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DYM
DYM
DYM - Dynamic Cables Rsa Limited - Unaudited interim results for the six months
ended 30 June 2008
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" or "the group")
Unaudited Interim Results for the six months ended 30 June 2008
Abridged Group Income Statement
for the period ended 30 June 2008
Unaudited
% six months
6 months` 30 June
change 2008
R`000
Turnover (16,58) 57 374
Gross profit (22,02) 15 731
Operating profit (38,94) 3 779
Fair value adjustment -
Income from investments 1 595
Finance charges (1 602)
Profit before taxation (60,70) 3 772
Taxation (1 237)
Net profit attributable to ordinary
shareholders (62,80) 2 535
Basic earnings per share (cents) (62,80) 3,2
Headline earnings per share (cents) (62,80) 3,2
Fully diluted earnings per share (cents) (62,80) 3,2
Fully diluted headline earnings
per share (cents) (62,80) 3,2
Unaudited Audited
six months 12 months
30 June 31 December
2007 2007
R`000 R`000
Turnover 68 779 130 132
Gross profit 20 174 41 220
Operating profit 6 189 17 441
Fair value adjustment 4 536 -
Income from investments 93 951
Finance charges (1 220) (2 661)
Profit before taxation 9 598 15 731
Taxation (2 783) (6 365)
Net profit attributable to ordinary
shareholders 6 815 9 366
Basic earnings per share (cents) 8,7 11,9
Headline earnings per share (cents) 8,7 11,9
Fully diluted earnings per share (cents) 8,7 11,9
Fully diluted headline earnings
per share (cents) 8,7 11,9
Abridged Group Balance Sheet
as at 30 June 2008
Unaudited Unaudited Audited
30 June 30 June 31 December
2008 2007 2007
R`000 R `000 R`000
ASSETS
Non-current assets 40 363 40 218 39 651
Property, plant and equipment 8 236 11 921 8 393
Investment property 2 609 - 2 609
Intangible assets 9 235 9 235 9 235
Financial assets 18 924 18 144 18 326
Deferred tax 1 359 - 1 088
Goodwill - 918 -
Current assets 81 491 86 386 68 214
Inventories 24 047 23 090 23 253
Trade and other receivables 26 705 39 362 14 726
Loans to shareholders 13 599 8 155 9 045
Financial assets 272 1 323 527
Current tax receivable 618 508 665
Cash and cash equivalents 16 250 13 948 19 998
Total assets 121 854 126 604 107 865
EQUITY
Equity attributable to equity
holders of the company 61 455 56 206 58 920
Share capital and premium 118 764 118 601 118 764
Accumulated losses (57 309) (62 395) (59 844)
LIABILITIES
Non-current liabilities 5874 4461 6 480
Borrowings 3019 2343 3 546
Deferred tax liability 2855 2118 2 934
Current liabilities 54525 65937 42 465
Trade and other payables 36830 49748 26 618
Current income tax liabilities 15449 15008 15 076
Loans from shareholders - - 98
Short-term portion of non-current
liabilities 743 730 631
Bank overdraft 1 503 18 42
Operating lease liability - 433 -
Total equity and liabilities 121 854 126 604 107 865
Abridged Group Cash Flow Statement
for the period ended 30 June 2008
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2008 2007 2007
R`000 R`000 R`000
Cash flow from operating activities 1 004 9 724 15 411
Cash receipts from customers 45 396 70 937 141 623
Cash paid to suppliers and employees (43 345) (57 339) (118 179)
Cash generated by operations 2 051 13 598 23 444
Interest paid (1 477) (1 220) (2 338)
Interest received 1 595 93 951
Taxation paid (1 165) (2 747) (6 646)
Cash flow from investing activities (1 021) (18 517) (18 513)
Additions to property, plant and
equipment (678) (2 384) (1 621)
Proceeds on disposal of property,
plant
and equipment - - 1 237
Purchase of investment property - - (2 609)
Sale of other financial assets (343) (16 133) (15 520)
Cash flow from financing activities (5 192) 11 030 11 365
Proceeds from issue of share capital - 14 525 14 689
Repayment of shareholders` loan (4 651) (3 120) (3 914)
(Decrease)/Increase in long term
borrowings - (541) (375) 590
Net (decrease)/increase in cash (5 209) 2 237 8 263
Cash surplus at beginning of period 19 956 11 693 11 693
Cash resources at end of period 14 747 13 930 19 956
Statement of Changes in Equity
for the period ended 30 June 2008
Share Share Accumulated
capital premium profit/(loss) Total
Unaudited R`000 R`000 R`000 R`000
Balance at 1 January
2007 (Audited) 3 246 100 829 (69 210) 34 865
Issue of shares 674 14 015 - 14 689
Net profit for period - - 9 366 9 366
Balance at 31
December 2007 3 920 114 844 (59 844) 58 920
Issue of shares - - - -
Net profit for period - - 2 535 2 535
Balance at 30 June
2008 3 920 114 844 (57 309) 61 455
Segmental information
for the period ended
30 June 2008
Geographical Segment Engineering Cabling Total
REVENUE 25 820 31 554 57 374
- Gauteng - 12 726 12 726
- Western Cape 25 820 18 828 44 648
TOTAL ASSETS 36 011 85 843 121 854
- Gauteng - 17 008 17 008
- Western Cape 36 011 68 835 104 846
Geographical segments
The company operates locally with outlets in Gauteng and the Western Cape.
Supplementary Information
for the period ended 30 June 2008
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2008 2007 2007
Shares in issue (`000) 78 421 78 421 78 421
Shares in issue - weighted (`000) 78 421 78 421 78 421
Diluted number of shares - weighted
(`000) 78 421 78 421 78 421
Net asset value per share (cents) 78,4 71,7 75,1
Capital expenditure (R`000) 678 2 384 1 621
Capital commitments (R`000) 40 - -
Depreciation, amortisation and
impairment charge (R`000) 835 1 083 2 638
Finance and operating lease
commitments (R`000) 4 481 1 081 2 147
Profit attributable to ordinary
shareholders (R`000) 2 535 6 815 9 366
Earnings per share (cents) 3,2 8,7 11,9
Fully diluted earnings per share (cents) 3,2 8,7 11,9
Headline earnings per share (cents) 3,2 8,7 11,9
Fully diluted headline earnings per
share (cents) 3,2 8,7 11,9
RECONCILIATION OF HEADLINE EARNINGS R`000 R `000 R`000
Net profit for period 2 535 6 815 9 366
Headline earnings 2 535 6 815 9 366
Accounting Policies
The condensed financial statements for the six months ended 30 June 2008 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 2007 audited annual financial statements.
Interim Operations
The group`s performance has been impacted by significant increases in input
costs (up to 70% in the case of steel). At the same time major customers have
reduced capital expenditure. As a result and excluding the once-off fair value
adjustment in the previous comparable period, net profit attributable to
ordinary shareholders is comparable to the previous year.
Prospects
In line with previous trends, we anticipate the second half of the year to be
more profitable.
For and behalf of the board
T D Rai R J McGregor
Chief Executive Company Secretary
Cape Town
30 September 2008
Date: 30/09/2008 09:02:01 Produced by the JSE SENS Department.
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