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CVS
CVS
CVS - Corvus - Unaudited, Abridged Results For The Six Months Ended
31 December 2006
CORVUS CAPITAL (SA) HOLDINGS LIMITED
(Formerly Zeltis Holdings Limited)
(Registration No:1946/0021141/06)
ISIN CODE: ZAE000075842
JSE CODE: CVS
("Corvus")
UNAUDITED, ABRIDGED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at As at
31 December 30 June 2006 31 December
2006 R`000 2005
R`000 AUDITED R`000
UNAUDITED REVIEWED
ASSETS
Non-Current Assets
Tangible assets - - 245
- - 245
Current Assets
Accounts receivable 250 250 5,671
Cash and cash - - 4,894
equivalents
250 250 10,565
Total Assets 250 250 10,810
EQUITY AND
LIABILITIES
Capital and
Reserves
Ordinary share 4,102 4,102 4,102
capital
Share premium 114,973 114,973 114,973
Distributable (120,274) (119,922) (126,786)
reserve
Ordinary (1,199) (847) (7,711)
shareholders`
interest
Minority interest - - 7
(1,199) (847) (7,704)
Non-Current
Liabilities
Long-term 1,440 729 10,035
liabilities
Current Liabilities
Accounts payable 9 368 7,424
Provisions - - 1,055
9 368 8,479
Total equity and 250 250 10,810
liabilities
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
6 months 12 months 6 months
ending ending ending
31 December 30 June 2006 31 December
2006 R`000 2005
R`000 AUDITED R`000
UNAUDITED REVIEWED
Turnover - 3,370 43,414
(369) (2,112) (2,097)
Operating loss on
ordinary activities
before investment
income
Other income - 6,914 320
Investment income 17 8 8
Finance Costs - (1,220) (1,498)
(Loss)/profit (352) 3,590 (3,267)
before taxation
Taxation - - -
(Loss)/profit after (352) 3,590 (3,267)
taxation
Minority interest - - 7
Net (loss)/profit (352) 3,590 (3,260)
for the period
attributable to
ordinary
shareholders
EARNINGS PER SHARE
Weighted average 82,044 82,044 82,044
number of ordinary
shares in issue
(`000)
(Loss)/profit per (0.43) 4.38 (3.97)
share (cents)
Adjusted for:
Other income - (8.43) (0.39)
Expenses relating - 1.18 0.96
to corporate action
Headline loss for (0.43) (2.87) (3.40)
the year (cents)
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
6 months 12 months 6 months ending
ending ending 31 Dec 2005
31 Dec 2006 30 June 2006 R`000
R`000 R`000 REVIEWED
UNAUDITED AUDITED
Cash flows from
operating
activities
Net (loss)/profit (352) 3,590 (3,267)
before taxation
Adjusted for the
following non-
operating cash flow
items:
Depreciation and - 60 52
profit and loss on
disposals
Investment and (17) (6,923) (8)
other income
Finance costs - 1,220 1,498
Adjusted for
working capital
items:
Accounts receivable - (3,389) 550
Accounts payable (359) 3,780 2,158
Provisions - 955 700
Cash (utilised) by/ (728) (707) 1,683
generated from
operations
Investment income 17 8 8
Finance costs - (1,220) (1,498)
Other non-cash item - 6 -
Net cash (711) (1,913) 193
(outflow)/inflow
from operations
Cash flows from
investing
activities
Cash effects from - (993) -
disposal of
subsidiaries
Proceeds from - (38) -
disposal of
investments
Net cash outflow - (1,031) -
from investing
activities
Cash flows from
financing
activities
Loans raised 711 705 421
Loans repaid - (2,041) -
Net cash 711 (1,366) 421
inflow/(outflow)
from financing
activities
Net change in cash - (4,280) 614
and cash
equivalents
Cash and cash - 4,280 4,280
equivalents at
beginning of year
Cash and cash - - 4,894
equivalents at end
of period
STATEMENTS OF CHANGES IN EQUITY
Share Share Minority Distribu- Total
capital Premium Interest Table R`000
R`000 R`000 R`000
Reserve
R`000
Audited balance 4,102 114,973 7 (123,519) (4,437)
as at 30 June
2005
Net loss for the - - - (3,267) (3,267)
period
Reviewed Balance 4,102 114,973 7 (126,786) (7,704)
at 31 December
2005
Net profit for - - (7) 6,864 6,857
the period
Audited balance 4,102 114,973 - (119,922) (847)
as at
30 June 2006
Net loss for the - - - (352) (352)
period
Unaudited balance 4,102 114,973 - (120,274) (1,199)
as at 31 December
2006
COMMENTARY
RESULTS
The group`s results reflect the results of Corvus Capital Holdings (SA) Limited
("Corvus") for the six month period ending 31 December 2006, and its balance
sheet as at that date. In terms of an agreement entered into by the board of
Corvus, still to be approved by the shareholders of the company, the
subsidiaries of the group were sold on 23 January 2006 for a contingent price of
R250,000.
Corvus continues to actively seek out appropriate investments in South Africa
which it will introduce to shareholders as soon as they have successfully
concluded the due diligence process.
PREPARATION OF THE INTERIM FINANCIAL STATEMENTS
The interim financial statements have been prepared in accordance with
International Financial Reporting Statements. The accounting policies used are
consistent with those used in prior years.
By order of the board
JP Moore MB Hirschfield
Director Director
Sponsor
Imara Corporate Finance (Pty) Ltd
12 April 2007 Johannesburg
Date: 12/04/2007 12:04:37 Produced by the JSE SENS Department.
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