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OSI HOLDINGS LIMITED
("OSI") Registration number 1996/000749/06
Independent IT applied
Share Code: OSI ISIN number: ZAE000016739
Interim Results for the six months ended 30 September 2002
CONSOLIDATED INCOME STATEMENT
30 September 30 September 31 March
2002 2001 2002
6 months 6 months 12 months
R`000 Unaudited Unaudited Audited
Revenue 10 342 10 772 21 720
Continuing operations 10 342 10 714 21 662
Discontinued operations - 58 58
Operating income/(loss) before
depreciation and amortisation (803) 1 149 1 221
Continuing operations (803) 1 259 1 331
Discontinued operations - (110) (110)
Depreciation and amortisation (357) (390) (708)
Profit on discontinued operations - 300 224
Net interest received 304 208 404
(Loss)/Income before taxation (856) 1 267 1 141
Taxation (142) 399 1 127
Net (loss)/income after taxation (714) 868 14
Attributable to outside
shareholders - 285 -
Attributable to ordinary
shareholders (714) 583 14
Weighted average number of shares
in issue (`000) 52 000 52 000 52 000
(Loss)/Earnings per
share (cents) (1,37) 1,12 0,03
Headline (loss)/earnings
per share (cents) (1,37) 1,12 0,03
Net asset value per share (cents) 27,18 29,20 28,38
CONSOLIDATED BALANCE SHEET
30 September 30 September 31 March
2002 2001 2002
R`000 Unaudited Unaudited Audited
ASSETS
Non-current assets 7 745 7 182 7 810
Property and equipment 4 507 4 633 4 456
Intangible assets 1 492 2 083 1 527
Non-current receivables 937 - 1 159
Deferred tax debit balances 809 466 668
Current assets 11 966 14 293 13 451
Receivables and prepayments 5 872 7 183 6 382
Cash and cash equivalents 6 094 7 110 7 069
TOTAL ASSETS 19 711 21 475 21 261
EQUITY AND LIABILITIES
Share capital and premium 9 451 9 451 9 451
Reserves 680 449 589
Retained profit 4 003 5 285 4 717
Shareholders` equity 14 134 15 185 14 757
Minority interest - 285 -
Borrowings 2 220 2 432 2 317
Non-current liabilities - - -
Current liabilities 3 357 3 573 4 187
TOTAL EQUITY AND LIABILITIES 19 711 21 475 21 261
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Translation Retained
R`000 capital premium reserve earnings Total
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
Net loss for
the period - - - (714) (714)
Currency translation
differences - - 91 - 91
Balance at
30 September 2002 2 9 449 680 4 003 14 134
CONSOLIDATED CASH FLOW STATEMENT
30 September 30 September 31 March
2002 2001 2002
6 months 6 months 12 months
R`000 Unaudited Unaudited Audited
Cash utilised in operations (1 123) (1 104) (151)
Net interest received 304 208 404
Taxation paid (567) - (903)
Cash flows from operating
activities (1 386) (896) (650)
Cash flows from
investing activities 491 (1 160) (818)
Cash flows from
financing activities (97) 235 (323)
Cash and cash equivalents
for the period (992) (1 821) (1 791)
Cash and cash equivalents
at beginning of period 6 615 8 742 7 674
Effects of exchange
rate changes 91 189 732
Cash and cash equivalents
at end of period 5 714 7 110 6 615
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.
Results
The improvements anticipated in the report to shareholders of the annual results
were not realised during this six-month period.
e.Airports` performance was satisfactory, although slow, with some momentum
being gained towards the second half of the period under review.
OSI Airport Systems did not engage all the projects budgeted for the period
under review.
Open Systems Integrators operates in tough local market conditions and it is
unlikely that these market conditions will change in the short to medium term.
The issues that gave rise to the slow performance in the business units are
currently being addressed.
Dividend
The company does not intend to declare a dividend for the time being.
By order of the board
HJ le Roux MJ Swart FM Rossouw
Joint Managing Director Joint Managing Director Chairperson
4 November 2002
Registered office: 20 Kersieboom Crescent, Centurion 0157
Web address: www.osi.co.za
Transfer secretaries: Computershare Investor Services Limited
9th Floor,70 Marshall Street,
Johannesburg 2001
Directors: FM Rossouw (Chairperson), HJ le Roux (Managing),
MJ Swart (Managing), WAF Human, JDJ Kunz
Date: 01/11/2002 05:05:00 PM Produced by the JSE SENS Department
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