associate 1 (736 461) - 736 461
Investments 263 159 263 159 -
Deferred tax 12 258 684 12 258 656 (28)
Current Assets 2,3 115 247 005 115 500 927 253 922
Inventories 9 151 439 9 151 439 -
Trade and other
receivables 2 81 281 923 81 335 887 53 964
Loans to associate
companies 3 - 199 958 199 958
Current tax
receivable 164 404 164 404 -
Derivative margin
deposits 4 - 7 275 924 7 275 924
Cash and cash 4 24 649 239 17 373 315 (7 275 924)
equivalents
Total assets 5 391 165 331 392 155 688 990 357
Equity 222 707 478 222 707 448 (30)
Share capital 9 024 9 024 -
Share premium 214 395 559 214 395 559 -
Reserves (1 074 561) (1 074 562) (1)
Retained earnings 10 498 952 10 498 923 (29)
Equity
attributable to
equity holders of
parent 223 828 974 223 828 944 30
Non-controlling
interest (1 121 496) (1 121 496) -
Non-current
liabilities 6,7 1 798 081 2 980 092 1 182 011
Finance lease
obligations 6 445 550 445 550
Deferred tax 1 798 081 1 798 081 -
Investment in
associate 7 - 736 461 736 461
Current
liabilities 166 659 772 166 468 148 (191 624)
Loans from
associates 8 1 464 324 - (1 464 324)
Loans from
shareholders 9 1 886 082 2 851 384 965 302
Other financial
liabilities 10 - 2 698 982 2 698 982
Finance lease
obligation 6 739 571 294 020 (445 551)
Trade and other
payables 2,11 145 172 003 143 225 971 (1 946 032)
Bank overdraft 17 361 308 17 361 308 -
Current tax
payable 36 484 36 484 -
Total equity and
liabilities 5 391 165 331 392 155 688 990 358
Notes:
1. The investment in an associate company was reclassified from
an asset to a liability, as the amount reflected in the
reviewed results was a negative asset amount.
2. Certain items contained in trade receivables and trade
payables were reclassified, resulting in amended totals for
these items.
3. The amount disclosed in the SENS announcement of 31 May 2012
was a net amount, which was then split and disclosed
separately.
4. Derivative margin deposits were previously included in cash
and cash equivalents, but have now been disclosed separately.
5. The net effect of the adjustments discussed in notes 1 -4 to
the Statement of Financial Position.
6. Finance lease obligations have been re-disclosed after being
split between current and non-current liabilities.
7. The investment in associate companies was moved from assets
to liabilities, as the asset disclosed was a negative asset.
8. The loan from associates disclosed in the SENS announcement
dated 31 May 2012 related to a loan from TelePassport
Proprietary Limited, which loan has been moved to “other
financial liabilities”.
9. The loans from shareholders were adjusted to take into
account the crediting of certain amounts owed to
shareholders, to their respective shareholder loans.
10. Certain amounts which had been included in shareholder loans
were transferred to other financial liabilities.
11. An amount of R2 000 000 which was included in “trade and
other payables” was moved to shareholder loans.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
SENS Annual Report
(reviewed) (audited) Difference
R R R
Balance at 1 March
2011 234 204 128 234 204 128 -
Total comprehensive
(loss) / income for
the period (3 902 386) (4 410 498) (508 112)
Purchase of own
shares (6 713 374) (6 713 373) 1
Lapsing of Eyeballs
call option (659 392) - 659 392
Transfer of call
option premium to
share premium on
exercise of call
options 350 877 350 877 -
Acquisition of call
options (723 684) (723 685) (1)
Balance at 29
February 2012 222 707 479 222 707 448 (29)
Note:
The lapsing of the Eyeballs option was moved from operating
expenses to equity.
CONSOLIDATED STATEMENT OF CASH FLOWS
SENS Annual Report
(reviewed) (audited) Difference
R R R
Cash flows from
operating activities 22 010 910 11 957 357 (10 053 553)
Cash flows from
investing activities 6 860 303 5 271 894 (1 508 409)
Cash flows from
financing activities (11 561 297) (7 195 260) 4 366 037
Net cash movement for
the period 17 309 916 10 033 991 (7 275 925)
Cash at the beginning
of the period (10 021 984) (10 021 984) -
Cash and cash
equivalents acquired - - -
Total cash at the end
of the period 7 287 932 12 007 (7 275 925)
Note:
The amendments to the cash flow statement were as a result of the
amendments made to the Statement of Financial Position, Statement
of Comprehensive Income and Statement of changes in Equity, as
disclosed in the notes above.
Johannesburg
4 September 2012
Designated Advisor
Arcay Moela Sponsors (Pty) Limited
Date: 04/09/2012 08:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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