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Enterprise Outsourcing Holdings Limited - Audited Financial Report For The Year
To 31 July 2002
Enterprise Outsourcing Holdings Limited
(Company registration no: 1998/014669/06)
Share code: EOH
ISIN code: ZAE000022026
("EOH" or "the Company")
AUDITED FINANCIAL REPORT FOR THE YEAR TO 31 JULY 2002
REVENUE UP 36% HEADLINE EPS UP 27% CASH UP 19%
DIVIDEND 6c
GROUP INCOME STATEMENTS
Audited Audited
12 months to 12 months to
31 July 2002 31 July 2001 Change(%)
(R`000) (R`000)
Revenue 114 328 84 094 36
Profit before 14 116 12 233 15
interest
Net interest received 480 595
Profit from
operations before 14 596 12 828 14
goodwill
Goodwill amortised (1 081) (456)
Profit from 13 515 12 372
operations
Taxation 1 557 2 263
Net profit for period 11 958 10 109 18
Number of shares in
issue (`000) 50 667 50 667
Weighted average
number of shares in 49 787 50 072
issue (`000)
Earnings per ordinary
share (cents) 24,02 20,19 19
Headline earnings per
ordinary share 26,19 20,52 27
(cents)
Fully diluted
earnings per share 21,89 19,69 11
(cents)
GROUP BALANCE SHEETS
Audited Audited
31 July 2002 31 July 2001
(R`000) (R`000)
ASSETS
Non-current assets
Tangible assets 3 482 2 154
Intangible assets 30 414 16 453
Loans receivable 1 689 -
Current assets
Trade receivables 30 646 15 532
Other receivables 1 932 2 659
Inventory 50 585
Cash and cash equivalents 29 588 24 874
Total assets 97 801 62 257
EQUITY AND LIABILITIES
Ordinary shareholders` 42 692 29 466
interest
Non-current liabilities
Vendors for acquisition 6 040 50
Interest bearing borrowings 637 132
Deferred taxation 1 108 761
Current liabilities
Trade and other liabilities 27 189 11 820
Deferred revenue 20 694 18 094
Taxation (559) 1 934
Total equity and liabilities 97 801 62 257
GROUP CASH FLOW STATEMENTS
Audited Audited
12 months to 12 months to
31 July 2002 31 July 2001
(R`000) (R`000)
Operating income before
interest and taxation 14 116 12 233
Non-cash items 2 516 1 650
Cash generated from 16 632 13 883
trading operations
Decrease in working 1 034 3 531
capital
Cash generated from 17 666 17 414
operations
Taxation paid (3 703) (2 691)
Net interest income 480 595
Cash inflow from operating 14 443 15 318
activities
Cash outflow to investing (15 265) (5 418)
activities
Cash inflow/(outflow) from
financing activities 5 536 (3 696)
Net increase in cash and
cash equivalents 4 714 6 204
Cash and cash equivalents
at beginning of period 24 874 18 670
Cash and cash equivalents
at end of period 29 588 24 874
STATEMENTS OF CHANGE IN ORDINARY SHAREHOLDERS` INTEREST
Audited Audited
31 July 2002 31 July 2001
(R`000) (R`000)
Share capital and premium 11 174 10 066
Balance at beginning of 10 066 10 764
period
Issue of shares during - 1 079
period
Reissue of shares held by
subsidiary /(repurchase) of 1 108 (1 777)
shares
Distributable reserves 31 518 19 400
Balance at beginning of 19 400 9 291
period
Attributable income 11 958 10 109
Reissue of shares held by 160
subsidiary
Ordinary shareholders` 42 692 29 466
interest
GRAPHS
Plotting
Headline EPS Revenue
1999 12,19 31 701
2000 16,05 58 988
2001 20,52 84 094
2002 26,19 114 328
Comments
Group profile
EOH is a business solutions provider creating lifelong information technology
partnerships by developing IT strategies, supplying and implementing solutions
and managing enterprise-wide business systems for medium to large clients.
EOH operates in the following three clusters of business units as a fully
integrated business:
EOH Strategic Solutions - is the initial point of contact with EOH clients
through IT strategy development, management consulting, IT-enabled business
process re-engineering, software selection and Supply Chain Logistics education
to support world-class enterprise systems.
Business Systems - Through a number of subsidiary companies, EOH is able to
sell, implement and support a range of world-class business applications
including ERP, CRM, Business Intelligence, Advanced Planning and Scheduling, e-
Commerce and Manufacturing Execution Systems (MES).
EOH Outsourcing- involves comprehensive maintenance and support of the clients`
IT infrastructure and applications through the offering of full IT outsourcing
and Application Hosting.
EOH has a presence in all major centres in South Africa and operates in Africa,
Mauritius, Middle East and Australia.
Basis of preparation
The financial statements of the Group have been prepared in accordance with the
South African Statements of Generally Accepted Accounting Practice, which
policies are consistent with those of the prior year.
The auditors of the company are IAPA Johannesburg Chartered Accountants (SA).
The report of the auditors is available for inspection at the registered office
of the company.
Financial results
The board is satisfied with the overall performance for the period under review.
Revenue increased by 36% to R114,3 million. Headline earnings per share rose by
27%. Profit for the year amounted to R11,96 million, reflecting an improvement
of 18%.
The balance sheet remains strong with the growth being financed internally. Cash
resources increased by 19% to R29,6 million. Debtors days remain at 54 days and
vendors for acquisition represents the maximum liability of R6 million.
Since the interim report 495 356 shares were repurchased by a wholly owned
subsidiary of EOH and will not be cancelled.
Goodwill amortised is excluded from the calculation of headline earnings per
share.
Audited Audited
12 months 12 months
to to
31 July 31 July
2002 2001
(R`000) (R`000)
Net profit for period 11 958 10 109
Goodwill amortised 1 081 456
Capital profit - (288)
Headline earnings 13 039 10 277
Headline earnings per ordinary 26,19 20,52
share (cents)
Expansion
During the period under review we have expanded the business as follows:
On 1 July 2002 EOH acquired the business operations of Futuristix from
Futuristix Advanced Control Systems (Proprietary) Limited as a going concern for
a total consideration of up to R6 million. The value of net assets acquired
amounted to a deficit of R1,1 million with profits attributable to these assets
on an annualised basis of R0,9 million. Futuristix is a software distributor of
Manufacturing Execution Systems (MES) and Supervisory Control and Data
Acquisition (SCADA) Systems which fall within our core business activities. The
purchase price will be settled partly in cash and through the issue of EOH
shares over the next two years. The annualised financial effects of the
acquisition on EOH`s results would have been as follows:
Before the After the
acquisition acquisition
Earnings per share 24,02 25,87
(cents)
Headline earnings per 26,19 28,39
share (cents)
Net asset value per 84,26 82,14
share (cents)
Net tangible asset 24,23 22,11
value per share
(cents)
We have acquired the rights to represent 3 additional software applications
falling within our core business activities.
We have started 3 new business units, operating in our core business.
Expanded operations into Mauritius and Middle East.
We further enhanced our management and key people capacity.
Future plans
The consistent application of our business model and strategy are proving
beneficial and we intend to continue therewith. The major investment made in
new services and product offerings combined with our existing business as well
as our large customer base make us a leader in the enterprise software arena. A
major objective for the future will be to focus on our human capital
development, which we see as our main differentiator.
Dividends
Notice is hereby given that a cash dividend of 6 cents per share ("the
dividend") has been declared, payable to shareholders recorded in the books of
the Company at the close of business on Friday, November 8 2002. Shareholders
are advised that the last day to trade "cum" the dividend will be Friday,
November 1 2002. The shares will trade "ex" dividend as from Monday, November 4
2002, and the record date will be Friday, November 8 2002. Payment will be made
on Monday, November 11 2002. Share certificates may not be dematerialised or
rematerialised during the period Monday, November 4 2002 to Friday, November 8
2002, both days inclusive.
10 October 2002
REGISTERED OFFICE
Ground Floor, Block F, Gillooly`s View, 1 Osborne Lane, Bedfordview
Tel: (011) 607 8100, fax (011) 616 9929, web site: www.eoh.co.za, e-mail:
info@eoh.co.za
DIRECTORS
Asher Bohbot (Chairman and CEO), Rob Sporen*, Peter Bartlett, Roedolf du Toit,
Bernard van den Berg, Antonio Cocciante, Jane Thomson, Ken Cullinan
(*Dutch)
COMPANY SECRETARY
SP Matheson
For further information, please contact Rob Sporen on the above numbers or on
cell: 082 444 7533
Date: 10/10/2002 02:00:00 PM Produced by the JSE SENS Department
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