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Bryant - Audited results for the year ended 30 June 2002
Bryant Technology Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011846/06)
JSE Share code BRY ISIN ZAE000015475
("the company")
Audited results for the year ended 30 June 2002
Income statement
Audited
Year to 30 June
2002 2001
R`000 R`000
Revenue 4 179 4 541
Operating (loss) (312) (832)
Interest (paid)/received (30) 112
Net (loss) before tax (342) (720)
Tax - -
Net loss after tax (342) (720)
Dividends paid - -
(Loss) for year (342) (720)
Shares in issue (`000) 196 000 196 000
Earnings per share (cents) (0,2) (0,4)
Headline earnings per share (cents) (0,2) (0,4)
Balance sheet
Audited
at 30 June
2002 2001
R`000 R`000
Assets
Fixed assets 110 144
Current assets 4 343 4 838
Inventories 2 568 2 649
Accounts receivable 508 498
Bank balances and cash 1 267 1 691
Total assets 4 453 4 982
Represented by:
Equity and liabilities
Shareholders` interest 1 232 1 574
Share capital 2 2
Share premium 11 803 11 803
Accumulated loss (10 573) (10 231)
Long-term loans 1 850 1 850
Current liabilities 1 371 1 558
Accounts payable 1 371 1 558
Total equity and liabilities 4 453 4 982
Cash flow statement
Audited
at 30 June
2002 2001
R`000 R`000
Cash flows from operating activities
Cash absorbed from operations (418) (202)
Net interest (paid)/received (30) 112
Taxation paid - -
Net cash outflow from operating activities (448) (90)
Net cash inflow/(outflow) from investing activities 24 (60)
Net cash inflow from financing activities - -
Net decrease in cash and cash equivalents (424) (150)
Net cash and cash equivalents at beginning of year 1 691 1 841
Cash and cash equivalents at end of year 1 267 1 691
Changes in equity statement
Audited
at 30 June
2002 2001
R`000 R`000
Share capital 2 2
Share premium 11 803 11 803
Accumulated (loss) (10 573) (10 231)
Balance at end of year 1 232 1 574
COMMENTS
Audit opinion
The following qualification was included by KPMG Inc. in the audit report for
the year ended 30 June 2002, a copy of which is available for inspection at the
company`s registered address: "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 present, in all material respects, the financial
position of the company at 30 June 2002 and the results of its operations and
cash flows 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 in South Africa."
General review
During the year under review the company`s operations and results suffered
from the continuation of the severe economic downswing which had become manifest
during the latter part of the 2001 financial year.
Last year we were uncertain as to the length and severity of the then current
downswing in economic activity and our initial objective was to "weather the
storm" financially healthy.
The economic downswing was very severe with a high casualty list of companies
both large and small either financially battered or no longer in existence.
The adverse economic conditions, existing in June 2002, continued to worsen,
fuelled by the 11 September 2001 tragedy and the significant decline in the
value of the Rand, to the end of 2001. Furthermore, the widely reported global
lack of confidence in the IT sector contributed to the extremely difficult
trading conditions experienced by the company for approximately a year to
February 2002.
During this difficult period the company`s progress was significantly
curtailed with lower sales volumes for newer products than previously
anticipated. However, the higher margins achieved on these products alleviated
to some extent the pressure on the low margins of the traditional distribution
products.
The company weathered a very difficult trading year, in reasonable financial
health with a "cash liquid" position, benefiting from the continuing positive
improvement in market conditions since February 2002.
Prospects
Interest and acceptance of the newer products is very encouraging for the
company`s medium to long-term future. However, in the short term the uncertainty
of future interest rates and the consequent impact on consumer demand is
difficult to predict. This uncertainty is engendering a lack of business
confidence to commit expenditure to new projects with a preference to adopting a
"wait and see" approach whilst committing lower levels of expenditure to
maintaining existing infrastructure.
Therefore, the company`s continued forward progress will be moderated to an
extent, by the hesitancy in business confidence to commit to growth.
Dividend
No dividend has been declared.
W J T Marchant Registered address:
Director 59 Lechwe Street
Old Pretoria Road
28 October 2002 Midrand
Date: 28/10/2002 05:21:00 PM Produced by the JSE SENS Department
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