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BEGET HOLDINGS LIMITED - UNAUDITED CONSOLIDATED RESULTS FOR THE PERIOD
30 JUNE 2003
BEGET HOLDINGS LIMITED
(Registration number 2002/011635/06)
Share code: BEE
ISIN: ZAE000044111
UNAUDITED CONSOLIDATED RESULTS FOR THE PERIOD 30 JUNE 2003
BALANCE SHEET
30 June 2003 30 June 2002 31 December
2002
Unaudited Audited Audited
R `000 R `000
Assets
Noncurrent assets 17,654 10,582 13,900
Property, plant and equipment 7,248 1,060 3,872
Intangible assets 7,606 9,522 8.028
Investments 2,800 - 2,000
Current assets 2,722 3,127 2,273
Trade and other receivables 1,935 846 1,394
Stock - 413 -
Cash and cash equivalents 787 1,868 879
Total assets 20,376 13,709 16,173
Equity and liabilities
Capital and reserves 17,394 11,515 13,554
Issued capital 14,113 11,515 11,419
Distributable reserve 3,281 - 2,135
Noncurrent liabilities 1,600 1,799 1,333
Borrowings 939 1,417 719
Loans payable - 382 -
Deferred tax 661 - 614
Current liabilities 1,382 395 1,286
Taxation 762 258 317
Trade and other payables 510 137 744
Bank overdraft 110 - 225
Total equity and liabilities 20,376 13,709 16,173
INCOME STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2003
6 months 6 months 12 months
ended 30 June ended 30 June ended 31
2003 2002 December
2002
Unaudited Audited Audited
R `000 R `000
Gross revenue 4,179 1,660 4,749
Operating profit 1,643 760 2,728
Net Finance costs (6) - 24
Profit before taxation 1,637 760 2,752
Taxation 491 258 718
Profit after taxation 1,146 502 2,134
Shares in issue 358,000 263,000 335,506
Earnings per share (cents) 0.40 0.19 1.38
Headline earnings per share 0,44 0,23 1,65
(cents)
Reconciliation of headline
earnings
Earnings after tax 1,146 502 2,134
Goodwill amortization 422 100 416
STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 JUNE 2003
Share Share Distributable Total
capital premium reserve
R `000 R `000
R `000 R `000
Net profit for the period - - 2,135 2,135
Issue of share capital 1 11,419 - 11,420
Balance at 01 January 2003 1 11,419 2,135 13,555
Net profit for the period - - 1,146 1,146
Issue of share capital 4 2,689 - 2,693
Balance at 30 June 2003 5 14,108 3,281 17,394
CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2003
6 months 12 months
ended 30 June ended 31
2003 December
2002
Cash flows from operating activities 1,802 1,444
Cash generated by operating activities 1,807 1,420
Net Interest received/(Paid) (5) 24
Cash flows from investing activities (4,693) (12,927)
Cash flows from financing activities 2,689 12,362
(Decrease)/Increase in cash and cash (202) 879
equivalents
Cash and cash equivalents at beginning 879 -
of period
Cash and cash equivalents at end of the 677 879
period
Accounting Policies
These interim annual financial statements have been prepared with reference to
and in compliance with Generally Accepted Accounting Practice Statement AC 127:
Interim Financial Reporting.
Comments On Results
The first 6 months of the 2003 financial year yielded significant improvements
compared to the first 6 months of 2002
Turnover +115% Profit +90% Headline earnings per share +91%
The results have been reviewed and prepared in accordance with the South African
Statements of Generally Accepted Accounting Practice and in a manner required by
the Companies act of South Africa
The Business Of Beget
Beget specializes in mobile cellular technology business applications, for which
the company is currently developing markets in South Africa and Australasia.
The company has set up a Joint Venture with LHD (Pty) Ltd of Australia to
distribute Beget products in Australia and Asia.
General Issue Of Shares For Cash
In a general issue of shares for cash 22 442 044 shares were placed with
investors at 12 cents per share.
Ianitor Transaction
The acquisition of Ianitor International (Pty) Ltd announced in January 2003 has
been restructured. In the revised agreement Beget acquired specific software for
R3 846 092.
Beget will market these products through its existing distribution channels.
These products will be market by Beget Connect (Pty) Ltd a wholly owned
subsidiary of Beget Holdings Limited.
An application will be made to The JSE Securities Exchange to cancel the 16 666
667 shares at 18 cents, which have been issued in favor of the vendors of
Ianitor.
The cash paid to Ianitor has been set off against the acquisition of the
specific software. Although the profit warrant from Ianitor, as part of the
initial acquisition agreement, will not materialize, the company is confident
that with the existing products, a substantial profit can still be realized by
year-end.
Prospects
During the period under review substantial effort went into the development of
cellular GPRS applications, hence the establishment of Beget VPN (Pty) LTD. The
earnings potential of this company is quite exceptional.
During the balance of this financial year 4 new products developed by Beget"s
Research and Development Company will be released to the market for sales and
distribution.
Beget expects significant revenue streams from these new products from 2004
onwards.
Auditors Review Report
Fischer Hoffman PKF has reviewed the interim statements. The audit report is
available for inspection at the companies registered office.
Declaration Of Dividend
In line with the forecasts in the Pre-listing Statement no dividend has been
declared.
On Behalf Of The Board
DB Harington AH Potgieter
Chairman Group Managing Director
1 October 2003
Date: 01/10/2003 05:05:05 PM Produced by the JSE SENS Department
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