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BEE
BEE
BEE - Beget - Condensed audited annual results for the 12 months ended 30 April
2009
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")
CONDENSED AUDITED ANNUAL RESULTS FOR THE 12 MONTHS ENDED 30 APRIL 2009
HIGHLIGHTS:
* Revenue growth of 77%
* Headline earnings of R 5.2 million
BALANCE SHEET at 30 April 2009
Audited Audited
12 Months 12 Months
30-Apr-09 30-Apr-08
R `000 R `000
ASSETS
Non-current assets 6,273 16,812
Property, plant and equipment 199 398
Deferred tax 1,915 4,508
Intangible assets 4,159 11,906
Current assets 15,143 7,655
Inventory 1,555 1,407
Trade and other receivables 13,438 6,248
Cash and cash equivalents 150 0
Total assets 21,416 24,467
EQUITY and LIABILITIES
Capital and reserves 2,039 3,340
Share capital 1 1
Share premium 35,716 35,716
Accumulated loss -33,678 -32,377
Non-current liabilities 2,306 4,196
Shareholder loans 1,731 2,092
Finance lease obligation 122 174
Deferred tax 0 231
Deferred income 453 1,699
Current liabilities 17,070 16,931
Trade and other payables 9,618 10,753
Bank overdraft 485 713
Deferred income 1,424 1,311
Finance lease obligation 57 57
Other financial liabilities 5,082 3,890
Provisions 393 195
Taxation Current 12 12
Total equity and liabilities 21,416 24,467
Total number of shares (`000) 762,880 762,880
Net asset value per share (cents) 0.27 0.44
Net tangible asset value per share -0.28 -1.12
(cents)
INCOME STATEMENT
for the 12 months ended 30 April 2009
Audited Audited
12 Months 12 Months
30-Apr-09 30-Apr-08
R `000 R `000
Gross revenue 41,444 23,442
Cost of sales -25,849 -10,230
Gross profit 15,595 13,212
Other income 0 2
Operational expenses -6,396 -11,252
Impairment cost -6,536 5,923
Operational profit (loss) 2,663 7,883
Investment revenue 29 10
Finance cost -1,631 -1,969
Profit (Loss) before taxation 1,061 5,924
Taxation -2,362 4,277
Profit (Loss) for the period -1,301 10,201
Weighted average shares in issue (`000) 762,880 616,416
Earnings per share (cents) -0.17 1.65
Headline earnings per share (cents) 0.69 0.69
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
2009 2008
Earnings -1,301 10,201
Less profit on sale of fixed assets 0 -2
Impairment 6,536 -
5,923
Headline earnings 5,235 4,276
STATEMENT OF CHANGES IN EQUITY
for the 12 months ended 30 April 2009
Share Share Accumulated Total
capital premium loss
R R `000 R `000 R `000
Balance at 01 May 2006 964 24,343 -22,750 1,594
Loss for the year -19,901 -
19,901
Prior period adjustment 74 74
Issue of share capital 150 3,452 3,452
Share issue expenses -171 -171
Balance at 30 April 2007 1,114 27,624 -42,577 -
14,952
Balance at 01 May 2007 1,114 27,624 -42,577 -
14,952
Profit for the year 10,201 10,201
Issue of share capital 412 8,320 8,320
Share issue expenses -228 -228
Balance at 30 April 2008 1,526 35,716 -32,377 3,340
Balance as at 1 May 2008 1,526 35,716 -32,377 3,340
Change in equity
Loss for the year -1,301 -1,301
Balance at 30 April 2009 1,526 35,716 -33,678 2,039
CASH FLOW STATEMENT
for the 12 months ended 30 April 2009
Audited Audited
12 Months 12 Months
30-Apr-09 30-Apr-08
R `000 R `000
Cash flows from operating activities -321 536
Cash flows from investing activities -80 -15
Cash flows from financing activities 779 -501
Decrease / increase in cash and cash equivalents 378 20
Cash and cash equivalents at beginning of period -713 -733
Cash and cash equivalents at end of the period -335 -713
CONDENSED SEGMENTAL REPORTING
Audited % Audited %
30-APR- 30-APR-
09 08
R`000 R`000
Revenue
MobileBio 8,810 21 10,612 54
SMSolutions 5,267 13 5,630 24
Royalty fee income 7,200 31
Gauteng Online 27,367 66
41,444 100 23,442 100
Operating profit (loss) before
tax
MobileBio 1,450 2,786
SMSolutions 1,128 1,331
Royalty fee income 6,800
Gauteng Online 6,933
Corporate -8,450 -4,994
1,061 5,924
Taxation -2,362 4,277
Profit ( - loss) after taxation -1,301 10,201
AUDIT OPINION
The financial statements for the 12 months ended 30 April 2009 ("the period")
have been prepared in accordance with IFRS (International Financial Reporting
Standards). The accounting policies applied in the preparation of the annual
financial statements are consistent with those applied in the interim financial
statements for the period ended 31 October 2008. These annual financial
statements have been audited by PKF (PTA). The auditors unqualified audit report
is available for inspection at the registered office of the company. The
condensed financial statements have been derived from the group financial
statements and are consistent in all material aspects
BASIS OF PREPARATION
We draw attention to the fact that at 30 April 2009, the group had accumulated
losses of R (33,678,069), but the group`s total assets exceed its liabilities by
R 2,039,316. The company made a loss of R1,300,977 but included in this loss is
the impairment of an intangible asset to the value of R6,536,000.
The annual financial statements have been prepared on the basis of accounting
policies applicable to a going concern. This basis presumes that funds will be
available to finance future operations and that the realization of assets and
settlement of liabilities, contingent obligations and commitments will occur in
the ordinary course of business.
GROUP PROFILE
Beget is an IT and telecoms group specializing in the development of
applications on the GPRS technology platform. This enables the transmission of
data using the cell phone network at a fraction of the cost of fixed and radio
telephony.
COMMENTARY ON RESULTS
The Beget Brand has begun to prove itself in the market place and with that
followed a steady inflow of sales. The school project is about 60% complete.
Turnover increased by 75% to R41.4 million (2008: R23,4) and the group has
incurred a loss of R1.3 million compared to a profit of R10,2 million in 2008.
Included in this loss of R1.3 million is the impairment of an intangible asset
amounting to R6.5million which the board has decided to write off in the current
financial year
All divisions are performing well and we have seen an improvement in our
Biometric Time & Attendance sales.
OPERATIONAL REVIEW
The group now has five divisions:
* Web based Biometric with GPRS including:
* Access control
* Time & Attendance
* SMS Time & Attendance
* Web based SMS`s
* Bulk SMS`s
* MMS
* GPRS Modems
* GSM modems for communication
* Telemetry in general
* School Tender Project
* Power supplies
* Web based Alarms systems
* Biometric ID solution
The focus that was applied to recruit, train and motivate a retail sales force
has started to show results. The market for positive identification systems is
growing and more businesses are beginning to realize the need to have biometric
devices taking care of operations without human interface.
The group culture is one of commitment to achieving improved performance, and
management and staff are motivated and focused on delivery and profitability.
The group`s focus is still mainly on WEB based solutions. Utilizing GPRS as the
preferred communication platform, combined with WEB based applications as a real
time solution, we can now deliver various solutions to our customers without
them investing in any additional hardware.
What follows is a brief operational overview of the Beget divisions:
* MobileBIO is a biometric identity and access device utilizing wireless GPRS
technology. Although some competing products are starting to emerge we are
still enjoying a first mover advantage.
* SMSmalls is affordable bulk SMS messaging and this division, which,
continues to grow at a steady rate consistent with the industry.
* School project includes the supply of various components as well as the
maintenance and service of the equipment for 5 years. Currently 1,000
schools in Gauteng are being equipped with a computer laboratory. Beget is
responsible for the following equipment:
* AC/DC power supplies to power 25 scholar computers with DC power in
each school. This reduces the risk of using AC power at each computer
station.
* GPRS web based alarm systems that will closely monitor the computer
laboratory, with control room software and incident management.
* Biometric authentication systems that allow scholars to access their
computer documents and emails only if positively identified.
PROSPECTS
With an increase in brand awareness as well as the implementing of control
systems, Beget is well positioned to control a meaningful share of the Time and
Attendance market in South Africa.
POST BALANCE SHEET EVENTS
There are no post balance sheet events to report.
CHANGES TO THE BOARD OF DIRECTORS
T Mogashoa was appointed as Non Executive 4 November 2008
J Nalane was appointed as Non Executive Chair person on 4 November 2008
H Potgieter was appointed as Non Executive on 4 November 2008
A Bennie was appointed as Financial Director on 27 August 2008
DECLARATION OF DIVIDEND
In line with the group policy no dividend has been declared for the period.
On behalf of the Board
31 July 2009
AH Potgieter - CEO
Directors: J Nalane*; (Chairman) T. Mogashoa*; AH Potgieter (CEO); CJ van
Coller*; D Hawkins; H Potgieter*; A Bennie FD (*non-executive)
Registered Office: 85 Durham Street, Clubview, CENTURION (PO Box 13983,
Clubview, 0014)
Transfer Secretaries: Link Marketing Services South Africa (Pty) Ltd, 11
Diagonal Street, Johannesburg, 2001 (PO Box 4844, Johannesburg, 2000)
Company Secretary: Ester Calitz, 2 Gonubi Street, Doornpoort, PO Box 13983,
Clubview, 0014
Sponsor: Exchange Sponsor (2008) (Pty) Ltd, 44A Boundary Road, Inanda (P.O. Box
411216, Craighall, 2024)
Date: 31/07/2009 15:11:02 Produced by the JSE SENS Department.
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