Abridged report relating to the audited financial results for the year ended 28 February 2021
Abridged report relating to the audited financial results for the year ended 28 February 2021 HUGE GROUP LTD (Registration number 2006/023587/06) Share code: HUG ISIN: ZAE000102042 ("Huge” or “Huge Group" or "the Group" or "the Company") ABRIDGED REPORT RELATING TO THE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2021 Shareholders are referred to the release of Huge Group’s reviewed condensed consolidated provisional annual financial results (“Provisional Results”) on SENS on 31 May 2021 and the subsequent announcement released on SENS on 14 July 2021 informing shareholders of the availability of the Company’s integrated report, incorporating the audited annual financial statements (“Annual Financial Statements”) and a ‘change statement’ outlining the impact of a change in an accounting policy following the release of the Provisional Results. Huge hereby presents its abridged report relating to the audited financial results for the year ended 28 February 2021 (“Abridged Results”). SALIENT FEATURES Extracted from the audited Group annual financial statements for the year ended 28 February 2021: NORMALISED CONDENSED CONSOLIDATED ANNUAL RESULTS Audited Audited 28 February 28 February 2021 2020 (12 months) (12 months) Figures in Rand R’000 R’000 Revenue 469 858 492 145 Operating profit 100 487 134 782 Earnings per share 44.52 57.58 Headline earnings per share 48.72 57.03 The normalised condensed consolidated annual results (the Normalised Results) are the responsibility of the Board and are provided to shareholders to illustrate the operating performance of the Group had the Group not had to raise the R34.61 million IFRS2 share-based payment expense relating to the Executive Share Option Agreements. Due to its nature, it may not fairly present the provisional results. A comprehensive analysis and explanation of the Executive Share Option Agreements is provided in the 2021 Integrated Report. CONDENSED CONSOLIDATED ANNUAL RESULTS Audited Audited 28 February 28 February 2021 2020 (12 months) (12 months) Figures in Rand R’000 R’000 Revenue 469 858 492 145 Operating profit 65 877 134 782 Earnings per share 23.47 57.58 Headline earnings per share 27.67 57.03 Dividend Nil Nil The condensed consolidated statement of comprehensive income includes the R34.61 million IFRS2 share-based payment expense relating to the Executive Share Option Agreements. The Board is of the view that the expense is a non-cash IFRS charge unrelated to the actual operating performance of the Group and therefore the Normalised Results presented is a better representation of the Group’s operating performance. 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”). The Abridged Results have been extracted from the annual financial statements for the year ended 28 February 2021, which have been audited by the Group’s auditor, Moore Johannesburg Incorporated, who expressed an unmodified audit opinion thereon. This short-form announcement does not contain full or complete details pertaining to the Group’s results. Any investment decisions by investors and/or shareholders should therefore be based on consideration of the Full Announcement which may be downloaded from the Group’s website at www.hugegroup.com/huge-group-unlocking-business-opportunity-financials/ and 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/2021/jse/isse/HUG/abrye2021.pdf. Registered office Unit 6, 1 Melrose Boulevard, Melrose Arch, Johannesburg, 2057 Johannesburg 04 August 2021 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 04-08-2021 05:30:00 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.
More from Huge Group Limited
Join Listcorp to create a personalised news feed, follow your favourite companies, save useful news, and more.