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MCU
MCU
MCU - m Cubed Holdings Limited - Unaudited interim results for the six months
ended 31 August 2011
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 2011
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Aug 31 Aug 28 Feb
2011 2010 2011
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 552 - -
Other financial assets 20,650 - 11,000
21,202 - 11,000
Current assets
Other financial assets 36,718 - -
Loans and receivables 7,368 38,625 10,172
Current taxation 3,104 1,466 3,071
Cash and cash equivalents 6,512 197,369 57,907
53,702 237,460 71,150
Total assets 74,904 237,460 82,150
EQUITY
Equity attributable to the owners of
the company
Ordinary share capital 7,385 7,385 7,385
Share premium 87,668 227,990 87,668
Foreign currency translation reserve - 792 -
Accumulated loss -32,665 -19,777 -28,751
Total equity 62,388 216,390 66,302
LIABILITIES
Current liabilities
Provisions 8,526 13,346 8,809
Current tax payable 26 - -
Trade and other payables 3,964 7,724 7,039
Total liabilities 12,516 21,070 15,848
Total equity and liabilities 74,904 237,460 82,150
Net asset value per share (cents) 8.5 29.3 9.0
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12
31 Aug 31 Aug months
2011 2010 28 Feb
R`000 R`000 2011
R`000
Continued operations
Net fair value gains on financial - 8,900 -
assets
Investment Income 2,344 - 11,813
Other operating income - - 2,780
Total income 2,344 8,900 14,593
(Operating expenses)/Recovery of -7,313 -7,491 -17,634
operating expenses
Reversal of impairment of 1,055 2,089 -
investments and other outstanding
balances
- - -
Total(Expenses)/ recovery of -6,258 -5,402 -17,634
expenses
Results of operations -3,914 3,498 -3,041
Interest expense - -165 -
Profit before tax -3,914 3,333 -3,041
Income tax expense - -132 -2,732
(Loss)/Profit from continuing -3,914 3,201 -5,773
operations
Discontinued operations
Loss for the period from - - -
discontinued operations
(Loss)/Profit for the period -3,914 3,201 -5,773
Other comprehensive income
Currency translation differences - -1,561 -2,353
Total comprehensive loss for the -3,914 1,640 -8,126
period, net of tax
Attributable to:
Equity holders of the group -3,914 3,201 -8,126
(Loss) / Earnings per share (cents)
Total attributable earnings per -0.5 0.4 -0.8
share (cents)
Total diluted earnings per share -0.5 0.4 -0.8
(cents)
CONDENSED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12
31 Aug 31 Aug months
2011 2010 28 Feb
R`000 R`000 2011
R`000
Cash utilised in operating -4,462 88,640 -38,114
activities
Cash effect of investing activities -46,933 - -12,708
Cash effect of financing activities - - -
Net cash change for the period -51,395 88,640 -50,822
Cash at beginning of the period 57,907 108,729 108,729
Net cash at end of the period 6,512 197,369 57,907
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Foreign Accumulated TOTAL
Capital premium currency loss
translation
reserve
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 profitfor the - - - 3,201 3,201
period
Capital reduction - - - - -
payment
Balance at 31 7,385 227,990 792 -19,777 216,390
August 2010
Decrease in -792 -792
foreign currency
translation
reserve
Net loss for the -8,974 -8,974
period
Capital reduction - -
payment 140,322 140,322
Balance at 1 7,385 87,668 - -28,751 66,302
March 2011
Net loss for the - - - -3914 -3914
period
Balance at 31 7,385 87,668 - -32,665 62,388
August 2011
SEGMENTAL RESULTS
No segmental information is provided as the Group is in a transition 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"), the AC500 Standards and comply with IAS
34 (Interim Financial Reporting) and the Companies Act of South Africa, as
amended, in all aspects. The interim report has not been audited or reviewed.
The person who supervised the preparation of the interim financial information
is the Financial Director, Stephen Black.
The accounting policies and methods of computation are consistent with those
applied in the financial results for the year ended 28 February 2011.
COMMENTARY ON M CUBED`S FINANCIAL PERFORMANCE AND POSITION
Investment Income
The income for the 6 months ended 31 August 2011 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 have been reduced.
Earnings per share calculation and reconciliation to headline earnings per share
Unaudited Audited
6 months 12
31 Aug months
2011 28 Feb
R`000 2011
R`000
Loss attributable to equity holders of the -3,914 -5,773
group
Headline earnings adjustments - -
Headline loss attributable to shareholders -3,914 -5,773
Weighted average number of ordinary shares in 738,537 738,537
issue (`000)
Number of ordinary shares in issue (`000) 738,537 738,537
(Loss) / Earnings per share (cents) -0.5 -0.8
Headline (loss) / earnings per share (cents) -0.5 -0.8
Subsequent events
There were no events between 31 August 2011 and the date of this announcement
that materially affect the results reported above, save for:
The acquisition of a stake in Metorex Limited ("Metorex")
On 28 September 2011, the Company acquired 1 000 000 ordinary shares in Metorex
for a total consideration of R8 120 000.
Management of m Cubed identified Metorex as an opportunity to restore the loss
in resource exposure and to generate a return for m Cubed shareholders in excess
of cash, which opportunity would have been lost, if the Company waited for
formal shareholder approval in a general meeting. The acquisition will however
still have to be ratified by shareholders in a general meeting in due course.
The Company obtained irrevocable support from shareholders holding 51% of the
Company issued share capital for the implementation (or ratification) of the
transactions.
Prospects
The Group is changing its focus to that of investment holding company.
Irrevocable support has been obtained from the majority of shareholders and we
hope to soon provide all shareholders with further information. This will be
done as soon as the relevant regulatory authorisations have been obtained and
all the necessary resolutions can be tabled at a single shareholders meeting.
Contingent liability
A contingent liability relating to an offshore trust where a subsidiary of
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
AM Louw
Chairman
Cape Town
30 November 2011
Registered office:
Afrasia House, Block F, The Terraces, 1 Silverwood close, Steenberg, Tokai
Telephone 021 700 4880 Facsimile 021 702 2429
Transfer offices:
Link Market Services (Pty) Ltd, 13th Floor, Rennie House, 19 Ameshoff Street,
Braamfontein
Telephone: (011) 713 0800, Facsimile: 086 674 4381
Directors: AM Louw* (Chairman), W Roux*, Q George (CEO), SJ Black (FD), J
Fitzpatrick, C Greenwood*
*Non-executive
Auditors: PKF (Cpt) Inc.
Company secretary: Russell Turner
Unit 24 Draper Square, Draper Street, Claremont, 7740
Telephone: 086 599 0077
Bankers: The Standard Bank of South Africa Limited
Sponsors: PSG Capital (Pty) Limited
Attorneys: Werksmans Inc.
Date: 30/11/2011 12:41:47 Produced by the JSE SENS Department.
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