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BEGET HOLDINGS LIMITED -
BEGET HOLDINGS LIMITED
Registration number
2002/011635/06
ISIN number: ZAE000044111
JSE Code: BEE
RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2002
BALANCE SHEET
31-Dec-02
Audited
R
ASSETS
Non-current assets 14,699,489
Property, plant and equipment 3,871,554
Intangible assets 8,027,935
Investments 2,000,000
Current Assets 1,473,935
Trade and other receivables 1,394,208
Cash and cash equivalents 879,727
TOTAL ASSETS 16,173,424
EQUITY AND LIABILITIES
Capital and reserves 13,554,096
Issued capital 11,419,371
Distributable reserve 2,134,725
Non-current liabilities 1,333,061
Borrowings 718,804
Deferred tax 614,257
Current liabilities 1,286,267
Taxation 316,801
Trade and other payables 744,466
Current portion of borrowings 225,000
TOTAL EQUITY AND LIABILITIES 16,173,424
Net asset value per share 4.04
(cents)
Tangible asset value per share 1.65
(cents)
INCOME STATEMENT
Period Ended
31-Dec-02
Audited
R
Revenue 4,748,550
Operating profit before 3,506,357
depreciation
Depreciation 362,267
Amortisation of goodwill 415,614
Net operating profit 2,728,476
Net finance income/ (cost) 23,992
Profit before taxation 2,752,468
Taxation 617,743
Profit after taxation 2,134,725
Earnings attributable to 2,134,725
ordinary shareholders
Statistics
Number of shares in issue
_end of period 335,506,184
_weighted average 154,776,386
Headline earnings per share 1.65
(cents)
Earnings per share (cents) 1.37
EBITDA (%) 74%
RECONCILIATION OF HEADLINE
EARNINGS
Net profit for the period 2,134,725
Adjusted for:
Amortisation of goodwill 415,614
Headline earnings 2,550,339
STATEMENT OF
CHANGES IN EQUITY
Share capital Distributable Total
and premium reserves
R R R
Balance at 0 0 0
beginning of year
Net profit for 2,134,725 2,134,725
the period
Issue of share 11,419,371 0 11,419,371
capital
Balance at end of 11,419,371 2,134,725 13,554,096
year
SUMMARISED CASH FLOW STATEMENT
Period Ended
31-Dec-02
Audited
R
Cash generated by operations 1,419,930
Interest Received 26,148
Interest Paid -2,156
Cash flow from operating 1,443,922
activities
Cash flow from investing -12,927,370
activities
Cash flow from financing 12,363,175
activities
Net movement in cash resources 879,727
Cash and cash equivalents at -
beginning of period
Cash and cash equivalents at end 879,727
of period
Report on results
The board is pleased to report Begets maiden results as at 21 December 2002.
An increase of 13% over forecast was achieved on profit after tax (R 2 134 725
compared to R 1 894 000 forecasted in the Pre-listing statement).
Earnings per share are 1.37 cents against a forecast of 1.22 cents per share.
Headline earnings per share have improved from a forecast of 1.62 to 1.65 cents
per share.
Post balance sheet events
Beget acquired the business of Ianitor International(Pty) Ltd for R8 000 000,
payable in cash or by way of an issue of ordinary shares in Beget at 18 cents
per share.
The transaction is subject to a profit warranty of R9 000 000 after tax for the
12 months ending 31 January 2004.
Prospects
The group is well placed for excellent future growth in GSM telecommunication
technology applications. The acquisition of the business of Ianitor by Beget
Connect created major synergies between the companies and will also enhance the
export of the applications globally.
Dividends
As indicated in the pre-listing statement no dividend will be paid for the year
under review.
Shareholders annual general meeting
The AGM will be held on 21 May 2003 at Block 7, Atterbury Estate, Frikkie de
Beer Street,Menlyn, Pretoria.
Accounting Policies
The financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
Review report of the independent auditors.
Fisher Hoffman PKF(Pta) Inc. issued an unqualified report on the financial
statements contained in this final report, and is available for inspection at
the companies registered office.
For and on behalf of the board
DB Harington
Chairman
31 March 2003
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