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CAC
CAC
CAC - Cafca Limited - Audited Financial Results: Full Year Ended 31 December
2010
Cafca Limited
Share Code: CAC
ISIN Code: ZW0009011942
Notice To Shareholders
Audited Financial Results for the Full Year Ended 31 December 2010
All figures in United Stated Dollars
FULL YEAR TO FULL YEAR TO
31 DEC 2010 31 DEC 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE $ $
INCOME
Revenue 16,369,539 7,289,086
Operating Profit 1,755,128 719,804
Net Finance (Cost)/income (22,911)
(151,293)
Profit Before Taxation 1,603,835 696,893
Taxation Current Year (265,084)
(436,534)
Profit for the Year 1,167,301 431,809
Other Comprehensive Income
Gain on revaluation of property, plant - 1,239,283
and equipment
Total Comprehensive Income for the Year 1,167,301 1,671,092
Issued Ordinary Shares (weighted) 32,415,667 32,327,334
(number)
Basic Earnings per share (cents) 3.60 1.34
Diluted Earnings per share(number) 32,920,250 32,565,250
Diluted Earnings per share (cents) 3.55 1.33
FULL YEAR TO FULL YEAR TO
CONSOLIDATED STATEMENT OF FINANCIAL 31 DEC 2010 31 DEC 2009
POSITION
$ $
Non Current Assets 4,455,753 4,467,061
Inventory 3,966,271 1,887,906
Accounts Receivable 2,025,472 1,564,719
Cash 371,693 40,622
Total Assets 10,819,189 7,960,308
Shareholders` Equity 6,780,225 5,609,034
Deferred Tax 1,017,507 1,089,885
Bank Overdraft - 22,170
Current Liabilities 3,021,457 1,239,219
Total Equity and Liabilities 10,819,189 7,960,308
STATEMENT OF
CHANGES IN
EQUITY
Share Share Share Revalua Non- Revenue
Capi Pre Option tion distri
tal mium butable
Reserve Reserve Reserve Reserve Total
$ $ $ $ $ $ $
Balance at 1 - - - - - - -
January 2009
Arising from - - - - 3,891,992 -
restatement 3,891,992
on change in
functional
currency
Share options - 9,333 36,617 - -
45,950
Gains on 1,239,283
revaluation 1,239,283
of property
plant and
equipment
Profit for - - 431,809
the year 431,809
Balance at 31 - 9,333 36,617 1,239,283 3,891,992 431,809
December 2009 5,609,034
Balance at 1 - 9,333 36,617 1,239,283 3,891,992 431,809
January 2010 5,609,034
Transfer from 324
Non (324)
Distributable
Reserve
Share options - 1,767 2,123
3,890
Profit for 1,167,301
the period 1,167,301
Balance at 30 324 11,100 38,740 1,239,283 3,891,668 1,599,110
June 2010 6,780,225
ABRIDGED STATEMENT OF CASH FLOWS
Dec 2010 Dec 2009
Operating Profit 1,755,128 719,804
Depreciation 225,304 128,949
Share option expense 2,123 44,783
Loss on sale of property plant,
and equipment 14,310 -
Arising from change in functional
Currency - 93,909
Change in working capital (734,160) (836,554)
Net cash generated from operating
activities 1,260,582 150,891
Purchase of non current assets (239,871) (3,564)
Tax paid (531,633) (144,536)
Proceeds from issue of share capital 2,123 -
Proceeds from sale of property, 1,767 1,167
plant and equipment 11,566 -
Net finance cost (151,293) (22,911)
Net increase/(decrease) in cash and
cash equivalents 353,241 (18,953)
Cash and cash equivalents at beginning
Of year 18,452 37,405
Cash and cash equivalents at end of year 371,693 18,452
DEC 2010 DEC 2009
Capital expenditure 239,871 3,564
Depreciation 225,304 128,949
NOTES THE FINANCIAL STATEMENTS
1.The principal accounting policies of the group, have been followed in all
material respects and conform to International Financial Reporting
Standards(IFRS).
2.The financial statements are presented in United States Dollars which is the
functional currency of the group.
OVERVIEW OF RESULTS
Sales volumes increased by 90% over the previous year though turnover
increased by 124% due to increases in copper and aluminium prices through the
year.
Profit before tax increased by 130% to $1,6 million in line with the increase
in turnover and despite the reduced margins to combat the threat from imports.
Interest of $151,293 was incurred against $22,911 last year due to short term
borrowings to finance the increase in volumes. The company repaid all its
borrowings at year end but with the increased activity in the first quarter of
2011 together with the increased price of copper we will have to revert to
borrowings to finance working capital.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Working Capital
Inventory increased by 110% as a result of the necessity to increase raw
material stock holding of copper and aluminium.
Accounts receivable increased by 29% reflecting the increase in turnover.
Accounts payable increased by 143% due to credit facilities offered by
suppliers
and the liability arising from barter copper received from utilities against
which they will draw cable in the future. The increase in current liabilities
is matched by the increase in stockholding with a very positive net current
asset position.
OUTLOOK
The company anticipates growth in both volumes and profit this year
DIRECTORATE
Mr CE Schutte announced his retirement from the CAFCA Board following his
retirement from the Reunert Group. His contribution and support of CAFCA over
the difficult years is acknowledged and appreciated by the Board.
Mr AE Dickson the current Managing Director of CBI Electric- African Cables is
welcomed to the Board.
DIVIDEND
The Directors have recommended waiving the dividend due to the need to finance
working capital for the anticipated growth.
By Order of Board
C Kangara
Company Secretary
2 March 2011
Directors: H.P.Mkushi (Chairman), R.N. Webster (Managing), E.T.Z.Chidzonga
A.E.Dickson, A.Mabena, S. Mangwengwende
Date: 02/03/2011 10:00:08 Produced by the JSE SENS Department.
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