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BIC
BIC
BIC - BICC Cafca - Unaudited Financial Results: Half Year Ended 30 June 2008
BICC Cafca Limited
Share Code: BIC
ISIN Code: ZW0009011074
Notice To Shareholders
Unaudited Financial Results For The Half Year Ended 30 June 2008
FINANCIAL HIGHLIGHTS
Inflation adjusted
- Turnover down 61 %
- Sales Volume down 61%
- Operating Profit of $4.5 quadrillion (2007: $406 trillion)
- Earnings per share up 178%
Half Year Half year Full year
June 2008 June 2007 Dec 2007
Z$Millions Z$Millions Z$Millions
INFLATION ADJUSTED
GROUP PROFIT & LOSS ACCOUNT
12,313,633,264 31,462,747,477 66,707,766,762
Sales
Domestic 11,276,619,738 25,228,433,874 51,490,965,882
Export 1,037,013,526 6,234,313,603 15,216,800,880
Operating Profit 4,471,377,459 406,951,253 9,984,774,538
Net Finance 1,083,142,288 (494,420,280) (27,760,907,402)
Income/(Costs)
Fair Value Gain 2,159,575,970 0 0
Monetary Gain 2,300,300,000 9,751,716,922 27,517,176,987
Profit Before 10,014,395,717 9,664,247,895 9,741,044,123
Taxation
Taxation (2,674,746,737) (7,028,142,072) (2,355,764,244)
Profit After 7,339,648,980 2,636,105,823 7,385,279,879
Taxation
Issued Ordinary 32 32 32
Shares(weighted)(Mil
lions)
Basic Earnings per 227,452,012 81,691,587 228,866,091
share
(dollars)
Headline Earnings 227,452,012 81,691,587 228,866,091
per share (dollars)
GROUP CASH FLOW STATEMENT
6,771,677,459 10,158,668,175 37,501,951,525
Profit After
Monetary
Adjustment
Depreciation 163,551,765 119,394,739 323,989,086
Profit on Sale (151,335,111)
of Fixed Asset
Change in (193,226,806) (7,598,315,272) (4,393,216,896)
Working Capital
Operating Cash 6,742,002,418 2,679,747,642 33,281,388,604
Flow
Net Finance 1,083,142,288 (494,420,280) (27,760,907,402)
Income/(Cost)
Taxation Paid (4,645,241,395) (1,492,085,166) (2,322,726,989)
Capital (260,456,308) (215,529,069) (2,028,667,679)
Expenditure
Proceeds on 0 0 151,335,111
Sale of Fixed
asset
Purchase of
Investment 2,919,447,003 477,713,127 (240,002,385)
Change in Net
Debt
GROUP BALANCE SHEET
5,930,114,306 4,448,504,767 5,833,209,766
Non Current Assets
Available for Sale Assets 3,720,000,000 0 1,560,424,030
Inventory 9,969,417,323 17,107,181,62 13,774,977,24
3 0
Accounts Receivable 36,673,144,25 6,360,991,017 3,441,260,904
8
Deferred Tax Asset 183,896,335 0 183,896,335
Cash 2,483,829,772 788,740,275 351,519,828
Total Assets 58,960,401,99 28,705,417,68 25,145,288,10
4 2 3
Shareholders` Funds 23,008,866,84 11,366,447,47 15,669,217,86
6 1 6
Current Liabilities 35,930,570,18 16,799,620,71 8,667,968,235
5 9
Short term Debt 20,964,963 539,349,492 808,102,002
Total Equity and Liabilities 58,960,401,99 28,705,417,68 25,145,288,10
4 2 3
STATEMENT OF CHANGES IN EQUITY
Adjustment to Revenue Total
Share Capital Reserves Z$M Z$M
Z$M
Balance at 1 January 2000 63,648 100,401
Effect of adoption of - 14,135
IAS10 (revised)
Balance at 1 January 2007 13,967,440,71 (5,683,502,750 8,283,937,968
8 )
Profit for the year 0 7,385,279,898 7,385,279,898
Balance at 31 December 13,967,440,71 1,701,777,148 15,669,217,86
2007 8 6
Balance at 1 January 2008 13,967,440,71 1,701,777,148 15,669,217,86
8 6
Profit for the year 0 7,339,648,980 7,339,648,980
Balance at 30 June 2008 13,967,440,71 9,041,426,128 23,008,866,84
8 6
Half Year Half Year Full year
June 2008 June 2007 Dec 2007
Z$Millions Z$Miliions Z$Millons
Capital expenditure 260,456,308 215,529,069 2,028,667,679
Depreciation charge 163,551,765 119,394,739 323,989,086
Historical Cost (Old Currency)
-Turnover up 1,419,063%
-Sales volumes down 61%
-Operating profit of $1 quadrillion (2007 :operating profit $57 billion)
-Earnings per share up 18,872,499%
HISTORICAL COST
GROUP PROFIT AND LOSS ACCOUNT
Half Year Half Year Full year
June 2008 June 2007 Dec 2007
Z$Millions Z$Miliions Z$Millons
Sales 1,572,064,608 110,774 2,490,744
Domestic 1,398,010,807 84,947 1,876,099
Export 174,053,801 25,827 614,645
Operating Profit n 1,026,887,546 57,037 1,360,996
Fair value gain 3,719,473,000 0 0
Net Finance 2,413,987,424 (1,895) 130,775
Income/(Costs)
Profit Before Taxation 7,160,347,970 55,142 1,491,771
Taxation (490,552,465) (19,801) (459,962)
Profit After Taxation 6,669,795,505 35,341 1,031,809
Issued Ordinary Shares 32 32 32
(weighted) (Millions)
Basic Earnings per 206,693,592 1,095 31,975
share (dollars)
Dividend per share 218.00 218.00 218
(cents)
Headline Earnings per 206,693,592 1,095 31,975
share (dollars)
GROUP CASH FLOW STATEMENT
Operating Profit 1,026,887,546 57,037 1,360,996
Depreciation 119,776 4 1,071
Profit on Sale of 0 0 (6,850)
Property,Plant and
Equipment
Change in Working (947,460,382) (49,753) (684,672)
Capital
Operating Cash Flow 79,546,940 7,289 670,544
Net Finance 2,413,987,424 (1,895) 130,775
(Cost)/Income
Taxation Paid (29,752,507) (3,012) (405,025)
Capital Expenditure (762,846) (46) (30,235)
Purchase of Investment 0 0 (527,000)
Proceeds from Sale of 0 0 6,850
Property,Plant and
Equipment
Change in Net Debt 2,463,019,011 2,336 (154,091)
GROUP BALANCE SHEET
Non Current Assets 672,237 44 29,167
Available for Sale Assets 3,720,000,000 0 527,000
Inventory 583,633,118 87,216 1,410,597
Accounts Receivable 4,963,501,860 47,927 722,456
Deferred Tax Asset 62,107 0 62,107
Cash 2,483,829,772 7,041 118,718
Total Assets 11,751,699,095 142,228 2,870,045
Shareholders` Funds 6,670,828,388 36,415 1,032,883
Current Liabilities 5,059,905,744 100,998 1,564,243
Short term Debt 20,964,963 4,815 272,919
Totall Equity and 11,751,699,095 142,228 2,870,045
Liabilities
STATEMENT OF CHANGES IN EQUITY
Capital Revenue Total
Reserve Reserves Z$M
Z$M Z$M
Balance at 1 January 2000 63,648 100,401
Effect of adoption of - 14,135
IAS10 (revised)
Balance at 1 January 2007 0 1,074 1,074
Profit for the year - 1,031,809 1,031,809
Balance at 31 December 0 1,032,883 1,032,883
2007
Balance at 1 January 2008 0 1,032,883 1,032,883
Profit for the year - 6,669,795,505 6,669,795,505
Balance at 30 June 2008 0 6,670,828,388 6,670,828,388
JUNE JUNE DEC
2008 2007 2007
Z$M Z$M Z$M
Capital expenditure 762,846 46 30,235
Depreciation charge 19,776 4 1,071
There were no outstanding capital commitments
HYPERINFLATION
The financial statements are prepared on an inflation adjusted basis,in
accordance with International Accounting Standard 29.The historical figures
areappropriately 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 314,846.05 112,688.59
31 December 2007 11,914,247.52 2,977.91
30 June 2008 35,479,556,836.37 1.00
BY ORDER OF THE BOARD
C. KANGARA
COMPANY SECRETARY
DATE: 2 OCTOBER 2008
Directors:
H.P.Mkushi (Chairman), R.N Webster (Managing)
E.T.Z.Chidzonga, A.Mabena, T.A.Taylor, S.Mangwengwende
Date: 02/10/2008 12:22:04 Produced by the JSE SENS Department.
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