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DEC
DEC
DEC - Decillion - Announcement Of Interim Results For The Six Months
Ended 31 August 2007
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: ZAE000017612
Telephone: +27 11 217 9000 Facsimile: +27 11 783 1687
Announcement of interim results for the six months ended 31 August 2007
Key features . . .
As at 28 February 2007 all the assets and liabilities of the Decillion
group, except excess cash, have been transferred to the Decillion Realisation
Trust (DRT).
During the interim period, Decillion had entered into an agreement with
Numsa Investment Company (Proprietary) Limited (Numsa), in terms of which
Decillion will acquire certain assets from Numsa in exchange for Decillion
ordinary shares and Numsa undertook to advance an amount of R7,750 million to
Decillion.
Following unanimous approval at its general meeting on 9 November 2007,
Decillion will distribute R26,5 million (16,07 cents per share) to its
shareholders registered as shareholders on the record date (21 December 2007),
which distribution includes the excess cash plus the Numsa loan less the cost
relating to the circular.
Following approval at its general meeting on 9 November 2007 and the
appointment of new directors by Numsa, Numsa has now assumed control of
Decillion.
Full detail of the disposal of the Decillion operating assets, the ABSA
settlement, the disposal of the remaining assets and liabilities to the DRT,
the Numsa transaction and the special distribution of cash to the Decillion
shareholders are contained in the circular that was posted to the Decillion
shareholders on 16 October 2007, copies of which can be obtained at the
company`s registered address.
The loss for the six months of R1,6 million relates to the costs associated
with the listed shell and the circular to shareholders.
A new circular will be distributed to the Decillion shareholders early in
2008 containing full details of the investments that will be acquired by
Decillion.
Decillion`s name will be changed to Union Holdings Limited.
Income statement
six months ended 31 August 2007
Unaudited Unaudited Audited
six months to six months to 12 months to
31 August 31 August 28 February
2007 2006 2007
R000`s R000`s R000`s
Revenue - 32 535 37 994
Operating income:
Proprietary returns - 4 223 4 252
Operating expenses (2 569) (59 564) (71 580)
Operating loss (2 569) (22 806) (29 334)
Finance income 1 011 1 413 3 376
Finance expense - - (97)
Net loss before disposals (1 558) (21 393) (26 055)
Disposal of subsidiary
undertakings - 24 529 25 105
Net (loss)/income after
disposals (1 558) 3 136 (950)
Deconsolidation of
subsidiaries to the DRT - - (33 830)
Net (loss)/income before
taxation (1 558) 3 136 (34 780)
Taxation - (97) 1 475
Net (loss)/income after
taxation (1 558) 3 039 (33 305)
Attributable to:
Equity holders of the company (1 558) 3 039 (33 305)
Determination of headline earnings
(Loss)/Income attributable
to equity holders
of the company (1 558) 3 039 (33 305)
Loss on disposal of
property, plant and equipment - - (114)
Deconsolidation of
subsidiaries to the DRT - - 33 830
Disposal of subsidiary
undertakings - (24 529) (25 105)
Headline loss (1 558) (21 490) (24 694)
Weighted number of shares
in issue 203 699 164 913 171 182
Basic (loss)/earnings
per share (cents) (0.8) 1.8 0.3
Headline loss per share (cents) (0.8) (13.0) (14.4)
Diluted weighted number of
shares 203 699 164 913 171 182
Diluted (loss)/earnings
per share (cents) (0.8) 1.8 0.3
Diluted headline loss
per share (cents) (0.8) (13.0) (14.4)
Cash flow statement
six months ended 31 August 2007
Unaudited Unaudited Audited
six months to six months to 12 months to
31 August 31 August 28 February
2007 2006 2007
R000`s R000`s R000`s
Cash flows from operating
activities
Operating loss (2 569) (22 806) (29 334)
Elimination of non-cash items - (1 484) (1 115)
Decrease/(Increase) in
working capital 2 036 (47 594) (57 413)
Cash utilised in operations (533) (71 884) (87 862)
Finance income 1 011 1 413 3 376
Finance expense - - (97)
Taxation received - 426 931
478 (70 045) (83 652)
Cash flows from investing
activities
Additions to property,
plant and equipment - - (14)
Proceeds on disposal of
property, plant and equipment - 322 189
Disposal of investments - 10 252 10 252
Net cash inflow on
disposal of subsidiaries - 25 012 25 615
- 35 586 36 042
Cash flows from financing
activities
Increase in Numsa loan 7 750 - -
7 750 - -
Net increase/(decrease) in
cash and cash
equivalents 8 228 (34 459) (47 610)
Effects of exchange rate changes - 2 945 2 276
Cash outflow on
deconsolidation of subsidiaries
to the DRT - - (31 217)
Cash and cash equivalents
at the beginning of the period 20 139 96 690 96 690
Cash and cash equivalents
at the end of the period 28 367 65 176 20 139
Balance sheet
as at 31 August 2007
Unaudited Unaudited Audited
31 August 31 August 28 February
2007 2006 2007
R000`s R000`s R000`s
ASSETS
Non-current assets - 387 -
Property, plant and equipment - 385 -
Deferred taxation - 2 -
Current assets 28 370 80 626 20 220
Cash 28 367 65 176 20 139
Accounts receivable 3 12 806 81
Taxation - 2 644 -
28 370 81 013 20 220
EQUITY AND LIABILITIES
Capital and reserves 18 662 51 063 20 220
Share capital 2 037 1 649 2 037
Share premium 212 432 149 871 212 432
Non-distributable reserves - (5 520) -
Distributable reserves (195 807) (94 937) (194 249)
Current liabilities 9 708 29 950 -
Accounts payable 1 958 27 389 -
Numsa loan 7 750 - -
Taxation - 2 561 -
28 370 81 013 20 220
Net actual number of
shares (`000) 203 699 164 913 203 699
Net asset value per share
(cents) 9.2 31.0 9.9
Tangible net asset value
per share (cents) 9.2 31.0 9.9
Diluted number of shares
in issue (`000) 203 699 164 913 203 699
Diluted net asset value
per share (cents) 9.2 31.0 9.9
Diluted tangible net asset
value per share (cents) 9.2 31.0 9.9
Statement of changes in equity
six months ended 31 August 2007
Unaudited Unaudited Audited
six months to six months to 12 months to
31 August 31 August 28 February
2007 2006 2007
R000`s R000`s R000`s
Share capital
Opening balance 2 037 1 649 1 649
Transfer to distributable
reserves - - 388
Closing balance 2 037 1 649 2 037
Share premium
Opening balance 212 432 149 871 149 871
Treasury shares - - (19)
Transfer to distributable
reserves - - 62 580
Closing balance 212 432 149 871 212 432
Non -distributable reserves
Opening balance - (5 581) (5 581)
Currency translation
differences for the period - 61 (423)
Deconsolidation of subsidiaries
to the DRT - - 6 004
Closing balance - (5 520) -
Distributable reserves
Opening balance (194 249) (97 976) (97 976)
Transfer from share capital
- treasury shares - - (388)
Transfer from share premium
- treasury shares - - (62 580)
Attributable (loss)/income
for the period (1 558) 3 039 (33 305)
Closing balance (195 807) (94 937) (194 249)
Total equity
Opening balance 20 220 47 963 47 963
Changes in equity (1 558) 3 100 (27 743)
Closing balance 18 662 51 063 20 220
Accounting policies
Accounting policies adopted for purposes of this interim reporting period
comply with International Financial Reporting Standards (IFRS) and IAS 34
applicable to interim financial reporting, as well as with applicable
legislation and are consistent with those adopted in the prior financial year.
By order of the Board
28 November 2007
Directors:
T Kgobe* (Chairman), C Becks*, P Shiburi*, J Tarpey* *non-executive
Transfer Secretaries:
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
Registered office:
5th Floor, Jowell Glyn & Marais House, 72 Grayston Drive, Sandton, 2196
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: ZAE000017612
Telephone: +27 11 217 9000 Facsimile: +27 11 783 1687
Company Secretary e-mail: corneb@decillion.net
Date: 28/11/2007 17:00:01 Produced by the JSE SENS Department.
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