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ENTERPRISE OUTSOURCING HOLDINGS LIMITED - REVIEWED INTERIM REPORT FOR THE SIX
MONTHS ENDED 31 JANUARY 2003
Enterprise Outsourcing Holdings Limited
(Company registration no: 1998/014669/06)
Share code: EOH ISIN: ZAE000022026
("EOH" or "the company")
REVENUE UP 58% HEADLINE EPS UP 22% CASH UP 56%
GROUP INCOME STATEMENTS
Reviewed Reviewed Audited
6 months to 6 months to 12
31 January 31 January months
2003 2002 Change to 31
(R"000) (R"000) (%) July
2002
(R"000)
Revenue 87 989 55 729 58 114 328
Profit before 8 722 7 786 14 116
interest
Net interest 885 59 480
received
Profit from
operations before 9 607 7 845 22 14 596
goodwill
Goodwill amortised (561) (329) (1 081)
Profit from 9 046 7 516 13 515
operations
Taxation 1 680 1 505 1 557
Outside
shareholders" 162 - -
interest
Net profit for 7 204 6 011 20 11 958
period
Number of shares
in issue (`000) 50 667 50 667 50 667
Weighted average
number of shares 50 086 50 034 49 787
in issue (`000)
Earnings per
ordinary share 14,38 12,01 20 24,02
(cents)
Headline earnings
per ordinary share 15,50 12,67 22 26,19
(cents)
Diluted earnings
per share (cents) 13,87 11,55 20 21,89
Dividends per
share (cents) 6,00 - -
Goodwill amortised is excluded from the calculation of headline earnings per
share.
Net profit for 7 204 6 011 11 958
period
Goodwill amortised 561 329 1 081
Headline earnings 7 765 6 340 13 039
Headline earnings
per ordinary share 15,50 12,67 26,19
(cents)
GROUP BALANCE SHEETS
Reviewed Reviewed Audited
31 January 31 31 July
2003 January 2002
(R"000) 2002 (R"000)
(R"000)
ASSETS
Non-current assets
Tangible assets 3 374 2 793 3 482
Intangible assets 30 099 21 526 30 414
Loans receivable 132 1 598 1 689
Current assets
Trade receivables 26 707 20 200 30 646
Other receivables 2 370 1 830 1 932
Inventory 74 264 50
Cash and cash equivalents 26 538 17 019 29 588
Total assets 89 294 65 230 97 801
EQUITY AND LIABILITIES
Ordinary shareholders" 46 327 37 180 42 692
interest
Non-current liabilities
Vendors for acquisition 6 040 150 6 040
Interest bearing 584 432 637
borrowings
Deferred taxation 1 488 1 279 1 108
Current liabilities
Trade and other 22 911 16 473 27 189
liabilities
Deferred revenue 11 465 10 433 20 694
Taxation 479 (717) (559)
Total equity and 89 294 65 230 97 801
liabilities
GROUP CASH FLOW STATEMENTS
Reviewed Reviewed
6 months to 6 months Audited
31 January to 12 months
2003 31 to
(R"000) January 31 July
2002 2002
(R"000) (R"000)
Operating income before
interest and taxation 8 722 7 786 14 116
Non-cash items 1 903 1 660 2 516
Cash generated from
trading operations 10 625 9 446 16 632
(Increase)/decrease in (10 030) (6 683) 1 034
working capital
Cash generated from 595 2 763 17 666
operations
Taxation paid (261) (3 637) (3 703)
Dividends paid (3 040) - -
Net interest income 885 59 480
Cash (outflow)/inflow
from operating activities (1 821) (815) 14 443
Cash outflow to investing (2 043) (7 545) (15 265)
activities
Cash inflow from 814 505 5 536
financing activities
Net (decrease)/increase
in cash and cash (3 050) (7 855) 4 714
equivalents
Cash and cash equivalents
at beginning of period 29 588 24 874 24 874
Cash and cash equivalents
at end of period 26 538 17 019 29 588
STATEMENTS OF CHANGE IN ORDINARY SHAREHOLDERS" INTEREST
Reviewed Reviewed Audited
31 31 31 July
January January 2002
2003 2002 (R"000)
(R"000) (R"000)
Share capital and premium 10 483 11 609 11 174
Balance at beginning of 11 609 10 911 10 066
period
Issue of shares during period - 933 -
(Repurchase)/reissue of
shares held by subsidiary (1 126) (235) 1 108
Distributable reserves 35 844 25 571 31 518
Balance at beginning of 25 571 14 288 19 400
period
Attributable income 13 151 11 123 11 958
Dividends (3 040) - -
Reissue of shares held by - 160 160
subsidiary
Outside shareholders" 162 - -
interest
Ordinary shareholders" 46 327 37 180 42 692
interest
GRAPHS
Plotting
Headline EPS Revenue
1999 5,28 13 390
2000 8,27 28 506
2001 10,39 40 348
2002 12,67 55 729
2003 15,50 87 989
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 interim 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 Group"s auditors, IAPA Johannesburg Chartered Accountants (SA), have
reviewed the financial information for the six months ended 31 January 2003.
Their report 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 58% to R87,9 million. Headline earnings per share rose by
22%. Profit for the period amounted to R7,2 million reflecting an improvement of
20%. No acquisitions were made during the period under review.
The balance sheet remains strong with the growth being financed internally. Cash
resources have increased by 56% to R26,5 million from the comparative period.
Debtors days have improved to 50 days. The Group is essentially debt free.
During this period, 599 695 shares were repurchased by a wholly owned subsidiary
of EOH and will not be cancelled.
Future plans
The consistent application of our business model and strategy are proving
successful 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.
EOH is committed to Black Economic Empowerment which is an integral part of our
business strategy. Our BEE strategy is based on four levels: equity, strategic,
managerial and operational levels. Specific action plans and goals have been
set.
Dividends
It is the Group"s practice to declare dividends at the end of the financial year
only.
9 April 2003
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
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