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CS Computer Services Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/015131/06)
JSE Share code: CSH
ISIN code: ZAE000022034
("CS Holdings" or "the company")
ADDENDUM TO THE UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER
2003
Further to the announcement published by the JSE Securities Exchange South
Africa ("JSE") on Monday, 19 April 2004 regarding the late submission of CS
Holdings" interim results and the subsequent announcement published by CS
Holdings on Wednesday, 21 April 2004, CS Holdings wishes to advise its
shareholders that a detailed interim results statement has been delivered to the
JSE and that the interim results was distributed to all shareholders on
Thursday, 22 April 2004.
In compliance with the requirements of the Listings Division of the JSE, the
detailed addendum is set out below for information purposes.
RECONCILIATION BETWEEN UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2002 AS ORIGINALLY PUBLISHED AND RESTATED INTERIM RESULTS FOR THE
SIX MONTHS ENDED 31 DECEMBER 2002
GROUP INCOME STATEMENT
Restated Unaudited Adjustments
6 Months (See below
ended 31 Dec explanations)
R"000 2002
Revenue 222,030 18,400
Cost of sales 143,084 643
Gross profit 78,946
Operating costs 70,090 3,946
Operating profit (loss) before
depreciation 8,856
Depreciation and amortisation 6,198
Profit (loss) before exceptional item 2,658
Exceptional item - Restructuring costs -
Profit (loss) before interest 2,658
Net interest (paid) / received -3,326
Share of results of associate 437
Profit (loss) before goodwill
amortisation -231
Goodwill amortisation 6,763
Loss on sale of investment in associate -
Profit (loss) before tax -6,994
Income tax -28 2,605
Net profit (loss) for the period -6,966
Minority interest -
Attributable profit (loss) for the
period -6,966
Reconciliation of headline earnings
(loss)
Attributable profit (loss) for the
period -6,966
Adjusted for:
Goodwill amortisation 6,763
Loss on sale of investment in associate -
Headline earnings (loss) -203
Weighted average number of shares in
issue (thousand) 225,663
Fully diluted number of shares
(thousand) 230,129
Earnings (loss) per share (cents)
Basic -3.09
Fully diluted -3.03
Headline earnings (loss) per share
(cents)
Basic -0.09
Fully diluted -0.09
Unaudited Adjustments Unaudited
6 Months (See 6 Months
ended 31 Dec explanations ended 31 Dec
R"000 2002 below) 2002
Revenue 240,430 240,430
Cost of sales 143,727 -14,800 158,527
Gross profit 96,703 81,903
Operating costs 66,144 14,800 51,344
Operating profit (loss) before
depreciation 30,559 30,559
Depreciation and amortisation 6,198 6,198
Profit (loss) before exceptional
item 24,361 24,361
Exceptional item - Restructuring
costs - -
Profit (loss) before interest 24,361 24,361
Net interest (paid) / received -3,326 -3,326
Share of results of associate 437 437
Profit (loss) before goodwill
amortisation 21,472 21,472
Goodwill amortisation 6,763 6,763
Loss on sale of investment in
associate - -
Profit (loss) before tax 14,709 14,709
Income tax 2,577 2,577
Net profit (loss) for the period 12,132 12,132
Minority interest - -
Attributable profit (loss) for
the period 12,132 12,132
Reconciliation of headline
earnings (loss)
Attributable profit (loss) for
the period 12,132 12,132
Adjusted for:
Goodwill amortisation 6,763 6,763
Loss on sale of investment in
associate - -
Headline earnings (loss) 18,895 18,895
Weighted average number of shares
in issue (tho 225,663 225,663
Fully diluted number of shares
(thousand) 230,129 230,129
Earnings (loss) per share (cents)
Basic 5.3 8 5.38
Fully diluted 5.2 7 5.27
Headline earnings (loss) per
share (cents)
Basic 8.3 7 8.37
Fully diluted 8.2 1 8.21
Notes:
Chage in definition of items previously included as COS, now to overheads.
Nature of items: Salaries of administration and logistical services division
overheads and not COS.
Adjustments
RESTATED COMPARATIVE RESULTS":-
"In order to reflect a more meaningful comparison with the previous year period,
the comparative financial results have been restated with the pro-rata financial
effect of the items referred to in the trading updates published on SENS and in
the media on 21 August 2003, which relate to the first six months of the
previous financial year. The items include:
Nature of items: Amount
R"000
The cancellation of the sale of the rights to a software product
entered into during 18,400
the first six months of the previous financial year; -2,600
3,651
Write-off of certain assets;
1,837
557
1,257
1,957
Negative impact of the change in accounting policy in the previous
financial year; and
295
Adoption of AC 133."
Tax adjustment on the above -2,605
19,098
Adjustment to: Reasons for adjustment:
Revenue (increase) After balance sheet event adjustment
(refer to trading update)
Cost of sales (decrease) After balance sheet event adjustment
(refer to trading update)
Overheads (increase) After balance sheet event adjustment
(refer to trading update)
Stock adjustment
Debtor adjustment
WIP adjustment
Cost of sales (increase) Change in accounting policy - 2003
(refer to trading update & annual
financial statements)
Overheads (increase) Change in accounting policy - 2003
(refer to trading update & annual
financial statements)
Taxation (decrease) Net tax adjustment on the above items
GROUP BALANCE SHEET
Restated Unaudited Unaudited
31 December 31 December
R"000 2002 2002
ASSETS
Non-current assets 151,744 127,404
Fixed assets 42,014 17,889 24,125
Deferred tax asset 21,134 3,851 17,283
Intangible assets 81,780 2,600 79,180
Investment in associate 512 512
Other investments 4,165 4,165
Loan to share incentive
trust 1,406 1,406
Loans 733 733
Current assets 136,286 182,632
Trade receivables 89,936 -18,957 108,893
Inventory 6,968 -25,837 32,805
Work in progress 18,114 -1,552 19,666
Cash and cash equivalents 13,370 13,370
Other receivables and
prepayments 7,898 7,898
TOTAL ASSETS 288,030 310,036
Notes:
R"000
ASSETS
Non-current assets
Fixed assets 24,000 Change in accounting policy -
Reclassification of backup
equipment to FA (refer to annual
report note 10, page 51 and 52. See
also inventory note below.
-4,154 Write off of backup equipment per
accounting policy change - 2001
-1,957 Write off of backup equipment per
accounting policy change - Six
months 2002
17,889
Deferred tax asset 2,605 Refer tax adjustment per income
statement
1,246 Refer to annual report note 10,
page 52 for tax adjustment due to
change in accounting
3,851 policy.
Intangible assets Cost price of software product
reversed back to asset due to
cancellation of contract. (refer to
COS in income statement and per
note above)
Investment in associate
Other investments
Loan to share incentive trust
Loans
Current assets
Trade receivables 18,400 See cancellation of sale of rights
to software contract as per note
above
557 See Write off of certain asset
adjustment per note above
18,957
Inventory 24,000
Change in accounting policy -
Reclassification of backup
equipment to FA (refer to annual
report note 10, page 51.
1,837 See Write off of certain asset
adjustment per note above
25,837
Work in progress 1,257 See Write off of certain asset
adjustment per note above
295 Adjustment for change in accounting
policy - Adoption of AC 133
1,552
Unaudited
31 December
2002
EQUITY AND LIABILITIES
Share capital and premium 115,494
Shares to be issued 2,667
Accumulated profits 54,750 -22,006
Ordinary shareholders" interest 172,911
Non current liabilities 12,990
Interest bearing borrowings 10,833
Amounts due to vendors 2,157
Current liabilities 102,129
Trade and other liabilities 78,682 -1,801
Short-term portion of long-term liabilities 2,115
Short-term portion of amounts due to vendors 6,862
South African Revenue Services 580
Deferred revenue 1,801 1,801
Bank overdraft 12,089
TOTAL EQUITY AND LIABILITIES 288,030
-
Number of shares issued (thousand) 245,44 4
Net tangible asset value per share (cents) 37.13
Net asset value per share (cents) 70.45
Share capital and premium 115,494
Shares to be issued 2,667 Notes:
Accumulated profits 76,756 Refer to notes
below from
Statement of
Changes in
Equity
Ordinary shareholders" interest 194,917
Non current liabilities 12,990
Interest bearing borrowings 10,833
Amounts due to vendors 2,157
Current liabilities 102,129
Trade and other liabilities 80,483 See deferred
revenue
disclosure below
Short-term portion of long-term liabilities 2,115
Short-term portion of amounts due to vendors 6,862
South African Revenue Services 580
Deferred revenue - Disclosure of
deferred
revenue
previously
part of Trade
and other
liabilities
Bank overdraft 12,089
TOTAL EQUITY AND LIABILITIES 310,036
-
Number of shares issued (thousand) 245,444
Net tangible asset value per share (cents) 47.15
Net asset value per share (cents) 79.41
STATEMENT OF CHANGES IN EQUITY
Restated Unaudited Unaudited
6 Months ended 6 Months ended
31 December 31 December
R"000 2002 2002
Share Capital 2,454 2,454
Balance at the beginning
of the year 2,082 2,082
New shares issued during
the period 372 372
Share Premium 113,040 113,040
Balance at the beginning
of the year 79,861 79,861
Premium of new shares
issued during the period 33,294 33,294
Treasury shares released - -
Share issue expenses
written off -115 -115
Shares to be issued for
acquisitions 2,667 2,667
Balance at the beginning
of the year 19,730 19,730
New shares to be issued 18,403 18,403
New shares issued during
the period -33,666 -33,666
Treasury shares available
to vendors -1,742 -1,742
Transfers -58 -58
Distributable Reserves 54,750 76,756
Balance at the beginning
of the year 61,716 64,624
As previous reported 64,624 -
Adjusted for change in
accounting policy -2,908 -2,908 -
Net profit (loss) for the
period -6,966 -19,098 12,132
TOTAL EQUITY 172,911 194,917
Notes:
Change in accounting policy - refer to note 10 of annual report, page 52 for
after tax adjustment of retained income 2002
Refer to Income Statement adjustments and notes above
ABBREVIATED GROUP CASH FLOW STATEMENT
Restated Unaudited Unaudited
6 Months 6 Months
31 December 31 December
R"000 2002 2002
Cash inflow (outflow) from
operating activities -3,173 6,889 -10,062
Cash outflow from investing
activities -23,589 -6,889 -16,700
Cash (outflow) inflow from
financing activities 16,806 16,806
Net decrease in cash and cash
equivalents -9,956 -9,956
Cash and cash equivalents at
the beginning of the year 11,237 11,237
Cash and cash equivalents at
the end of the period 1,281 1,281
- -
Cash generated by operations
as percentage of EBITDA 18% -17%
Cash flow from operating
activities per share - Basic
(cents) -1.41 -4.46
- Fully diluted (cents) -1.38 -4.37
Notes:
Change in accounting policy - Backup equipment now FA, previously inventory. Six
months purchases now part of FA purchases and investment activities due to long-
term nature of item. Not part of trading activities and operational cash flow.
(refer annual report note 10, page 51)
Johannesburg
26 April 2004
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
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