| Wed 8 Sep 2004, 11:09 | | Results for the 6 month period ended 31 July 2004 |
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UNISERV - Unaudited results for the 6 month period ended 31 July 2004
UNITED SERVICE TECHNOLOGIES LIMITED
(Incorporated in the British Virgin Islands)
JSE Code: USV ISIN: ZAE000012431
Unaudited results for the 6 month period ended 31 July 2004
(prepared in accordance with US GAAP)
INCOME STATEMENT
Six months to Six months to Year to
ZAR000`s 31 July 04 31 July 03 31 Jan 04
Income
Operating loss (1 003) (1 518) (2 645)
Income attributable to
associated
company* 81 802 62 159 132 106
Interest received 12 24 42
Profit before tax 80 811 60 665 129 503
Taxation attributable to
associated
company* 24 527 16 058 30 437
Net Income 56 284 44 607 99 066
Number of ordinary shares in 54 583 54 583 54 583
issue (000)
Basic and diluted earnings
and headline
earnings per share (cents) 103.1 81.7 181.5
*Translated at the average exchange rate for the period of 6.561 SA Rand to 1 US
Dollar (2003: 7.854 SA Rand to 1 US Dollar)
BALANCE SHEET
ZAR000`s 31 July 04 31 July 03 31 Jan 04
Non-current assets
Investments** 785 782 773 903 815 764
Current assets 11 239 13 569 6 121
Current liabilities (6 878) (6 631) (567)
790 143 780 841 821 318
Capital and reserves
Ordinary share capital 47 581 47 581 47 581
Reserves 742 562 733 260 773 737
Shareholders` funds 790 143 780 841 821 318
**Translated at the average exchange rate for the period of 6.275 SA Rand to 1
US Dollar (2003: 7.380 SA Rand to 1 US Dollar)
STATEMENT OF MOVEMENT IN
EQUITY
Six months to Six months to Year to
ZAR000`s 31 July 04 31 July 03 31 Jan 04
Opening balance 821 318 847 723 847 723
Income statement 56 284 44 607 99 066
Dividend (6 823) (6 550) (6 823)
Foreign exchange translation (90 157) (118 538) (152 325)
reserve
Movement in equity of 9 521 13 599 33 677
associated company
790 143 780 841 821 318
The market value of the listed investment on 31 July 2004 was SA Rand 2 995
million (31 July 2003: SA Rand 2 414 million)
CASH FLOW STATEMENT
Six months to Six months to Year to
ZAR000`s 31 July 04 31 July 03 31 Jan 04
Net cash inflow / (outflow)
from operating activities 5 308 5 043 (2 142)
Return on investments (189) 87 (168)
Net increase / (decrease) in 5 119 5 130 (2 310)
cash
Cash at beginning of the 6 068 8 378 8 378
period
Cash at the end of the period 11 187 13 508 6 068
COMMENTS
Uniserv Results
United Service Technologies Limited (`Uniserv`) is listed on the JSE Securities
Exchange SA. Our only interest is an investment in UTi Worldwide Inc. (`UTi`), a
global supply chain solutions provider, which is listed on Nasdaq under the
symbol UTIW. Uniserv holds approximately 30.1% of the equity in UTi.
We equity account the results of UTi in Uniserv. Despite the strengthening of
the SA Rand, headline earnings per share in Uniserv increased by 26.2% to 103.1
SA cents (2003: 81.7 SA cents). This increase was caused principally by UTi`s
strong US Dollar earnings growth during the period. Notwithstanding this
currency appreciation, the value of our investment in UTi increased to SA Rand 2
995 million from SA Rand 2 414 million in the prior year.
The results have been prepared in accordance with US GAAP, using accounting
policies which are consistent with those applied in the previous year.
UTi Worldwide Inc.
UTi is a global, non-asset based supply chain management business providing
supply chain management services and planning and optimisation solutions. The
company`s services include freight forwarding, customs brokerage, contract
logistics and services such as co-ordination of shipping and storage of raw
materials, supplies, components and finished goods. Through its supply chain
planning and optimisation services, the company assists clients in designing and
implementing systems that improve predictability and visibility and reduce the
overall costs of their supply chains. The company has a global and diverse
customer base ranging from large multinational enterprises to smaller local
businesses.
UTi Results
UTi reported its results for the six month period ended 31 July 2004 on 7
September 2004.
For the first half of fiscal 2005, gross revenues rose 50% to US Dollar 1.0
billion from US Dollar 688.8 million for the same prior year period.
Net revenues were up 29% for the first half of fiscal 2005, totaling US Dollar
356.5 million, compared with US Dollar 276.3 million in the comparable fiscal
2004 period. Operating income for the year to date period rose 62% to US Dollar
42.2 million from US Dollar 26.1 million in the prior year comparable period.
Net income for the first half of fiscal 2005 advanced 50% to US Dollar 29.0
million, or 91 US cents per diluted share, from US Dollar 19.4 million, or 62 US
cents per diluted share, for the first six months of fiscal 2004.
At July 31, 2004, the company reported total cash and cash equivalents, net of
outstanding bank lines of credit and short-term bank borrowings, of US Dollar
123.2 million, compared with US Dollar 137.2 million at January 31, 2004. This
decrease reflects the cash used for the IHD acquisition, which was partially
offset by the US Dollar 24.3 million of cash that the company generated through
operating activities in the year to date period ended July 31, 2004.
More information on UTi is available on the Internet at www.go2uti.com.
The UTi results were published on SENS on 7 September 2004 and are available on
the UTi website at www.go2uti.com. The investor conference call hosted by UTi
management on 7 September 2004 can be accessed for a period of one year at
www.go2uti.com or www.fulldisclosure.com.
MJ Wessels
Chairman 7 September 2004
Transfer agents in South Africa
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg 2001
Registered office
First Floor
Bank of Nova Scotia Building
Road Town, Tortola
British Virgin Islands
Date: 08/09/2004 11:00:10 AM
Produced by the JSE SENS Department
