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BEE
BEE
BEE - Beget - Unaudited Results For The Six Months Ended 31 October 2008
BEGET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2002/011635/06)
Share code: BEE & ISIN number: ZAE000044111
("Beget" or "the company" or "the group")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2008
CONDENSED BALANCE SHEET
at 31 October 2008
Unaudited Reviewed Audited
six months six months 12 months
31 October 31 October 30 April
2008 2007 2008
R`000 R`000 R`000
ASSETS
Non-current 14 102 1 632 16 812
assets
Intangible assets 10 908 1 007 11 906
Deferred tax 2 879 - 4 508
Shareholders` - 74 -
loans
Property, plant 315 550 398
and equipment
Current assets 15 889 4 643 7 754
Inventories 1 582 620 1 406
Trade and other 13 979 3 624 6 248
receivables
Cash and cash 328 399 100
equivalents
TOTAL ASSETS 29 991 6 275 24 566
EQUITY AND
LIABILITIES
Capital and 6 142 (11 671) 3 340
reserves
Share capital 35 717 27 625 35 717
Distributable (29 575) (39 296) (32 377)
reserves
Non-current 3 996 13 167 4 310
liabilities
Shareholders` 2 978 2 428 2 206
loans
Deferred revenue 869 3 269 1 699
Deferred tax - - 231
Long-term 149 267 174
liabilities
Other financial - 7 203 -
liabilities
Current 19 853 4 779 16 916
liabilities
Trade and other 13 028 2 333 10 753
payables
Other financial 4 674 1 190 3 776
liabilities
Current portion of 57 46 57
borrowings
Tax 12 - 12
Deferred revenue 1 356 866 1 311
Bank overdraft 588 253 812
Provisions 138 138 195
TOTAL LIABILITIES 29 991 6 275 24 566
Number of shares 762 880 556 959 762 880
in issue (`000)
Net asset value 0.8 (2.1) 0.4
per share (cents)
CONDENSED INCOME STATEMENT
for the six months ended 31 October 2008
Unaudited Reviewed Audited
six months six months 12 months
31 October 31 October 30 April
2008 2007 2008
R`000 R`000 R`000
Gross revenue 22 577 12 738 23 442
Cost of sales (12 942) (5 442) (10 230)
Gross profit 9 635 7 295 13 212
Other income - - 1
Operating expenses (3 594) (3 197) (1 736)
Earnings before interest, 6 041 4 099 11 477
taxation, depreciation and
amortisation ("EBITDA")
Depreciation and amortisation (1 137) (248) (3 594)
Operating profit 4 904 3 851 7 883
Net finance costs (705) (761) (1 960)
Profit before taxation 4 199 3 090 5 923
Taxation (1 397) - (4 277)
Profit after taxation 2 802 3 090 10 200
Minority interest - - -
Earnings attributable to
ordinary shareholders 2 802 3 090 10 200
Weighted average number of
shares
in issue (`000) 762 880 556 959 617 785
Earnings per share (cents) 0.37 0.55 1.65
Headline earnings per share 0.37 0.55 0.69
(cents)
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Earnings 2 802 3 090 10 200
Impairment - - (5 923)
Profit on sale of fixed assets - - (2)
Headline earnings 2 802 3 090 4 275
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 October 2008
Share Share Cumulative
capital premium (Loss)/Profit Total
Balance at 1 May 964 24 343 421 (22 749 703) 1 594 682
2006
Net loss for the - - (19 901 214) (19 901 214)
period
Issue of share 150 3 451 850 - 3 452 000
capital
Prior year - - 73 498 73 498
adjustments
Share issue - (171 000) - (171 000)
expenses
Balance at 1 May 1 114 27 624 271 (42 577 419) (14 952 034)
2007
Issue of share 412 8 319 588 - 8 320 000
capital
Share issue - (228 000) - (228 000)
expenses
Profit for the - - 10 200 327 10 200 327
period
Balance at 30 1 526 35 715 859 (32 377 092) 3 340 293
April 2008
Issue of share - - - -
capital
Share issue - - - -
expenses
Prior year - - - -
adjustments
Profit for the - - 2 801 903 2 801 903
period
Balance at 31 1 526 35 715 859 (29 575 189) 6 142 196
October 2008
CONDENSED CASH FLOW STATEMENT
for the six months ended 31
October 2008
Reviewed Reviewed Audited
six months six months 12 months
31 October 31 October 30 April
2008 2007 2008
R`000 R`000 R`000
Cash flows from operational (2 078) (4 634) 685
activities
Cash flows from investment 943 (17) (15)
activities
Cash flows from financing 1 588 5 531 (650)
activities
Increase in cash and
cash equivalents 453 879 20
Cash at the beginning of the (713) (733) (733)
period
Cash at the end of the period (260) 146 (713)
NOTES
BASIS OF PREPARATION
The accounting policies applied in the preparation of these condensed
financial statements which are based on reasonable judgments and estimates
are in accordance with International Financial Reporting Standards ("IFRS")
and are consistent with those applied in the annual financial statements for
the year ended 30 April 2008. These condensed financial statements as set
out in this report have been prepared in terms of IAS 34 - Interim Financial
Reporting, the Companies Act, 1973 (Act 61 of 1973), as amended, and the
Listings Requirements of JSE Limited.
The interim results have not been audited or reviewed by the company`s
auditors.
GROUP PROFILE
Beget is an IT and telecoms group specialising in the development of
applications in biometrics and on the GPRS (General Packet Radio Services)
technology platform. This enables the transmission of data using cell phone
networks at a fraction of the cost of fixed and radio telephony. The group
further provides and integrates other GSM (Global Systems for Mobile
Communications) based services such as SMS (Short Message Services).
COMMENTARY ON RESULTS
The financial results reflects revenues of R22.5 million for the six months
ended 31 October 2008 with a profit of R2.8 million.
OPERATIONAL REVIEW
The group now has three divisions:
- the Biometric division, which provides web based biometric devices with
GPRS for:
- Access control; and
- Time and attendance recordal,
- the SMS division, which provides web based SMS distribution in the form
of:
- Bulk SMSs; and
- MMS (Multimedia Messaging Service), and
- the Gauteng-on-line ("GOL") School E-learning project, which supplies
schools with:
- GPRS alarms;
- Power supplies; and
- Biometric identification devices.
PROSPECTS
The board is confident that the company will achieve the published profit
forecast for the year ending 30 April 2009. We have traded through adverse
trading conditions and are presently experiencing an increase in turnover in
our Biometric division. It took longer than anticipated to get the GOL
School E-learning project off the ground due to provincial delays, but all
systems are now functioning and the roll-out process is well underway and is
on track for completion in terms of the forecast. The SMS division is also
performing well.
SEGMENTAL REPORTING
The company has not elected early adoption of IFRS 8: Segmental Reporting,
and will only implement IFRS 8 for the period commencing on 1 May 2009.
Management has therefore not presented segmental reporting during the period
being reported on.
POST BALANCE SHEET EVENTS
The directors are not aware of any matter or circumstance arising since the
end of the six months ended 31 October 2008.
CHANGES TO THE BOARD OF DIRECTORS
A Bennie appointed as chief financial officer from 27 August 2008.
JF Nalane appointed as independent non-executive chairman from 4 November
2008.
T Mogashoa appointed as non-executive director from 4 November 2008.
H Potgieter appointed as non-executive director from 4 November 2008.
DECLARATION OF DIVIDEND
In line with the group policy, no dividend has been declared for the period.
On behalf of the Board
30 January 2009
AH Potgieter - Chief Executive Officer
Directors: JF Nalane*(Chairman), AH Potgieter (Chief Executive Officer), A
Bennie (Chief Financial Officer), CJ van Coller*, H Potgieter*, T Mogashoa*,
D Hawkins.
*non-executive
Registered Office:
85 Durham Street
Clubview
Centurion
(PO Box 13983, Clubview, 0014)
Company Secretary:
Ester Calitz
(PO Box 13983, Clubview, Centurion, 0014)
Transfer Secretaries:
Link Marketing Services South Africa (Proprietary) Limited
11 Diagonal Street, Johannesburg, 2001
(PO Box 4844, Johannesburg, 2000)
Sponsor
Merchantec (Proprietary) Limited
(PO Box 41480, Craighall, 2024)
Date: 30/01/2009 09:35:02 Produced by the JSE SENS Department.
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