| Mon 3 Sep 2001, 0:00 | | Beige - Financial Report Sens Announcement |
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BEIGE HOLDINGS LIMITED
REGISTRATION NUMBER: 1997/006871/06
SHARE CODE: BEG ISIN CODE: ZAE000013835
("BEIGE")
SENS ANNOUNCEMENT
Income statements
for the year ended 29 February 2000
Group
Note Continuing Discontinuing
operations operations
Eight Eight
months Year months Year
ended ended ended ended
29 February 30 June 29 February 30 June
2000 1999 2000 1999
R'000 R'000 R'000 R'000
Revenue 47 841 57 084 169 317 259 465
Cost of sales (39 998) (41 764) (145 087) (215
786)
Gross profit 7 843 15 320 24 230 43 679
Operating expenses (18 921) (14 372) (51 092) (41 319)
Exceptional items 2 - 511 (41 565) 1 531
Operating (loss)/income 3 (11 078) 1 459 (68 427) 3 891
Income from investments 4 1 801 4 546 297 812
Net (loss)/income
from activities before
finance charges (9 277) 6 005 (68 130) 4 703
Finance charges 5 (1 662) (587) (2 657) (3 966)
Net (loss)/income
before taxation (10 939) 5 418 (70 787) 737
Taxation 6 (842) (1 307) 243 (1 483)
(Loss)/retained income
for the period (11 781) 4 111 (70 544) (746)
Income statements continued ...
Note Group as Company
a whole
Eight Eight
months Year months Year
ended ended ended ended
29 February 30 June 29 February 30 June
2000 1999 2000 1999
R'000 R'000 R'000 R'000
Revenue 217 158 316 549 - -
Cost of sales (185 085) (257 550) - -
Gross profit 32 073 58 999 - -
Operating expenses (70 013) (55 691) (1 505) (431)
Exceptional items 2 (41 565) 2 042 (83 433) -
Operating (loss)/income 3 (79 505) 5 350 (84 938) (431)
Income from investments 4 2 098 5 358 1 534 1 039
Net (loss)/income from
activities before
finance charges (77 407) 10 708 (83 404) 608
Finance charges 5 (4 319) (4 553) (1 050) (969)
Net (loss)/income
before taxation (81 726) 6 155 (84 454) (361)
Taxation 6 (599) (2 790) - -
(Loss)/retained income
for the period (82 325) 3 365 (84 454) (361)
Note Group
Eight months
ended Year ended
29 February 30 June
2000 1999
Ordinary shares in issue (000's)
- Total 90 715 88 985
- Weighted average 89 850 87 284
Basic (loss)/earnings
per share (cents) 7 (91,62) 3,86
Continuing operations (11,62) 4,71
Discontinuing operations (80,00) (0,85)
Headline (loss)/earnings
per share (cents) 7 (45,35) 1,52
Continuing operations (13,10) 4,12
Discontinuing operations (32,25) (2,60)
Calculation of headline (loss)/earnings R'000 R'000
(Loss)/earnings for the period (82 325) 3 365
Exceptional items 41 565 (2 042)
Loss/(profit) on disposal of property,
plant and equipment 10 (4)
Headline (loss)/earnings for the period (40 750) 1 319
Balance sheets
at 29 February 2000
Note Group Company
29 February 30 June 29 February 30 June
2000 1999 2000 1999
R'000 R'000 R'000 R'000
Assets
Non-current assets 7 682 51 065 19 180 95 372
Property, plant and
equipment 8 7 682 29 351 868 -
Registrations and
capital developments 9 - 21 642 - -
Interest in subsidiaries 10 18 312 95 304
Loan to share trust 11 - 68 - 68
Other investments 12 - 4 - -
Current assets 37 702 128 044 414 681
Inventories 13 22 751 50 189 - -
Accounts receivable 12 712 60 441 46 -
Loans to directors 14 10 502 - 502
Taxation prepaid 543 1 548 - -
Cash resources 1 686 15 364 368 179
Total assets 45 384 179 109 19 594 96 053
Equity and liabilities
Capital and reserves
Shareholders' funds 17 304 62 553 2 718 50 096
Liabilities to vendors 16 - 42 075 - 42 075
Non-current liabilities 770 7 890 7 167 -
Long-term liabilities 17 688 6 831 - -
Loans from subsidiaries 10 7 167 -
Deferred taxation 18 82 1 059 - -
Current liabilities 27 310 66 591 9 709 3 882
Accounts payable 20 579 44 371 9 708 78
Current portion of
long-term liabilities 17 827 3 258 - -
Short-term loan - 1 500 - -
Taxation 753 443 - -
Bank overdraft 5 151 17 019 1 3 804
Total equity and liabilities 45 384 179 109 19 594 96 053
Ordinary shares in issue
(000's) 90 715 88 985
Net asset value per share
(cents per share) 19,08 70,30
Statements of changes in equity
for the period ended 29 February 2000 (Accumulated
loss)/
Share Share retained
capital premium income Total
Note R'000 R'000 R'000 R'000
Group
Restated balance at
30 June 1998 745 69 215 9 127 79 087
Issue of share capital 145 61 535 - 61 680
Write off of goodwill
and trademarks - (81 579) - (81 579)
Profit for the year - - 3 365 3 365
Balance at 30 June 1999 890 49 171 12 492 62 553
Shares issued in
settlement of a
vendor's loan 17 7 408 - 7 425
Credit on reduction in
liabilities to vendors - 29 651 - 29 651
Loss for the period (82 325) (82 325)
Balance at
29 February 2000 15 907 86 230 (69 833) 17 304
Company
Balance at 30 June 1998 745 69 215 396 70 356
Issue of share capital 145 61 535 - 61 680
Write off of goodwill
and trademarks - (81 579) - (81 579)
Loss for the year - - (361) (361)
Balance at 30 June 1999 890 49 171 35 50 096
Shares issued in settlement
of a vendor's loan 17 7 408 - 7 425
Credit on reduction in
liabilities to vendors - 29 651 - 29 651
Loss for the period (84 454) (84 454)
Balance at
29 February 2000 15 907 86 230 (84 419) 2 718
Cash flow statements
for the period ended 29 February 2000
Note Group Company
Eight months Eight months
ended Year ended ended Year ended
29 February 30 June 29 February 30 June
2000 1999 2000 1999
R'000 R'000 R'000 R'000
Cash flows from
operating activities
Cash (absorbed by)/
generated from
operations 23.1 (3 767) (5 038) 3 294 (320)
Interest received 2 098 5 358 1 534 1 039
Interest paid (4 319) (4 553) (1 050) (969)
Taxation paid 23.2 (381) (4 046) - -
Net cash (outflow)/
inflow from operating
activities (6 369) (8 279) 3 778 (250)
Cash flows from
investing activities
Purchase of tangible
fixed assets (5 188) (9 441) (991) -
Proceeds on disposal of
tangible fixed assets 1 389 51 - -
Purchase of intangible
fixed assets - (10 617) - -
Disposal of
subsidiaries 23.3 10 725 - - -
Repayments from/
(advances to)
subsidiaries 2 785 (51 991)
Purchase of subsidiaries - (4 841)
Purchase of business
operations of
subsidiaries 23.4 - (41 996) - -
Staff share trust 68 (68) 68 (68)
Loans to directors 492 (502) 502 (502)
Net cash inflow/
(outflow) from
investing activities 7 486 (62 573) 2 364 (57 402)
Cash flows from
financing activities
Proceeds from issue
of shares - 61 080 - 61 080
Proceeds from/
(repayment of)
long-term liabilities 723 (3 752) - -
Settlement to vendors (2 150) (6 960) (2 150) (6 960)
Short-term loans (1 500) 1 500 - (213)
Net cash (outflow)/
inflow from financing
activities (2 927) 51 868 (2 150) 53 907
Net (decrease)/
increase in cash and
cash equivalents (1 810) (18 984) 3 992 (3 745)
Cash and cash
equivalents at
beginning of period (1 655) 17 329 (3 625) 120
Cash and cash
equivalents at
end of period 23.5 (3 465) (1 655) 367 (3 625)
Directors
The directors in office during the period covered by this report are as
follows:
Executive
Mr N Taitz Acting chief executive Appointed 21 October 1999,
officer resigned 20 January 2001
Mr DC Bodley Interim chief executive Resigned 25 July 2000
officer
Mr SS Rogers Joint managing director Resigned 30 November 1999
Mr D Heyman Joint managing director Resigned 30 November 1999
Mr BG Duke Financial director Resigned 13 January 2000
Non-executive
Mr KDD de Villiers Chairman Appointed as director on
30 November 1999, appointed
as
chairman on 4 September 2000
Dr D Konar Director Chairman until 4 September
2000,
resigned 20 January 2001
Mrs LM Mojela Director
Mr JH Rawlings * Director Appointed 30 November 1999
Mr IL Stromin Director Appointed 30 November 1999
Mr PJ du Toit Director Appointed 30 November 1999,
resigned 24 May 2000
Mr GD Glass Director Appointed 30 November 1999,
resigned 24 May 2000
Mr LI Karp Director Appointed 30 November 1999
Mr PM Katz Deputy chairman Resigned 12 May 2000
* American
Business Address
Arcay House II
Number 3 Anerley Road
Parktown
2193
Income statements
for the year ended 28 February 2001
Group
Note Continuing Discontinuing
operations operations
Eight Eight
Year months Year months
ended ended ended ended
28 February 29 February 28 February 29 February
2001 2000 2001 2000
R'000 R'000 R'000 R'000
Revenue 28 581 23 712 41 038 193 446
Cost of sales (18 900) (15 902) (37 638) (169
183)
Gross profit 9 681 7 810 3 400 24 263
Other operating expenses (14 368) (6 175) (19 317) (63 838)
Exceptional items 2 - - 4 603 (41 565)
Operating (loss)/profit 3 (4 687) 1 635 (11 314) (81 140)
Income from investments 4 1 463 1 689 168 409
Net (loss)/profit from
activities before
finance charges (3 224) 3 324 (11 146) (80 731)
Finance charges 5 (2 281) (1 057) (7) (3 262)
Net (loss)/profit
before taxation (5 505) 2 267 (11 153) (83 993)
Taxation 6 82 (842) (248) 243
Net (loss)/profit
for the year (5 423) 1 425 (11 401) (83 750)
Income statements continued ...
Group as Company
a whole
Eight Eight
Year months Year months
ended ended ended ended
28 February 29 February 28 February 29 February
2001 2000 2001 2000
Note R'000 R'000 R'000 R'000
Revenue 69 619 217 158 - -
Cost of sales (56 538) (185 085) - -
Gross profit 13 081 32 073 - -
Other operating expenses (33 685) (70 013) (2 227) (1 505)
Exceptional items 2 4 603 (41 565) (885) (83 433)
Operating (loss)/profit 3 (16 001) (79 505) (3 112) (84 938)
Income from investments 4 1 631 2 098 1 390 1 534
Net (loss)/profit from
activities before
finance charges (14 370) (77 407) (1 722) (83 404)
Finance charges 5 (2 288) (4 319) (2 217) (1 050)
Net (loss)/profit
before taxation (16 658) (81 726) (3 939) (84 454)
Taxation 6 (166) (599) - -
Net (loss)/profit
for the year (16 824) (82 325) (3 939) (84 454)
Group
Year Eight months
ended ended
28 February 29 February
Note 2001 2000
Ordinary shares in issue (000's)
- Total 90 715 90 715
- Weighted average 90 715 89 850
Basic loss per share (cents) 7 (18,55) (91,62)
Continuing operations (5,98) 1,59
Discontinuing operations (12,57) (93,21)
Headline loss per share (cents) 7 (22,64) (45,35)
Continuing operations (5,12) 1,60
Discontinuing operations (17,52) (46,95)
Calculation of headline loss R'000 R'000
Net loss for the year (16 824) (82 325)
Exceptional items (4 603) 41 565
Loss on disposal and impairment of
plant and equipment 888 10
Headline loss for the year (20 539) (40 750)
Balance sheets
at 28 February 2001
Group Company
2001 2000 2001 2000
Assets Note R'000 R'000 R'000 R'000
Non-current assets 800 7 682 4 649 19 180
Property, plant
and equipment 8 800 7 682 1 868
Interest in
subsidiaries 9 4 648 18 312
Current assets 23 314 37 702 6 718 414
Inventories 10 9 547 22 751 - -
Accounts receivable 9 947 12 722 4 030 46
Taxation prepaid 249 543 - -
Cash resources 3 571 1 686 2 688 368
Total assets 24 114 45 384 11 367 19 594
Equity and liabilities
Capital and reserves
Shareholders' funds 480 17 304 (1 221) 2 718
Non-current liabilities 1 571 770 1 829 7 167
Long-term liabilities 12 1 571 688 1 550 -
Loans from
subsidiaries 9 279 7 167
Deferred taxation 13 - 82 - -
Current liabilities 22 063 27 310 10 759 9 709
Accounts payable 19 173 20 579 10 759 9 708
Current portion of
long-term
liabilities 12 624 827 - -
Taxation 96 753 - -
Bank overdraft 14 2 170 5 151 - 1
Total equity and
liabilities 24 114 45 384 11 367 19 594
Ordinary shares in issue
(000's) 90 715 90 715
Net asset value
per share (cents) 0,53 19,08
Statements of changes in equity
for the period ended 29 February 2001
Share Share Accumulated
capital premium loss Total
Note R'000 R'000 R'000 R'000
Group
Balance at
30 June 1999 890 49 171 12 492 62 553
Shares issued in
settlement of a
vendor's loan 17 7 408 7 425
Reduction of liabilities
to vendors
- profit warranties
not achieved - 29 651 - 29 651
Loss for the period (82 325) (82 325)
Balance at
29 February 2000 907 86 230 (69 833) 17 304
Loss for the year (16 824) (16 824)
Balance at
28 February 2001 11 907 86 230 (86 657) 480
Company
Balance at
30 June 1999 890 49 171 35 50 096
Shares issued in
settlement of a
vendor's loan 17 7 408 7 425
Reduction of liabilities
to vendors
- profit warranties
not achieved - 29 651 - 29 651
Loss for the period (84 454) (84 454)
Balance at
29 February 2000 907 86 230 (84 419) 2 718
Loss for the year (3 939) (3 939)
Balance at
28 February 2001 11 907 86 230 (88 358) (1 221)
Cash flow statements
for the year ended 28 February 2001
Group Company
Eight Eight
Year months Year months
ended ended ended ended
28 February 29 February 28 February 29 February
2001 2000 2001 2000
Note R'000 R'000 R'000 R'000
Cash flows from
operating activities
Cash (absorbed by)/
generated from
operations 19.1 (11 264) (3 767) (840) 3 294
Interest received 1 631 2 098 1 390 1 534
Interest paid (2 288) (4 319) (2 217) (1 050)
Taxation paid 19.2 (611) (381) - -
Net cash (outflow)/
inflow from
operating activities (12 532) (6 369) (1 667) 3 778
Cash flows from
investing activities
Purchase of plant
and equipment (389) (5 188) - (991)
Proceeds on disposal
of plant and
equipment 2 983 1 389 - -
Proceeds on disposal
of Like Silk,
Life Tree
and Endocil brands
and related
inventories 13 064 - - -
Disposal of
subsidiaries 19.3 1 060 10 725 1 000 -
Net movement in loans
to and from
subsidiaries 1 438 2 785
Staff share trust - 68 - 68
Loans to directors - 492 - 502
Net cash inflow from
investing activities 16 718 7 486 2 438 2 364
Cash flows from
financing activities
Net movement in
long-term liabilities 680 723 1 550 -
Settlement to vendors - (2 150) - (2 150)
Short-term loans - (1 500) - -
Net cash inflow/(outflow)
from financing
activities 680 (2 927) 1 550 (2 150)
Net increase/(decrease)
in cash and
cash equivalents 4 866 (1 810) 2 321 3 992
Cash and cash equivalents
at beginning of year (3 465) (1 655) 367 (3 625)
Cash and cash
equivalents
at end of year 19.4 1 401 (3 465) 2 688 367
Directors
The directors in office during the year covered by this report are as
follows:
Executive
Mr N Taitz Acting chief executive
officer Resigned 20 January 2001
Mr DC Bodley Interim chief executive
officer Resigned 25 July 2000
Mr JH Rawlings * Director
Mr IL Stromin Director
Non-executive
Mr KDD de Villiers Chairman Appointed as chairman on
4 September 2000
Dr D Konar Director Chairman until
4 September 2000,
resigned 20 January 2001
Mrs LM Mojela Director
Mr PJ du Toit Director Resigned 24 May 2000
Mr GD Glass Director Resigned 24 May 2000
Mr LI Karp Director
Mr PM Katz Deputy chairman Resigned 12 May 2000
*American
Business Address
Arcay House II
Number 3 Anerley Road
Parktown
2193
RESULTS
The board has focused its efforts, over the last fourteen months, on
correcting the damage triggered by misconduct and fraudulent acts which took
place at Beige. It follows that the group has come under tremendous pressure
from bankers, liquidators, disgruntled shareholders, retrenched staff and
other affected parties.
The Board has acted decisively and effectively over the last fourteen
months, to repair or at least, mitigate, the enormous damage inflicted on
the group through mismanagement and dismal levels of corporate governance.
As a result of sound management and the judicious disposals of several group
companies, the bank overdraft has been reduced from R24 million to R2
million and profitability has been restored.
With the stronger management team in place, and the restoration of
profitability, a sound strategic vision can now be developed in the medium-
to-long term.
PROSPECTS
Subject to necessary approvals, Beige Holdings will re-list on the Venture
Capital Sector of the JSE Securities Exchange (JSE), in October 2001.
ANNUAL GENERAL MEETINGS
Annual general meetings for the financial years ended 29 February 2000 and
28 February 2001 will be held at Arcay House, Number 3 Anerley Road,
Parktown, on 25 September 2001, commencing at 10:00.
Annual financial statements, incorporating notices of these meetings,
were posted to registered shareholders on 31 August 2001.
CORPORATE ADVISOR AND SPONSOR
SASFIN
REGISTRATION NUMBER: 1951/002280/06
COMPANY SECRETARY
ARCAY CLIENT SUPPORT
REGISTRATION NUMBER: 1998/025284/07
