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Bryant Technology Limited -
Bryant Technology Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011846/06)
SHARE CODE: BRY
ISIN: ZAE000015475
("the company")
Unaudited results for the six months ended 31 December 2002
Income statement
Unaudited Audited
Six months to Year ended
31 December 30 June
2002 2002
R`000 R`000
Revenue 2 061 4 179
Operating (loss) (225) (312)
Interest (paid)/received (34) (30)
Net (loss) before tax (259) (342)
Tax - -
Net loss after tax (259) (342)
Dividends paid - -
(Loss) for year (259) (342)
Shares in issue (`000) 196 000 196 000
Earnings per share (cents) (0,13) (0,18)
Headline earnings per share (cents) (0,13) (0,18)
Balance sheet
Unaudited Audited
Six months to Year ended
31 December 30 June
2002 2002
R`000 R`000
Assets
Fixed assets 96 110
Current assets 3 880 4 343
Inventories 2 268 2 568
Accounts receivable 187 508
Bank balances and cash 1 425 1 267
Total assets 3 976 4 453
Represented by:
Equity and liabilities
Shareholders` interest 973 1 232
Share capital 2 2
Share premium 11 803 11 803
Accumulated loss (10 832) (10 573)
Long-term loans 1 850 1 850
Current liabilities 1 153 1 371
Accounts payable 1 153 1 371
Total equity and liabilities 3 976 4 453
Cash flow statement
Unaudited Audited
Six months to Year ended
31 December 30 June
2002 2002
R`000 R`000
Cash flows from operating activities
Cash received/(absorbed) from
operations 192 (418)
Net interest paid (34) (30)
Taxation paid - -
Net cash (Inflow)/outflow from
operating activities 158 (448)
Net cash inflow from investing
activities - 24
Net cash inflow from financing
activities - -
Net decrease in cash and
cash equivalents 158 (424)
Net cash and cash equivalents
at beginning of period 1 267 1 691
Cash and cash equivalents at
end of period 1 425 1 267
Changes in equity statement
Share capital Accumulated Total
and premium loss
R"000 R"000 R"000
Balance at beginning of period 11 805 (10 573) 1 232
Loss for the period - (259) (259)
Balance at end of period 11 805 (10 832) 973
Basis of preparation
The interim and unaudited financial statements of the company have been prepared
in accordance with South African Statements of Generally Accepted Accounting
Practice, which policies have been applied consistently from prior years.
Commentary
The widely reported, deterioration of business confidence in the market in
general and the IT Sector in particular, once again, combined to extremely
difficult trading conditions during the period under review.
Furthermore, the recovery of the Rand with the consequent effect on the
reduction in selling prices had a negative effect on products with fixed
margins. The reduction in selling prices hardly simulated demand. The increase
in sales was only a slight improvement, falling far short of the substantial
improvement required in sales volumes to redress the negative effects of the
significant sales reduction in Rand value terms.
The company, despite these poor trading conditions, has maintained a healthy
"cash liquid" position.
Prospects
Currently high interest rates coupled with the uncertain global outlook
continues to impact negatively on business confidence with a lack of commitment
to new capital projects and growth.
Therefore although there is continuing interest in our products, the "wait and
see" approach engendered by the lack of business confidence impacts on the speed
of the company"s recovery to profitability.
Dividend
No dividend has been declared.
WJT Marchant
Director
31 March 2003
Sponsor
The Janus Corporation (Pty) Ltd
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