| Fri 30 Nov 2007, 12:33 | | NCA - New Corpcapital - Reviewed Provisional Resul |
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NCA
NCA
NCA - New Corpcapital - Reviewed Provisional Results For The Year
Ended 31 August 2007
NEW CORPCAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/006539/06)
Share code: NCA & ISIN: ZAE000067765
("New Corpcapital")
REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2007
CONSOLIDATED BALANCE SHEET
Reviewed Audited
at at
31 Aug 2007 31 Aug 2006
Rm Rm
Assets
Non-current assets - 65,1
Corpcapital Life policyholder investments, - 65,1
interest bearing securities and deposits
Current assets 122,8 255,8
Cash and cash equivalents 36,3 59,2
Trading securities and liquid assets - 0,2
Advances and other accounts receivable 10,2 17,4
Financial product assets - 45,0
Investments available for sale - 0,8 15,3
surrendered policies
Corpcapital Life policyholder investments, 70,0 112,7
interest bearing securities and deposits
Taxation assets 5,5 6,0
Total assets 122,8 320,9
Equity and liabilities
Share capital and premium 169,2 214,8
Accumulated losses (123,3) (130,5)
Total shareholders` equity 45,9 84,3
Total liabilities 76,9 236,6
Non-current liabilities - 68,3
Corpcapital Life policyholders liabilities - 65,1
- investment contracts
Deferred taxation - 3,2
Current liabilities 76,9 168,3
Trading liabilities 0,1 0,2
Accounts payable 5,0 10,9
Financial product liabilities - 45,0
Corpcapital Life policyholders` liabilities 69,5 111,8
- investment contracts
Taxation liabilities 1,6 0,4
Deferred taxation 0,7 -
Total equity and liabilities 122,8 320,9
Net asset value per share (cents) 12,1 22,2
Issued ordinary shares (000) 379 941 379 941
CONSOLIDATED INCOME STATEMENT
Reviewed Audited
for the for the
year ended year ended
31 Aug 2007 31 Aug 2006
Rm Rm
Revenue 22,7 75,0
Profit before taxation 6,7 0,5
Taxation (0,5) 2,7
Profit/(loss) after taxation 7,2 (2,2)
Profit/(loss) per ordinary share (cents) 1,9 (0,6)
Weighted average number of ordinary shares 379 941 379 941
in issue (`000)
ANALYSIS OF HEADLINE EARNINGS ADJUSTMENTS
Reviewed Audited
for the for the
year ended year ended
31 Aug 2007 31 Aug 2006
Rm Rm
Profit/(loss) after taxation 7,2 (2,2)
Headline earnings adjustments - -
Headline profit/(loss) 7,2 (2,2)
Headline profit/(loss) per share (cents) 1,9 (0,6)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Reviewed Audited
for the for the
year ended year ended
31 Aug 2007 31 Aug 2006
Rm Rm
Total shareholders` equity at beginning 84,3 126,4
of year
Profit/(loss) after taxation 7,2 (2,2)
Distributions (45,6) (39,9)
Total shareholders` equity at end of year 45,9 84,3
CONSOLIDATED CASH FLOW STATEMENT
Reviewed Audited
for the for the
year ended year ended
31 Aug 2007 31 Aug 2006
Rm Rm
Operating activities 8,5 (1,1)
Taxation paid (0,3) (0,4)
Investing activities 14,5 56,6
Financing activities (45,6) (176,5)
Net change in cash and cash equivalents (22,9) (121,4)
Opening cash and cash equivalents 59,2 180,6
Closing cash and cash equivalents 36,3 59,2
ACCOUNTING POLICIES AND INTERNATIONAL REPORTING STANDARDS
The reviewed results for the year ended 31 August 2007 have been prepared in
accordance with International Financial Reporting Standards. The accounting
policies used are consistent in all respects with the accounting policies
applied in the financial statements for the year ended August 2006.
REVIEW OPINION
These results have been reviewed by New Corpcapital Limited`s auditors, PKF
(Jhb) Inc. and their unqualified review opinion is available for inspection
at the company`s registered office.
COMMENTARY
New Corpcapital Limited was listed on the JSE Limited on 27 June 2005
following the liquidation of Corpcapital Limited and the termination of its
listing. New Corpcapital Limited was previously an unlisted wholly-owned
subsidiary of Corpcapital Limited. Since Corpcapital Limited`s liquidation,
New Corpcapital Limited has owned and controlled its assets and assumed its
liabilities.
New Corpcapital Limited continued the strategy, initiated by Corpcapital
Limited, of realising group assets and returning capital to shareholders. It
is anticipated that the realisation strategy will be substantially completed
during the first quarter of 2008.
The group`s operations are regarded as discontinuing and the accounting
policies adopted for the financial year are consistent with the previous
year. The policies comply in all respects with International Financial
Reporting Standards.
Revenue for the year arises from interest earned and the realisation of
investments. The remaining assets, reflected at fair value, include
Corpcapital Life Insurance Limited, which is a dormant life insurance
company, and the remnants of a debtors` book. Non-current liabilities and
corresponding assets reflect the last remaining investment products issued
by Corpcapital Bank Limited and Corpcapital Life Insurance Limited, which
will be realised and discharged in February 2008.
Overhead costs have been reduced in line with the limited scope of
activities and all onerous contracts have been settled. The board remains
committed to cost-effectively winding-up the remaining operations.
The Minister of Trade & Industry has been granted leave to appeal against
the High Court judgment directing the Minister of Trade & Industry to
release his Inspectors` report. Though this report has since been released,
the appeal against the High Court judgment remains pending.
Pursuant to the realisation strategy a distribution of 12 cents per share
was made to shareholders on 27 September 2006. The timing and amount of
further cash distributions to shareholders remains difficult to predict
precisely due to unresolved legal proceedings. The board anticipates
proposing an interim cash distribution to shareholders early in 2008. This
distribution will form part of the total remaining amount reasonably
expected to be returned to shareholders which the board estimates will
remain in the range between 10 cents and 14 cents per share, as previously
indicated.
By order of the board
TA Wixley GB Liebmann
Chairman Executive director
30 November 2007
New Corpcapital Limited
1st Floor, 3 Melrose Square, Melrose Arch, Johannesburg 2196
PO Box 471917, Parklands 2121 South Africa
Telephone +27 11 684 1057, Telefax +27 11 684 1058
DIRECTORS:
TA Wixley** (Non-executive chairman), D Brooking**,
NN Lazarus*, GB Liebmann
(*Non-executive) (**Independent Non-executive)
Sponsor
Java Capital (Proprietary) Limited
Date: 30/11/2007 12:33:17 Produced by the JSE SENS Department.
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