| Mon 30 Nov 2009, 11:19 | | NCA - New Corpcapital - Abridged Audited Financial Results For The Year Ended |
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NCA
NCA
NCA - New Corpcapital - Abridged Audited Financial Results For The Year Ended
31 August 2009
New Corpcapital Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/006539/06)
(Share code: NCA ISIN: ZAE000067765)
("New Corpcapital" or "the company" or "the group")
ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2009
CONSOLIDATED BALANCE SHEET
Audited Audited
at at
31 Aug 2009 31 Aug 2008
Rm Rm
Current assets 48,5 49,5
Cash and cash equivalents 42,7 41,6
Advances and other accounts receivable 0,4 2,5
Taxation assets 5,4 5,4
Total assets 48,5 49,5
Equity and liabilities
Share capital and premium 169,2 169,2
Retained losses (123,2) (123,9)
Total shareholders` equity 46,0 45,3
Current liabilities 2,5 4,2
Accounts payable 2,3 2,9
Taxation liabilities 0,2 1,3
Total equity and liabilities 48,5 49,5
Net asset value per share (cents) 12,1 11,9
Issued ordinary shares (`000) 379 941 379 941
CONSOLIDATED INCOME STATEMENT
Audited Audited
for the for the
year ended year ended
31 Aug 2009 31 Aug 2008
Rm Rm
Revenue 5,8 7,3
Profit/(loss) before taxation 1,2 (0,3)
Taxation (0,5) (0,3)
Profit/(loss) after taxation 0,7 (0,6)
Basic earnings/(loss) per ordinary share 0,2 (0,2)
(cents)
Basic headline earnings/(loss) per share 0,2 (0,2)
(cents)
Weighted average number of ordinary 379 941 379 941
shares in issue (`000)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Audited
for the for the
year ended year ended
31 Aug 2009 31 Aug 2008
Rm Rm
Total shareholders` equity at beginning 45,3 45,9
of year
Profit/(loss) after taxation 0,7 (0,6)
Total shareholders` equity at end of year 46,0 45,3
CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
for the for the
year ended year ended
31 Aug 2009 31 Aug 2008
Rm Rm
Operating activities 1,1 4,5
Investing activities - 0,8
Net change in cash and cash equivalents 1,1 5,3
Opening cash and cash equivalents 41,6 36,3
Closing cash and cash equivalents 42,7 41,6
Basis of preparation
The audited results for the year ended 31 August 2009 have been prepared in
accordance with International Financial Reporting Standards, specifically IAS 34
(Interim Financial Reporting), and comply with the requirements of the South
African Companies Act, 1973 and the Listing Requirements of the JSE Limited. As
required by the Listings Requirements of the JSE Limited, the group reports
headline earnings in accordance with Circular 3/2009: Headline Earnings as
issued by the South African Institute of Chartered Accountants. The accounting
policies applied are consistent in all respects with the accounting policies
applied in the financial statements for the year ended 31 August 2008.
Audit Opinion
These results have been audited by New Corpcapital Limited`s auditors, PKF (Jhb)
Inc. and their unqualified audit opinion is available for inspection at the
company`s registered office.
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 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. The policies comply in all respects with
International Financial Reporting Standards.
Revenue for the year 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. There are ongoing queries
from the South African Revenue Service relating to historic transactions by
group subsidiaries. Group overhead costs have been reduced to a minimum in line
with the limited scope of activities.
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. The company continues to engage with the
FSB on the progress in cancelling the life licence. Further announcements will
be made to shareholders as soon as information becomes available. The board`s
previously published estimate that further distributions totalling between 10c
and 14c per share can reasonably be expected, remains unchanged.
NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the company`s annual report was dispatched
today and contains a notice of Annual General Meeting for the company to
be held in the boardroom at the offices of PKF (Jhb) Inc, 42 Wierda Road
West, Sandton, at 10:00 on Wednesday, 27 January 2010.
By order of the board
TA Wixley GB Liebmann
Chairman Executive director
30 November 2009
New Corpcapital Limited
53 - 6th Street, Houghton, 2198
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**,
NN Lazarus*, GB Liebmann
(*Non-executive) (**Independent Non-executive)
Company Secretary: J Welham
Sponsor: Java Capital (Proprietary) Limited
Date: 30/11/2009 11:19:01 Produced by the JSE SENS Department.
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