| Thu 31 May 2012, 16:26 | | NCA - New Corpcapital Limited - Unaudited condensed consolidated interim results |
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NCA
NCA
NCA - New Corpcapital Limited - Unaudited condensed consolidated interim results
for the six months ended 29 February 2012
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
29 FEBRUARY 2012
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 2012 28 Feb 2011 31 Aug 2011
Rm Rm Rm
Current assets 44,2 45,6 46,7
Cash and cash equivalents 39,6 39,9 41,1
Taxation assets 4,6 5,7 5,6
Total assets 44,2 45,6 46,7
Equity and liabilities
Share capital and premium 169,2 169,2 169,2
Retained losses (127,0) (125,7) (125,2)
Total shareholders` equity 42,2 43,5 44,0
Current liabilities 2,0 2,1 2,7
Accounts payable 2,0 1,8 2,4
Taxation liabilities 0,0 0,3 0,3
Total equity and liabilities 44,2 45,6 46,7
Net asset value per share 11,1 11,5 11,6
(cents)
Issued ordinary shares (`000) 379 941 379 941 379 941
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 2012 28 Feb 2011 31 Aug 2011
Rm Rm Rm
Revenue 1,0 1,0 4,2
Profit/(loss) before taxation 1,2 (0,7) 0,1
Taxation (3,0) (0,0) (0,3)
Loss after taxation (1,8) (0,7) (0,2)
Total comprehensive loss for the (1,8) (0,7) (0,2)
period attributable to the
equity holders of the parent
Basic and diluted loss per (0,5) (0,2) (0,0)
ordinary share (cents)
Basic and diluted headline loss (0,5) (0,2) (0,6)
per ordinary share (cents)
Reconciliation:
Loss for the year (1,8) (0,7) (0,2)
Less impairment reversal (0,0) (0,0) (2,0)
Basic headline loss (1,8) (0,7) (2,2)
Weighted average number of 379 941 379 941 379 941
ordinary shares in issue (`000)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 2012 28 Feb 2011 31 Aug 2011
Rm Rm Rm
Total shareholders` equity at 44,0 44,2 44,2
beginning of the period
Total comprehensive (1,8) (0,7) (0,2)
profit/(loss) for the period
Total shareholders` equity at 42,2 43,5 44,0
end of the period
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months Year
29 Feb 2012 28 Feb 2011 31 Aug 2011
Rm Rm Rm
Operating activities (1,5) (1,4) (0,2)
Net change in cash and cash (1,5) (1,4) (0,2)
equivalents
Opening cash and cash 41,1 41,3 41,3
equivalents
Closing cash and cash 39,6 39,9 41,1
equivalents
BASIS OF PREPARATION
The unaudited interim results for the six months ended 29 February 2012 have
been prepared in accordance with International Financial Reporting Standards,
including 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 JSE Limited ("JSE") Listing Requirements and the relevant sections of the
South African Companies Act 2008, as amended. As required by the JSE Listings
Requirements, 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 2011.
The preparation of these results was supervised by GB Liebmann, Chief Executive
Officer and Financial Director.
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 the group`s assets. New Corpcapital 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. No material events occurred since 29 February 2012.
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 South African Revenue Service`s ("SARS") tax queries on
historical group transactions have been resolved. Prudent adjustments have been
made to the tax assets and liabilities to reflect the progress of ongoing
discussions with SARS to effect payment of the refunds due to the group.
On 30 January 2012, the group advised shareholders of negotiations between the
group and Sable Platinum Holdings (Proprietary) Limited ("Sable") and its
shareholders regarding a transaction which, if concluded, would constitute a
reverse listing of Sable into New Corpcapital. The negotiations with Sable are
ongoing. The conclusion of a transaction with Sable would mark a change in
strategy of the group from realising group assets to investing in a portfolio of
exploration assets primarily targeting Platinum Group Metals. Shareholders are
advised to continue to exercise caution when dealing in New Corpcapital`s
securities until a further announcement is made.
By order of the board
T A Wixley G B Liebmann
Chairman Chief Executive Officer
31 May 2012
NEW CORPCAPITAL LIMITED
53 - 6TH STREET, HOUGHTON, 2198
PO BOX 471917, PARKLANDS 2121
TELEPHONE +27 11 465 7319 TELEFAX +27 086 646 5999
DIRECTORS: T A WIXLEY** (NON-EXECUTIVE CHAIRMAN)
D L BROOKING** N N LAZARUS** G B LIEBMANN (CEO)
(**INDEPENDENT NON-EXECUTIVE)
COMPANY SECRETARY: J WELHAM
SPONSOR: JAVA CAPITAL
Date: 31/05/2012 16:26:01 Produced by the JSE SENS Department.
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