| Thu 1 Nov 2001, 0:00 | | Osi Holdings Limited - Interim Results |
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ISIN Code : ZAE000016739
Share Code : OSI
OSI HOLDINGS LIMITED
("OSI") Registration number 1996/000749/06
Independent IT applied
Interim Results
for the six months ended 30 September 2001
CONSOLIDATED INCOME STATEMENT
30 September 30 September 31 March
2001 2000 2001
6 months 6 months 12 months
R'000 Unaudited Unaudited Audited
Revenue 10 772 8 241 18 757
Continuing operations 10 714 7 851 17 836
Discontinued operations 58 390 921
Operating income/(loss) before
depreciation and amortisation 1 149 (635) (1 488)
Continuing operations 1 259 (115) (346)
Discontinued operations (110) (520) (1 142)
Depreciation and amortisation (390) (428) (956)
Profit on disposal of
discontinued operations 300 - -
Net interest received 208 604 1 012
Income/(Loss) before
non-recurring items 1 267 (459) (1 432)
Non-recurring items - - (1 628)
Income/(Loss) before taxation 1 267 (459) (3 060)
Taxation 399 35 580
Net income/(loss) after taxation 868 (494) (3 640)
Attributable to outside
shareholders 285 (202) 434
Attributable to ordinary
shareholders 583 (292) (4 074)
Weighted average number of
shares in issue ('000) 52 000 57 000 57 000
Earnings/(Loss) per share (cents) 1,12 (0,51) (7,15)
Headline earnings/(loss) per
share (cents) 0,54 (0,29) (3,53)
Net asset value per share (cents) 41,30 41,09 38,41
Reconciliation between earnings
and headline earnings
Attributable earnings/(loss) 583 (292) (4 074)
Amortisation of goodwill - 126 -
Goodwill written off - - 1 259
Minority interest recognised on
acquisition of subsidiary reversed - - 434
Provision against loan to jointly
controlled entity - - 369
Profit on disposal of discontinued
operations (300) - -
Headline earnings/(loss) 283 (166) (2 012)
Consolidated Balance Sheet
30 September 30 September 31 March
2001 2000 2001
R'000 Unaudited Unaudited Audited
ASSETS
Non-current assets 7 182 8 660 7 248
Property and equipment 4 633 4 943 4 539
Intangible assets 2 083 1 142 2 205
Investments - 2 039 -
Deferred tax debit balances 466 536 504
Current assets 14 293 14 763 14 644
Receivables and prepayments 7 183 3 894 5 902
Cash and cash equivalents 7 110 10 869 8 742
TOTAL ASSETS 21 475 23 423 21 892
EQUITY AND LIABILITIES
Share capital and premium 9 451 11 251 9 451
Reserves 449 - 550
Retained profit 5 285 8 485 4 703
Shareholders' equity 15 185 19 736 14 704
Minority interest 285 (636) -
Borrowings 2 432 - 2 461
Non-current liabilities - 6 -
Current liabilities 3 573 4 317 4 727
TOTAL EQUITY AND LIABILITIES 21 475 23 423 21 892
CONSOLIDATED CASH FLOW STATEMENT
30 September 30 September 31 March
2001 2000 2001
6 months 6 months 12 months
R'000 Unaudited Unaudited Audited
Cash generated from
operations (1 104) (938) (3 102)
Net interest received 208 650 1 058
Taxation paid - - (1 053)
Cash flows from operating
activities (896) (288) (3 097)
Cash flows from investing
activities (1 160) (3 701) (6 107)
Cash flows from financing
activities 235 - 3 297
Cash and cash equivalents
for the period (1 821) (3 989) (5 907)
Cash and cash equivalents
at beginning of period 8 742 14 858 14 858
Effects of exchange rate changes 189 - (286)
Cash and cash equivalents at
end of period 7 110 10 869 8 665
Note 1
No separate change in equity statement is disclosed, as the only changes to
reserves are the profits for the period and a minor movement in the
translation reserve.
Note 2
OSI Holdings Share Trust purchased, with a loan from OSI Holdings, 5 million
shares for future allocation to staff. These shares were treated as treasury
shares. Comparatives and the weighted average number of issued shares were
adjusted accordingly.
Results
As anticipated, OSI returned to profitability for the six month interim
period and recorded a satisfactory headline profit of R283 000 for the
reporting period. For the comparative period, revenue from continuing
operations was 36% higher and a satisfactory operating profit of R1 149 000
was achieved compared to a operating loss of R635 000 in the corresponding
six month period.
Disposals
To focus more effectively on its core business, OSI disposed of its
interests in both Ciber Information International (SA) and Agritel. After
providing against the investments in the previous year, a profit on disposal
of R300 000 was made.
Prospects
Market conditions remain difficult but there are indications of recovery.
The Group's restructuring is complete and has already shown positive
results.
Open Systems Integrators has won some valuable contracts from existing as
well as new clients, these include the US Embassy.
e.Airports has started some major new contracts, which will carry over into
next year. The impact of current events on the development of airport
systems remains unclear rather than negative.
OSI Airport Systems is ahead of budget and should achieve its year-end
targets.
Dividends
The company does not intend to declare a dividend for the time being.
Director appointment
Francois Rossouw has joined the board as a non-executive director. He is a
retired executive of Airports Company South Africa and a past chairman of
Airports Council International's World Economics Standing Committee. His
experience in allied business fields wil be valuable.
By order of the board
HJ le Roux MJ Swart DM Wigley
Joint Managing Director Joint Managing Director Chairman
2 November 2001
Registered office: 20 Kersieboom Crescent, Centurion 0157
Web address: www.osi.co.za/holdings
Transfer secretaries: Computershare Services Limited
4th Floor, Edura, 41 Fox Street, Johannesburg 2001
Directors: DM Wigley (Chairman) (British), HJ le Roux
(Managing), MJ Swart (Managing), WAF Human, JDJ Kunz,
FM Rossouw.
