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MICROmega Holdings Ltd FY 2012 results
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MICROmega Holdings Ltd FY 2012 results

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MICROmega Holdings Ltd FY 2012 results

MICROmega Holdings Ltd FY 2012 results

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    MICROmega Holdings Ltd FY 2012 results MICROmega Holdings Ltd FY 2012 results Document Transcript

    • CONTENTS AUDITED CONDENSED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS BACK AUDITED CONDENSED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS for the year ended 31 December 2012 MICROmega HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1998/003821/06 Share code MMG ISIN ZAE000034435 “MICROmega” or “the Company” Summarised Group Statement of Financial Position Summarised Group Statement of Comprehensive Income Summarised Group Statement of Changes in Equity Summarised Group Statement of Cash Flows Notes to the Financial Statements 2 3 4 5 6 FORWARD FORWARD 11
    • CONTENTS SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION BACK 2 FORWARD SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION Audited as at 31 December 2012 (R’000) Audited as at 31 December 2011 Restated (R’000) Audited as at 1 January 2011 Restated (R’000) ASSETS Non-current assets 237 998 272 305 262 828 Property, plant and equipment Intangible assets Investment in associates Other investments Loans receivable Deferred tax assets 143 910 48 471 27 163 2 188 43 239 147 033 67 421 2 038 1 573 23 606 30 634 141 332 62 902 2 476 6 695 24 677 24 746 Current assets 240 493 244 156 242 036 Inventories Retirement benefits Trade and other receivables Current portion of loans receivable Cash and other investments Income tax receivable Non-current assets classified as held for sale 2 542 1 881 109 725 18 618 107 727 - 43 793 21 381 134 467 13 539 23 742 642 6 592 51 631 26 844 113 330 3 539 20 963 1 043 24 686 Total assets 478 491 516 461 504 864 Share capital and premium Non-distributable reserves Retained earnings 179 169 14 834 95 392 187 022 16 653 83 014 190 797 15 888 76 802 Total equity attributable to owners of the company Non-controlling interests 289 395 18 654 286 689 24 303 283 487 16 189 Total equity 308 049 310 992 299 676 Non-current liabilities 69 835 76 480 69 877 Borrowings Deferred tax liabilities 55 960 13 875 65 192 11 288 56 576 13 301 100 607 128 989 135 311 12 901 80 369 534 5 904 899 9 065 14 418 99 066 534 5 906 - 11 844 31 886 82 286 789 8 506 - Total liabilities 170 442 205 469 205 188 Total equity and liabilities 478 491 516 461 504 864 311.97 259.71 304.04 232.54 293.88 228.68 EQUITY AND LIABILITIES Equity Liabilities Current liabilities Bank overdraft Current portion of borrowings Trade and other payables Deferred vendor payments Provisions Income tax payable Net asset value per share (cents) Net tangible asset value per share (cents)
    • CONTENTS SUMMARISED GROUP STATEMENT OF COMPREHENSIVE INCOME BACK 3 FORWARD SUMMARISED GROUP STATEMENT OF COMPREHENSIVE INCOME Audited year ended 31 December 2012 Notes Revenue Revenue from continuing operations Revenue from discontinued operations 746 030 694 907 Results from operations Results from continuing operations Results from discontinued operations Net finance income / (cost) (520 318) 272 093 264 497 7 596 255 165 208 905 46 260 7 940 (6 429) (246 701) 13 687 5 410 8 277 9 975 36 757 (26 782) 5 731 (7 076) 680 Finance income Finance cost 214 036 6 754 (6 074) 3 51 123 9 694 (4 481) (263 619) 3 Other income Distribution expenses Administrative expenses 775 483 561 447 (473 937) 3 Cost of sales Gross profit Gross profit from continuing operations Gross profit from discontinued operations (R’000) Audited year ended 31 December 2011 Restated (R’000) (1 345) 2 060 (628) 16 427 10 694 5 733 8 002 35 830 (27 828) (7 753) 3 413 Profit for the year 8 674 11 415 Profit from continuing operations Profit / (loss) from discontinued operations 3 757 4 917 31 901 (20 486) Other comprehensive income Foreign currency translation differences Revaluation of property Realisation of revaluation reserve Income tax on other comprehensive income 99 (2 320) 432 (4) 8 214 90 (1 299) Other comprehensive income for the year (1 789) 7 001 Total comprehensive income for the year 6 885 18 416 11 603 (2 929) 6 964 4 451 8 674 11 415 10 758 (3 873) 10 105 8 311 6 885 18 416 11 603 (235) 271 18 684 (6 893) 1 080 5 778 230 6 964 872 (1 073) 15 291 1 251 (6 361) 2 679 - 30 518 19 623 32.58 12.39 12.24 20.50 7.27 7.20 7.14 7.06 28.66 28.39 93 660 94 835 92 765 95 736 96 674 94 294 Share of profit / (loss) in equity accounted associates Profit before income taxation Profit before taxation from continuing operations Profit / (loss) before taxation from discontinued operations 3 Taxation expense 3 Profit attributable to: Owners of the company Non-controlling interests Profit for the year Total comprehensive income attributable to: Owners of the company Non-controlling interests Total comprehensive income for the year Reconciliation of headline earnings Profit attributable to owners of the company Profit per the statement of comprehensive income Loss / (profit) on disposal of property, plant and equipment Impairment of property, plant and equipment Profit on disposal of intangible assets Impairment of intangible assets Impairment of assets classified as held for sale Profit on disposal of investments in subsidiaries Impairment of other investments Impairment of loans receivable Impairment of investments in associates Headline earnings Earnings per share Headline earnings per share (cents) Basic earnings per share (cents) Diluted earnings per share (cents) Continuing operations Basic earnings per share (cents) Diluted earnings per share (cents) Weighted average number of shares (000) Diluted weighted average shares in issue (000) Total number of shares in issue (000) 3
    • CONTENTS SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY BACK 4 FORWARD SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY Foreign Sharecurrency Deal based Share Revaluation translation differences payments Retained premium reserve reserve reserve reserve earnings R’000 R’000 R’000 R’000 R’000 R’000 Share capital R’000 Balance at 01 January 2011 previously stated Impact of correction of prior period error Balance at 01 January 2011 restated Total comprehensive income for the year Profit for the year Total R’000 Noncontrolling interests R’000 Total equity R’000 965 965 189 832 189 832 9 360 9 360 33 33 1 000 1 000 4 017 1 478 5 495 78 280 (1 478) 76 802 283 487 283 487 16 189 16 189 299 676 299 676 - - - - - - 6 964 6 964 4 451 11 415 Other comprehensive income Foreign currency translation differences Revaluation of property Realisation of revaluation reserve - - 1 739 3 055 (1 316) (4) (4) - - - 1 406 1 406 3 141 (4) 3 055 90 3 860 3 860 - 7 001 (4) 6 915 90 Total comprehensive income for the year - - 1 739 (4) - - 8 370 10 105 8 311 18 416 (22) (22) - (3 753) (3 788) 35 - - - - 930 930 - - (2 845) (3 810) 965 - (1 298) (1 298) (4 143) (3 810) 965 (1 298) - - - - - (1 900) (2 158) (4 058) 1 101 (2 957) - - - - - (1 900) (2 158) (4 058) 1 101 (2 957) Total transactions with owners (22) (3 753) - - - (970) (2 158) (6 903) (197) (7 100) Balance at 31 December 2011 Balance at 01 January 2012 943 943 186 079 186 079 11 099 11 099 29 29 1 000 1 000 4 525 4 525 83 014 83 014 286 689 286 689 24 303 24 303 310 992 310 992 Total comprehensive income for the year Profit for the year - - - - - - 11 603 11 603 (2 929) 8 674 Other comprehensive income Foreign currency translation differences Revaluation of property Realisation of revaluation reserve - - (1 129) (944) (185) 99 99 - - - 185 185 (845) 99 (944) - (944) (944) - (1 789) 99 (1 888) - Total comprehensive income for the year - - (1 129) 99 - - 11 788 10 758 (3 873) 6 885 (15) (15) - (7 838) (8 451) 613 - - - - (789) (789) - 361 361 - (8 281) (8 466) 185 - (1 406) (1 406) (9 687) (8 466) 185 (1 406) - - - - - - 229 229 (370) (141) - - - - - - 229 229 (370) (141) Total transactions with owners (15) (7 838) - - - (789) 590 (8 052) (1 776) (9 828) Balance at 31 December 2012 928 178 241 9 970 128 1 000 3 736 95 392 289 395 18 654 308 049 Transactions with owners, recorded directly in equity Treasury shares purchased Share-based payment transactions Dividends paid to non-controlling interests Changes in ownership interests in subsidiaries Acquisitions on non-controlling interests without a change in control Transactions with owners, recorded directly in equity Treasury shares purchased Share-based payment transactions Dividends paid to non-controlling interests Changes in ownership interests in subsidiaries Acquisitions on non-controlling interests without a change in control
    • CONTENTS SUMMARISED GROUP STATEMENT OF CASH FLOWS BACK FORWARD 5 SUMMARISED GROUP STATEMENT OF CASH FLOWS Audited year ended 31 December 2012 Notes Cash flows for operating activities Cash generated by operating activities Movement in working capital Finance income Finance costs Taxation paid (R’000) Audited year ended 31 December 2011 Restated (R’000) 70 621 9 725 6 754 (6 074) (15 798) 65 228 16 185 (14 230) (446) 3 996 6 592 Net cash inflows from operating activities 45 848 (14 559) 5 731 (7 076) (13 759) (17 485) 5 364 1 247 16 356 1 46 442 (7 376) (90) 12 066 16 095 (2 957) (20 885) 6 524 (8 003) 2 884 46 955 (860) (8 466) (1 406) (9 261) - (3 810) (1 298) (4 404) (255) (19 133) (9 767) 93 050 14 677 5 558 9 119 107 727 14 677 Cash outflow from investing activities Expenditure to maintain operating capacity Property, plant and equipment acquired Intangible assets acquired Proceeds on disposals of property, plant and equipment Proceeds on disposals of intangible assets Proceeds on disposals of assets classified as held for sale Expenditure for expansion Acquisition of subsidiaries Disposal of subsidiaries Acquisition of non-controlling interests Internally generated intangible assets Proceeds on investments (acquired) / sold Loans receivable granted Loans receivable repaid Net cash used in investing activities 3 Cash flows from financing activities Treasury shares repurchased Dividends paid to non-controlling interests Borrowings repaid Deferred vendor payments repaid Net cash utilised by finance activities Increase in cash and cash equivalents Cash and other investments at beginning of the year Cash and other investments at end of the year
    • CONTENTS NOTES TO THE FINANCIAL STATEMENTS BACK FORWARD 6 NOTES TO THE FINANCIAL STATEMENTS 1. Basis of preparation These audited condensed consolidated annual financial statements have been prepared under the supervision of DJ Case (CA) SA, in accordance with the framework concepts and the recognition and measurement criteria of International Financial Reporting Standards (IFRS), its interpretations adopted by the International Accounting Standards Board (IASB), the presentation and the disclosure requirements of IAS 34 Interim Financial Reporting, the AC 500 standards as issued by the Accounting Practices Board, the Listing Requirements of the JSE Limited and the requirements of the South African Companies Act 71 of 2008, as amended. The condensed consolidated financial results are prepared in accordance with the going concern principle under the historical cost basis as modified by the fair value accounting of certain assets and liabilities where required or permitted by IFRS. All financial information presented in South African Rand has been rounded to the nearest thousand. The annual financial statements were audited by the company’s auditors, Nexia SAB&T, and their unqualified audit report is available for inspection at the company’s registered office. 2. Prior period error In the prior years the group had incorrectly accounted for an employee loyalty scheme. Share options in the equity of a subsidiary were granted to the subsidiary’s employees in 2008 and vested over a 3 year period ended August 2011. Due to various conditions that were present upon final vesting and exercising the company purchased the shares from the employees. The group incorrectly recognised the eliminating transaction as an addition to goodwill when the company increased its investment in subsidiary as opposed to an acquisition of non-controlling interests. Furthermore no amounts had been recognised to profit or loss over the period of vesting of the share options as required by IFRS 2. This has been rectified with retrospective share based payment expenses being allocated to profit or loss and the correction of the eliminating transaction. All share options in terms of the loyalty scheme were exercised in 2011 and there are no further amendments that are required. The cumulative correction of the error in 2011 and 2010 comparative figures in the statement of financial position are as follows: December 2010 Previously stated R’000 2010 Restatement due to error R’000 December 2010 Restated R’000 2011 Movement due to error R’000 2011 Restatement R’000 December 2011 Restated R’000 Statement of financial position Non-current assets Intangible assets Equity Share capital and share premium Non-distributable reserves Retained earnings 62 902 - 62 902 7 416 (2 897) 67 421 190 797 14 410 78 280 1 478 (1 478) 190 797 15 888 76 802 (3 775) 2 243 7 631 (1 478) (1 419) 187 022 16 653 83 014 December 2010 Restated December 2011 Previously stated 7 175 18 730 5.21 5.18 15.80 11 837 18 838 7.72 7.64 20.94 The disclosures in the statement of comprehensive income have been restated as follows: December 2010 Previously stated 2010 Restatement due to error 2011 Restatement due to error December 2011 Restated Statement of comprehensive income Profit for the year (’R000) Total comprehensive income for the year (’R000) Earnings per share Diluted earnings per share Headline earnings per share 7 808 19 363 5.86 5.83 16.46 (633) (633) (0.65) (0.65) (0.66) (422) (422) (0.45) (0.44) (0.44) 11 415 18 416 7.27 7.20 20.50 3. Discontinued Operations The group continues to classify Kolbenco (Proprietary) Limited and Automobile Radio Dealers Association 1989 (Proprietary) Limited as discontinued operations, as the process to realise assets is still ongoing. As at the end of April 2012 the group disposed of the business and trading assets and liabilities of Deltec Power Distributors (Proprietary) Limited. The operations of the Deltec segment has been reclassified in the comparative figures from continued operations to discontinued operations due to the sale of the business and its assets and liabilities during the current financial year. 4. Segment information Segments have been reported on in line with the business units and management structures that are currently in place within the group. SEGMENT REVENUE NOSA - external sales MECS Africa - external sales Deltec Power Distributors - external sales Sebata Municipal Solutions - external sales Turrito Networks - external sales MICROmega Securities - external sales Automotive Disposal - external sales Holding company and consolidation eliminations - external sales - internal sales Total revenue Audited year ended 31 December 2012 R (’000) Audited year ended 31 December 2011 R (’000) 228 689 155 756 296 056 255 929 47 732 129 538 106 690 100 440 20 640 9 746 38 453 40 423 3 390 84 498 6 785 (2 405) 746 030 4 747 (5 594) 775 483
    • CONTENTS NOTES TO THE FINANCIAL STATEMENTS BACK FORWARD 7 NOTES TO THE FINANCIAL STATEMENTS (Continued) SEGMENT PROFIT / (LOSS) NOSA MECS Africa Deltec Power Distributors Sebata Municipal Solutions Turrito Networks MICROmega Securities Automotive Disposal Holding company and consolidation eliminations Total profit SEGMENT ASSETS NOSA MECS Africa Deltec Power Distributors Sebata Municipal Solutions Turrito Networks MICROmega Securities Automotive Disposal Holding company and consolidation eliminations Total assets Audited year ended 31 December 2012 R (’000) Audited year ended 31 December 2011 R (’000) 28 486 188 9 251 5 760 (6 419) 9 225 (4 327) (30 561) 11 603 22 763 7 056 8 652 8 707 (1 474) 9 593 (29 637) (18 696) 6 964 Audited year ended 31 December 2012 R (’000) Audited year ended 31 December 2011 R (’000) 95 561 39 240 39 837 65 517 8 335 56 636 21 485 151 880 478 491 72 321 62 596 61 230 73 496 6 920 60 383 62 433 117 082 516 461 5. Commentary Shareholders are advised that whilst the year on year growth in earnings appears satisfactory, 80% of the headline earnings were earned in the first half of 2012.
    • CONTENTS AUDITED CONDENSED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS Company Registration Number: 1998/003821/06 Registered Office: 66 Park Lane, Sandton, 2196, Johannesburg, South Africa +27 11 218 8000 +27 11 218 8220 info@micromega.co.za www.micromega.co.za BACK 8