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Dana Group International Investments: Half-year Report; 1 July to 31 December 2017

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 interim financial results for the six months’ period from 1(st)
July 2017 to 31(st) December 2017. 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 show a small loss of (USD
0.13 million) but a significant increase of USD 4.15 million in the value of
available for sale financial asset. The comprehensive income for the six
months’ period ended 31(st) December 2017 was USD 4.02 million (2016:
comprehensive income of USD 0.02 million) and the net loss for the period was
USD 0.13 million (2016: net loss of USD 0.04 million), giving rise to a basic
loss per share of US cents 0.05 (2016: basic loss per share of US cents 0.01).

At 31(st) December 2017, the Company’s net assets stood at USD 89.85 million
(2016: USD 77.69 million); or US cents 36 per share (2016: US cents 31 per
share). The increase in net assets is attributable to the increase referred to
above in fair value of available for sale financial asset during the period.

Board changes
A number of changes to the composition and working of the Board occurred
during the period under review: Mr. Khaled (Nicholas) Majdalani stepped down
from the Board and was replaced by Mr. Ahmad Abdulla Aljaziri Altamimi as an
independent Non-Executive Director of the Company. Mr. Muin El Saleh also
stepped back from his position as Chief Executive Officer and Executive
Director of the Group but remain as a director in a non-executive capacity.
Mr. Mustafa Saifuddin was appointed a Director and his appointment was
confirmed by shareholders at the last Annual General Meeting. Mr. Mustafa
succeeds Mr. Muin El Saleh as Chief Executive Officer of the Company.

Current Trading
Trading from 1(st) January 2018 to date remains consistent with the
Directors’ expectations at the beginning of the current financial period.

Outlook
The performance of Bonyan International Investment Group (Holding) LLC
(“Bonyan”), in which the Company has an investment, during the second half
of 2017 to date is in accordance with the Directors' expectations.

Post- Balance Sheet Events
Subsequent to the period under review, Mr. Khaled Moh’d Ahmad Owaidat has
been appointed as Non-Executive Director of the Company. Mr. Khaled is the
General Manager of Bonyan. He is a Master of Business Administration and has
over 20 years’ regional experience in the finance profession.

Conclusion
The Group will continue to explore further opportunities and to work towards
the improvement of shareholder value.

Firas Baba,
Chairman,
Dubai, 21(st) March 2018

Important: the Notes numbered 1 to 12 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 31(st) December 2017

                                                                                                   Note     Six months’ period ended  31 December  2017  (unaudited)      Six months’ period ended 31 December 2016 (unaudited) 
                                                                                                                                                                 USD                                                        USD 
 Revenue                                                                                            11                                                        18,047                                                    114,441 
 Employee costs                                                                                                                                             (84,268)                                                  (137,066) 
 Other operating expenses                                                                                                                                   (41,801)                                                   (56,294) 
 Legal and professional expenses                                                                                                                            (43,064)                                                   (52,104) 
 Other income                                                                                                                                                      -                                                     63,706 
 Depreciation                                                                                                                                                  (701)                                                    (2,868) 
 Operating loss                                                                                                                                            (151,787)                                                   (70,185) 
 Finance income - net                                                                                                                                         22,753                                                     33,146 
 Loss for the period                                                                                                                                       (129,034)                                                   (37,039) 
 Other comprehensive income  Items that are or may be reclassified subsequently to profit or loss                                                                                                                               
 Fair value changes in available for sale financial asset                                            6                                                    4,154, 931                                                     52,471 
 Total comprehensive income for the period                                                                                                                 4,025,897                                                     15,432 

   

 Loss per share attributable to the equity holders of the parent during the period                           
 Basic loss per share for the period                                                5   (0.0005)    (0.0001) 

Condensed, consolidated statement of financial position
as at 31(st) December 2017

                                                     Note   31 December  2017  (unaudited)    31 December 2016 (unaudited) 
                                                                                       USD                             USD 
 ASSETS                                                                                                                    
 Non-current assets                                                                                                        
 Property and equipment                                                                  -                           2,278 
 Available for sale financial asset                    6                       90,691, 221                      78,233,975 
 Total non-current assets                                                       90,691,221                      78,236,253 
                                                                                                                           
 Current assets                                                                                                            
 Trade receivables                                    11                                 -                          19,074 
 Loans and advances                                    7                         4,700,000                       4,700,000 
 Prepayments, advances and other receivables           8                           638,847                         706,718 
 Cash and cash equivalents                                                           8,626                          36,819 
 Total current assets                                                            5,347,473                       5,462,611 
 Total assets                                                                   96,038,694                      83,698,864 
 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             9                        12,509,717                          52,471 
 Accumulated losses                                                          ( 8,533,980 )                     (8,226,656) 
 Total capital and shareholders’ equity                                         89,848,813                      77,698,891 
                                                                                                                           
 LIABILITIES                                                                                                               
 Non-current liabilities                                                                                                   
 Provision for employees’ end of service benefits                                   35,130                          21,203 
 Total non-current liabilities                                                      35,130                          21,203 
 Current liabilities                                                                                                       
 Trade and other payables                             10                         6,154,751                       5,978,770 
 Total current liabilities                                                       6,154,751                       5,978,770 
 Total liabilities                                                               6,189,881                       5,999,973 
 Total liabilities and shareholders’ equity                                     96,038,694                      83,698,864 

Condensed, consolidated statement of changes in equity

for the six months’ period ended 31(st) December 2017

                                               Share  capital  Share premium  Available for sale fair valuation reserve  Accumulated losses       Total 
                                                          USD            USD                                        USD                 USD         USD 
                                                                                                                                                        
 At 1 (st)July 2016 (audited)                       2,010,490     83,862,586                                          -         (8,189,617)  77,683,459 
 Total comprehensive income for the period                                                                                                              
                                                                                                                                                        
 Loss for the period                                        -              -                                          -             (37,039    (37,039) 
 Other comprehensive income for the period                  -              -                                     52,471                   -      52,471 
 Balance at 31 (st)December 2016 (unaudited)        2,010,490     83,862,586                                     52,471       ( 8,226,656 )  77,698,891 
                                                                                                                                                        
 At 1 (st)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 the period                  -              -                                  4,154,931                   -   4,154,931 
 Balance at 31 (st)December 2017 (unaudited)        2,010,490     83,862,586                                 12,509,717         (8,533,980)  89,848,813 
                                                                                                                                                        

Condensed, consolidated statement of cash flows
for the six months’ period ended 31(st) December 2017

                                                          Six months’ period ended  31 December  2017 (unaudited)      Six months’ period ended 31 December 2016 (unaudited) 
                                                                                                              USD                                                        USD 
                                                                                                                                                                             
 Cash flows from operating activities                                                                                                                                        
 Net loss for the period                                                                                (129,034)                                                   (37,039) 
 Adjustments for:                                                                                                                                                            
 Finance income - refer note 7                                                                          (260,625)                                                  (166,077) 
 Finance cost - refer note 10                                                                             236,932                                                    150,979 
 Depreciation                                                                                                 701                                                      2,868 
 Provision for employees’ end of service benefits                                                           2,472                                                     11,646 
 Operating cash flow before working capital changes                                                                                                                          
 Working capital changes:                                                                                                                                                    
 Trade and other receivables                                                                              162,918                                                    112,976 
 Trade and other payables                                                                                (47,269)                                                  4,649,278 
 Net cash flow from operating activities                                                                 (33,905)                                                  4,724,631 
                                                                                                                                                                             
 Cash flows from financing activities                                                                                                                                        
 Loans and advances                                                                                             -                                                (4,700,000) 
 Net cash flow from financing activities                                                                        -                                                (4,700,000) 
                                                                                                                                                                             
 Net (decrease)/increase in cash and cash equivalents                                                    (33,905)                                                     24,631 
 Cash and cash equivalents at beginning of the period                                                      42,531                                                     12,188 
 Cash and cash equivalents at end of the period                                                             8,626                                                     36,819 

Notes to the condensed, consolidated interim financial information
for the six months’ period ended 31(st) December 2017

1.      Legal status and activity

Dana Group International Investments Limited (“the Company”) was
incorporated on 29(th)  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 31(st) December 2017 comprises the Company and
its subsidiaries (collectively referred to as “the Group”). There has been
no changes in the Group structure since the date of most recent annual
consolidated financial statements for the year ended 30(th) June 2017.

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 31(st) December 2017 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 30(th) June 2017, 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 30(th) June 2017.

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 30(th) June 2017.

5.      Loss per share

 Basic 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 31 December     Period ended 31 December 
                                                                                  2017                        2016 
                                                                           (unaudited)                 (unaudited) 
 Loss attributable to equity holders of the parent (USD)    (129,034)                                     (37,039) 
 Weighted average number of ordinary shares in issue (No.)  249,289,747                                249,289,747 

6.     Available for sale financial asset

                                                       2017    2016         
                                                        USD     USD         
 Balance at 1 (st)July (audited)                 86,536,290      78,181,504 
 Change in fair value – refer note (i) below      4,154,931          52,471 
 Balance at 31 (st)December (unaudited)          90,691,221      78,233,975 

(i)    Change in fair value represents the difference in the fair value of
Bonyan during the period of six months from 1(st) July 2017 to 31(st) December
2017. The fair value of Bonyan was determined by an independent professional
valuer by using discounted cash flow model.

7.     Loans and advances

                                                31 December      31 December 
                                                       2017             2016 
                                          USD  (unaudited )  USD (unaudited) 
 Short term loan - refer note (i) below           4,700,000        4,700,000 
                                                  4,700,000        4,700,000 

(i)   The Group’s subsidiary has provided a short-term loan of USD 4.7
million to a related party (common shareholders). The short-term loan is
unsecured and carries profit rate of 11% per annum. During the current period,
the Company has earned the finance income of USD 260,625 from the short term
loan and is recognised in the statement of profit or loss.

8.    Prepayments, advances and other receivables

                                                         31 December      31 December 
                                                                2017             2016 
                                                   USD  (unaudited )  USD (unaudited) 
 Receivable from related parties (refer note 11)             599,791          657,047 
 Prepayments and other receivables                            39,056           49,671 
                                                             638,847          706,718 

9.    Available for sale fair valuation reserve

At 31(st) December 2017, 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.

10.  Trade and other payables

                                31 December      31 December 
                                       2017             2016 
                          USD  (unaudited )  USD (unaudited) 
 Due to related parties           5,493,168        5,327,510 
 Other payables                     661,583          651,260 
                                  6,154,751        5,978,770 

The Group has received a short term loan of USD 4.7 million from a related
party (common shareholders). The short-term loan is unsecured and carries
profit rate of 10% per annum. During the current period, the Company has
accrued finance expense of USD 236,932 which is recognised in the statement of
profit or loss.

11. Related party transactions and balances

The Group enters into transactions in the normal course of business with
related parties at market rates and terms agreed between the parties.

During the current period, the Group entered into the following transactions
with related parties:

 Revenue                                                                                                                              
                                              Six months’ period ended 31 December  2017    Six months’ period ended 31 December 2016 
                                                                             (unaudited)                                  (unaudited) 
                                                                                     USD                                          USD 
                                                                                                                                      
 Real estate advisory and consultancy fee                                         18,047                                      114,441 

       Key management
compensation                      

                                            Six months’ period ended 31 December  2017    Six months’ period ended 31 December 2016 
                                                                           (unaudited)                                  (unaudited) 
                                                                                   USD                                          USD 
 Salaries and other short-term benefits                                         25,677                                       76,295 

Included in the statement of financial position are the following balances
with related parties:

                                               31 December  2017  31 December 2016 
                                                     (unaudited)         (audited) 
                                                             USD               USD 
 Trade receivables                                             -            19,074 
 Loans and advances                                    4,700,000         4,700,000 
 Prepayments, advances and other receivables             599,791           657,047 
 Trade and other payables                              5,493,168         5,327,510 

12. Comparative figures

The comparative information for the previous period has been reclassified,
where necessary, in order to conform to the current period’s presentation.
Such reclassifications do not affect the previously reported profit, net
assets or equity of the Group.

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



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