Forum Archive Index - October 2003

["Shayne King" <shayne_king1@hotmail.com>]

Just sold my GPG shares (made a nice 13% return in just under 5 months so im 
quite happy) and am now looking for something else to delve into. Managed to 
find a company called Intellect. Listed on the ASX but based in Belgium. 
Heard of them?? Probably not (and neither had i). So what made me look 
further you ask? Well after having a brief look through their financials i 
found that GPG had recently acquired 20% and currently have two directors on 
the board. What they do is create and develop hardware and software for 
electronic transactions. The markets they are currently active in are 
Germany, Greece, Aus, NZ, US, Austria, France, Belgium, Netherlands, UK, 
Brazil, and some parts of Asia. With their major markets being Europe and 
Asia, revenues have been hit hard with a large write down in R&D and weak 
economies in Europe and Asia (Primarily SARS) (Revenue fell 63% from 89m to 
32m). This has meant they have yet to reap the rewards for their latest 
product (the PRESTO 210P terminal). Further demand for the PRESTO in other 
key markets has yet to materialise however should in the near future. 
Liquidity for the 2003 period took an extremely hard hit falling from 1.38 
in 2002 to 0.98 in 2003. However,  in the events subsequent to balance date, 
GPG did len 8.2mil to IHG in order to assist with their liquidity problem. 
Cash flow remains positive but only due to an increase in borrowings (GPG).

Any further comments?

regards
shayne

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