|
BIC
BIC
BIC - BICC Cafca - Unaudited financial results for the half year
ended 30 June 2006
BICC Cafca Limited
Share Code: BIC
ISIN Code: ZW0009011074
NOTICE TO SHAREHOLDERS
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2006
Financial Highlights
Inflation adjusted
- Turnover up 292%
- Export Volumes 3990% up
- Domestic Volumes 9% up
- Operating profit of $3,6 billion (2006:$1,8 billion)
- Profit before taxation $86,3 billion (2006:$21 billion)
- Headline earnings per share of $729,24 (2006:$557,17)
Historical cost
- Turnover up 18121%
- Export Volumes 3990 up
- Domestic Volumes 9% up
- Operating profit of $57 billion (2006: $206 million)
- Profit before of $55 billion (2006: $225 million)
- Headline earnings per share of $1,095 (2006: $4,71)
JUNE JUNE DEC
2007 2006 2006
Z$000 Z$000 Z$000
INFLATION ADJUSTED
GROUP PROFIT & LOSS
ACCOUNT
Sales 280,860,041 71,558,749 228,269,999
Domestic 225,207,536 70,159,089 226,869,107
Export 55,652,505 1,399,659 1,400,893
Operating Profit 3,632,775 1,796,349 45,253,136
/(Loss)
Net Finance (4,413,594) 2,394,058 (91,097,642)
(Cost)/Income
Monetary gain/(loss) 42,184,713 17,154,746 88,029,219
Profit/(Loss) Before 86,270,861 21,345,153 87,051,680
Taxation
Taxation (62,738,858) (3,365,994) (8,408,375)
Profit/(Loss) After 23,532,003 17,979,159 33,776,338
Taxation
Issued Ordinary Shares 32,269 32,269 32,269
(weighted) ( 000)
Basic Earnings/(Loss) 729 557 1,046
per share (dollars)
Dividend per share
(cents)
Headline 729 557 1,046
Earnings/(Loss) per
share (dollars)
GROUP CASH FLOW
STATEMENT
Profit After Monetary 90,684,455 18,951,095 133,282,355
Adjustment
Depreciation 1,065,814 5,400,047 2,346,772
Profit on Sale of 0 (45,177) (531,164)
Property,Plant and
Equipment
Change in Working (67,828,683) (39,080,291) (148,073,547)
Capital
Operating Cash Flow 23,921,586 (13,774,326) (12,975,584)
Interest(Paid)/Received (4,413,594) 2,394,058 462,162
Taxation Paid (13,319,554) (2,223,827) (5,209,560)
Capital Expenditure (1,923,986) (240,293) (35,816)
Proceeds from Sale of 0 45,177 619,177
Property,Plant and
Equipment
Change in Net Debt 4,264,452 (13,799,211) 17,139,621
GROUP BALANCE SHEET
Non Current Assets 39,710,937 36,072,572 38,852,783
Stocks 152,712,483 25,006,590 69,357,081
Debtors 56,783,329 41,665,868 57,796,817
Cash 7,040,931 1,295,353 739,670
Total Assets 256,247,680 104,040,383 166,746,351
Shareholders` Funds 101,466,243 62,116,692 77,934,240
Creditors 100,998,416 32,696,601 79,983,743
Deferred Tax 48,968,353 9,227,090 6,050,509
Short term Borrowings 4,814,668 0 2,777,859
Total Equity and 256,247,680 104,040,556 166,746,351
Liabilities
STATEMENT OF CHANGES IN EQUITY
Share Adj.to Share Revenue
Capital
and Premium Capital Reserves
Z$000 Z$000 Z$000
Balance at 1 January 2006 20 131,420,505 (87,262,623)
Profit for the year - - 33,776,338
Balance at 31 December 2006 20 131,420,505 (53,486,285)
Balance at 1 January 2006 20 131,420,505 (53,486,285)
Pofit for the year - - 23,532,003
Balance at 30 June 2006 20 131,420,505 (29,954,282)
JUNE JUNE DEC
2007 2006 2006
Z$000 Z$000 Z$000
Capital expenditure 1,923,986 240,293 35,816
Depreciation charge 1,065,814 5,400,047 2,346,772
There were no outstanding capital commitments
FIGURES ARE STATED IN THE OLD CURRENCY
JUNE JUNE DEC
2007 2006 2006
Z$000 Z$000 Z$000
HISTORICAL COST
GROUP PROFIT & LOSS ACCOUNT
Sales 110,774,058 607,606 6,472,138
Domestic 84,946,841 599,606 6,463,818
Export 25,827,217 8,320 8,320
Operating Profit 57,036,977 206,909 4,193,200
Net Finance (1,894,603) 18,574 (2,703,061)
(Costs)/Income
Profit Before Taxation 55,142,374 224,673 1,490,139
Taxation (19,801,213) (72,771) (458,409)
Profit/(Loss) After Taxation 35,341,161 151,902 1,031,730
Issued Ordinary Shares 32,269 32,269 32,269
(weighted) ( 000)
Basic Earnings/(Loss) per share 1,095 5 32
(dollars)
Headline Earnings/(Loss) per 1,095 5 32
share (dollars)
GROUP CASH FLOW STATEMENT
Operating Profit 57,036,977 206,099 4,193,200
Depreciation 4,391 70 111
Profit on Sale of Property,Plant 0 (320) (10,397)
and Equipment
Change in Working Capital (49,752,805) (253,199) (1,483,722)
Operating Cash Flow 7,288,563 (47,350) 2,699,192
Interest (Paid)/Received (1,894,603) 18,574 (2,703,061)
Taxation Paid (3,011,686) (11,949) (173,669)
Capital Expenditure (45,951) (1,934) (1,934)
Proceeds from Sale of 0 320 10,400
Property,Plant and Equipment
Change in Net Debt 2,336,323 (42,339) (169,072)
GROUP BALANCE SHEET
Non Current Assets 44,236 2,719 2,676
Stocks 87,216,192 232,248 2,207,719
Debtors 47,926,802 335,293 2,781,939
Deferred Tax Asset 0 0 278,574
Cash 7,040,931 16,673 39,941
Total Assets and Liabilities 142,228,161 586,933 5,310,849
Shareholders` Funds 36,415,079 194,089 42,188
Current Liabilities 100,998,093 392,736 4,086,931
Deferred Tax 321 108 0
Short term Borrowings 4,814,668 0 39,941
Capital Employed 142,228,161 586,933 5,310,849
STATEMENT OF CHANGES IN EQUITY
Share Capital Revenue
Capital
and Reserve Reserves
Premium
Z$000 000 Z$000 000 Z$000 000
Balance at 1 January 2006 20 64 42,104
Profit for the year - - 1,031,730
Balance at 31 December 2006 20 64 1,073,834
Balance at 1 January 2007 20 64 1,073,918
Profit for the year - - 35,414,161
Balance at 30 June 2007 20 64 36,414,995
JUNE JUNE DEC
2007 2006 2006
Z$000 Z$000 Z$000
Capital expenditure 45,951 1,934 1,934
Depreciation charge 4,391 70 111
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:
30 June 2007 333,829.37 1.000
(Estimate)
31 December 2006 18,026.26 18.519
30 June 2006 4,296.98 77.689
OVERVIEW OF FINANCIAL RESULTS FOR HALF YEAR TO JUNE 2007
(Comments are based on historical accounts)
The past six months have seen the operating environment becoming even more
difficult than previous years with the inflation rate increasing to
alarming levels as foreign currency shortages persisted.
Turnover increased over last year due to volumes increasing by 196%. The
local market increased by 9% with the remainder of the growth coming from
toll manufacture for the export market.
The operating profit increase was mainly due to the contribution of $25
billion from toll manufacturing. Costs were maintained below inflation
levels. Short term borrowings to prepay raw materials purchases resulted
in finance costs of $1.9 billion being incurred.
WORKING CAPITAL
Cash generated was reinvested in stocks as a hedge against the high
inflation - stocks therefore increased in value. The Debtors increase was
below 30 days sales and reflected the credit terms offered on the toll
manufacturing contract. A significant proportion of the creditors figure is
attributed to the provision made for the foreign debt. This debt will be
repaid in full in the third quarter of the year significantly improving the
future profitability of the company.
The company ended the period with a net cash position of $2.3 billion
against the year-end net debt of $110 million after having increased the
volume of finished goods stocks by 61.1% since the year-end.
OUTLOOK
Foreign currency for the procurement of raw materials shall remain a key
challenge. Retention of skills will be a focus. The company will explore
initiatives which preserve and enhance value for all stakeholders in our
business including managing any demands arising from changes to current
legislation.
DIVIDEND
In view of the requirement to generate cash to settle the foreign debt and
finance working capital, the Directors have recommended waiving declaration
of an interim dividend.
BY ORDER OF THE BOARD
C. KANGARA
COMPANY SECRETARY
Directors:
H.P. Mkushi (Chairman) R.N.Webster (Managing)
E.T.Z. Chidzonga A. Mabena S. Mangwengwende T.A. Taylor
2 November 2007
Date: 02/11/2007 11:40:27 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
