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ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS AND NINE MONTHS ENDED 31 DECEMBER 2017
MAINLAND REAL ESTATE LTD
Incorporated in the Republic of Mauritius
Registration number 135891 C1/GBL
SEM share code MAIN.N0000
JSE share code MLD
ISIN MU0520N00000
("Mainland" or "the Company")
Abridged unaudited financial statements
for the three months and the nine months ended 31 December 2017
DIRECTORS COMMENTARY
NATURE OF BUSINESS
Mainland was incorporated on 2 February 2016 as a Category One Global Business Licence Company. The Company has its primary listing on the Official
Market of the Stock Exchange of Mauritius Ltd ("SEM") and a secondary listing on the Alternative Exchange of the JSE Limited ("AltX"). The Company
has been established with the primary objective of investing in global real estate assets and companies, predominantly situated in the United Kingdom
and selected Western European jurisdictions, specifically the Netherlands and Germany.
Since listing, the Company has invested in a diversified portfolio of listed property securities and continues to trade in these, as well as making
an investment in cumulative, redeemable, non-participating preference shares.
COMPANY REVIEW FOR THE THREE MONTHS AND NINE MONTHS ENDED 31 DECEMBER 2017
The Company hereby presents its results for the three months and nine months ended 31 December 2017.
During the three months ended 31 December 2017, the GBP weakended against the ZAR which resulted in a net unrealised gain on financial assets at fair
value through profit or loss.
COMPANY OUTLOOK
Mainland intends to grow its portfolio of listed property securities and investments, mainly through strategic investments into listed and direct
property investment sector. The board of directors of the Company ("the Board") remain on the lookout for and is actively pursuing opportunities that
fall within the ambit of Mainland’s investment strategy.
Mainland is still in the process of appointing a new Chief Executive Officer and Chief Investment Officer. A further announcement will be made upon
their appointment.
STATEMENT OF FINANCIAL POSITION
UNAUDITED AUDITED UNAUDITED
31 December 31 March 31 December
2017 2017 2016
GBP GBP GBP
ASSETS
Current assets
Financial assets at fair value through profit or loss 632 376 614 321 32 639
Trade and other receivables 9 346 4 682 5 944
Cash and cash equivalents 589 729 676 139 1 263 369
Total current assets 1 231 451 1 295 142 1 301 952
Total assets 1 231 451 1 295 142 1 301 952
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 255 984 1 255 984 1 255 984
(Accumulated losses) / Retained earnings (52 071) 17 665 9 284
Total equity 1 203 913 1 273 649 1 265 268
Current liabilities
Trade and other payables 27 538 21 493 36 684
Total current liabilities 27 538 21 493 36 684
Total equity and liabilities 1 231 451 1 295 142 1 301 952
Actual number of shares in issue 884 042 884 042 884 042
Net asset value per share (GBP pence) 136.18 144.07 143.12
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED
For the
period from
For the For the 02 Feb 2016
For the For the nine thirteen quarter (date of incorpo-
quarter ended months ended months ended quarter ended ration) to
31 December 31 December 31 March 31 December 31 December
2017 2017 2017 2016 2016
GBP GBP GBP GBP GBP
Revenue 59 019 19 044 47 842 15 957 27 965
Other expenses (24 010) (63 986) (107 173) (35 360) (63 817)
Foreign exchange (loss) / gain 46 882 (24 795) 76 995 45 133 45 133
Operating (loss) / profit 81 891 (69 736) 17 664 25 730 9 281
Other income - - 3 3 3
Finance cost - - (2) - -
(Loss) / Profit before tax 81 891 (69 736) 17 665 25 733 9 284
Taxation - - - - -
(Loss) / Profit for the period 81 891 (69 736) 17 665 25 733 9 284
Other comprehensive income for the period - - - - -
Total comprehensive income for the period 81 891 (69 736) 17 665 25 733 9 284
Weighted average number of shares in issue 884 042 884 042 544 851 416 093 416 093
Basic and diluted earnings/(loss) per share (GBP pence) 9.26 (7.89) 3.24 6.18 2.23
Basic and diluted headline earnings/ (loss) per share (GBP pence) 9.26 (7.89) 3.24 6.18 2.23
The Company has no dilutionary instruments in issue.
STATEMENT OF CHANGES IN EQUITY
Ordinary (Accumulated losses)
share capital / Retained earnings Total
GBP GBP GBP
Issue of shares 1 255 984 - 1 255 984
Profit for the period - 9 284 9 284
Balance as at 31 December 2016 1 255 984 9 284 1 265 268
Balance as at 31 March 2017 1 255 984 17 665 1 273 649
Loss for the period - (69 736) (69 736)
Balance as at 31 December 2017 1 255 984 (52 071) 1 203 913
STATEMENT OF CASH FLOWS
UNAUDITED AUDITED UNAUDITED
For the period from
For the nine For the thirteen 02 Feb 2016 (date of
months ended months ended incorporation) to
31 December 2017 31 March 2017 31 December 2016
GBP GBP GBP
Cash flows from operating activities
Cash (utilised in) / generated from operations (62 586) (43 561) 25 200
Interest received - 619 -
Dividend received 988 926 -
Interest paid - (2) (2)
Net cash generated from / (utilised in) operating activities (61 598) (42 018) 25 198
Cash flows from investing activities
Acquisition of quoted investments - (1 212 379) (650 161)
Proceeds from sale of quoted investments - 629 183 632 348
Net cash utilised in investing activities - (583 196) (17 813)
Cash flows from financing activities
Proceeds from issue of shares, net of issue costs - 1 255 984 1 255 984
Net cash generated from financing activities - 1 255 984 1 255 984
Net movement in cash and cash equivalents for the period (61 598) 630 770 1 263 369
Foreign exchange movement (24 812) 45 369 -
Cash and cash equivalents at the beginning of the period 676 139 - -
Cash and cash equivalents at end of the period 589 729 676 139 1 263 369
RECONCILIATION OF BASIC EARNINGS TO DISTRIBUTABLE EARNINGS
UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED
For the
period from
For the For the 02 Feb 2016
For the For the nine thirteen quarter (date of incorpo-
quarter ended months ended months ended quarter ended ration) to
31 December 31 December 31 March 31 December 31 December
2017 2017 2017 2016 2016
GBP GBP GBP GBP GBP
(Loss) / profit for the period attributable to owners of the parent 81 891 (69 736) 17 665 25 733 9 284
Headline (loss) / earnings 81 891 (69 736) 17 665 25 733 9 284
Adjusted for once-off costs
Bank charges : Account opening fee - - 5 756 - -
Listing and advisory fees - - 20 640 - -
Transaction costs - - 10 000 - -
Adjusted headline (loss) / earnings / Distributable (loss) /earnings 81 891 (69 736) 54 061 25 733 9 284
Adjusted headline (loss) / earnings per share (GBP pence) 9.26 (7.89) 9.92 6.18 2.23
There was no reconciling items in terms of headline earnings.
NOTES
The Company is required to publish financial results for the three months and nine months ended 31 December 2017 in terms of the Listing Rule 12.19
of the SEM. Accordingly this announcement presents the financial results of the Company in respect of the period from 1 April 2017 to 31 December
2017.
The abridged unaudited financial statements for the three months and nine months ended 31 December 2017 ("abridged unaudited financial statements")
have been prepared on the basis of accounting policies of the Company, which are in compliance with the International Financial Reporting Standards
("IFRS"). The abridged unaudited financial statements are in accordance with the measurement and recognition requirements of IFRS, the requirements
of IAS 34 Interim Financial Reporting, the SEM Listing Rules, the Securities Act of Mauritius 2005 and the JSE Listings Requirements.
The accounting policies used in the preparation of these abridged unaudited results are consistent with those of the previous financial statements.
The abridged unaudited financial statements have not been reviewed or audited by the Company’s external auditors. These financial statements were
approved by the Board on 9 February 2018.
The Board is not aware of any matters or circumstances arising subsequent to the period ended 31 December 2017 that require any additional disclosure
or adjustment to the financial statements.
Copies of the abridged unaudited financial statements and the Statement of direct and indirect interests of each officer of the Company, pursuant to
rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, are available free of charge, upon request at the Registered
Office of the Company at c/o Intercontinental Fund Services Limited, Level 5, Alexander House, 35 Cybercity, Ebene 72201, Mauritius.
Contact person: Mrs. Smitha Algoo.
This communiqué is issued pursuant to SEM Listing Rule 12.20, section 88 of the Securities Act of Mauritius 2005 and the JSE Listings Requirements.
The Board accepts full responsibility for the accuracy of the information contained in this announcement.
By order of the Board
9 February 2018
Intercontinental Fund Services Limited Perigeum Capital Ltd Java Capital
Company Secretary SEM authorised representative and sponsor JSE sponsor
Date: 09/02/2018 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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