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DYNAMIC CABLES RSA LIMITED - PROVISIONAL REVIEWED RESULTS FOR THE YEAR
ENDED 31 DECEMBER 2003
DYNAMIC CABLES RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/001807/06)
Share code DYM ISIN ZAE000028270
("Dynamic Cables", "the company" or "the group")
PROVISIONAL REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003
ABRIDGED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003
GROUP COMPANY
Reviewed Audited Reviewed
2003 2002 2003
R"000 R"000 R"000
Turnover 65,628 99,604 -
Profit before interest 3,963 6,262 583 8
Interest received 244 483 1 4
Interest paid (881) (1,598) - -
Profit before abnormal item 3,326 5,147 584 91
Fair value adjustments of (703) (23,370) (1,354) (1
investments
Profit before taxation 2,623 (18,223) (770) 1
Taxation 997 2,124 111
Profit after taxation 1,626 (20,347) (881) (
Attributable to ordinary 1,626 (20,347) (881) (1
shareholders
Earnings/(Loss) per share 3.5 (43.5)
(cents)
Fully diluted earnings/(loss) 2.4 (29.8)
per share (cents)
Headline earnings/(loss) per 3.4 (8.8)
share (cents)
Fully diluted headline
earnings/(loss) per
share (cents) 2.3 (6.0)
Net asset value per share 18.7 15.2
(cents)
Tangible net asset value per (4.0) (9.5)
share (cents)
Fully diluted net asset value 12.8 10.4
per share (cents)
Fully diluted tangible net
asset value per
share (cents) (2.8) (6.5)
Number of shares in issue 46,734 46,734
Weighted average number of 46,734 46,734
shares in issue
Fully diluted number of shares 68,338 68,338
in issue
Reconciliation of headline
earnings:
Net profit / (loss) for the 1,626 (20,347)
period
Additional provision for - (1,150)
restructuring costs reversed
Impairment of goodwill - 17,432
Vendor creditor written off (620) -
Fair value adjustments of 703 -
investments
Profit on sale of fixed assets (233) (509)
Goodwill amortised 120 120
Tax effects of adjustments - 345
Headline earnings 1,596 (4,109)
ABRIDGED BALANCE SHEET AS AT 31 DECEMBER
2003
GROUP COMPANY
Reviewed Audited Reviewed Au
2003 2002 2003 20
R"000 R"000 R"000 R"
Capital employed
Net shareholders" interest 8,736 7,111 7,651 8,53
Share capital and reserves 8,736 7,111 7,651 8,53
Long term liabilities 21,926 22,367 19,963 20,
Deferred taxation 1,727 - - -
32,389 29,478 27,614 29
Employment of capital
Tangible assets 4,102 9,404 - -
Intangible assets 10,619 11,570 - -
Investments 11,195 3,696 27,970 29,
Deferred taxation 42 785 - -
Net current assets 6,432 4,023 (356) (56
Current assets 27,355 35,420 1,926 940
Cash 6,170 7,548 126 21
Other 21,184 27,872 1,800 72
Current liabilities 20,923 31,397 2,282 1,5
32,389 29,478 27,614 29
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2003
GROUP Share Share Accumulated
Capital Premium loss Total
R"000 R"000 R"000 R"000
Balance at 1 January 2002 2,337 89,862 (64,741) 27,458
Net loss for the year (20,347) (20,347)
Balance at 1 January 2003 2,337 89,862 (85,088) 7,111
Net profit for the year 1,626 1,626
Balance at 31 December 2003 2,337 89,862 (83,462) 8,737
COMPANY Share Share Accumulated
Capital Premium loss Total
R"000 R"000 R"000 R"000
Balance at 1 January 2002 2,337 106,796 (82,756) 26,377
Net loss for the year (17,845) (17,845)
Balance at 1 January 2003 2,337 106,796 (100,601) 8,532
Net profit for the year (881) (881)
Balance at 31 December 2003 2,337 106,796 (101,482) 7,651
ABRIDGED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003
GROUP COMPANY
Reviewed Audited Reviewed Audited
2003 2002 2003 2002
R"000 R"000 R"000 R"000
Cash flows from operating
activities 100 5,392 -554 -5,979
Cash receipts from customers 78,671 99,447 - -
Cash paid to suppliers 77,936 (92,940) (555) (6,026)
Cash generated from/
(absorbed by) operations 735 6,507 (555) (6,026)
Interest received 245 483 1 47
Interest paid (881) (1,598) - -
Cash flows from investing
activities (194) (5,573) 1,050 2,829
Purchase of property, plant &
equipment (1,968) (4,572) - -
Proceeds on disposal of property,
plant and equipment 1,854 1,055 - -
Purchase of intangible assets (13) (240) - -
Repayment of loans by
subsidiaries - - - 3,794
Proceeds on disposal of
financial assets - - 1,050 -
Purchase of financial assets (67) (1,816) - (965)
Cash flows from financing
activities (1,285) (585) (583) 965
Proceeds from long term
borrowings - - - 965
Payment of long term borrowings (1,285) (585) (583) -
Net (decrease)/increase in
cash & cash equivalents (1,379) (766) (87) (2,185)
Cash & cash equivalents at
beginning of year 7,548 8,314 213 2,398
Cash & cash equivalents
at end of year 6,169 7,548 126 213
Dynamic Cables RSA Limited
COMMENTARY
The reviewed results for the company and the state of its affairs are set out
in the following statement. Trading in the shares is currently suspended and
has been since 28 February 2002.
REVIEW OF OPERATIONS
Dynamic Cables SA (Proprietary) Limited was, as is usual, the major
contributor to the group"s earnings, contributing some 80% of the
attributable income.
The start-up business, MEC Energy has shown rapid growth and currently
contributes approximately 20% of the group"s attributable profits.
The fibre optic laboratory commissioned during the course of the previous
financial year has already reached the break-even point and the group
anticipates a profitable situation in the near future.
The loss making Dynatech Telecoms has performed poorly, but will no longer
form part of the group"s forward going strategy as it has been placed into
liquidation. The effect of this on the group"s NAV is unlikely to be
negative. The board of directors is currently considering the manner in
which the group will pursue the enclosure business contract.
PROSPECTS AND CAUTIONARY ANNOUNCEMENT
The company will continue to adopt a conservative approach in considering
future acquisitions and has strategies to preserve our cash-positive base and
to grow the profitable operations under our control. We also anticipate the
lifting of the suspension of trading in the group"s shares in the near future
as significant progress has been made with the aspect of the tainted shares.
Settlements have been reached with two vendors, and a number of others are
being negotiated. The board of directors expects to conclude this process
before the year-end, whereafter the suspension of the listing of the shares
may be lifted.
However the company is currently evaluating its position and its continued
listing on the Venture Capital Board of the JSE Securities Exchange South
Africa and could consider de-listing from the JSE Securities Exchange SA in
the near future. Negotiations in this regard are taking place with the
holding company.
Shareholders are therefore advised to continue to exercise caution when
dealing with their shares.
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 Dynamic Cables" auditors, Grant Thornton and their report is available for
inspection at the company"s registered office.
On behalf of the Board
Shaun Rai
Acting Chairman
30 March 2004
Date: 30/03/2004 12:29:50 PM Produced by the JSE SENS Department
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