| Wed 13 Jun 2012, 13:23 | | DEC - Decillion Limited - Condensed audited financial results for the year |
|
DEC
DEC
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 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.
