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Audited Financial Results: Twelve months ended 30 September 2012
Cafca Limited
Share Code: CAC
ISIN Code: ZW0009011942
Notice To Shareholders
Audited Financial Results for the twelve months ended 30 September
2012
All figures in United Stated Dollars
TWELVE MONTHS TO NINE MONTHS TO
30 SEPT 201 30SEPT 2011
CONSOLIDATED STATEMENT
OF COMPREHENSIVE
INCOME $ $
Revenue 23,119,929 18,566,051
Operating profit 2,382,058 2,004,138
Net finance cost (89,780) (170,776)
Profit before taxation 2,292,278 1,833,362
Taxation (620,239) (542,869)
Profit for the period 1,672,039 1,290,493
Other comprehensive
income: - -
Total comprehensive
income for the period 1,672,039 1,290,493
Issued Ordinary Shares
(weighted) (number) 32,609,000 32,523,074
Basic Earnings per
share (cents) 5.13 3.97
Diluted Earnings per
share(number) 32,964,000 32,878,074
Diluted Earnings per
share (cents) 5.07 3.93
Headline earnings per share(number) 32,609,000 32,523,074
Headline earnings per share(cents) 5.13 3.94
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION AT 31 SEPT 2012 AT 31 SEPT 2011
$ $
Non Current Assets 3,066,240 3,167,349
Inventory 6,428,876 5,084,887
Accounts Receivable 3,439,738 3,697,427
Cash 419,631 243,906
Total Assets 13,354,485 12,193,569
Shareholders' Equity 8,842,261 7,156,200
Deferred Tax 732,929 716,697
Bank Overdraft 1,108,649 751,112
Current Liabilities 2,670,646 3,569,560
Total Equity and
Liabilities 13,354,485 12,193,569
STATEMENT OF
CHANGES IN EQUITY
Share Share Share Non-distri
Capital Premium Option butable Revenue
Reserve Reserve Reserve Total
$ $ $ $ $ $
Balance at 1
January 2011 324 11,100 38,740 3,891,992 1,841,539 5,783,371
Transaction with
owners:
Share options 2 69,599 12,735 - - 82,336
Comprehensive
income
Net profit for
the year - - - - 1,290,493 1,246,875
Balance at 30
September 2011 324 80,699 38,740 3,891,668 3,132,032 7,156,200
Balance at 1 326 80,699 51,475 3,891,668 3,132,032 7,156,200
October 2011
Transaction with
owners:
Share options 14,022 14,022
Transfer of non-
distributable
reserve (3,891,668) 3,891,668 -
Profit for the
period 1,672,039 1,672,039
Balance at 30
September 2012 326 80,699 80,699 - 8,695,739 8,842,261
ABRIDGED STATEMENT OF CASH FLOWS
Twelve months to Nine
months to
30 Sept 2012 30 Sept
2011
Operating Profit 2,382,058 2,004,138
Depreciation 213,621 150,814
Share option charge 14,022 78,469
Loss/(Profit0 on sale of property plant,
and equipment 1,940 (8,250)
Change in working capital (1,973,538)
(2,156,893)
Net cash generated from operating
activities 638,103 68,278
Purchase of non current assets (116,351) (157,965)
Tax paid (615,684) (630,553)
Proceeds from issue of share capital - 3,867
Proceeds from sale of property,
plant and equipment 1,900 8,250
Net finance cost (89,780) (170,776)
Net (decrease)/increase in cash and
cash equivalents (181,812) (878,899)
Cash and cash equivalents at beginning
Of year (507,206) 371,693
Cash and cash equivalents at end of year (689,018) (507,206)
Nine months to Year to
30 Sept 2012 31 Sept
2011
Capital expenditure 116,351 157,871
Depreciation 213,621 150,814
NOTES THE FINANCIAL STATEMENTS
1.The principal accounting policies of the group, have been followed
in
all material respects and conform to International Financial
Reporting
Standards(IFRS).
2.The financial statements are presented in United States Dollars
which
is the functional currency of the group.
3.Related party transactions
CBI-Electric African Cables-a division of ATC(PTY)Ltd owns 71% of the
company
and the remaining 29% are widely held.
The following transactions were carried out with related parties:
Twelve months to Nine
months to
30 Sept 2012 30 Sept
2011
(i)Purchases during the period from the
holding company:
CBI-Electric African Cables – a division
of ATC (PTY)
Limited 12,094,689
6,391,653
CBI-Electric Aberdare/ATC Telecoms Cable
(PTY) ltd - 155,136
Goods and services are brought from related parties on
commercial
terms and conditions.
Sales :-
CBI-Electric African Cables-a division of
ATC(PTY)Limited 765,160 718,914
(ii)There were no loans made to directors or management of the
Group companies.
(iii)Year end balances arising from purchase of goods/services:
Payables to related parties:
CBI-Electric African Cables-a division of ATC (PTY)Limited
853,867 1,053,437
(iv)Key management remuneration:
Salaries and other short term benefits(executive and non executive)
And executive managers 597,750 417,994
Share options 14,022 78,469
4. The auditors, PricewaterhouseCoopers, have audited the financial
statements of the Group
for the year ended 30 September 2012.The report contained in the
financial statements,
which is available at the Company’s registered office, is
unqualified.
OVERVIEW OF RESULTS
The reporting period is a twelve month period against a nine month
comparative as the
financial year end was changed to be coterminous with that of the
majority shareholder
for the purposes of consolidation.
Turnover for the twelve months was 25% up on the corresponding nine
month period
resulting in an operating profit of $2.382 million which was 19%
greater than the
nine month period reflecting a stagnant and difficult market.
Finance charges for the twelve month period were $89 780 against
the nine
month period comparative of $170 776 due to the reduced borrowings
and cheaper cost
of borrowings.
Profit after tax for the twelve month period and basic earnings per
share were 29%
up on the corresponding nine month period reflecting a slight
improvement
on the
prior year if one extrapolates the results.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
The consolidated statement of financial position shows a further
investment of
$1,3 million in stock to improve lead times and place consignment
stock at
strategic
customers. This was financed mainly from the year’s profits and
borrowings.
The set off of cash versus borrowings reflects a net borrowings
position of
$688 000 of which $600 000 was a once off investment in aluminium
raw material to
overcome a short term market shortage in the product.
OUTLOOK
We intend to maintain borrowings below the current usage until such
time as
the current uncertainty in the economy improves. Due to uncertainty
in the
environment, we are forecasting to at least maintain current
throughput
for the next twelve months with any downturn in demand being
replaced with
recycling copper barter deals.
DIVIDEND
The Directors have again waived the declaration of a dividend as our
cash
flow priorities are to first eliminate all borrowings and then to
invest in
upgrading plant.
By Order of Board
C Kangara
Company Secretary
22 November 2012
Directors: H.P. Mkushi (Chairman) R.N. Webster (Managing)
E.T.Z Chidzonga A.E. Dickson A. Mabena S.E Mangwengwende T.A Taylor
10 December 2013
Directors: H.P.Mkushi (Chairman), R.N. Webster (Managing),
E.T.Z.Chidzonga
A.E.Dickson, A.Mabena, S. Mangwengwende
Date: 10/01/2013 10:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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