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Dynamic Cables RSA Limited - Provisional Results
DYNAMIC CABLES RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/001807/06)
Share code DYM ISIN ZAE000028270
(`Dynamic Cables` or `the company`)
REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004
ABRIDGED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2004
Group Company
Reviewed Restated Reviewed Restated
2004 2003 2004 2003
R`000 R`000 R`000 R`000
Turnover 81 075 65 628 - -
Profit before interest 6 257 3 877 901 78
Interest received - 244 - 1
Interest paid (1 373) (1 198) (183) -
Profit before abnormal item 4 885 2 923 718 79
Net loss on liquidation of
subsidiary (517) (5 132) (517) (6 553)
- per prior year audited figures - 1 554 - 133
- prior year adjustment,
fundamental error - (6 686) - (6 686)
Fair value adjustments
of investments - (1 758) - (1 069)
Profit/(Loss) before taxation 4 367 (3 967) 201 (7 543)
Taxation (1 075) (921) (36) (30)
Profit after taxation 3 292 (4 888) 165 (7 573)
Attributable to ordinary
shareholders 3 292 (4 888) 165 (7 573)
Earnings/(Loss) per share (cents) 7,0 (10,5)
Fully diluted earnings/(loss)
per share (cents) 4,6 (6,8)
Headline earnings per share
(cents) 11,4 4,7
Fully diluted headline
earnings per share (cents) 7,4 3,1
Net asset value per share (cents) 26,0 4,8
Tangible net asset value per share
(cents) 10,7 (18,0)
Fully diluted net asset value
per share (cents) 33,8 3,1
Fully diluted tangible net
asset value per share (cents) 13,8 (11,6)
Number of shares in issue (`000) 66 800 46 734
Weighted average number of
shares in issue (`000) 46 734 46 734
Fully diluted number of
shares in issue (`000) 51 500 72 337
Reconciliation of
headline earnings:
Net profit/(loss) for year 3 292 (4 888)
Vendor creditor written-off - 727
Surplus on liquidation
of subsidiary 517 5 133
Fair value adjustments
of investments 711 1 031
Profit on sale of fixed assets (4) (233)
Goodwill amortised 327 447
Loan written off 475 -
Tax effects of adjustments - -
Headline earnings 5 319 2 217
ABRIDGED BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2004
Group Company
Reviewed Restated Reviewed Restated
2004 2003 2004 2003
R`000 R`000 R`000 R`000
Capital employed
Net shareholders` interest 17 392 2 224 13 000 959
Share capital and reserves 17 392 2 224 13 000 959
Long-term liabilities 884 1 336 - -
Deferred taxation 1 834 1 563 - -
20 110 5 123 13 000 959
Employment of capital
Tangible assets 2 515 4 102 - -
Intangible assets 10 278 10 618 - -
Investments - - 10 400 10 400
Financial asset 1 588 2 160 1 588 2 160
Deferred taxation - - - -
Net current assets 5 730 (11 758) 1 012 (11 601)
Current assets 29 276 36 266 5 807 13 715
Cash 5 849 6 170 1 311 3 128
Other 23 427 30 096 4 496 10 587
Current liabilities 23 546 48 024 4 795 25 315
20 111 5 122 13 000 959
ABRIDGED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2004
Group Company
Reviewed Restated Reviewed Restated
2004 2003 2004 2003
R`000 R`000 R`000 R`000
Cash flows from operating
activities (10 830) 1 530 (12 680) (2 292)
Cash receipts from customers 83 405 71 731 - -
Cash paid to suppliers (92 589) (69 248) (12 247) (2 293)
Cash generated
from/(absorbed by)
operations (9 184) 2 483 (12 247) (2 293)
Taxation paid (273) - (250) -
Interest received - 245 - 1
Interest paid (1 373) (1 198) (183) -
Cash flows from investing
activities (914) (2 478) (1 013) 5 207
Purchase of property, plant
and equipment (1 186) (1 969) - -
Proceeds on disposal of
property,
plant and equipment 4 1 620 - -
Purchase of intangible assets - (11) - -
Proceeds on disposal of
subsidiary 1 862
Proceeds on disposal of
investments 572 (2 793) 572 -
Proceeds on disposal of
financial assets (2 166) 675 (1 585) 5 207
Purchase of financial assets - - - -
Cash flows from financing
activities 11 424 (430) 11 877 -
Proceeds from issue of share
capital 11 877 - 11 877 -
Proceeds from long term
borrowings 809
Payment of long term
borrowings (1 262) (430) - -
Net (decrease)/increase in
cash and
cash equivalents (320) (1 378) (1 816) 2 915
Cash & cash equivalents at
beginning of year 6 170 7 548 3 128 213
Cash and cash equivalents at
end of year 5 850 6 170 1 312 3 128
Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2004
Group Share Share Accumulated
capital premium loss Total
R`000 R`000 R`000 R`000
Balance at 1 January 2003 2 337 89 862 (85 087) 7 112
Net loss for the year - - 2 473 2 473
Balance at 1 January 2004 2 337 89 862 (82 614) 9 585
Correction of fundamental error - - (7 361) (7 361)
2 337 89 862 (89 975) 2 224
Net profit for the year - - 3 292 3 292
Issue of share capital 910 10 966 - 11 876
Balance at 31 December 2004 3 247 100 828 (86 683) 17 392
Company Share Share Accumulated
capital premium loss Total
R`000 R`000 R`000 R`000
Balance at 1 January 2003 2 337 106 796 (100 601) 8 532
Net loss for the year - - (212) (212)
Balance at 1 January 2004 2 337 106 796 (100 813) 8 320
Correction of fundamental error - - (7 361) (7 361)
2 337 106 796 (108 174) 959
Net profit for the year - - 165 165
Issue of share capital 910 10 966 - 11 876
Balance at 31 December 2004 3 247 117 762 (108 009) 13 000
Commentary
The reviewed results for the company and the state of its affairs are set out
in the following statement. Trading in the shares of the company on the JSE
Securities Exchange South Africa is currently suspended and has been since 28
February 2002.
REVIEW OF OPERATIONS
Dynamic Cables SA (Pty) Ltd continues to underpin the group`s earnings
accounting for at least 75% of the attributable income. Dynamic`s earnings are
marginally down on the previous year as a result of the general slow down in
the telecoms industry. At the same time, new investments were made in fibre
optic laboratory and the engineering business, the effects of which will only
be seen in future results.
RE STATEMENT OF 2003 RESULTS
At the time of preparation of the 2003 results, management were unable to
assess the full impact of the liquidation of Dynatech Telecoms on the results
in the financial statements. It has since come to light that additional losses
were incurred and these have been recognised in full.
SUSPENSION OF LISTING
Shareholders` attention is drawn to the fact that the company has been
suspended since 28 February 2002. We have successfully concluded agreements
with various vendors connected to the tainted share issue dating back to 1997.
The effect of this was to reduce the fully diluted number of shares in issue
from 72 337 000 shares to 51 500 000 shares. These figures have been used for
purposes of compiling these financials. We now intend approaching the court to
rectify the share register to enable the company to apply to the JSE to lift
the suspension of the shares. Your board has been in discussion with Cape
Empowerment Trust regarding the possibility of merging the two companies for
purposes of reducing expenses going forward with one listing. These discussions
were put on hold as a result of the fact that Cape Empowerment Trust is
currently involved in numerous negotiations and placing a fair and reasonable
valuation on a relative basis is currently very difficult. We undertake to keep
shareholders informed in this regard.
PROSPECTS
With all operations trading profitably at last, we believe that future results
will be more favourable than those currently achieved.
ACCOUNTING POLICIES
During the year IAS 38 was adopted with regard to the amortisation of
intangible assets. The effect of this early adoption was that the patents &
trademarks held by Dynamic Cables were not amortised during the current year as
the directors valued them at their carrying value at the beginning of the year.
With this exception, 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
Chief Executive
31 March 2005
Date: 31/03/2005 10:23:12 AM
Produced by the JSE SENS Department
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