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UNITED SERVICE TECHNOLOGIES LIMITED
(Incorporated in the British Virgin Islands)
Audited results for the year ended 31 January 2001
UNITED SERVICE TECHNOLOGIES LIMITED
PROFIT AND LOSS ACCOUNT
Year to Year to
SAR000's 31/1/01 31/1/00
Income
Operating profit 1 789 (73)
Income attributable to associated
company 79 841 37 920
Interest received 236 318
Ordinary profit before tax 81 866 38 165
Taxation attributable to associated
company 19 174 3 008
Net Income 62 692 35 157
Dividend declared 5 458 8 460
Retained profit for the year
transferred to reserves 57 234 26 697
Number of ordinary shares in issue (000) 54 583 54 583
Basic earning per share (cents) 114.9 91.8
Headline earnings per share (cents)
before amortisation of goodwill 145.1 110.0
On 30 April 2000 the preference shares were converted into ordinary shares and
the prior year earnings per share amounts are shown on a fully diluted basis to
facilitate comparison with current year earnings per share.
BALANCE SHEET
SAR000's 31/1/01 31/1/00
Fixed Assets
Investments 527 308 264 797
Current Assets 9 880 7 962
Current Liabilities 8 901 8 482
528 287 264 277
Capital and Reserves
Ordinary share capital 47 581 47 581
Reserves 480 706 216 696
Shareholders funds 528 287 264 277
The market value of the listed investment at 31 January 2001 is R1 251million.
PROPOSAL OF DIVIDEND
An ordinary dividend of 10.0 SA cents (15.5 SA cents) per share has been
proposed by the directors and is to be confirmed by the shareholders at an
Annual General Meeting to be held on 29 June 2001.
COMMENTS
Uniserv Results
United Service Technologies ("Uniserv") is listed on the Johannesburg Stock
Exchange. Our only interest is an investment in UTi Worldwide Inc. ("UTi"), a
global supply chain solutions provider.
In November 2000, UTi announced the Initial Public Offering (IPO) of 5.405
million ordinary shares (including the over-allotment option, which was
exercised in full by the underwriters) at a price of US$15 per share on Nasdaq.
As a result the issued capital in UTi increased by approximately US$75.3
million, after costs, underwriting discounts and commissions. The UTi shares
were also approved for listing on Nasdaq under the symbol "UTIW". At the same
time the shares of UTi ceased trading on the Luxembourg Stock Exchange.
Prior to the IPO, Uniserv held approximately 46.2% of the ordinary shares of
UTi. As a consequence of the offering, our holding in UTi has been diluted to
approximately 36.1%. Our share in the Shareholders Equity in UTi increased by
approximately US$16 million.
We equity account the results of UTi in Uniserv. UTi presently accounts by
International Accounting Standards (IAS) and amortises goodwill through the
income statement for periods up to 20 years. We therefore focus on headline
earnings per share in Uniserv (prior to amortisation of goodwill in UTi).
Headline earnings per share increased by 32% to 145.1 cents (110.0 cents).
UTi Worldwide Inc.
The UTi results are reported in US Dollars and reconciled to US GAAP as
required by the United States Securities Exchange Commission (SEC). The results
of Uniserv and the Uniserv share price on the Johannesburg Stock Exchange (JSE)
are denominated in SA Rand. To assist in understanding the operations of UTi,
we have presented a summarised profit and loss account and balance sheet of UTi
converted into SA Rand. The summarised Profit and Loss account has been
converted at the average rate of exchange for the year - 7.065 SA Rand to 1 US
Dollar (6.311). The balance sheet has been converted at the exchange rate
ruling at the end of the financial period of 7.880 SA Rand to 1 US
Dollar(6.311).
Revenue in UTi increased by 37% to SA R6.098 billion (SA R4.462 billion).
Operating profit on ordinary activities (before amortisation of goodwill)
increased by 49% to SA R228.4 million (SA R153.2 million). EBITDA (earnings
before interest, tax, depreciation and goodwill) increased by 42% to SA R292.6
million (SA R206.1 million).
Taxation increased significantly to SA R43.9 million (SA R10.2 million)
primarily as a result of having utilised tax losses carried over from prior
years. This resulted in headline earnings (before amortisation of goodwill)
increasing by 38% to SA R177.8 million (SA R129.3 million).
Headline earnings per share increased by 29% to 829.9 cents (644.9 cents). This
dilutive effect on the percentage increase in earnings per share is a
consequence of the additional shares issued in the IPO. In addition,
shareholders equity also increased to SA R1.461 billion (SA R663 million).
Free cash flow generated during the year amounted to approximately SA R126
million. Approximately SA R32 million was utilised in the prior year. This cash
flow combined with the funds raised from the IPO, reflects a net positive cash
position at year end of SA R518 million (SAR4 million).
Revenue grew in all service categories but is expected to slow in the coming
year based on softening economic conditions expected in Europe and already
experienced in the USA. UTi continues to remain focused on improving operating
margins through standardising operating systems and transacting more volume
across the network by increasing market share.
The company continues to build its presence in the Asia-Pacific region and
expects to expand its market share in the region as integration of the
Continental acquisition consummated in September 2000 is completed and the
recently opened facilities in Japan are utilised.
More information on UTi is available on the Internet at www.go2uti.com. A live
broadcast on the results are archived and can be heard for 2 weeks through 6pm
Pacific Standard Time, Wednesday 18 April 2001 at this Internet site or at
www.streetfusion.com .
MJ Wessels
Chairman 5 April 2001
UTi Worldwide Inc
SUMMARISED PROFIT AND LOSS ACCOUNT**
Year to Year to
SAR000's 31/1/01 31/1/00
Revenue 6 098 925 4 461 593
Earnings before interest, tax,
depreciation and goodwill (EBITDA) 292 618 206 092
Operating profit on ordinary activities
(excluding goodwill) 228 440 153 243
Taxation 43 860 10 243
Headline earnings
before amortisation of goodwill 177 805 129 293
Earnings after amortisation of goodwill 139 555 107 779
Weighted average number of shares
diluted 21 424 20 047*
Earnings per ordinary share (cents)
(diluted) 651.4 537.6*
Headline earnings per share
before amortisation of goodwill
(diluted) 829.9 644.9*
** Converted at the exchange rate of 7.065 South African Rand to
1 United States Dollar (2000: 6.311).
* Restated - during the year UTi Worldwide Inc consolidated its number of
shares by a factor of 7.63 and prior year number of shares and earnings per
share have been restated to facilitate comparison with current year earnings
per share
SUMMARISED BALANCE SHEET***
SAR000's 31/1/01 31/1/00
Non current assets
Property, plant and equipment 283 727 220 790
Goodwill 696 230 306 285
Deferred tax assets 26 067 23 092
Other non current assets 45 515 43 553
1 051 539 593 720
Current assets
Trade and other receivables 1 845 464 1 155 437
Cash and other equivalents 775 171 131 016
2 620 635 1 286 453
Total assets 3 672 174 1 880 173
Non current liabilities
Long term borrowings 115 734 30 640
Deferred tax liabilities 19 818 17 646
Other non current liabilities 73 709 70 367
209 261 118 653
Current liabilities
Trade and other payables 1 581 201 898 781
Short term borrowings 356 846 159 687
Other current liabilities 47 705 30 211
1 985 752 1 088 679
Minority Interest 15 973 9 915
Shareholders' funds 1 461 188 662 926
*** Converted at the exchange rate of 7.880 South African Rand to
1 United States Dollar (2000: 6.311)
Transfer agents in South Africa
Mercantile Registrars Limited
10th Floor
11 Diagonal Street
Johannesburg 2001
Registered office
First Floor
Bank of Nova Scotia Building
Road Town, Tortola
British Virgin Islands
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