| Wed 13 Jun 2012, 13:33 | | DEC - Decillion limited - Condensed consolidated reviewed interim financial |
|
DEC
DEC
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 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.
