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CAP
CAP
CAP - CEL - Condensed Unaudited Consolidated Interim Results for the six months
ended 30 June 2011
CAPE EMPOWERMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/001807/06)
(Share code CAP ISIN: ZAE000145066)
("CEL" or "the company")
CONDENSED UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30
JUNE 2011
RENEWAL OF CAUTIONARY ANNOUNCEMENT
TANGIBLE NAV PER SHARE -2,6% TO 49.7 CENTS
CONDENSED UNAUDITED GROUP STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
R`000 2011 2010 2010
Revenue (note 1) 98 719 52 880 155 670
Gross Profit 19 446 11 302 40 654
Operating loss before capital items (6 798) (6 362) (12 276)
(Loss)/profit on sale of capital (9 206) 28 36
assets (note 4)
Impairments (note 2) (2 902) (3 862) (6 571)
Operating loss after capital items (18 906) (10 196) (18 811)
Investment revenue 8 533 1 109 9 316
Fair value adjustments (note 3) 3 277 (9 428) 25 329
Gain on bargain purchase - 45 248 45 701
Gain on deconsolidation of subsidiary - - 4 058
Finance costs (1 343) (1 841) (4 630)
(Loss)/profit before taxation (8 439) 24 892 60 963
Taxation 709 7 473 7 445
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR (7 730) 32 365 68 408
THE PERIOD
Non-controlling interest 62 620 (346)
TOTAL COMPREHENSIVE (LOSS)/INCOME (7 668) 32 985 68 062
ATTRIBUTABLE TO OWNERS OF THE PARENT
Basic (loss)/earnings per share (1,5) 5,1 11,8
(cents)
Headline (loss)/earnings per share (1,5) (1,8) 3,3
(cents)
Fully diluted (loss)/earnings per (1,4) 4,9 11,2
share (cents)
Fully diluted headline (1,4) (1,7) 3,1
(loss)/earnings per share (cents)
CONDENSED UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
R`000 2011 2010 2010
ASSETS
Non-current assets 88 142 187 226 85 560
Investment property 3 640 2 900 3 420
Property, plant and equipment 11 315 11 589 11 142
Goodwill - 6 029 -
Other financial assets 72 276 166 708 70 322
Deferred tax assets 911 - 676
Current assets 315 197 197 893 326 040
Inventories 102 000 103 374 102 517
Other financial assets 87 536 22 167 152 635
Trade and other receivables 46 074 39 172 40 611
Cash and cash equivalents 79 587 33 180 30 277
TOTAL ASSETS 403 339 385 119 411 600
EQUITY AND LIABILITIES
EQUITY
Share capital 266 314 266 199 266 314
Share based payment reserve 1 898 782 1 350
Treasury shares (40 197) (40 161) (40 197)
Retained income 30 344 2 301 38 012
Non-controlling interests 4 346 4 280 4 408
TOTAL EQUITY 262 705 233 401 269 887
LIABILITIES
Non-current liabilities 91 565 35 713 97 033
Borrowings 89 843 32 368 93 434
Deferred tax 1 722 3 345 3 599
Current liabilities 49 069 116 005 44 680
Borrowings 115 64 518 1 236
Trade and other payables 48 757 51 290 43 247
Dividend payable 197 197 197
TOTAL LIABILITIES 140 634 151 718 141 713
TOTAL EQUITY AND LIABILITIES 403 339 385 119 411 600
Net Asset Value per share (cents) 49,7 44,1 51,0
Net Tangible Asset Value per share 49,7 42,9 51,0
(cents)
CONDENSED UNAUDITED GROUP STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
R`000 2011 2010 2010
Cash flow from operating activities (1 596) (11 040) 7 046
Cash flows from investing activities 55 618 35 346 28 645
Cash flow from financing activities (4 712) (19 336) (33 624)
Net increase in cash and cash 49 310 4 970 2 067
equivalents
Cash resources at the beginning of 30 277 28 210 28 210
the period
Cash resources at the end of the 79 587 33 180 30 277
period
CONDENSED UNAUDITED GROUP STATEMENT OF CHANGES IN EQUITY
Total
share
capital Share
(net of based Non-
treasury payment Retained controlling
R`000 shares) reserve income interests Total
Balance at 01 237 806 401 (30 684) 5 052 212 575
January 2010
Total - - 68 754 (346) 68 408
comprehensive
income for the
year
Share based - 949 - - 949
payments
Deemed cost of 19 450 - - - 19 450
reverse
acquisition
Purchase of own (37) - - - (37)
shares
Cancellation of (24 035) - - - (24 035)
shares
Issue of shares 114 - - - 114
Business (7 181) - - - (7 181)
Combinations
Changes in - - (58) (298) (356)
ownership -
control not
lost
Balance at 31 226 117 1 350 38 012 4 408 269 887
December 2010
Total - - (7 668) (62) (7 730)
comprehensive
income for the
period
Share based - 548 - - 548
payments
Balance at 30 226 117 1 898 30 344 4 346 262 705
June 2011
OPERATING SEGMENTS
Gaming
Property Property and
R`000 Development Other Leisure
Total assets 86 836 100 230 57 642
Total liabilities (64 482) (784) (19 366)
Total net assets 22 354 99 446 38 276
Percentage of total net 9% 38% 15%
assets
Revenue - - -
Profit/(loss) before tax (2 985) 7 699 (8 559)
OPERATING SEGMENTS (continued)
Security
and
R`000 Services Dynamic Other Total
Total assets 25 750 52 223 80 658 403 339
Total liabilities (13 979) (23 526) (18 497) (140 634)
Total net assets 11 771 28 697 62 161 262 705
Percentage of total net 4% 11% 24% 100%
assets
Revenue 50 961 47 758 - 98 719
Profit/(loss) before tax (259) 3 347 (7 682) (8 439)
SUPPLEMENTARY INFORMATION
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31
December
R`000 2011 2010 2010
Number of shares in issue - 520 284 519 903 520 284
consolidated (`000)
Fully diluted number of shares in issue 550 284 549 903 550 284
- consolidated (`000)
Weighted number of shares in issue 520 284 645 680 582 364
(`000)
Fully diluted weighted number of shares 550 284 675 680 612 364
(`000)
Reconciliation of headline
earnings/(loss)
(Loss)/profit for the period (7 668) 32 985 68 754
(Profit)/loss on sale of property, (14) (28) (28)
plant and equipment
Gain on bargain purchase - (45 248) (45 701)
Impairments - 744 273
Gain on deconsolidation of subsidiary - - (4 058)
Fair value adjustment on investment (220) - (200)
property
Tax effect 31 - 63
Headline (loss)/earnings for the period (7 871) (11 547) 19 103
NOTES TO THE RESULTS
R`000
1. Revenue
Revenue increased by R45,8 million to R98,7
million compared to the six months to June
2010. The increase is mainly attributable to
the inclusion of Dynamic for a full 6 months
compared to the one month in the comparative
period.
2. Impairments
Impairment of capitalised interest on land (2 902)
under development
(2 902)
3. Fair value adjustments
Grand Parade Investments Ltd 938
Purple Capital Ltd 2 126
Investment property 220
Other fair value adjustments (7)
Net fair value adjustments 3 277
4. Profit/(loss) on sale of capital assets
The loss on sale of capital assets include a loss of R9,4 million on the sale of
the groups restricted shares and units in Grand Parade Investments Limited, as
announced on 15 March and 29 March 2011.
COMMENTARY
1. INTRODUCTION
Cape Empowerment Limited is a black-owned and managed diversified investment
holding company with strong broad-based empowerment credentials. We hold
substantial investments in various sectors of the economy, including Property,
Gaming and Leisure, Security and Services, and Information and Communications
Technologies.
2. BASIS OF PREPARATION
The condensed unaudited consolidated interim results for the six months ended 30
June 2011 have been prepared in accordance with IAS 34 - Interim Financial
Reporting and the AC 500 standards issued by the Accounting Practices Board and
in compliance with the Listings Requirements of the JSE Limited. The interim
results do not include all 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
2010.
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 2010.
These interim results have not been audited or reviewed by the group`s auditors.
3. OVERVIEW
3.1 Results
The group`s NAV per share decreased with 2.6% to 49,7 cents per share, mainly as
a result of the R9,4 million loss on the sale of the group`s restricted GPI
shares and units.
3.2 Prospects
The group is actively focusing on utilizing existing cash resources and
repositioning its investment focus to increase the group`s exposure to the
property sector. Shareholders should expect further activity in this regard.
4. RENEWAL OF CAUTIONARY
Shareholders are referred to the cautionary announcement renewed on 12 August
2011 and are advised that the company is still in negotiations which, if
successfully concluded, may have a material impact on the price of the company`s
securities. Accordingly shareholders are advised to continue to exercise caution
when dealing in the company`s securities until a further announcement is made.
For and on behalf of the board
AC Nissen SL Rai J de Villiers
Chairman Chief Executive Officer Managing Director
Cape Town
29 September 2011
BOARD OF DIRECTORS:
AC Nissen** (Chairman), TD Rai (Deputy Chairman), SL Rai (Chief Executive
Officer), J de Villiers (Managing Director), HB Dednam (Financial Director), PB
Hesseling*, E Tshabalala**, H Takolia**
* Non-Executive ** Independent Non-Executive
COMPANY SECRETARY:
HB Dednam
REGISTERED OFFICE:
2nd Floor, Sunclare Building, 21 Dreyer Street, Claremont 7700
SPONSOR:
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 29/09/2011 17:06:01 Produced by the JSE SENS Department.
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