|
CAE
CAE
CAE - Cape Empowerment Trust Limited - Unaudited interim results for the six
months ended 30 June 2009
CAPE EMPOWERMENT TRUST LIMITED
Registration number 1998/014606/06
Share code: CAE ISIN: ZAE000016952
("Cape Empowerment Trust" or "the group")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
ABRIDGED GROUP STATEMENTS OF COMPREHENSIVE INCOME
for the period ended 30 June 2009
Unaudited Unaudited Audited
6 months to 6 months to 12 months
30 June 2009 30 June 2008 31 December 2008
R`000 R`000 R`000
Turnover 28 405 79 548 174 290
Gross profit 7 832 23 377 51 695
Operating profit/ (loss)
before capital items (16 589) (10 749) (6 835)
Profit on sale of
capital assets 127 4 348 12 693
Loss on sale of capital assets - (1 362) (17 452)
Impairments (14 584) (2 065) (35 081)
Operating profit/(loss)
after capital items (31 046) (9 828) (46 675)
Investment income 7 396 25 981 65 186
Fair value adjustments (7 099) (205 530) (360 554)
Negative goodwill 7 550 - 3 521
Loss on non-current
assets held for sale - - (10 873)
Finance costs (3 324) (34 475) (77 636)
Profit/(loss) before
taxation (26 523) (223 852) (427 032)
Income tax expense 18 619 30 739 45 980
Profit/(loss) for the
period (7 904) (193 113) (381 052)
Attributable to:
Equity holders of the company (8 195) (156 573) (309 940)
Minority interest 291 (36 540) (71 112)
(7 904) (193 113) (381 052)
Earnings/(loss) per
share for profit/
(loss) attributable to
the equity holders
of the group during the
period (expressed
as cents per share)
Basic (2,4) (47,0) (91,4)
Headline (2,8) (46,5) (84,1)
Fully diluted
earnings/(loss) per share (2,4) (45,0) (88,8)
Net asset value per share 71.7 113.3 69.3
Net tangible asset value
per share 69.7 99.5 62.9
ABRIDGED GROUP CASH FLOW STATEMENTS
for the period ended 30 June 2009
Unaudited Unaudited Audited
6 months to 6 months to 12 months
30 June 2009 30 June 2008 31 December 2008
R`000 R`000 R`000
Cash flows from
operating activities 26 283 (36 510) (75 815)
Operating profit/(loss)
before working
capital changes (17 353) (7 288) 7 926
Working capital changes 39 186 (21 591) (67 327)
Cash
(utilised)/generated by
operations 21 833 (28 879) (59 401)
Interest received 6 748 25 861 41 374
Interest paid (3 324) (34 475) (77 636)
Dividends received 648 120 23 811
Taxation paid/(received) 378 863 (3 963)
Cash flow from investing
activities (27 190) (25 917) 409 431
Purchase of property,
plant and equipment (1 074) (2 702) (5 385)
Acquisition of a business 141 (7 090) -
Proceeds from sale of
property, plant and equipment 656 1 845 3 335
Profit on sale of
capital assets - - 12 693
Sale of businesses - - 23
Sale/(purchase) of
financial assets 9 901 (17 950) 409 356
Non-current assets held
for sale - (20) 6 861
Loss on sale of
financial asset - - (17 452)
Effects on
deconsolidation of
subsidiary (36 814)
Cash flow from financing
activities (74 776) 17 491 (302 128)
Proceeds/(repayment) of
other financial
liabilities (40 560) 14 663 (319 424)
Proceeds/(repayment) of
instalment sale
obligations (2 738) 201 1 336
Proceeds/(repayment) of
shareholders` loan (6 528) (1 787) (7 360)
Treasury shares (24 946) (33 740)
Dividends paid (4) (10 491) (10 456)
Proceeds on share issue - 14 905 67 516
Net (decrease)/increase
in cash (75 683) (44 936) 31 488
Cash surplus at the
beginning of the period 102 460 70 971 70 972
Cash resources at the
end of the period 26 777 26 035 102 460
ABRIDGED GROUP STATEMENTS OF FINANCIAL POSITION
as at 30 June 2009
Unaudited Unaudited Audited
6 months to 6 months to 12 months
30 June 2009 30 June 2008 31 December 2008
R`000 R`000 R`000
ASSETS
Non-current assets 198 319 877 694 281 359
Investment property - 2 609 2 871
Property, plant and
equipment 5 701 15 153 13 923
Goodwill 5 868 36 302 13 120
Intangible assets - 9 235 9 235
Other financial assets 186 750 814 395 242 210
Current assets 78 129 139 541 207 078
Inventories - 24 047 19 629
Other financial assets 29 271 44 684 16 013
Trade and other
receivables 22 081 43 272 68 976
Cash and cash equivalents 26 777 27 538 102 460
Non-current assets held
for sale - 17 755 -
Total assets 276 448 1 034 990 488 437
EQUITY AND LIABILITIES
Equity
Share capital and premium 301 735 245 011 301 735
Treasury shares (62 799) - (37 853)
Retained earnings/
(accumulated loss) (30 722) 129 984 (22 527)
Non-controlling interests 4 682 114 682 79 749
Total equity 212 896 489 677 321 104
LIABILITIES
Non-current liabilities 34 879 367 268 52 452
Borrowings 27 559 331 669 23 241
Deferred tax liability 7 320 35 599 29 211
Current liabilities 28 673 178 045 114 881
Trade and other payables 15 983 49 701 32 349
Current tax payable 6 419 32 451 17 554
Loans from shareholders 4 083 - 10 708
Borrowings 1 989 94 177 54 067
Bank overdraft - 1 503 -
Dividends payable 199 213 203
Total liabilities 63 552 545 313 167 333
Total equity and
liabilities 276 448 1 034 990 488 437
SUPPLEMENTARY INFORMATION
for the period ended 30 June 2009
Unaudited Unaudited Audited
6 months to 6 months to 12 months
30 June 2009 30 June 2008 31 December 2008
Shares in issue
(000`s)- consolidated 290 241 331 015 348 450
Fully diluted number of
shares in issue -
consolidated 290 241 346 119 363 554
Shares in issue -
weighted (000`s) 338 276 332 837 339 180
Diluted number of shares
- weighted (000`s) 338 276 347 623 348 926
Depreciation, amortisation
and impairment charge (R`000) 580 1 272 3 327
Profit/(loss)
attributable to ordinary
shareholders (R`000) (8 195) (156 570) (309 940)
Earnings/(loss) per
share (cents) (2,4) (47,0) (91,4)
Fully diluted
earnings/(loss) per
share (cents) (2,4) (45,0) (88,8)
Headline earnings/(loss)
per share (cents) (2,8) (46,5) (84,1)
Fully diluted headline
earnings/(loss) per
share (cents) (2,8) (44,5) (81,8)
Reconciliation of
headline earnings/(loss)
Profit/(loss)
attributable to ordinary
shareholders (R`000) (8 195) (156 570) (309 940)
Negative goodwill (7 550) - (3 521)
(Loss)/profit on sale of
shares and assets (87) 933 (635)
Impairments 12 882 - 29 110
Fair value adjustment on
investment property - - (262)
Other adjustments 1 702 1 086 -
Gain on deconsolidation (8 199) - -
Tax effect 25 (152) (19)
Headline earnings/(loss)
(R`000) (9 422) (154 703) (285 267)
Reconciliation of
diluted number of shares
Number of shares in
issue - weighted (`000) 338 276 332 837 339 180
Dilutive shares (`000) - 14 786 9 746
Diluted number of shares
(`000) 338 276 347 623 348 926
SEGMENTAL INFORMATION
for the period ended 30 June 2009
Security and Gaming and
Property Services Leisure
R`000 R`000 R`000
Turnover - 28 405 -
Assets 109 442 29 738 102 367
Profit/(loss) before tax 10 838 (14 683) 11 270
Other Total
R`000 R`000
Turnover - 28 405
Assets 34 901 276 448
Profit/(loss) before tax (33 948) (26 523)
Business segments
The company has diversified investments across four main categories, namely
Property, Security and Services, Gaming and Leisure, and Other. It is on these
basis that the group presents its segments.
COMMENTARY
1. BASIS OF PREPARATION
The unaudited abridged consolidated interim financial statements for the six
months ended 30 June 2009 ("interim results") have been prepared in accordance
with IAS 34 - Interim Financial Reporting and in compliance with the Listings
Requirements of the JSE Limited. The interim results do not include all of the
information required in annual financial statements in accordance with IFRS and
should be read in conjunction with the consolidated financial statements of the
group for the year ended 31 December 2008.
The interim results have been prepared in accordance with the accounting
policies adopted in the last annual financial statements for the year ended 31
December 2008 except for the adoption of:
- IAS 1 - Preparation of Financial Statements (Revised 2007)
- IFRS 8 - Operating Segments
- IAS 23 - Borrowing Costs
2. INTERIM REVIEW
- The group has continued to deleverage and total debt of R57,8 million was
repaid during the period under review.
- A total of 55 798 410 ordinary shares (representing 15% of the issued share
capital of the company) was repurchased on the open market at an average of 37
cents per share. Of this a total of 40 394 075 ordinary shares have been
cancelled and restored to the status of authorised but unissued shares with
effect from 24 July 2009.
- Fair value adjustments consist of:
`000
Deconsolidation of Dynamic Cables RSA Limited ("Dynamic") (15 908)
Grand Parade Investments Limited ("GPI") 3 618
African Alliance Property portfolio 6 250
Purple Capital Limited (1 739)
Other 680
Total (7 099)
- As a result of corporate actions by Dynamic Cables RSA Limited ("Dynamic")
the group no longer controls Dynamic and its results and financial position
have been deconsolidated. The net impact of the deconsolidation of Dynamic
was a reduction of R15,9 million in group profit before tax.
- The group in February acquired an additional 47,8% of the issued ordinary
share capital of Sancino Projects Limited ("Sancino") by way of a scheme of
arrangement. As a result, Sancino became a wholly owned subsidiary of CET
Gaming Holdings (Proprietary) Limited.
Negative goodwill of R7,6 million was recognised as a result.
- As announced on 16 April 2009 the group disposed of 11 841 896 GPI shares for
a total consideration of R25,58 million. The group has a remaining economic
interest in GPI of approximately 9,5%.
- During the period the group impaired goodwill relating to certain security
and services assets amounting to R12,9 million.
3. PROSPECTS
Following the substantial deleveraging of the group`s balance sheet management
remains focused on extracting maximum value from the existing portfolio and
improving net asset value per share.
For and on behalf of the board
SL Rai J de Villiers
Executive Chairman Managing Director
Cape Town
30 September 2009
Board of Directors
SL Rai (Executive Chairman), TD Rai (Deputy Chairman*), J de Villiers
(Managing Director), RJ McGregor, PB Hesseling*, O Valley*, H Takolia*,
Fezile Calana* *Non-executive
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the period ended 30 June 2009
Share Share Treasury Retained
capital premium shares earnings
R`000 R`000 R`000 R`000
Balance at 1 January 2008
(Audited) 327 233 893 (4 113) 298 072
Loss for the year (309 940)
Issue of shares 46 67 470
Dividends (10 660)
Transfer on restructure of group
Purchase of own/treasury shares (33 740)
Balance at 31 December 2008
(Audited) 373 301 363 (37 853) (22 528)
(Loss)/profit for the period (8 195)
Purchase of own/treasury shares (24 947)
Deconsolidation of subsidiary
Increase in control of subsidiary
Balance at 30 June 2009
(Unaudited) 373 301 363 (62 800) (30 723)
Total attributable
to equity holders Non-controlling
of the parent interest Total
R`000 R`000 R`000
Balance at 1 January
2008 (Audited) 528 179 157 785 685 964
Loss for the year (309 940) (71 112) (381 052)
Issue of shares 67 516 67 516
Dividends (10 660) (10 660)
Transfer on
restructure of group (6 923) (6 923)
Purchase of own/treasury shares (33 740) (33 740)
Balance at 31 December
2008 (Audited) 241 355 79 750 321 105
(Loss)/profit for the period (8 195) 291 (7 904)
Purchase of own/treasury shares (24 947) (24 947)
Deconsolidation of subsidiary (34 070) (34 070)
Increase in control of subsidiary (41 288) (41 288)
Balance at 30 June
2009 (Unaudited) 208 213 4 683 212 896
Date: 30/09/2009 07:09:24 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 ] | |||||||||||||
|
|||||||||||||
