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ERP.com Holdings Limited - Abridged Unaudited Interim Results For The Six Months
ERP.com Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/010017/06)
Share code: ERP ISIN: ZAE000043493
(`ERP.com` or `the Group`)
www.erpcom.co.za
ABRIDGED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2005
Abridged consolidated Income statement
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
2005 2004 2004
R`000 R`000 R`000
Revenue 75 782 69 810 133 062
Income before taxation 17 646 16 350 35 634
after taking into account
the following items:
Net interest received 1 951 2 488 4 681
Profit on disposal of
assets - - 212
Depreciation (543) (620) (1 627)
Taxation (5 294) (4 987) (11 745)
Income for the period 12 352 11 363 23 889
Goodwill amortised - (43) (199)
Net income for the period
Attributable to
shareholders 12 352 11 320 23 690
Weighted number of shares on
Which earnings per share is
based (`000) 167 687 167 506 167 142
Earnings per share (cents) 7,4 6,8 14,2
Headline earnings per share
(cents) 7,4 6,8 14,2
Dividends per share (cents) - - 8,0
Net asset value per share
(cents) 32,7 27,6 33,7
Reconciliation between earnings
and headline earnings
Net income for the year
attributable to
shareholders 12 352 11 320 23 690
Profit on disposal of assets - - (212)
Goodwill amortised - 43 199
Headline earnings 12 352 11 363 23 677
Abridged consolidated
BALANCE SHEET
Unaudited Unaudited Audited
31 Jan 31 Jan 31 July
2005 2004 2004
R`000 R`000 R`000
ASSETS
Non-current assets 10 338 6 420 8 385
Equipment 3 968 2 216 2 015
Goodwill 2 726 2 409 2 726
Deferred taxation 3 644 1 795 3 644
Current assets 78 952 78 929 94 296
Inventories and contracts
in progress 123 524 94
Trade and other receivables 29 725 18 854 24 087
Cash and cash equivalents 49 104 59 551 70 115
Total assets 89 290 85 349 102 681
EQUITY AND LIABILITIES
Capital and reserves 54 799 47 057 56 451
Share capital and premium 4 823 8 024 5 048
Retained income 49 976 39 033 51 403
Current liabilities 34 491 38 292 46 230
Total equity and liabilities 89 290 85 349 102 681
Abridged consolidated cash flow statement
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
2005 2004 2004
Cash flows from operating
activities (4 511) 12 669 27 186
Profit before taxation 17 646 16 350 35 634
Adjustments including those
not affecting the flow of
funds (1 408) (1 868) ( 3 356)
Operating income before
working capital changes 16 238 14 482 32 278
Increase in working capital (12 839) (1 814) (7 286)
Cash generated from
operations 3 399 12 668 24 992
Net interest received 1 951 2 488 4 681
Taxation paid (9 861) (2 487) (2 487)
Cash flows from investing
activities (2 496) (2 431) (3 407)
Cash flows from financing
activities (14 004) (9 335) (12 312)
Proceeds from issue of shares - - 541
Share issue expenses - - (5)
Own shares acquired by
subsidiary (225) (893) (4 406)
Dividends paid (13 779) (8 442) (8 442)
Net(decrease)/increase in
cash and cash equivalents (21 011) 903 11 467
Cash and cash equivalents
at beginning of period 70 115 58 648 58 648
Cash and cash equivalents at
end of period 49 104 59 551 70 115
Abridged consolidated
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Jan 31 Jan 31 July
2005 2004 2004
R`000 R`000 R`000
Share capital 168 168 168
Balance at beginning of period 168 168 168
Issued during the period - - 3
Own shares acquired by subsidiary - - (3)
Share premium 4 655 7 856 4 880
Balance at beginning of
period 4 880 8 750 8 750
Issued during the period - - 538
Share issue expenses written off - - (5)
Own shares acquired by
subsidiary (225) (894) (4 403)
Retained income 49 976 39 033 51 403
Balance at beginning of
period 51 403 36 155 36 155
Net income for the period 12 352 11 320 23 690
Dividends declared (13 779) (8 442) (8 442)
Total capital and reserves 54 799 47 057 56 451
Comments
The directors are satisfied with the performance of the group in sluggish
trading conditions. There is however, promising signs of an improvement in
Information Technology spend and the directors believe that the group will
perform strongly in the second six months.
Group overview
The group consists of three lines of business:
Information security
This business unit provides a comprehensive range of security products and
managed services, including anti-virus, content security, firewalls, intrusion
detection, authentication and network asset management. It continues to perform
well with an established market presence and large customer base.
Enterprise applications
This business unit is focused on the implementation, integration and management
of SAP business solutions. As well as being a national service partner of SAP,
the unit also supplies SAP mid-market solutions to the manufacturing and higher
education sectors. Performance was slow in the first six months but this will
improve significantly over the second six months with the win of a major
contract which will be announced shortly.
Data and content management
This business unit provides networking and document management solutions to the
local market. The unit performed steadily in the first six months and is
expected to perform strongly over the second six months. During the period under
review, a document processing centre was established in Gauteng to support the
demand for managed services in this area.
African operations
Trading conditions in Africa remain slow due to the unpredictability of IT spend
in many African countries, but there is a large pipeline of prospects and
potential business which augers well for future periods.
Black Economic Empowerment
25,2% of the group is owned by Blitec (Black Information Technology Empowerment
Company Limited). The transformation of the group is underway to ensure
compliance with the requirements of the ICT Charter during the second six
months.
Accounting policies
These unaudited interim financial statements have been prepared on a historical
cost basis in accordance with South African Statements of Generally Accepted
Accounting Practice and the Companies Act in South Africa applicable to interim
financial reporting. The accounting policies of the Group, used in the
preparation of the unaudited interim results announcement, are consistent with
that applied in the annual financial statements for the year ending 31 July
2004, except where mentioned below. In accordance with the requirements of IFRS3
(AC140) the group discontinued amortisation of goodwill as of 1 August 2004,
which was the beginning of the first annual accounting period after
31 March 2004. As of 1 August 2004, the accumulated amortisation on goodwill was
netted off the original cost of goodwill.
For and on behalf of the Board of Directors
P Sneddon Peter Forsyth
Non-executive chairman Chief executive officer
1 March 2005
Johannesburg
Directors:
P Sneddon# (Non-executive chairman), P Forsyth (Chief executive officer) , DTK
Brazier, CJ Lessing,
T Moerane*, GM Morris#
# Independent non-executive directors
* Non-executive director
Company secretary:
A Ritzlmayr (email: andreasr@erpcom.co.za)
Registered address:
ERP.com House, Nanyuki Office Park, 69 Nanyuki Drive, Sunninghill, Sandton 2157.
(PO Box 2880, Rivonia 2128)
Transfer secretaries:
Computershare Investor Services 2004 (Proprietary) Limited, Registration number
2004/003647/07
70 Marshall Street, Johannesburg 2001. (PO Box 61051, Marshalltown 2107)
Date: 01/03/2005 05:10:07 PM
Produced by the JSE SENS Department
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