| Fri 29 May 2009, 10:02 | | NCA - New Corpcapital - Unaudited Interim Results For The Six Months Ended 28 |
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NCA
NCA
NCA - New Corpcapital - Unaudited Interim Results For The Six Months Ended 28
February 2009
NEW CORPCAPITAL LIMITED
Registration number: 2001/006539/06
Share code: NCA ISIN: ZAE000067765
("New Corpcapital" or "the group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2009
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2009 29 Feb 2008 31 Aug 2008
Rm Rm Rm
Current assets 50,0 52,3 49,5
Cash and cash equivalents 41,1 44,1 41,6
Advances and other accounts 2,4 2,7 2,5
receivable
Taxation assets 6,5 5,5 5,4
Total assets 50,0 52,3 49,5
Equity and liabilities
Share capital and premium 169,2 169,2 169,2
Accumulated losses (122,3) (122,4) (123,9)
Total shareholders` equity 46,9 46,8 45,3
Current liabilities 3,1 5,5 4,2
Trading liabilities - 0,1 -
Accounts payable 1,8 4,7 2,9
Corpcapital Life policyholders` - 0,3 -
liabilities - investment
contracts
Taxation liabilities 1,3 0,4 1,3
Total equity and liabilities 50,0 52,3 49,5
Net asset value per share (cents) 12,3 12,3 11,9
Issued ordinary shares (`000) 379 941 379 941 379 941
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2009 29 Feb 2008 31 Aug 2008
Rm Rm Rm
Revenue 2,3 2,5 7,3
Profit/(loss) before taxation 1,6 0,9 (0,3)
Taxation - - (0,3)
Profit/(loss) after taxation 1,6 0,9 (0,6)
Profit/(loss) per ordinary share 0,4 0,2 (0,2)
(cents)
Weighted average number of 379 941 379 941 379 941
ordinary shares in issue (`000)
ANALYSIS OF HEADLINE EARNINGS
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2009 29 Feb 2008 31 Aug 2008
Rm Rm Rm
Attributable profits/(losses) 1,6 0,9 (0,6)
Headline earnings adjustments - - -
Headline profit/(loss) 1,6 0,9 (0,6)
Headline profit/(loss) per share 0,4 0,2 (0,2)
(cents)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2009 29 Feb 2008 31 Aug 2008
Rm Rm Rm
Ordinary shareholders` equity at 45,3 45,9 45,9
beginning of period
Attributable profit/(loss) 1,6 0,9 (0,6)
46,9 46,8 45,3
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2009 29 Feb 2008 31 Aug 2008
Rm Rm Rm
Operating activities 0,7 8,8 5,0
Taxation paid (1,2) (1,8) (0,5)
Investing activities - 0,8 0,8
Net change in cash and cash (0,5) 7,8 5,3
equivalents
Opening cash and cash equivalents 41,6 36,3 36,3
Closing cash and cash equivalents 41,1 44,1 41,6
ACCOUNTING POLICIES
The unaudited interim results for the six months ended 28 February 2009 have
been prepared in accordance with International Financial Reporting Standards,
in particular IAS 34 (Interim Financial Reporting).
The accounting policies used are consistent in all respects with the
accounting policies applied in the financial statements for the year ended 31
August 2008.
These interim results have not been audited or reviewed by New Corpcapital`s
auditors, PKF (Jhb) Inc.
COMMENTARY
New Corpcapital was listed on the JSE Limited on 27 June 2005 following the
liquidation of Corpcapital Limited and the termination of its listing. New
Corpcapital was previously an unlisted wholly-owned subsidiary of Corpcapital
Limited. Since Corpcapital Limited`s liquidation, New Corpcapital 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. The group`s operations are
regarded as discontinuing and the accounting policies adopted for the
financial year are consistent with the previous year.
Revenue for the period arises from interest earned on the group`s cash
holdings. The remaining assets are reflected at fair value, which consists
mainly of the remnants of a debtors` book and tax refunds owing. The Supreme
Court of Appeal has dismissed the Minister of Trade and Industry`s appeal
against the High Court`s decision directing the minister to release the
Inspector`s report on the investigation into the affairs of Corpcapital
Limited. Application has been made to the Financial Services Board ("FSB") for
the withdrawal of Corpcapital Life Insurance Limited`s life licence. The
cancellation of the life licence is taking longer than anticipated and is
delaying the release of capital to the group and a proposed payment of a
further interim distribution to shareholders. Further announcements will be
made to shareholders as soon as information becomes available. The board`s
previously published estimate that further distributions totaling between 10
cents and 14 cents per share can reasonably be expected, remains unchanged.
By order of the board
T A Wixley G B Liebmann
Chairman Executive director
29 May 2009
NEW CORPCAPITAL LIMITED
53 - 6TH STREET, HOUGHTON, 2198
PO BOX 471917, PARKLANDS 2121
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)
G B LIEBMANN has been appointed Group Financial Director
COMPANY SECRETARY:
J WELHAM
Sponsor:
Java Capital (Proprietary) Limited
Date: 29/05/2009 10:02:12 Produced by the JSE SENS Department.
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