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CAC
CAC
CAC - Cafca Limited - Audited Financial Results: nine months ended 30
September 2011
Cafca Limited
Share Code: CAC
ISIN Code: ZW0009011942
Notice To Shareholders
Audited Financial Results for the nine months ended 30 September 2011
All figures in United Stated Dollars
RESTATED
NINE MONTHS TO YEAR TO
30 SEPT 2011 31 DEC 2010
CONSOLIDATED STATEMENT OF $ $
COMPREHENSIVE INCOME
Revenue 18,566,051 16,369,539
Operating profit 2,004,138 1,834,702
Net finance cost (170,776) (151,293)
Profit before taxation 1,833,362 1,683,409
Taxation current year (542,869) (436,534)
Profit for the Year 1,290,493 1,246,875
Other comprehensive income: -
Total comprehensive income for 1,290,493 1,246,875
the year
Issued Ordinary Shares 32,523,074 32,674,278
(weighted) (number)
Basic Earnings per share 4.0 3.8
(cents)
Diluted Earnings per 32,878,084 32,812,611
share(number)
Diluted Earnings per share 3.9 3.8
(cents)
Headline earnings per share(number) 32,878,084
32,812,611
Headline earnings per share(cents) 4.0 3.8
RESTATED RESTATED
CONSOLIDATED AT 31 SEPT AT 31 DEC 2010 AT 31 DEC
STATEMENT OF 2011 2009
FINANCIAL POSITION
$ $ $
Non Current Assets 3,167,349 3,160,198 3,091,932
Inventory 5,084,887 3,966,271 1,887,906
Accounts Receivable 3,697,427 2,025,472 1,564,719
Cash 243,906 371,693 40,622
Total Assets 12,193,569 9,523,634 6,585,179
Shareholders` Equity 7,156,200 5,609,034 4,532,606
Deferred Tax 716,697 718,806 791,184
Bank Overdraft 751,112 - 22,170
Current Liabilities 3,569,560 3,021,457 1,239,219
Total Equity and 12,193,569 9,523,634 6,585,179
Liabilities
STATEMENT OF
CHANGES IN
EQUITY
Share Share Share Non- Revenue
Capital Premium Option distributable
Reserve Reserve Reserve Total
$ $ $ $ $ $
Balance at 1 - 9,333 36,617 3,891,992 594,664
January 2010 4,532,606
restated
Transaction - 1,767 2,123 - -
with owners: 3,890
Share options
Transfer on 324 - - (324) - -
redenomination
of shares
Comprehensive
income
Net profit for - - - - 1,246,875
the year 1,246,875
restated
Balance at 31 324 11,100 38,740 3,891,668 1,841,539
December 2010 5,783,371
restated
Balance at 1 324 11,100 38,740 3,891,668 1,841,539
January 2011 5,783,371
restated
Transaction
with owners:
Share options 2 69,599 12,735 - -
82,336
Profit for the 1,290,493
period 1,290,493
Balance at 30 324 80,699 51,475 3,891,668 3,132,032
September 2011 7,156,200
ABRIDGED STATEMENT OF CASH FLOWS
Nine months to Year to
30 Sept 2011 30 Dec 2010
Operating Profit 2,004,138 1,834,702
Depreciation 150,814 171,605
Share option charge 78,468 2,123
Profit on sale of property plant,
and equipment (8,250) (11,565)
Change in working capital (2,156,889) (734,160)
Net cash generated from operating
activities 68,281 1,262,705
Purchase of non current assets (157,965) (239,871)
Tax paid (630,556) (531,633)
Proceeds from issue of share capital 3,867 1,767
Proceeds from sale of property,
plant and equipment 8,250 11,566
Net finance cost (170,776) (151,293)
Net (decrease)/increase in cash and
cash equivalents (878,899) 353,241
Cash and cash equivalents at beginning
Of year 371,693 18,452
Cash and cash equivalents at end of year (507,206) 371,693
Nine months to Year to
30 Sept 2011 31 Dec 2010
Capital expenditure 157,965 239,871
Depreciation 150,614 171,605
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.
3.Related party transactions
CBI-Electric African Cables owns 71% of the company and the remaining 29%
are widely held.
The following transactions were carried out with related parties:
Nine months to Year to 30 Sept 2011 30 Dec 2010
(i)Purchases during the period from the holding company:
CBI-Electric African Cables Limited 6,391,653 2,658,962
CBI-ATC 155,136 568,354
Sales during the period to the holding company:
CBI-Electric African Cables Limited 718,914 252,870
(ii)Year end balances arising from purchase of goods/services
Payables to related parties:
CBI-Electric African Cables Limited 1,053,437 294,907
(iii)Remuneration to key management:
Salaries and other short term benefits 312,034 324,101
Share options 78,468 2,123
4. During the period the Company changed its accounting policy for
measurement of property, plant and equipment from the revaluation model to
cost model, to align it with the parent company`s accounting policy. This
voluntary change in accounting policy has been applied retrospectively and
the comparative amounts have been restated in line with the change.
5. The year end was changed to 30 September to make the reporting period
coterminous with that of the parent company.
OVERVIEW OF RESULTS
The reporting period is a nine month period against a twelve month
comparative as the financial year end was changed to be coterminous with
that of the majority shareholder for the purposes of consolidation.
Turnover for the nine months was 13% up on the corresponding twelve month
period resulting in an operating profit of $2 million which was 9% greater
than the twelve month period.
Finance charges for the nine month period were $170 776 against the twelve
month period comparative of $151 293 due to the increased borrowings to
finance debtors and raw materials.
Profit after tax for the nine month period and earnings per share were 3%
and 5% up respectively on the corresponding twelve month period.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
The consolidated statement of financial position after nine months shows
further investment of $1, 1 million and $1, 7 million in stock and debtors
respectively. This was financed mainly from the year`s profits, supplier
credit of $0,5million and borrowings of $0,7million.
OUTLOOK
We intend to maintain borrowings below the current usage until such time as
the current uncertainty in the economy improves.
Due to uncertainty in the environment, we are forecasting to at least
maintain current throughput for the next twelve months with any downturn in
demand being replaced with recycling copper barter deals.
DIVIDEND
The Directors have again waived the declaration of a dividend as our cash
flow priorities are to first eliminate all borrowings and then to invest in
upgrading plant.
By Order of Board
C Kangara
Company Secretary
5 December 2011
Directors: H.P.Mkushi (Chairman), R.N. Webster (Managing), E.T.Z.Chidzonga
A.E.Dickson, A.Mabena, S. Mangwengwende
Date: 05/12/2011 12:00:13 Produced by the JSE SENS Department.
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