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Dynamic Cables - Unaudited results for the half-year ended 30 June 2005
Dynamic Cables RSA Limited
Formerly Conlog Holdings Limited
"The company"
(Reg No 1987/01807/06)
JSE share code DYM
ISIN number ZAE000028270
UNAUDITED RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2005
ABRIDGED INCOME STATEMENT Unaudited Unaudited Audited
6 months 6 months 12 months
30 Jun 30 Jun 31 Dec
2005 2004 2004
R"000 R"000 R"000
Turnover 28,158 41,462 74,697
Profit before interest 1,419 2,455 6,518
Interest received 3 298 25
Interest paid (66) (1,214)
Profit before fair value 1,356 2,753 5,329
adjustment
Fair value adjustment of investments 2,407 - (518)
Profit before taxation 3,756 2,753 4,811
Taxation (407) - (1,850)
Profit after taxation 3,356 2,753 2,961
Attributable to ordinary 3,356 2,753 2,961
shareholders
5.0 5.9 6.3
Earnings per share (cents)
Fully diluted earnings per share (cents 5.8 4.4 5.8
Headline earnings per share (cents) 1.4 5.9 10.7
Fully diluted headline earnings per share 1.7 4.4 9.7
(cents)
Net asset value per share (cents) 30.6 26.4 36.5
Tangible net asset value per share (cents) 15.2 6.4 14.5
Fully diluted net asset value per share 35.8 19.9 33.1
(cents)
Fully diluted tangible net asset value per 17.8 7.4 13.2
share (cents)
Number of shares in issue ("000) 66,800 46,734 46,734
Weighted number of shares in issue ("000) 66,800 46,734 46,734
Fully diluted number of shares ("000) 57,039 62,000 51,500
Reconciliation of headline earnings
Net profit/(loss) for the period 3,356 2,753 2,961
Surplus on liquidation of subsidiary - - 518
Goodwill amortised - - 327
Fair value adjustment of investments (2,407) 711
Capital loan written off - - 475
Headline earnings 949 2,753 4,992
ABRIDGED BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months 12 months
30 Jun 30 Jun 31 Dec
2005 2004 2004
R"000 R"000 R"000
Capital employed
Net shareholders" interest 20,417 12,338 17,062
Share capital and reserves 20,417 12,338 17,062
Long-term liabilities 685 1,337 731
Deferred taxation 2,490 1,605 2,490
23,592 15,280 20,283
Employment of capital
Tangible assets 5,344 4,853 2,515
Intangible assets 10,286 9,341 10,278
Other financial assets 4,478 3,696 4,427
Investments - 8,000 -
Deferred taxation - 42
Net current assets 3,484 (10,652) 3,063
Current assets 23,174 27,563 24,875
Cash 2,823 5,471 5,849
Other 20,351 22,092 19,026
Current liabilities 19,690 38,214 21,812
23,592 15,280 20,283
CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 Dec
2005 2004 2004
R"000 R"000 R"000
Cash flows from operating activities (1,378) 2,126 (11,752)
Cash receipts from customers 26,832 41,740 83,405
Cash paid to suppliers and employees (28,147) (39,912) (93,696)
Cash generated by operations (1,315) 1,828 (10,291)
Interest received 3 298 25
Interest paid (66) - (1,214)
Normal taxation paid - (272)
Cash flows from investing activities (1,602) (2,422) 161
Purchase of tangible assets (1,551) (2,422) (1,186)
Proceeds on disposal of tangible assets - - 4
Proceeds on disposal of financial assets - - (518)
Proceeds on disposal of investments - - 1,861
Purchase of other financial assets (51) - -
Cash flows from financing activities (46) (403) 11,271
Proceeds from issue of share capital - 11,876
Payment of long - term borrowings (46) (403) (605)
Net (decrease)/increase in cash and cash (3,026) (699) (320)
equivalents
Cash and cash equivalents at the
beginning of the period 5,849 6,170 6,169
Cash and cash equivalents at the end
of the period 2,823 5,471 5,849
STATEMENT OF CHANGES IN EQUITY
Share Share Retained Total
Capital Premium income
(Accumulated
loss)
R R R R
Balance at 1 January 2004 2,337 89,862 (89,975) 2,224
Net profit for the year 2,961 2,961
Issue of share capital 910 10966 11,876
Balance at 1 January 2005 3,247 100,828 (87,014) 17,061
Net profit for the period 3,356 3,356
Balance at 30 June 2005 3,247 100,828 (83,658) 20,417
DYNAMIC CABLES RSA LIMITED
COMMENTARY
The Interim Results of the company and the state of its affairs are set out in
the following statement.
REVIEW OF OPERATIONS
Traditionally this group does better in the second half of the year than the
first. In this particular year we however feel obliged to draw to shareholders
attention that the first half of this year was uncharacteristically slow.
Notwithstanding the above, we are pleased to report that the second half of the
year has been uncharacteristically busy and we have no reason to doubt the
company"s ability to at least maintain its performance of previous years.
At present we are pleased to report that the engineering business is operating
at double shifts and that the cable business is under pressure to keep up with
demand.
LIFTING OF SUSPENSION
We are pleased to report that Dynamic Cables RSA Limited has successfully
obtained a court order regularizing its share register. This has led to the
lifting of the suspension of trading of the shares on the JSE Limited. We are
therefore pleased to inform shareholders that the saga, which began on 28
February 2002, has now been settled.
PROSPECTS
The company expects to trade very profitably in the second half of the year and
given the fact that the uncertainty around its share capital has been resolved,
Dynamic Cables is now in a position to expand its business activities
respectively pursuing new markets and opportunities.
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
27 September 2005
Date: 28/09/2005 08:00:38 AM Produced by the JSE SENS Department
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