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Cape Empowerment Trust - Abridged reviewed results for the year ended 31
December 2004 and further cautionary announcement
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
Share code CAE ISIN ZAE000016952
(`Cape Empowerment Trust` or `the company` or `the group`)
CAPE EMPOWERMENT TRUST
ABRIDGED REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004
BALANCE SHEET
Reviewed Audited
Year Year
ended ended
31 December 31 December
2004 2003
R`000 R`000
ASSETS
Non-cur rent assets 54 343 43 948
Property, plant and equipment 955 688
Investments 49 544 22 627
Loans receivable 3 757 20 546
Deferred tax 87 87
Cur rent assets 783 408
Accounts receivable 536 408
Bank 247
Total assets 55 126 44 356
EQUITY AND LIABILITIES
Capital and reser ves 52 149 43 493
Issued share capital and
share premium 116 116
Accumulated profits 52 030 43 377
Outside shareholders` interest 3 -
Non-cur rent liabilities 473 368
Long-term borrowings 473 368
Cur rent liabilities 2 504 495
Accounts payable 2 212 260
Bank overdraft 42 25
Current portion of long-term
obligations 250 210
Total equity and liabilities 55 126 44 35
INCOME STATEMENT
Reviewed Audited
Year Year
ended ended
31 December 31 December
2004 2003
R`000 R`000
Gross revenue 3 696 -
Operating income 6 754 1 116
Net interest paid (139) (81)
Income before taxation 6 615 1 035
Taxation - (310)
Income after taxation 6 615 725
Share of associated companies
income 2 041 989
Outside shareholders` interest (3) -
Net income attributable to
ordinar y shareholders 8 653 1 714
Earnings per share (cents) 6,9 1,5
Headline earnings per share
(cents) 6,9 1,5
Diluted earnings per share
(cents) 5,6 1,1
Net asset value per share (cents) 41,4 37,5
Number of shares in issue during
year (`000) 125 858 115 858
ABRIDGED CASH FLOW STATEMENT
Reviewed Audited
Year Year
ended ended
31 December 31 December
2004 2003
R`000 R`000
Cash flows from operating
activities 8 484 993
Cash generated by operations 8 623 1 074
Investment income 54 149
Finance costs (193) (230)
Cash flows from investing
activities (25 188) (1 109)
Property, plant and equipment
acquired (304) (724)
Proceeds from sale of assets (8) 396
Other investments (24 876) (781)
Cash flows from financing
activities 16 934 193
Changes in long-term
borrowings 105 86
Changes in short-term loans 40 107
Changes in loans receivables 16 789 -
Net increase in cash
and cash equivalents 230 77
Cash and cash equivalents
at beginning of year (25) (102)
Cash and cash equivalents
at end of year 205 (25)
STATEMENT OF CHANGES IN EQUITY
Reviewed Audited
Year Year
ended ended
31 December 31 December
2004 2003
R`000 R`000
Balance at beginning of year 43 377 41 663
Net profit for year 8 653 1 714
Balance at end of year
52 030 43 377
COMMENTARY
The reviewed results for the company and the state of its affairs are set out in
the following statement.
Group profile
Cape Empowerment Tr ust is a holding company with strong empowerment
credentials. We are currently invested in Alexandra Security, B&H Printhouse,
Dynamic Cables and Foretrust Building.
Review of operations
Alexandra Security (Pty) Ltd
Alexandra Security has passed the start-up phase and is currently on a
profitable trend. Alexandra Security focuses mainly on hospitality assignments
and currently enjoys support from most of the three, four and five-star
establishments in the Western Cape. Alexandra Security is now focusing on
increasing its hospitality presence, as well as exploiting significant
opportunities in the commercial sector.
B&H Printhouse
Notwithstanding the fact that the clothing industry is currently under pressure
due to the strong Rand, B&H Printhouse has made a positive contribution to the
bottom line of the group.
Dynamic Cables RSA Limited
Cape Empowerment Trust currently holds 62% of the equity of Dynamic Cables. As a
black-controlled company with a proven track record, Dynamic Cables finds itself
well-positioned to take advantage of empowerment orientated procurement
programmes, utilities and telecom companies. Most of the utilities had tabled
significant roll-out plans over the next two years and Dynamic Cables is well-
situated to take advantage thereof . Its contr ibution in the cur rent year is
marginally down from that of the previous year as a result of having made major
infrastructural investments in the fibre optical engineering termination
businesses.
Foretrust Building
Cape Empowerment Trust owns 20% of the Forestrust Building situated at 5 - 7
Martin Hammerschlag Way, Foreshore, Cape Town. The consortium purchased the
building for R36,750 million and has received numerous offers ranging from R75
million to R115 million since the acquisition. The growth in the value of the
building is attributable to the increased occupancy, as well as a generally more
favourable environment for commercial offices. For purposes of these financial
statements the building has been valued at R75 million in compliance with AC
133.
Cape Empowerment Trust is currently underborrowed and has a fine track record in
terms of broad-based empowerment. This has stood it in good stead with
parastatals and empowerment sensitive organisations.
Cautionary announcement
Shareholders are referred to the cautionary announcement of 28 February 2005
wherein shareholders were informed of developments with Sancino Projects (Pty)
Limited. These developments are underway and the management of Sancino and Cape
Empowerment Trust are at a very advanced stage of discussions.
Accordingly, shareholders are requested to continue to exercise caution when
dealing in their shares in the company.
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.
By order of the Board
Shaun Rai
Chief Executive 30 March 2005
Date: 31/03/2005 09:41:07 AM
Produced by the JSE SENS Department
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