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Net1 Applied Technology Holdings Limited - Group Reviewed Results For The Year
Release Date: 14/08/2003 16:58:21 Code(s): APL
Net1 Applied Technology Holdings Limited - Group Reviewed Results For The Year
Ended 30 June 2003
NET1 APPLIED TECHNOLOGY HOLDINGS LIMITED
("APLITEC")
(Incorporated in the Republic of South Africa)
(Registration number 1997/007207/06)
Share Code: APL ISIN: ZAE000024113
HIGHLIGHTS
* Revenue up 32% to R691 million
* Operating profit up 38% to R186 million
* Headline earnings per share up 31% to 58.57 cents
* Tangible net asset value per share 216.09 cents
* Cash and cash equivalents R429 million
* Dividend per share up 36% to 15 cents
ABRIDGED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE
2003 2002 %
R"000 R"000 Change
Revenue 691 484 525 585 32
Operating profit 186 092 135 000 38
Net interest received 23 546 14 014 68
Settlement of share options 5 349 - -
Provision for loss on loan 4 875 - -
Profit before tax 199 414 149 014 34
Tax expense 69 132 43 286 60
Current and deferred 65 922 43 286 52
STC 3 210 - -
Profit after tax 130 282 105 728 23
Minority interests 4 095 1 695 142
Net profit for the year 126 187 104 033 21
Headline earnings per
share (cents) 58.57 44.61 31
Earnings per share (cents) 53.25 45.23 18
Weighted average number
of shares ("000) 236 977 230 001 3
Reconciliation of
headline earnings
Profit attributable
to ordinary shareholders 126 187 104 033
Amortisation of goodwill 7 393 1 754
Profit on disposal of
property, plant and
equipment (139) (475)
Settlement of share options 5 349 -
Profit on disposal of business - (2 713)
Headline earnings 138 790 102 599
ABRIDGED BALANCE SHEET
AT 30 JUNE
2003 2002
R"000 R"000
ASSETS
Non-current assets 96 050 62 512
Property, plant and equipment 65 075 33 192
Capitalised development costs - 2 279
Trade marks - 1 630
Goodwill 12 043 14 375
Deferred tax 18 932 11 036
Current assets 586 478 448 205
Inventory 6 437 15 521
Trade and other receivables 151 492 110 870
Cash and cash equivalents 428 549 321 814
TOTAL ASSETS 682 528 510 717
EQUITY AND LIABILITIES
Capital and reserves 524 120 418 455
Issued share capital and premium 134 734 129 575
Accumulated profit 389 386 288 880
Minority interests - 3 275
Current liabilities 158 408 88 987
Trade and other payables 107 474 58 591
Tax 50 934 30 396
TOTAL EQUITY AND LIABILITIES 682 528 510 717
Shares in issue ("000) 236 977 233 464
Tangible net asset value per share (cents) 216.09
171.41
Net asset value per share (cents) 221.17 179.24
ABRIDGED SEGMENTAL ANALYSIS
The estimated proportions of consolidated revenue and profit before tax
attributable to the various classes of business for the years ended 30 June were
as follows:
Revenue Profit before tax Margin
2003 2002 2003 2002 2003 2002
R"000 R"000 R"000 R"000 % %
FTS/UEPS
Licence fees 12 078 8 334 10 323 6 580 85 79
UEPS Software
sales 10 859 19 961 6 516 14 971 60 75
UEPS Hardware
sales 61 400 43 121 16 578 11 643 27 27
UEPS Processing
fees 142 032 105 934 64 560 35 504 45 34
Management
services 40 178 27 494 16 071 10 997 40 40
Financial
Services 121 426 106 196 25 886 12 154 21 11
Social
Security:
Operational 286 556 203 325 51 345 38 120 18 19
Social
Security:
pre-funding 16 955 11 220 2 649 1 650 16 15
Interest earned - - 23 546 14 014
Unallocated
corporate
Expenses - - (18 060) 3 381
691 484 525 585 199 414 149 014 29 28
ABRIDGED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE
2003 2002
R"000 R"000
Cash flows from operating activities
Cash receipts from customers 665 211 503 476
Cash paid to suppliers and employees (434 627) (350 496)
Cash generated from operations 230 584 152 980
Net interest received 23 546 14 014
Tax paid (56 491) (42 481)
Dividends paid (25 681) -
Cash flows from operating activities 171 958 124 513
Cash flows from investing activities
Additions to property, plant
and equipment (60 791) (19 472)
Proceeds from disposal of property,
plant and equipment 2 841 6 335
Purchase of minority interests (12 432) -
Cash inflow from disposal of business - 4 211
Cash utilised in investing activities (70 382) (8 926)
Cash flows from financing activities
Proceeds from issue of share capital 5 159 5 347
Net increase in cash and cash
equivalents 106 735 120 934
Cash and cash equivalents at
beginning of year 321 814 200 880
Cash and cash equivalents at
end of year 428 549 321 814
Cash equivalent earnings
per share (cents) 65.00 54.88
ABRIDGED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE
2003 2002
R"000 R"000
Ordinary shareholders" equity at
beginning of year 418 455 309 075
Changes in share capital
Shares issued 4 3
Changes in share premium 5 155 5 344
Shares issued 5 179 5 380
Share issue expenses written off (24) (36)
Changes in accumulated 100 506 104 033
Net profit for the year 126 187 104 033
Dividends paid to shareholders (25 681) -
Ordinary shareholders" equity at
end of year 524 120 418 455
Accounting policies
The financial statements have been prepared on the historical cost basis and in
conformity with South African Statements of Generally Accepted Accounting
Practice. The accounting policies applied in the preparation of the financial
statements are consistent in all material respects with those applied in the
annual financial statements for the year ended 30 June 2002.
Audit report
The results have been reviewed by Fisher Hoffman PKF (Jhb) Inc. and their
unqualified review opinion is available for inspection at the company"s
registered office.
Commentary
The board of Aplitec has pleasure in presenting the annual results of the group
for the year ended 30 June 2003. Aplitec has achieved solid growth and continued
to demonstrate its ability to provide an affordable financial transacting system
to the un-banked and under-banked people of South Africa and other developing
economies.
Business review
Revenue increased by 32% from R526 million to R691 million and profit before tax
increased by 34% from R149 million to R199 million. Net profit increased by 21%
from R104 million to R126 million. Earnings per share increased by 18% to 53.25
cents and headline earnings per share rose by 31% to 58.57 cents.
The results for the year under review include the following significant items:
- The outstanding options granted to empowerment groups at the time of
Aplitec"s listing, which expired on 31 December 2002, were not exercised. An
amount of R5.3 million was paid in lieu of these options.
- An amount of R9.75 million was advanced as a loan to an empowerment partner.
An amount of R4.875 million has been provided against this loan as the
repayment terms have not been met.
- Aplitec purchased the interests of minority shareholders in certain
subsidiaries. The goodwill amortisation resulting from these transactions
amounted to R5.6 million.
- The implementation of the Eastern Cape social security payment contract has
resulted in a start up loss of approximately R22 million.
All other business initiatives continue to perform in line with expectations.
The group"s balance sheet is very sound with no interest-bearing debt and cash
resources of R429 million. Healthy liquidity is substantiated by a current ratio
of 3.70:1 and an acid test ratio of 3.66:1.
Cash generated by operations amounted to R231 million and cash equivalent
earnings per share amounted to 65.00 cents.
During the financial year, Aplitec focused on segmenting its business model into
mutually exclusive categories representing its business activities. This process
was necessitated by Aplitec"s stated objective of focusing on the development
and implementation of its UEPS technology and to outsource, where possible, its
operational functions to its provincial and national empowerment partners. The
implementation of this methodology is evident from the restated segmental
analysis and has been applied to the group"s local and international activities.
Prospects
Aplitec will continue to enhance its profitable and cash generative
technological offerings and will pursue its endeavours to establish a global
footprint.
Dividend
The board has resolved to declare a dividend of 15 cents per share in respect of
the year ended 30 June 2003. Trading in the STRATE environment requires
settlement within five business days. In accordance with the settlement
procedures of STRATE, Aplitec has determined the last day for trading in order
to participate in the dividend to be Friday, 5 September 2003. The shares will
commence trading ex dividend on Monday, 8 September 2003 and the record date
will be Friday, 12 September 2003. Payment will be made on Monday, 15 September
2003. Share certificates may not be dematerialised or re-materialised between
Monday, 8 September 2003 and Friday,
12 September 2003 (both dates inclusive).
On behalf of the board
Dr. Serge Belamant Herman Kotze
Chief Executive Officer Chief Financial Officer
14 August 2003
Johannesburg
Transfer Secretaries Secretary and registered office
Ultra Registrars (Pty) Ltd Light and Livingstone 11 Diagonal Street
Financial Services CC
Johannesburg 3rd Floor, Palm Grove
2001 196 Louis Botha Avenue
Houghton Estate, 2198
Directors: Dr. S C P Belamant#, H G Kotze, J C Livingstone*, B J S
Hore*, D G S Muller*
*Non-Executive #French
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