| Fri 28 Nov 2008, 14:24 | | 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 2008
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")
ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2008
CONSOLIDATED BALANCE SHEETS
Audited Audited
at at
31 Aug 2008 31 Aug 2007
Rm Rm
Current assets 49,5 122,8
Cash and cash equivalents 41,6 36,3
Advances and other accounts receivable 2,5 10,2
Investments available for sale - 0,8
Corpcapital Life policyholder - 70,0
investments, interest bearing securities
and deposits
Taxation assets 5,4 5,5
Total assets 49,5 122,8
Equity and liabilities
Share capital and premium 169,2 169,2
Retained losses (123,9) (123,3)
Total shareholders` equity 45,3 45,9
Current liabilities 4,2 76,9
Trading liabilities - 0,1
Accounts payable 2,9 5,0
Corpcapital Life policyholders` - 69,5
liabilities - investment contracts
Taxation liabilities 1,3 1,6
Deferred taxation - 0,7
Total equity and liabilities 49,5 122,8
Net asset value per share (cents) 11,9 12,1
Issued ordinary shares (`000) 379 941 379 941
CONSOLIDATED INCOME STATEMENTS
Audited Audited
for the for the
year ended year ended
31 Aug 2008 31 Aug 2007
Rm Rm
Revenue 7.3 30,8
(Loss)/profit before taxation (0,3) 6,7
Taxation 0,3 (0,5)
(Loss)/profit after taxation (0,6) 7,2
Basic(loss)/profit per ordinary share (0,2) 1,9
(cents)
Basic headline (loss)/profit per share (0,2) 1,9
(cents)
Weighted average number of ordinary 379 941 379 941
shares in issue (`000)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Audited Audited
for the for the
year ended year ended
31 Aug 2008 31 Aug 2007
Rm Rm
Total shareholders` equity at beginning 45,9 84,3
of year
(Loss)/profit after taxation (0,6) 7,2
Distributions - (45,6)
Total shareholders` equity at end of year 45,3 45,9
CONSOLIDATED CASH FLOW STATEMENTS
Audited Audited
for the for the
year ended year ended
31 Aug 2008 31 Aug 2007
Rm Rm
Operating activities 4,5 8,2
Investing activities 0,8 14,5
Financing activities - (45,6)
Net change in cash and cash equivalents 5,3 (22,9)
Opening cash and cash equivalents 36,3 59,2
Closing cash and cash equivalents 41,6 36,3
Basis of preparation
The audited results for the year ended 31 August 2008 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 JSE Limited Listings requirements, the group reports headline
earnings in accordance with Circular 8/2007: Headline Earnings as issued by the
South African Institute of Chartered Accountants.
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 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. 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. Application has been made to
the Financial Services Board for the withdrawal of Corpcapital Life Insurance
Limited`s life licence. Confirmation of the withdrawal of the licence is taking
longer than anticipated, and is delaying the release of capital to the group.
Overhead costs have been further reduced in line with the limited scope of
activities. Non-executive directors fees were reduced by 50% and the executive
director`s remuneration has been reduced by a third from 1 September 2008.
On 6 June 2008 shareholders were informed that the Minister of Trade & Industry
("the Minister") intends to apply for condonation for the late prosecution of
the appeal and, if granted, to pursue the appeal against the decision of the
High Court directing the Minister to release the report of the investigators
into the affairs of Corpcapital Limited. These circumstances, the outcome of
further proceedings and the cancellation of the life insurance licence are
delaying the proposed payment of a further interim distribution to shareholders,
as referred to in the interim results released on 30 May 2008. 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.
By order of the board
TA Wixley GB Liebmann
Chairman Executive director
28 November 2008
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: 28/11/2008 14:24:05 Produced by the JSE SENS Department.
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