| Fri 30 May 2008, 16:13 | | NCA - New Corpcapital Limited - Unaudited interim results for the six months |
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NCA
NCA
NCA - New Corpcapital Limited - Unaudited interim results for the six months
ended 29 February 2008
NEW CORPCAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/006539/06)
Share code: NCA ISIN: ZAE000067765
("New Corpcapital")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2008
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 28 Feb 31 Aug
2008 2007 2007
Rm Rm Rm
Current assets 52,3 132,2 122,8
Cash and cash equivalents 44,1 36,9 36,3
Advances and other accounts 2,7 5,1 10,2
receivable
Investments available for sale - - 0,6 0,8
surrendered policies
Corpcapital Life policyholder - 83,9 70,0
investments, interest bearing
securities and deposits
Taxation assets 5,5 5,7 5,5
Total assets 52,3 132,2 122,8
Equity and liabilities
Share capital and premium 169,2 169,2 169,2
Accumulated losses (122,4) (128,4) (123,3)
Total shareholders` equity 46,8 40,8 45,9
Total liabilities 5,5 91,4 76,9
Non-current liabilities - 2,0 0,7
Deferred taxation - 2,0 0,7
Current liabilities 5,5 89,4 76,2
Trading liabilities 0,1 - 0,1
Accounts payable 4,7 3,9 5,0
Corpcapital Life policyholders` 0,3 83,9 69,5
liabilities - investment contracts
Taxation liabilities 0,4 1,6 1,6
Total equity and liabilities 52,3 132,2 122,8
Net asset value per share (cents) 12,3 10,7 12,1
Issued ordinary shares (000) 379 941 379 941 379 941
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 28 Feb 31 Aug
2008 2007 2007
Rm Rm Rm
Revenue 2,5 11,6 30,8
Profit before taxation 0,9 2,4 6,7
Taxation - 0,3 (0,5)
Profit after taxation 0,9 2,1 7,2
Profit per ordinary share (cents) 0,2 0,6 1,9
Headline profit per share (cents) 0,2 0,6 1,9
Weighted average number of ordinary 379 941 379 941 379 941
shares in issue (`000)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 28 Feb 31 Aug
2008 2007 2007
Rm Rm Rm
Ordinary shareholder`s equity at 45,9 84,3 84,3
beginning of year
Attributable profit 0,9 2,1 7,2
Distributions - (45,6) (45,6)
46,8 40,8 45,9
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 28 Feb 31 Aug
2008 2007 2007
Rm Rm Rm
Operating activities 8,8 8,6 8,2
Taxation paid (1,8) - -
Investing activities 0,8 14,7 14,5
Financing activities - (45,6) (45,6)
Net change in cash and cash 7,8 (22,3) (22,9)
equivalents
Opening cash and cash equivalents 36,3 59,2 59,2
Closing cash and cash equivalents 44,1 36,9 36,3
ACCOUNTING POLICIES
The unaudited interim results for the six months ended 29 February 2008 have
been prepared in accordance with International Financial Reporting Standards,
including IAS 34. The accounting policies used are consistent in all respects
with the accounting policies applied in the financial statements for the year
ended 31 August 2007. These results have not been audited or reviewed by New
Corpcapital`s auditors, PKF (Jhb) Inc.
COMMENTARY
New Corpcapital Limited continued the strategy, initiated by Corpcapital
Limited, of realising group assets and returning capital to shareholders. The
group`s operations are regarded as discontinuing and the accounting policies
adopted for the interim period are consistent with the previous interim period.
The policies comply in all respects with International Financial Reporting
Standards.
Revenue for the period arises from interest earned and the realisation of
investments. The remaining assets are reflected at fair value. All remaining
investment products issued by Corpcapital Bank Limited and Corpcapital Life
Insurance Limited have been realised and discharged and application has been
made to the Financial Services Board for the withdrawal of Corpcapital Life
Insurance Limited`s life insurance licence, which will facilitate the release of
capital for the purpose of a further interim distribution to shareholders.
Overhead costs have been further reduced including the reduction of non-
executive directors` fees by 50%.
The board proposes the payment of a further interim distribution to shareholders
of 9 cents per share. An announcement and circular, providing details of the
proposed distribution, will be circulated to shareholders.
The board is investigating the best available means for finally winding down the
company should shareholders approve the proposed distribution. Its proposals
will then be put to shareholders. Payment of the final distribution could be
delayed due to uncertainties regarding unresolved litigation, the payment of a
tax refund and the final winding up of the remaining group subsidiaries. In line
with previous board estimates shareholders can reasonably expect to receive a
final distribution of approximately 3 cents per share.
By order of the board
T A Wixley G B Liebmann
Chairman Executive director
30 May 2008
NEW CORPCAPITAL LIMITED
1st floor, 3 Melrose Square, Melrose Arch, Johannesburg 2196
PO BOX 471917, PARKLANDS 2121 SOUTH AFRICA
TELEPHONE +27 11 786 8292 TELEFAX +27 086 646 5999
DIRECTORS: T A Wixley** (Non-executive CHAIRMAN)
D L Brooking** N N LAZARUS* G B LIEBMANN
(*NON-EXECUTIVE) (**INDEPENDENT NON-EXECUTIVE)
COMPANY SECRETARY: J R WELHAM
Sponsor: Java Capital (Proprietary) Limited
Date: 30/05/2008 16:13:02 Produced by the JSE SENS Department.
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