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ENTERPRISE OUTSOURCING HOLDINGS LIMITED - REVIEWED INTERIM REPORT FOR THE SIX
MONTHS ENDED 31 JANUARY 2004
ENTERPRISE OUTSOURCING HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Company registration no: 1998/014669/06)
Share code: EOH ISIN: ZAE000022026
("EOH" or "the Group")
REVIEWED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 JANUARY 2004
REVENUE UP 66% HEADLINE EPS UP 23% CASH RESOURCES UP 67%
GROUP INCOME STATEMENTS
Reviewed Reviewed Audited
6 months to 6 months to 12
31 January 31 January months
2004 2003 Change to 31
(R"000) (R"000) (%) July
2003
(R"000)
Revenue 146 373 87 989 66 175 969
Profit before 10 778 8 722 24 16 398
interest
Net interest 1 094 885 1 652
received
Profit from
operations before 11 872 9 607 24 18 050
goodwill
Goodwill amortised (540) (561) (1 123)
Profit from 11 332 9 046 16 927
operations
Taxation (2 205) (1 680) (2 320)
Outside
shareholders" (300) (162) (212)
interest
Net profit for 8 827 7 204 23 14 395
period
Number of ordinary
shares in issue 50 667 50 667 50 667
(`000)
Weighted average
number of ordinary
shares in issue 49 089 50 086 49 238
(`000)
Earnings per
ordinary share 17,98 14,38 25 29,24
(cents)
Headline earnings
per ordinary share 19,08 15,50 23 31,52
(cents)
Diluted earnings
per ordinary share 17,61 13,87 27 28,10
(cents)
Dividends per
ordinary share 7,00 6,00 6,00
(cents)
Reconciliation between earnings and headline earnings:
Net profit for 8 827 7 204 14 395
period
Goodwill amortised 540 561 1 123
Headline earnings 9 367 7 765 15 518
Headline earnings
per ordinary share 19,08 15,50 31,52
(cents)
GROUP BALANCE SHEETS
Reviewed Reviewed Audited
31 January 31 31 July
2004 January 2003
(R"000) 2003 (R"000)
(R"000)
ASSETS
Non-current assets
Tangible assets 6 393 3 374 3 850
Intangible assets 21 035 30 099 27 333
Loans receivable 132 132 132
Current assets
Trade receivables 62 087 26 707 26 675
Other receivables 2 698 2 370 2 500
Inventory 81 74 78
Cash and cash equivalents 44 387 26 538 40 396
Total assets 136 813 89 294 100 964
EQUITY AND LIABILITIES
Ordinary shareholders" 59 819 46 327 52 733
interest
Non-current liabilities
Vendors for acquisition 24 078 6 040 6 040
Interest bearing 906 584 522
borrowings
Deferred taxation (205) 1 488 360
Current liabilities
Trade and other 37 002 22 911 21 059
liabilities
Deferred revenue 11 711 11 465 18 594
Taxation 3 502 479 1 656
Total equity and 136 813 89 294 100 964
liabilities
GROUP CASH FLOW STATEMENTS
Reviewed Reviewed
6 months to 6 months Audited
31 January to 12 months
2004 31 to
(R"000) January 31 July
2003 2003
(R"000) (R"000)
Operating income before
interest and taxation 10 778 8 722 16 398
Non-cash items 3 270 1 903 4 332
Cash generated from
trading operations 14 048 10 625 20 730
Decrease/(increase) in
working capital 15 970 (10 030) (4 855)
Cash generated from 30 018 595 15 875
operations
Taxation paid (925) (261) (853)
Dividends paid (3 535) (3 040) (3 040)
Net interest income 1 094 885 1 652
Cash inflow/(outflow)
from operating activities 26 652 (1 821) 13 634
Cash outflow to investing (42 588) (2 043) (2 743)
activities
Cash inflow/(outflow)
from financing activities 19 927 814 (83)
Net increase/(decrease)
in cash and cash 3 991 (3 050) 10 808
equivalents
Cash and cash equivalents
at beginning of period 40 396 29 588 29 588
Cash and cash equivalents
at end of period 44 387 26 538 40 396
STATEMENT OF CHANGES IN ORDINARY SHAREHOLDERS" INTEREST
Reviewed Reviewed Audited
31 31 31 July
January January 2003
2004 2003 (R"000)
(R"000) (R"000)
Share capital and premium 10 602 10 483 9 556
Balance at beginning of 10 483 11 609 11 174
period
Issue of shares during period - - -
(Repurchase)/reissue of
shares held by subsidiary 119 (1 126) (1 618)
Distributable reserves 49 217 35 844 43 177
Balance at beginning of 35 844 25 571 31 518
period
Attributable income 16 018 13 151 14 395
Dividends (3 547) (3 040) (3 040)
Reissue of shares held by 552 - 92
subsidiary
Outside shareholders" 350 162 212
interest
Ordinary shareholders" 59 819 46 327 52 733
interest
Comments
Group profile
EOH is a business and technology solutions provider creating lifelong
partnerships by developing business and IT strategies, supplying and
implementing solutions and managing enterprise-wide business systems and
processes for medium to large clients.
EOH operates in the following three clusters of business units as a fully
integrated business:
Consulting - Concentrated under the EOH KPMG Consulting brand are business units
offering services ranging from strategic and business process consulting,
project services, change management, supply chain optimisation and education.
Technology - 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).
Outsourcing - EOH offers comprehensive maintenance and support of client"s IT
infrastructure and applications through the rendering of full IT Outsourcing,
Application Hosting and Managed Services. In addition EOH offers full Business
Process Outsourcing (BPO) services.
EOH has a presence in all major centres in South Africa and Botswana and
operates in the rest of Africa.
Basis of preparation
The 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 to 31 January 2004. Their
report is available for inspection at the registered office of the company.
Financial results
The board is satisfied with the performance for the period under review.
Turnover, profit and headline earnings per share showed substantial improvement.
The balance sheet remains strong with 67% increase in cash resources and a
substantial improvement in the asset base of the business.
During the period under review the consulting arm of KPMG was acquired. This
acquisition had the effect of completing the range of offerings, creating
critical mass and giving the business access to new markets and industries.
During this period, 768 933 shares were repurchased by a wholly-owned subsidiary
of EOH and will not be cancelled.
Future plans
EOH is now a large integrated organisation offering an extensive range of
products and services to many markets and industries. It is financially strong
and has a sound track record. Management"s intention is to rapidly capitalise on
our position and forge ahead towards its vision to be the Number One business
and technology solution provider in Africa.
We believe that the company is well-positioned to become a leading player in the
consulting, technology and outsourcing field in our region.
EOH is currently in the process of implementing a multi-tier BEE strategy. More
significantly, on the equity side, we are following a tight programme to
introduce black equity in the near term.
Dividends
It is the Group"s practice to declare dividends at the end of the financial year
only.
Asher Bohbot (CEO)
21 April 2004
REGISTERED OFFICE
Ground Floor, Block F, Gillooly"s View, 1 Osborne Lane, Bedfordview, 2008
Tel: (011) 607 8100, fax (011) 616 9929, website: www.eoh.co.za, e-mail:
info@eoh.co.za
DIRECTORS
Dr Mathews Phosa (Non-executive Chairman), Asher Bohbot (CEO), Rob Sporen
(Dutch), Antonio Cocciante, Jane Thomson, Ken Cullinan, John King, Dion Ramoo
COMPANY SECRETARY
SP Matheson
For further information, please contact Rob Sporen on the above numbers or on
cell: 082 444 7533
Date: 21/04/2004 02:00:08 PM Produced by the JSE SENS Department
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