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BEE
BEE
BEE - Beget Holdings Limited - Unaudited results for the 6 months ended 31
October 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")
UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 31 OCTOBER 2009
Condensed balance sheet at 31 October 2009
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
31-Oct-09 31-Oct-08 30-Apr-09
R`000 R`000 R`000
ASSETS
Non-current assets 6 356 14 102 6 442
Intangible assets 3 425 10 908 4 160
Deferred tax 2 239 2 879 2 084
Property, Plant & Equipment 692 315 198
Current assets 12 427 15 889 15 337
Inventories 1 460 1 582 1 555
Trade and other receivables 10 816 13 979 13 632
Cash and cash equivalents 151 328 150
TOTAL ASSETS 18 783 29 991 21 779
EQUITY and LIABILITIES
Capital and Reserves 418 6 142 2 039
Share capital 35 718 35 717 35 717
Distributable reserve -35 299 -29 575 -33 678
Non-Current liabilities 8 088 3 996 2 476
Shareholders loans 1 692 2 978 1 732
Deferred revenue - 869 453
Deferred tax - - 169
Long term liabilities 610 149 122
Other financial liabilities 5 786 - -
Current liabilities 10 277 19 853 17 264
Trade and other payables 7 901 13 028 9 811
Other financial liabilities - 4 674 5 082
Current portion of borrowings 182 57 57
Tax - 12 12
Deferred revenue 1 912 1 356 1 424
Bank overdraft 282 588 485
Provisions - 138 393
TOTAL LIABILITIES 18 783 29 991 21 779
Number of shares in issue 762 880 762 880 762 880
(`000)
Net asset value per share
(cents) 0.05 0.8 0.27
CONDENSED INCOME
STATEMENT
for the 6 months ending 31 October 2009
Unaudited Unaudited Audited
6 Months 6 Months 12 months
31-Oct- 09 31-Oct- 08 30-Apr-09
R`000 R`000 R`000
Gross Revenue 8 684 22 577 41 444
Cost of sales - 5 195 -12 942 -25 349
Gross profit /(loss) 3 489 9 635 16 095
Operating Expenses -3 471 -3 594 -11 593
EBITDA 18 6 041 4 502
Depreciation and amortization -809 -1 137 -1 839
Operating profit /(loss) -791 4 904 2 663
Net Finance costs -1 154 -705 -1 602
Profit/ (loss) before taxation -1 945 4 199 1 061
Taxation 325 -1 397 -2 362
Profit/ (loss) after taxation -1 620 2 802 -1 301
Earnings attributable to
ordinary shareholders -1 620 2 802 -1 301
Weighted average shares in
issue (`000) 762 880 762 880 762 880
Earnings per share (cents) -0.21 0.37 -0.17
Headline earnings per share 0.37 0,69
(cents)
-0.21
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Earnings - 1 620 2 802 -1 301
Impairment of intangible asset - 6 536
Profit on sale of fixed asset 10
Headline earnings -1 610 2 802 5 235
CONDENSED STATEMENT OF CHANGES IN
EQUITY
for the 6 months ending 31 October 2009
Share Share Cumulative Total
capital premium Profit/loss
Balance at 01 May 2007 1 114 27 624 -42 577 -14 952
271 419 034
Issue of share capital 412 8 319 - 8 320
588 000
Share issue expenses - -228 - -228
000 000
Profit for the period - - 10 200 10 200
327 327
Balance at 1 May 2008 1 526 35 715 -32 377 3 340
859 092 293
Loss for the year - - -1 300 -1 300
975 975
Balance at 30 April 2009 1 526 -33 678 2 039
35,715,859 067 318
Profit for the 6 months - - -1 620 -1 620
704 704
Balance at 31 October 1 526 35 715 859 -35 298 418
2009 771 614
CONDENSED CASH FLOW STATEMENT
for the 6 months ending 31 October 2009
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Oct- 31-Oct- 30-Apr-09
09 08
R`000 R`000 R`000
Cash from operational activities -517 -2 078
28
Cash from investment activities -557 943 -430
Cash flows from financing 1 277 1 588
activities 779
(Decrease)/Increase in cash and
cash equivalents 203 453
378
Cash at the beginning of the -335 -713 -
period 713
Cash at the end of the period -132 -260 -
335
NOTES
BASIS OF PREPARATION
The interim financial statements for the six months ended 31 October 2009 ("the
period") have been prepared in accordance with IFRS (International Financial
Reporting Standards) and IAS 34 - Interim Financial Reporting and in the manner
required by the Companies Act of South Africa.
The accounting policies applied in the preparation of the interim financial
statements are consistent with those applied in the previous comparable 6 months
ended 31 October 2008 as well as annual financial statements for the 12 months
ended 30 April 2009.
GROUP PROFILE
Beget is an IT and telecoms group specializing in the development of biometric
and other 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
Recessionary depressed trading conditions prevailed for the first 5 months of
the period, but the trend reversed during October and growth continued to date,
with the order book for our Biometric Time and Attendance units looking healthy.
The Beget Brand began to prove itself in the market place.
Trade and other receivables include:
various amounts relating to the school project, driver identification units
project, and related transactions which are the subject of, inter alia, pending
arbitration and /or legal proceedings. The directors and the company`s legal
advisers are of the opinion, based on the information at their disposal, that
the amounts are fully recoverable. The school project is not yet complete.
Retention monies of R2.7million which will be released monthly over a four year
period
All divisions are currently performing well.
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
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`s culture is one of commitment to achieve improved performance, with
management and staff 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 outsourced solutions to our customers
without their investment in additional hardware.
PROSPECTS
With an increase in brand awareness as well as the implementation of control
systems, Beget is well positioned to control a meaningful share of the Time and
Attendance market in South Africa.
DECLARATION OF DIVIDEND
In line with the group policy no dividend has been declared for the period.
On behalf of the Board
29 January 2010
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 Market Services South Africa (Pty) Ltd, 11 Diagonal
Street, Johannesburg, 2001 (PO Box 4844, Johannesburg, 2000)
Company Secretary: Secricover Network CC, 685B Verdi Street, Erasmuskloof, 0048
(PO Box 11699, Erasmuskloof, 0048)
Designated Adviser: Exchange Sponsors, 44a Boundary Road, Inanda, 2196 (PO Box
411216, Craighall,2024)
Date: 29/01/2010 17:51:56 Produced by the JSE SENS Department.
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