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Abridged unaudited financial statements for the three months ended 31 August 2015 declaration of GBP3 pence dividend
Atlantic Leaf Properties Limited
(Incorporated in the Republic of Mauritius on 11 November 2013)
(Registration number: 119492 C1/GBL)
SEM share code: ALPL.N0000
JSE share code: ALP
ISIN: MU0422N00009
("Atlantic Leaf" or "the Company")
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS
ENDED 31 AUGUST 2015 DECLARATION OF GBP3 PENCE DIVIDEND AND
CHANGE TO THE BOARD OF DIRECTORS
DIRECTORS' COMMENTARY
Atlantic Leaf is pleased to present its results for the quarter and half year ended 31 August 2015. The Company earned
adjusted headline earnings of GBP3.35 pence per share for the three-month period and GBP5.21 pence for the six-month
period. This represents an increase of almost 150% from the adjusted headline earnings of the equivalent of the previous
year. The board of directors ("the Board") is pleased with the growth of the company and to be in a position to declare
its first dividend of GBP3 pence per share.
During the quarter the Company concluded two significant acquisitions. On 1 July 2015 the Company purchased seven new
properties at a total value of GBP18.1 million with an expected forward yield of 7.4%. These properties are tenanted by
the Epwin Group a specialist provider of building products and listed on the London Stock Exchange. On 2 July 2015 in a
follow-on acquisition the Company acquired the balance of the Booker portfolio (being the remaining 70%) at a gross
property value of GBP89.4 million and a forward yield on the property of 8.1%. This acquisition resulted in the
revaluation of the overall Booker portfolio by GBP1 million which has been accounted through the income statement. Both
the Epwin and Booker portfolios had existing debt in place. Since acquisition the Company has completed the refinancing
of the Epwin debt and is in the final stages of refinancing the Booker debt at significantly lower cost of finance which
will benefit returns in the next earnings period.
As announced on 13 August 2015 the company entered into a strategic relationship with the South African listed Real
Estate Investment Trust Vukile Property Fund Limited ("Vukile"). Under the terms of the strategic relationship Vukile
subscribed for new shares in Atlantic Leaf via the JSE Limited to a value of ZAR350 million (c. GBP17.4 million) through
a private placement of shares which was settled after the end of the quarter on 1 October 2015 (the "Private Placement")
following which Vukile holds approximately 21% of Atlantic Leaf's total shares in issue. We believe that this
relationship will further assist the growth of Atlantic Leaf.
CHANGE TO THE BOARD OF DIRECTORS
Laurence Rapp CEO of Vukile has been appointed to the Board of directors of Atlantic Leaf as a non-executive director
and a member of the Investment Committee with effect from Monday, 12 October 2015. We welcome Laurence to the Board and
look forward to his contribution to the Company.
DIVIDEND
Shareholders are advised that the Board of Atlantic Leaf has declared an interim distribution of GBP0.03 per share in
respect of the half year ended 31 August 2015.
Subject to final regulatory approvals shareholders will be given the option to receive their dividend either in cash or
as a scrip dividend at a ratio of 2.778 new shares for every 100 shares held. A cash dividend will be paid to
shareholders unless shareholders elect to receive a scrip dividend.
Shareholders on the South African share register who elect to receive a cash dividend will receive their dividend in
South African Rands. Further information on the date of payment exchange rate to be used and the dividend election
circular accompanied by announcements on the Stock Exchange News Service ("SENS") of the JSE Limited ("JSE") as well as
the website of the Stock Exchange of Mauritius Ltd ("SEM") will be issued in due course.
COMPANY OUTLOOK
The Board is pleased that there is now a solid asset base of income producing assets from which to grow the Company.
Atlantic Leaf will continue to pursue further asset acquisitions. There are a number of potential transactions that the
company is currently evaluating. The Company has also been actively refinancing the existing debt which will provide a
further boost to earnings. Management is confident of its ability to meet its projected distribution of 7 GBP pence per
share for the year. This forecast has not been reviewed or reported on by the Company's auditors.
POST-BALANCE SHEET EVENTS
On 1 October 2015 an additional 16.1 million shares were issued raising GBP18.5 million in equity. The Company has also
contracted to purchase two industrial assets at a cost of GBP12.94 million with an expected forward return on cash
invested of 9% after accounting for cost of debt.
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 License. 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 SEM and a secondary listing on the AltX of the JSE.
By order of the Board
Intercontinental Trust Limited
Company Secretary
12 October 2015
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
as at as at as at
31 Aug 2015 31 Aug 2014 28 Feb 15
GBP GBP GBP
ASSETS
Non-current assets 64 317 983 12 689 783 26 255 997
Financial assets at fair value through profit or loss 60 959 111 12 689 783 13 652 211
Escrow account – – 10 813 467
Loan receivable 3 358 872 – 1 790 319
Current assets 4 291 606 2 495 770 10 007 685
Trade and other receivables 700 722 6 008 321 134
Cash and cash equivalents 3 590 884 2 489 762 9 686 551
Total assets 68 609 589 15 185 553 36 263 682
Equity and liabilities
Equity 68 441 149 15 045 963 36 134 679
Share capital 64 908 329 15 013 915 34 770 873
Reserves 368 667 –
Retained earnings 3 164 153 32 048 1 363 806
Liabilities
Current liabilities 168 440 139 590 129 003
Trade and other payables 165 490 139 590 129 003
Tax provision 2 950 – –
Total equity and liabilities 68 609 589 15 185 553 36 263 682
Number of shares in issue 61 571 044 15 294 583 33 941 306
Net asset value per share (GBP) 1.11 0.98 1.06
STATEMENT OF CASH FLOWS
Unaudited Unaudited Unaudited Audited
6 months ended 3 months ended 3 months ended 12 months ended
31 Aug 2015 31 Aug 2015 31 Aug 2014 28 Feb 2015
GBP GBP GBP GBP
Net cash utilised in operating activities (659 062) (667 861) (191 285) (671 015)
Cash outflow from investing activities (35 049 906) (35 104 041) (12 332 868) (24 531 457)
Cash inflow from financing activities 30 137 456 30 137 456 15 012 915 34 769 873
Increase/(Decrease) in cash and cash equivalents (5 571 512) (5 634 446) 2 488 762 9 567 401
Cash and cash equivalents at beginning of the period 9 686 551 9 749 679 1 000 1 000
Effects of exchange difference on cash and cash equivalents (524 156) (524 349) 118 150
Cash and cash equivalents at end of period 3 590 884 3 590 884 2 489 762 9 686 551
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Unaudited Audited
6 months ended 3 months ended 3 months ended Year ended
31 Aug 2015 31 Aug 2015 31 Aug 2014 28 Feb 2015
GBP GBP GBP GBP
INCOME 2 632 892 2 054 304 262 175 1 746 138
Net gain on financial assets at fair value through profit and loss 2 525 574 1 983 390 258 464 1 691 031
Dividend income 28 820 10 505 3 388 33 509
Interest income 78 498 60 409 323 21 598
EXPENSES (824 190) (708 336) (147 632) (373 290)
Operating expenses (23 347) (8 226) (22 179) (49 939)
Property service fee (220 224) (133 448) (53 129) (182 099)
Audit fees (4 600) (2 300) (1 779) (10 928)
Directors' fees (15 000) (14 999) – (25 833)
Foreign exchange gain/(loss) (524 156) (524 349) 9 324 118 150
Professional fees (36 863) (25 014) (79 869) (222 641)
Profit before taxation 1 808 702 1 345 967 114 543 1 372 848
Taxation (8 355) (3 613) 655 (9 042)
Profit for the period 1 800 347 1 342 355 115 198 1 363 806
OTHER COMPREHENSIVE INCOME
Effective portion of changes in fair value of cash flow hedges 368 667 368 667 – –
Total comprehensive income/(loss) for the period 2 169 014 1 711 022 115 198 1 363 806
Weighted average number of shares in issue 45 653 912 57 366 519 2 584 321 18 930 998
Basic earnings per share and headline earnings per share (GBP pence) 3.94 2.34 0.92 7.20
Adjusted headline earnings per share (GBP pence) 5.21 3.35 1.35 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 Audited
6 months ended 3 months ended 3 months ended Year ended
31 Aug 2015 31 Aug 2015 31 Aug 2014 28 Feb 2015
GBP GBP GBP GBP
Profit/(loss) for the period 1 800 346 1 342 355 115 198 1 363 806
Adjusted for:
Once off listing costs – – – 47 722
Once off transaction costs – – 63 483 140 151
Foreign exchange losses/(gains) on equity raise 578 540 578 540 (9 324) 16 392
Adjusted headline earnings 2 378 886 1 920 895 169 357 1 568 071
RECONCILIATION OF DISTRIBUTABLE EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS
Unaudited
6 months ended
31 Aug 2015
GBP
Profit for the period 1 800 346
Exclude: Foreign exchange loss on the issue of shares 578 540
Exclude: Fair value (gains) on unrealised revaluations (1 000 347)
Include: Shares issued cum dividend 524 965
Adjusted headline earnings 1 903 504
Number of shares in issue 61 571 044
Distributable earnings per share (GBP pence) 3.09
STATEMENT OF CHANGES IN EQUITY
Stated capital Retained earnings Reserves Total
GBP GBP GBP GBP
At 1 March 2014 1 000 – – 1 000
Issue of shares 34 769 873 – – 34 769 873
Net income attributable to shareholders – 1 363 806 – 1 363 806
At 28 February 2015 34 770 873 1 363 806 – 36 134 679
Issue of shares 30 137 456 – – 30 137 456
Net income attributable to shareholders 1 800 347 1 800 347
Effective portion of changes in fair value of cash flow hedges – – 368 667 368 667
At 31 August 2015 64 908 329 3 164 153 368 667 68 441 149
NOTES
The Company is required to publish financial results for the three months and half year ended 31 August 2015 in terms of
the Listing Rule 12.19 of the SEM. The abridged unaudited financial statements for the three months ended 31 August 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.
The financial statements were approved by the Board on 12 October 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 the JSE Listings Requirements 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 31 August 2015 that require any additional disclosure or adjustment to the financial statements.
South African JSE sponsor
Java Capital +27 11 722 3050
South African corporate advisor
Leaf Capital +27 21 657 1180
Corporate secretary
Intercontinental Trust Limited +230 403 0800
13 October 2015
Date: 13/10/2015 12:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
