SITA Presentation R3'0 Jan 2001

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(No Transcript)
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ANNUAL REPORT 2002/2003
Mr. Pieter ElsChief Financial Officer
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Key Highlights
Financial Year 2002/2003

• 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

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SITA
Revenue and Gross Profit
Millions
2500
1,968 y/y 44
2000
1,364 y/y 34
1500
1,016 y/y 10
1000
393(20GP)
187(14GP)
167(16GP)
500
0
Mar 03
Mar 02
Mar 01
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SITA
Operating Expenses
Millions
Percentage
350
30.0
321m
E/R23.9
300
25.0
243m
242m
250
20.0
200
E/R 17,8
15.0

E/R16.3
150
10.0
100
5.0
50
0
0.0
Mar 03
Mar 02
Mar 01
Operating Expenses
Operating Expense of Revenue
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SITA
Revenue and Operating Expenses
Millions
2500
1,968
2000
1500
1,364
1,017
1000
321 E/R16
243 E/R24
500
242 E/R18
0
Mar 03
Mar 02
Mar 01
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SITA
Cash on Hand
Millions
546(y/y 20)
550
450
433(y/y 83)
456
350
297
250
237
150
118
50
Mar 03
Sept 02
Mar 02
Total
Excl. Ringfenced
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SITA
Consolidated Debtors
Millions
550
457(y/y34)
Debtors collection period 2002 92 days 2003
86 days
439
450
342
350
250
185(42)
98(21)
150
80(24)
50
Mar 03
Sept 02
Mar 02
Total
gt 60 Days
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SITA
CAPEX 2002/2003
Millions
149.4
100
86.5
33.5
13.1
12
3.8
0.2
0.3
0
Total
Vehicles
ComputerPrograms
MainframeEquipment
MainframePrograms
NetworkEquipment
ComputerEquipment
Infrastructure
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SITA
CAPEX Spent Actual vs Budget
Millions
158
149(94)
147
120
93
79(54)
64(68)
40
Mar 03
Mar 02
Mar 01
Actual
Budget
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SITA
Total Assets Actual
Millions
1,417y/y 21
1,171 y/y 43
1200
820
400
Mar 03
Mar 02
Mar 01
Actual
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Thank you
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SITA
Income Statement
March 2003
Deviation
Actual
Budget
R'000
R'000

Revenue
1,967,581
2,499,380
(531,799)

-21.3
Cost of Sales
1,574,873
1,963,596
388,723
19.8
Gross Profit
392,708
535,784
(143,076)

-26.7
Gross Margin
20.0
21.4
Operating Expenses
287,397
231,041
(56,356)
-24.4
Research Development
14,623
82,660
68,037
82.3
Training
6,089
183,192
177,103
96.7
Total Operating Expenses
308,109
496,893
188,784
38.0
Operating Profit
84,599
38,891
45,708
117.5
Other Income
19,467
4,993
14,474
289.9
Post retire med aid
12,693
0
(12,693)
(100.0)
Operating Profit
91,373
43,884
47,489
108.2
Net Finance Income
28,498
(674)

29,172
4328.2
Net Profit before tax
119,871
43,210
76,661
177.4
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SITA
Detailed Income Statement
Actual Final2003
Budget2003
ofRev
Actual2002
ofRev
Y/Y
Gross revenue
1,967.6
2,499.4
1,364.0
44

Cost of sales
1,574.9
1,963.6
80
1,176.5
34
86
-Direct Materials
622.2
542.1
32
433.1
44
32
-Direct Labour
450.4
691.9
23
376.3
20
28
-Direct Overheads
439.5
665.5
22
273.1
61
20
-Direct Depreciation
62.8
64.1
3
94.0
(33)
7

Gross profit
392.7
535.8
187.5
109
G P
20.0
21.4
13.7
Other income
19.5
5.0

8.6
126

Operating expenses
287.4
231.0
15.0
213.5
38
15.7
-Indirect Labour
144.1
134.7
7.3
121.5
19
8.9
-Marketing Costs
10.6
15.8
0.5
2.9
262
0.2
-Indirect Overheads
121.3
80.5
6.6
74.0
75
5.4
-Indirect Depreciation
11.5
0.0
0.6
15.1
(24)
1.1
Operating profit/(loss)
124.8
309.8
(17.4)
100
R D costs
14.6
82.7
7.8
88
Training Costs
6.1
183.2
5.3
14
Post Retirement Medical Costs
12.7
0.0
48.1
Net finance income
28.5
(0.7)
7.8
265
Profit before taxation
119.9
43.2
(70.8)
100
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SITA
Operating Expenses 2003 Actual vs Budget
Description
Actual
Budget
Delta
Reason
Over 120 days unpaid at30 June 2003
Provision of doubtful debts
1.
11.1
0
-11.1

Microsoft payment - R63m
Foreign exchange loss
2.
3.3
0
-3.3

Temporary personsand UIF increase
Indirect labour
3.
144.1
134.7
-9.4

Various additional audits
Audit fees
4.
3.7
1.4
-2.3

Small assets written off
Small assets
5.
3.5
0.6
-2.9

Excess consumables
Computer consumables
6.
18.2
14.6
-3.6

Professional fees
Subscription membership fees
7.
11.3
9.4
-1.9

Own use software
Software in-house
8.
5
3.2
-1.8

Depreciation spreadover the year
Indirect depreciation
9.
11
0
-11

Not budgeted
Performance bonus
10.
6
0
-6
-53.3
Gain on Microsoft contract
Foreign exchange gain
11.
-9
0
9
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