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Unaudited condensed results for the six months ended 27 June 2017
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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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