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Abridged unaudited financial statements for the three and nine months ended 30 November 2017
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" or "the Group")
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 NOVEMBER 2017
DIRECTORS' COMMENTARY
Atlantic Leaf is pleased to announce its results for the three and nine months ended 30 November 2017. Adjusted
headline earnings per share at GBP 2.17 were slightly below the previous year (2016: GBP 2.22) due to the increase in
the weighted number of shares in issue following the capital raise to finance the acquisition of a 45% interest in a joint
venture ("JV") with LMP Retail Warehouse JV Holdings Limited concluded in September 2017. The JV comprises a portfolio
of eleven properties in excellent regional locations throughout the United Kingdom tenanted by DFS Trading Limited.
The Company's investment in the JV of GBP 24.8 million including acquisition costs was funded by the issue of 46.3
million shares in an accelerated book build on 20 September 2017 raising GBP 45.7 million in new equity. It is expected
that this investment will contribute positively to the Company's future performance.
As at the reporting date, excess cash raised from the bookbuild was allocated to our revolving credit facility to earn
a better rate on the cash until these funds can be deployed into direct property assets. Long term borrowings are
thus expected to increase as funds will be drawn—down to finance new acquisitions. The current portion of long term
borrowings will be re—financed.
The results for the three months ended 30 November 2017 are summarised as follows:
30 November 2016 30 November 2017
Assets Under Management (GBP million)* 305 342 +12%
Total Rental Revenue (GBP million) 5.0 5.7 +14%
Adjusted HEPS (GBP pence per share) 2.22 2.17 —1%
No. of shares in issue 142,671,209 188,976,628 +32%
* includes investment properties, investment in JV, listed investments and cash
PROSPECTS
The Company remains on track to achieve its forecast full year distribution of 9.1 GBP pence per share, which would
represent an increase of 7.1% over the prior year. This forecast is based on the Company's current portfolio, and no
material change in market conditions. This forecast has not been reviewed by the Company's external auditors.
The UK commercial property sector remains very active. The strong forward property yield of 7.3% on the Company's
portfolio is underpinned by quality commercial and industrial properties in excellent regional locations throughout
the United Kingdom.
VUKILE MANDATORY OFFER
On 3 November 2017 Vukile Property Fund Limited ("Vukile") made a mandatory offer to the shareholders of the
Company. The offer closed on 8 December 2017 and was accepted by shareholders holding 7 489 Atlantic Leaf
shares, comprising 0.004% of the Atlantic Leaf shares in issue. Accordingly, Vukile now holds 65 958 606 Atlantic
Leaf shares, which constitutes 34.9% of the issued share capital of Atlantic Leaf.
SUBSEQUENT EVENTS
Post the reporting period and as announced on SENS on 21 December 2017, the Company acquired a distribution
warehouse in Crewe Gates Industrial Estate, Crewe in the United Kingdom for GBP 11.9 million including transaction
costs. This was financed from funds which had been allocated to the revolving credit facility.
By order of the Board
Intercontinental Trust Limited
Company Secretary
11 January 2018
STATEMENT OF FINANCIAL POSITION
Group Group Group
Unaudited Unaudited Audited
as at as at as at
30—Nov—2017 30—Nov—2016 28—Feb—2017
GBP GBP GBP
ASSETS
Non—current assets 335 567 662 284 423 420 303 920 316
Investment properties 303 494 000 282 780 628 303 068 000
Investment in joint venture 24 826 214 — —
Listed investments 7 097 325 633 057 702 193
Loan receivable — 1 009 735 —
Other receivable 150 123 — 150 123
Current assets 11 282 668 23 209 371 14 031 369
Trade and other receivables 4 987 813 1 991 968 1 335 291
Cash and cash equivalents 6 294 855 21 217 403 12 696 078
Total Assets 346 850 330 307 632 791 317 951 685
Equity and Liabilities
Equity 197 671 106 154 983 173 154 796 268
Share capital 198 484 877 152 786 592 152 772 761
Cash flow hedge reserve (804 259) (1 616 733) (1 880 949)
Retained earnings (9 512) 3 813 314 3 904 456
Liabilities
Non—Current liabilities 117 708 953 136 948 678 149 574 995
Long—term borrowings 117 708 953 136 948 678 149 574 995
Current liabilities 31 470 271 15 700 940 13 580 422
Trade and other payables 3 802 836 5 838 880 3 662 997
Current portion of long—term borrowings 14 216 307 6 922 000 7 038 750
Short term borrowings 2 406 063 — —
Tax payable 1 618 663 1 211 199 887 088
Dividend payable 8 503 948 — —
Derivative financial instruments 922 454 1 728 861 1 991 587
Total Equity and Liabilities 346 850 330 307 632 791 317 951 685
Number of shares in issue 188 976 628 142 671 209 142 671 209
Net asset value per share (GBP) 1.05 1.09 1.08
Net asset value per share excluding cash flow hedge reserve 1.05 1.10 1.10
STATEMENT OF CHANGES IN EQUITY
Cash flow
Stated Retained hedge
Capital Earnings reserve Total
GBP GBP GBP GBP
Balance at 1 March 2016 132 854 283 4 959 307 (1 783 633) 136 029 957
Profit for the period — 8 993 364 — 8 993 364
Dividends — (10 139 357) — (10 139 357)
Issue of shares (net of transaction costs) 19 932 309 — — 19 932 309
Other comprehensive income — — 166 900 166 900
Balance at 30 November 2016 152 786 592 3 813 314 (1 616 733) 154 983 173
Profit for the period — 91 147 — 91 147
Dividends — (5) — (5)
Issue of shares (net of transaction costs) (13 831) — — (13 831)
Other comprehensive income — — (264 216) (264 216)
Balance at 28 February 2017 152 772 761 3 904 456 (1 880 949) 154 796 268
Profit for the period — 10 724 842 — 10 724 842
Dividends — (14 638 810) — (14 638 810)
Issue of shares (net of transaction costs) 45 712 116 — — 45 712 116
Other comprehensive income — — 1 076 690 1 076 690
Balance at 30 November 2017 198 484 877 (9 512) (804 259) 197 671 106
STATEMENT OF CASH FLOWS
Group Group Group
Unaudited Unaudited Audited
Nine Months Nine Months Year
ended ended ended
30—Nov—2017 30—Nov—2016 28—Feb—2017
GBP GBP GBP
Cash generated from operations 20 556 311 14 323 920 17 162 555
Interest received 30 680 202 749 204 980
Finance costs (3 256 500) (2 745 195) (4 182 627)
Tax paid (491 154) (210 145) (906 750)
Net cash from operating activities 16 839 337 11 571 329 12 278 158
Cash flows from investing activities
Acquisition of investment properties (426 000) (97 581 510) (114 685 033)
Investment in joint venture (25 660 407) — —
Sale of investment property — 11 300 000 11 300 000
Deposit paid for acquisition of properties — 6 000 000 —
Acquisition of listed investments (6 468 648) — —
Dividends received 894 906 21 187 23 643
Loan to APIL — 5 723 996 6 733 730
Net cash from/(utilised in) investing activities (31 660 149) (74 536 327) (96 627 660)
Cash flow from financing activities
Proceeds from issue of shares 45 712 116 19 932 310 19 430 385
Proceeds from borrowings 2 406 063 75 480 116 88 499 186
Repayment of borrowings (25 109 000) (7 401 035) (7 713 000)
Financial liabilities repaid — (163 239) —
Dividends paid (14 638 810) (10 139 357) (9 651 269)
Net cash (utilised in)/from financing activities 8 370 369 77 708 795 90 565 302
(Decrease)/Increase in cash and cash equivalents (6 450 443) 14 743 797 6 215 800
Cash and cash equivalents at beginning of the year 12 696 078 6 223 292 6 223 292
Effects of exchange difference on cash and cash equivalents 49 220 250 314 256 986
Cash and cash equivalents 6 294 855 21 217 403 12 696 078
RECONCILIATION OF BASIC EARNINGS TO DISTRIBUTABLE EARNINGS
Group Group Group Group Group
Unaudited Unaudited Unaudited Unaudited Audited
Three months Nine months Three months Nine months Year
ended ended ended ended ended
30—Nov—2017 30—Nov—2017 30—Nov—2016 30—Nov—2016 28—Feb—2017
GBP GBP GBP GBP GBP
Basic earnings 4 295 577 10 724 842 3 746 130 8 993 362 9 084 511
Less:
Fair value adjustments to
investment properties 285 892 932 646 727 650 1 374 405 4 384 351
Profit on disposal of investment property — — (1 062 299) (1 062 299) (1 062 312)
Headline earnings 4 581 469 11 657 488 3 411 481 9 305 468 12 406 550
Exclude:
Fair value adjustments to
listed investments 91 071 82 578 — — —
Fair value adjustments to properties
in associate (494 725) (494 725) — — —
Straight line lease adjustments (285 892) (932 646) (323 377) (970 132) (1 293 509)
Once—off transaction costs — — (406 030) — 365 725
Fair value loss on cash flow
hedges transferred — — 163 658 163 658 163 658
Adjusted headline
earnings/Distributable earnings 3 891 923 10 312 695 2 845 732 8 498 994 11 642 424
Weighted average number of shares
in issue 179 308 464 154 626 426 128 425 063 125 413 564 129 548 965
Basic and diluted earnings per share
(GBP pence) 2.40 6.94 2.92 7.17 7.01
Basic and diluted headline earnings per
share (GBP pence) 2.56 7.54 2.66 7.42 9.58
Adjusted headline earnings per share
(GBP pence) 2.17 6.67 2.22 6.78 9.00
Interim dividend — 8 503 948 — 4 936 284 5 203 084
Final dividend — — — — 6 134 862
Total dividend — 8 503 948 — 4 936 284 11 337 940
Interim dividend per share (GBP pence) — 4.50 — 4.20 4.20
Final dividend per share (GBP pence) — — — — 4.30
Total dividend per share (GBP pence) — 4.50 — 4.20 8.50
SEGMENTAL REPORTING – UNAUDITED NINE MONTHS ENDED 30 NOVEMBER 2017
Retail
Industrial Office Warehouse Unallocated Total
GBP GBP GBP GBP GBP
Statement of profit or loss
Revenue 12 571 950 4 248 574 315 600 932 646 18 068 770
Income from joint venture 364 990 — 500 541 — 865 531
Fair value adjustments — — — (1 015 224) (1 015 224)
Interest expense (2 691 182) (877 199) (75 189) (5 630) (3 649 200)
Income tax (883 403) (87 528) (60 945) (190 853) (1 222 729)
Adjusted headline earnings 7 651 375 2 970 555 406 509 (715 744) 10 312 695
Statement of financial position
Additions to investment property 426 000 — — — 426 000
Additions through investment in
joint venture 5 157 127 — 19 669 087 — 24 826 214
Total assets 227 201 773 77 321 234 25 479 087 16 848 236 346 850 330
Total borrowings 90 262 039 39 496 296 2 166 925 2 406 063 134 331 323
SEGMENTAL REPORTING – UNAUDITED NINE MONTHS ENDED 30 NOVEMBER 2016
Retail
Industrial Office Warehouse Unallocated Total
GBP GBP GBP GBP GBP
Statement of profit or loss
Revenue 11 479 296 2 871 568 339 819 970 132 15 660 815
Profit on disposal of investments 1 062 299 — — — 1 062 299
Fair value adjustments (197 208) (207 065) — (1 173 117) (1 577 390)
Interest expense (2 652 228) (560 981) (96 510) — (3 309 719)
Income tax (790 710) (268 573) (10 714) (54 029) (1 124 026)
Adjusted headline earnings 6 157 026 1 786 807 186 121 369 040 8 498 994
Statement of financial position
Additions to investment property 81 613 222 15 968 288 — — 97 581 510
Total assets 222 260 948 54 840 251 5 900 000 24 631 592 307 632 791
Total borrowings 112 279 555 29 382 534 2 208 589 — 143 870 678
STATEMENT OF COMPREHENSIVE INCOME
Group Group Group Group Group
Unaudited Unaudited Unaudited Unaudited Audited
Three months Nine months Three months Nine months Year
ended ended ended ended ended
30—Nov—2017 30—Nov—2017 30—Nov—2016 30—Nov—2016 28—Feb—2017
GBP GBP GBP GBP GBP
Rental revenue 5 736 051 17 136 124 5 005 240 14 690 683 20 035 401
Straight—line lease income adjustment 285 892 932 646 323 377 970 132 1 293 509
Revenue 6 021 943 18 068 770 5 328 617 15 660 815 21 328 910
Property operating expenses (214 319) (646 412) (224 474) (659 915) (862 555)
Other operating expenditure (657 825) (1 863 725) (118 068) (1 492 228) (2 401 771)
Operating income 5 149 799 15 558 633 4 986 075 13 508 672 18 064 584
Income from joint venture 865 531 865 531 — —
Other income — 14 172 74 1 429 1 935
Investment income 77 332 124 439 21 442 181 783 196 770
Profit on disposal of investment property — — 1 062 299 1 062 299 1 062 312
Profit on foreign exchange 8 695 49 220 195 526 250 314 256 986
Fair value adjustments (376 963) (1 015 224) (961 608) (1 577 390) (4 518 202)
Finance costs (1 171 760) (3 649 200) (1 136 836) (3 309 719) (4 483 354)
Profit before taxation 4 552 634 11 947 571 4 166 972 10 117 388 10 581 031
Taxation (257 057) (1 222 729) (420 842) (1 124 026) (1 496 520)
Profit after taxation 4 295 577 10 724 842 3 746 130 8 993 362 9 084 511
Other comprehensive incom
Items that will be reclassified subsequently
to profit or loss
Fair value movement on interest rate swaps 754 381 1 076 690 1 315 860 166 900 (97 316)
Total comprehensive income 5 049 958 11 801 532 5 061 990 9 160 262 8 987 195
RELATED PARTY TRANSACTIONS
The related party transactions are detailed below:
Per the Property Services Agreement ("PSA"), fees for the quarter paid to Martial Eagle Limited amounted to GBP 419 157 (2016: GBP
338 384).
NOTES
The Company is required to publish financial results for the three and nine months ended 30 November 2017 in terms of
Listing Rule 12.19 of the Stock Exchange of Mauritius Ltd ("SEM"). The abridged unaudited financial statements for the
three and nine months ended 30 November 2017 ("financial statements") have been prepared in accordance with the
framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ("IFRS"),
the requirements of the SAICA Financial Reporting Guides as issued by the Accounting Practice Committee, the SEM
Listing Rules, the Securities Act of Mauritius 2005, the JSE Listings Requirements and contains the information required
by IAS 34: Interim Financial Reporting.
The accounting policies and methods of computation adopted in the preparation of these financial statements are in
terms of IFRS and consistent with those applied in the preparation of the audited financial statements for the year ended
28 February 2017.
These financial statements were approved by the Board on 11 January 2018. 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 of
Mauritius, are available free of charge, upon request at the Registered Office of the Company at c/o Intercontinental Trust
Limited, Level 3, Alexander House, 35 Cybercity, Ebene 72201, Mauritius. Contact person: Mrs. Smitha Algoo.
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 and this
announcment. The Directors of the Company have disclosed all material matters or circumstances arising subsequent to the period
ended 30 November 2017 that require any additional disclosure or adjustment to the financial statements.
Atlantic Leaf has primary listings both on the Official Market of the SEM and on the Main Board of the JSE Limited.
JSE sponsor SEM authorised representative and sponsor
Java Capital +27 11 722 3050 Perigeum Capital Ltd +230 402 0890
Company secretary
Intercontinental Trust Limited +230 403 0800
Date: 11/01/2018 03:15:00 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.
