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DYM
DYM
DYM - Dynamic Cables RSA - Unaudited interim results for the six months
ended 30 June 2007
DYNAMIC CABLES RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/001807/06)
Share code DYM ISIN ZAE000028270
("Dynamic Cables" or "the company")
Unaudited Interim Results for the six months ended 30 June 2007
Abridged Group Income Statement
for the period ended 30 June 2007
Unaudited Reviewed Audited
% six months six months 12 months
6 months 30 June 30 June 31 December
change 2007 2006 2006
R`000 R`000 R`000
Turnover 1,11 68 779 68 027 160 329
Gross profit (19,36) 20 174 25 017 53 300
Operating profit (23,95) 6 189 8 138 17 245
Fair value adjustment 4 536 - -
Income from
investments 93 15 34
Finance charges (1 220) (873) (1 930)
Profit/(Loss) before
taxation 31,84 9 598 7 280 15 349
Taxation (2 783) (1 388) (5 543)
Net profit
attributable to
ordinary
shareholders 15,67 6 815 5 892 9 806
Basic earnings per
share (cents) (1,47) 8,7 8,8 14,7
Headline earnings
per share (cents) (1,47) 8,7 8,8 14,7
Abridged Group Balance Sheet
as at 30 June 2007
Unaudited Reviewed Audited
30 June 30 June 31 December
2007 2006 2006
R`000 R`000 R`000
ASSETS
Non-current assets 40 218 16 263 19 829
Property, plant and equipment 11 921 7 021 10 594
Intangible assets 9 235 9 242 9 235
Financial assets 18 144 - -
Goodwill 918 - -
Current assets 86 386 58 200 66 748
Inventories 23 090 18 744 19 314
Trade and other receivables 39 362 25 200 26 403
Loans to shareholders 8 155 - 5 131
Short-term loans - 3 114 -
Financial assets 1 323 3 095 3 333
Current tax receivable 508 - 204
Prepayments - 205 -
Cash and cash equivalents 13 948 7 842 12 363
Total assets 126 604 74 463 86 577
EQUITY
Equity attributable to equity holders
of the company 56 206 30 952 34 864
Share capital and premium 118 601 104 075 104 075
Accumulated losses (62 395) (73 123) (69 211)
LIABILITIES
Non-current liabilities 4 461 2 059 3 833
Borrowings 2 343 722 2 617
Deferred tax liability 2 118 1 337 1 216
Current liabilities 65 937 41 452 47 880
Trade and other payables 49 748 27 565 30 521
Current income tax liabilities 15 008 12 512 15 325
Loans from shareholders - - 97
Borrowings - - -
Short-term portion of non-current
liabilities 730 322 834
Provisions - 682 -
Bank overdraft 18 - 670
Operating lease liability 433 371 433
Total equity and liabilities 126 604 74 463 86 577
Abridged Group Cash Flow Statement
for the period ended 30 June 2007
Unaudited Reviewed Audited
six months six months 12 months
30 June 30 June 31 December
2007 2006 2006
R`000 R`000 R`000
Cash flow from operating
activities 9 724 2 184 10 569
Cash receipts from customers 70 937 60 642 177 789
Cash paid to suppliers and
employees (57 339) (56 458) (162 514)
Cash (utilised)/generated by
operations 13 598 4 184 15 275
Interest paid (1 220) (873) (1 930)
Interest received 93 15 34
Taxation paid (2 747) (1 142) (2 810)
Cash flow from investing
activities (18 517) (1 063) (6 311)
Additions to property, plant and
equipment (2 384) (1 063) (6 895)
Proceeds on disposal
of property, plant
and equipment - - 927
Acquisition of subsidiary - - (343)
Purchase of other financial assets (16 133) - -
Cash flow from financing
activities 11 030 (71) 643
Proceeds from issue of share
capital 14 525 - -
Repayment of shareholders loan (3 120) - (1 715)
(Decrease)/Increase in long-term
borrowings (375) (71) 2 358
Net (decrease)/increase in cash 2 237 1 050 4 901
Cash surplus at the beginning of
the period 11 693 6 792 6 792
Cash resources at the end of the
period 13 930 7 842 11 693
Statement of Changes in Equity
for the period ended 30 June 2007
Share Share
capital premium
Unaudited R`000 R`000
Balance at 1 January 2006 (Audited) 3 246 100 829
Net profit for period - -
Balance at 31 December 2006 3 246 100 829
Issue of shares 581 13 945
Net profit for period - -
Balance at 30 June 2007 3 827 114 774
Accumulated
profit/(loss) Total
Unaudited R`000 R`000
Balance at 1 January 2006 (Audited) (79 016) 25 059
Net profit for period 9 806 9 806
Balance at 31 December 2006 (69 210) 34 865
Issue of shares - 14 526
Net profit for period 6 815 6 815
Balance at 30 June 2007 (62 395) 56 206
Segmental information
for the period ended 30 June 2007
Geographical Segment Engineering Cabling Total
REVENUE 29 315 39 464 68 779
- Gauteng - 16 901 16 901
- Western Cape 29 315 22 563 51 878
TOTAL ASSETS 26 629 99 975 126 604
- Gauteng - 26 213 26 213
- Western Cape 26 629 73 762 100 391
Geographical segments:
The company operates locally with outlets in Gauteng and the Western Cape.
Supplementary Information
for the period ended 30 June 2007
Unaudited Reviewed Audited
six months six months 12 months
30 June 30 June 31 December
2007 2006 2006
R`000 R`000 R`000
Shares in issue (000`s) 78 421 66 800 66 800
Shares in issue - weighted (000`s) 78 421 66 800 66 800
Net asset value per share (cents) 71.7 46.3 52.2
Capital expenditure (R`000) 2 384 1 064 6 895
Capital commitments (R000`s) - 1 521 -
Depreciation, amortisation and
impairment charge (R`000) 1 083 949 1 759
Finance and operating lease
commitments (R`000) 1 081 2 974 2 162
Profit attributable to ordinary
shareholders (R`000) 6 815 5 892 9 806
Earnings per share (cents) 8.7 8.8 14.7
Headline earnings per share
(cents) 8.7 8.8 14.7
Accounting Policies
The condensed financial statements for the six months ended 30 June 2007 were
prepared in accordance with IAS 34 - Interim Financial Reporting and in
compliance with the Listings Requirements of the JSE Limited.
The financial information has been prepared on the basis of the recognition and
measurement requirements of International Financial Reporting Standards (IFRS).
The accounting policies of the group have remained consistent as those
previously reported in the 2006 audited annual financial statements.
Interim Operations
Turnover for the first six months of this year has been fairly constant in
comparison with the same period of 2006.
Traditionally margins and profits come under pressure during the first half of
the year. This year is no exception. The company has effected all necessary
changes so that our fixed costs have been decreased significantly to mitigate
against the full effects of steeply rising input costs.
Our order book and contracts in place for the final six months of the year
would tend to predict a much stronger second half of the trading year with both
increases in turnover and profit.
Dividends
No dividends have been declared or paid at interim date.
Related Party Transactions
Related party transactions between subsidiaries of the company and between the
company and the subsidiaries have been eliminated in full on consolidation.
These transactions are no less favourable than those arranged with third
parties.
Comments
Prospects
The company expects to trade more profitably in the second half of the year and
will be looking to expand its business activities respectively pursuing new
markets and opportunities.
For and behalf of the board
T D Rai R J McGregor
Chief Executive Officer Company Secretary
Cape Town
28 September 2007
Date: 28/09/2007 07:42:22 Produced by the JSE SENS Department.
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