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UNITED SERVICE TECHNOLOGIES LIMITED
(Incorporated in the British Virgin Islands)
International Business Company No. 3896
Share Code: USV ISIN Code: ZAE000012431
Unaudited results for the 6 month period ended 31 July 2001
PROFIT AND LOSS ACCOUNT
Six Months to Six Months to Year to
R000's 31/7/01 31/7/00 31/1/01
Income
Operating profit/(loss) 71 (17) 1 789
Income attributable to
associated company 33 598 33 337 79 841
Interest received 185 5 236
Ordinary profit before
taxation 33 854 33 325 81 866
Taxation attributable to
associated company 9 127 8 302 19 174
Income attributable to
ordinary shareholders 24 727 25 023 62 692
Dividend declared - - 5 458
Retained income for
the period 24 727 25 023 57 234
Number of ordinary
shares in issue (000) 54 583 54 583 54 583
Earnings per ordinary
share (cents) 45.3 45.8 114.9
Headline earnings
per share - before
amortisation of goodwill
(cents) 62.7 58.5 145.1
With effect from 1 February 2001, UTi Worldwide Inc. ("UTi") changed the
basis of reporting from International Accounting Standards (IAS) to U.S.
Generally Accepted Accounting Principles (U.S. GAAP). United Service
Technologies Limited ("Uniserv") accounts under IAS. UTi results have been
adjusted to IAS in preparing the equity accounted results for Uniserv.
BALANCE SHEET
R000's 31/7/01 31/7/00 31/1/01
Capital employed
Ordinary share capital 47 581 47 581 47 581
Reserves 522 535 301 384 480 706
Shareholders' equity 570 116 348 965 528 287
Employment of capital
Listed investment 563 128 348 683 527 308
Current assets 12 741 8 766 9 880
Current liabilities (5 753) (8 484) (8 901)
570 116 348 965 528 287
Statement of movement
in reserves
Opening balance 480 706 216 696 216 696
Profit and loss
account 24 727 25 023 57 234
Foreign exchange
translation reserve 15 606 16 091 24 784
Movement in equity of
associated company 1 496 43 574 181 992
522 535 301 384 480 706
The market value of the listed investment on 31 July 2001 was R1,226
million.
COMMENTS
Uniserv is listed on the JSE Securities Exchange South Africa. Our only
interest is an investment in UTi.
UTi is a global supply chain solutions provider operating its own offices in
approximately 200 cities in 49 countries. It is listed on the Nasdaq under
the symbol "UTIW". The UTi results are reported separately and shareholders
need to look at the results of that company in order to understand the
underlying operations that make up the Uniserv investment.
We equity account the UTi results in Uniserv. Our company owns approximately
36,1% (2000: 46.24%) of the ordinary shares of UTi. This decrease is a
result of the additional shares issued by UTi at the time of the Nasdaq
listing on 2 November 2000. One UTi share is equivalent to approximately
5,8888 Uniserv shares.
In terms of International Accounting Standards, UTi amortises goodwill
through the income statement for periods up to a maximum of 20 years. In
these results we therefore focus on headline earnings per share in Uniserv
(prior to the amortisation of goodwill in UTi).
MJ Wessels
Chairman
6 September 2001
Registered office: First Floor, Bank of Nova Scotia Building, Road Town,
Tortola, British Virgin Islands
Transfer agents in South Africa: Mercantile Registrars Limited, 10th Floor,
11 Diagonal Street, Johannesburg, 2001
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