| Thu 29 Nov 2001, 0:00 | | Cape Empowerment Trust - Interim Results For The S |
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CAPE EMPOWERMENT TRUST LIMITED
(incorporated in the Republic of South Africa)
(Registration number 98/14606/06)
("Cape Empowerment Trust")
Share Code: CAE
ISIN Number: ZAE000016952
Interim results for the six months ended 31 August 2001
and cautionary announcement
Headline Earnings up 63%
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
31 August 31 August 28 February
2001 2000 2001
R'000 R'000 R'000
BALANCE SHEET
ASSETS
Non- current assets 53,073 16,204 41,737
Property , plant and equipment 818 1,894 868
Unlisted investments 14,255 - 2,869
Loans receivable 38,000 14,310 38,000
Current assets 515 24,428 14,279
Inventories - 6,865 -
Accounts receivable 515 10,753 14,275
Cash resources - 6,810 4
Total assets 53,588 40,632 56,016
EQUITY AND LIABILITIES
Capital and reserves 47,438 12,106 44,341
Issued share capital and
share premium 116 3,447 116
Non - distributable reserves - 3,800 -
Accumulated profits 47,322 4,394 44,224
Outside shareholders interest - 465 -
Non-current liabilities 599 3,534 722
Long term borrowings 599 3,534 722
Current liabilities 5,551 24,992 10,953
Accounts payable 992 13,755 6,730
Bank overdraft 4,404 5,761 4,035
Current portion of long
term obligations 155 1,050 188
Taxation - 4,426 -
Total equity and liabilities 53,588 40,632 56,016
Out of balance - (0) -
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
31 August 31 August 28 February
2001 2000 2001
R'000 R'000 R'000
INCOME STATEMENT
GROSS REVENUE - 37,044 43,694
Operating (loss) income (297) 2,929 5,087
Net interest received/(paid) 11 (126) (982)
Income before taxation (286) 2,803 4,105
Taxation - (222) 1,870
Income after taxation (286) 2,581 5,975
Exceptional items - 1,281 19,644
Income after exceptional items (286) 3,862 25,619
Share of associated companies
income 3,383 - -
Outside shareholders' interest
in subsidiary - (31) 847
Net income attributable to
ordinary shareholders 3,097 3,831 26,467
Earnings per share (cents) 2.7 2.5 22.8
Headline earnings per share
(cents) 2.7 1.6 5.9
Diluted Headline Earnings
per share (cents) 2.7 2.2 5.9
NAV per share (cents) 41.0 7.8 38.3
Number of shares in issue
during period ('000) 115,858 155,279 115,858
ABRIDGED CASH FLOW STATEMENT
Unaudited Audited
6 months year
Ended ended
31 August 28 February
2001 2001
R'000 R'000
Cash flows from operating
activities 7,786 2,723
Operating profit/(loss) before
working capital changes (247) 5,382
Working capital changes 8,022 3,012
Cash generated by operations 7,775 8,394
Interest received 300 892
Interest paid (289) (1,874)
Normal taxation paid - (4,689)
Cash flows from investing
activities (8,003) 50,596
Purchase of property, plant and
equipment - (535)
Other investments (11,386) (2,869)
Share of associated companies
income 3,383 -
Proceeds on disposal of
subsidiaries - 54,000
Cash flows from financing
activities (156) (63,334)
Decrease in outside shareholders
interest - (823)
Changes in long-term liabilities (123) (8,620)
Changes in short-term loans
payable (33) (4,453)
Changes in loans receivable - (49,438)
Net Increase in cash and cash
equivalents (373) (10,015)
Cash and cash equivalents at the
beginning of the period (4,031) 5,984
Cash and cash equivalents at the end
of the period (4,404) (4,031)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
31 August 31 August 28 February
2001 2000 2001
R'000 R'000 R'000
Balance at beginning of period 44,341 17,984 17,984
Equity adjustment - (9,709) (110)
Net income for the period 3,097 3,831 26,467
Balance at end of period 47,438 12,106 44,341
COMMENTARY
Following the torrid experiences of last year as a result of the aborted
Intella acquisition, the disputes at Conlog and the writing-off of the
Creative Response Group, the company has finally settled down and all
subsidiaries and associated companies are trading profitably.
These results must be viewed against the background of the sale of Dynamic
Cables SA to Conlog, which has seen Cape Empowerment Trust Ltd's effective
interest reduced significantly.
However it is anticipated that after the earn-out is completed that the
amounts attributable to Cape Empowerment Trust Ltd will be increased to
approximately 85%.
In the light of the above it is therefore encouraging to note that both
headline and ordinary earnings per share are significantly better than the
previous year.
ACCOUNTING POLICIES
The accounting policies adopted for purposes of this interim comply, and
have been consistently applied in all material respects, with South African
Statements of Generally Accepted Accounting Practive
INVESTMENT INCOME
Investment income represents our respective share of associate company
income.
PROSPECTS
Cape Empowerment Trust Ltd is pleased to advise shareholders that in light
of the group's current performance, we anticipate headline earnings per
share to show growth on last years earnings.
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement on SENS dated 12 November
2001, and accordingly shareholders are advised to continue to exercise
caution when dealing in their shares.
On behalf of the Board
29 November 2001
S.L. RAI
CHIEF EXECUTIVE
