Share Name Share Symbol Market Type Share ISIN Share Description
Dana Group International Investments Limited NEX:DANA NEX Ordinary Share BSP014091040
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.225 0.15 0.30 0.225 0.225 0.225 0.00 07:37:44
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Dana Group International Investments Final Results for the Year Ended 30th June 2018

27/11/2018 7:00am

UK Regulatory (RNS & others)


 
TIDMDANA 
 
Dana Group International Investments Limited and its subsidiaries 
                        (the "Group" or  the "Company") 
       Consolidated Financial Results for the Year Ended 30th June 2018 
 
                             Chairman's Statement 
 
On behalf of the Board of Directors, I am pleased to present the Group's 
consolidated, audited financial statements for the financial year ended 30th 
June 2018 together with the notes thereto. 
 
The period under review was challenging for the regional economy owing to the 
macroeconomic, structural and geopolitical influences across the region. These 
factors, along with supply and demand trend, have softened the real estate 
sector in the United Arab Emirates (UAE). Despite such challenges, the UAE's 
real estate sector is maturing and the Directors believe it is poised for 
growth in the longer term, following the flurry of business-friendly reforms in 
recent months, improved regulations, solid macroeconomic fundamentals, 
transparency and highly developed infrastructure. 
 
While the external environment may provide constant challenges, the Directors 
perceive that the gradual recovery of oil prices and the diversification of the 
economy will encourage more foreign direct investments in the region. 
Business-friendly policy reforms supporting the building of a sustained and 
integrated economy should pave the way towards increased business activities 
and confidence across all sectors, including real estate. 
 
Meanwhile, the UAE is preparing for Expo 2020, which will be hosted by the 
Emirate of Dubai, and is progressing well with numerous initiatives to become a 
global hub for the development and deployment of new technologies such as 
Artificial Intelligence, Fintech, 3D printing etc. This should enhance the 
UAE's prestige and support the core real estate, transport and tourism sectors. 
In turn, this should provide an opportunity for the Company to develop a 
well-focused and diversified investment strategy in the real estate sector. 
 
Board Changes 
 
During the year under review, Mr. Khaled (Nicholas) Majdalani stepped down from 
the Board and the following new Directors were admitted: 
 
  * Mr. Ahmad Abdulla Aljaziri Altamimi - Director 
  * Mr. Mustafa Saifuddin - Director and CEO 
  * Mr. Khaled Moh'd Ahmad Owaidat - Director 
 
Financial Results 
 
The comprehensive loss for the financial year ended 30th June 2018 was USD 
33.92 million (2017: comprehensive income of USD 8.14 million) and the net loss 
for the year was USD 3,567 (2017: net loss of USD 215,329), giving rise to a 
basic loss per share of 0.001 US cents (2017: basic loss per share of 0.086 US 
cents). 
 
The Company has posted the revenue of USD 108,000 from consultancy services. 
The net loss for the year reduced by USD 211,762 from the comparable period. 
This reduction was attributable to reduced operational costs during the year 
under review. 
 
As at 30th June 2018, the Company's net assets standing at USD 51.90 million 
(2017: USD 85.82 million); or US cents 21 per share (2017: US cents 34 per 
share). 
 
The decrease in the Group's net assets by USD 33.92 million or 40 per cent is 
attributable to fair value changes as measured at the year-end in the value of 
investments held by Bonyan International Investment Group (Holding) LLC 
("Bonyan"), in which the Company holds a 21.68 per cent interest. 
 
The change in fair value arose mainly from over-supply and softening demand in 
the real estate sector in the UAE, marked by the declines in real property 
asset prices and values of real property assets of between 10 and 15 per cent 
on average during the year under review. 
 
During financial year 2017-2018, an investee company (the "Investee Company" as 
defined in the Directors' Report in the Annual Report for the financial year 
2017-2018) of Bonyan underwent capital restructuring which resulted in the 
dilution of Bonyan's shareholding in the Investee Company to 19.68 per cent (30 
June 2017: 40 per cent). The dilution arose from the issue of new share capital 
by the Investee Company to incoming shareholders. 
 
Further information on this and on the Post- Balance Sheet Event discussed 
below is provided in the Directors' Report appearing in the Group's Annual 
Report. 
 
Post-Balance Sheet Events 
Subsequent to the end of the last financial year, the shares of Bonyan's 
Investee Company were listed on the ADX Secondary Market in Abu Dhabi. The 
listing provides a continuous, independent pricing and valuation mechanism for 
Bonyan's significant investment within a stable regulatory environment which 
enforces high standards of disclosure and transparency. The Directors' Report 
explains how, since the listing, this has affected the valuation of the 
Company's indirect exposure, through its investment in Bonyan, to Bonyan's 
Investee Company's shares. 
 
Further, Mr. Muin El-Saleh retires by rotation and has decided not to offer 
himself for re-election, owing to his external commitments. Muin was appointed 
as the CEO & Executive director of the Company in July 2011 and had stepped 
down from the CEO position in December 2017. Muin has played a key role on 
matters concerned with corporate development. He has also been the motivating 
force behind implementing an improved financial reporting and IT support system 
in the Group. The Board would like to thank Mr. Muin for his significant 
contribution and service to the Company. 
 
Current Trading 
Trading from 1st July 2018 to date remains consistent with the Directors' 
expectations at the beginning of the current financial period. 
 
Recommendation 
The Directors believe that all the proposals to be considered at the AGM, 
notice of which will be posted with the Annual Report, are in the best 
interests of the Company and recommend shareholders to vote in favour of them 
as they intend, where relevant, to do in respect of their own beneficial 
shareholdings. 
 
Conclusion 
The restructuring of Bonyan's investment should benefit the Group as prospects 
of expansion and the involvement in distinguished and unique projects in the 
field of real estate development and other various areas of investments should 
increase returns from sustainable sources; these are expected to improve the 
Company's overall value. As the current financial year progresses, the 
Directors will remain dedicated to exploring and grasping opportunities for 
further business development. 
 
Finally, I would like to extend my wholehearted gratitude to my fellow members 
of the Board and to our valued shareholders who continue to place their trust 
in us. On behalf of the Board, we pledge to continue doing our best to achieve 
success. 
 
 
Firas Baba 
Chairman, 
Dubai, 26 November 2018 
 
 
 
 
 
Consolidated statement of profit or loss and other comprehensive income 
for the year ended 30th June 2018 
 
                                                         30 June 2018    30 June 2017 
 
                                             Notes                USD             USD 
 
 
Revenue                                                       108,047         190,395 
 
                                                        -------------  -------------- 
 
Employee costs                                              (146,464)       (418,522) 
 
Other operating expenses                                     (90,233)       (117,990) 
 
Legal and professional expenses                              (94,753)        (94,132) 
 
Depreciation                                                    (702)         (4,444) 
 
Other income                                                  222,228         202,439 
                                                         ------------  -------------- 
 
Operating loss                                                (1,877)       (242,254) 
 
Finance (expense)/income                                      (1,690)          26,925 
                                                       --------------  -------------- 
 
Loss for the year                                             (3,567)       (215,329) 
                                                       --------------  -------------- 
 
Other comprehensive income 
 
Items that are or may be reclassified 
subsequently to profit or loss 
 
Fair value changes in available for sale 
financial assets                                   2     (33,916,203)       8,354,786 
 
                                                             ________        ________ 
 
Total comprehensive (loss)/income for the                (33,919,770)       8,139,457 
year                                                         ========        ======== 
 
 
 
Loss per share attributable to the owners 
of the parent during the  year 
 
Basic loss per share for the  year                 1        (0.00001)       (0.00086) 
 
                                                               ======          ====== 
 
 
 
 
 
Consolidated statement of financial position 
as at 30th June 2018 
 
                                                          30 June 2018     30 June 2017 
 
                                                Notes              USD              USD 
 
ASSETS 
 
Non-current assets 
 
Property and equipment                                               -              702 
 
Available for sale financial assets                 2       52,620,087       86,536,290 
 
                                                       --------------- ---------------- 
 
Total non-current assets                                    52,620,087       86,536,992 
 
                                                       --------------- ---------------- 
 
Current assets 
 
Loans and advances                                                   -        4,700,000 
 
Prepayments, advances and other                                 42,054          541,140 
receivables 
 
Cash and cash equivalents                                       14,481           42,531 
                                                       ---------------  --------------- 
 
Total current assets                                            56,535        5,283,671 
                                                       ---------------  --------------- 
 
Total assets                                          52,676,622 =====       91,820,663 
                                                                   ===         ======== 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
 
Share capital                                       3        2,010,490        2,010,490 
 
Share premium                                               83,862,586       83,862,586 
 
Available for sale fair valuation                         (25,561,417)        8,354,786 
reserve 
 
Accumulated losses                                         (8,408,513)      (8,404,946) 
                                                      ---------------- ---------------- 
 
Total capital and shareholders' equity                      51,903,146       85,822,916 
                                                      ---------------- ---------------- 
 
LIABILITIES 
 
Non-current liabilities 
 
Provision for employees' end of service                         25,540           32,658 
benefits                                              ---------------- ---------------- 
 
Total non-current liabilities                                   25,540           32,658 
                                                      ---------------- ---------------- 
 
Current liabilities 
 
Trade and other payables                                       747,936        5,965,089 
                                                      ---------------- ---------------- 
 
Total current liabilities                                      773,476        5,965,089 
 
                                                       --------------- ---------------- 
 
Total liabilities and shareholders'                         52,676,622       91,820,663 
equity                                                        ========         ======== 
 
The consolidated financial statements were approved by the Board of Directors 
on 26th November 2018. 
 
_____________________ 
 
Mustafa Saifuddin 
Director 
 
 
 
Consolidated statement of changes in equity 
for the year ended 30th June 2018 
 
 
                                                   Available for 
                                                       sale fair 
                            Share   Share premium      valuation    Accumulated 
                          capital             USD        reserve         losses           Total 
                              USD                            USD            USD             USD 
 
At 1st July 2016        2,010,490      83,862,586              -    (8,189,617)      77,683,459 
 
 
Total 
comprehensive 
income for the 
year 
 
Loss for the year               -               -              -      (215,329)       (215,329) 
 
Other 
comprehensive                   -               -      8,354,786              -       8,354,786 
income for the 
year 
 
                   -------------- --------------- -------------- -------------- --------------- 
 
At 30th June 2017       2,010,490      83,862,586      8,354,786    (8,404,946)      85,822,916 
 
                         ========       =========       ========       ========       ========= 
 
 
At 1st July 2017        2,010,490      83,862,586      8,354,786    (8,404,946)      85,822,916 
 
 
Total 
comprehensive 
income for the 
year 
 
Loss for the year               -               -              -        (3,567)         (3,567) 
 
Other                           -               -   (33,916,203)              -    (33,916,203) 
comprehensive loss 
for the year 
 
                     ------------  -------------- -------------- -------------- --------------- 
 
At 30th June 2018       2,010,490      83,862,586   (25,561,417)    (8,408,513)      51,903,146 
 
                          =======        ========       ========       ========       ========= 
 
 
 
 
Consolidated statement of cash flows 
for the year ended 30th June 2018 
 
                                                         30 June 2018     30 June 2017 
 
                                                                  USD              USD 
 
Cash flow from operating activities 
 
Net loss for the year                                         (3,567)        (215,329) 
 
Adjustments for: 
 
Finance income                                                      -        (422,099) 
 
Finance cost                                                        -          383,726 
 
Balance payable written back                                (251,598)                - 
 
Depreciation                                                      702            4,444 
 
Provision for employees' end of service                       (7,118)           23,101 
benefits 
 
                                                           ----------   -------------- 
 
Operating cash flow before working 
capital changes                                             (261,581)        (226,157) 
 
Working capital changes: 
 
Prepayments, advances and other                               499,086          374,151 
receivables 
 
Trade and other payables                                  (4,965,555)        4,562,117 
 
Finance income received                                             -          179,500 
 
Finance cost paid                                                   -        (159,268) 
 
                                                           ----------   -------------- 
 
Net cash used in operating activities                     (4,728,050)        4,730,343 
 
                                                           ----------   -------------- 
 
Cash flow from financing activities 
 
Loans and advances                                          4,700,000      (4,700,000) 
 
                                                           ----------  --------------- 
 
Net cash flow from financing activities                     4,700,000      (4,700,000) 
 
                                                           ----------  --------------- 
 
Net (decrease)/increase in cash and cash 
equivalents                                                  (28,050)           30,343 
 
Cash and cash equivalents at beginning 
of the year                                                    42,531           12,188 
 
                                                            ---------   -------------- 
 
Cash and cash equivalents at end of the 
 year                                                          14,481           42,531 
 
                                                                =====            ===== 
 
 
 
 
Basis of preparation 
 
These consolidated financial statements have been prepared for the 12 months 
year ended 30th June 2018, whereas corresponding figures were extracted from 
the audited consolidated financial statements for the year ended 30th June 2017 
for comparative purposes as explained above in the chairman's statement. 
 
These consolidated financial statements as at 30th June 2018 comprise the 
Company and its subsidiaries (collectively referred to as "the Group") and the 
Group's interest in equity accounted investees. 
 
The financial information does not constitute the Group's consolidated 
financial statements for either the year ended 30th June 2018 or the year ended 
30th June 2017, but is derived from those accounts. The Group's non statutory 
accounts for 2018 are available from the Company's website from 27th November 
2018. The auditor's reports on both the 2018 and 2017 accounts were 
unqualified; did not draw attention to any matters by way of an emphasis; and 
did not contain any statement in regard to matters reported on by exception. 
 
The consolidated financial statements have been prepared in accordance with 
International Financial Reporting Standards (IFRS). The consolidated financial 
statements have been prepared under the historical cost convention, except for 
investment properties and available for sale investments which are stated at 
fair values. The accounting policies used are consistent with those applied in 
the 2017 consolidated financial statements and those that were applied in the 
2018 consolidated financial statements. 
 
 
1.     Loss per share 
 
Basic 
 
Basic loss per share is calculated by dividing the loss attributable to owners 
of the parent by the weighted average number of ordinary shares in issue during 
the year. 
 
                                                       30 June 2018    30 June 2017 
 
 
Loss attributable to the owners of the parent (USD)         (3,567)       (215,329) 
                                                           ========        ======== 
 
Weighted average number of ordinary shares in issue     249,289,747     249,289,747 
(No.)                                                    ==========      ========== 
 
The company has no diluted instrument at the reporting date. 
 
2.      Available for sale financial assets 
 
                                                              2018            2017 
 
                                                               USD             USD 
 
Balance at the beginning of the year                    86,536,290      78,181,504 
 
Change in fair value                                  (33,916,203)       8,354,786 
 
                                                     -------------   ------------- 
 
Balance at the end of the year                          52,620,087      86,536,290 
                                                          ========        ======== 
 
The Group holds 21.68% interest in Bonyan International Investment Group 
(Holding) LLC ("Bonyan"). Bonyan is engaged in the property development 
business in the UAE. The Group assessed the investment in Bonyan at its fair 
value. The fair value of Bonyan was determined by an independent professional 
valuer by using discounted cash flow model. 
 
During the financial year 2017-2018, an Investee Company of Bonyan underwent 
capital restructuring which resulted in the dilution of Bonyan's shareholding 
in the Investee Company to 19.68% (30th June 2017: 40%). The dilution arose 
from the issue of new capital by the Investee Company to incoming shareholders. 
 
Subsequent to the year under review, the Investee Company's shares were listed 
on the ADX Secondary Market in Abu Dhabi. 
 
3.      Share capital and share premium 
 
Movement in share capital during the year 
 
                                       Number of     Ordinary          Share 
                                          shares       Shares        Premium          Total 
 
                                                          USD            USD            USD 
 
 
At 1st July 2016                     249,289,747    2,010,490     83,862,586     85,873,076 
 
Shares issued during the 
year                                           -            -              -              - 
                                 --------------- ------------ -------------- -------------- 
 
At 30th June 2017                    249,289,747    2,010,490     83,862,586     85,873,076 
                                       =========      =======       ========       ======== 
 
At 1st July 2017                     249,289,747    2,010,490      2,010,490      2,010,490 
 
Shares issued during the 
year                                           -            -              -              - 
                                 --------------- ------------ -------------- -------------- 
 
At 30th June 2017                    249,289,747    2,010,490     83,862,586     85,873,076 
                                       =========      =======       ========       ======== 
 
As at 30th June 2018, Bonyan holds 64,936,640 shares (26.05%) (30th June 2016: 
61,669,915 shares (24.74%)) of the Company. 
 
Share warrants 
No new share warrants were issued by the Company during the year. 
 
 
 
This announcement has been made after due and careful enquiry; the directors of 
the Group accept responsibility for its content. 
 
 
Enquiries: 
 
Dana Group International Investments Ltd: 
Contact: tel: +971 (0)4 430 9355; e-mail: ir@dana-investments.com; further 
information on Dana Group International Investments Limited is available from 
the Company's website: www.dana-investments.com 
 
Keith, Bayley, Rogers & Co. Limited: 
Graham Atthill-Beck: tel: +44 (0)20 7464 4091; mobile: +971 (0)50 856 9408/+44 
(0)750 643 4107; 
e-mail: Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com 
Brinsley Holman: tel: +44 (0)20 7464 4098; e-mail: Brinsley.Holman@kbrl.co.uk 
 
Copies of the Annual Report for the year ended 30th June 2018 are available 
during normal business hours for a period of one month from the date of this 
announcement, by arrangement, from the offices of Keith, Bayley, Rogers & Co. 
Limited, No. 1 Royal Exchange Avenue, London, EC3V 3LT; telephone: +44 (0) 20 
7464 4090. A soft copy of the Annual Report is also downloadable from the 
Company's website: www.dana-investments.com/. 
 
 
 
END 
 

(END) Dow Jones Newswires

November 27, 2018 02:00 ET (07:00 GMT)

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