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Cape Empowerment Trust - Interim Results
CAPE EMPOWERMENT TRUST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
JSE Code CAE
ISIN ZAE000016952
("Cape Empowerment Trust")
UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2003
COMMENTARY
GROUP PROFILE
Cape Empowerment Trust is a holding company with strong empowerment credentials.
We are currently invested in Dynamic Cables RSA Ltd, DDB South Africa (Pty) Ltd
and enjoy a financial relationship with B&H Printhouse and the taxi industry.
B&H PRINTHOUSE
Although the period under review represents the quiet cycle of the clothing
industry, we are pleased to report that B&H Printhouse has contributed
positively to attributable earnings accounting for 30% of the income.
DYNAMIC CABLES
Cape Empowerment Trust currently holds approximately 53% of the equity of
Dynamic Cables RSA Ltd ("Dynamic Cables"). As a black controlled company with a
proven track record, Dynamic Cables finds itself well positioned to take
advantage of the empowerment orientated procurement programs of utilities and
telecom companies. Dynamic Cables has performed remarkably well during the six
months and all of its subsidiaries, with the exception of Dynatech Telecoms have
produced growth on a year on year basis. There is reason to believe that
Dynamic Cables will continue to grow in its chosen sector.
The resolution of the tainted share issue appears to be well under way and, as a
controlling shareholder, we look forward to the lifting of the suspension in
trading of the Dynamic Cables shares in the near future.
GENERAL
Cape Empowerment Trust, having contributed significantly to its community
initiatives for a period of five years and given the latest developments in
empowerment, is well positioned to reap the rewards of its long standing
empowerment track record.
ACCOUNTING POLICIES
The accounting policies have been consistently applied and comply with South
African Statements of Generally Accepted Accounting Practice.
On behalf of the Board
SL Rai
Group CE
CAPE EMPOWERMENT TRUST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
JSE Code CAE
ISIN ZAE000016952
("Cape Empowerment Trust")
UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2003
Unaudited Unaudited Audited
Six Six year
months months
ended ended ended
30 June 30 June 31
December
2003 2002 2002
R"000 R"000 R"000
BALANCE SHEET
ASSETS
Non- current 43,446 54,714 42,182
assets
Property , 307 974 381
plant and
equipment
Unlisted 11,709 9,206 11,708
investments
Investment 10,631 9,550 9,149
in
associates
Loans 20,403 34,984 20,546
receivable
Deferred tax 398 398
asset
Current 478 570 311
assets
Accounts 478 570 311
receivable
Total assets 43,924 55,284 42,493
EQUITY AND LIABILITIES
Capital and 43,313 50,311 41,779
reserves
Issued share 116 116 116
capital and
share
premium
Accumulated 43,197 50,195 41,663
profits
Non-current 216 784 282
liabilities
Long term 216 784 282
borrowings
Current 395 4,189 432
liabilities
Accounts 152 - 227
payable
Bank 143 3,939 102
overdraft
Loans 100 250 103
payable
Total equity 43,924 55,284 42,493
and
liabilities
Out of (0) - -
balance
Unaudited Unaudited Audited
Six Six year
months months
ended ended ended
30 June 30 June 31
December
2003 2002 2002
R"000 R"000 R"000
INCOME STATEMENT
GROSS REVENUE
Operating (loss) 36 (119) (1,887)
income
Net interest 16 (223) (425)
received/(paid)
Income before 52 (342) (2,312)
taxation
Taxation - - 398
Income after 52 (342) (1,914)
taxation
Exceptional items - - 2,028
Income after 52 (342) 114
exceptional items
Share of 1,482 - 950
associate
companies income
Net income 1,534 (342) 1,064
attributable to
ordinary
shareholders
Earnings per 1.3 (0.3) 0.9
share (cents)
Headline earnings 1.3 (0.3) 0.9
per share (cents)
Diluted Headline 1.3 (0.3) 0.7
Earnings per
share (cents)
NAV per share 37.4 43.4 36.1
(cents)
Number of shares 115,858 115,858 115,858
in issue during
period ("000)
CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
2003 2002 2002
R"000 R"000 R"000
Cash flows from (116) (1,087) (555)
operating activities
Operating profit/(loss) 110 (19) (1,799)
before working capital
changes
Working capital changes (242) (845) 1,669
Cash generated by (132) (864) (130)
operations
Interest received 107 55 78
Interest paid (91) (278) (503)
Cash flows from - - (1,897)
investing activities
Proceeds from the 605
disposal of property,
plant and equipment
Other investments - - (2,502)
Cash flows from 75 908 6,110
financing activities
Changes in long-term (65) (105) (607)
liabilities
Changes in short-term (3) 12 (135)
loans payable
Changes in loans 143 1,001 6,852
receivable
Net Increase in cash (41) (179) 3,658
and cash equivalents
Cash and cash
equivalents at the
beginning of the period (102) (3,760) (3,760)
Cash and cash
equivalents at the end
of the period (143) (3,939) (102)
STATEMENT OF
CHANGES IN EQUITY
Ordinary Preference Share Non- Accumulated Total
share share premium distribu profits
table
capital capital reserves
R"000 R"000 R"000 R"000 R"000
Balance at 31 116 - - - 49,186 49,302
December 2001
Dynamic Cables RSA (8,587) (8,587)
Limited purchase
price adjustment
Net profit for the 1,064 1,064
period
Balance at 31 116 - - 41,663 41,779
December 2002
Net profit for the 1,534 1,534
period
Balance at 30 June 116 - - 43,197 43,313
2003
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