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CAE
CAE
CAE - Cape Empowerment Trust - Unaudited Interim results For the six months
ended 30 June 2007
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
Share code: CAE & ISIN: ZAE000016952
("Cape Empowerment Trust" or "the company" "the group")
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
6 months 6 months 12 months
30 June 30 June 31 December
2007 2006 2006
R`000 R`000 R`000
Turnover 76 692 74 593 174 568
Gross profit 22 883 27 100 60 251
Operating income/ (expenses) (net) (695) 6 819 13 957
Finance costs (net) (2 203) (998) (2 965)
Negative goodwill 3 743 - 6
Investment income 863 275 418
Fair value adjustments 28 331 - 13 375
Income from equity accounted
investments 59 282 21 450 82 190
Profit/(Loss) before taxation 89 321 27 546 106 981
Income tax expense (7 810) (2 480) (14 654)
Profit for the period 81 511 25 066 92 327
Attributable to:
Equity holders of the company 76 453 21 891 85 787
Minority interest 5 058 3 175 6 540
81 511 25 066 92 327
Earnings per share for profit
attributable to the equity holders
of the Group during the period
(expressed as cents per share)
Basic 30.9 12.5 44.9
Headline 28.5 12.5 44.1
Fully diluted earnings per share
(cents) 28.9 12.5 42.9
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 382 784 118 090 232 462
Property, plant and equipment 19 313 9 388 17 892
Goodwill 24 426 20 456 23 508
Intangible assets 9 234 9 251 9 234
Investments in associates 220 556 69 841 131 050
Other financial assets 109 255 3 387 50 778
Deferred tax asset - 5 767 -
Current assets 120 499 59 312 73 803
Inventories 23 091 18 744 19 314
Loans to associates 1 165 - 1 165
Other financial assets 5 511 3 095 7 320
Trade and other receivables 41 762 28 111 28 351
Prepayments - 204 -
Cash and cash equivalents 48 970 9 158 17 653
Total assets 503 283 177 402 306 265
EQUITY AND LIABILITIES
Equity
Share capital and premium 120 424 21 222 49 624
Retained earnings 228 703 88 415 152 250
Minority Interest 35 415 15 142 24 532
Total equity 384 542 124 779 226 406
Liabilities
Non-current liabilities 28 010 2 992 12 245
Borrowings 19 223 2 992 8 019
Deferred tax liability 8 787 - 4 226
Current liabilities 90 731 49 631 67 614
Trade and other payables 51 782 27 933 33 145
Current income tax liabilities 16 754 13 675 16 120
Borrowings 21 744 6 930 13 105
Operating lease liability 433 371 433
Bank overdraft 18 722 4 811
Total liabilities 118 741 52 623 79 859
Total equity and liabilities 503 284 177 402 306 265
Abridged Group Cash Flow Statement
for the period ended 30 June 2007
Unaudited Reviewed Audited
6 months 6 months 12 months
30 June 30 June 31 December
2007 2006 2006
R`000 R`000 R`000
Cash flow from operating activities 57 276 8 328 86 133
Operating profit/(loss) before
working
capital changes 60 028 7 960 91 368
Working capital changes 1 447 1 704 (333)
Cash (utilised)/generated by
operations 61 475 9 664 91 035
Interest received 621 275 419
Interest paid (2 203) (998) (2 965)
Dividends received 242
Taxation paid (2 859) (613) (2 356)
Cash flow from investing activities (111 809) (21 342) (141 358)
Purchase of property, plant and
equipment (2 835) (1 844) (12 961)
Purchase of subsidiary - - (3 255)
Proceeds from sale of PPE - - 981
Loans advanced to associates (1 165)
Sale of associate 6 483
Sale/(Purchase) of financial assets (28 336) - (22 391)
Other non-cash item 8 868
Associate company changes (89 506) (19 498) (109 050)
Cash flow from financing activities 90 643 696 46 591
Repayment from instalment sale
obligations (252) -
Proceeds from borrowings 11 332 696 7 275
Proceeds from shareholders loan 8 764
Repayment shareholders loan (3 821)
Proceeds on share issue 70 800 - 43 137
Net (decrease)/increase in cash 36 110 (12 318) (8 634)
Cash surplus at the beginning of
period 12 842 21 476 21 476
Cash resources at the end of period 48 951 9 158 12 842
Supplementary Information
for the period ended 30 June 2007
Unaudited Reviewed Audited
6 months 6 months 12 months
30 June 30 June 31 December
2007 2006 2006
Shares in issue (000`s) 272 429 175 767 231 072
Shares in issue - weighted (000`s) 247 499 175 767 190 869
Diluted number of shares - weighted
(000`s) 264 823 175 767 200 193
Net asset value per share (cents) 141.2 71.0 98.0
Depreciation, amortisation and
impairment charge (R`000) 1 440 1 141 2 890
Profit attributable to ordinary
shareholders (R`000) 76 453 21 891 85 787
Earnings per share (cents) 30.9 12.5 44.9
Fully diluted earnings per share
(cents) 28.9 12.5 42.9
Headline earnings per share (cents) 28.5 12.5 44.1
Fully diluted headline earnings
per share (cents) 26.6 12.5 42.0
Reconciliation of headline earnings
Profit attributable to ordinary
shareholders (R`000) 76 453 21 891 85 787
Profit on sale of shares (2 603) - (1 803)
Tax effect 378 131
Negative goodwill (3 743) - (6)
Headline earnings (R`000) 70 484 21 891 84 109
Reconciliation of diluted
number of shares
Number of shares in issue - weighted
(`000) 247 499 175 767 175 767
Dilutive shares (`000) 17 324 - -
Number of shares to be cancelled
(`000) - - (21 973)
Diluted number of shares (`000) 264 823 175 767 153 794
Statement of changes in equity
for the period ended 30 June 2007
Share Share Retained
capital premium earnings
Unaudited R`000 R`000 R`000
Balance at
1 January 2006 (Audited) 176 6 312 66 463
Profit for the year 85 787
Issue of shares 55 43 082
Business combinations
Balance at 31 December 2006 231 49 394 152 250
Profit for the period 76 453
Issue of shares 41 70 759
Business combinations
Balance at 30 June 2007 272 120 153 228 703
Minority Total
interest
Unaudited R`000 R`000
Balance at
1 January 2006 (Audited) 11 912 84 863
Profit for the year 6 540 92 327
Issue of shares 43 137
Business combinations 6 079 6 079
Balance at 31 December 2006 24 531 226 406
Profit for the period 5 058 81 511
Issue of shares 70 800
Business combinations 5 825 5 825
Balance at 30 June 2007 35 415 384 543
Segmental information
for the period ended 30 June 2007
Gaming Tech-
& Leisure Property Security nology
R`000 R`000 R`000 R`000
Total revenue
Turnover 303 - 9 311 67 078
Total assets
Assets 132 517 121 348 20 996 119 336
Financial Cor-
services porate Total
R`000 R`000 R`000
Total revenue
Turnover - - 76 692
Total assets
Assets 48 725 60 361 503 283
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 been prepared in accordance with
those previously reported in the 2006 audited annual financial statements.
Consolidation
Associates are those entities over which the Group is able to exert
significant influence but which are neither subsidiaries nor interests in a
joint venture.
Investments in associates are initially recognised at cost and subsequently
accounted for using the equity method.
Interim Operations
The business has performed extremely well and diluted earnings per share has
grown by 230 % in comparison to the same period in 2006.
Your board has no reason to believe that this trend will not continue for
the rest of the year and we anticipate exceeding the current six months
income by a significant margin in the second half of the year.
Dividends
No dividends have been declared or paid at interim date.
Segmental reporting
The company has diversified investments across five main categories, namely
Gaming and Leisure, Property, Security, Technology and Financial Services.
The condensed segment report deals with these five categories.
Subsequent Events
The following events occurred after the interim period:
Property
The company disposed of interests in African Alliance Properties to Ambit
Properties Ltd as first announced on 11 June 2007. As a result Cape
Empowerment Trust has become a 23,8 % shareholder in the linked units of
Ambit Properties Ltd and a 22% shareholder in Ambit Management Sevices (Pty)
Ltd with an option to purchase a further 4%.
Gaming & Leisure
Shareholders are referred to the group announcement on 25 September 2007
regarding Sancino Projects Ltd in terms of which the group gained control
over Sancino.
Cape Empowerment Trust continues to acquire direct and indirect interests in
Grand Parade Investments Ltd ("GPI") and currently has effective control of
17 % of the issued share capital of GPI.
Related Party Transactions
Related party transactions between subsidiaries of the group and between the
company and the group have been eliminated in full on consolidation. These
transactions are no less favourable than those arranged with third parties.
Business Combination
During the period the company aquired a significant influence over the
following companies and has equity accounted for the following Investments
in terms of IAS 28 - Investment in associates.
(See consolidation above.)
Holding
African Independent Horizons (Pty) Ltd 25%
Summit Fund Solutions (Pty) Ltd 25%
Command Holdings Ltd 24%
Comments
GROUP PROFILE
Cape Empowerment Trust is a holding company with strong broad based
empowerment credentials. Our philosophy is to acquire either significant
stakes in operating companies or to control them. The ability of Cape
Empowerment Trust to grow operations, in which it invests, is a major
criterion in their selection.
INVESTMENTS
Cape Empowerment Trust has substantial investments in the following sectors
of the economy:
Gaming and Leisure - GPI
Property - Ambit Properties Limited, Ambit Management Services
(Pty) Limited, African Alliance
Properties
Security - Command Holdings Limited, Alexandra Security (Pty)
Limited, Future Guarding
Technology - Dynamic Cables RSA Limited
Financial Services - Purple Capital Limited, African Independent Horizons
(Pty) Limited, Summit Fund Solutions (Pty) Limited
PROSPECTS
Cape Empowerment Trust is in an expansionary phase and are actively pursuing
exciting investment opportunities across all five of its key sectors. At the
same time, management remains focused on unlocking further value in its
existing portfolio.
For and behalf of the board
SL Rai R McGregor Cape Town
Chief Executive Company Secretary 28 September 2007
Sponsor: Sasfin Bank Limited
Date: 28/09/2007 07:51:55 Produced by the JSE SENS Department.
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