|
Bryant Technology Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011846/06)
Share code BRY ISIN ZAE000015475
("the company")
Audited results
for the year ended 30 June 2001
Income statement
Audited
Year to 30 June
2001 2000
R'000 R'000
Revenue 4 541 6 733
Operating (loss) (832) (5 182)
Interest received 112 163
Net (loss) before tax (720) (5 019)
Tax - (4)
Net (loss) after tax (720) (5 023)
Dividends paid - -
(Loss) for year (720) (5 023)
Shares in issue ('000) 196 000 196 000
Earnings per share (cents) (0,4) (2,6)
Headline earnings per share (cents) (0,4) (2,6)
Balance sheet
Audited
at 30 June
2001 2000
R'000 R'000
Assets
Fixed assets 144 211
Current assets 4 838 5 342
Inventories 2 649 2 768
Accounts receivable 498 733
Bank balances and cash 1 691 1 841
Total assets 4 982 5 553
Represented by:
Equity and liabilities
Shareholders' interest 1 574 2 294
Share capital 2 2
Share premium 11 803 11 803
Accumulated loss (10 231) (9 511)
Long-term loans 1 850 1 850
Current liabilities 1 558 1 409
Accounts payable 1 558 1 409
Total equity and liabilities 4 982 5 553
Cash flow statement
Audited
at 30 June
2001 2000
R'000 R'000
Cash flows from operating activities
Cash absorbed from operations (201 581) (8 004 637)
Net interest received 111 886 162 829
Taxation paid - (4 648)
Net cash (outflow) from
operating activities (89 695) (7 846 456)
Net cash (outflow)/inflow from
investing activities (60 196) 288 007
Net cash inflow from financing
Activities - 1 850 000
Net decrease in cash and cash
Equivalents (149 891) (5 708 449)
net cash and cash equivalents
at beginning of year 1 841 211 7 549 660
Cash and cash equivalents
at end of year 1 691 320 1 841 211
Changes in equity statement
Audited
at 30 June
2001 2000
R'000 R'000
Share capital 1 960 1 960
Share premium 11 803 254 11 803 254
Accumulated (loss) (10 231 687) (9 511 288)
Balance at end of year 1 573 527 2 293 926
COMMENTS
Audit opinion
The following qualification was included by KPMG Inc., in the audit report
for the year ended 30 June 2001: "The financial statements have been
prepared on the going concern basis. This basis is dependent upon the
company being successful in its product repositioning and market acceptance
of the product being sufficient to restore profitable trading.
Except for the uncertainties referred to above, in our opinion, these
financial statements fairly represent, in all material respects, the
financial position of the company at 30 June 2001 and the results of its
operations and cashflows for the year then ended in accordance with South
African Statements of Generally Accepted Accounting Practice, and in the
manner required by the Companies Act".
General review
During the year under review the company continued to make substantial
progress in the objective to change the company from trading at substantial
losses to a profitable trading company.
Unfortunately, poor trading conditions in the IT sector experienced during
the latter period of the year resulted in reduced margins for traditional
distribution products. However, these reduced margins were compensated by
the introduction of new products developed and directly controlled, by the
company, with higher margins. The effect of these adverse trading conditions
was to retard the expected return to trading profitably by the end of the
financial year, 30 June 2001.
Litigation concerning our contention that serious defects to certain
product were caused by the supply of inferior quality product was concluded
with an out of court settlement. The effect of the settlement was a saving,
reflected in the 2001 financial year of R249 000. Although the damage was
considerably higher than this amount, the decision was made that to pursue
the claim to legal finality, although highly confidant of success, would
have been at an unrealistic financial cost.
The company has continued its vigilance and careful control over the cash
management of the enterprise and, despite the difficult trading conditions,
is able to exhibit a reasonably strong "liquid cash" position.
Prospects
At present the economic climate is very uncertain and it is difficult to
predict the length and severity of the current downswing. However, we are
very confident that we will weather this period and with the acceptance of
our new products we will be strongly positioned to take full benefit of any
improvement in the market.
Dividend
No dividend has been declared.
W J T Marchant
Director
24 January 2002
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
