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Abridged unaudited financial statements for the three and nine months ended 30 November 2015
Atlantic Leaf Properties Limited
(Incorporated in the Republic of Mauritius)
(Registration number: 119492 C1/GBL)
SEM share code: ALPL.N0000
JSE share code: ALP
ISIN: MU0422N00009
www.atlanticleaf.mu
("Atlantic Leaf" or "the Company")
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE THREE AND NINE
MONTHS ENDED 30 NOVEMBER 2015
DIRECTORS’ COMMENTARY
Atlantic Leaf presents its results for the quarter and nine months ended 30 November 2015.
In line with management’s expectations, the Company earned adjusted headline earnings of
1.93 pence per share. This represents an increase of almost 22% over the adjusted headline
earnings of the second quarter when revaluations over the periods are excluded. Management
is pleased with the continued growth as the Company continues to acquire good quality assets.
During the quarter, the Company concluded two additional acquisitions. On 22 October 2015,
the Company purchased two new properties tenanted by the Inspirepac Group, at a total value
of GBP12.9 million with an expected forward yield of 6.7%. On 26 November 2015, the Company
acquired a new property tenanted by Gestamp Tallent Limited at a total value of GBP10.8 million
with an expected forward yield of 7.4%. Both acquisitions were financed with a combination
of new debt and existing cash. During the period, the company also successfully refinanced
a major portion of its debt portfolio (GBP54.6 million), in this process, the company repaid
GBP10 million and reduced the cost of the remaining GBP44.6 million from 7% to around 3,9%. This
will benefit earnings in the next period.
DIVIDEND PAID
The dividend of 3 pence per share declared at the six months’ results, was paid in December
2015. Shareholders were given the option to receive their dividend as cash or as a scrip dividend
and as a result, 372 657 new shares were issued to existing shareholders. Cash dividends of
approximately GBP1,45 million were paid.
COMPANY OUTLOOK
In line with the strategy to grow the asset base of the company, there are a number of potential
transactions that the company is evaluating which we are hopeful of completing before the
year end. Management is on track to meet its projected distribution of 7 pence per share for
the full 2015/16 year.
OVERVIEW OF THE BUSINESS
Atlantic Leaf is a Mauritian registered company, regulated by the Mauritius Financial Services
Commission and holds a Category One Global Business Licence. The primary objective of the
Company is to provide investors with consistent income and growth by investing in quality
real estate assets which generate appropriate income yields and have potential of capital
appreciation. The Company has a primary listing on the Stock Exchange of Mauritius Ltd
("SEM") and a secondary listing on the AltX of the Johannesburg Stock Exchange Limited
("JSE").
By order of the Board
Intercontinental Trust Limited
Company Secretary
11 January 2016
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
as at as at as at
30 Nov 2015 30 Nov 2014 28 Feb 15
GBP GBP GBP
ASSETS
Non-current assets 87 475 978 12 733 627 26 255 997
Financial assets at fair value through profit or loss 83 150 964 12 733 627 13 652 211
Escrow account – – 10 813 467
Loan receivable 4 325 014 – 1 790 319
Current assets 887 022 16 036 114 10 007 685
Trade and other receivables 8 323 44 009 321 134
Cash and cash equivalents 878 699 15 992 105 9 686 551
Total assets 88 363 000 28 769 741 36 263 682
Equity and liabilities
Equity 86 164 252 28 551 882 36 134 679
Share capital 83 435 261 28 327 802 34 770 873
Reserves – – –
Retained earnings 2 728 991 224 080 1 363 806
Liabilities
Current liabilities 2 198 748 217 859 129 003
Trade and other payables 2 193 865 217 859 129 003
Tax provision 4 883 – –
Total equity and liabilities 88 363 000 28 769 741 36 263 682
Number of shares in issue 78 806 785 27 854 852 33 941 306
Net asset value per share (GBP) 1.09 1.03 1.06
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Unaudited Unaudited Audited
9 months 3 months 9 months 3 months Year
ended ended ended ended ended
30 Nov 2015 30 Nov 2015 30 Nov 2014 30 Nov 2014 28 Feb 2015
GBP GBP GBP GBP GBP
INCOME 4 261 061 1 628 252 623 157 282 007 1 746 138
Net gain on financial
assets at fair value
through profit and
loss 4 098 296 1 572 806 589 392 273 775 1 691 031
Dividend income 31 487 2 667 25 328 7 891 33 509
Interest income 131 278 52 779 8 437 341 21 598
EXPENSES (1 037 650) (213 460) (399 077) (89 975) (373 290)
Operating expenses (34 112) (10 765) (68 816) (13 081) (49 939)
Property service fee (399 934) (179 710) (128 712) (53 172) (182 099)
Audit fees (6 900) (2 300) (7 179) (1 881) (10 928)
Directors’ fees (15 000) – – – (25 833)
Foreign exchange
gain/(loss) (513 583) 10 573 – – 118 150
Professional fees (68 122) (31 258) (194 370) (21 841) (222 641)
Profit before
taxation 3 223 410 1 414 792 224 080 192 032 1 372 848
Taxation (11 096) (2 740) – – (9 042)
Profit for the
period 3 212 315 1 412 052 224 080 192 032 1 363 806
OTHER
COMPREHENSIVE
INCOME
Effective portion of
changes in fair value
of cash flow hedges 368 667 – – – –
Total comprehensive
income for the
period 3 580 982 1 412 052 224 080 192 032 1 363 806
Weighted average
number of shares
in issue 54 744 237 73 124 673 14 397 535 14 397 535 18 930 998
Basic earnings per
share and headline
earnings per share
(GBP pence) 5.87 1.93 1.56 1.33 7.20
Adjusted headline
earnings per share
(GBP pence) 6.92 1.93 2.87 1.44 8.28
There are no reconciling items between basic earnings and headline earnings
Atlantic Leaf has no dilutionary instruments in issue
RECONCILIATION OF ADJUSTED HEADLINE EARNINGS PER SHARE
Unaudited Unaudited Unaudited Unaudited Audited
9 months 3 months 9 months 3 months Year
ended ended ended ended ended
30 Nov 2015 30 Nov 2015 30 Nov 2014 30 Nov 2015 28 Feb 2015
GBP GBP GBP GBP GBP
Profit/(loss) for the period 3 212 315 1 412 052 224 080 192 032 1 363 806
Adjusted for:
One-off listing costs – – 33 282 19 568 47 722
One-off transaction costs – – 140 150 – 140 151
Foreign exchange losses/
(gains) on equity raise 578 540 – 16 392 (4 742) 16 392
Adjusted headline earnings 3 790 856 1 412 052 413 904 206 858 1 568 071
STATEMENT OF CHANGES IN EQUITY
Stated Retained
capital earnings Reserves Total
GBP GBP GBP GBP
At 1 March 2014 1 000 – – 1 000
Issue of shares 28 326 802 – – 28 326 802
Net income attributable to
shareholders – 224 080 – 224 080
At 30 November 2014 28 327 802 224 080 – 28 551 882
Issue of shares 6 443 071 – – 6 443 071
Net income attributable to
shareholders – 1 139 726 – 1 139 726
At 28 February 2015 34 770 873 1 363 806 – 36 134 679
Issue of shares 48 664 388 – – 48 664 388
Net income attributable to
shareholders 3 212 399 3 212 399
Dividends paid – (1 847 214) (1 847 214)
Effective portion of changes in
fair value of cash flow hedges – – – –
At 30 November 2015 83 435 261 2 728 991 – 86 164 252
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
9 months 9 months 12 months
ended ended ended
30 Nov 2015 30 Nov 2014 28 Feb 2015
GBP GBP GBP
Net cash utilised in operating activities 5 848 (192 660) (637 506)
Cash outflow from investing activities (56 964 504) (12 143 037) (24 564 966)
Cash inflow from financing activities 48 664 388 28 326 802 34 769 873
Increase in cash and cash equivalents (8 294 268) 15 991 105 9 567 401
Cash and cash equivalents at beginning of the period 9 686 551 1 000 1 000
Effects of exchange difference on cash and cash
equivalents (513 584) – 118 150
Cash and cash equivalents at end of period 878 699 15 992 105 9 686 551
NOTES
The Company is required to publish financial results for the three and nine months ended
30 November 2015 in terms of the Listing Rule 12.19 of the SEM. The abridged unaudited
financial statements for the three and nine months ended 30 November 2015 ("financial
statements") have been prepared in accordance with the measurement and recognition
requirements of IFRS, the requirements of IAS 34: Interim Financial Reporting, the SEM Listing
Rules and the Securities Act of Mauritius 2005.
The accounting policies adopted in the preparation of these financial statements are consistent
with those applied in the preparation of the audited financial statements for the year ended
28 February 2015.
These financial statements were approved by the Board on 11 January 2016. The financial
statements have not been reviewed or reported on by the Company’s external auditors.
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 Level 3, Alexander House, 35 Cybercity, Ebene 72201,
Mauritius. Contact person: Mr Kesaven Moothoosamy.
This communique is issued pursuant to SEM Listing Rules 11.3 and 12.20 and section 88 of the
Securities Act of Mauritius 2005. The Board accepts full responsibility for the accuracy of the
information contained in these financial statements. The Directors have disclosed all matters
or circumstances arising subsequent to the period ended 30 November 2015 that require any
additional disclosure or adjustment to the financial statements.
South African joint corporate advisor and JSE sponsor
Java Capital +27 11 722 3050
South African joint corporate advisor
Leaf Capital +27 21 657 1180
Corporate secretary
Intercontinental Trust Limited +230 403 0800
12 January 2016
Date: 12/01/2016 11:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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