| Fri 26 Nov 2010, 7:30 | | NCA - New Corpcapital Limited - Abridged Audited Financial Results for the year |
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NCA
NCA
NCA - New Corpcapital Limited - Abridged Audited Financial Results for the year
ended 31 August 2010
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 2010
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Audited Audited
at at
31 Aug 2010 31 Aug 2009
Rm Rm
Current assets 46,9 48,5
Cash and cash equivalents 41,3 42,7
Advances and other accounts receivable - 0,4
Taxation assets 5,6 5,4
Total assets 46,9 48,5
Equity and liabilities
Share capital and premium 169,2 169,2
Retained losses (125,0) (123,2)
Total shareholders` equity 44,2 46,0
Current liabilities 2,7 2,5
Accounts payable 2,4 2,3
Taxation liabilities 0,3 0,2
Total equity and liabilities 46,9 48,5
Net asset value per share (cents) 11,6 12,1
Issued ordinary shares (`000) 379 941 379 941
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
for the For the
year ended year ended
31 Aug 2010 31 Aug 2009
Rm Rm
Revenue 2,6 5,8
(Loss)/profit before taxation (1,5) 1,2
Taxation (0,3) (0,5)
(Loss) after tax (1,8) 0,7
Attributable (loss)/profit (1,8) 0,7
Basic (loss)/earnings per ordinary share (0,5) 0,2
(cents)
Basic headline (loss)/earnings per share (0,5) 0,2
(cents)
Weighted average number of ordinary shares in 379 941 379 941
issue (`000)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Audited Audited
for the For the
year ended year ended
31 Aug 2010 31 Aug 2009
Rm Rm
Total shareholders` equity at beginning of year 46,0 45,3
Attributable (loss)/profit (1,8) 0,7
Total shareholders` equity at end of year 44,2 46,0
CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
for the for the
year ended year ended
31 Aug 2010 31 Aug 2009
Rm Rm
Operating activities (1,4) 1,1
Net change in cash and cash equivalents (1,4) 1,1
Opening cash and cash equivalents 42,7 41,6
Closing cash and cash equivalents 41,3 42,7
Basis of preparation
The audited results for the year ended 31 August 2010 have been prepared in
accordance with International Financial Reporting Standards, specifically IAS 34
(Interim Financial Reporting), AC 500 standards as issued by the Accounting
Practices Board or its successor, 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 2009.
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 Limited 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 Limited 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 period arises from interest earned on the group`s cash holdings.
Overhead costs have been reduced to a minimum in line with the limited scope of
activities. The debtors` book was closed during the financial year with the last
debtor settling an outstanding balance. The Financial Services Board has
withdrawn Corpcapital Life Insurance Limited`s life licence with effect from 1
October 2010.
Ongoing tax queries from the South African Revenue Service ("SARS") have not
been resolved. The group continues to cooperate with SARS to resolve the queries
as expeditiously as possible. Further announcements will be made to shareholders
as soon as information becomes available. Tax refunds owing to the group have
been delayed pending resolution of the queries.
Since the 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 11,6 cents.
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, 26 January 2011.
By order of the board
TA Wixley GB Liebmann
Chairman Executive director
26 November 2010
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*,
N N Lazarus*, G B Liebmann
(*Independent Non-executive)
Company Secretary: J Welham
Sponsor: Java Capital
Date: 26/11/2010 07:30:01 Produced by the JSE SENS Department.
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