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DYM
DYM
DYM - Dynamic Cable RSA Limited - Reviewed provisional results for the year
ended 31 December 2009
Dynamic Cable RSA Limited
Registration number 1987/001807/06
Share code DYM ISIN ZAE000028270
("Dynamic Cables" or "the company")
REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Reviewed provisional group Statement of Comprehensive Income
Reviewed Audited
Year to Year to
31 December 31 December
2009 2008
R`000 R`000
Turnover 91,549 123,474
Gross Profit 28,918 36,611
Operating (loss)/profit before capital (202) 9,529
items
Fair value adjustment 86 79
Impairment of intangible asset (9,235) -
Impairments of financial assets (5,066) (8,191)
Income from investments 3,188 1,343
Finance costs (1,756) (3,562)
Loss before taxation (12,985) (802)
Taxation (107) (3,034)
Loss for the period (13,092) (3,836)
Total comprehensive income for the (13,092) (3,836)
period
Attributable to:
Owners of the parent (13,092) (3,836)
Non-controlling interest - -
Loss per share - (cents) (15.75) (4.9)
Headline (loss)/earnings per share - (9.32) 5.5
(cents)
Reviewed provisional group Statement of Financial Position
Reviewed Audited
31 December 31 December
2009 2008
R`000 R`000
ASSETS
Non-current assets 19,963 31,238
Property, plant and equipment 7,779 8,060
Investment property 3,420 2,871
Investment in associates 2,919 -
Intangible assets - 9,235
Financial assets 5,069 10,135
Deferred tax 776 937
Current assets 69,169 68,810
Inventories 18,508 19,629
Trade and other receivables 12,611 14,935
Loans to shareholders 15,864 13,884
Financial assets 1,457 1,001
Current tax receivable 836 1,092
Cash and cash equivalents 19,893 18,269
Total assets 89,132 100,048
EQUITY
Equity attributable to owners of the 44,815 55,083
company
Share capital and premium 121,588 118,764
Accumulated losses (76,773) (63,681)
LIABILITIES
Non-current liabilities 4,405 6,520
Borrowings 3,300 3,640
Deferred tax liability 1,105 2,880
Current liabilities 39,912 38,445
Trade and other payables 25,321 23,592
Current income tax liabilities 13,872 13,933
Loans from shareholders 97 97
Short-term portion of non-current 555 823
liabilities
Bank overdraft 67 -
Total equity and liabilities 89,132 100,048
Reviewed provisional group Statement of Changes in Equity
Share Share Accumulated
Capital Premium profit/(loss)
R`000 R`000 R`000
Balance at 1 January 2008 3,921 114,843 (59,845)
(Audited)
Total comprehensive income for (3,836)
the period
Balance at 31 December 2008 3,921 114,843 (63,681)
(Audited)
Shares issued 22 September 941 1,882
2009
Total comprehensive income for (13,092)
the period
Balance at 31 December 2009 4,862 116,725 (76,773)
(Reviewed)
Supplementary Information
Reviewed Audited
Year to Year to
31 December 31 December
2009 2008
R`000 R`000
Total number of shares in issue (000`s) 97,246 78,421
Weighted average number of shares in 83,127 78,421
issue (000`s)
Net asset value per share (cents) 46.1 70.2
Capital expenditure (R`000) 2,757 2,431
Depreciation, amortisation and 1,932 2,285
impairment charge (R`000)
Finance and operating lease commitments 3,767 4,495
(R`000)
Profit attributable to ordinary (13,092) (3,836)
shareholders (R000)
RECONCILIATION OF HEADLINE EARNINGS R`000 R`000
Net loss for the period (13,092) (3,836)
Impairment of financial assets 5,646 8,191
Fair value adjustment (86) (79)
Profit on sale of PPE (309) -
Tax effect 93 (15)
Headline (loss)/earnings (7,748) 4,261
Reviewed provisional group Statement of Cash Flows
Reviewed Audited
Year to Year to
31 December 31 December
2009 2008
R`000 R`000
Cash flow from operating activities 7,081 5,677
Cash receipts from customers 92,383 123,266
Cash paid to suppliers and employees (85,368) (111,071)
Cash generated by operations 7,015 12,195
Interest paid (1,560) (3,356)
Dividends received 4 6
Interest received 3,183 1,337
Taxation paid (1,561) (4,505)
Cash flow from investing activities (2,911) (2,604)
Additions to property, plant and (2,287) (2,431)
equipment
Proceeds on disposal of property, plant 954 480
and equipment
Purchase of investment property (470) -
Sale of other financial assets (1,108) (653)
Cash flow from financing activities (2,613) (4,760)
Proceeds/(repayment) from other (633) 913
financial liabilities
Repayment of shareholders loan (1,980) (4,839)
(Decrease)/increase in long-term - (834)
borrowings
Net increase/(decrease) in cash 1,557 (1,687)
Cash surplus at the beginning of the 18,269 19,956
period
Cash resources at the end of the period 19,826 18,269
Reviewed provisional Segmental information
Infrastructure Connectivity
Year to 31 December 2009 equipment supplies Total
Geographical Segment
REVENUE 52,642 38,907 91,549
- Gauteng - 22,149 22,149
- Western Cape 52,642 16,758 69,400
Operating profit 4,652 (4,854) (202)
- Gauteng - (674) (674)
- Western Cape 4,652 (4,180) 472
TOTAL ASSETS 10,700 78,432 89,132
- Gauteng - 12,765 12,765
- Western Cape 10,700 65,667 76,367
Geographical segments:
The Company operates locally with outlets in Gauteng and the Western Cape.
Notes to the Reviewed provisional group Financial Statements
Basis of preparation
The reviewed provisional group financial statements for the year ended 31
December 2009 were prepared in accordance with IAS 34 - Interim Financial
Reporting and in compliance with the Listings Requirements of the JSE Limited.
They do not include all of the information required in annual financial
statement 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.
Significant accounting policies
These reviewed provisional group financial statements have been prepared in
accordance with the accounting policies adopted in the last annual financial
statements for the year to 31 December 2008, and the Companies Act of South
Africa, except for the adoption of;
- IAS 1 presentation of Financial Statements (Revised 2007)
- IFRS 8 Operating Segments
- IAS 23 Borrowing Costs (Revised 2007)
The accounting policies have been applied consistently throughout the group for
the purpose of preparation of these reviewed provisional group financial
statements.
Commentary
The group experienced difficult trading conditions during the twelve months
under review. Turnover declined by 26% due to a decrease in orders received from
the telecoms and transport sectors. Despite a strong focus on input cost and
other cost control measures the decline in turnover impacted heavily on
operating profit. Total non-cash impairments to intangible and financial assets
of R14,3 million resulted in the Group posting a loss for the period of R13,1
million.
We expect trading conditions for the first half of 2010 to remain challenging
but the cost control measures taken should help to improve operating
performance.
Acquisition of associate and issue of shares
On 22 September 20009 the Group acquired 25.4% of the issued share capital of
Tri-Invest 5 (Proprietary) Limited for R2 823 750. The purchase price was
settled by the issue of 18 825 000 new Dynamic Cables RSA Limited shares at an
issue price of 15 cents per share, which represented a discount of approximately
10% to the 30 day volume weighted average price up until 21 September 2009.
The Group has accounted for the acquisition on the Equity method, in accordance
with IAS 28 Investments in Associates.
Auditor`s review opinion
The results have been reviewed by the group`s auditors, Grant Thornton, whose
unmodified review report is available for Inspection at the company`s registered
office.
Update on proposed merger with Cape Empowerment Trust Limited ("Cape Empowerment
Trust")
Shareholders are referred to the joint detailed terms announcement of 15
December 2009 detailing the proposed merger with Cape Empowerment Trust.
Shareholders are advised that the necessary regulatory approvals have been
obtained and that a circular containing full details of the transaction is being
posted to Dynamic shareholders on 31 March 2010. Further details, including the
salient dates of the transaction is contained in the results announcement of
Cape Empowerment Trust published on 30 March 2010.
For and behalf of the board
H Takolia Cape Town
Acting Chairman 30 March 2010
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 30/03/2010 17:03:02 Produced by the JSE SENS Department.
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