| Fri 17 Aug 2001, 0:00 | | Dynamic - Unaudited Interim Results |
|
Dynamic Cables RSA Limited
(Registration number 1987/001807/06)
(formerly Conlog Holdings Limited)
("Dynamic" or "the Company")
- Profitability restored
- forecast earnings on track
UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2001
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Unaudited
6 months 6 months 12 months
30 Jun 2001 30 Jun 2000 31 Dec 2000
R'000 R'000 R'000
Turnover 37,814 95,788 106,265
(Loss)/Profit before interest 5,232 (20,592) (37,874)
Interest received 635
Interest paid (1,016) (2,562) (2,729)
(Loss)/Profit before abnormal item 4,851 (23,154) (40,603)
Abnormal item - - 48,896
(Loss)/Profit before taxation 4,851 (23,154) 8,293
Taxation - 5 5
Profit/(loss) after taxation 4,851 (23,159) 8,288
Attributable to outside
shareholders - (1,560) -
Attributable to ordinary
shareholders 4,851 (21,599) 8,288
Cents Cents Cents
Earnings (loss) per share 11.00 (40.2) 15.7
Fully diluted earnings/(loss) per
share 4.54 (40.2) 15.4
Headline earnings/(loss) per share 11.00 (40.2) (76.9)
Fully diluted headline earnings/(loss)
per share 4.54 (40.2) (75.5)
Net asset value per share 144.6 18.0 46.2
Tangible net asset value per share 31.0 18.0 46.2
Fully diluted net asset value
per share 59.7 18.0 46.2
Fully diluted tangible net
asset value
per share 12.8 18.0 46.2
'000 '000 '000
Number of shares in issue 46,734 53,778 53,778
Weighted number of shares
in issue 44,082 53,778 52,837
Fully diluted number
of shares 106,734 53,778 53,778
R'000 R'000 R'000
Reconciliation of headline earnings
Net profit/(loss) for the period 4,851 (21,599) 8,288
Abnormal items - - (48,896)
Headline earnings 4,851 (21,599) (40,608)
ABRIDGED BALANCE SHEET
Unaudited Unaudited Unaudited
6 months 6 months 12 months
30 Jun 2001 30 Jun 2000 31 Dec 2000
R'000 R'000 R'000
Capital employed
Net shareholders' interest 27,751 8,538 24,839
Shares to be issued 36,000 - -
Outside shareholders - - -
Share capital and reserves 63,751 8,538 24,839
Long-term liabilities 1,728 1,150 -
65,478 9,688 24,839
Employment of capital
Tangible assets 9,328 11,058 4
Intangible assets 50,067 - -
Investments 660 - -
Net current assets 5,423 (1,370) 24,798
Current assets 38,035 73,088 31,298
Cash 17,380 (20,182) 3,586
Other 20,655 93,270 27,712
Current liabilities (32,612) (74,458) (6,500)
65,478 9,688 24,839
COMMENTARY
The interim results of the Company and the state of its affairs are as set
out in the following statements a copy of which will be mailed to
shareholders at the earliest opportunity.
Review of results
The accelerated settlement for the sale of the prepayment metering business
referred to in the annual report was successfully concluded during the
period.
Dynamic Cables SA (Pty) Ltd was purchased effectively 1 January 2001 which
gave rise to the name change.
The trading subsidiaries and businesses have performed well during the
period and at this stage look set to exceed the forecast earnings. The major
trading operation Dynamic Cables SA (Pty) Ltd and its subsidiaries have
delivered sound results and strong cashflows.
While turnover has decreased from R96 million in the old business to R38
million in the new business the attributable earnings have improved from a
loss of R23 million to a profit of R4,8 million. The new direction and focus
has restored the earnings base and future viability of the Group.
As the current earnings exceed the forecast the full outstanding purchase
price of Dynamic Cables SA (Pty) Ltd has been recorded as shares to be
issued.
17 million shares were repurchased during the period at 40 cents per share
resulting in a reduction of share capital. 10 million new shares were
subsequently issued to Cape Empowerment Trust for cash at 40 cents per share
to maintain solid empowerment credentials, as insufficient shareholders
participated in the share repurchase.
Dividends
The directors have resolved not to declare an interim dividend.
Directors Remuneration
Non executive directors have not been paid directors fees from May 2000 to
date.
Prospects
The Company has successfully implemented the first step in the creation of a
new empowerment telecommunications company. The strong earnings of the
operating subsidiaries will allow the company to grow from a stable base and
augment Dynamic with cash positive businesses. The Company will adopt a
conservative approach in considering any future acquisitions in order that
its cash positive base not be diminished.
On behalf of the board
Joe Modise Shaun Rai
Chairman Deputy Chairman
17 August 2001
DYNAMIC CABLES RSA LIMITED
P.O. Box 965, Rivonia 2128
1st Floor, 328 Rivonia Boulevard, Rivonia
4th Floor, Swiss-Re Building, 5 Protea Street, Claremont
Directors: JJ Modise (Chairman), MJI Brown, RF Haywood, AF Pheiffer, SL Rai,
TD Rai
30 JUNE 2001
DYNAMIC CABLES RSA LIMITED
Formerly CONLOG HOLDINGS LIMITED
"The Company"
(Reg No 1987/01807/06)
SHARE CODE: DYM
ISIN: ZAE000028270
FURTHER ANNOUNCEMENT TO UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE
2001
ABRIDGED CASH FLOW STATEMENT
Unaudited Audited
6 months 12 months
30 June 2001 31 Dec 2000
R'000 R'000
Cash flows from operating 4,176 (40,848)
activities
Cash receipts from customers 31,074 123,716
Cash paid to suppliers and (26,517) (160,902)
employees
Cash generated by operations 4,557 (37,186)
Interest paid (381) (2,729)
Normal taxation paid - (933)
Cash flows from investing 16,320 89,632
activities
Replacements of tangible assets (1,188) (1,414)
Proceeds on disposal of - 25,097
tangible assets
Acquisition of subsidiaries (8,491) -
Payments for share incentive (623)
trust
Net proceeds on disposal of
business
and shares in subsidiary 26,622 65,949
company
Cash flows from financing (6,702) (20,112)
activities
Proceeds from the issue of - -
share capital
Reduction of share premium (6,817) (8,066)
Increase in short term 115 (5,660)
borrowings
Payment of long term borrowings - (6,386)
Net Increase in cash and cash 13,794 28,672
equivalents
Cash and cash equivalents at
the
beginning of the period 3,586 (25,086)
Cash and cash equivalents at
the end
of the period 17,380 3,586
ABRIDGED STATEMENT OF CHANGES IN EQUITY
All figures R'000 Share Shares to Retained Total
Capital income
and be issued (Accumulated
premium loss)
Balance at 1 January 2000
74,449 3,642 (53,474) 24,617
Shares issued during the year
3,642 (3,642) -
Net profit for the year
8,288 8,288
Reduction of share capital
(8,066) (8,066)
Balance at 1 January 2001
70,025 (45,186) 24,839
Shares issued during the period
4,000 4,000
Net profit for the period
4,851 4,851
Reduction of share capital
(6,817) (6,817)
Amortisation adjustment
878 878
Acquisition of subsidiary
36,000 36,000
Balance at 30 June 2001
67,208 36,000 (39,457) 63,751
DYNAMIC CABLES RSA LIMITED
Reg No:1987/01807/06
P.O. Box 965 Rivonia 2128
1st Floor, 328 Rivonia Boulevard, Rivonia
4th Floor, Swiss-Re Building, 5 Protea Street, Claremont
Directors: JJ MODISE (CHAIR) MJI BROWN RF HAYWOOD AF PHEIFFER SL RAI TD
RAI
