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ERP.COM HOLDINGS LIMITED - REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY
2004
ERP.com Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/010017/06)
(`ERP.com` or `the Group`)
Share code: ERP
ISIN: ZAE000043493
www.erpcom.co.za
REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2004
Financial highlights
- Income before taxation 30%
- Headline earnings per share 24%
- Cash equivalents 20%
- Dividends per share 8 cents
Condensed income statement
Percentage 2004 2003
change R`000 R`000
Revenue 2 133 062 130 728
Income before taxation 30 35 634 27 478
after taking into account the
following items:
Net interest received 4 681 4 717
Profit/(loss) on disposal of
assets 212 (135)
Depreciation (1 627) (1 993)
Taxation 39 11 745 8 429
Current 12 539 8 671
Deferred (1 849) (534)
STC 1 055 292
Income for the year 25 23 889 19 049
Goodwill amortised (199) (371)
Net income for the year
attributable to shareholders 27 23 690 18 678
Weighted number of shares on
which earnings per share is
based (`000) 167 142 166 420
Earnings per share (cents) 27 14,2 11,2
Headline earnings per
share (cents) 24 14,2 11,5
Dividends per share (cents) 60 8,0 5,0
Net asset value per
share (cents) 26 33,7 26,8
Reconciliation between earnings
and headline earnings
Net income for the year
attributable to shareholders 23 690 18 678
(Profit)/loss on disposal
of assets (212) 135
Goodwill amortised 199 371
Headline earnings 23 677 19 184
Condensed balance sheet
2004 2003
R`000 R`000
ASSETS
Non-current assets 8 385 4 653
Equipment 2 015 2 439
Goodwill 2 726 419
Deferred taxation 3 644 1 795
Current assets 94 296 74 095
Inventories and contracts
in progress 94 68
Trade and other receivables 24 087 15 379
Cash and cash equivalents 70 115 58 648
Total assets 102 681 78 748
EQUITY AND LIABILITIES
Capital and reserves 56 451 45 073
Share capital and premium 5 048 8 918
Retained income 51 403 36 155
Current liabilities 46 230 33 675
Total equity and liabilities 102 681 78 748
Condensed cash flow statement
2004 2003
R`000 R`000
Cash flows from operating
activities 27 186 35 528
Profit before taxation 35 634 27 478
Adjustments including those
not affecting the flow of funds (3 356) (2 323)
Operating income before working
capital changes 32 278 25 155
(Increase)/decrease in
working capital (7 286) 14 924
Cash generated from operations 24 992 40 079
Net interest received 4 681 4 717
Taxation paid (2 487) (9 268)
Cash flows from investing
activities (3 407) (1 066)
Cash flows from financing
activities (12 312) (2 481)
Proceeds from issue of shares 541 325
Share issue expenses (5) (135)
Own shares acquired by
subsidiary (4 406) (336)
Dividends paid (8 442) (2 335)
Net increase in cash and
cash equivalents 11 467 31 981
Cash and cash equivalents
at beginning of year 58 648 26 667
Cash and cash equivalents
at end of year 70 115 58 648
Condensed statement of changes in equity
2004 2003
R`000 R`000
Share capital 168 168
Balance at beginning of year 168 164
Issued during the year 3 5
Own shares acquired by subsidiary (3) (1)
Share premium 4 880 8 750
Balance at beginning of year 8 750 8 901
Issued during the year 538 320
Share issue expenses written off (5) (135)
Own shares acquired by
subsidiary (4 403) (336)
Retained income 51 403 36 155
Balance at beginning of year 36 155 19 812
Net income for the year 23 690 18 678
Dividends declared (8 442) (2 335)
Total capital and reserves 56 451 45 073
Comments
The directors are satisfied with the performance of the Group despite difficult
trading conditions. Due to stringent cost controls and focus on high margin
business, the period under review has seen:
- Operating margins increase from 17,4% to 23,6%;
- Income before taxation increase by 30%;
- Net income for the year increase by only 25% due to increased STC tax payable
on dividends;
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