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CAPE EMPOWERMENT TRUST
(REGISTRATION NUMBER 1998/014606/06)
UNAUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2001
NET ASSET VALUE PER SHARE UP 64%
FULLY DILUTED HEADLINE EARNINGS PER SHARE UP 168%
BALANCE SHEET
UNAUDITED AUDITED
YEAR ENDED YEAR ENDED
28 FEB 2001 29 FEB 2000
R'000 R'000
ASSETS
NON-CURRENT ASSETS 38 820 19 141
PROPERTY, PLANT AND EQUIPMENT 868 7 703
UNLISTED INVESTMENTS 2 869 -
LOANS RECEIVABLE 35 082 11 438
CURRENT ASSETS 17 196 35 679
INVENTORIES - 5 332
ACCOUNTS RECEIVABLE 17 192 22 446
CASH RESOURCES 4 7 901
TOTAL ASSETS 56 016 54 820
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 44 341 18 807
ISSUED SHARE CAPITAL
AND SHARE PREMIUM 116 227
NON-DISTRIBUTABLE RESERVES - 3 800
ACCUMULATED PROFITS 44 224 13 957
OUTSIDE SHAREHOLDERS' INTEREST - 823
NON-CURRENT LIABILITIES 722 5 674
LONG TERM BORROWINGS 722 5 674
CURRENT LIABILITIES 10 953 30 339
ACCOUNTS PAYABLE 6 730 17 222
BANK OVERDRAFT 4 035 1 917
CURRENT PORTION OF LONG TERM
BORROWINGS 188 4 641
TAXATION - 6 559
TOTAL EQUITY AND LIABILITIES 56 016 54 820
INCOME STATEMENT
UNAUDITED AUDITED
YEAR ENDED YEAR ENDED
28 FEB 2001 29 FEB 2000
R'000 R'000
GROSS REVENUE 43 694 102 864
OPERATING INCOME 5 087 11 288
NET INTEREST PAID (982) (644)
INCOME BEFORE TAXATION 4 105 10 644
TAXATION 1 870 (2 399)
INCOME AFTER TAXATION 5 975 8 245
EXCEPTIONAL ITEMS 19 644 (4 642)
INCOME AFTER EXCEPTIONAL ITEMS 25 619 3 603
OUTSIDE SHAREHOLDERS' INTEREST IN
SUBSIDIARY LOSS (INCOME) 847 (110)
NET INCOME ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS 26 467 3 493
UNAUDITED AUDITED
YEAR ENDED YEAR ENDED
28 FEB 2001 29 FEB 2000 CHANGE
R'000 R'000 %
EARNINGS PER SHARE (CENTS) 22,8 4,3 428
HEADLINE EARNINGS
PER SHARE (CENTS) 5,9 10,1 (42)
DILUTED HEADLINE EARNINGS
PER SHARE (CENTS) 5,9 2,2 168
NET ASSET VALUE PER SHARE (CENTS) 38,3 23,3 64
NUMBER OF SHARES IN ISSUE
DURING PERIOD ('000) 115 858 80 750 43
COMMENTARY
1. GROUP PROFILE
CAPE EMPOWERMENT TRUST LIMITED IS A HOLDING COMPANY WITH STRONG EMPOWERMENT
CREDENTIALS.
OUR PHILOSOPHY IS TO PURCHASE COMPANIES WITH GOOD GROWTH PROSPECTS TO WHICH
WE ADD VALUE AND EXIT TO THE BENEFIT OF SHAREHOLDERS. NOTWITHSTANDING THE
MUCH PUBLICISED INTELLA TRANSACTION, OUR SUCCESSES INCLUDE FEDERAL GUARDING
AND THE REVERSE LISTING OF DYNAMIC CABLES.
2. DYNAMIC CABLES
THE SALE OF DYNAMIC CABLES AND REVERSE LISTING INTO CONLOG HOLDINGS WAS
SUCCESSFULLY CONCLUDED DURING THE YEAR. ON COMPLETION OF THE EARN-OUT IN
TERMS OF THE AGREEMENT, CAPE EMPOWERMENT TRUST MIGHT OWN q 80% OF THE
RENAMED GROUP. THE FINANCIAL STATEMENTS INCORPORATE DYNAMIC CABLES FOR THE
10 MONTH PERIOD ENDED 31 DECEMBER 2000, WHICH IS THE EFFECTIVE DATE OF THE
SALE.
APART FROM THE RESULTANT IMPROVEMENT TO CAPE EMPOWERMENT TRUST'S BALANCE
SHEET, THE REVISED DYNAMIC GROUP HAS A SHAREHOLDING OF MORE THAN 1000
INDIVIDUALS GIVING A WIDE SPREAD OF SHAREHOLDERS. THE EXCEPTIONAL ITEM IN
THE INCOME STATEMENT RELATES MAINLY TO THE PROFIT OF THE DISPOSAL OF DYNAMIC
CABLES.
3. B&H PRINTHOUSE
A RADICAL RESTRUCTURING OF OUR PRINTING INTERESTS HAS RESULTED IN REMOVING
SUBSTANTIAL LIABILITIES FROM THE BALANCE SHEET.
THE RESTRUCTURED BUSINESS IS PERFORMING AHEAD OF EXPECTATIONS.
4. CREATIVE RESPONSE
CREATIVE RESPONSE IS ONE OF THE INFORMATION TECHNOLOGY BUSINESSES ACQUIRED
AT THE SAME TIME AS INTELLA.
HAVING REVERSED THE INTELLA TRANSACTION, OUR PROFILE HAS CHANGED AND COUPLED
WITH THE BURN RATE IN THE BUSINESS WHICH WAS TOO HIGH FOR OUR APPETITE, WE
FACILITATED A SALE TO MANAGEMENT. AS A MATTER OF PRUDENCE, WE HAVE WRITTEN
THE PROCEEDS DOWN TO ONE RAND.
THERE IS A PROSPECT OF A RECOUPMENT OF AROUND R4 MILLION.
5. PROSPECTS
DYNAMIC CABLES HAS SUCCESSFULLY RENEWED KEY CONTRACTS FOR 3 YEARS WHICH WILL
BE THE STABLE UNDERPIN OF THE BUSINESS INTO THE FUTURE.
AS PART OF THE ACQUISITION OF THE IUVATEK BUSINESS FROM TELKOM, DYNAMIC
CABLES HAS FIRST RIGHTS OF REFUSAL ON CERTAIN PRODUCTS FOR THE NEXT 5 YEARS.
WE BELIEVE THIS WILL BE A MAJOR GROWTH DRIVER TO EARNINGS. THIS DEMONSTRATES
OUR ABILITY TO EXTRACT VALUE FROM PARASTATAL PROCUREMENT PROGRAMMES.
OUR STRATEGY FORWARD IS TO BED DOWN EXISTING TRANSACTIONS. WE THEREFORE ARE
NOT UNDER PRESSURE TO MAKE NEW ACQUISITIONS. WE ANTICIPATE GOOD ORGANIC
GROWTH IN THE NEW YEAR.
IT IS OUR INTENTION TO BUILD UP CASH RESERVES AND GROW PROFITABILITY, WITH
THE VIEW TO DECLARING A MAIDEN DIVIDEND IN RESPECT OF THE FORTHCOMING YEAR.
ON BEHALF OF THE BOARD
A C NISSEN S L RAI
CHAIRMAN GROUP CHIEF EXECUTIVE
REGISTERED OFFICE: 137 VASCO BOULEVARD, GOODWOOD, CAPE TOWN
DIRECTORS: A C NISSEN (NON-EXECUTIVE CHAIRMAN), S L RAI (GROUP CHIEF
EXECUTIVE), T D RAI (COMPANY SECRETARY), P B HESSELING (NON-EXECUTIVE)
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