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DIGICORE HOLDINGS LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
DIGICORE HOLDINGS LIMITED
Registration number 1998/012601/06
JSE code: DGC ISIN code: ZAE 000016945
(`the Group`)
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
- Attributable earnings +45%
- Turnover +13%
- Operating profit +26%
- HEPS +53%
- Cash on hand +27%
Comments
Management is pleased to announce the group`s annual results for the year 30
June 2004, having achieved almost all the goals set at the beginning of the
financial year. DigiCore Holdings recorded a 45% improvement in attributable
earnings to R24,3 million (June 2003: R16,7 million). Improved levels of
customer satisfaction, a rigorous marketing campaign, and the launch of new
technology solutions drove turnover 13% higher to R193,9 million (2003: R172,2
million).
Improved margins lifted operating profit by 26%, rising from R22,8 million to
R28,8 million. Margin growth is attributable to continued investment in research
and development as well as a lower imported component cost base.
The 20 866 108 shares repurchased through a buy-back offer to shareholders at a
price of 60 cents per share, have been delisted and are now included in the
unissued authorised ordinary share capital. A further 2 990 564 shares were
purchased on the open market under the general authority to repurchase shares
and are held as treasury shares. The group intends to continue buying shares on
the open market.
Notwithstanding earnings per share rising from 7,6 cents to 11,7 cents per share
or 54%, the full impact of the repurchase on earnings per share will only be
fully reflected in the coming year.
The balance sheet strengthened further, with net asset value growing from 56,8
to 63,8 cents per share. Net tangible asset value per share is up by 14% to 53,2
cents per share.
Cash on hand improved from R36 million to R46 million even after the 2c dividend
payout (R4,8 million) and the R12,5 million outflow in terms of the specific
share buyback. Cash value per share has increased from 17,4 cents per share in
2003 to 24,3 cents per share.
A foreign exchange loss of R2,9 million was recorded with regards to foreign
currency held and outstanding offshore debtors. With the rand expected to
weaken, some of these losses could be recovered.
The group benefited from lower imported costs for components due to the strength
of the rand and the resultant impact it had on margins and profits generated in
its largest market, ie South Africa.
Prospects
We are becoming world leaders in the supply of not only fleet management
information technology systems, but have migrated to a technological platform
where we can adapt our hardware and software to cater for different
international markets, as well as different market segments.
The recognition London-based Thames Water bestowed on DigiCore by choosing our C
Track GPRS driven product over other world players, will stand the group in good
stead in the UK market, and as growth accelerates in other European markets.
Geographic expansion continues with at least five more countries to become
operational in the next twelve months. The group also aims to expand its current
markets by targeting new segments such as stolen vehicle recovery for light
commercial and passenger vehicles.
Dividend
Notice is hereby given that the board has declared a final dividend of 3 cents
per share (2003: 2 cents). The board also declared a 5 cent per share special
dividend for this year.
In order to comply with the requirements from STRATE the relevant details of the
final and special dividends are:
Event Date
Last day to trade (cum-dividend) Friday 15 October
Shares to commence trading (ex- Monday 18 October
dividend)
Record date Friday 22 October
Payment date Monday 25 October
No share certificates may be dematerialised or rematerialised between Monday, 18
October 2004 and Friday, 22 October 2004, both dates inclusive.
Audit opinion
The group`s auditors Fisher Hoffman PKF, registered accountants and auditors,
has signed an unqualified audit opinion on the financial statements for the
year. These have been approved by the board and abridged for the purposes of
this report. Both the auditor`s opinion and the financial statements are
available for inspection at the company`s registered office.
Accounting policies
These consolidated abridged financial statements for the year ended 30 June 2004
are prepared in accordance with South African Statements of Generally Accepted
Accounting Practice. The accounting policies used are consistent with those used
in the annual financial statements for the year ended 30 June 2003 except for
the consolidation of the DigiCore Holdings Limited Share Trust. The 2003
comparatives have been appropriately restated.
Withdrawal of cautionary
Shareholders are referred to the trading statement and cautionary announcement
published on SENS on 6 August 2004, which is hereby withdrawn with the
publication of these results.
For and on behalf of the board
Nick Vlok
Chief Executive Officer
7 September 2004
Condensed balance sheet
Audited
Year ended 30 June
R`000 2004 2003
ASSETS
Non-current assets 41 143 42 325
Property, plant and equipment 13 661 13 210
Intangible assets 20 016 21 287
Investment in associates 4 235 3 597
Investments 708 708
Deferred tax 2 523 3 523
Current assets 109 208 94 147
Inventories 21 841 28 163
Trade and other receivables 41 174 29 609
Cash and cash equivalents 46 193 36 375
Total assets 150 351 136 472
EQUITY AND LIABILITIES
Capital and reserves 121 351 115 180
Issued capital 15 540 29 445
Distributable reserve 105 811 85 735
Non-current liabilities 1 825 3 235
Borrowings 45 1 670
Provisions 1 780 1 565
Current liabilities 27 175 18 057
Taxation 2 893 2 055
Trade and other payables 19 957 13 345
Current portion of borrowings 1 245 1 583
Provisions 3 080 1 074
Total equity and liabilities 150 351 136 472
Condensed group income statement
Audited
Year ended 30 June
R`000 2004 2003
Gross revenue 193 860 172 161
Operating profit 28 794 22 805
Income from associate 787 181
Net finance income/(cost) 251 (1 233)
Profit before taxation 29 832 21 753
Taxation 5 533 5 040
Profit after taxation 24 299 16 713
Number of ordinary shares in 190 345 802 210 579 374
issue
Shares in issue 218 390 005 239 256 113
Less: Treasury shares 16 034 528 13 043 964
Less: Shares held by share 12 009 675 15 632 775
trust
Weighted number of shares in 207 789 683 219 850 510
issue
Earnings per share (cents) 11,7 7,6
Headline earnings per share 12,2 8,0
(cents)
Diluted earnings per share 11,4 7,6
(cents)
Final dividend per share 3,0 2,0
(cents)
Special dividend per share 5,0
(cents)
Determination of headline
earnings
Net profit 24 299 16 713
Profit on disposal of (173) (398)
property, plant and equipment
Amortisation of goodwill 1 271 1 276
Headline earnings 25 397 17 591
Statement of changes in equity for the year ended 30 June 2004
Distri-
Share Share butable
R`000 capital premium reserve Total
Balance at 1 July 237 35 894 69 022 105 153
2002
Net profit for the 16 713 16 713
year
Treasury shares (11) (2 767) (2 778)
Consolidation of (15) (3 893) (3 908)
share incentive
trust
Balance at 1 July 211 29 234 85 735 115 180
2003
Net profit for the 24 299 24 299
year
Dividends (4 223) (4 223)
Treasury shares (3) (1 538) (1 541)
Share options 4 1 026 1 030
exercised
Repurchased 20 866 (21) (13 373) (13 394)
108 shares
Balance at 30 June 191 15 349 105 811 121 351
2004
Condensed cash flow statement
Audited
R`000 2004 2003
Cash flows from operating activities 31 056 23 669
Cash generated by operating 37 936 28 325
activities
Net finance income/(cost) 251 (1 233)
Equity profit from associate 787 181
Dividends paid (4 223) -
Taxation paid (3 695) (3 604)
Cash flows from investing activities (5 370) (7 426)
Cash flows from financing activities (15 868) (152)
Increase in cash and cash 9 818 16 091
equivalents
Cash and cash equivalents at 36 375 20 284
beginning of the year
Cash and cash equivalents at end of 46 193 36 375
the year
Company secretary
AJ Voogt
Registered office
Registered address: 20 Eddington Crescent, Highveld Park, Centurion
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Sponsor
PSG Capital Limited
Directors
NH Vlok (Chief Executive Officer), NA Ntsele (Chairman)*,
SR Aberdein, D du Rand, BJ Richards#, KR Stanton, AJ Voogt,
JJ du Plooy*, NA Gasa*, U Khumalo*, SA Msibi*
* Non-executive # British
Website
www.digicore.com
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