| Thu 29 May 2008, 16:13 | | DEC - Decillion - Unaudited Interim Results For The 12 Months Ended 29 |
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DEC
DEC
DEC - Decillion - Unaudited Interim Results For The 12 Months Ended 29
February 2008
Decillion Limited
(Registration number: 1998/011692/06)
(Incorporated in the Republic of South Africa)
("Decillion" or "the company" or "the group")
JSE code: DEC & ISIN: ZAE000108247
UNAUDITED INTERIM RESULTS FOR THE 12 MONTHS ENDED 29 FEBRUARY 2008
KEY FEATURES
- Following unanimous approval at its general meeting on 9 November 2007,
Decillion has distributed R26,5 million (R16,07 per share) to its shareholders
registered as shareholders on the record date (21 December 2007).
- The distribution included an amount of R7,75 million advanced by Numsa
Investment Company (Pty) Ltd ("NIC") to Decillion on the basis of irrevocable
undertakings received from the Decillion shareholders in terms of which
Decillion will acquire certain NIC investments in exchange for the issue of
shares in Decillion.
- The financial year-end has been changed to the end of July to coincide with
NIC`s financial year end and these results therefore represent the second
interim results for the 12 months to 29 February 2008.
- Following approval at its general meeting on 9 November 2007 and the
appointment of new directors by NIC, NIC has now assumed control of Decillion.
- A diversified funeral services group serving the funeral industry as a
whole will be established by consolidating existing NIC assets and newly
acquired or to be established businesses.
- 100% of Doves Group (Pty) Ltd, a national funeral home with its roots
founded 100 years ago offering funeral services from 140 branches, plus an
additional 12 crematoriums and 50% of Union Life Ltd, an insurance company
currently focusing on funeral insurance and under the management and control of
Metropolitan Holdings Limited, will mainly make up the existing business.
- Subsequent to the issue of the last circular, NIC has identified,
investigated and secured new opportunities to create an improved value
proposition for existing and future shareholders.
- An announcement will be made, on new acquisitions that will form part of
the assets to be acquired by Decillion, once negotiations are concluded.
- A new Financial Services business unit, mainly in support of the National
Union of Metalworkers of South Africa ("NUMSA") membership base, will also be
established.
- NIC/NUMSA will remain a strong strategic partner and provide access to its
member base.
- Corporate Finance advisers have been mandated to assist the company with
its plans.
- The reverse listing will be completed during the last quarter of 2008 and a
new circular will be distributed to the Decillion shareholders in due course
containing full details of the investments that will be acquired by Decillion.
- The company will remain on the main board of the JSE Limited ("JSE") and
will move over to the Support Services sector under the name Union Holdings
Limited, once the reverse listing process has been completed.
BASIS OF PREPARATION
The unaudited interim results for the 12 months ended 29 February 2008 have
been prepared in compliance with International Financial Reporting Standards
(IFRS) and IAS 34 applicable to interim financial reporting, as well as with
applicable legislation and the JSE Listings Requirements and are consistent
with those adopted in the prior financial reporting period.
UNAUDITED INCOME STATEMENT
12 months ended 29 February 2008
Unaudited
2nd Interim Audited
12 months to 12 months to
29 Feb 08 28 Feb 07
R`000 R`000
Revenue 241 37 994
Operating income: Proprietary returns - 4 252
Operating expenses (3 478) (71 580)
Operating loss (3 237) (29 334)
Finance income 1 841 3 376
Finance expense - (97)
Net loss before disposals (1 396) (26 055)
Disposal of subsidiary undertakings - 25 105
Net loss after disposals (1 396) (950)
Deconsolidation of subsidiaries to the
Decillion
Realisation Trust - (33 830)
Net loss before taxation (1 396) (34 780)
Taxation - 1 475
Net loss after taxation (1 396) (33 305)
Attributable to:
Equity holders of the company (1 396) (33 305)
Determination of headline earnings
Loss attributable to equity holders of the
company (1 396) (33 305)
Loss on disposal of property, plant and
equipment - (114)
Deconsolidation of subsidiaries to the
Decillion
Realisation Trust - 33 830
Disposal of subsidiary undertakings - (25 105)
Headline loss (1 396) (24 694)
Weighted number of shares in issue 2 037(1) 171 182
Basic (loss)/earnings per share (cents) (69) 0.3
Headline loss per share (cents) (69) (14.4)
Diluted weighted number of shares 2 037(1) 171 182
Diluted (loss)/earnings per share (cents) (69) 0.3
Diluted headline loss per share (cents) (69) (14.4)
Note 1: The company undertook a share consolidation of its shares on a 1-for-
100 basis. The new capital structure was listed on the JSE on 3 December 2007.
After the share consolidation the company has 2 036 990 shares in issue.
UNAUDITED CASH FLOW STATEMENT
12 months ended 29 February 2008
Unaudited
2nd Interim Audited
12 months to 12 months to
29 Feb 08 28 Feb 07
R`000 R`000
Cash flows from operating activities
Operating loss (3 237) (29 334)
Elimination of non-cash items - (1 114)
Decrease/(increase) in working capital 199 (57 413)
Cash utilised in operations (3 038) (87 861)
Finance income 1 841 3 376
Finance expense - (97)
Taxation received - 931
(1 197) (83 651)
Cash flows from investing activities
Additions to property, plant and equipment - (14)
Proceeds on disposal of property, plant and
equipment - 189
Disposal of investments - 10 252
Net cash inflow on disposal of subsidiaries - 25 621
- 36 048
Cash flows from financing activities
Capital distribution (26 611) -
Increase in NIC loan 7 750 -
(18 861) -
Net decrease in cash and cash equivalents (20 058) (47 603)
Effects of exchange rate changes - 2 276
Cash outflow on deconsolidation of
subsidiaries to the
Decillion Realisation Trust - (31 224)
Cash and cash equivalents at the be ginning
of the period 20 139 96 690
Cash and cash equivalents at the end of the
period 81 20 139
UNAUDITED BALANCE SHEET
As at 29 February 2008
Unaudited
2nd Interim Audited
29 Feb 08 28 Feb 07
Notes R`000 R`000
ASSETS
Current assets
Cash 81 20 139
Accounts receivable 114 81
195 20 220
EQUITY AND LIABILITIES
Capital and reserves (7 787) 20 220
Share capital 1 2 037 2 037
Share premium 185 821 212 432
Distributable reserves (195 645) (194 249)
Current liabilities 7 982 -
Accounts payable 143 -
Shareholders for dividends 89 -
NIC loan 2 7 750 -
195 20 220
Net actual number of shares (`000) 1 2 037 203 699
Net asset value per share (cents) (382) 9.9
Tangible net asset value per share (cents) (382) 9.9
Diluted number of shares in issue (`000) 1 2 037 203 699
Diluted net asset value per share (cents) (382) 9.9
Diluted tangible net asset value per
share (cents) (382) 9.9
Note 1: The company undertook a share consolidation of its shares on a 1-for
-100 basis. The new capital structure was listed on the JSE on 3 December 2007.
After the share consolidation the company has 2 036 990 shares in issue. The
company will be recapitalised at the time of the reverse listing.
Note 2: The loan from NIC will be converted to share capital on the issue of
shares in exchange for the NIC investment to be acquired by Decillion.
UNAUDITED STATEMENT OF CHANGES IN EQUITY
12 months ended 29 February 2008
Unaudited
2nd Interim Audited
12 months to 12 months to
29 Feb 08 28 Feb 07
Notes R`000 R`000
Share capital
Opening balance 2 037 1 649
Transfer to distributable reserves - 388
Closing balance 2 037 2 037
Share premium
Opening balance 212 432 149 871
Capital distribution 1 (26 611) -
Treasury shares - (19)
Transfer to distributable reserves - 62 580
Closing balance 185 821 212 432
Non-distributable reserves
Opening balance - (5 581)
Currency translation differences
for the period - (423)
Deconsolidation of subsidiaries to
the Decillion
Realisation Trust - 6 004
Closing balance - -
Distributable reserves
Opening balance (194 249) (97 976)
Transfer from share capital -
treasury shares - (388)
Transfer from share premium -
treasury shares - (62 580)
Attributable (loss)/income for the
period (1 396) (33 305)
Closing balance (195 645) (194 249)
Total equity
Opening balance 20 220 47 963
Changes in equity (28 007) (27 743)
Closing balance (7 787) 20 220
Note 1 : Includes R111 000 paid to the Decillion Realisation Trust.
By order of the Board
29 May 2008
Directors: T Kgobe* (Chairman), C Becks*, P Shiburi*, J Tarpey*
(*non-executive)
Transfer Secretaries:
Computershare Investor Services (Proprietary) Limited, 70 Marshall Street,
Johannesburg, 2001
Registered office: 19 Oxford Street, Durbanville, 7550
Company Registration:
Decillion Limited (Registration number: 1998/011692/06) (Incorporated in the
Republic of South Africa)
("Decillion" or "the company" or "the group")
JSE code: DEC ISIN: ZAE000108247
Telephone: +27 21 975 1010 Facsimile: +27 21 976 5920
Company Secretary e-mail: johan.bester@doves.co.za
Auditors: PricewaterhouseCoopers Inc.
Sponsor: PSG Capital (Pty) Ltd
29 May 2008
Sponsor
PSG Capital (Pty) Limited
Date: 29/05/2008 16:13:21 Produced by the JSE SENS Department.
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