|
Dynamic Cables - Unaudited Results For The Half Year Ended June 2004
DYNAMIC CABLES RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/01807/06)
Share Code: DYM
ISIN number: ZAE000028270
(`Dynamic Cables` or `the company`)
COMMENTARY
The interim 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 OPERATION
Traditionally this group does better in the second half of the year.
This year there is no change in that pattern. Having said that it is
encouraging to note the 14% increase in earnings per share. On a fully
diluted basis the impact is more dramatic resulting in an improvement of 26%.
Although these results have shown an improvement off a small base it is very
pleasing to note that these results were achieved in a less volatile
atmosphere and that all the subsidiaries are now profitable. MEC Energy has
continued to grow, the fibre Optic Laboratory is now working a double shift
and the engineering business is on a solid footing. Finally the tainted share
issue is all but resolved.
PROSPECTS
A fairly good second half of the year and the board is currently preparing a
circular, to shareholders dealing with a proposal to merge the listing of
Cape Empowerment Trust Ltd and Dynamic Cables RSA Ltd.
ACCOUNTING POLICIES
The financial statements have been consistently applied and comply with South
African Statements of Generally Accepted Accounting Practice.
On behalf of the board
Shaun Rai
ACTING CHAIRMAN
UNAUDITED RESULTS FOR THE HALF
YEAR ENDED 30 JUNE 2004
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
30 Jun 30 Jun 31 Dec
2004 2003 2003
R`000 R`000 R`000
Turnover 41,462 42,751 65,628
Profit before interest 2,455 2,104 4,553
Interest received 298 687 245
Interest paid (383) (1,198)
Profit before abnormal 2,753 2,408 3,600
item
Abnormal item - - (205)
Profit before taxation 2,753 2,408 3,395
Taxation - (921)
Profit after taxation 2,753 2,408 2,474
Attributable to ordinary 2,753 2,408 2,474
shareholders
5.9 5.2 5.3 %
change
Earnings per share (cents) 14%
Fully diluted earnings per 4.4 3.5 3.6 26%
share (cents
Headline earnings per share 5.9 5.2 6.2 14%
(cents)
Fully diluted headline earnings 4.4 3.5 4.2 26%
per share (cents)
Net asset value per share 26.4 20.4 20.5 30%
(cents)
Tangible net asset value per 6.4 (1.7) (2.2) 483%
share (cents)
Fully diluted net asset value 19.9 13.9 14.0 43%
per share (cents)
Fully diluted tangible net 7.4 (1.1) 0.8 749%
asset value per share (cents)
Number of shares in issue 46,734 46,734 46,734
(`000)
Weighted number of shares in 46,734 46,734 46,734
issue (`000)
Fully diluted number of shares 62,000 68,338 68,338
(`000)
Reconciliation of headline
earnings
Net profit/(loss) for the 2,753 2,408 2,474
period
Surplus on liquidation of - - (1,554)
subsidiary
Profit on sale of fixed assets - - (233)
Goodwill amortised - - 447
Fair value adjustment of 1,031
investments
Creditor written off - - 727
Headline earnings 2,753 2,408 2,892
ABRIDGED BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months 12 months
30 Jun 30 Jun 31 Dec
2004 2003 2003
R`000 R`000 R`000
Capital employed
Net shareholders` interest 12,338 9,517 9,584
Share capital and reserves 12,338 9,517 9,584
Long-term liabilities 1,337 1,808 1,336
Deferred taxation 1,605 - 1,565
15,280 11,325 12,485
Employment of capital
Tangible assets 4,853 8,165 4,102
Intangible assets 9,341 10,299 10,619
Other financial assets 3,696 3,696 3,696
Investments 8,000 8,000
Deferred taxation 42 785
Net current assets (10,652) (11,619) (13,932)
Current assets 27,563 28,693 27,857
Cash 5,471 4,938 6,170
Other 22,092 23,755 21,687
Current liabilities 38,214 40,312 41,789
15,280 11,325 12,485
CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 2004 30 June 2003 31 Dec 2003
R`000 R`000 R`000
Cash flows from operating 2,126 (2,034) 2,205
activities
Cash receipts from customers 41,740 44,188 71,731
Cash paid to suppliers and (39,912) (46,527) (68,573)
employees
Cash generated by operations 1,828 (2,338) 3,158
Interest received 298 687 245
Interest paid - (383) (1,198)
Cash flows from investing (2,422) (396) (3,153)
activities
Purchase of tangible assets (2,422) (396) (1,969)
Proceeds on disposal of - - 1,620
tangible assets
Purchase of intangible assets - - (11)
Proceeds on disposal of - - (2,793)
investments
Cash flows from financing (403) (180) (430)
activities
Payment of long - term (403) (180) (430)
borrowings
Net (decrease)/increase in (699) (2,610) (1,378)
cash and cash equivalents
Cash and cash equivalents at
the
beginning of the period 6,170 7,548 7,548
Cash and cash equivalents at
the end
of the period 5,471 4,938 6,170
STATEMENT OF CHANGES
IN EQUITY
Share Share Shares to Retained Total
Capital Premium income
be issued (Accumulated
loss)
R R R R R
Balance at 1 January 2,337 89,862 - (85,087) 7,112
2003
Net profit for the 2,473 2,473
year
Balance at 1 January 2,337 89,862 - (82,614) 9,585
2004
Net profit for the 2,753 2,753
period
Balance at 30 June 2,337 89,862 (79,861) 12,338
2004
Date: 29/09/2004 10:41:26 AM
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
