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EOH
EOH
EOH - EOH Holdings Limited - Reviewed interim Results: Six Months ended
31 January 2007
EOH Holdings Limited
Incorporated in the Republic of South Africa
(Company registration no: 1998/014669/06)
Share code: EOH ISIN: ZAE000071072
("EOH" or "the Group")
Reviewed interim Results for the six months ended 31 January 2007
Revenue up 27%
PBT up 21%
EPS and HEPS up 20%
GROUP INCOME STATEMENTS
Reviewed Reviewed Audited
6 months 6 months 12 months
to to to
31 % 31 31 July
January January
(R`000) 2007 change 2006 2006
Revenue 301 112 27 236 610 503 292
Operating profit 31 579 26 253 55 207
Net interest 670 383 508
income
(Loss)/Income (34) - 123
from associate
Net income before 32 215 21 26 636 55 838
taxation
Taxation (10 677) (9 504) (18 381)
Profit attributable 21 538 26 17 132 37 457
to ordinary
shareholders
Note - Headline
earnings = earnings
Total shares in 72 216 69 213 70 538
issue (`000)
Weighted average of 61 643 58 852 59 118
shares in issue
(`000)
Diluted number of 68 848 67 787 68 686
shares (`000)
Earnings per share 34,9 20 29,1 63,4
(cents)
Diluted earnings 31,3 25,3 54,5
per share (cents)
RECONCILIATION OF EARNINGS
Reviewed Reviewed Audited
6 months 6 months 12 months
to to to
31 % 31 31 July
January January
(R`000) 2007 chang 2006 2006
e
Old SA GAAP 23 882 30 18 378 41 245
IAS 16 Property, 86 75 184
plant and equipment
IFRS 2 Share-based (2 570) (1 667) (4 617)
payments
IAS 38 Intangible 322 635 1 227
assets
IAS 17 Leases (90) (117) (243)
Deferred tax on (92) (172) (339)
above
New IFRS 21 538 26 17 132 37 457
GROUP CASH FLOW STATEMENTS
Reviewed Reviewed Audited
6 months 6 months 12 months
to to to
31 31 31 July
January January
(R`000) 2007 2006 2006
Operating income 32 214 26 253 55 838
Non-cash items 5 012 4 340 9 361
Working capital changes (14 682) (13 562) (11 648)
Cash generated by operations 22 544 17 031 53 551
Taxation paid (13 788) (10 361) (20 467)
Dividend paid (8 693) (6 646) (6 622)
Net interest income 670 363 508
Cash generated by operating 733 387 26 970
activities
Cash effect of investing (16 210) (6 155) (7 430)
activities
Cash effect of financing 633 2 047 (3 390)
activities
Net cash change for period (14 844) (3 721) 16 150
Cash at beginning of period 84 507 68 357 68 357
Net cash at end of period 69 663 64 636 84 507
GROUP BALANCE SHEETS
Reviewed Reviewed Audited
at at at
31 31 31 July
January January
(R`000) 2007 2006 2006
ASSETS
Non-current assets
Property, plant and 15 389 11 670 12 359
equipment
Intangible assets 104 433 71 967 78 700
Investment in associate 1 093 918 848
Loans receivable 867 132 132
Deferred tax 3 866 4 219 6 589
Current assets
Inventory 5 877 1 343 2 460
Trade and other 152 325 96 774 124 384
receivables
Bank and cash 74 024 64 981 84 507
Total assets 357 874 252 004 309 979
EQUITY AND LIABILITIES
Ordinary shareholders` 168 331 128 616 150 485
interest
Non-current liabilities
Long-term borrowings 4 536 5 996 4 211
Current liabilities
Trade and other 128 890 81 466 99 379
liabilities
Vendors for acquisition 24 075 2 224 11 679
Deferred revenue 25 128 26 097 36 102
Taxation payable 2 553 7 260 8 123
Bank overdraft 4 361 345 -
Total equity and liabilities 357 874 252 004 309 979
Net asset value per share 233,1 185,8 213,3
(cents)
GROUP EQUITY STATEMENT
Share Share
(R`000) capital premium Reserves
31.7.2005 Audited 501 10 797 4 709
Treasury shares - consolidation 2 487 255
EOH Share Trust - consolidation 4 112 (739)
Currency translation - - (31)
Earnings - - 1 667
Dividends - - -
Share issue 179 54 392 -
EOH Mthombo Trust - (92) (22 -
consolidation 859)
31.1.2006 Reviewed 594 42 929 5 861
Treasury shares - consolidation (6) (3 158) 14
EOH Share Trust - consolidation 2 68 686
Currency translation - - 21
Earnings - - 2 950
Share issues 14 953 -
31.7.2006 Audited 604 40 792 9 532
Treasury shares - consolidation 2 845 55
EOH Share Trust - consolidation 2 232 (280)
Currency translation - - 4
Earnings - - 2 570
Dividends - - -
Share issues 17 1 538 -
31.1.2007 Reviewed 625 43 407 11 881
Ordinary
share-
Retained holders`
(R`000) earnings interest
31.7.2005 Audited 68 752 84 759
Treasury shares - consolidation - 744
EOH Share Trust - consolidation - (623)
Currency translation - (31)
Earnings 17 132 18 799
Dividends (6 652) (6 652)
Share issue - 54 571
EOH Mthombo Trust - - (22 951)
consolidation
31.1.2006 Reviewed 79 232 128 616
Treasury shares - consolidation - (3 150)
EOH Share Trust - consolidation - 756
Currency translation - 21
Earnings 20 325 23 275
Share issues - 967
31.7.2006 Audited 99 557 150 485
Treasury shares - consolidation - 902
EOH Share Trust - consolidation - (46)
Currency translation - 4
Earnings 21 538 24 108
Dividends (8 677) (8 677)
Share issues - 1 555
31.1.2007 Reviewed 112 418 168 331
COMMENTARY
GROUP PROFILE
EOH is a technology and business 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 broad
clusters of business unit types:
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.
Consulting - operates in the private and public sector offering services ranging
from strategic process consulting, project services, change management and
education. This cluster also develops IT strategy, advises on enterprise
architecture, IT governance and risk management.
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 as well as desktop support services and
the providing of on-site resources.
EOH has a presence in all major centres in South Africa and Botswana, also
operating elsewhere in Africa.
BASIS OF PREPARATION
These interim results are prepared in accordance with IAS 34 (Interim Financial
Reporting) and the South African Companies Act, 1973.
The Group`s auditors, IAPA Johannesburg, Chartered Accountants (SA), have
reviewed the financial information for the six month period to 31 January 2007
and their unmodified report is available for inspection at the registered office
of EOH.
ACQUISITIONS
The results include the business operations and investments of Bromide
Technologies (`Bromide`) from 1 January 2007. The rationale for this acquisition
is the intention to expand the Group`s offerings to clients to include
infrastructure offerings as part of the strategy to deliver `end to end`
solutions. Bromide is a significant player in the infrastructure support
services arena, with a large client base and a strong history of delivery and
success.
FINANCIAL RESULTS
The board is satisfied with the performance for the period under review. These
results show the consolidation of the Bromide acquisition from January 2007. The
strong revenue growth of the Group continues to be substantially organic with
earnings remaining healthy and growth being funded internally with sufficient
cash reserves to support future growth plans.
FUTURE PLANS
EOH is a major player in the technology, consulting and outsourcing space and
these offerings are enhanced by its ability to deliver effective `end to end`
solutions to its clients. This will now include infrastructure provision and
support, hosting and networking and the provision of interim skills to EOH
customers. The wide range of solutions offered to various industries in both the
public and private sector, in conjunction with a well proven business model,
strong management and financial strength, bode well for its future growth.
EOH sees the strong market conditions, specifically those in the technology
field, continuing with EOH well positioned to capitalise on these. EOH`s growth
strategy remains focused on organic growth, supplemented by strategic
acquisitions.
TRANSFORMATION
The EOH Mthombo Trust is now fully operational and with its implementation, EOH
now has 31,4% effective black ownership. 38% of Group employees are PDIs, as is
45% of our board. We see transformation as an ongoing process to which all our
people are committed to and involved in.
DIVIDENDS
It is the Group`s practice to declare dividends at the end of the financial
year. A dividend of 14,0 cents per share was paid to shareholders recorded in
the books of EOH at the close of business on Friday, 27 October 2006.
Asher Bohbot
Chief Executive Officer
19 March 2007
REGISTERED OFFICE
Block D, 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), Lucky Khumalo, Jane Thomson, Ken Cullinan,
John King, Dion Ramoo, Nkosinathi Khumalo, Steven Evans, Prof. Tshilidzi Marwala
(Non-executive).
COMPANY SECRETARY
Adri Els
For further information, please contact Rob Sporen on the above numbers or on
cell: 082 444 7533
Systems make it possible...
People make it happen!
Partner for life
Date: 19/03/2007 08:18:52 Produced by the JSE SENS Department.
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