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ERP.com Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/010017/06)
("ERP.com" or "the Group")
www.erpcom.co.za
Share code: ERP
ISIN number: ZAE000019311
Unaudited interim RESULTS FOR THE six months ENDED 31 January 2003
Revenue 22%
Net profit for the period 54%
Headline earnings per share 53%
Cash and cash equivalents 129%
Income statement
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
2003 2002 2002
R`000 R`000 R`000
Revenue 64 386 52 974 104 453
Profit before taxation 13 140 8 392 16 840
after taking into
account the following
items:
Net interest received 1 705 419 1 351
Depreciation (840) (913) (2 227)
Taxation (4 073) (2 502) (5 195)
Net profit for the period 9 067 5 890 11 645
Goodwill amortised (43) (52) (477)
Net income for the
period attributable
to shareholders 9 024 5 838 11 168
Weighted number of
shares on which
earnings per share
is based (`000) 164 619 161 399 161 735
Earnings per share (cents) 5,5 3,6 6,9
Headline earnings
per share (cents) 5,5 3,6 7,2
Dividend per share (cents) - - 1,4
Net asset value per
share (cents) 21,3 14,4 17,7
Balance sheet
Unaudited Unaudited Audited
31 Jan 31 Jan 31 July
2003 2002 2002
R`000 R`000 R`000
ASSETS
Non-current assets 5 331 6 734 5 820
Equipment 3 323 5 055 3 772
Goodwill 747 1 180 787
Deferred taxation 1 261 499 1 261
Current assets 58 362 37 312 43 834
Inventories and
contracts in progress 625 1 801 604
Trade and other receivables 16 466 17 496 16 563
Cash and cash equivalents 41 271 18 015 26 667
Total assets 63 693 44 046 49 654
EQUITY AND LIABILITIES
Capital and reserves 35 573 23 237 28 877
Share capital and premium 9 072 8 755 9 065
Retained income 26 501 14 482 19 812
Current liabilities 28 120 20 809 20 777
Accounts payable 18 921 16 289 17 233
Provisions 6 196 3 043 3 619
Taxation owing 3 003 1 477 (75)
Total equity and liabilities 63 693 44 046 49 654
Cash flow statement
Unaudited Unaudited Audited
6 months 6 month 12 months
ended ended ended
31 Jan 31 Jan 31 July
2003 2002 2002
R`000 R`000 R`000
Cash flows from
operating activities 14 991 9 862 19 028
Cash flows from
investing activities (394) (1 382) (2 206)
Cash flows from
financing activities 7 - 310
Net increase in cash
and cash equivalents 14 604 8 480 17 132
Cash and cash
equivalents at
beginning of period 26 667 9 535 9 535
Cash and cash
equivalents at
end of period 41 271 18 015 26 667
Statement of changes in equity
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
2003 2002 2002
R`000 R`000 R`000
Share capital 167 161 164
Balance at beginning
of year 164 161 161
Issued during the year 3 - 3
Share premium 8 905 8 594 8 901
Balance at beginning of year 8 901 8 594 8 594
Issued during the year 4 - 315
Share issue expenses
written off - - (8)
Retained income 26 501 14 482 19 812
Balance at beginning of year 19 812 8 644 8 644
Net income for the year 9 024 5 838 11 168
Dividend declared (2 335) - -
Total capital and reserves 35 573 23 237 28 877
Comments
The directors are satisfied with the performance of the Group for the first six
months of the financial year which exceeded it`s key objectives of:
* Maintaining historical earnings growth
* Maintaining high operating margins
* Increasing cash resources
During the period under review:
* Headline earnings per share increased by 53%
* Operating margins increased from 16,8% to 19,1%
* Cash resources grew by 129% to R41,3 million
Group overview
The Group is focused on the implementation, integration and management of
enterprise wide information technology applications. The Group concentrates on
three major markets:
Enterprise applications
The sale, implementation, integration and management of enterprise applications
solutions. The business grew steadily during the period under review with
pleasing growth in annuity based services revenue and a strong pipeline.
Information security
The sale, distribution and support of security products including
anti-virus, intrusion detection, firewalls, authentication and network asset
management and the provision of managed security services. This division has
shown impressive growth in what is a rapidly growing market.
Networking solutions
The design, implementation and management of networking and information
technology infrastructure solutions with a focus on thin client and server based
computing architecture. This division is employed almost exclusively on
providing networking services and has seen a sharp rise in operating margins.
Revenue analysis
Networking and infrastructure 18%
Information security 39%
Enterprise applications 43%
Prospects
There are firm indications of renewed market spend in the areas within which the
Group operates and the directors are confident that the Group will perform
strongly in the last six months of the year. The focus remains on organic growth
whilst continuing to investigate new investment opportunities.
Changes to the directorate
Mr MM Spilhaus resigned as director and has been replaced by Mr P Sneddon on the
board of ERP.com with effect from 1 February 2003. The board now consists of an
equal number of executive and non-executive directors, two of whom are fully
independent.
Accounting policies
These unaudited interim financial statements have been prepared on a historical
cost basis in accordance with the South African Statements of Generally Accepted
Accounting Practice applicable to interim financial reporting. The accounting
policies of the Group, used in the preparation of the unaudited interim results
announcement, are consistent with those applied in the annual financial
statements for the year ended 31 July 2002.
For and on behalf of the board of directors
Rudolf Pretorius Peter Forsyth
Non-executive chairman Chief executive officer
19 February 2003
Johannesburg
Directors: R Pretorius (Non-executive chairman), P Forsyth (Chief executive
officer) DTK Brazier*, CJ Lessing*, P Mather*, GM Morris, S Nathan, MM
Spilhaus*
* Executive directors Non-executive directors
Company secretary: A Ritzlmayr (email: andreasr@erpcom.co.za)
Registered address: ERP.com House, Nanyuki Office Park, 69 Nanyuki Drive
Sunninghill, Sandton 2157. (PO Box 2880, Rivonia 2128)
Transfer secretaries: Computershare Investor Services Limited
70 Marshall Street, Marshalltown 2001. (PO Box 61051, Marshalltown 2107)
Date: 19/02/2003 08:00:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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