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BIC
BIC
BIC - BICC Cafca - Audited Financial Results: Full Year Ended
31 December 2009 (Amendment)
BICC Cafca Limited
Share Code: BIC
ISIN Code: ZW0009011074
Notice To Shareholders
Audited Financial Results for the Full Year Ended 31 December 2009 (Amendment)
All figures in United Stated Dollars
Full Year to
31 December 2009
$
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Revenue 7,289,086
Operating Profit 719,804
Net Finance Cost (22,911)
Profit Before Taxation 696,893
Taxation (265,084)
Profit for the Year 431,809
Other Comprehensive Income -
Total Comprehensive Income for the Year 431,809
Issued Ordinary Shares(weighted)(number) 32,283,584
Basic Earnings per share 1,34
(cents)
Headline Earnings per share 1,34
(cents)
ABRIDGED STATEMENT OF CASH FLOWS
Operating Profit 719,804
Depreciation 128,949
Share option charge 44,783
Arising from change in functional currency 93,909
Change in Working Capital (836,554)
Net cash generated from operating activities 150,891
Purchase of non current assets (3,564)
Tax paid (144,536)
Proceeds from issue of share capital 1,167
Net Finance cost (22,911)
Net decrease in cash and cash equivalents (18,953)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Non-Current Assets 4,467,061
Inventory 1,887,906
Accounts Receivable 1,564,719
Cash 40,622
Total Assets 7,960,308
Shareholders` Funds 5,609,034
Deferred Tax 1,089,885
Bank overdraft 22,170
Current Liabilities 1,239,219
Total Equity and Liabilities 7,960,308
STATEMENT OF CHANGES IN EQUITY
Balance at 1 January 2009(Non distributable Income) 3,891,992
arising on restatement in
functional currency
Share option charge (Share Option Reserves) 36,617
Issue of shares (Share Capital and Premium) 9,333
Property Plant and Equipment (Revaluation Reserve) 1,239,283
Revaluation Surplus
Profit for the year (Retained Earnings) 431,809
Balance at 31 December 2009 5,609,034
NOTES TO THE FINANCIAL STATEMENTS
1. FINANCIAL REPORTING
The Group`s functional and presentation currency changed from Zimbabwe Dollars
to United States Dollars effective 1 February 2009.
The financial statements are prepared in accordance with International
Financial Reporting Standards (IFRS), except for non-compliance with
International Financial Accounting Standard (IAS) 1, Presentation of Financial
Statements, IAS 21, The Effects of Changes in Exchange Rates and IAS 29,
Financial Reporting in Hyperinflationary Economies. Due to the economic
environment prevailing in the previous year and the non-availability of
reliable inflation indices and exchange rates, the company, as with all other
entities in Zimbabwe could not comply with these standards.
2. MODIFIED AUDIT OPINION
The audit opinion on the financial statements for the year ended 31 December
2009 is therefore modified in respect of the effect on the financial
statements of opening balances which have not been derived in conformity with
IAS 21 and IAS 29 and no comparative information being presented as required
by IAS 1.
OVERVIEW OF RESULTS
Sales volumes increased by 57% over the previous year with utilities including
barter deals contributing 49% of the volume.
Pre-tax profit at $696 893 was 9.6% of turnover.
Interest on short term borrowings was $22 911 being 3% of operating profit
though the Company was in a net cash position at year end.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Non current Assets - a valuation was conducted by professional valuers as at
November 2009 resulting in a net revaluation reserve of $1 239 283.
WORKING CAPITAL
Bank facilities offered to the company are very short term and are therefore
only being used to finance short positions and not long term debtors or
stocks. Accounts receivable were unusually high at the end of year to
accommodate sales to utilities which were settled in January 2010.
OUTLOOK
The continuation of a thin order book is cause for concern but provided
liquidity in the market does not deteriorate we anticipate an improved
performance in 2010.
DIVIDEND
In view of the difficult working capital environment, the directors have
recommended waiving the declaration of a dividend
By Order of Board
C Kangara
Company Secretary
18 March 2010
Directors: H.P. Mkushi (Chairman) R.N. Webster (Managing)
E.T.Z. Chidzonga A. Mabena S. Mangwengwende C.E .Schutte T.A Taylor
Date: 18/03/2010 13:01:02 Produced by the JSE SENS Department.
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