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BIC
BIC
BIC - BICC Cafca - Audited Financial Results: Full Year Ended 31 December 2006
BICC Cafca Limited
Share Code: BIC
ISIN Code: ZW0009011074
Notice To Shareholders
Audited Financial Results For The Full Year Ended 31 December 2006
FINANCIAL HIGHLIGHTS
- Inflation adjusted
- Turnover up 39%
- Profit before taxation up 1635%
- Operating Profit of $2.4 billion (2005: $2.6 billion).
- Profit before taxation of $2.3 billion (2005:$0.13 billion)
- Headline earnings per share of $56.52 (2005: $0.26).
2006 2005
Z$000 Z$000
INFLATION ADJUSTED
GROUP PROFIT & LOSS ACCOUNT
Sales 12,326,220 8,849,812
Domestic 12,250,574 6,276,210
Export 75,646 2,573,602
Operating Profit 2,443,599 2,586,324
Net Finance (4,919,129) (2,349,662)
Costs
Monetary Gain / (Loss) 4,753,439 (105,424)
Profit Before Taxation 2,277,909 131,238
Taxation (454,039) (122,749)
Profit After 1,823,870 8,489
Taxation
Issued Ordinary Shares 32,269 32,269
(weighted)
Basic Earnings per share 56.52 0.26
(dollars)
Headline Earnings per share 56.52 0.26
(dollars)
GROUP CASH FLOW STATEMENT
Profit After Monetary 7,197,039 2,480,901
Adjustment
Depreciation 126,722 363,385
Profit on Sale of Fixed (28,682) (400)
Asset
Change in Working Capital (7,995,737) 741,342
Operating Cash Flow (700,658) 3,585,228
Net Interest Received / 24,956 (2,349,662)
(Paid)
Taxation Paid (281,308) (81,064)
Capital (1,934) (7,950)
Expenditure
Proceeds Sale of Fixed asset 33,428 400
Change in Net (925,516) 1,146,952
Debt
GROUP BALANCE SHEET
Non- Current Assets 2,097,989 2,227,523
Inventory 3,745,172 962,312
Accounts Receivable 3,120,938 1,735,750
Deferred Tax 0 0
Cash 39,941 815,459
Total Assets 9,004,040 5,741,044
Shareholders` Equity 4,208,326 2,384,456
Current 4,468,996
Liabilities 2,724,482
Deferred Tax 326,718 632,106
Total Equity and Liabilities 9,004,040 5,741,044
STATEMENT OF CHANGES IN EQUITY
Share Retained
Adjustment
to Share
Capital Capital Earnings Total
Z$000 Z$000 Z$000 Z$000
Balance at 1 January 2005 20 7,096,481 (4,720,534) 2,375,967
Net Profit for - - 8,489 8,489
year
Balance at 31 December 20 7,096,481 (4,712,045) 2,384,456
2005
Balance at 1 January 2006 20 7,096,481 (4,712,045) 2,384,456
Net Profit for the year - - 1,823,870 1,823,870
Balance at 31 December 20 7,096,481 (2,888,175) 4,208,326
2006
2006 2005
Z$000 Z$000
Capital 1,934 7,950
Expenditure
Depreciation charge 126,722 363,385
There were no outstanding capital commitments
Historical cost
Turnover up 2181%
Profit before taxation up 2768%
Operating profit $4.2 billion (2005: $0.15 billion)
Profit before taxation of $1,50 billion ( 2005 :$0,052 billion).
Headline earnings per share of $31.97 (2005:$1.18).
2006 2005
Z$000 Z$000
HISTORICAL COST
GROUP PROFIT & LOSS ACCOUNT
Sales 6,472,138 283,704
Domestic 6,463,818 214,752
Export 8,320 68,953
Operating 4,193,200 153,643
Profit
Net Finance Costs (2,703,061) (101,677)
Monetary Gain / - -
(Loss)
Profit Before 1,490,139 51,966
Taxation
Taxation (458,409) (13,872)
Profit After 1,031,730 38,094
Taxation
Issued Ordinary Shares (weighted) 32,269 32,269
Basic Earnings per share (dollars) 31.97 1.18
Headline Earnings per share 31.97 1.18
(dollars)
GROUP CASH FLOW STATEMENT
Operating 4,193,200 153,643
Profit
Depreciation 111 134
Profit on Sale of Fixed Asset (10,397) (12)
Change in Working Capital (4,157,735) 16,829
Operating Cash 25,179 170,593
Flow
Net Interest Received / (Paid) (29,048) (101,677)
Taxation (173,669) (5,839)
Paid
Capital (1,934) (575)
Expenditure
Proceeds Sale of Fixed asset 10,400 12
Change in Net Debt (169,072) 62,514
GROUP BALANCE SHEET
Non- Current 2,676 855
Assets
Inventory 2,207,719 56,804
Accounts 2,781,939 123,770
Receivable
Deferred 278,574 0
Tax
Cash 39,941 59,014
Total Assets 5,310,849 240,443
Shareholders` 1,073,918 42,188
Equity
Current 4,236,931
Liabilities 196,962
Deferred Tax 0 1,293
Total Equity and 5,310,849 240,443
Liabilities
STATEMENT OF CHANGES IN EQUITY
Share Revaluation Retained
Capital and Other Earnings Total
Reserves
Z$000 Z$000 Z$000 Z$000
Balance at 1 20 64 4,010 4,093
January 2005
Net Profit for - - 38,094 38,094
the year
Balance at 31 December 2005 20 64 42,104 42,188
Balance at 1 20 64 42,104 42,188
January 2006
Net Profit for the - - 1,031,730 1,031,730
year
Balance at 31 December 2006 20 64 1,073,834 1,073,918
2006 2005
Z$000 Z$000
Capital Expenditure 1,934 575
Depreciation charge 111 134
HYPERINFLATION
The financial statements are prepared on an inflation adjusted basis,in
accordance with International Accounting Standard 29.The historical figures are
appropriately adjusted and restated to reflect the changes in the general
purchasing power of the Zimbabwe dollar. The comparative figures for the
previous period have been similarly restated. The indices used to restate these
financials are given below:
31 December 2006 18,026.26 1.000
31 December 2005 1,304.5 13.818
31 December 2004 190.2 94.776
BY ORDER OF THE BOARD
C. KANGARA
COMPANY SECRETARY
DATE: 30 April 2007
Directors:
H.P.Mkushi (Chairman), R.N Webster (Managing)
E.T.Z.Chidzonga, A.Mabena, T.A.Taylor, S.Mangwengwende
Date: 30/04/2007 13:54:29 Produced by the JSE SENS Department.
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