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Cape Empowerment Trust - Unaudited results for the half-year ended 30 June 2005
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 2005
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
R"000 R"000 R"000
BALANCE SHEET
ASSETS
Non- current assets 63,429 45,480 53,494
Goodwill 30,591 - -
Property , plant and 5,956 687 1,018
equipment
Unlisted investments 18,700 13,948 14,921
Investment in associates - 12,179 23,306
Loans receivable 3,567 18,579 7,144
Deferred tax asset 4,615 87 7,105
Current assets 29,153 569 884
Accounts receivable 17,389 569 579
Inventories 8,545 - -
Cash at bank 3,219 - 305
Total assets 92,582 46,049 54,378
EQUITY AND LIABILITIES
Capital and reserves 68,074 45,187 51,429
Issued share capital and 126 116 126
share premium
Accumulated profits 58,126 45,071 51,300
Outside shareholders 9,822 - 3
interest
Non-current liabilities
Long term borrowings 1,348 319 659
Current liabilities 23,160 543 2,290
Accounts payable 13,248 244 2,212
Bank overdraft - 89 -
Loans payable 1,319 210 75
Taxation 8,593 - 3
Total equity and liabilities 92,582 46,049 54,378
INCOME STATEMENT
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
R"000 R"000 R"000
GROSS REVENUE 32,320 - 3,691
Investment income 6,420 - 56,143
Net interest paid (148) (55) (56,368)
Net operating income / 2,712 (293) 17
(expenses)
Income 8,984 (348) (208)
before taxation
Taxation (407) - 7,015
Income after taxation 8,577 (348) 6,807
Exceptional items - - -
Income 8,577 (348) 6,807
after exceptional items
Share - 2,042 1,119
of associate companies
income
Outside shareholders (1,751) - (3)
interest
Net income attributable to 6,826 1,694 7,923
ordinary shareholders
Earnings per share 5.4 1.5 6.3
(cents)
Headline earnings per 5.4 1.5 6.3
share (cents)
Diluted Headline Earnings 4.4 1.1 5.1
per share (cents)
NAV per share (cents) 54.1 39.0 40.9
Tangible NAV per share 29.8 39.0 40.9
(cents)
Number of shares in issue 125,858 115,858 125,858
during period ("000)
CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
R"000 R"000 R"000
Cash flows from 3,371 (523) (3,850)
operating activities
Operating profit/(loss) 9,102 (293) 50,737
before working capital
changes
Working capital (4,866) (175) 1,781
changes
Cash generated by 4,236 (468) 52,518
operations
Interest received - 35 54
Interest paid (148) (90) (56,422)
Taxation paid (717) - -
Cash flows from (131) (1,459) (12,485)
investing activities
Goodwill acquired (8) - -
Purchase of property plant (2,423) - (1,494)
and equipment
Proceeds from the disposal - - 872
of property, plant and
equipment
Other investments 2,300 (1,459) (11,863)
Cash flows from (326) 1,918 16,665
financing activities
Changes in long-term (46) (49) 291
liabilities
Changes in short-term (100) - (135)
loans payable
Changes in loans (180) 1,967 16,509
receivable
Net Increase in cash and 2,914 (64) 330
cash equivalents
Cash and cash
equivalents at the
beginning of the 305 (25) (25)
period
Cash and cash equivalents at
the end
of the period 3,219 (89) 305
STATEMENT OF
CHANGES IN EQUITY
Ordinary Prefe- Share Non- Accumu- Total
rence lated
share share premium Distri- profits
butable
capital capital reserves
R"000 R"000 R"000 R"000 R"000
Balance at 31 116 43,377 43,493
December 2003
Net profit for the 7,923 7,923
period
Shares not 10 10
cancelled
Balance at 31 126 - - 51,300 51,426
December 2004
Net profit for the 6,826 6,826
period
Balance at 30 June 126 - - 58,126 58,252
2005
COMMENTARY
GROUP PROFILE
Cape Empowerment Trust is a holding company with strong broad based empowerment
credentials. Our philosophy is to acquire either significant stakes in
operating companies or to control them. The ability of Cape Empowerment Trust
to grow operations, in which it invests, is a major criteria in their selection.
INVESTMENTS
At present Cape Empowerment Trust is invested in the property sector, technology
sector through Dynamic Cables RSA Limited, and security sector through Alexandra
Security (Pty) Ltd.
Performance for the half year
The business has performed extremely well and diluted earnings per share has
grown by some 300%, whilst headline earnings per share has grown by 260%. The
nett asset value has grown by 38% for the half year. All businesses under our
control contributed positively to the bottom line.
Although Dynamic Cables traditionally provides the majority of the group"s
income in this particular period, the major source of income has been from the
group"s property investment.
Your Board has no reason to believe that this trend will not continue for the
rest of the year and we anticipate exceeding the previous year"s income by a
significant margin.
PROSPECTS
The Group is in an expansionary phase and is currently involved in the following
acquisitions:
Sancino (Pty) Ltd
Shareholders attention is drawn to the notice published in the Business Report
and Die Burger on 22 September 2005 wherein which a firm intention to make an
offer for all the issued ordinary shares in Sancino Projects Limited was
announced. We are currently finalising the offer document and are pleased to
report that at this stage there has already been a ground swell of support by
the Sancino shareholders for our offer. Sancino is invested in Grand Parade
Investments Limited, as well as Mills Litho (Pty) Ltd.
Property Investments
Cape Empowerment Trust is currently in negotiations with various major role
players in the property industry with a view to establishing a black-controlled
listed variable loan stock property company with an initial portfolio of at
least R800 million. Further announcements in this regard are expected in the
near future.
Other Sectors
We are currently investigating potential acquisitions in the financial services
and agricultural sectors, details of which are expected to be announced in the
next six months.
Trading Liquidity
Your board has been in consultation with various vendors, pool shareholders and
institutions with a view to increasing the amount of shares traded by twenty to
thirty percent of the issued share capital of the company within the next twelve
months. This is being done to address concerns expressed by many potential
shareholders of there not being sufficiently large quantities of shares
available on the market at any given time.
Accounting Policies
The financial statements have been consistently applied and comply with South
African Statements of Generally Accepted Accounting Practice.
Further Cautionary Announcement
Until such time as detailed announcements are published in regard to the above
investment activity, CET shareholders are advised to exercise caution when
dealing in CET shares.
On behalf of the Board
Shaun Rai - Chief Executive
27 September 2005
Date: 28/09/2005 08:00:19 AM Produced by the JSE SENS Department
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