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CAC
CAC
CAC - Cafca Limited - Unaudited Financial Results: Half Year Ended 31 March 2012
Cafca Limited
Share Code: CAC
ISIN Code: ZW0009011942
Notice To Shareholders
Unaudited Financial Results for the Half Year Ended 31 March 2012
All figures in United Stated Dollar
UNUADITED UNAUDITED AUDITED
SIX MONTHS TO SIX MONTHS TO FULL YEAR TO
31 MARCH 2012 31 MARCH 2011 30 SEPETMBER 2011
CONSOLIDATED $ $ $
STATEMENT OF
COMPREHENSIVE
INCOME
Revenue 10,972,722 10,584,700 18,566,051
Operating Profit 1,238,406 1,253,584 2,004,138
Net Finance (63,885) (75,300) (170,776)
(Cost)/income
Profit Before 1,174,521 1,178,284 1,833,362
Taxation
Taxation Current (301,435) (320,272) (542,869)
Year
Profit for the 873,086 858,012 1,290,493
Year
Other
Comprehensive
Income:
Total 873,086 858,012 1,290,493
Comprehensive
Income for the
Year
Issued Ordinary 32,609,000 32,400,667 32,523,074
Shares (weighted)
(number)
Basic Earnings per 2.31 0.90 3.60
share (cents)
Diluted Earnings 32,964,000 32,535,250 32,912,611
per share(number)
Diluted Earnings 2.29 0.89 3.55
per share (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
UNAUDITED UNAUDITED AUDITED
SIX MONTHS TO SIX MONTHS TO FULL YEAR TO
CONSOLIDATED 31 MARCH 2012 31 MARCH 2011 30 SEPTEMBER 2011
STATEMENT OF
FINANCIAL POSITION
$ $ $
Non Current Assets 3,100,365 3,111,893 3,167,349
Inventory 6,121,460 4,465,717 5,084,887
Accounts 3,335,964 3,657,508 3,697,427
Receivable
Cash 37,220 57,839 243,906
Total Assets 12,295,009 11,272,957 12,193,569
Shareholders` 8,065,286 6,096,130 7,156,200
Equity
Deferred Tax 711,184 721,360 716,697
Bank Overdraft 443,804 1,282,070 751,112
Current 3,374,735 3,193,397 3,569,560
Liabilities
Total Equity and 12,595,009 11,292,957 12,193,569
Liabilities
STATEMENT OF
CHANGES IN
EQUITY
Share Share Share Non- Revenue
Capital Premium Option distributable
Reserve Reserve Reserve Total
$ $ $ $ $ $
Balance at 1 324 11,100 38,740 3,891,668 1,841,539 5,783,371
January 2011
Transaction
with owner
Share options 2 69,599 12,735 - 82,336
Comprehensive
income:
Profit for - - 1,290,493 1,167,301
the year
Balance at 30 326 80,699 51,475 3,891,668 3,132,032 7,156,200
September
2011
Balance at 1 326 80,699 51,475 3,891,668 3,132,032
October 2011 7,156,200
Transaction
with owners:
Share options - 36,000
36,000
Profit for 873,086
the period 873,086
Balance at 30 326 80,699 87,475 3,891,668 4,005,118
March 2012 8,065,286
ABRIDGED STATEMENT OF CASH FLOWS
SIX MONTHS TO SIX MONTHS TO
FULL YEAR TO
31 MARCH 2012 31 MARCH 2011
30 SEPTEMBER 2011
Operating Profit 1,283,406 1,253,584
2,004,138
Depreciation 104,643 95,525
150,814
Share option expense 36,000 2,213
78,469
Profit on sale of property plant,
and equipment (1,900) (6,815)
(8,250)
Change in working capital (893,590) (1,359,668)
(2,156,893)
Net cash generated from operating
activities 483,559 (15,251)
68,278
Purchase of non current assets (37,659) (49,378)
(157,965)
Tax paid (283,293) (307,983)
(630,553)
Proceeds from issue of share capital - 300
3,867
Proceeds from sale of property,
plant and equipment 1,900 6,815
8,250
Net finance cost (63,885) (75,300)
(170,776)
Net (decrease)/increase in cash and
cash equivalents 100,622 (440,797)
(878,899)
Cash and cash equivalents at beginning
Of year (507,206) (783,434)
371,693
Cash and cash equivalents at end of period (406,584) (1,224,231)
(507,206)
SIX MONTHS TO SIX MONHTS TO
FULL YEAR TO
31 MARCH 2012 31 JUNE 2011 30
SEPTEMBER 2011
Capital expenditure 37,659 49,378
157,965
Depreciation 104,643 95,525
150,814
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-A division of ATC (Pty) Ltd owns 71% of the company
and the remaining 29% are widely held.
The following transactions were carried out with related parties:
UNDAUDITED
UNAUDITED AUDITED
SIX MONTHS TO SIX
MONTHS TO NINE MONTHS TO
31 MARCH 2012 31 MARCH
2011 30 SEPTEMBER 2011
Purchases during the year from holding company
CBI-Electric African Cables a division of ATC(Pty) Ltd 6,204,031
3,573,075 6,391,653
CBI Electric Aberdare/ATC Telecoms Cable(Pty) Ltd -
23,863 155,136
Goods and services are bought from related parties on
Commercial terms and conditions.
Sales during the year to holding company
CBI-Electric African Cables a division of ATC(Pty) Ltd - -
718,914
The above sales were done at arm`s length
OVERVIEW OF RESULTS
Revenue for the six month period is static when compared to the same period last
year. The liquidity crunch in the last quarter has resulted in a significant
drop in the sales to our major customers as they have not been able to meet
their obligations to us.
Margins have remained tight in the face of imported competition. The net result
is the operating profit being very much in line with the previous period.
Net finance costs have shown a marginal improvement due to more competitive
interest rates paid on reduced borrowings.
A slightly beneficial tax rate ensured a marginal increase in profit after tax
for the six month period.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
The consolidated statement of Financial Position has seen some strategic
changes being made, namely, the increase in finished goods stockholding to
around 300 tons valued at $3.0 million. Finished goods inventory has been
deliberately increased to reduce lead times.
Debtors have been contained at the expense of revenue by not selling to
customers who have exceeded their agreed credit terms.
Current liabilities have remained constant in relation to prior periods whilst
borrowings have been reduced to $443,804.
OUTLOOK
We are not anticipating any changes in the short term i.e liquidity will remain
tight and revenue will be curtailed because of enforcing credit terms.
Exports currently at 20% of volumes in the last quarter will be grown in the
traditional markets whilst assistance will be sought from the major shareholder
to access niche markets.
Borrowings will be kept to a minimum with any cash generated appropriately
invested back into strategic debtors or finished goods inventory.
DIVIDEND
The Directors have recommended waiving payment of a dividend due to the
strategic need to finance debtors and finished goods.
By order of Board
C Kangara
Company Secretary
13 June 2012
Directors: H.P.Mkushi (Chairman), R.N. Webster (Managing), E.T.Z.Chidzonga
A.E.Dickson, A.Mabena, S. Mangwengwende
Date: 13/06/2012 09:00:01 Produced by the JSE SENS Department.
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