| Wed 31 Oct 2001, 0:00 | | Beige Holdings Limited - Unaudited Interim |
|
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
Share code BEG ISIN ZAE000013835
("Beige" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
GROUP INCOME STATEMENTS
Unaudited for the Audited for the
6 months ended 12 months ended
31 August 2001 28 February 2001
R'000 R'000
Revenue 18 828 69 619
Cost of sales (11 156) (56 538)
Gross profit 7 672 13 081
Other operating expenses (7 361) (32 329)
Depreciation (146) (1 356)
Exceptional items - 4 603
Operating profit/(loss) 165 (16 001)
Income from investments 142 1 631
Net profit/(loss) from activities
before finance charge 307 (14 370)
Finance charge (248) (2 288)
Net profit/(loss) before taxation 59 (16 658)
Taxation - (166)
Net profit/(loss) for period 59 (16 824)
Ordinary shares in issue ('000) 90 715 90 715
Headline earnings/(loss)
per share (cents) 0,065 (22,64)
Earnings/(Loss) per share (cents) 0,065 (18,55)
GROUP CASH FLOW STATEMENTS
Unaudited for the Audited for the
6 months ended 12 months ended
31 August 2001 28 February 2001
R'000 R'000
Cash flow from operating activities
Cash (absorbed by)/generated from
operations (1 698) (11 264)
Interest received 142 1 631
Interest paid (248) (2 288)
Taxation paid - (611)
Net cash (outflow)/inflow from
operating activities (1 804) (12 532)
Cash flow from investing activities
Purchases of plant and equipment (32) (389)
Proceeds on disposal of plant
and equipment - 2 983
Proceeds on disposal of Like Silk,
Life Tree and Endocil brands
and related inventories - 13 064
Disposal of subsidiaries - 1 060
Net cash (outflow)/inflow
from investing activities (32) 16 718
Cash flow from financing activities
Net movement in long-term
liabilities 8 680
Short-term loans (164) -
Net cash (outflow)/inflow from
financing activities (156) 680
Net (decrease)/increase in cash
and cash equivalents (1 992) 4 866
Cash and cash equivalents at
beginning of period 1 401 (3 465)
Cash and cash equivalents at end
of period (591) 1 401
GROUP STATEMENT OF CHANGES IN EQUITY
Unaudited for the six months ended 31 August 2001
Share Share Accumulated
R'000 capital premium loss Total
Balance at 29 February 2000 907 86 230 (69 833) 17 304
Loss for period - - (16 824) (16 824)
Balance at 28 February 2001 907 86 230 (86 657) 480
Profit for period - - 59 59
Balance at 31 August 2001 907 86 230 (86 598) 539
Note:
This interim report was prepared using accounting policies, which are in
accordance with AC 127, Interim Finacial Reporting. These policies are
consistent with those applied in the financial statements for the year ended
28 February 2001.
GROUP BALANCE SHEETS
Unaudited as at Audited as at
31 August 2001 28 February 2001
R'000 R'000
ASSETS
Non-current assets 686 800
Property, plant and equipment 686 800
Current assets 14 901 23 314
Inventories 6 427 9 547
Accounts receivable 7 508 9 947
Taxation pre-paid 249 249
Cash resources 717 3 571
Total assets 15 587 24 113
EQUITY and LIABILITIES
Capital and reserves 539 480
Shareholders' funds 539 480
Non-current liabilities 1 579 1 571
Long-term liabilities 1 579 1 571
Current liabilities 13 469 22 063
Accounts payable 11 605 19 172
Current portion of long-term
liabilities 460 624
Taxation 96 96
Bank overdraft 1 308 2 170
Total equity and liabilities 15 587 24 113
Ordinary shares in issue ('000) 90 715 90 715
Net asset value per share (cents) 0,59 0,53
Tangible net asset value per
share (cents) 0,59 0,53
COMMENTARY
The directors of Beige are pleased to announce the company's interim results
for the six months ended 31 August 2001. This is Beige's first set of
results since the company's relisting on the JSE Securities Exchange South
Africa in October 2001.
NATURE OF BUSINESS
Beige manufactures and distributes cosmetics, soaps and allied products. It
is the holding company for four principal operating subsidiaries:
- Argo Soap and Chemical Industries (Pty) Ltd;
- Beige Cosmetics (Pty) Ltd;
- Specialty Formulas (Pty) Ltd; and
- Sponge Textures (Pty) Ltd.
RESULTS
During the six months under review, Beige has operated profitably, producing
results in line with expectations. The results include approximately R500
000 in abnormal expenses, being part of the costs incurred in relisting. We
expect the results over the remainder of the year to be in line with
forecasts.
PROSPECTS
Beige's liquidity is steadily improving. With the restructuring now
ratified, the board is able to focus on building a successful and profitable
company.
By order of the board
Kevin de Villiers John Rawlings
Non-executive Chairman Chief Executive Officer
31 October 2001
Registered office Transfer secretaries
3 Anerley Road, Parktown, 2193 Mercantile Registrars Limited
PO Box 62397, Marshalltown, 2107 PO Box 1053, Johannesburg,
2000
Directors
K D D de Villiers* (Chairman), J H Rawlings** (Chief Executive Officer),
I L Stromin, L I Karp*, L M Mojela*
*Non-executive
**American
