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CVS
CVS
CVS - Corvus Capital (SA) Holdings Limited - Unaudited, abridged results for the
six months ended 31 December 2007
CORVUS CAPITAL (SA) HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/021141/06)
JSE code : CVS ISIN code : ZAE000075842
("Corvus" or "the company")
UNAUDITED, ABRIDGED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at As at
31 Dec 2007 30 June 2007 31 Dec 2006
R`000 R`000 R`000
UNAUDITED AUDITED REVIEWED
ASSETS
Non-Current Assets
Tangible assets - - -
- - -
Current Assets 250 250 250
Accounts receivable 90 90 -
Current tax receivable - - -
Cash and cash equivalents
Total assets 340 340 250
EQUITY AND LIABILITIES
Capital and Reserves
Ordinary share capital 4 102 4 102 4 102
Share premium 141 382 141 382 114 973
Accumulated losses (147 126) (146 933) (120 274)
Ordinary shareholders`
interest (1 642) (1 449) (1 199)
Minority interest - - -
(1 642) (1 449) (1 199)
Non-current liabilities
Long-term liabilities 1 904 1 667 1 440
1 904 1 667 1 440
Current liabilities
Accounts payable 78 122 9
Provisions - - -
78 122 9
Total equity and
liabilities 340 340 250
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
6 months 12 months 6 months
ending ending ending
31 Dec 2007 30 June 2007 31 Dec 2006
R`000 R`000 R`000
UNAUDITED AUDITED REVIEWED
Turnover - 3,370 -
Operating loss on ordinary (219) (650) (369)
activities before
investment income
Other income - 26 -
Investment income 26 26 17
Finance costs - (4) -
(Loss)/profit before (193) (602) (352)
taxation
Taxation - - -
(Loss)/ profit after (193) (602) (352)
taxation
Minority interest - - -
Net (loss)/profit for the (193) (602) (352)
period attributable to
ordinary shareholder`s
RECONCILIATION OF EARNINGS
PER SHARE
Weighted average number of 82,044 82,044 82,044
ordinary shares in issue
(`000)
(Loss)/profit per share (0.24) (0.73) (0.43)
(cents)
Adjusted for: - (0.03) -
Other income - -
Expenses relating to
corporate action
Headline loss per share (0.24) (0.77) (0.43)
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
6 months 12 months 6 months
ending ending ending
31 Dec 2007 30 June 31 Dec 2006
R`000 2007 R`000
UNAUDITED R`000 REVIEWED
AUDITED
Cash flow from operating (263) (918) (728)
activities
Cash (utilised) by
/generated from operations
Net (loss)/profit before (193) (602) (352)
tax
Adjusted for non-operating
cash flow items:
Profit on sale of assets - (50) -
Investment income and other
income (26) (26) (17)
Finance costs - 4 -
Adjusted for working
capital items:
Accounts receivable - (244) (359)
Accounts payable (44) - -
Provisions - - -
Investment income 26 26 (17)
Finance costs - (4) -
Tax paid - (90) -
Other non-cash item - (38) -
Net cash (outflow)/inflow (237) (1,024) (711)
from operations
Cash flow from investing
activities
Cash effects from disposal
of subsidiaries - 50 -
Proceeds from disposal of - - -
investments
Net cash outflow from - 50 -
investing activities
Cash flow from financing
activities
Loans raised 237 974 711
Loans repaid - -
Net cash inflow/(outflow) 237 974 711
from financing activities
Net change in cash and cash - - -
equivalents
Cash and cash equivalents - - -
at the beginning of the
year
Cash and cash equivalents - - -
at end of period
STATEMENTS OF CHANGES IN EQUITY
Share Share Total Minorit Distribu- TotalR`
Capital PremiumR Share y table 000
R`000 `000 CapitalR Interes ReserveR`
`000 tR`000 000
Balance at 4 102 114 973 119 075 7 (4 437)
30 June 2006 (123,519)
Net loss for (7) 3 597 3 590
the period
Balance at 4 102 114 973 119 075 - (119 (847)
31 December 922)
2006
Outside
shareholders
share of 26 409 26 409 (26 409)
losses
Net profit - (602) (602)
for the
period
Balance at 4 102 141 382 145 484 - (146
30 June 2007 933) (1 449)
Net loss for
the period (193) (193)
Balance 31 4 102 141 382 145 484 - (147 126) (1
December 6420)
COMMENTARY
Results
The group`s results reflect the results of Corvus Capital Holdings (SA) Limited
("Corvus") for the six month period ending 31 December 2007, and its balance
sheet as at that date. In terms of an agreement entered into by the board of
Corvus Capital Holdings (SA) Limited, 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.
Accounting policies and basis of preparation
The condensed interim financial statements for the six months ended 31 December
2007 were prepared in accordance with the recognition, measurement, presentation
and disclosure requirements of International Financial Reporting Standards
("IFRS") for interim financial statements, IAS 34 - Interim Financial Reporting
and in compliance with the Listing
Requirements of the JSE Limited. The accounting policies applied in the
preparation of these financial statements are consistent with those used in the
annual financial statements for the year ended 30 June 2007.
By order of the board of Directors
MB Hirschfield
Director
JF De Villiers Leach
Director
Sponsor
Sasfin Capital (A Division of Sasfin Bank Limited)
Johannesburg
7 August 2008
Date: 07/08/2008 09:37:01 Produced by the JSE SENS Department.
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