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Datacentrix Interim Results - Unaudited interim results for the six months ended
31 August 2002
Datacentrix Interim Results
Highlights:
Turnover increased by 62% to R413 million
Operational performance (EBITDA) increased by 69% to R32.7 million
Headline earnings per share increased by 41% to 11.8 cents
Earnings per share increased by 36% to 10.2 cents
Cash on hand increased to R107 million, with no interest bearing debt
Cash generated from operating activities of R48 million
CONSOLIDATED INCOME STATEMENT
Group Group %
6 Months 6 Months Increase
ended ended
August 2002 August
R000`s 2001
R000`s
Turnover 413,151 255,297 62%
Operating income before 32,651 19,351 69%
interest, taxation, depreciation
& amortisation (EBITDA)
Depreciation (2,715) (1,898)
Net profit on disposal of 1,383 -
business
Goodwill amortised (4,540) (1,470)
Operating income before interest 26,779 15,983 68%
and taxation
Net interest received 3,185 766
Income before taxation 29,964 16,749
Taxation (10,033) (5,466)
Net income after taxation 19,931 11,283 77%
Outside shareholders interest - 976
Earnings attributable to 19,931 12,259 63%
ordinary shareholders
Retained income at beginning of 68,172 45,826
the year
Retained income at end of the 88,103 58,085
year
Earnings and diluted earnings 10.2 7.5 36%
per share (cents)
Headline and diluted headline 11.8 8.4 41%
earnings per share (cents)
Weighted average number of 195,460 163,376
shares in issue (`000)
RECONCILIATION OF HEADLINE EARNINGS
Group Group
6 Months 6 Months
ended ended
August 2002 August 2001
R000`s R000`s
Earnings attributable to ordinary 19,931 12,259
shareholders
Net profit on disposal of business (1,383) -
Goodwill amortised 4,540 1,470
Headline earnings 23,088 13,729
CONSOLIDATED BALANCE SHEET
Unaudited Audited
Group Group
August 2002 February 2002
R000`s R000`s
ASSETS
Non-Current Assets
Fixed assets 13,495 12,479
Deferred tax 8,809 9,072
Investments and loans 16,193 13,388
Intangible assets 42,210 16,658
80,707 51,597
Current Assets
Inventories 9,232 7,583
Accounts receivable 112,074 124,373
Bank balances and cash 107,223 71,460
228,529 203,416
Total Assets 309,236 255,013
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 38,693 32,013
Non distributable reserve 14,543 14,543
Acquisition consideration - shares 13,137 4,617
due to vendors
Retained earnings 88,103 68,172
154,476 119,345
Other Liabilities
Acquisition consideration due to 12,155 6,390
vendors
Current Liabilities
Accounts payable 98,490 107,224
Deferred revenue 19,060 11,746
Acquisition consideration - short 8,235 2,735
term cash due to vendors
Taxation 16,820 7,573
142,605 129,278
Total equity and liabilities 309,236 255,013
Net asset value per share (cents) 80 64
Tangible net asset value per share 58 55
(cents)
Number of shares in issue (`000) 193,081 187,008
STATEMENT OF CHANGES IN EQUITY
Unaudited Audited
Group Group
6 Months 12 Months
ended ended
August 2002 February 2002
R000`s R000`s
Opening balance 119,345 72,279
Net income for the period 19,931 22,346
Shares issues - 21,586
Non-achievement of profit warranties - 3,519
Share acquisition consideration due 15,224 -
to vendors
Share issue expenses (24) (385)
Closing balance 154,476 119,345
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
Group Group
6 Months 12 months
ended ended
August 2002 February 2002
R000`s R000`s
Net cash inflow from operating 47,999 25,207
activities
Net cash outflow from investing (9,477) (11,306)
activities
Net cash (outflow)/inflow from (2,759) 12,470
financing activities
Net increase in cash and cash 35,763 26,371
equivalents
Cash and cash equivalents at the 71,460 45,089
beginning of the period
Cash and cash equivalents at the end 107,223 71,460
of the period
Nature of business
The Group`s major activities comprise the supply, integration and optimisation
of IT infrastructure, solutions and related services to enterprise South Africa.
Commentary
The Datacentrix board is pleased to present yet another set of solid interim
results. During the first half of the year the group acquired the business of
Solution Management NetworX (Pty) Ltd ("S M NetworX"), as well as a new
Microsoft integration and development business, Dezzo Trading (Pty) Ltd. As a
result of the acquisitions, goodwill increased by R30 million. The purchase
consideration of both businesses is subject to the achievement of profit
warranties. The profit on disposal of business of R1,38 million relates to the
sale of the Landmark business unit, as previously communicated.
Infrastructure
The supply, integration and optimisation of Infrastructure continues to be the
largest contributor to the Group. In addition our presence in Johannesburg has
been bolstered by the acquisition of S M NetworX (as communicated on SENS on 2
May 2002). Our unique top rated accreditation and positioning with HP, IBM and
Microsoft makes us the partner of choice for the supply and maintenance of
enterprise infrastructure requirements.
Solutions
The Solutions unit offers hosted services and the consulting, supply and
implementation of business applications for the Microsoft platform. This
business unit employs a sizeable skills base focusing on hosted application
services, managed infrastructure, financial systems and data-mining. The
Microsoft integration and development business resides in the Solutions business
unit and has made its first contribution during the period under review.
Solutions will be a high growth area going forward, and will focus on acquiring
skills to complement our existing offering.
Services
Datacentrix has an impressive array of service accreditations, which were
obtained in order to ensure high quality support to the group`s Infrastructure
customers. We successfully implemented our stated objective of marketing this
division separately and to compete as a truly customer service focused division
supplying services ranging from the traditional vendor warranty work through
software upgrades and migration to infrastructure outsourcing.
Black economic empowerment ("BEE")
Datacentrix continues to entrench itself as a truly South African company,
embracing BEE at all levels within the organisation and through its equity
structure. Our BEE equity stake remains at 49%. In addition to Gary Morolo as
executive chairman and Ahmed Mahomed as MD of Infrastructure, Liz Naidoo has
been appointed as CFO. Despite making acquisitions we maintained our general
employment equity profile, resulting in 43% of the group`s employees being black
and 62% from the designated group as at 31 August 2002.
Future prospects
With the significant growth initiatives identified in our Infrastructure
business and the growth experienced in the Solutions and Services divisions,
Datacentrix has successfully implemented its growth strategy and remains poised
to make judicious and opportune acquisitions. We are positive that growth will
continue in the second half of this financial year. To date our focus on
business critical solutions and services has shielded Datacentrix from the
global and local slowdown in information technology expenditure.
Dividends
As per company policy, no dividend has been declared or paid. The directors
presently believe that the cash resources can be best employed within the
company to fund acquisitive growth of opportunities that will present itself
with the continued restructuring of the industry. This policy will be reviewed
on an ongoing basis.
Accounting policy
These financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the accounting policies
used in their preparation are consistent with those adopted in the previous
financial year.
For and on behalf of the board:
Gary Morolo - Executive chairman
Gerhard Uys - Managing director
30 September 2002
Directors:
Gary Morolo (Executive chairman), Gerhard Uys, Klaas Lammers, Stewart Barker,
Charl Joubert, Natanya Kuper-Cohen*,
Sam Nematswerani*, Joan Joffe*, Imogen Mkhize*, Christoff Botha*
*non executive
Registered Office: Transfer Secretaries:
Sanwood Park Block 7 Mercantile Registrars Limited
379 Queens Crescent 11 Diagonal Street
Lynnwood Johannesburg
Pretoria
Date: 30/09/2002 12:30:00 PM Produced by the JSE SENS Department
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