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 07:43:50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Dana Group International Investments Interim Results to 31st December 2018

21/03/2019 12:57pm

UK Regulatory (RNS & others)


 
TIDMDANA 
 
CHAIRMAN'S INTERIM STATEMENT 
 
                 DANA GROUP INTERNATIONAL INVESTMENTS LIMITED 
 
                        ("the Group" or the "Company") 
 
I am pleased to present Dana Group International Investments Limited's 
consolidated, unaudited interim financial results for the six months' period 
from 1st July 2018 to 31st December 2018. These consolidated financial 
statements have not been reviewed by the Group's auditors. 
 
Financial results 
 
The results for the first half of the current year were positive with profit of 
USD 95,000. The comprehensive loss for the six months' period ended 31st 
December 2018 was USD 1.44 million (2017: comprehensive income of USD 4.02 
million) and the net profit for the period was USD 0.09 million (2017: net loss 
of USD 0.13 million), giving rise to basic earnings per share of US cents 0.04 
(2017: basic loss per share of US cents 0.05). 
 
At 31st December 2018, the Company's net assets stood at USD 50.46 million 
(2017: USD 89.85 million); or US cents 20 per share (2017: US cents 36 per 
share). The decrease in net assets for the comparable period is attributable to 
the decrease in fair value of available for sale financial asset (i.e., Bonyan 
International Investment Group (Holding) LLC ("Bonyan") in which the Company 
holds a 21.68 per cent interest). 
 
This decline in the value of Bonyan and hence of the Company's interest in it 
was attributable to the reduction in fair value of investment properties held 
by Bonyan and the dilution of Bonyan's shareholding in one of its investee 
companies during the last financial year and was discussed in the announcement 
of the results for the year ended 30th June 2018. 
 
Board changes 
 
During the period under review, at the annual general meeting in respect of the 
financial year ended 30th June 2018, Mr. Muin El-Saleh retired by rotation and 
did not offer himself for re-election. 
 
Current Trading 
 
Trading from 1st January 2018 to date remains consistent with the Directors' 
expectations at the beginning of the current financial period. 
 
Outlook 
 
The performance of Bonyan, in which the Company has an investment, during the 
second half of 2018 to date is in accordance with the Directors' expectations. 
 
Conclusion 
 
The Group will continue to explore further opportunities and to work towards 
the improvement of shareholders' value. I look forward to informing 
shareholders of any significant developments as these crystallise. 
 
Firas Baba 
 
Chairman 
 
Dubai, 21st March 2019 
 
Important: the Notes numbered 1 to 7 which appear after the condensed, 
consolidated statement of cash flows below are an integral part of the 
condensed, consolidated interim financial information, which should be read in 
the context of these Notes. 
 
 Condensed, consolidated statement of profit or loss and comprehensive income 
 
              for the six months' period ended 31st December 2018 
 
                                              Note       Six months'        Six months' 
                                                        period ended       period ended 
                                                         31 December        31 December 
                                                                2018               2017 
                                                         (unaudited)        (unaudited) 
 
                                                                 USD                USD 
 
Revenue                                                            -             18,047 
 
Employee costs                                              (78,822)           (84,268) 
 
Other operating expenses                                    (52,431)           (41,801) 
 
Legal and professional expenses                             (49,907)           (43,064) 
 
Other income                                                 276,177                  - 
 
Depreciation                                                       -              (701) 
 
Operating profit/(loss)                                       95,017          (151,787) 
 
Finance income - net                                             298             22,753 
 
Profit / (loss) for the period                                95,315          (129,034) 
 
Other comprehensive income 
Items that are or may be reclassified 
subsequently to profit or loss 
 
Fair value changes in available for sale       6         (1,538,228)          4,154,931 
financial asset 
 
Total comprehensive (loss) / income for the              (1,442,913)          4,025,897 
period 
 
Earnings / (loss) per share attributable to 
the equity holders of the parent during the 
period 
 
Basic earnings /(loss) per share for the       5              0.0004           (0.0005) 
period 
 
            Condensed, consolidated statement of financial position 
 
                           as at 31st December 2018 
 
                                                     Note   31 December        31 December 
                                                                   2018               2017 
                                                            (unaudited)        (unaudited) 
 
                                                                    USD                USD 
 
ASSETS 
 
Non-current assets 
 
Available for sale financial asset                    6      51,081,859         90,691,221 
 
Total non-current assets                                     51,081,859         90,691,221 
 
Current assets 
 
Loans and advances                                                    -          4,700,000 
 
Prepayments, advances and other receivables                      41,455            638,847 
 
Cash and cash equivalents                                         2,389              8,626 
 
Total current assets                                             43,844          5,347,473 
 
Total assets                                                 51,125,703         96,038,694 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
 
EQUITY 
 
Share capital                                                 2,010,490          2,010,490 
 
Share premium                                                83,862,586         83,862,586 
 
Available for sale fair valuation reserve             7    (27,099,645)         12,509,717 
 
Accumulated losses                                          (8,313,198)        (8,533,980) 
 
Total capital and shareholders' equity                       50,460,233         89,848,813 
 
LIABILITIES 
 
Non-current liabilities 
 
Provision for employees' end of service benefits                 27,531             35,130 
 
Total non-current liabilities                                    27,531             35,130 
 
Current liabilities 
 
Trade and other payables                                        637,939          6,154,751 
 
Total current liabilities                                       637,939          6,154,751 
 
Total liabilities                                               665,470          6,189,881 
 
                                                             51,125,703         96,038,694 
Total liabilities and shareholders' equity 
 
 
            Condensed, consolidated statement of changes in equity 
 
              for the six months' period ended 31st December 2018 
 
                                                         Available 
                                                          for sale 
                                     Share      Share         fair Accumulated 
                                   capital    premium    valuation      losses       Total 
                                                           reserve 
 
                                       USD        USD          USD         USD         USD 
 
At 1st July 2017 (audited)       2,010,490 83,862,586    8,354,786 (8,404,946)  85,822,916 
 
Total comprehensive income for 
the period 
 
Loss for the period                      -          -            -   (129,034)   (129,034) 
 
Other comprehensive income for           -          -    4,154,931           -   4,154,931 
the period 
 
Balance at 31st December 2017    2,010,490 83,862,586   12,509,717 (8,533,980)  89,848,813 
(unaudited) 
 
At 1st July 2018 (audited)       2,010,490 83,862,586 (25,561,417) (8,408,513)  51,903,146 
 
Total comprehensive income for 
the period 
 
Profit for the period                    -          -            -      95,315      95,315 
 
Other comprehensive loss for the         -          -  (1,538,228)           - (1,538,228) 
period 
 
Balance at 31st December 2018    2,010,490 83,862,586 (27,099,645) (8,313,198)  50,460,233 
(unaudited) 
 
 
                Condensed, consolidated statement of cash flows 
 
              for the six months' period ended 31st December 2018 
 
                                                       Six months'         Six months' 
                                                      period ended     period ended 31 
                                                       31 December            December 
                                                              2018                2017 
                                                       (unaudited)         (unaudited) 
 
                                                               USD                 USD 
 
Cash flows from operating activities 
 
Net profit / (loss) for the period                          95,315           (129,034) 
 
Adjustments for: 
 
Finance income - net                                             -            (23,693) 
 
Depreciation                                                     -                 701 
 
Provision for employees' end of service benefits             1,992               2,472 
 
Operating cash flow before working capital changes 
 
Working capital changes: 
 
Trade and other receivables                                    603             162,918 
 
Trade and other                                          (110,002)            (47,269) 
payables 
 
Net cash flow from operating activities                   (12,092)            (33,905) 
 
Net decrease in cash and cash equivalents                 (12,092)            (33,905) 
 
Cash and cash equivalents at beginning of the period        14,481              42,531 
 
Cash and cash equivalents at end of the period               2,389               8,626 
 
      Notes to the condensed, consolidated interim financial information 
 
              for the six months' period ended 31st December 2018 
 
1.      Legal status and activity 
 
Dana Group International Investments Limited ("the Company") was incorporated 
on 29th May 2007 under the International Business Companies Act, 2000, in the 
Commonwealth of the Bahamas under registration number 148728 (B). 
 
The registered office address of the Company is Ocean Centre, East Bay Street, 
P.O. Box SS19084, Nassau, Bahamas. 
 
The unaudited, condensed, consolidated interim financial information of the 
Company for the period ended 31st December 2018 comprises the Company and its 
subsidiaries (collectively referred to as "the Group"). There have been no 
changes in the Group structure since the date of most recent annual 
consolidated financial statements for the year ended 30th June 2018. 
 
The principal activities of the Group are property and real estate investments, 
development and advisory services for projects related to the real estate and 
infrastructure sectors. 
 
2.      Basis of preparation 
 
The unaudited, condensed, consolidated interim financial information for the 
six months ended 31st December 2018 has been prepared in accordance with IAS 
34, 'Interim Financial Reporting'. The condensed, consolidated interim 
financial information should be read in conjunction with the annual audited, 
consolidated financial statements for the year ended 30th June 2018, which have 
been prepared in accordance with International Financial Reporting Standards. 
 
3.      Estimates and assumptions 
 
The preparation of condensed, consolidated interim financial information 
requires management to make judgements, estimates and assumptions that affect 
the application of accounting policies and the reported amounts of assets and 
liabilities, income and expenses. Actual results may differ from these 
estimates. 
 
In preparing the condensed, consolidated interim financial information, the 
significant judgements made by the management in applying the Group's 
accounting policies and the key sources of estimation uncertainty were the same 
as those that were applied to the consolidated financial statements for the 
year ended 30th June 2018. 
 
4.      Significant accounting policies 
 
The accounting policies adopted in the preparation of the condensed, 
consolidated interim financial information are consistent with those followed 
in the preparation of the Group's annual consolidated financial statements for 
the year ended 30th June 2018. 
 
5.      Earnings / (loss) per share 
 
 Basic earnings / (loss) per share 
 
Basic loss per share is calculated by dividing the profit attributable to 
equity holders of the parent by the weighted average number of ordinary shares 
in issue during the period. 
 
                                                        Period ended      Period ended 
                                                         31 December       31 December 
                                                                2018              2017 
 
                                                         (unaudited)       (unaudited) 
 
Profit/(loss) attributable to equity holders of the 
parent (USD)                                                  95,315         (129,034) 
 
Weighted average number of ordinary shares in issue 
(No.)                                                    249,289,747       249,289,747 
 
6.     Available for sale financial asset 
 
                                                                  2018          2017 
 
                                                                   USD           USD 
 
Balance at 1st July (audited)                               52,620,087       86,536,290 
 
Change in fair value - refer note (i) below                (1,538,228)        4,154,931 
 
Balance at 31st December (unaudited)                        51,081,859       90,691,221 
 
(i)    Change in fair value represents the difference in the fair value of 
Bonyan during the period of six months from 1st July 2018 to 31st December 
2018. 
 
7.    Available for sale fair valuation reserve 
 
At 31st December 2018, available for sale fair valuation reserve represented 
the change in fair value of Group's investment in Bonyan which was classified 
as available for sale financial asset. 
 
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)4 350 3530; 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 
 
 
 
END 
 

(END) Dow Jones Newswires

March 21, 2019 08:57 ET (12:57 GMT)

1 Year Dana Group International... Chart

1 Year Dana Group International... Chart

1 Month Dana Group International... Chart

1 Month Dana Group International... Chart
Your Recent History
NEX
DANA
Dana Group..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20191215 22:05:39