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Delta Emd Limited - Unaudited Condensed Results For The Six Months Ended 27 June 2017

Release Date: 08/09/2017 12:09:00      Code(s): DTA     
DELTA EMD LIMTED
Registration number: 1919/006020/06
Income tax number: 9375057719
Share code: DTA       ISIN: ZAE000132817
("DELTA EMD" or "the Group")

UNAUDITED CONDENSED RESULTS
FOR THE SIX MONTHS ENDED 27 JUNE 2017

SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                                   Unaudited        Unaudited
                                                                                  six months       six months    Audited year to
                                                                                     to June          to June           December
                                                                                        2017             2016               2016
                                                                  Note                 R'000            R'000              R'000
 
Interest received                                                                      3 182            4 638              9 374
Administrative expenses                                                              (1 147)          (1 202)            (1 920)
(Expenses)/Income related to shut down of business                                   (4 517)          (7 151)              3 784
Other income                                                                             878              486              1 370
(Loss)/Profit for the period before taxation                                         (1 604)          (3 229)             12 608
Taxation                                                                               (587)                -              1 341
Total comprehensive (loss)/profit for the period                                     (2 191)          (3 229)             13 949
Attributable to equity holders of parent company                                                                               
(Loss)/Profit for the period                                                         (2 191)          (3 229)             13 949
Total comprehensive (loss)/profit for the period                                     (2 191)          (3 229)             13 949
Headline (loss)/profit attributable to ordinary shareholders         1               (2 191)          (3 229)             13 949
Number of shares in issue ('000)                                                      49 166           49 166             49 166
Weighted number of shares in issue ('000)                                             49 166           49 166             49 166
Attributable (loss)/earnings per share (cents)                                                                                 
- basic and diluted                                                                    (4.5)            (6.6)               28.4
Dividend per share (cents)                                                                 -            100.0              100.0


SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                                   Unaudited        Unaudited
                                                                                  six months       six months    Audited year to
                                                                                     to June          to June           December
                                                                                        2017             2016               2016
                                                                                       R'000            R'000              R'000

ASSETS                                                                                                                         
Current assets                                                                                                                 
Trade and other receivables                                                              945              789                928
Bank balances and cash                                                                80 997          111 888            103 830
Taxation receivable                                                                      141              101                141
Non-current assets held for sale                                                      25 949           25 949             25 949
Total assets                                                                         108 032          138 727            130 848
EQUITY AND LIABILITIES                                                                                                           
Total shareholders' funds                                                             89 825           74 789             92 016
Current liabilities                                                                                                              
Trade and other payables                                                               2 808           27 971             22 797
Short-term provisions                                                                 15 399           34 413             16 035
Taxation payable                                                                           -            1 554                  -
Total equity and liabilities                                                         108 032          138 727            130 848
Net asset value per share (cents)                                                        183              152                187
  

SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                   Unaudited        Unaudited
                                                                                  six months       six months    Audited year to
                                                                                     to June          to June           December
                                                                                        2017             2016               2016
                                                                                       R'000            R'000              R'000

Cash (utilised by)/generated from operations                                         (4 785)          (7 867)              3 235
Movement in current and non-current provision                                          (637)         (22 398)           (40 778)
(Increase)/Decrease in working capital                                              (20 006)            1 126            (4 139)
Cash utilised by operations                                                         (25 428)         (29 139)           (41 682)
Net interest received                                                                  3 182            4 638              9 374
Taxation paid                                                                          (587)                -              (252)
Cash outflow from operating activities                                              (22 833)         (24 501)           (32 559)
Net cash outflow before financing activities                                        (22 833)         (24 501)           (32 559)
Dividend paid - ordinary                                                                   -         (49 164)           (49 163)
Net decrease in cash and cash equivalents                                           (22 833)         (73 665)           (81 723)
Cash and cash equivalents at beginning of period                                     103 830          185 553            185 553
Cash and cash equivalents at end of period                                            80 997          111 888            103 830


SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                               Share capital      Accumulated
                                                                                 and premium           profit              Total
                                                                                       R'000            R'000              R'000
 
Balance at 27 December 2015                                                            4 856          122 326            127 182
(Loss) for the period                                                                      -          (3 229)            (3 229)
Dividend paid                                                                              -         (49 164)           (49 164)
Balance at 27 June 2016                                                                4 856           69 933             74 789
Profit for the period                                                                      -           17 179             17 179
Prior year unclaimed dividend reversed                                                     -               48                 48
Balance at 27 December 2016                                                            4 856           87 160             92 016
(Loss) for the period                                                                      -          (2 191)            (2 191)
Balance at 27 June 2017                                                                4 856           84 969             89 825

NOTES
                                                                                   Unaudited        Unaudited
                                                                                  six months       six months    Audited year to
                                                                                     to June          to June           December
                                                                                        2017             2016               2016
                                                                                       R'000            R'000              R'000

1.   Reconciliation between attributable earnings and
     headline earnings                                                                                                                  
     Attributable (loss)/profit after taxation                                       (2 191)          (3 229)             13 949
     Headline (loss)/earnings attributable to ordinary shareholders                  (2 191)          (3 229)             13 949
     Attributable headline earnings/(loss) per share                                                                               
     - basic and diluted                                                               (4.5)            (6.6)               28.4

2.   Basis of presentation
     The Group is domiciled in South Africa. The unaudited summarised consolidated financial results at and for the period ended
     27 June 2017 comprise the Company and its subsidiaries (the "Group").
    
     The Group's principal accounting policies have been applied consistently over the current and prior financial periods.
    
     On 5 March 2014 the Company announced that the board of directors had taken the decision, subject to approval by the
     Company's shareholders, to discontinue the operations in a phased and orderly manner during 2014 and to realise value for the
     Company's assets during 2014 and 2015. The decision was approved at the Annual General Meeting of the Company held on
     9 May 2014. The Company will be wound down and deregisted in due course. The above information highlights that the going
     concern principle is not applicable in the preparation of the Company's financial statements. When the Company ceases trading
     the directors are of the opinion that the Company will be in a position to discharge all of its liabilities, due to the Company's cash
     resources and to recover the assets at their carrying amounts. The effect, if any, of preparing the financial statements, other than
     on the going concern basis will be negligible. Consequently, the financial statements have been prepared on a basis consistent with
     IFRS which among other things, requires writing assets down to their recoverable amounts. It also requires recognising a liability for
     contractual commitments that may have become onerous as a consequence of the decision to cease trading.
     
     The Group's condensed summarised financial results have been prepared in accordance with the requirements of the JSE
     Limited Listings Requirements for interim reports, and the requirements of the Companies Act applicable to condensed financial
     statements. The Listings Requirements require interim reports to be prepared in accordance with the framework concepts and the
     measurement and recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting
     Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting
     Standards Council as well as, the information required by IAS 34: Interim Financial Reporting.

COMMENTARY
The Group realised a loss for the period of R2.2 million compared to a loss of R3.2 million for the same period last year.
The main contributor to the reduction in the loss was reduced expenses for the shutdown of the business, R4.5 million compared to
R7.2 million for the same period last year. Those expenses included R900 000 for management salaries, R700 000 for general works,
R1.4 million for administrative expenses, and R1.1 million for continuing the Nelspruit plant site's committed electrical supply.
Total interest earned during the period on cash investments was R3.2 million (2016: R4.6 million).

Net cash utilised by operations during the period totalled R4.8 million (2016: R7.9 million). Working capital increased during the period
by R20.0 million as a result of the payment during the period of the short-term payable associated with the purchase last year of a parcel
of land within the Nelspruit plant site from Manganese Metal Company (2016: decrease of R1.1 million).

The Group's period end cash balances decreased by R22.8 million from R103.8 million to R81.0 million, reflecting net cash utilised to
pay for the land purchased from Manganese Metal Company.
The directors are not aware of any material event which occurred after 27 June 2017 and up to the date of this report.

PROSPECTS
The only remaining non-current asset held by the Group is the plant site in Nelspruit. No bids for the site were made at the auction held
on 29 June 2017. Efforts to market and sell the Nelspruit site continue.

Following the sale of the Nelspruit plant site, the Group intends to delist and deregister the Company and to pay a final dividend.

Any forward statement has not been reviewed or reported on by the companies auditors for the period under review.

DIRECTORATE
No change.

PREPARER OF FINANCIAL STATEMENTS
These summarised consolidated financial statements have been prepared by EJ Nel CA(SA) in her capacity as Financial Director of
the Group.


TG Atkinson (Executive Chairman)                                                                      EJ Nel (Financial director)

8 September 2017

DELTA EMD LIMTED
Registration number 1919/006020/06
Income tax number 9375057719
Share code: DTA ISIN: ZAE000132817
("DELTA EMD" or "the Group")

Registered office
15 Heyneke Street, Industrial Site, Nelspruit, 1200

Transferred Secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196

Directors
Independent non-executive: AC Hicks, BR Wright, L Matteucci
Non-executive: P Baijnath
Executive Chairman: TG Atkinson*(Chairman) *USA
Executive: EJ Nel CA(SA) (Financial Director)

Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited 



Date: 08/09/2017 12:09:00 Supplied by www.sharenet.co.za                     
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