Wrap Text
Unaudited Interim Condensed Results for the Six Months Ended 31 August 2016
HULISANI LIMITED
Registration number 2015/363903/06
(Incorporated in the Republic of South Africa)
("the Group" or "the Company")
Share code: HUL
ISIN: ZAE000212072
UNAUDITED INTERIM CONDENSED RESULTS FOR THE SIX MONTHS ENDED
31 AUGUST 2016
UNAUDITED INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
31-Aug-2016 29-Feb-2016
ASSETS
Fixed assets 463,010 -
Current assets 501,409,857 200
Debtors 1,249,420 -
Cash and cash equivalents 500,160,437 200
TOTAL ASSETS 501,872,867 200
EQUITY AND LIABILITIES
Stated capital 500,000,200 200
Retained income 1,093,567 -
Total shareholders’ funds 501,093,767 200
LIABILITIES
Current liabilities 779,100 -
TOTAL EQUITY AND LIABILITIES 501,872,867 200
UNAUDITED INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
period ended period ended
31-Aug-2016 29-Feb-2016
Revenue 11,487,137 -
Investment income 11,487,137 -
Expenses 9,968,294
Profit before Tax 1,518,843 -
Tax 425,276 -
Profit after Tax 1,093,567 -
Earnings per share
Basic earnings per share (cents) 2.19 -
Diluted earnings per share (cents) 2.19 -
Headline earnings per share (cents) 2.19 -
Diluted headline earnings per share
(cents) 2.19 -
UNAUDITED INTERIM CONDENSED STATEMENT OF CASH FLOWS
Unaudited Audited
period period
ended ended
31-Aug-2016 29-Feb-2016
Cash flows from operating activities 1,093,567 -
Adjustments (435,439) -
- Depreciation 34,881 -
- Changes in working capital (470,320) -
Net cash flows from operating activities 655,848 -
Cash flows from investing activities -
- Fixed assets purchased (497,891) -
Cash flows from financing activities
- Issue of shares 500,000,000 200
Net increase in cash and cash equivalents 500,160,237 200
Cash and cash equivalents as at 29
February 2016 200 -
Cash and cash equivalents as at 31 August
2016 500,160,437 200
UNAUDITED INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY FOR
THE PERIOD ENDED 31 AUGUST 2016
Total
Stated Retained share
capital earnings capital
Balance at 29 February 2016 –
audited 200 - 200
Profit - 1,093,567 -
Total comprehensive income
200 1,093,567 1,093,767
Transactions with owners of the
company
Issue of shares – 7 April 2016
500,000,000 - 500,000,000
Balance at 31 August 2016 -
unaudited 500,000,200 1,093,567 501,093,767
BASIS OF PRESENTATION
The unaudited condensed interim financial statements are
prepared in accordance with International Financial Reporting
Standard, IAS 34 Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by
Financial Reporting Standards Council and the requirements of
the Companies Act of South Africa. The accounting policies
applied in the preparation of these interim financial
statements are in terms of International Financial Reporting
Standards and are consistent with those applied in the
previous annual financial statements
The condensed interim financial results for the six months
ended 31 August 2016 have not been audited or reviewed.
The unaudited condensed interim financial results have been
prepared under the supervision of MA Booysen, in his capacity
as Chief Financial Officer.
NATURE OF BUSINESS
The purpose of the Company is to pursue the acquisition of,
and investment in, companies focused on, and operating in, the
energy sector and which evidence good potential for growth.
OVERVIEW
The Company successfully listed on the Main Board of the JSE
on the 7th of April 2016. It privately placed 50 000 000
shares of no par value at R10 a share, raising R500 million
worth of equity share capital in the process.
At the 31 August 2016, Hulisani was yet to acquire a viable
asset. The earnings generated have solely been from interest
earned on cash balances.
COMPARATIVES
Comparatives for the period ending 31 August 2015 have not
been shown, as the Company only started trading in April 2016.
The comparatives as shown are for the financial year ended 29
February 2016.
DIRECTORS
There has been no change to the board of directors during this
period of review.
GOING CONCERN
The unaudited condensed interim results for the period ended
31 August 2016, have been prepared on a going concern basis.
This basis presumes that funds will be available to finance
future operations and that the realisation of assets and
settlement of liabilities, contingent obligations and
commitments will occur in the ordinary course of business.
SUBSEQUENT EVENTS
Hulisani issued a circular to shareholders on the 23 September
2016, whereby the Company wishes to raise additional capital
through the issue 400 000 000 new shares. The issue is
contemplated to raise R 4 billion, which will allow Hulisani
to acquire viable assets that will make up its investment
portfolio to satisfy its JSE Listing Requirements.
DIVIDEND
There will be no dividends declared for the interim period.
On behalf of the Board
MH Zilimbola Johannesburg
Chief Executive Officer 30 November 2016
Registered Office:
11 Floor, Sandton Eye,126 West Street (corner Rivonia)
Sandton, Gauteng.
Auditors
KPMG Inc.
Sponsor
PSG Capital Proprietary Limited
Transfer secretaries:
Computershare Investor Services Proprietary Limited, 70
Marshall Street Johannesburg, 2001
Company secretary
ER Goodman Secretarial Services CC, Houghton Estate Office
Park, 2nd Floor, Palm Grove, 2 Osborn Road, Houghton, 2198
Directors:
MH Zilimbola (Chief Executive Officer), ME Raphulu (Chief
Investment Officer), MA Booysen (Chief Financial Officer), PC
Mdoda (Non-Executive Chairman), A Notshe (Non-Executive*), MF
Modau(Non-Executive), NP Gosa (Non-Executive), DR Hlatshwayo
(Non-Executive), HH Schaaf# (Non-Executive).
* Non-Independent # German
Date: 30/11/2016 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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