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BEGET HOLDINGS LIMITED - UNAUDITED CONSOLIDATED RESULTS FOR THE PERIOD 30 JUNE
2004 AND CAUTIONARY ANOUNCEMENT
Beget Holdings Limited
(Registration number 2002/011635/06)
Share code BEE ISIN ZAE000044111
Unaudited consolidated results for the period 30 June 2004 and cautionary
anouncement
BALANCE SHEET
as at 30 Jun 2004
30 June 30 June 31
2004 2003 December
2003
Unaudited Unaudited Audited
R `000 R `000 R `000
Assets
Noncurrent assets 4,766 17,654 5,110
Property, plant 4,766 7,248 5,110
and equipment
Intangible assets - 7,606 -
Investments - 2,800 -
Current assets 2,028 2,722 961
Trade and other 1,586 1,935 832
receivables
Stock 339 - -
Cash and cash 103 787 129
equivalents
Total assets 6,794 20,376 6,071
Equity and
liabilities
Capital and 1,465 17,394 2,045
reserves
Issued capital 13,596 14,113 13,596
Distributable (12,131) 3,281 (11,551)
reserve
Noncurrent 2,145 1,600 1,400
liabilities
Borrowings 1,796 939 1,307
Deferred tax 349 661 93
Current 3,184 1,382 2,626
liabilities
Taxation 317 762 317
Trade and other 1,578 510 1,956
payables
Bank overdraft 759 110 212
Provisions 530 - 141
Total equity and 6,794 20,376 6,071
liabilities
INCOME STATEMENT
for the 6 months ended 30 June 2004
6 months 6 months 12 months
ended 30 ended 30 ended 31
June 2004 June 2003 December
2003
Unaudited Unaudited Audited
R `000 R `000
R `000
Gross revenue 3,101 6,029 4,259
Operating (291) 1,643 (14,185)
profit/(loss)
Net Finance costs (32) (6) (22)
Profit/(loss) before (323) 1,637 (14,207)
taxation
Taxation (257) (491) 522
Profit/(loss) after (580) 1,146 (13,685)
taxation
Shares in issue 358,000 358,000 358,000
(`000)
Earnings per share (0,16) 0,40 (3,90)
(cents)
Headline earnings per (0,16) 0,44 (1,25)
share (cents)
Reconciliation of
headline earnings
Earnings after tax (580) 1,146 (13,685)
Goodwill amortization - 422 -
Goodwill impaired - - 9,287
STATEMENT OF CHANGES IN EQUITY
for the 6 months ended 30 June 2004
Share Share Distributable Total
capital premium reserve
R `000 R `000
R `000 R `000
Balance at 01 January 1 11,419 2,134 13,554
2003
Net loss for the year - - (13,685) (13,685)
Issue of share capital - 2,177 - 2,177
Balance at 01 January 1 13,596 (11,551) 2,046
2004
Net loss for the 6 - - (580) (580)
months
Balance at 30 June 2004 1 13,596 (12,131) 1,466
CASH FLOW STATEMENT
for the 6 months ended 30 June 2004
6 months 12 months
ended 30 ended 31
June December
2004 2003
R `000 R `000
Cash flows from operating activities (804) 4,133
Cash generated by operating activities (772) 4,155
Net interest Paid (32) (22)
Cash flows from investing activities (266) (7,636)
Cash flows from financing activities 285 2,752
Decrease in cash and cash equivalents (785) (751)
Cash and cash equivalents at beginning 129 880
of period
Cash and cash equivalents at end of (656) 129
the 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.
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 cellular mobile technology business applications.
Prospects
During the balance of this financial year 2 new products developed by Beget`s
Research and Development Company will be released to the market for sales and
distribution. These new products will significantly improve profitability of the
company in 2005.
Auditors review report
Fisher 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.
Cautionary announcement
Shareholders are advised that the company is involved in negotiations, which may
affect the share price. Shareholders should therefore exercise caution when
dealing in their shares until a further announcement is made.
On behalf of the Board
30 September 2004
DB Harington AH Potgieter
Chairman Group Managing Director.
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