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CVS
CVS
CVS - Corvus - Unaudited, Abridged Results For The Twelve Months Ended
30 June 2008
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 TWELVE MONTHS ENDED 30 JUNE 2008
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at As at
30 JUNE 2008 31 Dec 2007 30 June 2007
R`000 R`000 R`000
REVIEWED UNAUDITED AUDITED
ASSETS
Non-Current Assets
Tangible assets - - -
- - -
Current Assets 250 250 250
Accounts receivable 0 90 90
Current tax receivable - - -
Cash and cash equivalents
Total assets 250 340 340
EQUITY AND LIABILITIES
Capital and Reserves
Ordinary share capital 4 102 4 102 4 102
Share premium 141 382 141 382 141 382
Accumulated losses (147 477) (147 126) (146 933)
Ordinary shareholders`
interest (1 993) (1 642) (1 449)
Minority interest - - -
(1 993) (1 642) (1 449)
Non-current liabilities
Long-term liabilities 1 984 1 904 1 667
1 984 1 904 1 667
Current liabilities
Accounts payable 259 78 122
Provisions - -
259 78 122
Total equity and
liabilities 250 340 340
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
12 MONTHS 6 MONTHS 12 MONTHS
30 JUNE 2008 31 Dec 2007 30 June 2007
R`000 R`000 R`000
REVIEWED UNAUDITED AUDITED
Turnover - - 3,370
Operating loss on ordinary (589) (219) (650)
activities before
investment income
Other income - - 26
Investment income 47 26 26
Finance costs - - (4)
(Loss)/profit before (542) (193) (602)
taxation
Taxation - - -
(Loss)/ profit after (542) (193) (602)
taxation
Minority interest - - -
Net (loss)/profit for the (542) (193) (602)
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 (0.66) (0.24) (0.73)
(cents)
Adjusted for: - - (0.03)
Other income - -
Expenses relating to
corporate action
Headline loss per share (0.66) (0.24) (0.77)
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
12 MONTHS 6 MONTHS 12 MONTHS
30 JUNE 2008 31 Dec 2007 30 June 2007
R`000 R`000 R`000
REVIEWED UNAUDITED AUDITED
Cash flow from operating (364) (263) (918)
activities
Cash (utilised) by
/generated from operations
Net (loss)/profit before (542) (193) (602)
tax
Adjusted for non-operating
cash flow items:
Profit on sale of assets - - (50)
Investment income and other
income (47) (26) (26)
Finance costs - - 4
Adjusted for working
capital items:
Accounts receivable 90 - (244)
Accounts payable 135 (44) -
Provisions - - -
Investment income 47 26 26
Finance costs - - (4)
Tax paid - - (90)
Other non-cash item - - (38)
Net cash (outflow)/inflow (317) (237) (1,024)
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 317 237 974
Loans repaid - -
Net cash inflow/(outflow) 317 237 974
from financing activities
Net change in cash and cash - - -
equivalents
Cash and cash equivalents - - -
the beginning of the year
Cash and cash equivalents - - -
at end of period
STATEMENTS OF CHANGES IN EQUITY
Share Share Total Minority Distribu- Total
Capital Premium Share Interest table R`000
R`000 R`000 Capital R`000 Reserve
R`000 R`000
Balance at 4 102 114 973 119 075 - (119 922) (847)
31 December
2006
Net loss - (602) (602)
for the
period
Outside 26 409 26 409 - (26 409)
shareholder
s share of
losses
Balance as 4 102 141 382 145 484 - (146 933) (1 449)
at 30 June
2007
Net profit - (193) (193)
for the
period
Balance at 4 102 141 382 145 484 - (147 126)
31 Dec 2007 (1 642)
Net loss
for the (349) (349)
period
Balance 30 4 102 141 382 145 484 - (147 477) (1 993)
June 2008
COMMENTARY
Results
The group`s results reflect the results of Corvus Capital Holdings (SA) Limited
("Corvus") for the 12 month period ending 30 June 2008, 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 annual financial statements for the twelve months ended 30 June
2008 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.
These results have been reviewed by Nett Rand Accountants & Auditors
Incorporated and their review report is available for inspection at 281 Jorrisen
Street, Krugersdorp, 1739.
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
14 August 2008
Date: 14/10/2008 15:15:01 Produced by the JSE SENS Department.
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