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DYM
DYM
DYM - Dynamic Cables RSA Limited - Reviewed Results For The 12 Months Ended 31
December 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")
REVIEWED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2008
Abridged Group Income Statement
for the period ended 31 December 2008
Reviewed Audited
12 months 12 months
31 December 31 December
2008 2007
R`000 R`000
Turnover 123 474 130 132
Gross profit 36 611 41 220
Other income 1 397 5 911
Operating expenses (28 480) (29 690)
Operating profit 9 528 17 441
Finance costs (3 562) (2 660)
Investment income 1 343 950
Impairments (8 191) -
Fair value adjustments 79 -
(Loss)/Profit before taxation (803) 15 731
Income tax expense (3 034) (6 365)
(Loss)/Profit for the period (3 837) 9 366
Attributable to:
Equity holders of the company (3 837) 9 366
(3 837) 9 366
Earnings per share for (loss)/profit
attributable to the
equity holders of the Group during the period
(expressed as cents per share)
Basic (loss)/earnings per share (4,9) 11,9
Headline earnings per share 5,5 11,9
Abridged Group Balance Sheet
as at 31 December 2008
Reviewed Audited
31 December 31 December
2008 2007
R`000 R`000
ASSETS
Non-current assets 31 239 39 650
Property, plant and equipment 8 060 8 392
Investment property 2 871 2 609
Other intangible assets 9 235 9 235
Other financial assets 10 135 18 326
Deferred tax asset 938 1 088
Current assets 68 810 68 215
Inventories 19 629 23 253
Loans to shareholders 13 884 9 045
Other financial assets 1 001 527
Current tax receivable 1 092 666
Trade and other receivables 14 935 14 726
Cash and cash equivalents 18 269 19 998
Total assets 100 049 107 865
EQUITY
Capital and reserves attributable to the
Company`s equity holders 55 083 58 920
Share capital and premium 118 764 118 764
Retained earnings (63 681) (59 844)
LIABILITIES
Non-current liabilities 6 520 6 480
Borrowings 3 640 3 546
Deferred tax liability 2 880 2 934
Current liabilities 38 446 42 465
Trade and other payables 23 592 26 618
Loans from shareholders 98 98
Current income tax liabilities 13 933 15 076
Borrowings 823 631
Bank overdraft - 42
Total liabilities 44 966 48 945
Total equity and liabilities 100 049 107 865
Abridged Group Cash Flow Statement
for the period ended 31 December 2008
Reviewed Audited
12 months 12 months
31 December 31 December
2008 2007
R`000 R`000
Cash flow from operating activities 5 676 15 410
Operating profit before working capital changes 11 805 19 794
Working capital changes 389 3 650
Cash generated by operations 12 194 23 444
Interest and dividends received 1 343 950
Interest paid (3 356) (2 338)
Taxation paid (4 505) (6 646)
Cash flow from investing activities (2 604) (18 513)
Purchase of property, plant and equipment (2 431) (1 621)
Proceeds from sale of PPE 480 1 237
Purchase of investment property - (2 609)
Purchase of financial assets 7 538 (15 520)
Non-cash Impairment (8 191)
Cash flow from financing activities (4 759) 11 366
Proceeds from non current borrowings 285 913
Finance lease payments (205) (323)
Repayments of current borrowings (4 839) (3 913)
Proceeds on share issue - 14 689
Net increase in cash (1 687) 8 263
Cash surplus at the beginning of the period 19 956 11 693
Cash resources at the end of the period 18 269 19 956
Supplementary Information
for the period ended 31 December 2008
Reviewed Audited
12 months 12 months
31 December 31 December
2008 2007
Shares in issue (000`s) 78 421 78 421
Profit attributable to ordinary shareholders
(R`000) (3 837) 9 366
Basic earnings per share (cents) (4,9) 11,9
Headline earnings per share (cents) 5,5 11,9
Statement of Changes in Equity
for the period ended 31 December 2008
Share Share Accumulated
capital premium profit/(loss) Total
Reviewed R`000 R`000 R`000 R`000
Balance at 1 January 2008
(Audited) 3 921 114 843 (59 844) 58 920
Profit for the year - - (3 837) (3 837)
Issue of shares - - - -
Balance at 31 December
2008 3 921 114 842 (63 681) 55 083
Segmental information
for the period ended 31 December 2008
(Loss)/
Profit
Revenue before tax Assets
Primary Segment R`000 R`000 R`000
Infrastructure Equipment 62 614 4 359 22 549
Connectivity Supplies 60 860 3 029 77 500
123 474 7 388 100 049
Other - (8 191) -
Total 123 474 (803) 100 049
Liability Total
Primary Segment R`000 R`000
Infrastructure Equipment 5 280 94 802
Connectivity Supplies 39 686 181 075
- 275 877
Other - (8 191)
Total 44 966 267 686
Commentary
1. Results
Reduced capital expenditure from the Group`s major customers have resulted in
turnover decreasing by 5% to R123,5 million, with significant increases in
input costs and depreciating Rand resulting in some margin pressure surfacing.
We responded to this by a 4% reduction in operating costs, resulting in
comparable operating profit (excluding the once-off nature of other income)
reducing to R8,1 million (2007: R11,5 million).
Included in the results is an unrealised impairment of R8,2 million to the
value of preference shares held to maturity in Cape Horizons 115 (Pty) Ltd, a
BEE shareholder, given current market volatility and uncertainty. Excluding the
impairment profit before taxation is R7,4 million (2007: R15,7 million).
2. Prospects
We have renewed our cable, connector, fibre optic and engineering product
supply contract with the largest fixed-line operator and are experiencing
renewed business from the other large equipment suppliers, driven largely by
the rollout of their 2010-focused projects. As a result of this we expect the
Group to remain reasonably profitable during 2009 with the usual emphasis on
the second half of 2009.
3. Black Economic Empowerment ("BEE")
Dynamic Cables operates in an environment in which BEE credentials, and
specifically BEE ownership, has a crucial impact on the Group`s ability to
generate revenue and indeed its future survival. To this end the Group during
the year under review implemented a restructuring of its ownership in its
trading subsidiaries to introduce direct independent black shareholding in
order to ensure that these companies continue to have the necessary BEE
credentials.
4. Basis of Accounting
Grant Thornton, the group`s independent auditor, has reviewed the provisional
financial statements contained in this provisional report and has expressed an
unmodified review report which is available for inspection at the company`s
registered office. The provisional condensed financial statements for the year
ended 31 December 2008 were prepared in accordance with IAS - 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 with those of
2007.
For and behalf of the board
T D Rai R J McGregor
Chief Executive Company Secretary
Cape Town
30 March 2009
Board of Directors:
S L Rai (Acting Chairman)*, T D Rai (CEO), H Tokalia **, M J I Brown **
* Non-Executive
** Independent Non-Executive
Date: 30/03/2009 13:16:39 Produced by the JSE SENS Department.
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