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Cape Empowerment Trust Limited - Unaudited Results For The Half-Year Ended 30
June 2002
Cape Empowerment Trust Limited
Unaudited Results For The Half-Year Ended 30 June 2002
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
Share code CAE ISIN ZAE000016952
("CET" or "the company")
UNAUDITED RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2002
ABRIDGED BALANCE SHEETS
Unaudited Unaudited Audited
Six months Six months 10 month
ended ended ended
30 June 31 Aug. 31 Dec
2002 2001 2001
R`000 R`000 R`000
ASSETS
Non-current assets 54 714 53 073 54 464
Property, plant and equipment 974 818 1 074
Unlisted investments 9 206 6 872 9 206
Investment in associates 9 550 7 383 8 199
Loans receivable 34 984 38 000 35 985
Current assets 570 515 447
Accounts receivable 570 515 447
Total assets 55 284 53 588 54 911
EQUITY AND LIABILITIES
Capital and reserves 50 311 47 438 49 302
Issued share capital and share premium 116 116 116
Accumulated profits 50 195 47 322 49 186
Non-current liabilities 784 599 889
Long-term borrowings 784 599 889
Current liabilities 4 189 5 551 4 720
Accounts payable - 992 722
Bank overdraft 3 939 4 404 3 760
Loans payable 250 155 238
Total equity and liabilities 55 284 53 588 54 911
ABRIDGED INCOME STATEMENTS
GROSS REVENUE - - -
Operating (loss)/income (119) (297) 626
Net interest received/(paid) (223) 11 (210)
Income before taxation (342) (286) 416
Taxation - - -
Income after taxation (342) (286) 416
Exceptional items - - 347
Income after exceptional items (342) (286) 763
Share of associated companies` income 1 351 3 383 4 199
Net income attributable
to ordinary shareholders 1 009 3 097 4 962
Earnings per share (cents) 0,9 2,7 4,3
Headline earnings per share (cents) 0,9 2,7 4,0
Diluted headline earnings per share (cents) 0,9 2,7 2,2
Net asset value per share (cents) 43,4 40,9 42,6
Number of shares in issue
during period (`000) 115 858 115 858 115 858
ABRIDGED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
Six months Six months 10 month
ended ended ended
30 June 31 Aug. 31 Dec.
2002 2001 2001
R`000 R`000 R`000
Cash flows from operating activities (1 087) 7 786 8 794
Operating profit/(loss) before
working capital changes (19) (247) 838
Working capital changes (845) 8 022 8 166
Cash generated by operations (864) 7 775 9 004
Interest received 55 300 313
Interest paid (278) (289) (523)
Normal taxation paid - - -
Cash flows from investing activities - (8 003) (10 755)
Purchase of property, plant and equipment - - (418)
Other investments - (11 386) (6 337)
Investment in associate companies - 3 383 (4 000)
Cash flows from financing activities 908 (156) 2 232
Changes in long-term liabilities (105) (123) 167
Changes in short-term loans payable 12 (33) 50
Changes in loans receivable 1 001 - 2 015
Net increase in cash and cash equivalents ( 179) (373) 271
Cash and cash equivalents
at beginning of period (3 760) (4 031) (4 031)
Cash and cash equivalents
at end of period (3 939) (4 404) (3 760)
STATEMENT OF CHANGES IN EQUITY
Pref- Non-
Ordinary erence distri- Accumu-
share share Share butable lated
capital capital premium reserves profits Total
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 28 February 2001 116 44 224 44 340
Net income for period 4 962 4 962
Balance at 31 December 2001 116 49 186 49 302
Net profit for period 1 009 1 009
Balance at 30 June 2002 116 50 195 50 311
COMMENTARY
1. GROUP PROFILE
CET is a holding company with strong empowerment credentials.
We are currently invested in Dynamic Cables RSA Ltd, DDB South Africa (Pty) Ltd
and enjoying a financial relationship with B&H Printhouse and the taxi industry.
2. B&H PRINTHOUSE
For the period under review no contribution was made by B&H Printhouse. This is
in line with previous years and follows the cyclical nature of the clothing
industry. We are pleased to report that once again the second half of the year
is proving to be reasonably buoyant.
3. DYNAMIC CABLES
CET currently holds approximately 53% of the equity of Dynamic Cables RSA Ltd.
The company is well-positioned in the telecom and utilities industries and
supplies Eskom, Telkom and other utilities. This company has performed
remarkably well during the last six months bearing in mind that it has expanded
its capacity particularly in the fibre optic arena and that the infrastructure
costs were incurred prior to any revenue being generated. This investment
positions the company very well for the future. The enclosure business,
Dynatech, is now contributing to the bottom line. The other company in this
group, MEC Energy which manufactures switchboards, has broken even after having
operated for 10 months and we believe that it is well-positioned to take
advantage of the parastatals empowerment procurement drive. Unfortunately the
shares of Dynamic Cables have remained suspended from trading on the JSE
Securities Exchange South Africa as the investigation and legal matters
surrounding the potential irregularities of shares issued during the years 1997,
1998 and 1999 have not been resolved. Shareholders will be informed as soon as
a significant development takes place in this regard.
4. GENERAL
CET has effectively completed its restructuring process and the overheads have
been reduced by at least 50 %. Good progress has been made with regard to
reducing of the company`s indebtedness and the overdraft has been repaid. We are
now focusing on growing and adding value to the businesses under our control.
5. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting practice.
On behalf of the Board
S L Rai
Group Chief Executive
Date: 27/09/2002 05:15:17 PM Produced by the JSE SENS Department
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