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CAPE EMPOWERMENT TRUST LIMITED - PRELIMINARY UNAUDITED RESULTS FOR THE YEAR
ENDED 31 DECEMBER 2002
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
Share code CAE ISIN:ZAE000016952
PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
BALANCE SHEETS
Unaudited Audited
Year Ten months
ended ended
31 December 31 December
2002 2001
R"000 R"000
ASSETS
Non-current assets 52 650 54 464
Property, plant and equipment 758 1 074
Unlisted investments 22 059 17 405
Loans receivable 29 833 35 985
Current assets 1 058 447
Accounts receivable 660 447
Deferred tax 398 -
Total assets 53 708 54 911
EQUITY AND LIABILITIES
Capital and reserves 52 602 49 302
Issued share capital and
share premium 116 116
Accumulated profits 52 486 49 186
Non-current liabilities 742 889
Long-term borrowings 742 889
Current liabilities 364 4 720
Accounts payable 21 722
Bank overdraft 102 3 760
Current portion of long-term
obligations 241 238
Total equity and liabilities 53 708 54 911
INCOME STATEMENTS
Unaudited Audited
Year Ten months
ended ended
31 December 31 December
2002 2001
R"000 R"000
GROSS REVENUE - -
Operating (loss)/income (1 152) 626
Net interest paid (473) (210)
(Loss)/Income before taxation (1 625) 416
Taxation 398 -
(Loss)/Income after taxation (1 227) 416
Exceptional items 2 145 347
Income after exceptional items 918 763
Share of associated companies"
income 2 382 4 199
Net income attributable to
ordinary shareholders 3 300 4 962
Earnings per share (cents) 2,8 4,3
Headline earnings per share (cents) 2,8 4,3
Diluted earnings per share (cents) 2,1 3,2
Net asset value per share (cents) 45,4 42,6
Number of shares in issue
during period ("000) 115 858 115 858
STATEMENTS OF CHANGES IN EQUITY
Unaudited Audited
Year Ten months
ended ended
31 December 31 December
2002 2001
R"000 R"000
Balance at beginning of period 49 302 44 340
Net profit for the period 3 300 4 962
Balance at end of period 52 602 49 302
CASH FLOW STATEMENTS
Unaudited Audited
Year Ten months
ended ended
31 December 31 December
Cash flows from operating
activities 2 304 8 794
Cash flows from investing
activities (4 654) (10 755)
Cash flows from financing
activities 6 008 2 232
Net increase in cash and cash
equivalents 3 658 271
Cash and cash equivalents
at beginning of period (3 760) (4 031)
Cash and cash equivalents
at end of period (102) (3 760)
COMMENTARY
GROUP PROFILE
Cape Empowerment Trust Limited ("CET" or "the Group") 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, the
reverse listing of Dynamic Cables, and arising from the transformation process
under way in the media sector, we are well-placed to benefit as a result of our
relationship with B&H Printhouse, as well as our investment in DDB SA (Pty)
Limited.
REVIEW OF OPERATIONS
Our major investment Dynamic Cables RSA Limited, has traded below
expectations for a variety of reasons which include the relocation of their
plant and foreign exchange losses. This impacted severely and negatively on the
Group"s performance as can be seen from the financial results. Fortunately head
office activities resulted in exceptional income of R2 million which partially
offset the drop in performance of Dynamic"s earnings.
We have recently instituted legal proceedings for the recovery of amounts
previously written-off for reporting purposes in respect of past investment
activities.
The Group is a consortium member in the Prism bid for the Taxi EMS contract.
This consortium has been short-listed by the Department of Trade and Industry.
The outcome of this bid is expected to be announced during the first half of
this year and accordingly your Board has decided not to make any significant
recommendations for the way forward until the outcome of this bid is made known.
REVIEW OPINION
The condensed annual financial statements contained in this preliminary
report have been reviewed by Barends Knight and they have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice. These policies are consistent with those applied in the previous year.
On behalf of the Board
S.L. RAI
Group CE
28 March 2003
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