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BIC
BIC
BIC - BICC Cafca Limited - Unaudited Financial Results: Half Year Ended 30 June
2010
BICC Cafca Limited
Share Code: BIC
ISIN Code: ZW0009011074
Notice To Shareholders
Unaudited Financial Results for the Half Year Ended 30 June 2010
All figures in United Stated Dollars
HALF YEAR TO HALF YEAR TO YEAR TO
30 JUNE 2010 30 JUNE 2009 31 DEC 2009
CONSOLIDATED STATEMENT OF $ $ $
COMPREHENSIVE INCOME
Revenue 6,646,116 1,906,024 7,289,086
Operating Profit 524,725 145,296 719,804
Net Finance (Cost)/income (58,242) 345 (22,911)
Profit Before Taxation 466,483 145,641 696,893
Deferred Tax (29,786)
Taxation Current Year (146,486) (47,384) (265,084)
Profit for the Year 290,211 98,257 431,809
Other Comprehensive Income
Gain on revaluation of - - 1,239,283
property, plant and
equipment
Total Comprehensive Income 290,211 98,257 1,671,092
for the Year
Issued Ordinary Shares 32,337,334 32,269,000 32,283,584
(weighted) (number)
Basic Earnings per share 0.90 0.30 1.34
(cents)
Diluted Earnings per share 0.89 0.30 1.33
(cents)
HALF YEAR TO HALF YEAR TO YEAR TO
CONSOLIDATED STATEMENT OF 30 JUNE 2010 30 JUNE 2009 31 DEC 2009
FINANCIAL POSITION
$ $ $
Non Current Assets 4,512,925 3,204,831 4,467,061
Inventory 2,481,403 1,528,270 1,887,906
Accounts Receivable 2,616,541 431,074 1,564,719
Cash 117,059 82,714 40,622
Total Assets 9,727,928 5,246,889 7,960,308
Shareholders` Equity 5,921,919 4,939,670 5,609,034
Deferred Tax 1,097,596 - 1,089,885
Bank Overdraft 834,483 - 22,170
Current Liabilities 1,873,930 307,219 1,239,219
Total Equity and 9,727,928 5,246,889 7,960,308
Liabilities
STATEMENT OF
CHANGES IN EQUITY
Share Capital Share Share Revaluation
Premium Option
Reserve Reserve
$ $ $ $
Balance at 1 - - - -
January 2009
Arising from - - - -
restatement on
change in
functional
currency
Share options - 9,333 36,617 -
Gains on 1,239,283
revaluation of
property plant
and equipment
Profit for the - -
year
Balance at 31 - 9,333 36,617 1,239,283
December 2009
Balance at 1 - 9,333 36,617 1,239,283
January 2010
Transfer to Non 50,100
Distributable
Reserve
Share options 600
Transfer from 22,074
deffered tax on
revauled assets
Profit for the
period
Balance at 30 50,100 9,933 36,617 1,261,357
June 2010
Table continues...
STATEMENT OF
CHANGES IN EQUITY
Non-distributable Revenue
Reserve Reserve Total
$ $ $
Balance at 1 - - -
January 2009
Arising from 3,891,992 - 3,891,992
restatement on
change in
functional
currency
Share options - 45,950
Gains on 1,239,283
revaluation of
property plant
and equipment
Profit for the 431,809 431,809
year
Balance at 31 3,891,992 431,809 5,609,034
December 2009
Balance at 1 3,891,992 431,809 5,609,034
January 2010
Transfer to Non (50,100)
Distributable
Reserve
Share options 600
Transfer from 22,074
deffered tax on
revauled assets
Profit for the
period
Balance at 30 3,841,892 431,809 5,631,708
June 2010
OVERVIEW OF RESULTS
Against the same period last year sales volumes increased by 197% though
turnover increased by 248% owing to the increase in the price of copper.
Profit before tax at $466,483 is an increase of 220% over the same period last
year which also reflects a reduction in the percentage to turnover resulting
from reduced margins to combat the threat of imports.
Interest of $58,242 was incurred on borrowings at the period end of
$834,483.The borrowings were taken to finance working capital.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Working Capital
Stocks have increased by 31% since year end from the need to increase raw
material and finished goods stock holding to support the increase in sales.
Debtors increased by 68% from the balance at the yearend due to credit
facilities being offered mainly to Utility customers whilst creditors increased
by 50%.
The Consolidated Statement of Financial Position reflects a less liquid position
arising from increased debtors and stocks, however current liabilities are still
twice covered by current assets.
OUTLOOK
Year to date performance is below budget but we still anticipate meeting the
budget by year end.
DIVIDEND
The Directors have recommended waiving the interim dividend due to the need to
finance working capital from our own resources.
By Order of Board
C Kangara
Company Secretary
16 September 2010
Directors: H.P. Mkushi (Chairman) R.N. Webster (Managing)
E.T.Z. Chidzonga A. Mabena S. Mangwengwende C.E .Schutte T.A Taylor
Date: 23/09/2010 11:00:01 Produced by the JSE SENS Department.
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