|
BIC
BIC
BICC Cafca Limited - Unaudited Financial Results
BICC Cafca Limited
Share Code: BIC
ISIN Code: ZW0009011074
NOTICE TO SHAREHOLDERS
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2006
Financial Highlights
Inflation adjusted
- Turnover up 9%
- Domestic Volumes 58% down
- Operating profit of $23 billion (2005: Operating loss of $68 billion)
- Profit after taxation of $231 billion (2005:$5.8 billion)
- Headline profit per share of $7,172 (2005: $181)
Historical cost
- Turnover up 1020%.
- Domestic Volumes 58% down
- Operating profit of $206 billion (2005: Operating profit $10 billion)
- Profit after taxation of $152 billion (2005: $6 billion)
- Headline earnings per share of $4,707 (2005: $192)
JUNE JUNE DEC
2006 2005 2005
Z$M Z$M Z$M
INFLATION ADJUSTED
GROUP PROFIT & LOSS ACCOUNT
Sales 921,083 843,493 2,108,573
Domestic 903,067 478,750 1,495,382
Export 18,016 364,743 613,191
Operating Profit/(Loss) 23,122 (68,422) 92,179
Interest 30,816 (45,847) (35,791)
Monetary gain/(loss) 220,811 114,659 (25,118)
Profit/(Loss) Before Taxation 274,749 390 31,270
Taxation (43,326) 5,460 (29,247)
Profit/(Loss) After 231,423 5,850 2,023
Taxation
Issued Ordinary Shares (weighted) 32,269 32,269 32,269
( 000)
Basic Earnings/(Loss) per share 7,172 181 63
(dollars)
Dividend per share
(cents)
Headline Earnings/(Loss) per share 7,172 181 63
(dollars)
GROUP CASH FLOW STATEMENT
Profit/(Loss) After Monetary 243,933 46,236 67,060
Adjustment
Depreciation 69,508 55,381 86,581
Profit on Sale of Property,Plant (582) 0 (95)
and Equipment
Change in Working (490,158) (95,788) 176,633
Capital
Operating Cash Flow (177,299) 5,829 330,179
Interest 30,816 (45,847) (35,791)
Taxation (28,625) (87) (19,314)
Paid
Capital Expenditure (3,093) - (1,894)
Proceeds from Sale of 582 - 95
Property,Plant and Equipment
Change in Net Debt (177,619) (40,105) 273,275
GROUP BALANCE SHEET
Long-term Assets 464,315 560,071 530,730
Stocks 321,877 270,778 229,282
Debtors 536,311 228,814 413,567
Cash 16,673 7,976 194,293
Creditors (420,860) (222,083) (649,140)
Net Current Assets 454,001 285,485 188,002
Employment of Capital 918,316 845,556 718,732
Shareholders" Funds 799,548 571,887 568,125
Deferred Tax 118,768 146,601 150,607
Short term Borrowings 0 127,068 0
Capital Employed 918,316 845,556 718,732
STATEMENT OF CHANGES IN EQUITY
Share Adj.to Revenue
Capital Share
and Capital Reserves
Premium
Z$000 000 Z$000 000 Z$000 000
Balance at 1 January 2000
Effect of adoption of IAS10 (revised)
Balance at 1 January 2005 20 1,690,806
(1,124,724)
Profit for the year - - 2,023
Issue of share - - -
Balance at 31 December 2005 20 1,690,806 (1,122,701)
Balance at 1 January 2006 20 1,690,806
(1,122,701)
Pofit for the year - - 231,423
Balance at 30 June 2006 20 1,690,806 (891,278)
JUNE JUNE DEC
2006 2005 2005
Z$M Z$M Z$M
Capital expenditure 3,093 - 1,894
Depreciation charge 69,508 55,381 86,581
There were no outstanding capital commitments
FIGURES ARE STATED IN THE OLD CURRENCY
JUNE JUNE DEC
2006 2005 2005
Z$M Z$M Z$M
HISTORICAL COST
GROUP PROFIT & LOSS ACCOUNT
Sales 607,926 54,277 283,705
Domestic 599,606 31,242 214,752
Export 8,320 23,036 68,953
Operating 206,099 9,993 48,789
Profit/(loss)
Interest 18,574 (2,974) 3,177
Monetary - - -
gain/(loss)
Profit/(Loss) Before Taxation 224,673 7,019 51,966
Taxation (72,771) (835) (13,872)
Profit/(Loss) After Taxation 151,902 6,184 38,094
Issued Ordinary Shares (weighted) 32,269 32,269 32,269
( 000)
Basic Earnings/(Loss) per share 4,707 192 1,181
(dollars)
Dividend per share (cents) 218 218 218.00
Headline Earnings/(Loss) per share 4,707 192 1,181
(dollars)
GROUP CASH FLOW STATEMENT
Operaing Profit 206,099 9,993 48,789
Depreciation 70 68 134
Profit on Sale of Property,Plant 320) 0 (12)
and Equipment
Change in Working Capital (253,199) (12,856) 16,825
Operating Cash Flow (47,350) (2,795) 65,736
Interest 18,574 (2,974) 3,177
Taxation Paid (11,949) (3) (5,839)
Capital Expenditure (1,934) - (575)
Proceeds from Sale of 320 - 12
Property,Plant and Equipment
Change in Net Debt (42,339) (5,772) 62,511
GROUP BALANCE SHEET
Long-term Assets 2,719 345 855
Stocks 232,248 19,357 56,804
Debtors 335,293 16,852 123,770
Cash 16,673 621 59,014
Creditors (392,736) (17,005) (196,962)
Net Current Assets 191,478 19,825 42,626
Employment of Capital 194,197 20,170 43,481
Shareholders" Funds 194,089 10,277 42,188
Deferred Tax 108 3 1,293
Short term Borrowings 0 9,891 0
Capital Employed 194,197 20,170 43,481
STATEMENT OF CHANGES IN EQUITY
Share Capital Revenue
Capital
and Reserve Reserves
Premium
Z$000 000 Z$000 000 Z$000 000
Balance at 1 January 2000 17,025 63,648 100,401
Effect of adoption of IAS10 - - 14,135
(revised)
Balance at 1 January 2005 20 64 4,010
Profit for the year - - 38,094
Issue of share - - -
Balance at 31 December 2005 20 64 42,104
Balance at 1 January 2006 20 64 42,104
Profit for the year - - 151,902
Balance at 30 June 2006 20 64 194,006
JUNE JUNE DEC
2006 2005 2005
Z$M Z$M Z$M
Capital expenditure 1,934 - 575
Depreciation charge 70 68 134
HYPERINFLATION
The financial statements are prepared on an inflation adjusted basis, in
accordance with International Accounting Standard 29.The historical figures
are appropriately adjusted and restated to reflect the changes in the general
purchasing power of the Zimbabwe dollar.
The comparative figures for the previous period have been similarly restated.
The indices used to restate these financials are given below:
OVERVIEW OF FINANCIAL RESULTS FOR HALF YEAR TO JUNE 2006
Comments are based on historical accounts
The company traded in a difficult economic and operating environment during
the six months under review characterised by high inflation, shortage of
foreign currency and very low capacity utilization.
Domestic turnover year on year increased significantly despite volumes
declining by 58%. Difficulty in accessing foreign currency for the importation
of copper for the production of cable meant that the Company could not meet
local demand.
Export volumes declined by 98% year on year. The Company cannot export at the
moment, as the foreign currency retention is not sufficient to meet the
imported raw material content of the exported goods.
The operating profit increase over the previous year resulted from the
improved margin and the lower cost base. Margins improved from 18% to 34% of
turnover mainly due to reduced exports where margins are lower.
The reduced activity and impact on working capital released funds, which were
invested in the market earning interest of $19 billion versus $3 billion for
the previous year.
WORKING CAPITAL
A consignment of copper was received prior to the month end resulting in
working capital increasing to $191 billion from $42 billion at the year-end.
The company ended the period with a net cash position of $17 billion against
the year-end cash position of $59 billion, the outflow being used to fund the
stock increase.
OUTLOOK
Foreign currency availability remains a challenge for the company, which
together with high inflation will continue to put pressure on the domestic
market. An export initiative is being pursued with the authorities.
DIVIDEND
In order to conserve cash, no dividend is payable for this period.
30 June 2006 4,294,971.4 1.0000
31 December 2005 1,304,538.1 3.2923
30 June 2005 334,328.9 12.8465
BY ORDER OF THE BOARD
C. KANGARA
Directors:
H.P.Mkushi (Chairman) C.E. Schutte (Deputy Chairman), R.N.Webster (Managing)
A.A.Botsh, E.T.Z.Chidzonga, D.J.Colville, A.Mabena, T.A.Taylor
Date: 19/10/2006 12:12:08 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
