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Posting of Summarised Annual Financial Statements, Change Statement and Notice of Annual General Meeting
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
POSTING OF SUMMARISED ANNUAL FINANCIAL STATEMENTS, CHANGE STATEMENT
AND NOTICE OF ANNUAL GENERAL MEETING
Posting of Summarised Annual Financial Statements and Change Statement
Shareholders are advised that the company’s summarised annual financial statements for the year
ended 30 June 2015 were distributed to shareholders on 17 December 2015. The full integrated report is
available on the company’s website: www.beige.co.za.
The audited consolidated financial statements included in the summarised annual financial statements
and the integrated report contain a re-allocation within categories of the cash flow statement presented
in the reviewed results announcement published on SENS on 1 October 2015. The re-allocation arises
from the treatment of the clawback offer, the proceeds of which were treated as a cash flow event in
the reviewed results, but have been treated as a book entry in the audited results as the shareholder and
preference share loans were moved from borrowings to equity. The re-allocation, which is set out below,
does not affect the net cash flow of the company.
Consolidated Statements of Cash Flows for the year ended 30 June 2015
Group
June 2015 June 2014
R’000 R’000
Cash flows from operating activities
Cash (utilised in)/generated from operations 1 342 26 562
Interest paid (20 470) (17 944)
Interest received 350 45
Income tax paid - 66
Cash (utilised in)/generated from operations (18 778) (8 729)
Cash flows from investing activities
Investment in joint venture - 1 824
Purchase of additional interest in Herbal & Homeopathic (Pty) Ltd (619) -
Purchase of property, plant and equipment (3 621) (14 820)
Net cash used in investing activities (4 240) (12 996)
Cash flows from financing activities
Proceeds/(Repayment) from Shareholder loan 15 550 16 930
Clawback offer (991) -
Repayment of borrowings (5 562) (12 158)
Net cash used in financing activities 8 997 4 772
Net decrease/(increase) in bank overdrafts including cash and cash (14 021) 505
equivalents
Bank overdrafts including cash and cash equivalents at beginning of (35 157) (35 662)
year
Bank overdrafts including cash and cash equivalents at end of year (49 178) (35 157)
Audit Opinion
PricewaterhouseCoopers Inc. the Group’s independent auditors, have expressed an unqualified, but
modified audit conclusion, containing an emphasis of matter on the condensed consolidated provisional
financial statements, as set out below:
Emphasis of Matter
“Without qualifying our conclusion, we draw attention to Note 26 to the financial statements which states
that the group incurred a net loss of R80,6m during the year ended 30 June 2015 and, as of that date, the
group’s current liabilities exceeded its current assets by R123,9m. This, along with other matters described
in Note 26, indicates the existence of a material uncertainty which may cast significant doubt about the
ability of the group and the company to continue as a going concern.”
A copy of the audit opinion is available for inspection at the company’s registered office.
The company continues to enjoy the support of its holding company, The Lion Match Company (Pty) Ltd,
which has injected a further R50 million into the company as at 30 November 2015.
Notice of Annual General Meeting
The annual general meeting of Beige will be held at 09h00 on Thursday, 28 January 2016 at the offices of
The Lion Match Company (Pty) Ltd, 20 Mahatma Gandhi Road, Point, Durban, KwaZula-Natal, 4001, to
transact business as stated in the notice of the annual general meeting. The notice and proxy of the
annual general meeting was posted to shareholders on 17 December 2015, together with the
summarised audited financial statements.
Record Date
The record date on which shareholders of the Company must be registered as such in the company’s
securities register in order to attend and vote at the annual general meeting is Friday, 22 January 2016.
The last day to trade in order to be eligible to vote at the annual general meeting will accordingly be
Friday, 15 January 2016.
Durban
18 December 2015
Designated Advisor
Arbor Capital Sponsors Proprietary Limited
Date: 18/12/2015 05:47:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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information disseminated through SENS.
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