BEIGE HOLDINGS LIMITED - Updated Trading Statement

Updated Trading Statement

BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
(“Beige” or “the company”)
ISIN Code: ZAE 000034161   Share code: BEG


UPDATED TRADING STATEMENT FOR THE 12 MONTHS ENDED 30 JUNE 2013


Further to the trading statement released on SENS on 14 June
2013, shareholders are advised that the company has obtained more
certainty regarding the financial results for the year ended 30
June 2013. Shareholders are, however, reminded that following a
change in the Company’s year-end from 31 March to 30 June each
year, the comparative period for which the results for the year
ended 30 June 2013 are required to be compared to for purposes of
this trading statement, is the three month period ended 30 June
2012.

Beige shareholders are accordingly advised that for the year
ended 30 June 2013, the loss per share is expected to be between
5.60 cents and 6.20 cents compared to a loss per share of 0.23
cents for the three months ended 30 June 2012 and that the
headline loss per share is expected to be between 3.20 cents and
3.80 cents compared to a headline loss of 0.23 cents per share
for the three months ended 30 June 2013.

The loss per share is largely attributable to a number of once
off factors as detailed below:
   - stock losses in excess of R10 million were incurred during
     the period at the Durban site as a result of mismanagement
     and   a  temporary   breakdown  in   systems  and   controls
     surrounding stock. Whilst corrective action has been taken
     and new appointments made, the losses have also lead to a
     decision to partly impair the goodwill associated with the
     Quality Products acquisition.
   - the packaging business at Crystal Pack continues to make
     losses in a tough and competitive industry. A conservative
     approach has accordingly been adopted with regard to this
     division and a number of once off write-offs and provisions,
     in excess of R9.5 million, have been made.      In addition,
     plant and equipment at Crystal Pack has been impaired by
     R15.2 million.   The turnaround initiatives at Crystal Pack
     have commenced with the relocation of the factory as well as
     the changing and reduction of personnel, both of which have
     resulted in substantial savings.    The focus going forward
     will be on increasing turnover in the packaging segment.

It should be noted that if the above once off events and charges
are excluded from the second six month period, then the
outsourcing segment has performed better than in the first six
month period.
The results for the year ended 30 June 2013 are expected to be
released on SENS within the next week.

The information detailed above has not been reviewed or reported
on by the Company’s auditors.

Johannesburg
1 October 2013



Designated Advisor
Arcay Moela Sponsors Proprietary Limited

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