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OSI - Audited financial results for the year ended 31 March 2002
OSI HOLDINGS LIMITED
("OSI") Registration number 1996/000749/06
Independent IT applied
Share code: OSI ISIN number: ZAE000016739
* Revenue up 25%
* Return to profitability
Audited financial results for the year ended 31 March 2002
CONSOLIDATED INCOME STATEMENT
2002 2001
Audited Audited
12 months 12 months
Notes R`000 R`000
Revenue
Continuing operations 21 662 17 302
Discontinuing operations 58 921
Operating income/(loss) before
depreciation and amortisation
Continuing operations 1 331 (341)
Discontinued operations (110) (1 142)
Depreciation and amortisation (708) (956)
Profit on discontinued operations 224 -
Net interest received 404 1 007
Income/(Loss) before
non-recurring items 1 141 (1 432)
Non-recurring items - (1 628)
Income/(Loss) before taxation 1 141 (3 060)
Taxation 2 1 127 580
Net income/(loss) after taxation 14 (3 640)
Attributable to outside shareholders - 434
Attributable to ordinary shareholders 14 (4 074)
Weighted average number of shares
in issue (`000) 3 52 000 55 333
Earnings/(Loss) per share (cents) 0,03 (7,36)
Headline earnings/(loss)
per share (cents) 0,03 (3,64)
Reconciliation between earnings and
headline earnings
Attributable earnings/(loss) 14 (4 074)
Goodwill written off - 1 259
Minority interest recognised on
acquisition of subsidiary reversed - 434
Provision against loan of
jointly controlled entity - 369
Headline earnings/(loss) 14 (2 012)
CONSOLIDATED BALANCE SHEET
2002 2001
Audited Audited
R`000 R`000
ASSETS
Non-current assets 7 810 7 209
Property and equipment 4 456 4 492
Intangible assets 1 527 1 103
Non-current receivables 1 159 1 103
Deferred tax debit balances 668 511
Current assets 13 451 13 381
Receivables and prepayments 6 382 5 630
Cash and cash equivalents 7 069 7 751
TOTAL ASSETS 21 261 20 590
EQUITY AND LIABILITIES
Share capital and premium 9 451 9 451
Reserves 589 (143)
Retained profit 4 717 4 703
Shareholders` equity 14 757 14 011
Minority interest - -
Borrowings 2 317 2 885
Non-current liabilities - -
Current liabilities 4 187 3 694
TOTAL EQUITY AND LIABILITIES 21 261 20 590
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Translation Retained
capital premium reserve earnings Total
R`000 R`000 R`000 R`000 R`000
Balance at
31 March 2000 2 9 449 - 8 777 18 228
Net profit for
the year - - - (4 074) (4 074)
Currency
translation
differences - - (143) - (143)
Balance at
31 March 2001 2 9 449 (143) 4 703 14 011
Net profit
for the year - - - 14 14
Currency
translation
differences - - 732 - 732
Balance at
31 March 2002 2 9 449 589 4 717 14 757
CONSOLIDATED CASH FLOW STATEMENT
2002 2001
Audited Audited
12 months 12 months
R`000 R`000
Cash generated from operations (151) (4 070)
Net interest received 404 1 007
Taxation paid (903) (1 053)
Cash flows from operating activities (650) (4 116)
Cash flows from investing activities (818) (5 810)
Cash flows from financing activities (323) 2 885
Cash and cash equivalents for the year (1 791) (7 041)
Cash and cash equivalents
at beginning of year 7 674 14 858
Effects of exchange rate changes 732 (143)
Cash and cash equivalents
at end of year 6 615 7 674
1. Accounting policies
The financial statements are prepared on the historical cost basis and
incorporate accounting policies which conform to the South African
Statements of Generally Accepted Accounting Practice. These policies are
applied on bases consistent with the previous period, other than where
modified to comply with revised South African Accounting Statements.
2. Taxation
Taxation includes Secondary Tax on Companies in the amount of R383 000
payable on a dividend declared by OSI
port Systems (Proprietary) Limited.
3. Treasury shares
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.
4. Joint venture: e.Airports Limited
At 31 March 2001 the results of e.Airports Limited, the joint venture
between OSI Airport Systems (Proprietary) Limited and SITA Information
Networking Services NV were consolidated. During the 2002 financial year,
SITA Information Networking Computing NV exercised its option to acquire a
50% equity stake in e.Airports Limited, effective 1 April 2000. Comparatives
have been restated accordingly where necessary.
COMMENTS
Results
OSI returned to profitability during the year. Revenues from continuing
operations were up 25,2% and improvements in operating income resulted in a
turnaround of R2,5 million. OSI attributes the return to profitability to an
intensified focus on its core business of delivering strategic commercial
and tactical information service solutions. The financial fundamentals
remain strong and OSI management believe that performance in the coming year
will see further improvements in cash generated from core activities.
Whilst the domestic market experienced tough economic conditions and a
prolonged lag in IT-spend, the specialised corporate markets where OSI have
unique strengths are showing definite signs of long-term improvement.
The strategy of intensifying our core focus whilst using the temporary
softening of the information technology sector to re-align our operational
cost structure has positioned the Group well to make use of these
improvements as their effects mature. The disposal of interests in Ciber and
Agritel streamlined operations and reduced management focus on non-core
activities.
The three remaining business units performed well, given the challenging
market circumstances.
Open Systems Integrators increased its profitability, notwithstanding the
slow-down in domestic IT-spend. Corporate customers are shifting their focus
from capital expenditure on new IT projects to infrastructure integration
and the optimisation of existing IT investments in a drive to improve return
on investment. OSI has fine-tuned its market positioning and service
offerings to meet these requirements.
e.Airports, a partnership with the internationally recognised SITA Group, a
leader in global aviation management, has rapidly shifted from its initial
investment phase into profitability, despite the events of 11 September. The
latter highlighted the global requirement for more sophisticated airport
management systems and propels the opportunity for e.Airports to provide its
unique range of services to airports world-wide.
OSI Airport Systems performed according to expectation while continuing to
deploy its technology and services through ACSA, the premier African
airports management company.
OSI`s "Partnergrator" positioning focuses the Group`s strategic business
offering, combined with tactical technical delivery and decisive
partnerships. This should enable OSI to penetrate more effectively in a fast
growing sector within the corporate market, where infrastructure integration
and consolidation of group-wide information systems has become of critical
importance.
Dividend
The company does not intend to declare a dividend for the time being.
By order of the board
HJ le Roux
Joint Managing Director
MJ Swart
Joint Managing Director
DM Wigley
Chairperson
31 May 2002
Registered office: 20 Kersieboom Crescent, Centurion 0157
Web address: www.osi.co.za/holdings
Transfer secretaries: Computershare Investor Services Limited
Edura, 41 Fox Street, Johannesburg 2001
Directors: DM Wigley (Chairperson) (British),
HJ le Roux (Managing), MJ Swart
(Managing), WAF Human, JDJ Kunz,
FM Rossouw
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