HUGE GROUP LIMITED Registration number 2006/023587/06 Financial Statements as at 28 February 2009 CONTENTS The reports and stat
ChairmaN’S rEpOrT A yeAr of chAllenges This is my first report as Chairman of Huge Group, having taken over the position from o
We have been involved in ongoing discussions with the JSE since the beginning of the 2009 calendar year with a view to resolvin
rEpOrT ON COrpOraTE GOvErNaNCE compliance statement The board members, management and employees of Huge Group Limited fully sup
The objective of the committee is to assist the Board in discharging its duties relating to the safeguarding of assets, operati
rEpOrT ON COrpOraTE GOvErNaNCE Director Position % Board Board Appointed meetings meetings attended attended Audit and risk com
The board has established controls and procedures to ensure the accuracy and integrity of the accounting records and to provide
rEpOrT Of ThE iNdEpENdENT audiTOr To the shareholders of huge group limited We have audited the group and company annual financ
dirECTOrS’ rESpONSibiliTiES aNd apprOval The directors are required by the South African Companies Act, to maintain adequate ac
dEClaraTiON by GrOup SECrETary In the capacity as group secretary, we hereby certify that the group has lodged with the Registr
dEClaraTiON by audiT COmmiTTEE The audit committee hereby certify that they have carried out the following functions for the ye
dirECTOrS’ rEpOrT The directors submit their report for the period ended 28 February 2009. This report forms part of the audite
On 11 June 2008 a full board of directors of the company resolved to open single stock futures (“SSF”) and contracts for differ
dirECTOrS’ rEpOrT continued 3. Authorised and issued share capital (continued) ssf transactions undertaken Huge Telecom, being
transactions. In all other instances, the transactions would have been regarded as transactions not with related parties and no
dirECTOrS’ rEpOrT continued 3. Authorised and issued share capital (continued) Up until 6 October 2008, the company acquired ap
dirECTOrS’ rEpOrT continued 5. Interests of directors and officers The register of interests of directors in contracts held in
dirECTOrS’ rEpOrT continued 7. shareholder analysis 2009 number of shareholders 378 23 401 % holding 45,75 54,25 100,00 31,84 3
11. subsequent events Huge Group Limited increased its shareholding in Eyeballs Mobile Advertising (Proprietary) Limited, subse
STaTEmENT Of fiNaNCial pOSiTiON as at 28 February 2009 � figures (r) Assets Non-Current Assets Property, plant and equipment In
iNCOmE STaTEmENT for the year ended 28 February 2009 group 2009 2008 608 539 827 243 543 948 495 467 018 184 801 880 113 072 80
STaTEmENT Of COmprEhENSivE iNCOmE for the year ended 28 February 2009 group 2009 2008 7 437 222 26 252 023 993 328 (769 285) 26
STaTEmENT Of ChaNGES iN EquiTy for the year ended 28 February 2009 group – 2009 figures in (r) Balance at 01 March 2008 Share i
STaTEmENT Of CaSh flOwS for the year ended 28 February 2009 group 2009 company 2009 – 6 853 149 6 853 149 2 239 803 (1 590 996)
aCCOuNTiNG pOliCiES 1. Presentation of financial statements The consolidated financial statements have been prepared in accorda
aCCOuNTiNG pOliCiES continued Determination of impairment of goodwill The Group determines annually whether goodwill has been s
An adjustment to the cost of a business combination contingent on future events is included in the cost of the combination if t
aCCOuNTiNG pOliCiES continued Transactions and balances Foreign currency transactions are recorded at the exchange rate ruling
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are a
aCCOuNTiNG pOliCiES continued Bank and cash are categorised as loans and receivables. They are subsequently measured at fair va
Deferred tax for the period is charged to the income statement except to the extent that it relates to a transaction that is re
aCCOuNTiNG pOliCiES continued The amount of any reversal of any write-down of inventories, arising from an increase in net real
Treasury shares Shares in Huge Group Limited held by the Group are treated as treasury shares. These shares are treated as a de
aCCOuNTiNG pOliCiES continued Defined contribution plans A defined contribution plan is one under which the group pays a fixed
1.25 cost of sales When inventories are sold, the carrying amount of those inventories is recognised as an expense in the perio
NOTES TO ThE fiNaNCial STaTEmENTS 2. Property, plant and equipment – group 2009 cost/ Accumulated Valuation depreciation 1 979
2. Property, plant and equipment (continued) 2009 encumbered as security Carrying value of property, plant and equipment encumb
NOTES TO ThE fiNaNCial STaTEmENTS 3. Intangible assets – group 2009 Accumulated cost amortisation 2 679 838 (1 395 829) carryin
5. Investments (continued) Joint venture carrying amount 2009 822 941 carrying amount 2008 136 249 % holding 2008/2009 50 name
NOTES TO ThE fiNaNCial STaTEmENTS 5. Investments (continued) The aggregate amount of the associate, Telepassport Communications
7. Deferred taxation (continued) group 2009 Deferred taxation is made up as follows: Tax losses available for set-off against f
NOTES TO ThE fiNaNCial STaTEmENTS 10. Trade and other receivables (continued) Trade receivables have been ceded as security for
12. share capital (continued) Issued group 106 166 763 ordinary shares of 0,01 cent Share premium Listing expenses written-off
NOTES TO ThE fiNaNCial STaTEmENTS 15. other financial liabilities group 2009 non-current - Nedbank Limited – at amortised cost
17. revenue group Sale of airtime Rendering of services 2009 608 539 827 – 608 539 827 2008 242 820 723 723 225 243 543 948 200
NOTES TO ThE fiNaNCial STaTEmENTS group 2009 24. Income taxation Current S.A. Normal taxation Foreign withholding tax Secondary
27. cash generated from operations group Profit before taxation Adjustment for: – Depreciation, amortisation and impairment – (
NOTES TO ThE fiNaNCial STaTEmENTS 30. reconciliation of investments acquired group iTalk investment expenses Acquisition of 25
32. related parties (continued) Balances with related parties Amounts owing by/(to) related parties – Anton Daniel Potgieter –
NOTES TO ThE fiNaNCial STaTEmENTS 32. related parties (continued) single stock future contract purchases (continued) On 16 Octo
34. risk management objectives and policies The group is exposed to various risks in relation to financial instruments. The gro
NOTES TO ThE fiNaNCial STaTEmENTS 34. risk management objectives and policies (continued) Credit risk analysis The groups’ maxi
34. risk management objectives and policies (continued) Liquidity risk analysis The group manages its liquidity needs by carefu
NOTES TO ThE fiNaNCial STaTEmENTS 34. risk management objectives and policies (continued) Capital for the reporting period unde
38. segmental reporting Business segments lcr 2009 Consolidated revenue 2008 Consolidated revenue Geographical Western cape 200
NOTES TO ThE fiNaNCial STaTEmENTS 39. Acquisition of subsidiaries 2008 subsidiaries acquired - Huge Telecom (Proprietary) Limit
faCTOrS affECTiNG fiNaNCial pErfOrmaNCE aGaiNST fOrECaST Net profit after tax for the year for the financial year ended 28 Febr
braNCh dETailS aNd COrpOraTE iNfOrmaTiON offices National Tel: 0860 03 04 03 company secretary Arcay Client Support (Proprietar
NOTiCE TO aNNual GENEral mEETiNG hUge groUP lIMITeD (FORMERLY VANQUISH FUND MANAGERS LIMITED) (Incorporated in the Republic of
NOTiCE TO aNNual GENEral mEETiNG continued orDInAry resolUTIon 1 – generAl AUThorITy To IssUe “Resolved that the placing of all
A brief biography of Mrs Michelle Meth is presented below: Michelle Meth initially joined the Huge Group from the TMS Group (a
NOTiCE TO aNNual GENEral mEETiNG continued orDInAry resolUTIon 9 – re-APPoInTMenT of AUDITors “Resolved that the re-appointment
prOxy fOrm hUge groUP lIMITeD Formerly Vanquish Fund Managers Limited (Registration number 2006/023587/06) Share Code: HUG ISIN
NOTES TO ThE fOrm Of prOxy 1. Shareholders who hold their shares in certificated form or who are own name registered dematerial
0860 03 04 03 www.hugegroup.com
Page 1:
huge group ann
Page 2:
HUGE GROUP LIMITED Registration number 2006/023587/06 Financial
Page 3:
ChairmaN’S rEpOrT A yeAr of chAllenges This is my first report
Page 4:
We have been involved in ongoing discussions with the JSE since
Page 5:
rEpOrT ON COrpOraTE GOvErNaNCE compliance statement The board m
Page 6:
The objective of the committee is to assist the Board in discha
Page 7:
rEpOrT ON COrpOraTE GOvErNaNCE Director Position % Board Board
Page 8:
The board has established controls and procedures to ensure the
Page 9:
rEpOrT Of ThE iNdEpENdENT audiTOr To the shareholders of huge g
Page 10:
dirECTOrS’ rESpONSibiliTiES aNd apprOval The directors are requ
Page 11:
dEClaraTiON by GrOup SECrETary In the capacity as group secreta
Page 12:
dEClaraTiON by audiT COmmiTTEE The audit committee hereby certi
Page 13:
dirECTOrS’ rEpOrT The directors submit their report for the per
Page 14:
On 11 June 2008 a full board of directors of the company resolv
Page 15:
dirECTOrS’ rEpOrT continued 3. Authorised and issued share capi
Page 16:
transactions. In all other instances, the transactions would ha
Page 17:
dirECTOrS’ rEpOrT continued 3. Authorised and issued share capi
Page 18:
dirECTOrS’ rEpOrT continued 5. Interests of directors and offic
Page 19:
dirECTOrS’ rEpOrT continued 7. shareholder analysis 2009 number
Page 20:
11. subsequent events Huge Group Limited increased its sharehol
Page 21:
STaTEmENT Of fiNaNCial pOSiTiON as at 28 February 2009 � figure
Page 22:
iNCOmE STaTEmENT for the year ended 28 February 2009 group 2009
Page 23:
STaTEmENT Of COmprEhENSivE iNCOmE for the year ended 28 Februar
Page 24:
STaTEmENT Of ChaNGES iN EquiTy for the year ended 28 February 2
Page 25:
STaTEmENT Of CaSh flOwS for the year ended 28 February 2009 gro
Page 26:
aCCOuNTiNG pOliCiES 1. Presentation of financial statements The
Page 27:
aCCOuNTiNG pOliCiES continued Determination of impairment of go
Page 28:
An adjustment to the cost of a business combination contingent
Page 29:
aCCOuNTiNG pOliCiES continued Transactions and balances Foreign
Page 30:
The useful lives of intangible assets are assessed to be either
Page 31:
aCCOuNTiNG pOliCiES continued Bank and cash are categorised as
Page 32:
Deferred tax for the period is charged to the income statement
Page 33:
aCCOuNTiNG pOliCiES continued The amount of any reversal of any
Page 34:
Treasury shares Shares in Huge Group Limited held by the Group
Page 35:
aCCOuNTiNG pOliCiES continued Defined contribution plans A defi
Page 36:
1.25 cost of sales When inventories are sold, the carrying amou
Page 37:
NOTES TO ThE fiNaNCial STaTEmENTS 2. Property, plant and equipm
Page 38:
2. Property, plant and equipment (continued) 2009 encumbered as
Page 39:
NOTES TO ThE fiNaNCial STaTEmENTS 3. Intangible assets – group
Page 40:
5. Investments (continued) Joint venture carrying amount 2009 8
Page 41:
NOTES TO ThE fiNaNCial STaTEmENTS 5. Investments (continued) Th
Page 42:
7. Deferred taxation (continued) group 2009 Deferred taxation i
Page 43:
NOTES TO ThE fiNaNCial STaTEmENTS 10. Trade and other receivabl
Page 44:
12. share capital (continued) Issued group 106 166 763 ordinary
Page 45:
NOTES TO ThE fiNaNCial STaTEmENTS 15. other financial liabiliti
Page 46:
17. revenue group Sale of airtime Rendering of services 2009 60
Page 47:
NOTES TO ThE fiNaNCial STaTEmENTS group 2009 24. Income taxatio
Page 48:
27. cash generated from operations group Profit before taxation
Page 49:
NOTES TO ThE fiNaNCial STaTEmENTS 30. reconciliation of investm
Page 50:
32. related parties (continued) Balances with related parties A
Page 51:
NOTES TO ThE fiNaNCial STaTEmENTS 32. related parties (continue
Page 52:
34. risk management objectives and policies The group is expose
Page 53:
NOTES TO ThE fiNaNCial STaTEmENTS 34. risk management objective
Page 54:
34. risk management objectives and policies (continued) Liquidi
Page 55:
NOTES TO ThE fiNaNCial STaTEmENTS 34. risk management objective
Page 56:
38. segmental reporting Business segments lcr 2009 Consolidated
Page 57:
NOTES TO ThE fiNaNCial STaTEmENTS 39. Acquisition of subsidiari
Page 58:
faCTOrS affECTiNG fiNaNCial pErfOrmaNCE aGaiNST fOrECaST Net pr
Page 59:
braNCh dETailS aNd COrpOraTE iNfOrmaTiON offices National Tel:
Page 60:
NOTiCE TO aNNual GENEral mEETiNG hUge groUP lIMITeD (FORMERLY V
Page 61:
NOTiCE TO aNNual GENEral mEETiNG continued orDInAry resolUTIon
Page 62:
A brief biography of Mrs Michelle Meth is presented below: Mich
Page 63:
NOTiCE TO aNNual GENEral mEETiNG continued orDInAry resolUTIon
Page 64:
prOxy fOrm hUge groUP lIMITeD Formerly Vanquish Fund Managers L
Page 65:
NOTES TO ThE fOrm Of prOxy 1. Shareholders who hold their share
Page 66:
0860 03 04 03 w
African Annual Reports
To view this site you need Adobe Flash Player and your browser must allow javaScripts.
Go here to get the latest Flash Player.