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OSI HOLDINGS LIMITED
("OSI") Registration number 1996/000749/06
Independent IT applied
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The Group Results for the year ended 31 March 2001
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CONSOLIDATED INCOME STATEMENT
2001 2000
R'000 R'000
Revenue 18 757 21 057
Operating income/(loss) before
depreciation and amortisation (1 534) 4 489
Depreciation (956) (615)
Net interest received 1 058 1 503
Income/(Loss) before non-recurring
items (1 432) 5 377
Non-recurring items (1 628) -
Income/(Loss) before taxation (3 060) 5 377
Taxation 580 1 212
Net income/(loss) after taxation (3 640) 4 165
Attributable to outside
shareholders 434 -
Attributable to ordinary
shareholders (4 074) 4 165
Weighted average number of shares
in issue ('000) 57 000 57 000
Earnings/(Loss) per share (cents) (7,15) 7,31
Headline earnings/(loss) per share
(cents) (3,53) 7,31
Reconciliation between earnings
and headline earnings
Attributable earnings/(loss) (4 074) 4 165
Goodwill written off 1 259 -
Minority interest recognised on
acquisition
of subsidiary reversed 434 -
Provision against loan to
jointly controlled entity 369 -
Headline earnings/(loss) (2 012) 4 165
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CONSOLIDATED BALANCE SHEET
2001 2000
R'000 R'000
ASSETS
Non-current assets 9 048 5 339
Property and equipment 4 539 3 662
Intangible assets 2 205 1 293
Non-current receivables 1 800 -
Deferred tax debit balances 504 384
Current assets 14 644 18 774
Receivables and prepayments 5 902 3 839
Cash and cash equivalents 8 742 14 935
TOTAL ASSETS 23 692 24 113
EQUITY AND LIABILITIES
Share capital and premium 11 251 11 251
Reserves 550 -
Retained profit 4 703 8 777
Shareholders' equity 16 504 20 028
Minority interest - (434)
Borrowings 2 461 -
Current liabilities 4 727 4 519
TOTAL EQUITY AND LIABILITIES 23 692 24 113
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CONSOLIDATED CASH FLOW STATEMENT
2001 2000
R'000 R'000
Cash generated from operations (3 102) 3 836
Net interest received 1 058 1 503
Taxation paid (1 053) (3 036)
Cash flows from operating
activities (3 097) 2 303
Cash flows from investing
activities (6 107) (2 399)
Cash flows from financing
activities 3 297 -
Cash and cash equivalents
for the year (5 907) (96)
Cash and cash equivalents
at beginning of year 14 858 14 954
Effects of exchange rate
changes (286) -
Cash and cash equivalents
at end of year 8 665 14 858
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Comments
"OSI has not realised anticipated revenues. The headline earnings loss of
3,53 cents per share does not reflect OSI's capability. The time taken for
the restructuring of Open Systems Integrators and the set-up costs of
e.Airports Limited were underestimated."
While the results were disappointing, we have established a good foundation
for the Group. These initiatives should underpin growth potential and
contribute positively in the year ahead.
Abnormal cost increases included:
* high costs to establish the e.Airports international operations;
* restructuring of Open Systems Integrators skills base and service
offerings;
* expenditure relating to the Agritel service expansion; and
* costs to establish Ciber Information International (SA).
The directors felt it prudent to write off - the goodwill of R1 259 000 and
the minority interest of R434 000 arising from the acquisition of Agritel;
and to provide for the
R369 000 owed by Ciber.
OSI Airport Systems performed well although results were affected by the Y2K
lag and revenues were lower compared to the previous period that included
the Y2K projects.
e.Airports performed well while the final results were affected by higher
than expected set-up costs of the international support operation.
e.Airports could not execute all its contracts in this year, this however
resulted in a healthy order backlog.
Ciber, a joint venture between the Group, Kasigo Small Buisness Enterprises
and management to pursue integration projects in government and parastatal
environments has been formed.
Open Systems Integrators did not perform to expectation as the domestic
market was extremely slow but Open Systems Integrators has continued to
expand its client portfolio which now includes Wastecon, African Bank,
Multichoice and the Tshwane City.
Prospects
Open Systems Integrators is more effectively structured and is positioned to
expand its client base in the year ahead. It has strengthened its business
development environment with the addition of professionals to support its
focus in the expansion of its client base.
e.Airports proved that the opportunity exists to offer services to airports
throughout the world from South Africa. The e.Airports integration is well
developed with excellent prospects and good reference accounts to support
growth.
Ciber has established itself with a contract with Escom and is short-listed
for other tenders awaiting adjudication.
Developments in the Group are positioning the company for renewed
profitability.
The realisation of these opportunities cannot be underestimated.
Dividends
The directors do not currently contemplate declaring dividends but will
review this policy periodically.
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By order of the board
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HJ le Roux MJ Swart DM Wigley
Joint Managing Director Joint Managing Director Chairman
29 May 2001
Registered office: 20 Kersieboom Crescent, Centurion 0157
Web address: www.osi.co.za/holdings
Transfer secretaries: Computershare Services (South Africa)
(Proprietary) Limited
2nd Floor, Edura, 41 Fox Street, Johannesburg 2001
Directors: DM Wigley (Chairman) (British), HJ le Roux (Managing),
MJ Swart (Managing), AH Burgess, DP Ganyane, WAF Human, JDJ Kunz.
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