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CVS
CVS
Corvus Capital (SA) Holdings Limited - Reviewed, Abridged Results For The Six
Months Ended 31 December 2005
CORVUS CAPITAL (SA) HOLDINGS LIMITED
(Formerly Zeltis Holdings Limited)
(Registration No:1946/0021141/06)
("Corvus")
JSE CODE: CVS - ISIN CODE: ZAE000075842
REVIEWED, ABRIDGED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
CONSOLIDATED, ABRIDGED BALANCE SHEETS
As at As at As at
31 December 30 June 2005 31 December
2005 R"000 2004
R"000 AUDITED R"000
REVIEWED REVIEWED
ASSETS
Non-Current Assets
Tangible assets 245 298 897
Intangible assets - - 4,670
Investments - - 3,917
245 298 9,484
Current Assets
Accounts receivable 5,671 6,221 10,681
Cash and cash 4,894 4,280 5,579
equivalents
10,565 10,501 16,260
Total Assets 10,810 10,799 25,744
EQUITY AND
LIABILITIES
Capital and
Reserves
Ordinary share 4,102 4,102 4,102
capital
Share premium 114,973 114,973 114,973
Distributable (126,779) (123,519) (128,325)
reserve
Ordinary (7,704) (4,444) (9,250)
shareholders"
interest
Outside - 7 14
shareholder"s
interest
Preference share - - 39
capital
(7,704) (4,437) (9,197)
Non-Current
Liabilities
Long-term 10,035 9,615 7,961
liabilities
Current Liabilities
Accounts payable 7,424 5,266 23,322
Bank overdraft - - 1,107
Current portion of - - 2,531
long-term debt
Taxation payable - - 20
Provisions 1,055 355 -
8,479 5,621 26,980
Total equity and 10,810 10,799 25,744
liabilities
CONSOLIDATED, ABRIDGED INCOME STATEMENTS
6 months 12 months 6 months
ending ending ending
31 December 30 June 2005 31 December
2005 R"000 2004
R"000 AUDITED R"000
REVIEWED REVIEWED
Turnover 43,414 113,983 67,900
Gross income 3,124 9,745 8,654
(2,097) 2,614 (2,880)
Operating (loss)/
profit on ordinary
activities before
investment income
Surplus on disposal 320 - 2,794
and revaluation of
investments
Investment income 8 2,708 34
Finance Costs (1,498) (1,436) (841)
(Loss)/profit (3,267) 3,886 (893)
before taxation
Taxation - - (20)
(Loss)/profit after (3,267) 3,886 (913)
taxation
Outside 7 - (7)
shareholder"s share
of losses/(profits)
Net (loss)/profit (3,260) 3,886 (920)
for the period
attributable to
ordinary
shareholders
Adjustments for 472 (8,066) 7,154
headline earnings
Surplus on (320) (3,104) (2,794)
investments
Profit on - (10,333) -
liquidation of
group companies
Goodwill amortised - 5,000 331
and impaired
Investments and - 500 9,617
loans written off
Profit on sale of - (129) -
tangible assets
Expenses relating 791 - -
to corporate action
Headline (2,788) (4,180) 6,234
(loss)/profit for
the year
EARNINGS PER SHARE
Weighted average 82,044 82,044 82,044
number of ordinary
shares in issue
("000)
(Loss)/profit per (3.97) 4.74 (1.12)
share (cents)
Adjusted for:
Surplus on (0.39) (3.78) (3.41)
investments
Profit on - (12.59) -
liquidation of
group companies
Goodwill amortised - 6.09 0.40
and impaired
Investments and - 0.61 11.72
loans written off
Profit on sale of - (0.16) -
tangible assets
Expenses relating 0.96 - -
to corporate action
Headline (3.40) (5.09) 7.60
(loss)/profit for
the year
CONSOLIDATED, ABRIDGED CASH FLOW STATEMENTS
6 months 12 months 6 months
ending ending ending
31 Dec 2005 30 June 2005 31 Dec 2004
R"000 R"000 R"000
REVIEWED AUDITED REVIEWED
Cash flows from
operating
activities
Net profit before (3,267) 3,886 (893)
taxation
Adjusted for the
following non-
operating cash flow
items:
Depreciation and 52 5,194 474
profit and loss on
disposals
Investment income (8) (2,708) (2,828)
and profit and loss
on disposals
Finance costs 1,498 1,436 841
Adjusted for
working capital
items:
Accounts receivable 550 7,306 2,846
Accounts payable 2,158 (10,439) 6,338
Provisions 700 (924) -
Cash generated from 1,683 3,751 6,778
operations
Investment income 8 104 34
Finance costs (1,498) (1,436) (841)
Net cash inflow 193 2,419 5,971
from operations
Cash flows from
investing
activities
Replacement of - (119) (291)
fixed assets
Proceeds from - 377 -
disposal of fixed
assets
Proceeds from - 3,688 -
disposal of
investments
Net cash - 3,946 (291)
inflow/(outflow)
from investing
activities
Cash flows from
financing
activities
Loans raised 421 - 375
Loans repaid - (4,002) (3,500)
Net cash 421 (4,002) (3,125)
inflow/(outflow)
from financing
activities
Net change in cash 614 2,363 2,555
and cash
equivalents
Cash and cash 4,280 1,917 1,917
equivalents at
beginning of year
Cash and cash 4,894 4,280 4,472
equivalents at end
of year
STATEMENTS OF CHANGES IN EQUITY
Share Share Prefer- Outside Distribu- Total
capital Premium ence Share- table R"000
R"000 R"000 Share holders" Reserve
Capital Interest R"000
R"000 R"000
Audited 4,102 114,973 39 7 (127,405) (8,284)
balance as at
30 June 2004
Net loss for - - - - (920) (920)
the period
Outside - - - 7 - 7
shareholders"
share of
profits
Reviewed 4,102 114,973 39 14 (128,325) (9,197)
Balance at 31
December 2004
Net profit - - - - 4,806 4,806
for the year
Write-off of - - (39) - - (39)
preference
share capital
Outside - - - (7) - (7)
shareholders"
share of
losses
Audited 4,102 114,973 - 7 (123,519) (4,437)
balance as at
30 June 2005
Net loss for - - - - (3,260) (3,260)
the period
Outside - - - (7) - (7)
shareholders"
share of
losses
Reviewed 4,102 114,973 - - (126,779) (7,704)
balance as at
31 December
2005
COMMENTARY
RESULTS
The group"s results reflect the results of the Denverdraft recruitment and
financial services businesses, the remaining Zeltis business, and the costs of
the corporate actions undertaken during the period and thereafter.
SALE OF ASSETS AND LIABILITIES
An agreement to sell the assets and liabilities of the Group"s subsidiaries was
reached in the 2006 calendar year (post year-end), which will have to be
approved by shareholders at a date to be announced in due course.
PREPARATION OF THE INTERIM FINANCIAL STATEMENTS
The interim financial statements have been prepared in accordance with
International Financial Reporting Statements. The accounting policies used are
consistent with those used in prior years.
AUDITOR"S REVIEW OPINION
In accordance with 3.18 (b) of the JSE Listings Requirements, the interim
results of the group have been reviewed by the auditors, BDO Spencer Steward
(Johannesburg) Inc. A copy of their opinion is available for inspection at the
Group"s registered offices at 209A Seven Oaks Avenue, Chartwell, Johannesburg.
The auditors have reviewed the interim financial statements for the 6 months
ended 31 December 2005, presented herewith. They have no reason to believe that
these financial statements do not fairly present the financial position of the
group and the results and cash flows of the Group for the 6 months then ended,
in accordance with the Companies" Act 1973, as amended, and International
Financial Reporting Statements.
By order of the board
RN McLeod JP Moore
Director Director
Sponsor
Imara Corporate Finance (Pty) Ltd
30 March 2006
Johannesburg
Date: 30/03/2006 09:36:23 AM Produced by the JSE SENS Department
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