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BEGET HOLDINGS LIMITED - RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2003
BEGET HOLDINGS LIMITED
Registration number 2002/011635/06
ISIN number ZAE000044111
JSE Code BEE
RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2003
BALANCE SHEET
As at As at
31-Dec- 31-Dec-02
03
Audited Audited
ASSETS
Non-current 5,110,190 13,899,489
assets
Property, plant 5,110,190 3,871,554
and equipment
Intangible assets 0 8,027,935
Investments 0 2,000,000
Current Assets 960,960 2,273,934
Trade and other 832,337 1,394,208
receivables
Cash and cash 128,623 879,727
equivalents
TOTAL ASSETS 6,071,150 16,173,423
EQUITY AND
LIABILITIES
Capital and 2,045,481 13,554,096
reserves
Issued capital 13,596,13 11,419,371
8
Distributable - 2,134,725
reserve 11,550,69
0
Minority interest 33 0
Non-current 1,399,610 1,333,061
liabilities
Borrowings 1,307,187 718,804
Deferred tax 92,423 614,257
Current 2,626,059 1,286,267
liabilities
Taxation 316,945 316,801
Trade and other 1,956,180 744,466
payables
Provisions 141,165 0
Current portion 211,769 225,000
of borrowings
TOTAL EQUITY AND 6,071,150 16,173,424
LIABILITIES
Net asset value 0.57 4.04
per share (cents)
Tangible asset 0.57 1.65
value per share
(cents)
INCOME STATEMENT
Period Period
Ended Ended
31-Dec-03 31-Dec-02
Audited Audited
Revenue 4,258,758 4,748,550
Operating profit 2,240,464 3,506,357
before
depreciation
Depreciation 748,700 362,267
Amortisation of 0 415,614
goodwill
Impairment losses 15,676,95 0
2
Net operating - 2,728,476
profit 14,185,18
8
Net finance -22,061 23,992
income/ (cost)
Profit before - 2,752,468
taxation 14,207,24
9
Taxation -521,834 617,743
Profit after - 2,134,725
taxation 13,685,41
5
Earnings - 2,134,725
attributable to 13,685,41
ordinary 5
shareholders
Statistics
Number of shares
in issue
_end of period 357,948,2 335,506,184
28
_weighted average 350,467,5 154,776,386
47
Headline earnings -1.25 1.65
per share (cents)
Earnings per -3.90 1.38
share (cents)
EBITDA (%) 53% 74%
STATEMENT OF CHANGES IN EQUITY
Share capital Distributable Total
and premium reserves
R R R
Balance at 1 January 2002 0 0 0
Net profit for the period 2,134,725 2,134,725
Issue of share capital 11,419,371 0 11,419,371
Balance at 1 January 2003 11,419,371 2,134,725 13,554,096
Net profit for the period -13,685,415 -13,685,415
Issue of share capital 2,176,767 2,176,767
Balance at 31 December 2003 13,596,138 -11,550,690 2,045,448
SUMMARISED CASH
FLOW STATEMENT
Period Period
Ended Ended
31-Dec-03 31-Dec-02
Audited Audited
Cash generated by
operations 4,155,246 1,419,930.0
.00 0
Interest Received 26,148.00
17,902.00
Interest Paid - -2,156.00
39,963.00
Cash flow from
operating 4,133,329 1,443,922.0
activities .00 0
Cash flow from - -
investing 7,636,351 12,927,370.
activities .00 00
Cash flow from
financing 2,751,919 12,363,175.
activities .00 00
Net movement in - 879,727.00
cash resources 751,103.0
0
Cash and cash -
equivalents at 879,727.0
beginning of 0
period
Cash and cash 879,727.00
equivalents at 128,624.0
end of period 0
Report on results
The board is pleased to report Begets results as at 31 December 2003.
The operating profit before impairments and tax has decreased from R2 728 476 in
2002 to R1 491 764 in 2003
Profit was adversely effected by the discontinuation of Beget Connect (Ianitor
business acquired in Jan 2003),writing off the goodwill as well as the write off
the Investment of Zest interactive Limited
The effect of the write offs resulted in an impairment loss of R15 676 952 for
the year under review.
Post balance sheet events
No significant events have taken place which could effect the operations of the
company.
Prospects
The group has developed 3 new products, which will be launched in the first half
of 2004.
The board is very optimistic in respect of 2004, since significant orders for
the new products have already been placed for immediate delivery.
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 at 12h00 on 23 April 2004 at Podium Building 2, corner
Atterbury and Lois streets, Menlyn, Pretoria.
The group audited financial statements will be mailed on 31 March 2004
Accounting policies
The financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The financial statements
are prepared under the historical cost convention as modified by the revaluation
of certain property, plant and equipment, marketable securities and investment
properties where appropriate.
Review report of the independent auditors.
Fisher Hofman PKF(Pta) Inc. unmodified review report on the financial
statements contained in this final report is available for inspection at the
companies registered office
For and on behalf of the board of directors
DB Harington
Chairman
Date: 31/03/2004 02:24:20 PM Produced by the JSE SENS Department
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