|
DIGICORE HOLDINGS LIMITED - DIGICORE - INTERIM RESULTS FOR SIX MONTHS ENDED 31
DECEMBER
DIGICORE HOLDINGS LIMITED
Registration number 1998/012601/06
JSE code: DGC ISIN code: ZAE 000016945
("Digicore")
Interim results
for the six months ended 31 December 2003
* Turnover +14%
* Cash on hand +161%
* Profit before tax +19%
* HEPS +24%
Comments
Current status
During the six months to 31 December 2003, our South African C-Track unit sales
increased by 62% compared with the same period in 2002. Units exported also
increased marginally but, with new export markets opened, we expect this figure
to increase in the next financial year. Exports to Pakistan have been
particularly strong and we expect further growth in this market. We recently
concluded a distribution agreement for Nigeria, and a similar agreement in
another developing country is close to finality. We look forward to developing
these exciting markets.
We have remained focused on our core business, expanding our product range with
the official launch of our Solo and Assist products. These have been very well
received and will provide us with extremely powerful and flexible technology for
ongoing product development. As part of this process, our GPRS products are due
to be launched soon, after thorough testing. It is a comprehensive solution,
which will give us a distinct competitive advantage and bring clear benefits to
our customers both in South Africa and abroad.
Our executive management has been reduced to a dedicated core, enabling each
person to concentrate on an area of specialisation, while working as a team to
drive the business. This allows us to remain focused and to comply with King II
governance standards. N Vlok fulfilled the roles of Chairman and Chief Executive
Officer for the period under review. The intention is to appoint an independent
Chairman.
During the period, we were awarded VESA SVR (stolen vehicle recovery) status for
our C-Track product range. This will enhance the opportunity to provide another
service to our clients while building our annuity income even further. Our
control room and IT systems were again upgraded during the period and we have
started offering existing clients a competitive outsourced information
management package.
Expected government-related business was delayed by tender processes. We are
confident that DigiCore is well placed to secure more government business when
it is awarded.
Future
We have established an initiative in conjunction with our associate company,
Trakker Pakistan, to develop markets in the Middle East and Asia. We are
assessing potential partners in several countries in the region and look forward
to steadily growing exports to this region over the next few years.
Our joint venture with Tracker Networks (South Africa) has produced very
positive initial market tests. We look forward to increasing annuity income from
this source during the next financial year.
Financial performance
The board is pleased to announce a revenue increase from R80,4 million to R92,1
for the period under review, mainly due to the upswing in the South African
economy, particularly new truck sales, during the past six months.
Operating profit before depreciation increased from R15,0 million to R15,6
million for the review period. Included in this operating profit is a foreign
exchange loss of R2,6 million.
Due to strict cash management procedures, the finance cost has been reduced from
R733 000 to R65 000 and cash on hand rose from R36,4 million to R58,7 million
during the interim reporting period.
The profitability trend of DigiCore Europe continued, with the company
contributing a profit of R532 000 to DigiCore Group results, compared to a loss
of R278 000 for the same period in the previous financial year.
Headline earnings per share increased from 4,1 cents in the comparative period
to 5,1 cents for the review period. The board has decided not to declare an
interim dividend.
Net tangible asset value grew from 38,9 cents (December 2002) to 46,5 cents per
share as at 31 December 2003.
Company announcement and repurchase of shares.
The announcement relating to the trading update is hereby withdrawn.
Shareholders are also referred to the announcement published in the press on 5
March 2004 regarding the specific pro rata repurchase of shares by the company.
A circular containing full details regarding the specific pro rata repurchase,
the general meeting and the salient dates will be mailed to shareholders in due
course.
The company has repurchased 1 220 700 shares during the period under review in
terms of the general authority to repurchase shares.
Nick Vlok
15 March 2004
Company secretary
AJ Voogt
Registered address
20 Eddington Crescent, Highveld Park, Centurion.
Tel: 012 665 7300. Fax: 012 665 5376
Transfer secretary
Computershare Limited, 70 Marshall Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Sponsor
PSG Capital Limited
Directors
NH Vlok (Chief Executive Officer), SR Aberdein, D du Rand, BJ Richards+, KR
Stanton,
AJ Voogt, JJ du Plooy*, NA Gasa*, U Khumalo*, SA Msibi*, AND Vilakazi*, NA
Ntsele*
*Non-executive director +British
www.digicore.com
Income statement
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 Unaudited Unaudited Audited
Revenue 92 090 80 441 172 161
Operating profit before 15 572 15 074 29 377
depreciation
Depreciation 2 135 2 325 4 429
Amortisation of goodwill 613 613 2 143
Net operating profit 12 824 12 136 22 805
Net finance (65) (733) (1 233)
(cost)/income
Equity (loss)/income in 532 (278) 181
associate company
Profit before tax 13 291 11 125 21 753
Taxation 2 225 2 002 5 040
Profit after taxation 11 066 9 123 16 713
Earnings attributable to 11 066 9 123 16 713
ordinary shareholders
Statistics
Number of shares in
issue (000"s)
- end of period 239 256 239 256 239 256
- weighted average 225 974 237 010 235 483
Headline earnings per 5,1 4,1 7,5
share (cents)
Earnings per share 4,9 3,8 7,1
(cents)
EBITDA (%) 16,9 18,7 8,3
Dividends per share - - 2
(cents)
Balance sheet
Six months Six months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 Unaudited Unaudited Audited
ASSETS
Non-current assets 44 265 42 859 46 233
Property, plant and 12 216 12 160 13 210
equipment
Intangible assets 20 673 22 081 21 287
Investments 5 094 4 136 4 305
Deferred tax 3 047 574 3 523
Loans receivable 3 235 3 908 3 908
Current assets 113 806 89 059 94 147
Inventories 26 284 32 282 28 163
Trade receivables 28 817 33 711 29 609
Bank balances 58 705 23 066 36 375
TOTAL ASSETS 158 071 131 918 140 380
EQUITY AND LIABILITIES
Capital and reserves 125 201 114 294 119 088
Issued capital 32 900 36 131 33 353
Distributable reserve 92 301 78 163 85 735
Non-current liabilities 2 226 2 132 3 235
Long-term liabilities 691 2 132 1 670
Provision 1 535 - 1 565
Current liabilities 30 644 15 492 18 057
Taxation 1 499 (2 564) 2 055
Trade payables 23 026 17 895 13 345
Current portion of long- 2 483 161 1 583
term borrowings
Shareholders for 1 077 - -
dividends
Provisions 2 559 - 1 074
TOTAL EQUITY AND 158 071 131 918 140 380
LIABILITIES
Net asset value per 55,6 48,2 52,6
share (cents)
Tangible asset value 46,5 38,9 43,2
per share (cents)
Reconciliation between earnings and headline earnings
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 Unaudited Unaudited Audited
Attributable earnings 11 066 9 123 16 713
Amortisation of goodwill 613 613 1 276
Profit on disposal of (135) - (398)
fixed asset
Headline earnings 11 544 9 736 17 591
Statement of changes in equity
Distri-
Share Share Minority butable
R"000 capital premium interest reserve Total
Balance as at 1 226 32 674 85 735 118 635
July 2003
Net profit for 11 066 11 066
the period
Dividend (4 500) (4 500)
declared
Balance as at 226 32 674 92 301 125 201
31 December
2003
Summarised cash flow statement
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 Unaudited Unaudited Audited
Cash generated by 26 845 7 935 28 325
operations
Net financing (65) (733) (1 052)
income/(cost)
Dividends paid (3 423) - -
Taxation paid (805) (2 235) (3 604)
Cash flow from operating 22 552 4 967 23 669
activities
Cash flow from investing (1 946) (3 851) (7 426)
activities
Cash flow from financing 1 724 1 666 (152)
activities
Net movement in cash 22 330 2 782 16 091
resources
Cash and cash 36 375 20 284 20 284
equivalents at beginning
of period
Cash and cash 58 705 23 066 36 375
equivalents at end of
period
Preparation of results
The accounting policies used in the preparation of these financial statements
are consistent with those used in the annual financial statements for the year
ended 30 June 2003 and are in all material respects in accordance with the South
African Statements of Generally Accepted Accounting Practice.
Date: 15/03/2004 02:00:08 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
