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DEC
DEC
DEC - Decillion Limited - Announcement Of Interim Results For The
6 Months Ended 31 January 2009
Decillion Limited
(Registration number: 1998/011692/06)
(Incorporated in the Republic of South Africa)
JSE code: DEC ISIN: ZAE000108247
("Decillion" or "the company" or "the group")
ANNOUNCEMENT OF INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 JANUARY 2009
KEY FEATURES
- Following unanimous approval at Decillion`s general meeting on
9 November 2007, Numsa Investment Company (Pty) Ltd ("NIC") had
assumed control of Decillion through the appointment of new
directors by NIC with the intention to reverse list certain NIC
investments into Decillion.
- The boards of Decillion and NIC have, however, since resolved that
it was no longer in the interest of NIC to continue with
the reverse listing process and have since explored with a third
party to acquire NIC`s loans, claims and obligations in Decillion.
- It is the intention of the third party to utilise Decillion for an
alternative reverse listing transaction, subject to irrevocable
undertakings from the majority of shareholders to support such
transaction.
BASIS OF PREPARATION
The unaudited interim results for the 6 months ended 31
January 2009 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 the accounting policies are consistent
with those adopted in the prior financial period.
UNAUDITED BALANCE SHEET AS AT 31 JANUARY 2009
Unaudited Unaudited Audited
31-Jan-09 31-Jan-08 31-Jul-08
Note R000 R000 R000
ASSETS
Current Assets
Cash 61 732 49
Accounts receivable 0 152 29
61 884 78
EQUITY AND LIABILITIES
Capital and reserves 1 (8,285) (6,972) (7,996)
Share capital 2,037 2,037 2,037
Share premium 186,062 186,062 186,062
Distributable (196,384) (195,071) (196,095)
reserves
Current liabilities 8,346 7,857 8,074
Accounts payable 541 1 269
Shareholders for 55 106 55
dividends
NIC loan 1 7,750 7,750 7,750
61 884 78
Note 1: The loan from NIC will be converted to share
capital on the issue of shares at the time of an
alternative reverse listing transaction. The
company has obtained a letter of support from NIC
and the facilitator of the alternative transaction
to cover the current shortfall of net assets
following the conversion of the NIC loan.
UNAUDITED INCOME STATEMENT 6 MONTHS ENDED 31 JANUARY 2009
Unaudited Unaudited Audited
6 months to 6 months to 17 months to
31-Jan-09 31-Jan-08 31-Jul-08
R000 R000 R000
Revenue 0 0 0
Operating income 0 0 0
Operating expenses (291) (2,484) (3,689)
Operating loss (291) (2,484) (3,689)
Finance income 2 1,117 1,843
Finance expense (0) (0) (0)
Net loss before (289) (1,367) (1,846)
taxation
Taxation 0 0 0
Net loss after (289) (1,367) (1,846)
taxation
Attributable to:
Equity holders of the (289) (1,367) (1,846)
company
Determination of
headline loss
Loss attributable to (289) (1,367) (1,846)
equity holders of the
company
Adjustments 0 0 0
Headline loss (289) (1,367) (1,846)
Weighted and diluted 2,037 2,037 2,037
weighted number of
shares in issue (`000)
Loss per share and (14.2) (67.1) (90.6)
headline loss per
share (cents)
UNAUDITED STATEMENT OF CHANGES IN EQUITY 6 MONTHS ENDED 31 JANUARY 2009
Unaudited Unaudited Audited
6 months to 6 months to 17 months to
31-Jan-09 31-Jan-08 31-Jul-08
Note R000 R000 R000
Share capital
Closing balance 2,037 2,037 2,037
Share premium
Opening balance 186,062 212,432 212,432
Capital distribution 2 0 (26,370) (26,370)
Closing balance 186,062 186,062 186,062
Distributable reserves
Opening balance (196,095) (193,704) (194,249)
Attributable loss (289) (1,367) (1,846)
for the period
Closing balance (196,384) (195,071) (196,095)
Total equity
Opening balance (7,996) 20,765 20,220
Changes in equity (289) (27,737) (28,216)
Closing balance (8,285) (6,972) (7,996)
Note 2: Decillion has distributed R26,5 million (16,07
cents per share after share consolidation) to its
shareholders registered as shareholders on the
record date (21 December 2007). The capital
distribution, net of treasury shares, was R26,4
million.
UNAUDITED CASH FLOW STATEMENT 6 MONTHS ENDED 31 JANUARY 2009
Unaudited Unaudited Audited
6 months to 6 months to 17 months to
31-Jan-09 31-Jan-08 31-Jul-08
R000 R000 R000
Cash flows from
operating
activities
Operating loss (291) (2,484) (3,689)
Elimination of non-
cash items
Decrease/(increase) 301 (39) 376
in working capital
Cash utilised in 10 (2,523) (3,313)
operations
Finance income 2 1,117 1,843
Finance expense (0) (0) (0)
12 (1,406) (1,470)
Cash flows from 0 0 0
investing
activities
Cash flows from
financing
activities
Capital 0 (26,370) (26,370)
distribution
Increase in NIC 0 7,750 7,750
loan
Net cash 0 (18,620) (18,620)
(outflow)/inflow
from financing
activities
Net increase/(decrease)
in cash and cash 12 (20,026) (20,090)
equivalents
Cash and cash 49 20,758 20,139
equivalents at the
beginning of the
period
Cash and cash 61 732 49
equivalents at the
end of the period
By order of the Board
T Kgobe
Chairman
6 May 2009
Directors: T Kgobe* (Chairman), C Becks*, P Shiburi*, J Tarpey* (*non-
executive)
Transfer Secretaries: Computershare Investor Services
(Pty) Limited, 70 Marshall Street, Johannesburg, 2001
Registered office: 19 Oxford Street, Durbanville, 7550
Company Registration:
Telephone: +27 21 975 1010 Facsimile: +27 21 976 5920
Company Secretary: Ironwood Trustees (Pty) Limited, Unit
6, Sunbird Park, Rosendal, Cape Town
Auditors: PricewaterhouseCoopers Inc.
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
(appointed 1 May 2009)
Date: 06/05/2009 16:00:01 Produced by the JSE SENS Department.
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