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NCA - New Corpcapital Limited - Unaudited condensed consolidated interim
results for the six months ended 28 February 2011
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 28
FEBRUARY 2011
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2011 28 Feb 2010 31 Aug 2010
Rm Rm Rm
Current assets 45,6 47,6 46,9
Cash and cash equivalents 39,9 41,6 41,3
Advances and other accounts - 0,4 -
receivable
Taxation assets 5,7 5,6 5,6
Total assets 45,6 47,6 46,9
Equity and liabilities
Share capital and premium 169,2 169,2 169,2
Accumulated losses (125,7) (123,9) (125,0)
Total shareholders` equity 43,5 45,3 44,2
Current liabilities 2,1 2,3 2,7
Accounts payable 1,8 2,1 2,4
Taxation liabilities 0,3 0,2 0,3
Total equity and liabilities 45,6 47,6 46,9
Net asset value per share 11,5 11,9 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
28 Feb 2011 28 Feb 2010 31 Aug 2010
Rm Rm Rm
Revenue 1,0 1,3 2,6
(Loss) before taxation (0,7) (0,7) (1,5)
Taxation - - (0,3)
(Loss) after taxation (0,7) (0,7) (1,8)
Total comprehensive (loss) for (0,7) (0,7) (1,8)
the period attributable to the
equity holders of the parent
(Loss) per ordinary share (0,2) (0,2) (0,5)
(cents)
Weighted average number of 379 941 379 941 379 941
ordinary shares in issue (`000)
ANALYSIS OF HEADLINE EARNINGS ADJUSTMENTS
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2011 28 Feb 2010 31 Aug 2010
Rm Rm Rm
Attributable (losses) (0,7) (0,7) (1,5)
Headline earnings adjustments - - -
Headline (loss) (0,7) (0,7) (1,5)
Headline (loss) per share (0,2) (0,2) (0,5)
(cents)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2011 28 Feb 2010 31 Aug 2010
Rm Rm Rm
Equity holders of the parent at 44,2 46,0 46,0
beginning of year
Total comprehensive (loss) for (0,7) (0,7) (1,8)
the period
Equity holders of the parent at 43,5 45,3 44,2
end of the period
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months Year
28 Feb 2011 28 Feb 2010 31 Aug 2010
Rm Rm Rm
Operating activities (1,4) (1,1) (1,4)
Net change in cash and cash (1,4) (1,1) (1,4)
equivalents
Opening cash and cash 41,3 42,7 42,7
equivalents
Closing cash and cash 39,9 41,6 41,3
equivalents
ACCOUNTING POLICIES
The unaudited interim results for the six months ended 28 February 2011 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 Listings Requirements and the relevant sections of the
Companies Act of South Africa, as amended.
The accounting policies used are consistent in all respects with the
accounting policies applied in the financial statements for the year ended 31
August 2010.
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 its assets and assumed its liabilities. 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 28 February 2011.
Revenue for the period arises from interest earned on the group`s cash
holdings and overhead costs have been reduced to a minimum in line with the
limited scope of activities. 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.
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 11,5 cents.
By order of the board
T A Wixley G B Liebmann
Chairman Chief Executive Officer
27 May 2011
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: 27/05/2011 09:00:01 Supplied by www.sharenet.co.za
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