|
MCU
MCU
MCU - m Cubed Holdings Limited - Unaudited interim results for the six months
ended 31 august 2010
m Cubed Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 1998/014568/06)
Share code: MCU
ISIN: ZAE000033353
("m Cubed" or "the Company" or "the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2010
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
Notes Unaudited Audited
31 Aug 28 Feb
2010 2010
R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment - 9
- 9
Current assets
Loans and receivables 3 38,625 186,344
Current taxation 1,466 1,577
Cash and cash equivalents 197,369 108,729
237,460 296,650
Total assets 237,460 296,659
EQUITY
Equity attributable to the owners of the
company
Ordinary share capital 7,385 7,385
Share premium 227,990 227,990
Foreign currency translation reserve 792 2,353
Accumulated loss -19,777 -22,978
Total equity 216,390 214,750
LIABILITIES
Current liabilities
Provisions 13,346 15,553
Employee benefits - 109
Trade and other payables 3 7,724 66,247
Total liabilities 21,070 81,909
Total equity and liabilities 237,460 296,659
Net asset value per share (cents) 29.3 29.1
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
Note Unaudit Audited
s ed 12
6 months
months 28 Feb
31 Aug 2010
2010 R`000
R`000
Continued operations
Net fair value gains on financial assets 1 8,900 32,330
Other operating income - -152
Total income 8,900 32,178
(Operating expenses)/Recovery of 2 -7,491 16,372
operating expenses
Reversal of impairment of investments 2,089 -
and other outstanding balances
Exchange rate profit on unbundling of - 8,455
subsidiary
Total(Expenses)/ recovery of expenses -5,402 24,827
Results of operations 3,498 57,005
Interest expense -165 -686
Profit before tax 3,333 56,319
Income tax expense -132 -42,464
Profit from continuing operations 3,201 13,855
Discontinued operations
Loss for the period from discontinued - -260
operations
Profit for the period 3,201 13,595
Other comprehensive income
Currency translation differences -1,561 -16,781
Total comprehensive income for the 1,640 -3,186
period, net of tax
Attributable to:
Equity holders of the group 3,201 13,595
Earnings per share (cents) 4
Total attributable earnings per share 0.4 1.8
(cents)
Total diluted earnings per share (cents) 0.4 1.8
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Foreign Accumulated TOTAL
Capital premium currency profit/
translation (loss)
reserve
6 months ended 31 August 2010:
GROUP (R`000)
Balance at 1 7,385 227,990 2,353 -22,978 214,750
March 2010
Decrease in - - -1,561 - -1,561
foreign currency
translation
reserve
Net profit for - - - 3,201 3,201
the period
Dividend paid - - - - -
Balance at 31 7,385 227,990 792 -19,777 216,390
August 2010
Year ended 28 February
2010:
GROUP (R`000)
Balance at 1 7,385 227,990 19,134 -7,033 247,476
March 2009
Decrease in - - -16,781 - -16,781
foreign currency
translation
reserve
Net profit for - - - 13,595 13,595
the year
Dividend paid - - - -29,540 -29,540
Balance at 28 7,385 227,990 2,353 -22,978 214,750
February 2010
SEGMENTAL RESULTS
No segmental information is provided as the Group is in a winding down phase and
no trading is taking place.
NOTES
ACCOUNTING POLICIES AND BASIS OF PREPARATION
The interim financial statements were prepared in accordance with International
Financial Reporting Standards ("IFRS") and comply with IAS 34 (Interim Financial
Reporting) and the Companies Act of South Africa, as amended, in all aspects
except for the following - the audited February 2010 results were used as
comparatives as no interim financial statements were prepared in 2009. The
interim report has not been audited or reviewed.
The accounting policies and methods of computation are consistent with those
applied in the financial results for the year ended 28 February 2010.
COMMENTARY ON M CUBED`S FINANCIAL PERFORMANCE AND POSITION
Net fair value gains on financial assets
The income for the 6 months ended 31 August 2010 mainly comprise of interest
received on cash balances.
Operating expenses
Operating expenses are more predictable than before and the resources required
to run the Company are expected to decrease going forward.
Settlement with the Regulator
The settlement outstanding with the Regulator, as detailed in the previous
financial statements, was implemented during the period. The blocked funds were
released and the R55.05m agreed upon penalty was paid.
At 28 February 2010, R140.86m was included in trade receivables and R55.05m in
trade payables. Both these amounts have now been cleared.
Earnings per share calculation and reconciliation to headline earnings per share
Unaudited Audited
6 months 12
31 Aug months
2010 28 Feb
R`000 2010
R`000
Profit attributable to equity holders of the 3,201 13,595
group
Exchange rate profit on unbundling of - -8,455
subsidiary
Impairment of creditor -2,089 -
Headline earnings attributable to shareholders 1,112 5,140
Weighted average number of ordinary shares in 738,537 738,537
issue (`000)
Number of ordinary shares in issue (`000) 738,537 738,537
Earnings per share (cents) 0.4 1.8
Headline earnings per share (cents) 0.2 0.7
Capital reduction payment
Shareholders are referred to the circular posted on 15 September 2010. A capital
reduction payment of 19c per share was proposed that requires approval at the
shareholders meeting to be held on Thursday, 7 October at 11:00.
Subsequent events
There were no events between 31 August 2010 and 30 September 2010 that
materially affect the results reported above.
Prospects
The Group is still in a winding down phase and the directors remain committed to
unlocking maximum value for shareholders.
Contingent liability
A contingent liability relating to an offshore trust where mCubed is a potential
capital beneficiary still exists at the date of this report. No new information
has come to light.
For and on behalf of the board
CA Otto
Chairman
Cape Town
30 September 2010
Directors: CA Otto (Chairman)*, CMB Bothner*, W Roux*, J van Zyl Smit*, AM Louw*
*Non-executive
Registered office:
1st Floor PSG House, Alphen Park Constantia, Main Road, Constantia
Private Bag X3, Constantia, 7848
Telephone 021 887 9602 Facsimile 021 887 9619
Transfer secretaries:
Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg 2000
PO Box 61051, Marshalltown, 2107
Telephone: 011 370 5000, Facsimile: 011 370 5487
Company secretary: Probity Business Services (Pty) Ltd
Sponsors: PSG Capital
Date: 30/09/2010 17:37:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
