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EOH - Reviewed Interim Report For The Six Months Ended 31 January 2005
Enterprise Outsourcing Holdings Limited
(Incorporated in the Republic of South Africa)
(Company registration no: 1998/014669/06)
Share code: EOH ISIN: ZAE000022026
(`EOH` or `the Group`)
REVENUE UP 28% PBIT UP 63% MARGIN UP 27% HEADLINE EPS UP 22% CASH UP 37%
GROUP INCOME STATEMENTS
Reviewed Reviewed Audited
6 months to 6 months to 12
31 January 31 January months
2005 2004 Change(%) to 31
(R`000) (R`000) July
2004
(R`000)
Revenue 188 050 146 373 28 299 535
Profit before 17 611 10 778 63 22 326
interest
Net interest 317 1 094 2 078
received
Profit from
operations 17 928 11 872 51 24 404
before
goodwill
Goodwill (1 389) (540) (1 125)
amortised
Profit from 16 539 11 332 23 279
operations
Taxation (5 919) (2 205) (3 845)
Outside
shareholders` - (300) (300)
interest
Net profit 10 620 8 827 20 19 134
for period
Number of
ordinary 51 267 50 667 50 667
shares in
issue (`000)
Weighted
average
number of 50 087 47 684 47 111
ordinary
shares in
issue (`000)
Earnings per
ordinary 21,20 18,51 15 40,61
share (cents)
Headline
earnings per 23,98 19,64 22 42,84
ordinary
share (cents)
Diluted
earnings per 17,61 18,12 (3) 36,79
ordinary
share (cents)
Reconciliation between earnings and headline earnings:
Net profit for 10 620 8 827 19 134
period
Goodwill amortised 1 389 540 1 125
Capital profit - - (79)
Headline earnings 12 009 9 367 20 180
Headline earnings
per ordinary share 23,98 19,64 42,84
(cents)
GROUP BALANCE SHEETS
Reviewed Reviewed Audited
31 January 31 31 July
2005 January 2004
(R`000) 2004 (R`000)
(R`000)
ASSETS
Non-current assets
Tangible assets 10 571 6 393 8 017
Intangible assets 76 456 21 035 25 242
Loans receivable 443 132 132
Current assets
Trade receivables 63 536 62 087 70 592
Other receivables 2 490 1 897 1 543
Inventory 1 273 81 55
Cash and cash equivalents 61 021 44 387 61 695
Total assets 215 790 136 012 167 276
EQUITY AND LIABILITIES
Ordinary shareholders` 76 427 59 018 67 548
interest
Non-current liabilities
Vendors for acquisition 40 481 24 078 22 375
Interest bearing 7 962 906 2 825
borrowings
Deferred taxation (2 520) (205) (1 022)
Current liabilities
Trade and other 60 550 37 002 42 767
liabilities
Deferred revenue 26 491 11 711 27 961
Taxation 6 399 3 502 4 822
Total equity and 215 790 136 012 167 276
liabilities
Net asset value per share 149,08 116,48 133,32
(cents)
GROUP CASH FLOW STATEMENTS
Reviewed Reviewed
6 months to 6 months to Audited
31 January 31 January 12 months
2005 2004 to
(R`000) (R`000) 31 July
2004
(R`000)
Operating income before
interest and taxation 17 611 10 778 22 326
Non-cash items 3 749 3 270 6 770
Cash generated from
trading operations 21 360 14 048 29 096
Decrease in working 9 044 16 770 30 413
capital
Cash generated from 30 404 30 818 59 509
operations
Taxation paid (4 178) (925) (2 062)
Dividends paid (5 063) (3 535) (3 531)
Net interest income 317 1 094 2 078
Cash inflow from 21 480 27 452 55 994
operating activities
Cash outflow to investing (42 537) (42 588) (53 424)
activities
Cash inflow from 20 383 19 127 18 729
financing activities
Net (decrease)/increase
in cash and cash (674) 3 991 21 299
equivalents
Cash and cash equivalents
at beginning of period 61 695 40 396 40 396
Cash and cash equivalents
at end of period 61 021 44 387 61 695
STATEMENT OF CHANGES IN ORDINARY SHAREHOLDERS` INTEREST
Reviewed Reviewed Audited
31 January 31 31 July
2005 January 2004
(R`000) 2004 (R`000)
(R`000)
Share capital and premium 12 073 9 673 8 777
Balance at beginning of 9 673 10 483 8 899
period
Issue of shares during period 6 - -
Reissue of shares held by 3 034 119 245
subsidiary
Effects of consolidating the
EOH Share Trust (640) (929) (367)
Distributable reserves 64 354 49 345 58 771
Balance at beginning of 49 345 35 844 43 183
period
Attributable income 20 927 16 018 19 134
Dividends (5 067) (3 547) (3 547)
Reissue of shares held by (300) 552 153
subsidiary
Effects of consolidating the
EOH Share Trust (38) 128 60
Outside shareholders` (513) 350 (212)
interest
Ordinary shareholders` 76 427 59 018 67 548
interest
Comments
Group profile
EOH is a business and technology solutions provider creating lifelong
partnerships by developing business and IT strategies, supplying and
implementing solutions and managing enterprise-wide business systems and
processes for medium to large clients.
EOH operates as a fully integrated business in the following three clusters of
business units:
Consulting - Includes various business units offering services ranging from
strategic and business process consulting, project services, change management,
supply chain optimisation and education. This cluster also develops IT strategy,
advises on enterprise architecture, IT governance and risk management.
Technology - Through a number of subsidiary companies, EOH is able to sell,
implement and support a range of world-class business applications including
ERP, CRM, Business Intelligence, Advanced Planning and Scheduling, e-Commerce,
Manufacturing Execution Systems (MES) and Technology Performance Management
Solutions.
Outsourcing - EOH offers comprehensive maintenance and support of clients` IT
infrastructure and applications through the rendering of full IT Outsourcing,
Application Hosting and Managed Services. In addition EOH offers full Business
Process Outsourcing (BPO) services.
EOH has a presence in all major centres in South Africa and Botswana and also
operates elsewhere in Africa.
Basis of preparation
The financial statements of the Group have been prepared in accordance with the
South African Statements of Generally Accepted Accounting Practice. The
accounting policies used are consistent with those of the prior period, except
for the consolidation of the EOH Share Trust as required by the JSE Securities
Exchange South Africa to ensure compliance with AC 132 - Consolidated financial
statements and accounting for investments in subsidiaries - and, accordingly,
the previous year`s interim results have been restated.
The Group`s auditors, IAPA Johannesburg Chartered Accountants (SA), have
reviewed the financial information for the six months to 31 January 2005. Their
unqualified audit report is available for inspection at the registered office of
EOH.
Financial results
The board is satisfied with the performance for the period under review.
Turnover, profit, margin, headline earnings per share and cash resources are up.
Future plans
EOH is now a major player in the consulting, technology and outsourcing arena,
with an extensive range of products and services serving various markets and
industries. EOH has achieved critical mass which will allow the business to
forge ahead towards its vision of being the
`No.1 Business & Technology Solutions Provider in Africa`
Transformation
Through the creation of the Mthombo Trust for the Group`s PDI employees and the
M-IT merger into EOH, we now have an empowered business in the areas of broad
based equity, employee profile, board representation and operational management.
EOH believes that the new reality forms only the base from which we will further
continue to transform our organisation.
Dividends
It is the Group`s practice to declare dividends at the end of the financial
year.
Asher Bohbot (Chief Executive Officer)
20 April 2005
REGISTERED OFFICE
Ground Floor, Block F, Gillooly`s View, 1 Osborne Lane, Bedfordview, 2008
Tel: (011) 607 8100, fax: (011) 616 9929, website: www.eoh.co.za, e-mail:
info@eoh.co.za
DIRECTORS
Dr Mathews Phosa (Non-executive Chairman), Asher Bohbot (Chief Executive
Officer), Rob Sporen (Dutch), Antonio Cocciante, Jane Thomson, Ken Cullinan,
John King, Dion Ramoo
COMPANY SECRETARY
SP Matheson
For further information, please contact Rob Sporen on the above numbers or on
cell: 082 444 7533
Date: 20/04/2005 02:00:12 PM
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