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Bryant Technology Limited - Reviewed Results For The Six Months 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 SIX MONTHS ENDED 30 JUNE 2003
CONDENSED INCOME STATEMENT
Six months ended Year ended
31 December 30 June
2003 2002 2003
R"000 (Reviewed) (Unaudited) (Audited)
Revenue 1,544 2,061 3,602
Operating (loss) -252 -225 -543
Interest (paid) -29 -34 -76
Net (loss) before tax -281 -259 -619
Tax - - -
Net (loss) after tax -281 -259 -619
Dividends paid - - -
(Loss) for the period -259 -619
-281
Shares in issue ("000) 196000 196000 196000
Earnings per share (cents) -0.14 -0.13 -0.32
Headline earnings per -0.14 -0.13 -0.32
share (cents)
CONDENSED BALANCE SHEET
31 December 30 June
2003 2002 2003
R"000 (Reviewed) (Unaudited) (Audited)
Assets
Plant and equipment 93 96 109
Current assets 3,042 3,880 3,553
Inventories 2,044 2,268 2,058
Accounts receivable 162 187 236
Cash and cash equivalents 836 1,425 1,259
Total assets 3,135 3,976 3,662
Equity and liabilities
Shareholders" interest 332 973 613
Share capital 2 2 2
Share premium 11,803 11,803 11,803
Accumulated loss -11,192
-11,473 -10,832
Long-term loans 2,000 1,850 2,000
Current liabilities 803 1,153 1,049
Accounts payable 803 1,153 1,049
Total equity and 3,135 3,976 3,662
liabilites
CONDENSED CASH FLOW STATEMENT
Six months ended Year ended
31 December 30 June
2003 2002 2003
R"000 (Reviewed) (Unaudited) (Audited)
Cash flows from operating
activities
Cash (absorbed)/received 192 -54
by operations -394
Net interest (paid) -29 -34
-76
Taxation paid - - -
Net cash (outflow)/inflow 158 -130
from operating activities -423
Net cash (outflow)/inflow - -
from investing activities -28
Net cash (outflow)/inflow - - 150
from financing activities
Net decrease in cash and 158 -8
cash equivalents -423
Net cash and cash 1,259 1,267 1,267
equivalents at beginning
of period
Cash and cash equivalents 836 1,425 1,259
at end of period
CONDENSED CHANGE IN EQUITY STATEMENT
Share
capital and Accumulated
R"000 Premium (loss) Total
Balance at beginning of 11,805 613
period -11,192
Loss for year - -281 -281
Balance at end of year 11,805 332
-11,473
Comments
Basis of preparation
The reviewed financial results 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
Independent review
The financial results have been reviewed by KPMG Inc.whose review opinion is
available for inspection at the company"s registered address.
General review
The poor results for the six months under review primarily resulted from the
continuing impact of the strength of the rand and lack of business confidence.
Prospects
A definite positive change in business confidence has been noted and we expect a
marked improvement in trading conditions during the calendar year 2004.
Re-structuring, to enable opportunities of diversification and transformation,
is essential to the future of the company. In this regard the staff have stated
their commitment and support to the company and have expressed a desire, to
each, acquire a shareholding in the company. GM Botha and AR Horsbrough, non-
executive directors, have resigned. New directors will be appointed on
conclusion of the re-structuring decisions and requirements.
Dividend
No dividend has been declared.
Director WJT Marchant
Registered address:
59 Lechwe Street
Corporate Park
Old Pretoria Road
Midrand
15 April 2004
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
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