Wrap Text
Preliminary audited summarised condensed financial results for the year ended 28 February 2022
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“the Company” or “Huge Group”)
SHORT-FORM ANNOUNCEMENT: PRELIMINARY AUDITED SUMMARISED CONDENSED FINANCIAL
RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2022 AND AVAILABILITY OF INTEGRATED ANNUAL REPORT
The board of directors of the Company (the Board) is pleased to present the financial results for
the reporting period ended 28 February 2022 (Financial Results).
SALIENT FEATURES
Huge Group is an investment entity in terms of International Financial Reporting Standards (IFRS),
more specifically IFRS10. The performance measures relevant to the Company’s financial results
are:
Financial year ended Financial year ended
28 February 28 February
2022 2021
(Audited) (Audited)
Operating profit 557 486 896 69 076 044
Headline earnings per share cents 58.81 27.67
Earnings per share cents 299.85 23.47
Net asset value per share cents 896.75 594.90
DIVIDEND
No dividends will be declared for the year ended 28 February 2022 (FY2021: Nil).
CHANGE IN INVESTMENT ENTITY STATUS AND EARNINGS
IFRS requires that an entity assess and reassesses whether it is an investment entity if facts or
circumstances indicate changes to one or more of the elements in the definition of an investment
entity or the typical characteristics of an investment entity.
Huge Group’s focus on value creation for its shareholders has not changed. However, the factors
detailed in the full announcement explain why Huge Group reassessed its status in terms of IFRS10.
It was determined that Huge Group became an investment entity with effect from 1 March 2021.
Accordingly, the performance of Huge Group’s investment portfolio is measured with reference
to the fair value of each of its investments, rather than the consolidated profitability of Huge Group
and its subsidiary companies.
Where an entity’s status changes to that of an investment entity, it does not consolidate its
subsidiaries, but rather measures its subsidiaries at fair value through profit or loss. This change in
accounting is applied prospectively, with no adjustment to prior year comparatives. However, an
investment entity continues to consolidate subsidiaries that provide services related to the
investment entity’s investment activities (i.e. those wholly owned subsidiaries comprising Huge
Group’s head office operations).
As a result of Huge Group’s change in status, its financial statements for the year ended 28
February 2022, prepared in accordance with IFRS, are not comparable to prior years.
AVAILABILITY OF INTEGRATED ANNUAL REPORT
The Company’s integrated annual report, incorporating the audited financial statements for the
year ended 28 February 2022, is available on the Company’s website at:
www.hugegroup.com/huge-group-unlocking-business-opportunity-financials/.
The integrated annual report contains a notice of annual general meeting, which will be held by
electronic communication, on Wednesday, 10 August 2022 at 11:00.
The last day to trade in order to be eligible to participate in and vote at the annual general
meeting is Tuesday, 26 July 2022 and the record date for voting purposes is Friday, 29 July 2022.
The Company’s integrated annual report and notice of annual general meeting will be issued to
shareholders on Tuesday, 31 May 2022.
SHORT-FORM ANNOUNCEMENT
This short form announcement is the responsibility of the Board and is only a summary of the
information contained in the full announcement (the Full Announcement) and the integrated
report (the Integrated Report).
The Financial Results have been audited by Huge Group’s auditor, Moore Johannesburg
Incorporated, who have expressed an unmodified audit conclusion thereon. The audit report
includes disclosure of key audit matters relating to Huge Group’s accounting as an investment
entity in terms of IFRS and the valuation of its unlisted investments. These matters are disclosed on
pages 59 to 61 of Huge Group’s consolidated annual financial statements for the year ended 28
February 2022, which are available on the Company’s website at www.hugegroup.com/huge-
group-unlocking-business-opportunity-financials/.
This short-form announcement does not contain full or complete details pertaining to Huge
Group’s results. Any investment decisions by investors and/or shareholders should therefore be
based on consideration of the Full Announcement and the Integrated Report, which may be
downloaded from the Company’s website at:
www.hugegroup.com/huge-group-unlocking-business-opportunity-financials/
and which may be viewed at the registered offices of the Company and the Sponsor, at no
charge, during office hours from the date of this announcement for a period of 30 days. The Full
Announcement is also available on the JSE’s website at:
https://senspdf.jse.co.za/documents/2022/jse/isse/HUG/ye2022.pdf.
Registered office
Unit 6, 1 Melrose Boulevard, Melrose Arch, Johannesburg, 2057
Johannesburg
31 May 2022
JSE Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 31-05-2022 05:15:00
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