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DYM
DYM
Dynamic Cables - Reviewed Interim Results: Six months ended 30 June 2006
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 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006
Abridged Group Income Statement
for the period ended 30 June 2006
Reviewed Unaudited Audited
% 6 months 6 months 12 months
6 30 June 30 June 31
months December
change 2006 2005 2005
R"000 R"000 R"000
Turnover 141,59 68 027 28 158 97 304
Gross profit 166,05 25 017 9 403 28 698
Operating profit 473,50 8 138 1 419 9 480
Negative goodwill - 2 407 3 164
Operating lease - (15) -
straight line
adjustment
Income from 15 3 38
investments
Finance charges (873) (66) (1 410)
Profit/(loss) before 94,24 7 280 3 748 11 272
taxation
Taxation (1 388) (403) (2 988)
Net profit 76,14 5 892 3 345 8 284
attributable to
ordinary
shareholders
Basic earnings per 76,14 8,8 5,0 12,4
share (cents)
Headline earnings 166,61 8,8 3,3 9,2
per share (cents)
Fully diluted 50,40 8,8 5,9 14,4
earnings per share
(cents)
Fully diluted 127,65 8,8 3,9 10,7
headline earnings
per share (cents)
Abridged Group Balance Sheet
as at 30 June 2006
Reviewed Unaudited Audited
30 June 30 June 31
December
2006 2005 2005
R"000 R"000 R"000
ASSETS
Non-current assets 16 263 15 754 16 559
Property, plant and equipment 7 021 5 344 6 905
Intangible assets 9 242 10 286 9 244
Deferred tax asset - 124 410
Current assets 58 200 27 652 39 859
Inventories 18 744 8 545 8 942
Trade and other receivables 25 200 10 125 17 816
Short-term loans 3 114 583 3 319
Financial assets 3 095 5 576 2 990
Prepayments 205 - -
Cash and cash equivalents 7 842 2 823 6 792
Total assets 74 463 43 406 56 418
EQUITY
Equity attributable to equity 30 952 20 123 25 060
holders of the company
Share capital and premium 104 075 104 075 104 075
Accumulated losses (73 123) (83 952) (79 015)
LIABILITIES
Non-current liabilities 2 059 3 175 3 263
Borrowings 722 685 792
Deferred tax liability 1 337 2 490 2 471
Current liabilities 41 452 20 108 28 095
Trade and other payables 27 565 9 845 15 820
Current income tax 12 512 8 593 11 543
liabilities
Borrowings - 987 -
Short-term portion of non- 322 265 299
current liabilities
Provisions 682 - -
Operating lease liability 371 418 433
Total equity and liabilities 74 463 43 406 56 418
Abridged Group Cash Flow Statement
for the period ended 30 June 2006
Reviewed Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31
December
2006 2005 2005
R"000 R"000 R"000
Cash flow from operating 2 184 (1 378) 3 775
activities
Cash receipts from customers 60 642 26 832 90 824
Cash paid to suppliers and (56 458) (27 838) (85 018)
employees
Cash (utilised)/generated by 4 184 (1 006) 5 806
operations
Interest paid (873) (66) (1 410)
Interest received 15 3 38
Taxation paid (1 142) (309) (659)
Cash flow from investing (1 063) (1 602) (2 893)
activities
Additions to property, plant (1 063) (1 551) (1 147)
and equipment
Proceeds on disposal of - - (158)
property, plant and
equipment
Acquisition of subsidiary - - (1 588)
Purchase of other financial - (51) -
assets
Cash flow from financing (71) (46) 61
activities
(Decrease)/increase in long- (71) (46) 61
term borrowings
Net (decrease)/increase in 1 050 (3 026) 943
cash
Cash surplus at the beginning 6 792 5 849 5 849
of the period
Cash resources at the end of 7 842 2 823 6 792
the period
Statement of Changes in Equity
for the period ended 30 June 2006
Share Share Accumu-
lated
capital premium profit/ Total
(loss)
Reviewed R"000 R"000 R"000 R"000
Balance at 1 January 3 246 100 829 (87 299) 16 776
2005 (Audited)
Net profit for period 8 284 8 284
Balance at 31 3 246 100 829 (79 015) 25 060
December 2005
Net profit for period 5 892 5 892
Balance at 30 June 3 246 100 829 (73 123) 30 952
2006
Supplementary Information
for the period ended 30 June 2006
Reviewed Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2006 2005 2005
R"000 R"000 R"000
Shares in issue (000"s) 66 800 66 800 66 800
Shares in issue - weighted 66 800 66 800 66 800
(000"s)
Diluted number of shares - 66 800 57 039 57 361
weighted (000"s)
Net asset value per share 46,3 30,1 37,5
(cents)
Capital expenditure (R"000) 1 064 1 551 1 148
Capital commitments (R"000) 1 521 1 500 -
Depreciation, amortisation 949 1 129 2 796
and impairment charge (R"000)
Finance and operating lease 2 974 4 948 3 883
commitments (R"000)
Profit attributable to 5 892 3 345 8 284
ordinary shareholders (R"000)
Earnings per share (cents) 8,8 5,0 12,4
Fully diluted earnings per 8,8 5,9 14,4
share (cents)
Headline earnings per share 8,8 3,3 9,2
(cents)
Fully diluted headline 8,8 3,9 10,7
earnings per share (cents)
Reconciliation of Headline Earnings
Reviewed Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2006 2005 2005
R"000 R"000 R"000
Net profit for the period 5 892 3 345 8 284
Goodwill amortisation and 1 272 1 036
impairment
Negative goodwill - (2 407) (3 164)
Headline earnings 5 892 2 210 6 156
Segmental Information
for the period ended 30 June 2006
Engineering Cabling Total
Geographical segment R"000 R"000 R"000
REVENUE 28 521 39 506 68 027
- Gauteng - 22 123 22 123
- Western Cape 28 521 17 383 45 904
TOTAL ASSETS 4 867 2 154 7 021
- Gauteng - 1 723 1 723
- Western Cape 4 867 431 5 298
Business segments:
The engineering division manufactures steel products for
telecommunication and other industries.
The cabling division supplies cabling and electrical components to civil
engineering marine transport, mining and the telecommunication
industries.
Geographical segments:
The company operates locally with outlets in Gauteng and the Western
Cape. Its entire engineering facility is based in the Western Cape.
Accounting Policies
The condensed financial statements for the six months ended 30 June 2006
were prepared in accordance with IAS 34 - Interim Financial Reporting and
in compliance with the Listings Requirements of the JSE Limited.
The financial information has been prepared on the basis of the
recognition and measurement requirements of International Financial
Reporting Standards (IFRS).
The accounting policies of the group have remained consistent with those
previously reported in the 2005 audited annual financial statements.
The results have been reviewed by Grant Thornton. Their unqualified
review opinion is available for inspection at the company"s registered
office.
Interim Operations
The group experienced an exceptionally good first half of the year.
Revenues increased by 141% to R68 million from R28 million in 2005. We
expect this to be sustainable for the next few years or so in the light
of our favourable positioning in the marketplace, particularly against a
background where electrical telecommunication infrastructure continues to
be rolled out in the market place and new investment in infrastructure
that has to be implemented before the 2010 soccer World Cup. The company
is perfectly positioned, in terms of its skills, experience and
empowerment credentials to benefit significantly from this major
investment drive.
Dividends
No dividends have been declared or paid at interim date.
Segment Revenue
Refer to segmental information for operational information regarding our
Western Cape and Gauteng divisions.
Subsequent Events
Subsequent to 30 June 2006, the company effected the purchase of the
property utilised by its Johannesburg based operations. A deposit was
paid prior to 30 June 2006 and is included in the results above.
Related Party Transactions
Related party transactions between subsidiaries of the company and
between the company and the subsidiaries have been eliminated in full on
consolidation. These transactions are no less favourable than those
arranged with third parties.
Comments
Prospects
The company expects to trade profitably in the second half of the year
and we have no reason to believe that we will not be as profitable as in
the first half.
Corporate Governance
The directors fully support the principles of good corporate governance
as set out in the King Report and the company accepts the need to conduct
the enterprise with integrity, transparency and equal opportunity.
For and on behalf of the board
TD Rai R McGregor
Chief Executive Company Secretary
Cape Town
26 September 2006
Date: 28/09/2006 04:30:15 PM Produced by the JSE SENS Department
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