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SDH
SDH
SDH - SecureData - Unaudited Results For The Six Months Ended 31 January 2008
SECUREDATA HOLDINGS LIMITED
(Formerly known as ERP.com Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1998/010017/06)
("SecureData")
Share code: SDH
ISIN number: ZAE000096368
Unaudited Results for the six months ended 31 January 2008
- Revenue up 82%
- EBITDA up 41%
- EPS up 25%
INCOME STATEMENT
for the six months ended 31 January 2008
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
Percentage 2008 2007 2007
change R`000 R`000 R`000
Revenue 81,7 112 214 61 755 148 221
Earnings before 40,8 21 712 15 421 37 901
interest, taxation,
depreciation and
amortisation
(EBITDA)
Depreciation and 81,6 (946) (521) (1 020)
amortisation
Profit from 39,4 20 766 14 900 36 881
operations
Interest received (42,5) 378 657 845
Finance costs (1 910) (2) (28)
Profit before 23,7 19 234 15 555 37 698
taxation
Taxation 18,1 (5 327) (4 511) (11 400)
Profit from 25,9 13 907 11 044 26 298
continuing
operations
Discontinued - (19 684) (20 135)
operations
Net profit/(loss) 261,0 13 907 (8 640) 6 163
for the period
attributable to
shareholders
Weighted average 159 749 158 945 159 227
number of shares
Earnings per share: 25,3 8,7 6,9 16,5
continuing
operations (cents)
Headline earnings 29,2 8,7 6,7 16,2
per share (cents)
Net asset value per 86,9 40,0 21,4 30,9
share (cents)
Reconciliation
between earnings and
headline earnings
Profit from 25,9 13 907 11 044 26 298
continuing
operations
Adjustments:
- profit on - (334) (507)
disposals
Headline earnings 29,9 13 907 10 710 25 791
BALANCE SHEET
as at 31 January 2008
Unaudited Unaudited Audited
at at at
31 Jan 31 Jan 31 July
2008 2007 2007
R`000 R`000 R`000
ASSETS
Non-current assets 59 393 12 715 44 378
Property, plant and equipment 4 674 1 574 3 889
and demo stock
Intangibles/goodwill 51 353 7 190 37 123
Deferred tax 3 366 3 951 3 366
Current assets 89 963 53 258 77 325
Inventory 7 984 1 548 7 807
Trade and other receivables 60 231 31 896 46 977
Cash and cash equivalents 21 748 19 814 22 541
Total assets 149 356 65 973 121 703
EQUITY AND LIABILITIES
Equity & reserves 63 987 33 948 49 367
Share capital and premium 12 219 12 016 12 219
Share option equity 1 265 - 615
Share treasury reserve (30 124) (29 985) (30 187)
Retained income 80 627 51 917 66 720
Non-current liabilities 29 076 - -
Long-term liabilities 29 076 - -
Current liabilities 56 293 32 025 72 336
Accounts payable and other 47 375 33 516 35 358
provisions
Due to vendors 5 525 - 32 000
South African Revenue Services 3 393 (1 491) 4 978
Total equity and liabilities 149 356 65 973 121 703
CASH FLOW STATEMENT
for the six months ended 31 January 2008
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
2008 2007 2007
R`000 R`000 R`000
Cash flows from operating 11 060 (14 846) (22 891)
activities
Profit before tax 19 234 15 555 17 563
Adjustments including those not 3 191 317 (1 980)
affecting the flow of funds
Operating income before working 22 425 15 872 15 583
capital changes
(Increase)/decrease in working (2 628) 556 (7 447)
capital
Cash generated from operations 19 797 16 428 8 136
Net interest (paid)/received (1 532) 655 817
Taxation paid (7 205) (11 094) (11 009)
Dividends paid - (8 966) (8 966)
Net cash from continuing 11 060 (2 977) (11 022)
operations
Utilised to discontinue - (11 869) (11 869)
operations
Cash flows from investing (40 222) (5 496) 5 275
activities
Cash flows from financing 27 353 - 1
activities
Issue of shares - - 1
Loans raised 27 353 - -
Net decrease in cash and cash (1 809) (20 342) (17 615)
equivalents
Cash and cash equivalents at 22 541 40 156 40 156
beginning of the year
Cash and cash equivalents 1 016 - -
acquired
Cash and cash equivalents at 21 748 19 814 22 541
end of the period
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 January 2008
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
2008 2007 2007
R`000 R`000 R`000
Share capital 180 179 180
Balance at beginning of period 180 179 179
Issued during the period - - 1
Share premium 12 039 11 837 12 039
Balance at beginning of period 12 039 11 837 11 837
Issued during the period - - 206
Share issue expenses - - (4)
Share option equity 1 265 - 615
Balance at beginning of period 615 - -
Issued during the period - - 615
Revalued during the period 650 - -
Share treasury reserve (30 124) (29 985) (30 187)
Balance at beginning of period (30 187) (29 985) (29 985)
Own shares disposed/(acquired) 63 - (202)
Retained income 80 627 51 917 66 720
Balance at beginning of period 66 720 69 523 69 523
Net profit for the period 13 907 (8 640) 6 163
Dividends declared - (8 966) (8 966)
Total capital and reserves 63 987 33 948 49 367
COMMENTS
GENERAL REVIEW
The directors of SecureData Holdings Limited are pleased to announce the
unaudited interim financial results of the group for the six month period
ended 31 January 2008. The group continues to evolve into a major presence in
the local Information Risk Management (IRM) market.
Group revenue increased by 82% to R112 million of which R18 million was
attributable to the acquisitions of SensePost (Pty) Limited ("SensePost") and
New Generation Solutions (Pty) Limited ("NGS") at the beginning of the
financial year. The balance sheet remains strong and, despite the expenditure
of over R40 million on acquisition related costs, net borrowing remains at R6
million.
Earnings per share ("EPS") and headline earnings per share ("HEPS") were up
25% and 29% respectively.
OPERATIONAL REVIEW
The group outperformed on all anticipated growth metrics with a pleasing 41%
growth in EBITDA. All divisions are contributing positively and both
SensePost and NGS are performing above expectation.
Working capital management has improved marginally with inventories remaining
static around R7 million and debtors days improved to 86 days from 94 days at
the end of 2007. Management is aware that there is room for improvement in
these metrics and will continue to put particular focus on improving working
capital management into the next period.
Operating margins declined slightly to 19% driven primarily by changes in the
product mix and significant increases in employment related costs required to
support our growth strategy. Whilst the step change in employment related
expenses will not be repeated, the ongoing broadening of our product
portfolio will cause operating margins to weaken slowly over time. The
weakening margin will be more than offset by revenue growth.
Paradoxically revenue growth in the second half is expected to slow slightly
and margins are expected to firm. Ignoring the effect of any potential
acquisitions, the company expects to maintain earnings per share growth for
the full year at between 25% and 30%.
STRATEGIC REVIEW
SecureData is extremely well positioned in an attractive and growing segment
of the information technology market. SecureData`s sizeable presence in the
specialist IRM and information security market affords it the opportunity to
continue its historic trend of strong organic growth whilst allowing it to
take a leadership position in the ongoing consolidation of the market. In
addition, we believe that the reputation of the group and its subsidiary
companies is such that the group is often an employer of choice in a market
where skills are becoming increasingly scarce and difficult to retain.
The board of directors believes that the group is well positioned to take
advantage of attractive opportunities within the ICT sector well into the
future.
BASIS OF PREPARATION
These condensed interim financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) and in compliance
with the Listing Requirements of the JSE Limited.
The accounting policies applied in the presentation of the interim financial
results are consistent with those applied for the year ended 31 July 2007.
For and on behalf of the board
P Sneddon DTK Brazier
Chairman Chief Executive Officer
17 March 2008
Directors:
P Sneddon* (Chairman), DTK Brazier (Chief Executive Officer),
TN Mali*, YT Moerane*, B Parker
*Independent non-executive director
Company secretary:
K Rossam (email: kim.rossam@telkomsa.net)
Registered office:
Medscheme Building South, 10 Muswell Road South, Bryanston, 2021. (PO Box
4678, Rivonia, 2128)
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
Registration number 2004/003647/07
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Share code: SDH
ISIN: ZAE000096368
www.securedata.co.za
Date: 17/03/2008 15:59:47 Produced by the JSE SENS Department.
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