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CAC
CAC
CAC - Cafca Limited - Unaudited Financial Results: Half Year Ended 30 June 2011
Cafca Limited
Share Code: CAC
ISIN Code: ZW0009011942
Notice To Shareholders
Unaudited Financial Results for the Half Year Ended 30 June 2011
All figures in United Stated Dollars
SIX MONTHS TO SIX MONTHS FULL YEAR TO
TO
30 JUNE2010 30 JUNE 31 DEC 2010
2010
CONSOLIDATED STATEMENT OF $ $ $
COMPREHENSIVE INCOME
Revenue 11,228,269 6,646,116 16,369,539
Operating Profit 1,083,179 524,725 1,755,128
Net Finance (Cost)/income (85,990) (58,242) (151,293)
Profit Before Taxation 997,189 466,483 1,603,835
Taxation Current Year (242,764) (176,272) (436,534)
Profit for the Year 754,425 290,211 1,167,301
Other Comprehensive Income:
Total Comprehensive Income for 754,425 290,211 1,167,301
the Year
Issued Ordinary Shares (weighted) 32,609,000 32,337,334 32,364,278
(number)
Basic Earnings per share (cents) 2.31 0.90 3.60
Diluted Earnings per 32,964,000 32,535,250 32,912,611
share(number)
Diluted Earnings per share 2.29 0.89 3.55
(cents)
Headline Earnings per share(number) 32,609,000 32,337,334 32,364,278
Headline Earnings per share (cents) 2.31 0.90 3.60
SIX MONTHS TO SIX MONTHS TO FULL YEAR TO
CONSOLIDATED STATEMENT OF 30 JUNE 2011 30 JUNE 2011 31 DEC 2010
FINANCIAL POSITION
$ $ $
Non Current Assets 4,451,284 4,512,925 4,455,753
Inventory 5,095,590 2,481,403 3,966,271
Accounts Receivable 4,045,986 2,616,541 2,025,472
Cash 126,951 117,059 371,693
Total Assets 13,719,811 9,727,928 10,819,189
Shareholders` Equity 7,538,517 5,921,919 6,780,225
Deferred Tax 993,617 1,097,596 1,017,507
Bank Overdraft 1,565,177 834,483 -
Current Liabilities 3,622,500 1,873,930 3,021,457
Total Equity and 13,719,811 9,727,928 10,819,189
Liabilities
STATEMENT OF CHANGES IN
EQUITY
Share Capital Share Premium Share Option
Reserve
$ $ $
Balance at 1 January - 9,333 36,617
2010
Transaction with owners: 324
Transfer on
redenomination of shares
Share options - 1,767 2,123
Comprehensive income:
Profit for the year - -
Balance at 31 December - 11,100 38,740
2010
Balance at 1 January 324 11,100 38,740
2011
Transaction with owners:
Share options - 3,867 -
Profit for the period
Balance at 30 June 2011 324 14,967 38,740
Table Continues
Revaluation Non Revenue
distributable
Reserve Reserve Reserve Total
$ $ $ $
1,239,283 3,891,992 431,809 5,609,034
(324)
- - 3,890
1,167,301 1,167,301
1,239,283 3,891,668 1,599,110 6,780,225
1,239,283 3,891,668 1,599,110 6,780,225
3,867
754,425 754,425
1,239,283 3,891,668 2,353,535 7,538,517
ABRIDGED STATEMENT OF CASH FLOWS
SIX MONTHS TO SIX MONTHS TO FULL YEAR TO
30 JUNE 2011 30 JUNE 2010 30 DECEMBER 2010
Operating Profit 1,083,179 524,725 1,755,128
Depreciation 122,852 106,396 225,304
Share option expense - - 2,123
Loss on sale of property plant,
and equipment 2,820 - 14,310
Change in working capital (2,650,389) (904,150) (754,160)
Net cash generated from operating
activities (1,441,538) (273,029) (1,262,705)
Purchase of non current assets (124,703) (152,260) (239,871)
Tax paid (165,055) (252,945) (531,633)
Proceeds from issue of share capital 3,867 600 1,767
Proceeds from sale of property,
plant and equipment 3,500 - 11,566
Net finance cost (85,990) (58,242) (151,293)
Net (decrease)/increase in cash and
cash equivalents (1,809,919) (735,876) 353,241
Cash and cash equivalents at beginning
Of year 371,693 18,452 18,452
Cash and cash equivalents
at end of period (1,438,226) (717,424) 371,693
SIX MONTHS TO SIX MONHTS TO FULL YEAR TO
30 JUNE 2011 30 JUNE 2010 31 DECEMBER 2010
Capital expenditure 124,703 152,260 239,871
Depreciation 122,852 106,396 225,304
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
Volumes in the first quarter were significantly higher than volumes in the first
quarter last year with general optimism in all sectors - we have however seen a
downturn in the mining sector in the second quarter and a general liquidity
tightening in all sectors. Volumes for the half year increased by 61% over the
first half last year. Turnover moved in line with volumes, increasing 69%,
however, turnover for the first quarter was 78% up on the same quarter last
year.
Profit before tax increased by 113% over the corresponding period last year due
to the increased turnover and a marginal increase in costs.
We incurred finance charges of $85 990 for the six months with borrowings at the
period end of $1,6million to finance stocks of aluminium and copper and
financing sales to Utility customers.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Inventory increased by 28% from year end as a result of an increase in raw
materials to support the increase in volumes and the slightly higher price of
copper.
OUTLOOK AND CHANGE OF YEAR END
The financial year end of the Company has been changed to 30 September to allow
coterminous year end consolidation of our accounts with those of the majority
shareholder.
We anticipate meeting the original nine month budget for profit and will
significantly reduce borrowings by 30 September 2011.
DIVIDEND
The Directors have recommended waiving the payment of a dividend as it is
anticipated that the Company will continue borrowing to finance strategic sales
to Utility Companies.
By Order of Board
C Kangara
Company Secretary
26 August 2011
Directors: H.P.Mkushi (Chairman), R.N. Webster (Managing), E.T.Z.Chidzonga
A.E.Dickson, A.Mabena, S. Mangwengwende
Date: 14/09/2011 10:00:23 Produced by the JSE SENS Department.
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