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CAPE EMPOWERMENT TRUST LIMITED - PROVISIONAL UNAUDITED RESULTS FOR THE YEAR
ENDED 31 DECEMBER 2003
CAPE EMPOWERMENT TRUST LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1998/014606/06)
Share code CAE ISIN ZAE000016952
("Cape Empowerment Trust")
PROVISIONAL UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003
COMMENTARY
GROUP PROFILE
Cape Empowerment Trust Limited is a holding company with strong empowerment
credentials.
We are currently invested in Dynamic Cables RSA Limited ("Dynamic Cables"), DDB
South Africa (Proprietary) Limited and enjoy a financial relationship with B&H
Printhouse and the taxi industry.
B&H PRINTHOUSE
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 in
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 with all of its
subsidiaries, with the exception of Dynatech Telecoms, having produced growth on
a year on year basis. We believe that this company will continue to grow in its
chosen sector.
GENERAL
Having contributed significantly to its community initiatives for a period of
five years and given the latest developments in empowerment, Cape Empowerment
Trust is well positioned to reap the rewards of their long standing track record
in this regard.
ACCOUNTING POLICIES
The accounting policies have been consistently applied and the provisional
report has been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice. The provisional report was reviewed by
Cape Empowerment Trust"s auditors, Barends Knight and their report is available
for inspection at the company"s registered office.
FUTURE DIRECTION
Cape Empowerment Trust is currently able to support itself financially and is
largely under-borrowed. In order to justify its continued listing, the company
now needs to acquire solid assets with good income streams. In this regard, the
company is currently investigating acquisitions in the Property, Financial
Services and Marine Sectors.
Income is expected to improve in the current year as all the losses sustained by
Dynatech Telecoms (Pty) Ltd have been recognized and absorbed in the year under
review. The Board is also investigating the possibility of de-listing Dynamic
Cables, which will lead to further costs savings.
On behalf of the Board
S.L. Rai
Group CE
30 March 2004
Reviewed Audited
Year Year
ended ended
31 31
December December
2003 2002
R"000 R"000
BALANCE
SHEET
ASSETS
Non- current 43,499 42,182
assets
Property , 687 381
plant and
equipment
Unlisted 22,761 20,857
investments
Loans 19,964 20,546
receivable
Deferred tax 87 398
Current 408 311
assets
Accounts 408 311
receivable
Total assets 43,907 42,493
EQUITY AND
LIABILITIES
Capital and 43,046 41,779
reserves
Issued share 116 116
capital and
share
premium
Accumulated 42,930 41,663
profits
Non-current 368 282
liabilities
Long term 368 282
borrowings
Current 493 432
liabilities
Accounts 258 227
payable
Bank 25 102
overdraft
Current 210 103
portion of
long term
obligations
Total equity 43,907 42,493
and
liabilities
Reviewed Audited
Year Year
ended ended
31 31
December December
2003 2002
R"000 R"000
INCOME
STATEMENT
GROSS - -
REVENUE
Operating 1,116 (1,887)
income
(loss)
Net interest (81) (425)
paid
Income 1,035 (2,312)
(Loss)
before
taxation
Taxation (310) 398
Income 725 (1,914)
(Loss) after
taxation
Exceptional - 2,028
items
Income after 725 114
exceptional
items
Share of 542 950
associated
companies
income
Net income 1,267 1,064
attributable
to ordinary
shareholders
Earnings per 1.1 0.9
share
(cents)
Headline 1.1 0.9
earnings per
share
(cents)
Diluted 0.8 0.7
earnings per
share
(cents)
Net asset 37.2 36.1
value per
share
(cents)
Number of 115,858 115,858
shares in
issue during
period
("000)
Shares for 155,279 155,279
calculation
of diluted
EPS
STATEMENT OF
CHANGES IN
EQUITY
Reviewed Audited
Year Year
ended ended
31 31
December December
2003 2002
R"000 R"000
Balance at 41,663 49,186
beginning of
period
Dynanic - (8,587)
Cables RSA
Limited
purchase
price
adjustment
Net profit 1,267 1,064
for the
period
Balance at 42,930 41,663
end of
period
ABRIDGED
CASHFLOW
STATEMENT
Reviewed Audited
Year Year
ended ended
31 31
December December
2003 2002
R"000 R"000
Cashflows 1,534 (555)
from
operating
activities
Cash 1,615 (130)
generated by
operations
Investment 149 78
income
Finance (230) (503)
costs
Cash flows (2,232) (1,897)
from
investing
activities
Property, (724) -
plant and
equipment
acquired
Proceeds 396 605
from sale of
assets
Other (1,904) (2,502)
investments
Investment - -
in associate
Cash flows 775 6,110
from
financing
activities
Changes in 86 (607)
long term
borrowings
Changes in 107 (135)
short term
loans
Changes in 582 6,852
loans
receivables
Net increase 77 3,658
(decrease)
in cash and
cash
equivalents
Cash and (102) (3,760)
cash
equivalents
at beginning
of year
Cash and (25) (102)
cash
equivalents
at end of
year
Date: 30/03/2004 12:28:52 PM Produced by the JSE SENS Department
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