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DEC - Decillion limited - Condensed consolidated reviewed interim financial

Release Date: 13/06/2012 13:33
Code(s): DEC
Wrap Text

DEC - Decillion limited - Condensed consolidated reviewed interim financial results For the six months ended 31 January 2012 DECILLION LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1998/011692/06) Share code: DEC & ISIN: ZAE000108247 ("Decillion" or "the company") CONDENSED CONSOLIDATED REVIEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2012 Condensed statement of financial position 31 January 31 January 31 July 2012 2011 2011
Reviewed Unaudited Audited R`000 R`000 R`000 Assets Current assets 64 270 44 Total assets 64 270 44 Equity and liabilities Equity attributable to (10 233) (8 237) (9 099) owners of the parent Current liabilities 10 297 8 507 9 143 Total equity and 64 270 44 liabilities Net asset value per share (502.4) (446.7) (cents) (404.4) Tangible net asset value (502.4) (446.7) per share (cents) (404.4) Ordinary shares in issue 2 036 990 2 036 988 2 036 990 Condensed statement of comprehensive income Six months ended Year ended
31 January 31 31 July January 2012 2011 2011 Reviewed Unaudited Audited
R`000 R`000 R`000 Operating loss (1 134) (69) (931) Investment revenue - 2 2 Loss for the period before (1 134) (67) (929) tax Income tax expense - - - Total comprehensive loss for (1 134) (67) (929) the period Attributable to: Equity holders of the (1 134) (67) (929) company Ordinary shares: -weighted and diluted 2 036 990 2 036 988 2 036 990 number of shares Attributable loss per share (cents): -basic and diluted loss (55.7) (3.3) (45.6) Headline earnings - - - adjustments (cents) Headline loss per share (55.7) (3.3) (45.6) (cents) Condensed statement of changes in equity Share Share Accumulated Total capital premium deficit equity
R`000 R`000 R`000 R`000 Balance at 31 July 2010 2 037 186 062 (196 269) (8 170) (Audited) Total comprehensive loss - - (67) (67) for the period Balance at 31 January 2011 2 037 186 062 (196 336) (8 237) (Unaudited) Total comprehensive loss (862) (862) for the period - - Balance at 31 July 2011 2 037 186 062 (197 198) (9 099) (Audited) Total comprehensive loss (1 134) (1 134) for the period - - Balance at 31 January 2012 2 037 186 062 (198 332) (10 233) (Reviewed) Condensed statement of cash flows Six months ended Year ended
31 January 31 January 31 July 2012 2011 2011 Reviewed Unaudited Audited R`000 R`000 R`000
Cash flows from operating (89) (67) (629) activities Cash flows from financing 109 68 404 activities Total cash movement for the 20 1 (225) period Cash at beginning of the 44 269 269 period Cash at end of the period 64 270 44 Notes to the condensed interim financial results Basis of preparation These condensed reviewed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and are to be read in conjunction with the group`s annual financial statements for the year ended 31 July 2011. The company`s interim 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 2011. JSE Limited Listings Requirements The interim announcement has been prepared in accordance with the JSE Limited Listings Requirements. Review opinion The financial results for the period ended 31 January 2012 have been reviewed by the company`s external auditors PricewaterhouseCoopers Inc. A copy of their unqualified review 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 future prospects in this regard. 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. Included in the operating loss are the following related party transactions: 6 months to 6 months to 31 Jan 2012 31 Jan 2011 Directors emoluments 719 500 - Company secretarial fees 21 380 - Included in the current liabilities are the following amounts owing to related parties: 31 Jan 2012 31 Jan 2011 Sciofin (Pty) Ltd 842 633 350 000 Directors for fees 644 500 - The shares of Decillion are currently suspended from trading on the JSE Limited ("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. 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 Messrs Kgaogelo Richard Molewa and Modilati Gustav Mahlare were appointed as independent non-executive directors during the period under review and Mr Mark Macnamara Smith was appointed as the new Chief Executive Officer. Mr. Molewa is a remuneration consultant whilst Mr. Mahlare is a forensic and internal accounting specialist and will chair the audit committee. Mr Smith has 20 years of property management and development experience. Messrs Havenga and Smit changed their roles to that of chairman and financial director respectively. After the period end, Mr J van der Berg resigned as a non-executive director and Ms Erika Rossouw, a Chartered Accountant was appointed after the period end as independent non-executive director and will chair the investment committee. Preparer of condensed interim financial statements These condensed interim financial statements were compiled by ME Smit as Chartered Accountant (SA). On behalf of the board Mark Smith Morrison Smit CEO CFO 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 13:33:29 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. 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