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UCS
UCS
UCS Group limited - Reviewed results for the year ended 30 September 2006
UCS Group Limited
Incorporated in the Republic of South Africa
Reg No. 1993/002253/06
ISIN ZAE000016150
JSE Code UCS
UCS Group limited
Reviewed Results For The Year Ended 30 September 2006
Revenue up 54%
HEPS up 67%
Cash generated from operating activities up 85%
EBITDA up 108%
John Bright, CEO of UCS Group commented: "We have continued to build on
our growth platform established over the past few years. We are well
positioned in our chosen markets to deliver good organic growth. The
consolidation of businesses acquired into larger, more cohesive units
trading under the UCS brand has begun to deliver improving margins
through economies of scale thereby also positioning the enlarged units
more effectively to compete for bigger projects.
The Group is well placed, strategically as well as operationally, to
continue the strong growth trend in its domestic market. The
commercialisation of UCS Software Manufacturing is producing encouraging
results, though it is early days. The TSSMS acquisition presents
excellent growth opportunities in markets outside our traditional retail
vertical focus. In addition, benefits from our international initiatives
could start flowing through in the next year."
Enquiries
UCS Group 011 712 1249
John Bright, CEO 082 900 4793
Dean Sparrow, CFO 082 494 6803
College Hill 011 447 3030
Johannes van Niekerk 082 921 9110
Frederic Cornet 083 307 8286
UCS is an IT business with a primary focus on Software,
Solutions and Services for selected markets. The Group is well positioned
for further growth locally and internationally through
a number of defined initiatives.
CONDENSED INCOME STATEMENT
for the year ended 30 September 2006
Reviewed Restated
12 months 12 months
30/9/2006 30/9/2005
R"000 R"000 % change
Revenue 793 367 516 722 53,5
Profit from operations before 170 949 92 418 85,0
interest,depreciation,
amortisation and research and
development expenditure
Research and development (18 872) (19 185) (1,6)
expenditure
Depreciation and amortisation (51 736) (34 940) 48,1
Profit before interest and 100 341 38 293 162,0
taxation
Interest received 2 088 1 704 22,5
Interest paid (7 242) (2 717) 166,5
Profit before taxation 95 187 37 280 155,3
Taxation (5 371) (2 977) 80,4
Profit for the year 89 816 34 303 161,8
Attributable to:
Equity holders of the parent 83 458 33 482 149,3
Minority interest 6 358 821 674,4
Earnings per share (cents)
Basic - as restated 34,3 14,0 145,0
Basic - as previously reported 14,5
Diluted - as restated 32,3 12,7 154,3
Diluted - as previously reported 13,2
Dividends paid per share (cents) 6,0 4,3 39,5
Net asset value per share (cents) 120,8 92,6 30,5
Ordinary shares in issue ("000) 249 108 241 857 3,0
Weighted average number of 243 134 239 975 1,3
ordinary shares in issue ("000)
Diluted number of ordinary shares 258 373 263 109 (1,8)
("000)
Headline earnings per share
(cents)
Basic - as restated 23,4 14,0 67,1
Basic - as previously reported 14,5
Diluted - as restated 22,0 12,7 73,2
Diluted - as previously reported 13,2
CONDENSED BALANCE SHEET
at 30 September 2006
Reviewed Restated
30/09/2006 30/09/2005
R"000 R"000
ASSETS
Non-current assets 343 547 218 213
Property, plant and equipment including 52 502 52 193
rental equipment
Intangible assets 122 037 65 634
Goodwill 135 849 74 139
Investments and loans receivable 7 264 6 926
Deferred tax assets 25 895 19 321
Current assets 269 833 134 478
Inventory 23 148 9 196
Trade and other receivables 148 783 83 297
Taxation 1 070 879
Cash and cash equivalents 96 832 41 106
Total assets 613 380 352 691
EQUITY AND LIABILITIES
Capital and reserves 339 444 225 347
Equity attributable to equity holders 300 996 223 953
of the parent
Minority interest 38 448 1 394
Non-current liabilities 76 842 24 639
Long and medium term loans 57 325 9 902
Revenue received in advance 7 048 14 737
Deferred tax liabilities 12 469 -
Current liabilities 197 094 102 705
Trade and other payables 158 813 87 530
Current portion of long and medium term 23 896 4 915
loans
Revenue received in advance 9 313 8 784
Taxation 5 072 1 476
Total equity and liabilities 613 380 352 691
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2006
Preference
Share share Share
capital capital Premium
R"000 R"000 R"000
Balance at 1 1 197 40 61 876
October 2004 as
previously
reported
Net IFRS
adjustment to
equity
IFRS 2 Share based
payment opening
balance adjustment
IAS 38 Intangible
assets opening
balance adjustment
Balance at 1 1 197 40 61 876
October 2004 as
restated
Exchange
differences
arising
on translation of
foreign operations
Net income
recognised
directly in equity
Net profit for the
year as restated
Net profit for the
year as previously
reported
IFRS 2 Share based
payment transition
adjustment
IAS 38 Intangible
assets transition
adjustment
Total recognised
income and expense
for the year
Dividend paid
Ordinary shares 8 995
issued at a
premium
Preference shares 4 (4) -
converted to
ordinary shares
Preference shares (1) (40)
repurchased
Balance at 30 1 209 35 62 831
September 2005 as
restated
Exchange
differences
arising
on translation of
foreign operations
Net loss
recognised
directly in equity
Net profit for the
year
Total recognised
income and expense
for the year
Ordinary shares 31 7 059
issued at a
premium
Preference shares 6 (6)
converted to
ordinary shares
Preference shares (4) (123)
repurchased
Increase in share
based payment
reserve
Dividend paid
Minority acquired
share of equity in
subsidiaries
Balance at 30 1 246 25 69 767
September 2006
Share
Foreign
based currency
payment translation Accumulated
reserve reserve profit
R"000 R"000 R"000
Balance at 1 October - - 134 948
2004 as previously
reported
Net IFRS adjustment to 4 248 (4 465)
equity
IFRS 2 Share based 4 248 (4 248)
payment opening balance
adjustment
IAS 38 Intangible assets - (217)
opening balance
adjustment
Balance at 1 October 4 248 - 130 483
2004 as restated
Exchange differences
arising
on translation of 205
foreign operations
Net income recognised 205
directly in equity
Net profit for the year 1 811 33 482
as restated
Net profit for the year 34 750
as previously reported
IFRS 2 Share based 1 811 (1 811)
payment transition
adjustment
IAS 38 Intangible assets 543
transition adjustment
Total recognised income 1 811 205 33 482
and expense for the year
Dividend paid (10 351)
Ordinary shares issued
at a premium
Preference shares
converted to ordinary
shares
Preference shares
repurchased
Balance at 30 September 6 059 205 153 614
2005 as restated
Exchange differences
arising
on translation of (545)
foreign operations
Net loss recognised (545)
directly in equity
Net profit for the year 83 458
Total recognised income (545) 83 458
and expense for the year
Ordinary shares issued
at a premium
Preference shares
converted to ordinary
shares
Preference shares
repurchased
Increase in share based 2 034
payment reserve
Dividend paid (14 867)
Minority acquired share
of equity in
subsidiaries
Balance at 30 September 8 093 (340) 222 205
2006
Attributable
to eqiuty
holders of Minority Total
the parent interest equity
R"000 R"000 R"000
Balance at 1 198 061 810 198 871
October 2004 as
previously reported
Net IFRS adjustment (217) (217)
to equity
IFRS 2 Share based - -
payment opening
balance adjustment
IAS 38 Intangible (217) (217)
assets opening
balance adjustment
Balance at 1 197 844 810 198 654
October 2004 as
restated
Exchange
differences arising
on translation of 205 205
foreign operations
Net income 205 205
recognised directly
in equity
Net profit for the 35 293 821 36 114
year as restated
Net profit for the 34 750 821 35 571
year as previously
reported
IFRS 2 Share based - - -
payment transition
adjustment
IAS 38 Intangible 543 - 543
assets transition
adjustment
Total recognised 35 498 821 36 319
income and expense
for the year
Dividend paid (10 351) (237) (10 588)
Ordinary shares 1 003 1 003
issued at a premium
Preference shares - -
converted to
ordinary shares
Preference shares (41) (41)
repurchased
Balance at 30 223 953 1 394 225 347
September 2005 as
restated
Exchange
differences arising
on translation of (545) (545)
foreign operations
Net loss recognised (545) (545)
directly in equity
Net profit for the 83 458 6 358 89 816
year
Total recognised 82 913 6 358 89 271
income and expense
for the year
Ordinary shares 7 090 7 090
issued at a premium
Preference shares - -
converted to
ordinary shares
Preference shares (127) (127)
repurchased
Increase in share 2 034 156 2 190
based payment
reserve
Dividend paid (14 867) (1 872) (16 739)
Minority acquired - 32 412 32 412
share of equity in
subsidiaries
Balance at 30 300 996 38 448 339 444
September 2006
CONDENSED CASH FLOW STATEMENT
for the year ended 30 September 2006
Reviewed Restated
12 months 12 months
30/9/2006 30/9/2005
R"000 R"000 % Change
Cash flow from operating 86 982 47 097 84,7
activities
Cash generated from operations 120 330 75 251 59,9
Working capital changes (1 121) (10 654)
Cash generated from operating 119 209 64 597 84,5
activities
Investment income and net finance (2 756) (1 013)
cost
Dividend paid (16 739) (10 588)
Taxation paid (12 732) (5 899)
Cash applied to investing (65 334) (67 425) (3,1)
activities
Cash received from financing 34 078 10 419 227,1
activities
Cash and cash equivalents
- Net increase (decrease) 55 726 (9 909)
- At beginning of the year 41 106 51 015
- At end of year 96 832 41 106 135,6
CONDENSED SEGMENTAL ANALYSIS
for the year ended 30 September 2006
Reviewed Restated
12 months 12 months
30/9/2006 30/9/2005
R"000 R"000 % Change
Revenue 793 367 516 722 53,5
Software 327 752 289 930 13,0
Solutions & Services 465 615 226 792 105,3
Profit from operations before 152 077 73 233 107,7
interest, depreciation and
amortisation (EBITDA)
Software 47 554 33 419 42,3
Solutions & Services 81 516 44 107 84,8
Corporate & eliminations 23 007 (4 293)
Profit before interest and 100 341 38 293 162,0
taxation
Software 25 347 16 265 55,8
Solutions & Services 57 212 27 027 111,7
Corporate & eliminations 17 782 (4 999)
Depreciation and amortisation 51 736 34 940 48,1
Software 22 206 17 154 29,5
Solutions & Services 24 305 17 080 42,3
Corporate & eliminations 5 225 706
Research and development 18 872 19 185 (1,6)
expenditure
Software 15 069 15 019 0,3
Solutions & Services 3 803 4 166 (8,7)
Note: Comparative figures are reclassified, where necessary, in
accordance with current year classifications
Notes to the financial statements
1. Basis of preparation
These results have been prepared in accordance with IAS 34 (Interim
Financial Reporting), the listing requirements of the JSE Limited and
Schedule 4 of The South African Companies Act, 1973, as amended.
With effect from 1 October 2004 ("the transition date"), the Group has
adopted International Financial Reporting Standards ("IFRS") making use
of certain exemptions provided for under IFRS 1 (First time adoption of
IFRS). The Group has adopted all of the new and revised standards and
interpretations issued by the International Accounting Standards Board
(IASB) and the International Financial Reporting Interpretations
Committee (IFRIC) of the IASB that are relevant to its operations and
effective for accounting periods up to 30 September 2006.
The adoption of these new and revised standards and interpretations has
resulted in changes to the Group"s accounting policies in the following
areas that have affected the amounts reported for the current and/or
prior years:
- share-based payment (IFRS 2)
- business combinations (IFRS 3)
- Intangible assets (IAS 38)
The Group also assessed the requirements of IAS 16 in terms of
considering the useful lives and the residual values of property, plant
and equipment when calculating the depreciation charge. The historical
impact of this assessment was found to be immaterial and no retrospective
adjustment has been passed in this regard. The Group will reassess the
residual values and useful lives of the assets at each balance sheet date
to determine whether there is any requirement for the residual values and
depreciation charge to be adjusted at that stage.
Share-based payment
The fair value, as calculated in accordance with IFRS 2, of share options
and incentive preference shares granted to employees is recognised as an
employee expense with a corresponding increase in equity.
The fair value is measured at grant date and expensed over the period
during which the employees are required to provide services in order to
receive the equity instruments (i.e. the vesting period). The Group has
elected (in terms of IFRS 1) not to apply the provisions of IFRS 2 to
share-based awards granted either on or before 7 November 2002 or that
had vested by 1 January 2005 (the effective date of IFRS 2).
Business combinations
The Group has elected not to apply the requirements of IFRS 3
retrospectively to acquisitions prior to the transition date. As a result
the goodwill, net of amortisation, at the transition date becomes the
carrying value of the goodwill thereafter.
Intangible assets
IAS 38 requires that the useful life of intangible assets be reassessed
at each balance sheet date. Under SA GAAP the useful life of an asset was
determined on recognition of the intangible asset and amortised
accordingly. The Group historically amortised intangible assets,
excluding goodwill, over a fixed 10 year period.
Reconciliation of changes in basis of preparation
Previously IFRS
reported adjustments Restated
2005 2005 2005
R"000 R"000 R"000
Balance sheet
reconciliation
As at 30 September 2005
Shareholders" interest 223 627 326 223 953
Deferred tax assets 19 459 (138) 19 321
Property, plant & 58 423 (6 230) 52 193
equipment including rental
equipment
Intangible assets 58 940 6 694 65 634
2. Reconciliation of
earnings per share to
headline earnings per
share
Reviewed Restated
12 months 12 months
30/9/2006 30/9/2005
cents cents % change
Basic earnings per share 34,3 14,0 145,0
Adjusted for:
Goodwill adjustment 1,8 -
Permanent dimunition in 0,3 -
proceeds from sale of
business
Profit on dilution of (11,7) -
interest in business
Profit on sale of interest (0,9) -
in business
Profit on disposal of (0,4) -
property, plant &
equipment
Basic headline earnings 23,4 14,0 67,1
per share
3. Commitments
Capital 8 786 997
Operating leases 64 583 29 863
Commentary
Overview
UCS Group has continued to build on the platform for growth established
over the past few years. Our strategy of good organic growth combined
with consolidating businesses acquired into larger, more cohesive units
trading under the UCS brand has begun to deliver the expected benefits.
These benefits include improving margins through economies of scale as
well as positioning the enlarged units to more effectively compete for
bigger projects.
UCS is an IT business with a primary focus on Software, Solutions and
Services for selected markets. Almost 90% of the Group"s revenue is
derived from the sale of its own products and services, rather than the
sale of third party products.
The Group has achieved a leadership position in its domestic retail
market. With effect from July 2006, UCS Solutions Holdings acquired a 60%
interest in the TSS Managed Services (TSSMS) business as part of the UCS
Group BEE initiatives. The TSSMS unit has a primary focus on the
provision of IT infrastructure services to the Public and Financial
Services sectors. It provides opportunities for further growth,
consolidation and synergistic benefits going forward.
The CEB Maintenance business delivered an excellent performance and
achieved its profit warranties and other objectives for the year. We are
optimistic that it will also achieve its full 2 year profit warranty
which runs through to September 2007.
Our specialist `retail domain" software manufacturing unit (UCSSM)
completed its transition from its set-up phase to commercial operational
phase. It has made good progress with projects currently under way for 2
large domestic retailers. There is also significant interest from
potential international partners. This unit is ideally placed to benefit
from the global trend towards outsourced product development and its
unique and compelling Assemble-to-Order (A2O) facilities for enterprise-
scale retailers.
We have reviewed our strategy for the development of international
markets for our `packaged product" offerings for retailers. The most
effective way of achieving significant volumes (and value) will be
through the creation of a separate business. Its primary focus will be to
create a leading brand and product suite for selected verticals in the
global retail industry, to be sold through a global `channel" of
appropriately selected and trained dealers. It is planned that this
business will be externally financed and leverage the existing UCS IP and
packaged products. It will also utilise the services of UCS Software
manufacturing and is intended to be `unbundled" from the UCS Group.
Overview of financial results
Revenue grew strongly by 54% to R793 million (2005: R517 million) with
22% organic growth and the balance attributable to acquisitions. Annuity
revenues grew by 57% to R481 million (2005: R307 million) and comprise
61% of total revenues (2005: 59%). Annuity revenues remain a very
important component of our business model.
The 2006 financial year saw the Group adopting International Financial
Reporting Standards (IFRS) in accordance with the JSE Listings
Requirements for listed companies for the first time. Accordingly the
2005 comparative numbers have been restated to reflect the impact of IFRS
as if they were applicable in that period. These adjustments affected
numbers reported in 2005 below the revenue line and therefore the
reference in the remainder of this commentary to 2005 reflects "re-stated
2005".
EBITDA was up 108% to R152 million (2005: re-stated R73 million) but
included `once off" profits of a capital nature of R30 million (2005: R
nil). Excluding these `once off" capital profits, the adjusted EBITDA of
R122 million showed a 67% increase over the prior year and came in at
15,4% (2005: re-stated 14,1%) of revenues.
Headline earnings per share grew by 67% to 23,4 cents (2005: re-stated
14,0 cents) although this included the impact of a net R4,3 million
deferred tax credit passed to raise the deferred tax in respect of
accumulated tax losses in the UCS Solutions subsidiary. Excluding this
deferred tax credit, normalised headline earnings per share is 21,6
cents, an increase of 54% over the prior year.
Cash flow remains a critical component of our business model. Cash
generated from operating activities increased by 85% to R119 million
(2005: R65 million), representing 49 cents per share (2005: 26,9 cents
per share). This contributed positively to the 136% increase in the
Group"s cash and near cash balance of R97 million (2005: R41 million).
The increase in the cash dividend declared reflects our confidence in the
ongoing cash generative nature of the Group"s businesses.
The balance sheet has shown considerable change largely due to
acquisitions and other corporate activities. Group debt increased to R81
million (2005: re-stated R15 million), of which R40 million (2005: re-
stated R12,2 million) is true bank debt with the predominant portion of
the balance of R41 million (2005: re-stated R2,6 million) being IFRS
accounting for deferred vendor payments and management fees. True bank
debt amounted to 11,8% (2005: re-stated 5,4%) of equity whilst total debt
came to 23,9% (2005: re-stated 6,6%) of equity.
The current ratio improved 5% to 1,4 to 1 (2005: re-stated 1,3 to 1).
Trade receivables of R136 million (2005: re-stated R79 million)
represented 49 debtors days (2005: re-stated 53 debtors days), an
improvement of 8% in debtors days outstanding. Net asset value per share
increased by 30,5% to 120,8 cents (2005: re-stated 92,6 cents) and
tangible net asset value per share showed a growth of 8,6% to 37,8 cents
(2005: re-stated 34,8 cents).
During the year, the Group issued 7,3 million new ordinary shares of
which 2,8 million were issued to TSS for cash while the balance were
issued to honour staff incentives. A total of 10,965 million share
options were granted which will vest over a four year period from the
grant date of 20 June 2006 at 25 percent of the original grant per year.
Based on an independent IFRS2 valuation and the related accounting
treatment these new options are forecast to cost the Group R6,4 million
over the financial period 2007 through to 2010. As at year end there were
24,5 million share options that have been granted but not yet exercised
and 5,1 million preference shares which will convert into ordinary shares
over the next three years subject to the achievement of predefined growth
targets. After taking these factors into account the Group"s diluted
headline earnings per share increased by 73 percent to 22 cents (2005:
12,7 cents).
No shares were bought back by the Group during the 2006 financial year.
The board has the authority to buy back up to 20 percent of the shares in
issue, representing 48 897 832 shares.
Acquisitions
The acquisition of CEB Maintenance became effective on the first day of
the current financial year. Full detail of this acquisition was disclosed
in the prior year end results announcement as well as the Group"s 2005
annual report.
On 1 July 2006, UCS through its UCS Solutions Holdings (Proprietary)
Limited ("UCS Solutions") subsidiary company acquired 100% of the share
capital of Newco ("Quadrant Consulting") and 60% of the share capital of
TSS MS by issuing 25,1% of the shareholding in UCS Solutions to the
seller, Tactical Software Systems (Proprietary) Limited ("TSS"), a black
owned company.
The acquisition of 100% of the share capital of Newco effectively
represented the acquisition of 100% of the businesses known as Quartet as
well as TSS Business Services. These businesses provide training and SAP
implementation services. TSSMS provides workplace infrastructure
deployment and management services. The total purchase consideration
amounted to R58,076,498 and as a result of the equity issued to settle,
TSS became a 25,1% BEE shareholder in UCS Solutions.
Although 60% of the equity of TSS MS is held by UCS Solutions the parties
agreed to enter into a three year management agreement which requires TSS
to continue to manage the TSS MS business. The effective 55% shareholding
of TSS in TSS MS (i.e. 40% direct holding and 25,1% of 60% indirect
holding) means that TSS MS remains a black owned entity as defined in the
DTI Codes of good BEE practice. The remaining UCS Solutions subsidiaries
viz. UCS Solutions (Proprietary) Limited and CEB Maintenance Africa
(Proprietary) Limited ("CEB"), become black empowered entities with an
indirect 25,1% black shareholding.
TSS and UCS entered into a shareholders" agreement simultaneously with
the abovementioned sale of shares agreement. Included in the
shareholders" agreement is the acknowledgement that TSS may convert its
25,1% shareholding of UCS Solutions Holdings to a UCS shareholding after
five years from the effective date at the discretion of TSS, or at any
stage after the effective date at the discretion of UCS.
The transaction has been concluded at commercial values on a relative
basis and there is no discount or debt funding behind the structure.
Black Economic Empowerment
UCS Group"s current BEE strategy was fully disclosed in the 2005 annual
report. UCS has made very good progress in positioning for BEE in all
respects of the charter. In particular businesses representing 61% of our
projected revenue are currently either black empowered or black owned.
UCS is currently reviewing the next phase of its BEE strategy. It is
possible that we will introduce BEE partners and structures at Group
level.
Contingent Liability
An amount limited to a maximum of an additional R12 million, may become
payable in respect of the purchase price for CEB Maintenance depending on
the amount by which the aggregated actual profits for the two year period
ending 30 September 2007 exceed the aggregated warranted profits for the
same period.
In terms of the management agreement entered into between TSSMS & TSS,
there exists a management incentive fee that is payable for the 33 month
period ending 30 June 2009. The possible incentive fee payable will
amount to the profits achieved in excess of the warranted profits agreed
by the parties and in addition to the management fee which was raised at
acquisition.
Post Balance Sheet Event
UCS Group, UCS Solutions (Proprietary) Limited ("UCS Solutions") and one
of the largest network providers in South Africa ("the network provider")
concluded heads of agreement in respect of a strategic partnership with
an effective date of 1 November 2006. Included in the heads of agreement
is the agreed sale of the UCS Solution"s network business as a going
concern to the network provider for a purchase consideration of R17
million which is payable in cash on the implementation date of 1 February
2007.
The conditions precedent to the transaction have already been fulfilled
and the parties have embarked on a joint planning process for the
implementation of the sale of the going concern business by 1 February
2007 and the broader strategic partnership which will incorporate further
contractual arrangements between the network provider and the various
trading subsidiary companies within the UCS Group.
The strategic partnership between UCS and the network provider has been
concluded to leverage their respective market leading positions. The
intention is to position a combined solution offering that is innovative
and flexible while maintaining a customer centric approach and harnessing
UCS"s particular strength in the retail and government vertical market
sectors. The breadth and depth of the combined software and services
offering will enable the parties to service any customer with distributed
locations.
Dividend policy
The Group is maintaining its policy of paying dividends twice a year.
Dividend cover may vary dependant on the Group"s projected cash
requirements. This policy will be reviewed regularly to ensure effective
capital management.
Prospects
We are building an IT enterprise that contributes meaningfully to the
growth and prosperity of all of our stakeholders - our investors, our
employees, our customers, our channel partners, our suppliers and our
communities.
The IT market remains a challenging one, with technology change a
`constant" and with customers expecting and demanding better returns from
IT investments. However, good opportunities are available to vertically
focused, innovative and acquisitive businesses like UCS.
The Group is well placed, strategically as well as operationally, to
continue the trend of strong top-line growth with improving cash flows
established over the past few years in its domestic market. The TSSMS
acquisition presents excellent growth opportunities in new markets
outside of the traditional retail vertical focus. Additionally benefits
from our international initiatives could start flowing through in the
next twelve months.
Dividend declaration
Notice is hereby given that the board of directors has declared a final
dividend of 4 cents per ordinary share in respect of the year ended 30
September 2006. The dividend will be paid on Monday, 12 February 2007.
To comply with the procedures of STRATE, the last day to trade in the
shares for the purpose of entitlement to the final dividend is Friday, 2
February 2007. The shares will commence trading ex dividend on Monday 5
February 2007 and the record date will be Friday, 9 February 2007.
Share certificates may not be dematerialised or rematerialised between
Monday 5 February 2007 and Friday, 9 February 2007 both days inclusive.
Review report
These results have been reviewed by Deloitte & Touche and their
unqualified review report is available for inspection at the Group"s
registered office.
For and on behalf of the Board
DC Coles JD Bright
(Chairman) (CEO)
24 November 2006
Company Secretary
Corporate Governance CC
Registered office
20th Floor, 209 Smit Street,
Braamfontein 2001
PO Box 31266,
Braamfontein 2017
Transfer secretaries
Link Market Services South Africa (Pty) Ltd
11 Diagonal Street, Johannesburg 2001
PO Box 4844,
Johannesburg 2000
There is more to UCS than meets the eye.
www.ucs.co.za
Date: 28/11/2006 07:08:37 AM Produced by the JSE SENS Department
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