| Fri 28 May 2010, 13:00 | | NCA - New Corpcapital - Unaudited condensed consolidated interim results for the |
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NCA
NCA
NCA - New Corpcapital - Unaudited condensed consolidated interim results for the
six months ended 28 February 2010
NEW CORPCAPITAL LIMITED
Registration number: 2001/006539/06
Share code: NCA ISIN: ZAE000067765
("New Corpcapital" or "the group")
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 28
FEBRUARY 2010
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2010 28 Feb 2009 31 Aug 2009
Rm Rm Rm
Current assets 47,6 50,0 48,5
Cash and cash equivalents 41,6 41,1 42,7
Advances and other accounts 0,4 2,4 0,4
receivable
Taxation assets 5,6 6,5 5,4
Total assets 47,6 50,0 48,5
Equity and liabilities
Share capital and premium 169,2 169,2 169,2
Accumulated losses (123,9) (122,3) (123,2)
Total shareholders` equity 45,3 46,9 46,0
Current liabilities 2,3 3,1 2,5
Accounts payable 2,1 1,8 2,3
Taxation liabilities 0,2 1,3 0,2
Total equity and liabilities 47,6 50,0 48,5
Net asset value per share (cents) 11,9 12,3 12,1
Issued ordinary shares (`000) 379 941 379 941 379 941
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2010 28 Feb 2009 31 Aug 2009
Rm Rm Rm
Revenue 1,3 2,3 5,8
(Loss)/profit before taxation (0,7) 1,6 1,2
Taxation - - (0,5)
(Loss)/profit after taxation (0,7) 1,6 0,7
Total comprehensive (loss)/income (0,7) 1,6 0,7
for the period attributable to the
equity holders of the parent
(Loss)/profit per ordinary share (0,2) 0,4 0,2
(cents)
Weighted average number of ordinary 379 941 379 941 379 941
shares in issue (`000)
ANALYSIS OF HEADLINE EARNINGS ADJUSTMENTS
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2010 28 Feb 2009 31 Aug 2009
Rm Rm Rm
Attributable (losses)/profits (0,7) 1,6 0,7
Headline earnings adjustments - - -
Headline (loss)/profit (0,7) 1,6 0,7
Headline (loss)/profit per share (0,2) 0,4 0,2
(cents)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2010 28 Feb 2009 31 Aug 2009
Rm Rm Rm
Equity holders of the parent at 46,0 45,3 45,3
beginning of year
Total comprehensive (loss)/income (0,7) 1,6 0,7
for the period
Equity holders of the parent at end 45,3 46,9 46,0
of the period
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2010 28 Feb 2009 31 Aug 2009
Rm Rm Rm
Operating activities (1,1) 0,7 1,1
Net change in cash and cash (1,1) (0,5) 1,1
equivalents
Opening cash and cash equivalents 42,7 41,6 41,6
Closing cash and cash equivalents 41,6 41,1 42,7
ACCOUNTING POLICIES
The unaudited interim results for the six months ended 28 February 2010 have
been prepared in accordance with International Financial Reporting Standards,
including IAS 34 (Interim Financial Reporting) as well as the JSE Listings
Requirements and the relevant sections of the Companies Act of South Africa, as
amended.
The accounting policies used are consistent in all respects with the accounting
policies applied in the financial statements for the year ended 31 August 2009.
These results have not been audited or reviewed by New Corpcapital`s auditors,
PKF (Jhb) Inc.
COMMENTARY TO SHAREHOLDERS
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 debtors` book has recently been closed with the last debtor settling an
outstanding balance in March 2010. Ongoing tax queries from the South African
Revenue Service have not been resolved. Tax refunds owing to the group have been
delayed pending resolution of the queries. 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 is engaging with the FSB, at
the highest level, on the cancellation of the life licence. Further
announcements will be made to shareholders as soon as information becomes
available.
Since the recent closure of the debtors` book and resolution of a related
dispute, the board estimates that, subject to satisfactory resolution of the tax
queries, future cash distributions that shareholders can expect will be at about
the group`s net asset value per share, currently 11,9 cents.
By order of the board
T A Wixley G B Liebmann
Chairman Executive director
28 May 2010
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
(**INDEPENDENT NON-EXECUTIVE)
G B Liebmann has been appointed Group Financial Director
COMPANY SECRETARY: J WELHAM
SPONSOR: JAVA CAPITAL (PROPRIETARY) LIMITED
Date: 28/05/2010 13:00:01 Produced by the JSE SENS Department.
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