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Abridged unaudited financial statements for the three months and nine months ended 30 November 2014
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 MONTHS AND NINE MONTHS ENDED 30 NOVEMBER 2014
DIRECTORS’ COMMENTARY
OVERVIEW OF THE BUSINESS
The Company has been established in Mauritius as a public company limited by shares holding a
category 1 Global Business License with the primary objective of investing in quality real estate
assets and companies that are income yielding with the prospect 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 (“JSE”). Since incorporation, the Company
has successfully raised £33.3 million by way of various private placements to invited investors.
In March 2014, the Company invested a portion of the capital raised into a portfolio of listed real
estate investments. As at the 30 November 2014, the value of the Company’s listed portfolio was
£1.1 million.
The Company then acquired 100% of the allotted and issued share capital of Seahawk Investments
Limited (“Seahawk”), at a total cost of £11.5 million. Seahawk is an investment holding company,
incorporated in the Isle of Man and whose principal assets are investments in various equity and
debt instruments and securities related to a portfolio of 30 retail warehouse properties located in
the UK and currently tenanted by Booker Group Plc, a major UK wholesale retailer.
COMPANY REVIEW FOR THE THREE MONTHS ENDED 30 NOVEMBER 2014
The Company is pleased to report adjusted headline earnings per share of 1.44 pence which is in line
with expectations. The adjusted headline earnings represent the profit for the period of
£0.19 million adjusted for once off costs relating to the incorporation and listing of the Company,
acquisition of Seahawk and foreign exchange losses totalling £0.19 million.
During the quarter under review, the Company raised capital of £13.3 million through a private
placement of shares. Subsequent to the quarter end a further £4.6 million was raised, bringing the
total capital raised since incorporation to £33.3 million. It is the intention of the Company to invest
the proceeds raised from the recent private placements into direct properties over the next few
months.
COMPANY OUTLOOK
The Company has identified certain direct property opportunities which meet the overall investment
criteria and hopes to conclude these acquisitions in the next quarter. This, together with the
earnings from the existing portfolio, should produce increased headline earnings per share for the
next quarter.
By order of the Board
Intercontinental Trust Limited
Company Secretary
12 January 2015
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
as at as at as at
30 November 2014 31 August 2014 28 February 2014
GBP GBP GBP
Assets
Non-current assets 12 733 627 12 649 683 -
Financial assets at fair value through profit and loss 12 733 627 12 649 683 -
Current Assets 16 036 114 2 535 870 1 000
Cash and cash equivalents 15 992 105 2 489 762 1 000
Trade and other receivables 44 009 46 108 -
Total Assets 28 769 741 15 185 553 1 000
Equity and Liabilities
Equity 28 551 882 15 045 963 1 000
Stated capital 28 327 802 15 013 915 1 000
Retained income / (accumulated loss) 224 080 32 048 -
Liabilities
Current Liabilities 217 859 139 590 -
Trade and other payables 217 859 139 590 -
Tax Provision - - -
Total Equity and Liabilities 28 769 741 15 185 553 1 000
Number of shares in issue 27 854 852 15 294 583 1 000
Net asset value per share (GBP) 1.03 0.98 1.00
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Unaudited Audited
9 months ended 3 months ended 3 months ended Year ended
30 November 2014 30 November 2014 31 August 2014 28 February 2014
GBP GBP GBP GBP
INCOME
Net gain on financial assets at fair value through profit
and loss 589 392 273 775 258 464 -
Dividend Income 25 328 7 891 3 388 -
Interest Income 8 437 341 323 -
623 157 282 007 262 175 -
EXPENSES
Operating expenses (68 816) (13 081) (12 855) -
Property service fee (128 712) (53 172) (53 129) -
Audit fees (7 179) (1 881) (1 779) -
Professional fees (194 370) (21 841) (79 869) -
(399 077) (89 975) (147 632) -
Profit before taxation 224 080 192 032 114 543 -
Taxation - - 655 -
Total comprehensive income for the period 224 080 192 032 115 198 -
Weighted average number of shares in issue for the
period ended 14 397 535 14 397 535 12 584 321 1 000
Basic and headline earnings per share (GBP pence) 1.56 1.33 0.92 -
Adjusted headline earnings per share (GBP pence) 2.87 1.44 1.35
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
9 months ended 3 months ended 3 months ended
30 November 2014 30 November 2014 31 August 2014
GBP GBP GBP
Total comprehensive income/ (loss) for the period 224 080 192 032 115 198
Adjusted for:
Once off listing costs 33 282 19 568 -
Seahawk transaction costs 140 150 - 63 483
Foreign exchange losses / (gains) 16 392 (4 742) (9 324)
Adjusted headline earnings 413 904 206 858 169 357
STATEMENT OF CHANGES IN EQUITY
Stated Capital Retained Earnings Total
GBP GBP GBP
At 11 November 2013 - - -
Issue of shares 1 000 - 1 000
Total comprehensive income/ (loss) for the period - - -
At 28 February 2014 1 000 - 1 000
Issue of shares 15 012 915 - 15 012 915
Total comprehensive income/ (loss) for the period - 32 048 32 048
At 31 August 2014 15 013 915 32 048 15 044 963
Issue of shares 13 313 887 - 13 313 887
Total comprehensive income/ (loss) for the period - 192 032 192 032
At 30 November 2014 28 327 802 224 080 28 551 882
STATEMENT OF CASH FLOWS
Unaudited Unaudited Unaudited Audited
9 months ended 6 months ended 3 months ended Period ended
30-Nov-14 31 August 2014 31 May 2014 28 February 2014
GBP GBP GBP GBP
Net cash utilised in operating activities (192 660) (191 285) (112 770) -
Cash outflow from investing activities (12 143 037) (12 332 868) (7 906 950) -
Cash inflow from financing activities 28 326 802 15 012 915 15 012 915 1 000
Increase in cash and cash equivalents 15 991 105 2 488 762 6 993 195 1 000
Cash and cash equivalents at beginning of the period 1 000 1 000 1 000 -
Cash and cash equivalents at end of period 15 992 105 2 489 762 6 994 195 1 000
ABRIDGED SEGMENTAL ANALYSIS
Unaudited Audited
as at as at
31 November 2014 28 February 2014
GBP GBP
Total Assets
Retail Warehouse 11 606 134 -
Retail 683 142 -
Industrial 116 395 -
Office 250 600 -
Other 77 356 -
12 733 627 -
NOTES
The Company is required to publish financial results for the three months and nine months ended
30 November 2014 in terms of the Listing Rule 12.19 of the SEM. The abridged unaudited financial
statements for the three months and nine months ended 30 November 2014 (“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 period ended 28
February 2014.
The financial statements were approved by the Board on 12 January 2015. 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 2014 that require any
additional disclosure or adjustment to the financial statements.
South African joint corporate advisor and JSE sponsor
Java Capital +27 11 280 0042
South African joint corporate advisor
Leaf Capital +27 21 657 1180
Corporate secretary
Intercontinental Trust Limited +230 403 0800
Date: 12/01/2015 02:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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