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CAPE EMPOWERMENT TRUST LIMITED - 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 2004
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
30 June 30 June 31 Decem
2004 2003 2003
R`000 R`000 R`000
BALANCE SHEET
ASSETS
Non- current assets 45,480 43,446 43,948
Property , plant and equipment 687 307 688
Unlisted investments 13,948 11,709 12,489
Investment in associates 12,179 10,631 10,138
Loans receivable 18,579 20,403 20,546
Deferred tax asset 87 398 87
Current assets 569 478 408
Accounts receivable 569 478 408
Total assets 46,049 43,924 44,356
EQUITY AND LIABILITIES
Capital and reserves 45,187 43,313 43,493
Issued share capital and share 116 116 116
premium
Accumulated profits 45,071 43,197 43,377
Non-current liabilities 319 216 368
Long term borrowings 319 216 368
Current liabilities 543 395 495
Accounts payable 244 152 260
Bank overdraft 89 143 25
Loans payable 210 100 210
Total equity and liabilities 46,049 43,924 44,356
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
30 June 30 June 31 Decem
2004 2003 2002
R`000 R`000 R`000
INCOME STATEMENT
GROSS REVENUE - - -
Operating (loss) income (293) 36 1,116
Net interest received/(paid) (55) 16 (81)
Income before taxation (348) 52 1,035
Taxation - - (310)
Income after taxation (348) 52 725
Share of associate companies 2,042 1,482 989
income
Net income attributable to 1,694 1,534 1,714
ordinary shareholders
Earnings per share (cents) 1.5 1.3 1.5
Headline earnings per share 1.5 1.3 1.5
(cents)
Diluted Headline Earnings per 1.5 1.3 1.1
share (cents)
NAV per share (cents) 39.0 37.4 37.5
Number of shares in issue 115,858 115,858 115,858
during period (`000)
CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 Decemb
2004 2003 2003
R`000 R`000 R`000
Cash flows from operating activities (523) (116) 993
Operating profit/(loss) before (293) 110 1,137
working capital changes
Working capital changes (175) (242) (63)
Cash generated by operations (468) (132) 1,074
Interest received 35 107 149
Interest paid (90) (91) (230)
Cash flows from investing activities (1,459) - (1,109)
Purchase of property plant and (724)
equipment
Proceeds from the disposal of 396
property, plant and equipment
Other investments (1,459) - (781)
Cash flows from financing activities 1,918 75 193
Changes in long-term liabilities (49) (65) 86
Changes in short-term loans payable - (3) 107
Changes in loans receivable 1,967 143 -
Net Increase in cash and cash (64) (41) 77
equivalents
Cash and cash equivalents at the
beginning of the period (25) (102) (102)
Cash and cash equivalents at the end
of the period (89) (143) (25)
STATEMENT OF CHANGES
IN EQUITY
Ordinary Preference Share Non- Accumulated To
share share premium distributab profits
le
capital capital reserves
R`000 R`000 R`000 R`000 R`000
Balance at 31 116 - - - 41,663 41
December 2002
Net profit for the 1,714 1,
period
Balance at 31 116 - - 43,377 43
December 2003
Net profit for the 1,694 1,
period
Balance at 30 June 116 - - 45,071 45
2004
CAPE EMPOWERMENT TRUST LIMITED UNAUDITED RESULTS OF THE HALF YEAR ENDED JUNE
2004
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 B&H Printhouse. In addition to the above, the company has started a new
subsidiary in the security industry called Alexandra Security.
B&H Printhouse
Unfortunately the high value of the rand has impacted on the clothing industry
in general and B&H Printhouse was no exception. We are however pleased to report
that the company has avoided making a loss for the half year under review.
Dynamic Cables
Cape Empowerment Trust currently holds 60% of the equity of Dynamic Cables RSA
Ltd, a company with a proven tract record in the telecoms industry. This sector
has recently experienced an increase in activity and Dynamic Cables has
benefited from this increase. Dynamic Cables has recently updated offerings
from a technology point of view and is very well placed to perform. The fibre
optic laboratory is now running for two shifts, the enclosure engineering
division is now operating profitably and the swithchboard business is also
holding its own. As directors we have no reason to believe that the company
will not continue to grow in the near future
.
Alexandra Security
Alexandra is a start up business and has already reached the break even point.
The company is growing in leaps and bounds and although the impact on the
current financial statements under review is negligible, it is the opinion of
the directors that this company will in the future play a significant role in
increasing the earnings of Cape empowerment Trust. The structure of Alexandra
Security is that management holds 49% of the business and are therefore very
well motivated to grow the company and their goals are in alignment with that of
Cape Empowerment Trust.
PROSPECTS
We are currently preparing a proposal to combine the listings of Dynamic Cables
RSA Ltd and Cape Empowerment Trust. We anticipate this proposal to be the
subject matter of the circular which will be forwarded to the shareholders
before the end of the year.
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
Date: 29/09/2004 10:41:44 AM Produced by the JSE SENS Department
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