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BICC CAFCA LIMITED
("Bifca")
SHARE CODE: BIC
ISIN CODE: ZW0008965536
NOTICE TO SHAREHOLDERS
UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS TO JUNE 2001
COMMENTARY ON FIRST HALF OF 2001
- Economic and trading conditions have been difficult
with metals procurement a particular challenge
- Sales volumes up 63% on first half of 2000 due to annual
supply contract and exports
- Order book at June 2001 valued at $730 million
- Benefits of good capacity utilisation offset high fixed costs
- Export growth strategy continuing
- As projected, significantly improved earnings achieved
- Successful working capital and cost control notwithstanding
high inflation
- Medium Voltage project technically re-assessed and
commercial production now expected early 2002
- While the current debt position has improved, inflation
is forecast to increase; accordingly no interim dividend
has been declared.
FORECAST
- Forex procurement and trading to be more difficult
- Good start to second half of year with strong order book
- Exports continue to grow
- Debt reduction initiative to continue.
Six months Six months Full year
to 30 June to 30 June to 31 Dec.
2001 2000 2000
CURRENT COST BASIS (unaudited) (unaudited) (unaudited)
Z$m Z$m Z$m
GROUP PROFIT AND LOSS ACCOUNT
Turnover 992 542 1236
Domestic 850 457 942
Export 142 85 294
Operating profit/loss 18 -76 -118
Gain on net monetory position 56 35 5
Interest -13 -6 -26
Profit before Taxes 61 -47 -139
Taxation -22 34 38
Profit after Taxes 39 -13 -101
Dividends -31
Retained Profit 39 -13 -132
Issued Ordinary Shares
(thousands) 31 537 31 462 31 537
Earnings Per Share (cents) 124 -42 -324
Dividend Per Share (cents) 0 0 99
GROUP CASH FLOW STATEMENT
Operating Profit/Loss 74 -41 -113
Depreciation 51 58 105
Profit/Loss on sale of
Equipment -1 0 3
Dimunition in value of
Celmoque 0 0 16
Capital Expenditure -2 -30 -71
Change in Working Capital 20 -12 -35
Operating Cash Flow 143 -25 -95
Interest -13 -7 -26
Taxation Paid -2 -23 -41
Change in Dividend -4 -12 -15
Change in Net Debt 124 -67 -177
GROUP BALANCE SHEET
Long-term Assets 666 756 716
Stocks 138 154 151
Debtors 307 228 199
Creditors -332 -293 -210
Net Current Assets 113 89 140
Employment of Capital 779 845 856
Shareholders' Funds 559 608 520
Deferred Tax 171 165 161
Retirement Benefit
Obligations 3 6 5
Net Debt 46 66 170
Capital Employed 779 845 856
Six months Six months Full year
to 30 June to 30 June to 31 Dec.
2001 2000 2000
HISTORICAL COST
BASIS (unaudited) (unaudited) (audited)
Z$m Z$m Z$m
GROUP PROFIT AND
LOSS ACCOUNT
Turnover 874 295 769
Domestic 753 249 586
Export 121 46 183
Operating profit/loss 83 4 -3
Interest -11 -3 -18
Profit before Taxes 72 1 -21
Taxation -20 0 4
Profit after Taxes 52 1 -17
Dividends 0 0 -14
Retained Profit 52 1 -31
Issued Ordinary Shares
(thousands) 31 537 31 462 31537
Earnings Per Share (cents) 165 2 -59
Dividend Per Share (cents) 0 0 45
GROUP CASH FLOW STATEMENT
Operating Profit/Loss 83 4 -3
Depreciation 12 9 17
Profit/Loss on sale of
Equipment 0 0 0
Dimunition in value- Celmoque 0 0 4
Capital Expenditure -2 -17 -47
Change in Working Capital -6 -20 -58
Operating Cash Flow 87 -24 -87
Interest -11 -3 -18
Taxation Paid 0 -11 -19
Dividends Paid 0 -3 -3
Change in Net Debt 76 -41 -127
GROUP BALANCE SHEET
Long-term Assets 211 211 222
Stocks 112 83 101
Debtors 306 139 143
Creditors -331 -178 -151
Net Current Assets 87 44 93
Employment of Capital 298 255 315
Shareholders' Funds 216 182 164
Deferred Tax 33 29 25
Retirement Benefit
Obligations 3 4 4
Net Debt 46 40 122
Capital Employed 298 255 315
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