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Dana Group International Investments: Interim Results to 31st December 2018

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 1(st) July 2018 to 31(st) 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
31(st) 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 31(st) 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 30(th) June 2018.

Board changes

During the period under review, at the annual general meeting in respect of
the financial year ended 30(th) June 2018, Mr. Muin El-Saleh retired by
rotation and did not offer himself for re-election.

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, 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, 21(st) 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 31(st) December 2018

                                                                                                   Note     Six months’ period ended  31 December  2018  (unaudited)      Six months’ period ended 31 December 2017 (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 financial asset                                            6                                                   (1,538,228)                                                  4,154,931 
 Total comprehensive (loss) / income for the period                                                                                                      (1,442,913)                                                  4,025,897 
 Earnings / (loss) per share attributable to the equity holders of the parent during the period                                                                                                                                 
 Basic earnings /(loss) per share for the period                                                     5                                                        0.0004                                                   (0.0005) 

Condensed, consolidated statement of financial position

as at 31(st) December 2018

                                                     Note   31 December  2018  (unaudited)    31 December 2017 (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 
 Total liabilities and shareholders’ equity                                     51,125,703                      96,038,694 
                                                                                                                           

Condensed, consolidated statement of changes in equity

for the six months’ period ended 31(st) December 2018

                                               Share  capital  Share premium  Available for sale fair valuation reserve  Accumulated losses          Total 
                                                          USD            USD                                        USD                 USD            USD 
                                                                                                                                                           
 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 
                                                                                                                                                           
 At 1 (st)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 period                    -              -                               (1,538,228 )                   -  ( 1,538,228 ) 
 Balance at 31 (st)December 2018 (unaudited)        2,010,490     83,862,586                             ( 27,099,645 )       ( 8,313,198 )     50,460,233 
                                                                                                                                                           

Condensed, consolidated statement of cash flows

for the six months’ period ended 31(st) December 2018

                                                          Six months’ period ended  31 December  2018 (unaudited)      Six months’ period ended 31 December 2017 (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 payables                                                                             ( 110,002 )                                                   (47,269) 
 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 31(st) December 2018

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 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 30(th) 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 31(st) 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 30(th) 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 30(th) 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 30(th) 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 31 December    Period ended 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 1 (st)July (audited)                  52,620,087      86,536,290 
 Change in fair value – refer note (i) below     (1,538,228)       4,154,931 
 Balance at 31 (st)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 1(st) July 2018 to 31(st) December
2018.

7.    Available for sale fair valuation reserve

At 31(st) 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



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