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ANNUAL REPORT 2002/2003 Mr. Pieter Els Chief Financial Officer.

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Presentation on theme: "ANNUAL REPORT 2002/2003 Mr. Pieter Els Chief Financial Officer."— Presentation transcript:

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2 ANNUAL REPORT 2002/2003 Mr. Pieter Els Chief Financial Officer

3 Financial Year 2002/2003 Key Highlights Operating Profit: R91m vs. R(79)m loss previous year Cash Position: Improved to R542m by 83% y/y Audit Opinion: 2001 disclaimer, 2002 negative, 2003 unqualified Expense to Revenue:From 17,8% to 16,3% (24% 2001) Debtors:Over 60 days at 21% vs. 24% prev year Operating Profit: R91m vs. R(79)m loss previous year Cash Position: Improved to R542m by 83% y/y Audit Opinion: 2001 disclaimer, 2002 negative, 2003 unqualified Expense to Revenue:From 17,8% to 16,3% (24% 2001) Debtors:Over 60 days at 21% vs. 24% prev year

4 SITA Revenue and Gross Profit 1,016 y/y 10% 1,364 y/y 34% 1,968 y/y 44% 393 (20%GP) 187 (14%GP) 167 (16%GP) 0 0 500 1000 1500 2000 2500 Mar 03 Mar 02 Mar 01 Millions RevenueGross Profit

5 SITA Operating Expenses Millions 243m 242m 321m E/R=23.9% E/R=16.3% E/R =17,8% 0 0 50 100 150 200 250 300 350 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Mar 03 Mar 02 Mar 01 Operating ExpensesOperating Expense % of Revenue Percentage

6 1,968 1,364 1,017 243 E/R=24% 242 E/R=18% 321 E/R=16% 0 0 500 1000 1500 2000 2500 Mar 03 Mar 02 Mar 01 SITA Revenue and Operating Expenses RevenueOperating Expenses Millions

7 SITA Cash on Hand TotalExcl. Ringfenced 456 297 546 (y/y 20%) 237 118 433 (y/y 83%) 50 150 250 350 450 550 Mar 03 Sept 02 Mar 02 Millions

8 Total> 60 Days SITA Consolidated Debtors 342 457 (y/y34%) 439 98 (21%) 185 (42%) 80 (24%) 50 150 250 350 450 Mar 03 Sept 02 Mar 02 550 Debtors collection period 2002 = 92 days 2003 = 86 days Millions

9 SITA CAPEX 2002/2003 149.4 0.3 0.2 3.8 13.1 86.5 12 33.5 0 0 100 Mainframe Equipment Mainframe Programs Network Equipment Computer Equipment Computer Programs Infrastructure Vehicles Total Millions

10 SITA CAPEX Spent: Actual vs Budget 149 (94%) 79 (54%) 147 158 40 120 Mar 03 Mar 02 Millions ActualBudget 64 (68%) 93 Mar 01

11 SITA Total Assets: Actual Actual 1,417 y/y 21% 1,171 y/y 43% 1,171 y/y 43% 400 1200 Mar 03 Mar 02 Millions 820 Mar 01

12 Thank you

13 SITA Income Statement R'000 % % Revenue1,967,5812,499,380(531,799) -21.3% Cost of Sales1,574,8731,963,596388,72319.8% Gross Profit392,708535,784(143,076) -26.7% Gross Margin % 20.0%21.4% Operating Expenses287,397231,041(56,356)-24.4% Research & Development14,62382,66068,03782.3% Training6,089183,192177,10396.7% Total Operating Expenses308,109496,893188,78438.0% Operating Profit84,59938,89145,708117.5% Other Income19,4674,99314,474289.9% Post retire med aid12,6930(12,693)(100.0) Operating Profit91,37343,88447,489108.2% Net Finance Income28,498(674) 29,1724328.2% Net Profit before tax119,87143,21076,661177.4% March 2003 Deviation Actual Budget

14 SITA Detailed Income Statement Actual Final 2003 Budget 2003 % of Rev Actual 2002 Y/Y % Gross revenue1,967.62,499.41,364.044% Cost of sales1,574.91,963.680%1,176.534%86% -Direct Materials622.2542.132%433.144%32% -Direct Labour450.4691.923%376.320%28% -Direct Overheads439.5665.522%273.161%20% -Direct Depreciation62.864.13%94.0(33%)7% Gross profit392.7535.8187.5109% G P %20.0%21.4%13.7% Other income19.55.0 8.6126% Operating expenses287.4231.015.0%213.538%15.7% -Indirect Labour144.1134.77.3%121.519%8.9% -Marketing Costs10.615.80.5%2.9262%0.2% -Indirect Overheads121.380.56.6%74.075%5.4% -Indirect Depreciation11.50.00.6%15.1(24%)1.1% Operating profit/(loss)124.8309.8(17.4)100% R & D costs14.682.77.888% Training Costs6.1183.25.314% Post Retirement Medical Costs12.70.048.1 Net finance income28.5(0.7)7.8265% Profit before taxation119.943.2(70.8)100% % of Rev

15 SITA Operating Expenses: 2003 Actual vs Budget Description Actual Budget Delta Reason Over 120 days unpaid at 30 June 2003 Microsoft payment - R63m Temporary persons and UIF increase Various additional audits Small assets written off Excess consumables Professional fees Own use software Depreciation spread over the year Not budgeted Gain on Microsoft contract Provision of doubtful debts Foreign exchange loss Indirect labour Audit fees Small assets Computer consumables Subscription & membership fees Software in-house Indirect depreciation Performance bonus Foreign exchange gain 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 11.10-11.1 3.30-3.3 144.1134.7-9.4 3.71.4-2.3 3.50.6-2.9 18.214.6-3.6 11.39.4-1.9 53.2-1.8 110-11 60-6 -53.3 -909

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