HUGE GROUP LIMITED - Change Statement and Notice of Annual General Meeting

Change Statement and Notice of Annual General Meeting

HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG     ISIN: ZAE000102042
(“Huge” or “the Group” or “the Company”)

CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Change Statement
The company confirms that the board of directors has approved and published
the Integrated Report of the Group for the year ended 28 February 2014.
Furthermore, the Company advises that there were certain changes to the
Provisional Condensed Reviewed Consolidated Results of the Group for the year
ended 28 February 2014 which were released on SENS on 30 May 2014.         The
changes, together with explanations for these changes, are detailed below:

SEGMENTAL INFORMATION

                 Telecom                          Corporate        Inter-segment
                 Grouping         MTS Grouping    Office           transactions         Total
                 R                R               R                                     R


Total revenue    288 329 922      6 426 319       -                (91 178 333)         203 577 908
Cost of sales    (194 492 453)    -               -                85 154 329           (109 338 124)
Gross profit     93 837 469       6 426 319       -                (6 024 004)          94 239 784
Other income     5 976 939        -               563 346          (4 997 409)          1 541 967
Operating
expenses         (82 821 349)     (3 262 585)     (2 755 030)      11 021 413           (77 817 551)
Impairment of
Eyeballs
intangible   –
at company
level            -                (239 747)       -                -                    (239 747)
Operating
profit (loss)    16 992 150       3 163 734       (2 191 684)      -                    17 964 200
Investment
income           718 845          -               378 364          (76 050)             1 021 159
Net change in
fair value of
financial
instruments      531 447          -               (1 335 751)      -                    (804 304)
Income from
equity
accounted
investments      73 170           -               -                -                    73 170
Finance costs    (2 036 593)      (30 960)        (301 499)        76 050               (2 293 002)
Profit (loss)
before income
tax              16 279 019       3 132 774       (3 450 570)      -                    15 961 223
Income tax
(expense)        (4 202 241)      (1 358 637)     932 313          -                    (4 628 565)
Profit(loss)
after income
tax              12 076 778       1 774 137       (2 518 257)                           11 332 658


The previously published segmental information has been amended due to the
reclassification of certain expenses.

STATEMENT OF COMPREHENSIVE INCOME

                               Reviewed               Unaudited        Audited
                                                      31 August
                               28 February 2014       2013             28 February 2013
                               (12 months)            (6 months)       (12 months)
                               R                      R                R
Net profit (loss) for the
period                        11 332 658              3 211 208       (11 889 590)
Owners of the parent          11 852 636              3 664 838       (9 871 164)
Non-controlling interest      (519 978)               (453 630)       (2 018 426)
                              11 332 658              3 221 208       (11 889 592)

Basic and diluted
earnings (loss) per
share (cents)                 13.54                   4.11            (11.01)
Adjusted for:
Impairment of non-current
assets                        0.15                     -               -
Impairment of fixed
assets                        -                        0.01            -
Profit on disposal of
property, plant and
equipment                     (0.03)                   -               -
Impairments of intangible
assets    and     associate
company                                                                6.9

Legal settlement              -                       1.95
Basic     and     diluted
headline earnings (loss)
per share (cents)             13.66                   6.07            (4.07)
Total number of shares in
issue („000)                  80 255                  89 255          89 255
Weighted number of shares
in issue („000)               87 530                  89 255          89 672

The “owners of the parent” and “non-controlling interest” figures were
adjusted due to a reclassification of certain expenses from a non-controlled
entity to a wholly owned subsidiary. This has resulted in a change in the
basic and diluted earnings per share for the year under review from 13.80
cents to 13.54 cents, and a change in the basic and diluted headline earnings
per share from 13.92 cents to 13.66 cents.

The annual financial results of the Company have been audited by BDO South
Africa Incorporated, and their unqualified audit report is available for
inspection at the registered office of the Company, 146a Kelvin Drive,
Woodmead, 2191.

The Integrated Report for the year ended 28 February 2014 has been posted to
shareholders and, in addition, is available on the Company's website at
www.hugegroup.com.

Notice of Annual General Meeting
The Annual General Meeting of the Company will be held at 10:00am on Tuesday,
19 August 2014, in the Woody Woods Boardroom, First Floor, 3M Building, 146a
Kelvin Drive, Woodmead, 2191.

Record Date
The record date on which shareholders of the Company must be registered as
such in the Company's securities register in order to attend and vote at the
meeting is Friday, 8 August 2014.  The last day to trade in order to be
eligible to vote at the annual general meeting will be Friday, 1 August 2014.

Johannesburg
30 July 2014

Designated Advisor
Arcay Moela Sponsors Proprietary Limited

Date: 30/07/2014 10:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.