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Beget - Audited Annual Results For The Year Ended 31 December 2004
Beget Holdings Limited
(`Beget` or `the company`)
(Registration Number 2002/011635/06)
Share code: BEE ISIN: ZAE000044111
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004
BALANCE SHEET at 31 December 2004
Audited Audited
At 31 December At 31 December
2004 2004
R R
ASSETS
Non-current assets 3,871,060 5,110,190
Property, plant and 1,635,955 2,193,885
equipment
Intangible assets 2,235,105 2,916,305
Current assets 2,192,840 538,844
Inventories 1,450,137 -
Trade and other 550,385 410,221
receivables
Cash and cash equivalents 192,318 128,623
TOTAL ASSETS 6,063,900 5,649,034
EQUITY
Capital and reserves (934,399) 2,045,481
Issued capital 13,599,937 13,596,138
Distributable reserves (14,534,309) (11,550,690)
Minority interest 33 33
Non-current liabilities 1,872,085 1,611,379
Shareholders` loans 1,588,983 1,307,187
Long-term liabilities 283,102 211,769
Deferred taxation - 92,423
Current liabilities 5,126,154 1,992,172
Loans payable 2,749,823 -
Taxation 12,008 316,945
Trade and other payables 2,035,828 1,534,062
Provisions 328,495 141,165
TOTAL EQUITY AND 6,063,900 5,649,034
LIABILITIES
STATISTICS
Number of ordinary shares 362,158,228 357,948,228
in issue
Weighted average numbers 359,512,927 350,467,547
of shares in issue
Net asset value per share -0,26 0.57
(cents)
Net tangible asset value -0,01 -0,00
per share (cents)
Cash value per share 0,05 0,04
(cents)
INCOME STATEMENT for the year ended 31 December 2004
Audited Audited
12 months ended 12 months ended
31 March 2004 31 March 204
R R
Gross revenue 6,885,584 4,258,758
Cost of sales 4,147,724 968,483
Gross profit 2,737,861 3,290,275
Operating costs 5,671,509 1,798,511
Operating loss -2,933,648 1,491,764
Impairment losses - 15,676,952
Net finance income / -56,614 -22,061
(costs)
Profit / (Loss) before -2,990,263 -14,207,249
tax
Taxation -397,360 -521,834
Profit / (Loss) after tax (2,592,903) -13,685,415
Statistics
Number of ordinary shares 362,158,228 357,948,228
in issue
Weighted average numbers 359,512,927 350,467,547
of shares in issue
Earnings per share -0.72 -3.90
(cents)
Headline earnings per -0.53 -1.17
share (cents)
Diluted earnings per -0.51 -1.17
share (cents)
Reconciliation of
headline earnings
Earnings attributable to -2,592,903 -13,685,415
ordinary shareholders
Impairment of intangible 9,287,935
assets
Amortisation of computer 681,200 292,161
software
Headline earnings -1,911,703 -4,105,319
attributable to ordinary
shareholders
ABRIDGED CASH FLOW STATEMENT for the year ended 31 December
2004
Audited Audited
12 months ended 12 months ended
31 March 2004 31 March 204
R R
Cash flows from operating 2,923,768 4,133,329
activities
Cash generated by 7,197,537 8,471,313
operating activities
Interest received 63,280 17,902
Interest paid (119,895) (39,963)
Taxation refunded 144 175
Cash flows from investing (89,288) (7,636,351)
activities
Expenditure to maintain
operating capacity
Property, plant and (89,288) (47,212)
equipment acquired
Intangible assets - (3,869,779)
acquired
Expenditure for expansion
Property, plant and - (2,483,821)
equipment acquired
Intangible assets - (8,688,549)
acquired
Subsidiaries acquired - 5,719,284
Investment in joint - (76)
ventures
Investments - 2,000,000
Cash flows from financing 3,076,751 2,751,919
activities
Capital raised 3,799 2,176,767
Loans raised 3,102,952 588,383
Loans repaid (30,000) (23,231)
3,076,751 2,176,767
Increase / (decrease) in 63,695 (751,103)
cash
Cash and cash equivalents 128,623 879,726
at the beginning of the
year
Cash and cash equivalents 192,318 128,623
at the end of the year
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Group
Share Share Accumulated Total
capit premium loss
al
R R R R
Balance at 1 671 11,418,700 2,134,727 13,554,098
January 2003
Net loss for the - - (13,685,415) (13,685,415)
year
Issue of share 45 2,176,722 - 2,176,767
capital
Balance at 1 716 13,595,422 (11,550,688) 2,045,450
January 2004
Correction of - - (390,718) (390,718)
error
Restated balance 716 13,595,422 (11,941,406) 1,654,732
Net loss for the - - (2,592,903) (2,592,903)
year
Issue of share 8 126,291 - 126,299
capital
Share issue - (122,500) - (122,500)
expenses
Balance at 31 724 13,599,213 (14,534,309) (934,372)
December 2004
COMMENTARY
Introduction
The group`s loss for the year ended 31 December 2004 (`the year`) was reduced
from R13,7 million to R2,6 million. During the year Beget continued to redirect
its focus to the in-house development and roll-out of world-rated products
including MobileBIO, MobilePOS, SMSOS and GPRS modems (`the products`).
No research and development expenses were capitalised for the year, in contrast
to the previous year in which R2,1 million of expenses was capitalised.
In addition certain strategic future funding initiatives were concluded. A
manufacturing credit loan of R3 million was negotiated with the Industrial
Development Corporation of South Africa Limited, to be used primarily to
facilitate the continually increasing export orders for the products. Further
an agreement was concluded with Beacham Capital Limited (`Beacham`) to fund the
roll-out of R1 million of MobileBIO stock.
As previously announced on 18 February 2005 Beget concluded an agreement with
Beacham, effective 8 September 2004, in terms of which Beget will issue options
to Beacham to subscribe for up to 200 000 000 ordinary shares over the next four
years (`the option agreement`), for a maximum aggregate consideration of R22,8
million. The issue of the options is subject to shareholder approval at a
general meeting of shareholders (see `Post balance sheet event` below). The
company has secured irrevocable undertakings in writing from the required 75% of
Beget shareholders in favour of all resolutions required to approve the issue of
the options.
The directors, which include significant shareholders in the company, believe
that the transaction is fair, reasonable and in the best interests of
shareholders taking into consideration the strategic value added and to be added
by Beacham. The injection of capital into the company as a result of the
option agreement will enable Beget to achieve a number of medium to long-term
growth objectives.
Further details are set out in the annual financial statements posted to
shareholders and in the circular in this respect to be sent to shareholders in
due course (`the circular`).
Post balance sheet event
To enable Beget to issue the option shares in terms of the option agreement,
shareholders must approve, by way of a special resolution, the option agreement
and an increase in the authorised share capital of the company. Further details
are set out in the circular.
Shareholder loans
Shareholders have agreed to subordinate their loans to the company in favour of
third-party liabilities.
Prospects
The board of directors is pleased with the market`s response to the products to
date. The extent of the order book already secured for 2005 bodes well for
Beget`s future prospects. The directors accordingly anticipate an increase in
profit for the current year.
Dividend
In line with group policy no dividend has been declared.
Annual general meeting
The annual general meeting will be held at 12h00 on Tuesday, 31 May 2005 at
Podium Building no 2, corner Atterbury and Lois Streets, Menlyn, Pretoria. A
notice of annual general meeting is included in the annual financial statements
posted to shareholders.
Accounting policies
The annual financial statements are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
used in the preparation of these annual financial statements are consistent with
those used in the audited annual financial statements for the year ended 31
December 2003. The annual financial statements are prepared under the
historical cost convention.
Audit report of the independent auditors
The annual financial statements have been audited by PKF (Pta) and the audit
report is available for inspection at the company`s registered office.
On behalf of the board of directors.
DB Harington Andre Potgieter
Chairman Managing Director
31 March 2005
Directors DB Harington* (Chairman); AH Potgieter (Group MD); JS Coetzee (FD); CJ
van Coller* (*non-executive)
Registered Office Podium Building 2, Cnr. Lois & Atterbury Streets, Menlyn,
Pretoria
Transfer Secretaries Ultra Registrars (Pty) Ltd, 11 Diagonal Street Johannesburg
(PO Box 4844, Johannesburg, 2000)
Sponsor Java Capital (Pty) Ltd
Company Secretary Secricover Network CC (Registration number 1999/006767/23)
685B Verdi Street Erasmuskloof, 0048 (PO Box 11699, Erasmuskloof, 0048)
Date: 14/04/2005 04:41:18 PM
Produced by the JSE SENS Department
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