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BIC
BIC
BIC - BICC Cafca - Audited Financial Results: Full Year Ended 31 December 2007
BICC Cafca Limited
Share Code: BIC
ISIN Code: ZW0009011074
Notice To Shareholders
Audited Financial Results For The Full Year Ended 31 December 2007
FINANCIAL HIGHLIGHTS
- Inflation adjusted
- Sales Volume up 122%
- Turnover up 175%
- Profit before taxation up 117%
- Operating Profit of $3.4 trillion (2006: $1.6 trillion).
- Profit before taxation of $3.3 trillion (2006:$1.5 trillion)
- Headline earnings per share of $77,294.65 (2006: $37,563.73).
2007 2006
Z$000 Z$000
INFLATION ADJUSTED
GROUP PROFIT & LOSS ACCOUNT
Sales 22,529,128,240 8,192,005,995
Domestic 17,389,977,657 8,141,731,663
Export 5,139,150,583 50,274,332
Operating Profit 3,372,145,058 1,624,015,267
Net Finance (9,375,655,538) (3,269,253,207)
Costs
Monetary Gain 9,293,340,778 3,159,135,630
Profit Before Taxation 3,289,830,298 1,513,897,690
Taxation (795,609,227) (301,753,662)
Profit After 2,494,221,071 1,212,144,028
Taxation
Issued Ordinary Shares 32,269 32,269
(weighted)
Basic Earnings per share 77,295 37,564
(dollars)
Headline Earnings per share 77,295 37,564
(dollars)
GROUP CASH FLOW STATEMENT
Profit After Monetary 12,665,485,836 4,783,150,897
Adjustment
Depreciation 109,420,417 84,219,443
Profit on Sale of Fixed (51,110,212) (19,062,058)
Asset
Change in Working Capital (1,483,715,489) (2,028,127,964)
Operating Cash Flow 11,240,080,552 2,820,180,318
Net Finance Cost (9,375,655,538) (3,269,253,207)
Taxation Paid (784,451,598) (186,957,301)
Capital Expenditure (685,139,325) (1,285,336)
Increase in investment (527,000,000) 0
Proceeds on Sale of Fixed asset 51,110,212 22,216,249
Change in Net (81,055,697) (615,099,277)
Debt
GROUP BALANCE SHEET
Non- Current Assets 1,970,042,429 1,394,323,521
Investments 527,000,000 0
Inventory 4,652,205,338 2,489,041,366
Accounts Receivable 1,162,212,618 2,074,174,777
Deferred Tax 0 0
Cash 118,718,339 26,544,789
Total Assets 8,430,178,724 5,984,044,453
Shareholders` Equity 5,291,073,928 2,796,852,857
Current 2,375,508,689 2,870,404,806
Liabilities
Short Term Debt 272,919,249 99,690,002
Deferred Tax 490,676,858 217,136,788
Total Equity and Liabilities 8,430,178,724 5,984,084,453
STATEMENT OF CHANGES IN EQUITY
Adjustment
to Share Revenue
Capital Capital Reserves Total
Z$000 Z$000 Z$000 Z$000
Balance at 1 January 2006 20 4,716,334,699 (3,131,625,890) 1,584,708,829
Net Profit for 0 0 1,212,144,028 1,212,144,028
year
Balance at 31 December 20 4,716,334,699 (1,919,481,862) 2,796,852,857
2006
Balance at 1 January 2007 20 4,716,334,699 (1,919,481,862) 2,796,852,857
Net Profit for the year 0 0 2,494,221,071 2,494,221,071
Balance at 31 December 20 4,716,334,699 574,739,209 5,291,073,928
2007
2007 2006
Z$000 Z$000
Capital 685,139,325 1,285,336
Expenditure
Depreciation charge 109,420,417 84,219,443
There were no outstanding capital commitments
Historical cost
Sales Volume 122%
Turnover up 38 384%
Profit before taxation up 100 010%
Operating profit $1.4 trillion (2006: $4 billion)
Profit before taxation of $1,50 trillion ( 2006 :$1.5 billion).
Headline earnings per share of $31,975.24 (2006:$31.97).
2007 2006
Z$000 Z$000
HISTORICAL COST
GROUP PROFIT & LOSS ACCOUNT
Sales 2,490,743,521 6,472,138
Domestic 1,876,098,823 6,463,818
Export 614,644,698 8,320
Operating 1,360,995,647 4,193,200
Profit
Net Finance Income/(Costs) 130,775,385 (2,703,061)
Monetary Gain / 0 0
(Loss)
Profit Before 1,491,771,032 1,490,139
Taxation
Taxation (459,962,085) (458,409)
Profit After 1,031,808,947 1,031,730
Taxation
Issued Ordinary Shares (weighted) 32,269 32,269
Basic Earnings per share (dollars) 31,975.24 31.97
Headline Earnings per share 31,975.24 31.97
(dollars)
GROUP CASH FLOW STATEMENT
Operating 1,360,995,647 4,193,200
Profit
Depreciation 1,070,600 111
Profit on Sale of Fixed Asset (6,850,400) (10,397)
Change in Working Capital (684,672,008) (4,157,735)
Operating Cash 670,543,839 25,179
Flow
Net Interest Received / (Paid) 130,775,385 (29,048)
Taxation (405,025,157) (173,669)
Paid
Capital (30,235,319) (1,934)
Expenditure
Increase in Investment (527,000,000)
Proceeds on Sale of Fixed asset 6,850,400 10,400
Change in Net Debt (154,090,852) (169,072)
GROUP BALANCE SHEET
Non- Current 29,167,394 2,676
Assets
Investments 527,000,000 0
Inventory 1,410,596,982 2,207,719
Accounts 722,455,653 2,781,939
Receivable
Deferred 62,107,072 278,574
Tax
Cash 118,718,339 39,941
Total Assets 2,870,045,440 5,310,849
Shareholders` 1,032,882,865 1,073,918
Equity
Current 1,564,243,326 4,086,931
Liabilities
Short Term Debt 272,919,249 150,000
Deferred Tax 0 0
Total Equity and 2,870,045,440 5,310,849
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 42,104 41,188
January 2006
Net Profit for 0 0 1,031,730 1,031,730
the year
Balance at 31 December 2006 20 64 1,073,834 1,073,918
Balance at 1 20 64 1,073,834 1,073,818
January 2007
Net Profit for the 0 0 1,031,808,947 1,031,808,947
year
Balance at 31 December 2007 20 64 1,032,882,781 1,032,882,865
2007 2006
Z$000 Z$000
Capital Expenditure 30,235,319 1,934
Depreciation charge 1,070,600 111
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:
31 December 2007 11,980,252 1.000
31 December 2006 18,026.3 664.60
31 December 2005 1,304.2 9,183.52
BY ORDER OF THE BOARD
C. KANGARA
COMPANY SECRETARY
DATE: 5 March 2008
Directors:
H.P.Mkushi (Chairman), R.N Webster (Managing)
E.T.Z.Chidzonga, A.Mabena, T.A.Taylor, S.Mangwengwende
Date: 05/03/2008 14:39:43 Produced by the JSE SENS Department.
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