March 20, 2023
CAC 2000 Limited (CAC)
Financials for the three months ended January 31, 2023:
CAC 2000 Limited’s (CAC) ‘Revenues’ for the three months ended January 31, 2023 decreased 42% to $127.90 million (2022: $222.24 million).
‘Cost of Sales’ decreased by 45% for the period to $82.49 million (2022: $150.33 million). Consequently, ‘Gross Profit’ for the period fell by 37% to close at $45.40 million (2022: $71.91 million).
The Company reported a 6% decline in ‘Total Expenses’ to $90.09 million (2022: $95.90 million). This was as a result of a 5% decrease in ‘General Administration’ to $87.95 million (2022: $92.10 million) and 44% decrease in ‘Selling & Distribution’ to $2.15 million (2022: $3.81 million).
‘Other Income’ of $8,400 was recorded for the period. ‘Loss before Finance Cost and Taxation’ amounted to $44.68 million, versus a loss of $24 million booked in 2022.
‘Net Finance Costs’ increased 26% for the period in review to $11.06 million (2022: $8.77 million); this being a result of ‘Interest Expense’ and ‘Interest Income’ for the three months amounting to $10.33 million (2022: $5.70 million) and $13,629 (2022: $13,294), respectively.
‘Loss Before Taxation’ for the three months closed at $55.74 million (2022: loss of $32.76 million). Tax credit of $3.92 million was charged for the period (2022: nil). As such, ‘Net Loss’ for the three months closed at $51.82 million (2022: loss of $32.76 million).
Loss-per-share (LPS) for the three months amounted to $0.40 (2022: LPS of $0.25). The twelve months trailing EPS amounted to $0.01. The number of shares used in our calculations is 129,032,258 units. Notably, CAC’s stock price closed the trading period on March 17, 2023 at a price of $8.2.
Balance Sheet Highlights:
As at January 31, 2023, the Company reported total assets of $1.24 billion, a 10% decrease when compared to $1.37 billion a year ago. This was as a result of a large contraction in ‘Trade And Other Receivables’ which decreased 34% to $433.21 million (2022: $657.26 million).
Shareholders’ Equity as at January 31, 2023 was $392.21 million compared to $394.79 million a year ago. This resulted in a book value per share of $3.04 (2022: $3.06).
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