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Beige - PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002 AND CHANGE
OF RIGHTS OFFER TIMETABLE
Beige Holdings Limited
Registration No: 1997/006871/06
Share code BEG ISIN ZAE000013835
("Beige" or "the company")
PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002 AND CHANGE OF RIGHTS
OFFER TIMETABLE
The preliminary results below have been prepared on the assumption that
shareholders will approve the acquisitions and the disposal as detailed in
the announcement dated 23 April 2002. A circular to shareholders, containing
a notice of general meeting, will be forwarded to shareholders in due
course. The auditors, KPMG, have reviewed the consolidated preliminary
results for the year ended 28 February 2002 which have been prepared on the
basis that shareholders will approve the acquisitions and the disposal at
the general meeting.
GROUP INCOME STATEMENT
Additional information
Reviewed Audited Pro forma Pro forma
for the for the for the for the
year ended year ended year ended year ended
28 28 28 28
February February February February
2002 2001 2002 2002
After Continuing Before After
operations
Note 1 Note 2 Note 3 Note 4
R`000 R`000 R`000 R`000
Revenue 39 146 28 581 34 514 47 340
Cost of sales (22 382) (18 900) (19 621) (26 671)
Gross profit 16 764 9 681 14 893 20 669
Other operating (14 528) (14 368) (13 805) (16 903)
expenses
Operating 2 236 (4 687) 1 088 3 766
profit before
exceptional
items
Exceptional
items: 2 332 -- -- 2 332
- Profit on (3 468) -- -- (3 468)
disposal (315) -- -- (945)
- Restraint 171 -- -- 171
undertaking
- Goodwill
written off
- Other
Operating 956 (4 687) 1 088 1 856
profit/(loss)
Income from 208 1 463 199 209
investments
Net 1 164 (3 224) 1 287 2 065
profit/(loss)
from activities
before finance
charges
Finance charges (235) (2 281) (213) (250)
Net 929 (5 505) 1 074 1 815
profit/(loss)
before taxation
Taxation 2 271 82 2 273 2 189
Net 3 200 (5 423) 3 347 4 004
profit/(loss)
after taxation
Minority (405) -- -- (1 024)
interest
Net 2 795 (5 423) 3 347 2 980
profit/(loss)
for the period
Weighted 112 511 90 715 92 553 152 428
average
ordinary shares
in issue
(000`s) (Note
5)
Headline 3.62 (5.12) 3.62 3.21
earnings/(loss)
per share
(cents)
Earnings/(loss) 2.48 (5.98) 3.62 1.96
per share
(cents)
Note 1 The consolidated results of the Beige group include four months
trading of the acquisitions from the effective date of control from 01
November 2001
Note 2 The audited results for the year ended 28 February 2001 only
includes the continuing operations for the group
Note 3 The results of the Beige group before the acquisitions and
disposal.
Note 4 The pro forma results for the year ended 28 February 2002 shows
the effect if the two new subsidiaries were acquired from the beginning of
the financial year
Note 5 The weighted average shares in issue assumes the issue of shares
for the acquisitions
GROUP BALANCE SHEET
Additional information
Reviewed Audited as Pro forma Pro forma
as at at as at as at
28 28 28 28
February February February February
2002 2001 2002 2002
Note 1 Note 2
R`000 R`000 R`000 R`000
Assets
Non-current 5 861 800 2 869 5 231
assets
Property, plant 1 064 800 596 1 064
and equipment
Investment - 22 54 1 894
intangibles
Deferred 2 273 2 273 2 273
taxation
Current assets 23 117 23 314 13 573 24 633
Inventories 6 890 9 547 5 417 6 890
Accounts 15 228 9 947 7 180 16 744
receivable
Taxation 202 249 202 202
prepaid
Cash resources 797 3 571 774 797
Total assets 28 978 24 114 16 442 29 864
Equity and
liabilities
Capital and 4 857 480 4 232 8 634
reserves
Shareholders` 4 857 480 4 232 8 634
funds
Minority 405 1 024
interest
Non-current 1 958 1 571 1 876 1 958
liabilities
Long-term 1 958 1 571 1 876 1 958
liabilities
Current 21 758 22 063 10 334 18 248
liabilities
Accounts 20 472 19 173 9 356 16 880
payable
Current portion 21 624 21 21
of long-term
liabilities
Taxation 263 96 96 345
Bank overdraft 1 002 2 170 861 1 002
Total equity 28 978 24 114 16 442 29 864
and liabilities
Ordinary shares 95 125 90 715 95 125 155 000
in issue -
(000`s)
Net asset value 5.11 0.53 4.45 5.57
per share
(cents)
Net tangible 2.45 0.53 4.45 4.35
asset value per
share (cents)
Note 1 The results of the Beige group before the acquisitions and
disposal
Note 2 The pro forma results shows the fully diluted effect if the two
new subsidiaries were acquired from the beginning of the financial year
GROUP CASH FLOW STATEMENT
Reviewed Audited
for the for the
year ended year ended
28 February 28
2002 R`000 February
2001 R`000
Cash flow from operating activities
Cash (absorbed by)/generated from (2 464) (11 264)
operations
Interest received 208 1 631
Interest paid (235) (2 288)
Taxation paid 94 (611)
Net cash outflow from operating (2 397) (12 532)
activities
Cash flow from investing activities
Purchases of plant and equipment (594) (389)
Proceeds on disposal of plant and 5 2 983
equipment
Proceeds on disposal of Like Silk, -- 13 064
Life Tree and Endocil brands and
related inventories
Purchase of acquisitions (3 060) --
Disposal of subsidiaries 4 252 1 060
Net cash inflow from investing 603 16 718
activities
Cash flow from financing activities
Net movement in long-term liabilities (216) 680
Short-term loans 404 --
Net cash inflow from financing 188 680
activities
Net (decrease)/increase in cash and (1 606) 4 866
cash equivalents
Cash and cash equivalents at beginning 1 401 (3 465)
of year
Cash and cash equivalents at end of (205) 1 401
period
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share NDR Accumulated Total
Capital premium loss
R`000 R`000 R`000 R`000
R`000
Balance at 29 February 907 86 230 -- (69 833) 17 304
2000
Loss for the year -- -- -- (16 824) (16 824)
Balance at 28 February 907 86 230 -- (86 657) 480
2001
Issue of shares 44 360 -- -- 404
Surplus on acquisition of -- -- 1 178 -- 1 178
business of Get Fresh
Profit for the period -- -- -- 2 795 2 795
Balance at 28 February 951 86 590 1 178 (83 862) 4 857
2002
COMMENTARY
The directors of Beige Holdings Limited are pleased to announce its annual
results for the financial year ended 28 February 2002. These results have
been prepared on the assumption that the acquisitions and the disposal as
detailed in the announcement dated 23 April 2002 will be approved by
shareholders at a general meeting, details of which will be forwarded in due
course.
RESULTS
This is Beige`s first set of annual results since the company`s relisting on
the Venture Capital Sector of the JSE Securities Exchange SA in October
2001. The first period, since re-listing, was characterised initially by
regrouping and consolidation. During the year under review, Beige
demonstrated a complete turnaround and has achieved satisfactory results,
reporting revenue of R39.2 million and attributable earnings of R2.8
million. Headline earnings were R4.1 million and headline earnings per
share 3.6 cents.
Headline earnings are R`000
calculated as follows: 2 795
Net profit for the year 1 280
Add back exceptional items
Headline earnings 4
075
At year end, the company was trading profitably, exceeding budget forecasts
and indicating a significant upturn in business.
During the latter part of the year, the company has experienced exciting and
positive developments. Business operations were further refined through the
disposal of non-core divisions and a strict focus on primary business.
As a result, Beige has secured a niche position in the soap, cosmetic, bath
and body market. The company has retained its strong client base through the
provision of quality products and services.
ABNORMAL ITEMS
Abnormal items primarily comprise the profit on disposal of Beige Cosmetics
(Proprietary) Limited, which business had become non-core prior to the
relisting of Beige in October 2001. In addition, goodwill on the
acquisitions has been amortised and the restraint payment has been expensed
in the period incurred.
ACCOUNTING POLICIES
The accounting policies adopted for purposes of these annual results comply,
and have been consistently applied in all material respects, with the South
African Statements of Generally Accepted Accounting Practices.
ACQUISITIONS
During the year under review, Beige made two strategic acquisitions, which
are subject to shareholders` approval. These provide good opportunities for
the company to expand its client base and increase its product range. The
acquired companies are Dudley`s, a manufacturer specialising in depilatory
and cosmetic products, and Get Fresh, a manufacturer of high quality soaps,
scrubs and bath products for the luxury and gift markets. Approximately 60%
of Get Fresh`s sales are to the European market. In addition, further
management expertise has been introduced onto the Beige board. The
acquisitions and board appointments are subject to the approval of Beige
shareholders in general meeting.
PROSPECTS
Beige`s future focus will remain on upholding its ranking as a significant
player in its niche market, as well as expanding its reach through the
constant sourcing of export opportunities.
With the stronger management team in place, and the restoration of
profitability, Beige can now focus more intently on growing its business.
CHANGE OF RIGHTS OFFER TIMETABLE
Following the announcement dated 23 April 2002 please be advised that new
dates will be published in due course following a decision to provide
information in the circular to shareholders based on results for the year
ended 28 February 2002, as opposed to the interim results as at 31 August
2001. The announcement will include the revised dates for the rights offer,
including the last date to trade and declaration data.
ANNUAL GENERAL MEETING
The annual general meeting date will be announced in July 2002.
By order of the Board
Kevin de Villiers John Rawlings
Non-executive Chairman Chief Executive Officer
15 May 2002
Johannesburg
CORPORATE ADVISOR AND SPONSOR
ARCAY GROUP LIMITED
REGISTRATION NUMBER: 1991/003944/06
COMPANY SECRETARY
ARCAY CLIENT SUPPORT (Pty) Ltd
REGISTRATION NUMBER: 1998/025284/07
INVESTOR RELATIONS
ARCAY FINANCIAL COMMUNICATIONS (Pty) Ltd
REGISTRATION NUMBER: 1998/024383/07
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