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DEC - Decillion Limited - Condensed audited financial results for the year

Release Date: 13/06/2012 13:23
Code(s): DEC
Wrap Text

DEC - Decillion Limited - Condensed audited financial results for the year ended 31 July 2011 DECILLION LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1998/011692/06) Share code: DEC & ISIN: ZAE000108247 ("Decillion" or "the company") CONDENSED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2011 Condensed statements of financial position 31 July 31 July 2011 2010
R`000 R`000 Assets Current assets 44 269 Total assets 44 269 Equity and liabilities Equity attributable to owners of the (9 099) (8 170) parent Current liabilities 9 143 8 439 Total equity and liabilities 44 269 Net asset value per share (cents) (446.7) (401.1) Tangible net asset value per share (446.7) (401.1) (cents) Ordinary shares in issue 2 036 988 2 036 988 Condensed statements of comprehensive income Year ended 31 July 31 July
2011 2010 R`000 R`000 Operating loss (931) (267) Investment revenue 2 1 Loss for the period before tax (929) (266) Income tax expense - - Total comprehensive loss for the (929) (266) period Attributable to: Equity holders of the company (929) (266) Weighted and diluted number of 2 036 988 2 036 988 shares Attributable loss per share (cents): - basic and diluted loss (45.6) (13.1) - headline earnings adjustments - - - headline loss per shares (45.6) (13.1) Condensed statement of changes in equity Share Share Accumulated Total equity capital premium Deficit R`000 R`000 R`000 R`000
Balance at 31 July 2 037 186 062 (196 003) (7 904) 2009 Total comprehensive - - (266) (266) loss for the period Balance at 31 July 2 037 186 062 (196 269) (8 170) 2010 Total comprehensive (929) (929) loss for the period - - Balance at 31 July 2 037 186 062 (197 198) (9 099) 2011 Year ended 31 July 31 July
2011 2010 R`000 R`000 Cash flows from operating activities (629) (1623) Cash flows from financing activities 404 350 Total cash movement for the period (225) (188) Cash at beginning of the period 269 81 Cash at end of the period 44 269 Notes to the condensed annual financial results Basis of preparation The condensed provisional financial statements for the year ended 31 July 2011 have been prepared in accordance with IAS 34 Interim Financial Reporting as well as the AC500 statements and interpretations. The company`s financial results have been prepared on a historical cost basis and conform to International Financial Reporting Standards ("IFRS"). The accounting policies adopted are consistent with those applied in the annual financial statements for the year ended 31 July 2010. Audit opinion The financial results have been audited by the company`s external auditors PricewaterhouseCoopers Inc. A copy of their unqualified audit report is available for inspection at the company`s registered office. Statement on going concern The financial statements have been prepared on the going-concern basis since the directors have every reason to believe that the company has adequate support to continue in operation for the foreseeable future. Shareholders are referred to the discussion of future prospects in this regard. JSE Limited ("JSE") Listings Requirements The announcement has been prepared in accordance with the JSE Listings Requirements. Overview and future prospects During the period under review Decillion was effectively a shell and did not conduct operations, other than negotiating the acquisitions for the Company as detailed in separate announcements over the past 6 months. No segmental analysis has been presented as the company did not trade during the period under review. The shares of Decillion are currently suspended from trading on the JSE,which suspension will be lifted following the approval by shareholders of the proposed acquisition of the property development companies and associated property portfolios and the other transactions associated with the reverse listing. The reverse listing must comply with the JSE Listings Requirements for a main board listing. Subject to approval from a requisite number of Decillion shareholders at a general meeting of shareholders, the name of Decillion will be changed to Ardor SA Limited and the listing of the company will be moved to the Real Estate Holding and Development sector on the JSE. During the period under review, the focus of the company was on the conclusion of the acquisitions of the property development companies and associated property portfolios. Changes to the board of directors Subsequent to the year-end Messrs Kgaogelo Richard Molewa and Modilati Gustav Mahlare were appointed as independent non-executive directors and Mr Mark MacNamara Smith was appointed as the new Chief Executive Officer. Mr. Molewa is a remuneration consultant whilst Mr. Mahalre is a forensic and internal accounting specialist and will chair the audit committee. Mr Smith has 20 years of property management and development experience. Mr Jakobus van den Berg also resigned as a non-executive director and Ms Erika Rossouw, a Chartered Accountant, was appointed as independent non-executive director and will chair the investment committee. Messrs Havenga and Smit changed their roles to that of non-executive chairman and financial director respectively. Dividend No dividend has been declared for the year under review. On behalf of the board Mark Smith Morrison Smit CEO CFO (Preparer) Pretoria 13 June 2012 Company information Directors: BJ Havenga* (Chairman), MM Smith (Chief Executive Officer), ME Smit (Financial Director), MG Mahlare*#, KR Molewa*#, E Rossouw*# (# Independent; *Non-Executive) Company secretary: The Makings (Pty) Ltd Registered office: 2 Raymond House, 196 Raymond Avenue, Waterkloof Ridge, Pretoria, 0181 Sponsor: Arcay Moela Sponsors (Pty) Ltd Transfer Secretary: Computershare Investor Services (Pty) Ltd Date: 13/06/2012 13:23:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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