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NCA - New Corpcapital Limited - Abridged audited financial results for the year
ended 31 August 2011
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 2011
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Audited Audited
at at
31 Aug 2011 31 Aug 2010
Rm Rm
Current assets 46,7 46,9
Cash and cash equivalents 41,1 41,3
Taxation assets 5,6 5,6
Total assets 46,7 46,9
Equity and liabilities
Share capital and premium 169,2 169,2
Retained losses (125,2) (125,0)
Total shareholders` equity 44,0 44,2
Current liabilities 2,7 2,7
Accounts payable 2,4 2,4
Taxation liabilities 0,3 0,3
Total equity and liabilities 46,7 46,9
Net asset value per share (cents) 11,6 11,6
Issued ordinary shares (`000) 379 941 379 941
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Audited Audited
for the For the
year ended year ended
31 Aug 2011 31 Aug 2010
Rm Rm
Revenue 4,2 2,6
Profit/(loss) before taxation 0,1 (1,5)
Taxation (0,3) (0,3)
Loss after tax (0,2) (1,8)
Total Comprehensive loss (0,2) (1,8)
Basic and diluted loss per ordinary share (0,0) (0,5)
(cents)
Basic and diluted headline loss per share (0,6) (0,5)
(cents)
Reconciliation:
Loss for the year (0,2) (1,8)
Less impairment reversal (2,0) -
Basic headline loss (2,2) (1,8)
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 2011 31 Aug 2010
Rm Rm
Total shareholders` equity at beginning of year 44,2 46,0
Total comprehensive loss for the year (0,2) (1,8)
Total shareholders` equity at end of year 44,0 44,2
CONSOLIDATED STATEMENTS OF CASH FLOWS
Audited Audited
for the for the
year ended year ended
31 Aug 2011 31 Aug 2010
Rm Rm
Operating activities (0,2) (1,4)
Net change in cash and cash equivalents (0,2) (1,4)
Opening cash and cash equivalents 41,3 42,7
Closing cash and cash equivalents 41,1 41,3
Basis of preparation
The abridged audited results for the year ended 31 August 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 Listing Requirements and the relevant sections of the South African
Companies Act, as amended. 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 2010.
The preparation of these results was supervised by GB Liebmann, Chief Executive
Officer.
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 the group`s assets. 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. No material events occurred since
31 August 2011.
Revenue for the period arises from interest earned on the group`s cash holdings
and a liquidation dividend received from a previous investment. 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 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 25 January 2012.
By order of the board
TA Wixley GB Liebmann
Chairman Chief Executive Officer
30 November 2011
New Corpcapital Limited
53 - 6th Street, Houghton, 2198
PO Box 471917, Parklands 2121, South Africa
Telephone +27 11 465 7319
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 (Proprietary) Limited
Date: 30/11/2011 17:07:35 Supplied by www.sharenet.co.za
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