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BRYANT TECHNOLOGY LIMITED - REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
BRYANT TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 98/11846/07)
CODE BRY ISIN ZAE000015475
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
CONDENSED INCOME STATEMENT
Reviewed Audited
Year to Year to
30 June 2003 30 June 2002
R"000 R"000
Revenue
3,601 4,179
Operating (loss)
-543 -312
Interest (paid)
-76 -30
Net (loss) before tax
-619 -342
Tax
- -
Net loss after tax -342
-619
Dividends paid
- -
(Loss) for year -342
-619
Shares in issue ("000) 196,000
196,000
Earnings per share (cents)
-0.32 -0.18
Headline earnings per share
(cents) -0.32 -0.18
CONDENSED BALANCE SHEET
Reviewed Audited
Year to Year to
30 June 2003 30 June 2002
R"000 R"000
Assets
Plant and equipment
109 110
Current assets
3,553 4,343
Inventories
2,058 2,568
Accounts receivable
236 508
Cash and cash equivalents
1,259 1,267
Total assets
3,662 4,453
Represented by:
Equity and Liabilities
Shareholders" interest
613 1,232
Share capital
2 2
Share premium
11,803 11,803
Accumulated loss
-11,192 -10,573
Long-term loans
2,000 1,850
Current liabilities
1,049 1,371
Accounts payable
1,049 1,371
Total equity and
liabilities 3,662 4,453
CONDENSED CASH FLOW STATEMENT
Reviewed Audited
Year to Year to
30 June 2003 30 June 2002
R"000 R"000
Cash flows from operating
activities
Cash absorbed by
operations -55 -418
Net Interest (paid)
-76 -30
Taxation paid
- -
Net cash outflow from
operating activities -131 -448
Net cash (outflow)/inflow
from investing activities -27 24
Net cash inflow from
financing activities 150 -
Net decrease in cash and
cash equivalents -8 -424
Net cash and cash
equivalents at beginning 1,267 1,691
of year
Cash and cash equivalents
at end of year 1,259 1,267
CONDENSED CHANGES IN EQUITY STATEMENT
Share Accumulated Total
Capital (loss)
and
Premium
R"000 R"000 R"000
Balance at beginning
of year 11,805 -10,573 1,232
Loss for the year
-619 -619
Balance at end of
year 11,805 -11,192 613
COMMENTS
General review
High interest rates prevailing for almost the entire year and the high
volatility of the Rand exchange rate continued to impact negatively on business
confidence. This resulted in buying policies geared mainly to maintenance
expenditure and purchases of necessity . Furthermore, although sales volumes
decreased marginally in real terms the significant overall strengthening of the
Rand a had major impact on reducing turnover in Rand terms and a consequent
reduction in gross profit due to fixed margins on many stock lines.
Prospects
We expect that the substantial reductions in interest rates since June 2003 will
contribute significantly to a positive change in business confidence and
providing that there is less volatility with the exchange rates we expect to
experience a positive change in buying policies during the latter half of the
financial year to June 2004
In addition we are currently investigating further avenues to distribute
products at better margins together with possible opportunities for
diversification.
Independent review
The financial statements have been reviewed by KPMG Inc whose qualified review
opinion is available for inspection at the company"s registered address.
Basis of preparation
The reviewed financial statements of the company have been prepared on the
historical cost basis in accordance with South African Statements of Generally
Accepted Accounting Practice and in the manner required by the Companies Act in
South Africa, which policies have been consistently applied from prior years.
Dividend
No dividend has been declared.
WJT Marchant
Director
30 September 2003
Registered Address:
59 Lechwe Street
Corporate Park
Old Pretoria Road
Midrand
Sponsor
Imara Corporate Finance South Africa (Pty) Limited
Date: 30/09/2003 04:15:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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