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BEE
BEE
BEE - Beget Holdings Limited - Condensed unaudited restated annual results for
the years ending 30 April 2008 and 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 UNAUDITED RESTATED ANNUAL RESULTS FOR THE YEARS ENDING 30 APRIL 2008
AND 30 APRIL 2009
The restated results for the financial years ending 30 April 2008 and 30 April
2009 are presented below. The restatement is based on the recommendation from
the JSE following a GAAP Monitoring Panel ("GMP") enquiry into the accounting of
the intangible assets in the annual financial statements of the company.
BALANCE SHEET at 30 April 2009
Restated Audited Restated Audited
12 Months 12 Months 12 Months 12 Months
30-Apr-09 30-Apr-09 30-Apr-08 30-Apr-08
R`000 R`000 R`000 R`000
ASSETS
Non-current assets 6 442 6 442 10 278 16 812
Property, plant and 198 198 398 398
equipment
Deferred tax 2 084 2 084 4 508 4 508
Intangible assets 4 160 4 160 5 372 11 906
Current assets 15 337 15 337 7 755 7 755
Inventory 1 555 1 555 1 407 1 407
Trade and other 13 632 13 632 6 248 6 248
receivables
Cash and cash 150 150 100 100
equivalents
Total assets 21 779 21 779 18 033 24 567
EQUITY and LIABILITIES
Capital and reserves 2 039 2 039 (3 196) 3 340
Share capital 2 2 2 2
Share premium 35 717 35 717 35 715 35 715
Accumulated losses (33 678) (33 678) (38 913) (32 377)
Non-current 2 476 2 476 4 310 4 310
liabilities
Shareholder loans 1 732 1 732 2 206 2 206
Finance lease 122 122 174 174
obligation
Deferred tax 169 169 231 231
Deferred income 453 453 1 699 1 699
Current liabilities 17 264 17 264 16 917 16 917
Trade and other 9 811 9 811 10 753 10 753
payables
Bank overdraft 485 485 813 813
Deferred income 1 424 1 424 1 311 1 311
Finance lease 57 57 57 57
obligation
Other financial 5 082 5 082 3 776 3 776
liabilities
Provisions 393 393 195 195
Taxation Current 12 12 12 12
Total equity and 21 779 21 779 18 033 24 567
liabilities
Total number of shares 762 880 762 880 762 880 762 880
(`000)
Net asset value per share 0.27 0.27 (0.42) 0.44
(cents)
Net tangible asset value 0.23 0.23 0.24 0.24
per share (cents)
INCOME STATEMENT
Restated Audited Restated Audited
12 Months 12 Months 12 Months 12 Months
30-Apr-09 30-Apr-09 30-Apr-08 30-Apr-08
R`000 R`000 R`000 R`000
Gross revenue 41 444 41 444 23 442 23 442
Cost of sales (25 349) (25 349) (10 230) (10 230)
Gross profit 16 095 16 095 13 212 13 212
Other income 0 0 2 2
Operational expenses (6 896) (6 896) (16 602) (11 252)
Impairment cost 0 (6 536) 4 738 5 923
Operational profit 9 200 2 663 1 350 7 883
(loss)
Investment revenue 29 29 10 10
Finance cost (1 631) (1 631) (1 969) (1 969)
Profit (Loss) before 7 598 1 061 (609) 5 924
taxation
Taxation (2 362) (2 362) 4 277 4 277
Profit (Loss) for the 5 236 (1 301) 3 668 10 201
period
Weighted average 762 880 762 880 616 416 616 416
shares in issue (`000)
Earnings per share 0.69 (0.17) 0.60 1.65
(cents)
Headline earnings per 0.69 0.69 (0.17) 0.69
share (cents)
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Restated Audited Restated Audited
12 Months 12 Months 12 Months 12 Months
30-Apr-09 30-Apr-09 30-Apr-08 30-Apr-08
R`000 R`000 R`000 R`000
Earnings 5 236 (1 301) 3 668 10 201
Less profit on sale of - - -2 -2
fixed assets
Plus Impairment 6 536 - -
Less Reversal of - - (4 738)
impairment (5 923)
Headline earnings 5 236 5 235 (1 072) 4 276
STATEMENT OF CHANGES IN EQUITY
for the 12 months ended 30 April 2009
Share Share Accumu- Total
capital premium lated
loss
R`000 R`000 R`000 R`000
Balance at 01 May 2006 1 24 343 (22 750) 1 594
Loss for the year (19 901) (19 901)
Prior period adjustment 74 74
Issue of share capital 3 452 3 452
Share issue expenses (171) (171)
Balance at 30 April 2007 1 27 624 (42 577) (14 952)
Balance at 01 May 2007 1 27 624 (42 577) (14 952)
Loss for the year 3 668 3 668
(restated)
Issue of share capital 1 8 320 8 320
Share issue expenses (228) (228)
Balance at 30 April 2008 2 35 716 (38 913) (3 196)
(restated)
Effect of restatement (6 536) (6 536)
Balance at 30 April 2008 2 35 716 (32 377) 3 340
(as previously reported)
Balance as at 1 May 2008 2 35 716 (38 913) (3 196)
(restated)
Change in equity
Profit for the year 5 236 5 236
(restated)
Balance at 30 April 2009 2 35 716 (33 678) 2 039
(as previously reported)
CASH FLOW STATEMENT
for the 12 months ended 30 April 2009
Audited Audited
and and
Restated Restated
12 Months 12 Months
30-APR-09 30-APR-08
R`000 R`000
Cash flows from operating activities 28 686
Cash flows from investing activities (430) (15)
Cash flows from financing activities 779 (650)
Decrease / increase in cash and cash 377 20
equivalents
Cash and cash equivalents at beginning of (712) (733)
period
Cash and cash equivalents at end of the (334) (713)
period
CONDENSED SEGMENTAL REPORTING
Restated % Audited % Restated % Audited %
April April April April
2009 2009 2008 2008
R`000 R`000 R`000 R`000
Revenue
MobileBio 8 810 21 8 810 21 10 612 54 10 612 54
SMSolutions 5 267 13 5 267 13 5 630 24 5 630 24
Royalty fee 7 200 31 7 200 31
income
Gauteng 27 367 66 27 367 66
Online
41 444 100 41 444 100 23 442 100 23 442 100
- Inter 0 0 0 0
group
eliminations
41 444 41 444 23 442 23 442
Operating
profit (loss)
before tax
MobileBio 1 450 1 450 2 786 2 786
SMSolutions 1 128 1,128 1 331 1 331
Royalty fee 6 800 6 800
income
Gauteng 6 933 6 933
Online
Corporate (1 916) (8 450) (11 530) (4 994)
7 595 1 061 (612) 5 924
- Inter
group
eliminations
Taxation (2 362) (2 362) 4 277 4 277
Profit (loss) 5 236 (1 301) 3 668 10 201
after
taxation
RESTATEMENT DUE TO NON COMPLIANCE WITH IFRS
In order to comply with sections 8.57 and 8.62 of the JSE Listings Requirements,
which require compliance with International Financial Reporting Standards
("IFRS"), Beget is restating its financial results for the financial years
ending 30 April 2008 and 30 April 2009. The restatement results from items
previously reported as Intangible Assets, which, in terms of IFRS and the
recommendations from the GMP, did not meet the criteria for recognition as an
asset. Following the restatement, the items previously reported as BEE Agreement
Intangible Assets with a net book value of R6.5 million, are reflected as
expenses in the restated 2008 annual financial statements.
In addition to the above amendments, the reversal of an impairment of the
Patents and Trademarks Intangible Asset during the 2008 financial year was
corrected by decreasing the previous reversal of the impairment and the
amortisation expense by R1.2 million in the 2008 annual financial statements.
The reversal of the impairment was restated to the carrying value amount that
would have been reflected, had no impairment taken place. This restatement only
impacted on the income statement (reversal of impairment and amortisation), with
a net effect of zero.
The effect of the restatement on the financial statements is detailed below:
Balance sheet and income statement:
Intangible Distri- Impairment
assets butable (Income
(Balance reserve statement)
sheet) (Balance
sheet)
2009 R`000 R`000 R`000
As previously reported - 4 160 (33 678) (6 536)
2009
Effect of prior year (6 536) (6 536) -
restatement - 2008
Reversal of impairment of 6 536 6 536 6 536
Customer contracts - "BEE
Agreement"
4 160 (33 678) -
Restated - 2009
Intangible Distri- Impairment Operating
assets butable reversal expenses -
(Balance reserve (Income amorti-
sheet) (Balance statement) sation
sheet) (Income
statement)
2008 R`000 R`000 R`000 R`000
As previously reported - 11 906 (32 377) 5 923 (11 252)
2008
Reversal of impairment - - (1 185) 1 185
reversal on Patents and
Trademarks
Reversal of Customer (6 536) (6 536) (6 536)
contracts - "BEE agreement"
5 372 (38 909) 4 738 (16 602)
Restated - 2008
Earnings / Headline earnings (Earnings per share, headline earnings per share)
Earnings Headline Earnings Headline
earnings per share earnings
per share
2009 R`000 R`000 cents cents
As previously reported (1 301) 5 235 (0.17) 0.69
- 2009
Reversal of impairment 6 536 0 0.86 0.00
reversal
Restated - 2009 5 236 5 236 0.69 0.69
Earnings Headline Earnings Headline
earnings per share earnings
per share
2008 R`000 R`000 cents Cents
As previously reported 10 204 4 276 1.65 0.69
- 2008
Recognition of Customer (6 536) (6 536) (1.05) (1.05)
contracts - "BEE
agreement" as an
expense
Amortisation previously 0 1 184 0 0.19
shown as part of
impairment reversal
Restated - 2008 3 668 (1 070) 0.60 (0.17)
Segment report
Corporate
2009 R`000
As previously reported - (8 450)
2009
Reversal of impairment of 6 536
Customer contracts - "BEE
agreement"
Restated - 2009 (1 916)
Corporate
2008 R`000
As previously reported - 2008 (4 994)
Recognition of Customer (6 536)
contract - BEE agreement as an
expense
Restated - 2008 (11 530)
BASIS OF PREPARATION
The financial statements for the 12 months ended 30 April 2008 and 30 April 2009
have been prepared in accordance with IFRS. The accounting policies applied in
the preparation of the annual financial statements are consistent with those
applied in the previous financial statements for the financial year ended 30
April 2007. The restated financial statements have not been reviewed or audited
by the company`s auditors. The auditors are currently in the process of
reviewing these financial statements that will be published together with the
annual financial statements for the year ending 30 April 2010.
On behalf of the Board
4 June 2010
AH Potgieter - CEO
Directors: J Nalane* (Chairperson); 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: 04/06/2010 11:59:16 Produced by the JSE SENS Department.
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