Wrap Text
Provisional summarised audited consolidated financial statements for the year ended 30 September 2018
Greenbay Properties Ltd
Incorporated in the Republic of Mauritius on 14 August 2014
Registration number: C124756 C1/GBL
SEM share code: GFP.N0000
ISIN: MU0461N00007
JSE share code: GRP
www.greenbayprop.mu
Provisional summarised audited consolidated financial statements for the year ended 30 September 2018
Directors' commentary
Nature of business
Greenbay is a Category One Global Business Licence company registered in Mauritius. The company has
primary listings on both the Official Market of the Stock Exchange of Mauritius Ltd ("SEM") and the
Main Board of the Johannesburg Stock Exchange Limited ("JSE"). Greenbay invests globally in direct
property, and listed real estate and infrastructure securities.
Distributable earnings and commentary on results
The board has declared a distribution of 0,2596* EUR cents per share for the six months ended
30 September 2018. This together with the 0,2885* EUR cents per share for the interim period results
in a total distribution of 0,5481* EUR cents per share for the 2018 financial year. The growth in
distribution per share for the 2018 financial year of 17,4% is in line with guidance provided in the
June 2018 quarterly results.
The board has decided to declare 99,0% of total distributable income as a distribution for the
six months ended 30 September 2018. The total pay-out ratio for the 2018 financial year is 99,5%.
The past year has seen further increases in short-term interest rates by the Federal Reserve Bank,
as well as elevated geopolitical concerns surrounding U.S. tariffs and trade policy. Due to global
equity markets' volatility, the company's performance varied during the year as a weak first half was
offset by a strong second half. The net asset value per share increased from 9,59* EUR cents at
September 2017 to 9,66* EUR cents at September 2018 (prior to the capital repayments), an increase
of 0,7%.
During the financial year, the company repurchased 332 303 187 shares at prices below its net asset
value, representing 3,5% of the issued share capital of the company.
At September 2018, the loan-to-value ratio was 8,3%. This is well below the board's limit of 45%
as gearing was reduced in anticipation of the return of capital to shareholders in October 2018.
* Based on the number of issued shares as of 30 September 2018, net of treasury shares held.
Return of capital and company classification
In line with the strategy of returning excess capital, EUR300 million was paid to shareholders on
8 October 2018. A further EUR300 million will be paid to shareholders on 10 December 2018.
Following the return of capital on 10 December 2018, Greenbay will be engaging with the JSE to change
its classification from an investment company to a property company.
Investment portfolio
At September 2018, Greenbay's portfolio composition was as follows:
Sectoral profile based on fair value
of assets
44,6% - Listed infrastructure
25,6 - Listed real estate
29,8 - Direct property
Geographical profile based on fair value of assets
47,5 - Europe
31,5% - USA
10,1% - Canada
4,4% - UK
4,3% - Australia
2,2% - Hong Kong
The top ten investments by fair value as at 30 September 2018 are set out below:
Fair value
as at Sep 2018
Primary sector Jurisdiction (EUR '000)
Forum Coimbra Direct property Europe 194 754
Planet Koper Direct property Europe 57 749
TransCanada Corp Infrastructure Canada 53 380
Unibail-Rodamco-Westfield Real estate Europe 52 448
Enterprise Products Partners LP Infrastructure USA 46 495
Enbridge Inc Infrastructure Canada 46 000
Kinder Morgan Inc/DE Infrastructure USA 45 070
Klepierre SA Real estate Europe 43 200
NextEra Energy Inc Infrastructure USA 41 855
E.ON SE Infrastructure Europe 41 529
Direct investments
Greenbay's direct property exposure increased with the acquisition of the remaining share in its two retail
assets in Portugal during the year. The major asset, Forum Coimbra, continues to perform well. It recorded
increased footfall and an average positive rental reversion of 4,9%. Tenant demand remains strong with new
international brands including JD Sports, Zippy, Pandora, Flying Tiger Copenhagen and KFC being introduced
during the year. Rentals from new tenants were 8,1% higher than those from the vacated tenants. Greenbay is
considering the acquisition of additional land to facilitate an extension to meet tenant demand.
The vacancy at Forum Viseu has reduced from 7,7% to 3,1%. The centre continues to leverage off its central
location with lease negotiations on the remaining vacant space progressing well.
Portugal's economy has continued to improve with second quarter year-on-year GDP growth of 2,3%. Portugal's
year-on-year growth in retail sales was 3,8% for September 2018. The year-on-year harmonised index of consumer
price inflation was 1,2% for September 2018.
Planet Koper is undergoing a major redevelopment and reconfiguration which will completely change the look and
feel of the mall, as well as significantly enhance the fashion and food offering. The food court will include at
least eight restaurants and new international fashion brands will be utilising Planet Koper as their platform for
their expansion into Slovenia. H&M has increased its store size and upgraded to its new format during the year.
Pandora, Women's Secret and Athlete's Foot were added to the mall during the year. Eight stores were re-let to new
tenants with these leases achieving an average positive reversion of 25%.
Greenbay disposed of its Tivoli land development in Ljubljana, Slovenia for EUR16,2 million against the book
value of EUR14,0 million.
Listed investments
The sale of listed holdings to fund the return of capital to shareholders provided an opportunity to reduce
the number of listed investments in the portfolio. The geographical spread and composition of the listed
portfolio have changed significantly, but remain well diversified and liquid.
The listed infrastructure sector performed well and have exceeded guidance and market growth expectations.
Prior to the decline in the oil price Greenbay reduced its investments in the energy pipeline companies.
Global merger and acquisition activity continues to highlight the value in the listed infrastructure market
as transactions are occurring at significant premiums to share prices.
Despite elevated merger and acquisition activity, the listed real estate sector, particularly retail REITs,
performed poorly. Retail REITs have historically been defensive, however, the sector has been negatively
affected by store closures and increased penetration of online shopping. The listed retail real estate sector
now trades at lower valuations than comparable direct real estate investments.
Facilities, hedges and derivatives
The board's policy is to hedge 90% of non-EUR denominated distributable income receivable and 25% of the USD
directly-held capital exposure is hedged against the EUR.
Foreign exchange hedging profile
Zero to 12 months One to two years
Gross FX Gross FX
hedge Weighted Hedge fair hedge Weighted Hedge fair
foreign average value foreign average value
2018 currency hedge rate EUR currency hedge rate EUR
Group
AUD/EUR 7 339 169 1,5830 66 794 3 571 547 1,6280 72 101
CAD/EUR 8 007 106 1,5632 (68 707) 6 651 865 1,5723 5 235
GBP/EUR 2 570 711 0,8976 8 656 524 517 0,9176 (2 572)
HKD/EUR 13 274 094 9,6687 (58 774) 5 232 123 9,5974 (1 505)
SGD/EUR 1 152 555 1,6434 7 645 821 666 1,6725 (5 325)
USD/EUR 25 477 157 1,2161 (392 400) 25 551 365 1,2403 (165 687)
(436 786) (97 753)
Summary of financial performance
Distribution Net asset Loan-to-
per share value per share value ratio*
EUR cents Share in issue# EUR cents %
Sep 2017 0,2360 9 322 176 525 9,59 10,1
Dec 2017 - 9 488 106 526 9,68 28,7
Mar 2018 0,2885 9 488 106 526 8,82 31,3
Jun 2018 - 9 486 106 526 9,41 35,1
Sep 2018 0,2596 9 119 388 804 6,50 8,3
*The loan-to-value ratio is calculated by dividing total interest-bearing borrowings adjusted for cash
on hand by the total of investments in property, listed securities and loans advanced.
#Net of treasury shares.
Outlook
The European real estate market is generally regarded as being at the peak of its cycle. There are numerous
assets available for sale, particularly in the Iberian market. Greenbay believes that most of these assets offer
limited growth opportunities.
Greenbay has a competent and experienced property team with strong development, retail and asset management
skills. The existing property portfolio offers attractive opportunities. In addition a number of redevelopment
opportunities are being assessed where Greenbay believes there is still attractive value.
The company will continue to sell its remaining listed holdings as opportunities in physical real estate arise.
The share consolidation summary of the estimated net asset value per share, the 2018 final distribution per share
and 2019 distribution forecast are shown below:
Before the After the
consolidation consolidation
of shares of shares
Number of shares Number of shares
Issued shares 9 488 106 526 474 405 326*
*After taking into account the rounding of fractions and consolidation on a 1 for 20 basis
EUR cents per share EUR cents per share
Estimated net asset value per share as of
30 November 2018 (post the returns of capital on
10 October 2018 and 10 December 2018, and the
distribution for the six months ended September 2018) 2,6183 52,3666
Final distribution per share declared for the
six months ended September 2018 0,2596 5,1920
Forecast distribution per share for the 2019 financial year n/a 2,5 to 3,5
The distribution forecast is based on the following assumptions:
- That a stable global macro-economic environment will prevail;
- That there will be no failures of material tenants in the direct property portfolio;
- That there will be no failures of listed securities or of investment counterparties;
- That there will be no material changes in the regulatory or taxation environment;
- That the company maintains a loan-to-value ratio of approximately 40% (with a maximum loan-to-value ratio
of 45%); and
- That the future direct property acquisitions will be funded by selling down the listed investments.
This forecast statement and the forecasts underlying such statement are the responsibility of the board and
have not been reviewed or reported on by the company's external auditors.
By order of the board
Intercontinental Trust Ltd
Company secretary
Mauritius - 10 December 2018
Consolidated statements of financial position as at 30 September 2018
Audited Audited
Audited restated* restated*
Sep 2018 Sep 2017 Sep 2016
EUR EUR EUR
Assets
Non-current assets 689 218 977 383 441 705 158 854 734
Investment property 292 693 712 71 442 548 70 071 632
Investments 312 464 289 159 448 464 3 095 644
Investment in and loans to joint venture - 59 361 010 -
Financial and other assets 59 840 844 93 189 683 85 687 458
Goodwill 24 220 132 - -
Current assets 379 671 672 552 187 129 226 920 063
Investments 10 299 132 - -
Financial and other assets 732 786 390 468 -
Trade and other receivables 13 029 436 3 517 076 7 534 350
Cash and cash equivalents 355 610 318 548 279 585 219 385 713
Total assets 1 068 890 649 935 628 834 385 774 797
Equity and liabilities
Total equity attributable to equity holders 592 449 886 893 778 890 383 936 503
Stated capital 600 703 936 975 367 686 414 975 962
Treasury shares (17 378 683) - -
Non-distributable reserve (44 817 643) (130 177 845) (51 681 302)
Foreign currency translation reserve (1 393 006) 242 185 (115 480)
Retained earnings 55 335 282 48 346 864 20 757 323
Total liabilities 476 440 763 41 849 944 1 838 294
Non-current liabilities 157 043 253 25 144 714 -
Interest-bearing borrowings 124 878 211 24 714 857 -
Deferred tax 31 630 017 429 857 -
Financial liabilities 535 025 - -
Current liabilities 319 397 510 16 705 230 1 838 294
Interest-bearing borrowings 1 443 902 1 374 996 -
Financial liabilities 591 000 - -
Trade and other payables 316 389 373 14 670 411 1 706 317
Income tax payable 973 235 659 823 131 977
Total equity and liabilities 1 068 890 649 935 628 834 385 774 797
Total number of shares in issue 9 119 388 804 9 322 176 525 4 920 833 333
Net asset value per share (EUR cents) 6,50 9,59 7,80
*Refer note 6.
Consolidated statements of profit or loss and other comprehensive income for the year ended 30 September 2018
Audited
Audited restated*
for the year ended for the year ended
Sep 2018 Sep 2017
EUR EUR
Investment revenue 21 321 102 3 668 438
Property rental and related revenue 8 819 126 5 965 309
Finance income 549 841 4 297 231
Total revenue 30 690 069 13 930 978
Fair value gain/(loss) on investment property, investments
and derivatives 2 146 788 (16 125 028)
Fair value gain on investments 4 181 432 5 624 779
Fair value gain on investment property 1 354 008 764 855
Fair value loss on currency, interest rate and other derivatives (1 139 070) (22 514 662)
Impairment of share incentive loans (2 249 582) -
Property operating expenses (3 630 837) (2 035 142)
Administrative and other expenses (6 024 800) (2 678 914)
Foreign exchange gain/(loss) 14 898 645 (22 593 417)
Share of profit from joint venture 7 028 539 1 579 188
Operating profit/(loss) 45 108 404 (27 922 335)
Finance costs (2 539 525) (1 151 492)
Other income 167 301 -
Profit/(loss) before tax 42 736 180 (29 073 827)
Income tax expense (1 119 092) (1 414 429)
Profit/(loss) for the period attributable to equity holders of
the company 41 617 088 (30 488 256)
Other comprehensive income net of tax:
Items that may subsequently be reclassified to profit or loss
Exchange differences on translation of foreign operations (1 635 191) 357 665
(1 635 191) 357 665
Total comprehensive income/(loss) for the period attributable
to equity holders of the company 39 981 897 (30 130 591)
Basic and diluted earnings/(loss) per share (EUR cents) 0,44 (0,50)
*Refer note 6.
Consolidated statement of changes in equity for the year ended 30 September 2018
Foreign
Non- currency
Stated Treasury distributable translation Retained Total
capital shares reserve reserve earnings equity
EUR EUR EUR EUR EUR EUR
Previously reported at
30 Sep 2016* 364 806 890 - 19 034 695 (20 758 845) 20 853 763 383 936 503
Financial liability
derivatives from
bookbuilds 70 927 917 (70 927 917) - -
Foreign currency
translation reserve
adjustment on change in
functional currency (20 758 845) 20 758 845 -
Change in functional
currency 211 920 (115 480) (96 440) -
Restated at Sep 2016 414 975 962 - (51 681 302) (115 480) 20 757 323 383 936 503
Issue of shares: 540 660 917 540 660 917
- 1 324 503 311 shares
on 27 Mar 2017 154 710 438 154 710 438
- 620 000 000 shares
on 12 Jun 2017 85 620 067 85 620 067
- 2 284 263 959 shares
on 22 Aug 2017* 300 330 412 300 330 412
Total comprehensive income:
Loss for the year (30 488 256) (30 488 256)
Exchange differences on
translation of foreign
operations 357 665 357 665
Distribution paid
- final 2016 5 588 558 (5 873 040) (284 482)
- scrip issue: 56 962 424
shares 5 588 558 (5 588 558) -
- cash (284 482) (284 482)
Distribution paid
- interim 2017 14 142 249 (14 545 706) (403 457)
- scrip issue: 115 613 498
shares on 14 Jun 2017 14 142 249 (14 142 249) -
- cash (403 457) (403 457)
Transfer to non-
distributable reserve (78 496 543) 78 496 543 -
Previously reported at
30 Sep 2017* 892 382 767 - (36 075 289) (11 028 779) 48 500 191 893 778 890
Financial liability
derivatives from bookbuilds 94 013 684 (94 013 684) - -
Foreign currency translation
reserve adjustment on
change in functional
currency (11 028 765) 11 028 765 -
Change in functional
currency (88 872) 242 199 (153 327) -
Balance at Sep 2017 975 367 686 - (130 177 845) 242 185 48 346 864 893 778 890
Issue of shares
- 36 414 535 shares
on 14 Dec 2017 5 675 326 5 675 326
Share repurchase
- 332 303 187 shares (26 778 785) (26 778 785)
Distribution paid
- final 2017 19 660 924 (22 000 337) (2 339 413)
- scrip issue: 129 515
shares on 20 Dec 2017 19 660 924 (19 660 924) -
- cash (2 339 413) (2 339 413)
Distribtution paid
- interim 2018: cash (27 268 131) (27 268 131)
Consolidation of The
Greenbay Share Trust (2 258 199) (2 258 199)
Exchange differences on
translation of foreign
operations (1 635 191) (1 635 191)
Total comprehensive income:
Profit for the year 41 617 088 41 617 088
Transfer to non-
distributable reserve (14 639 798) 14 639 798 -
Transfer of stated capital
to non-distributable
reserve (400 000 000) 400 000 000 -
Return of capital
distribution 11 658 301 (300 000 000) - (288 341 699)
Balance at Sep 2018 600 703 936 (17 378 683) (44 817 643) (1 393 006) 55 335 282 592 449 886
*Refer note 6.
Consolidated statements of cash flows for the year ended 30 September 2018
Audited
Audited restated
for the year ended for the year ended
Sep 2018 Sep 2017
EUR EUR
Operating activities
Cash generated from operations 30 176 660 24 850 190
Finance income received 549 840 4 297 231
Finance cost paid (2 539 525) (1 151 492)
Income tax paid (1 414 710) (456 726)
Distributions paid (29 607 544) (687 939)
Cash (outflow)/inflow from operating activities (2 835 279) 26 851 264
Investing activities
Additions to investment property (1 135 768) (606 061)
Proceeds on sale of investment property 16 200 000 -
Investment in listed security investments (205 044 997) (188 913 873)
Disposal of listed security investments 36 904 885 28 126 530
Payments on interest rate derivatives (4 045 000) (434 000)
Acquisition in LocaViseu, net of cash acquired (53 717 986) (57 781 822)
Proceeds from/(payment of) equity swap derivative cash margin 36 304 612 (8 996 496)
Share incentive loans (advanced)/repaid (1987 631) 2 043 808
Cash outflow from investing activities (176 521 885) (226 561 914)
Financing activities
(Repayment)/drawdown of interest-bearing borrowings (1 438 265) 26 089 853
Proceeds from issuance of share 5 675 326 517 575 150
Repurchase of shares (29 036 984) -
Cash (outflow)/inflow from financing activities (24 799 923) 543 665 003
(Decrease)/increase in cash and cash equivalents (204 157 087) 343 954 353
Effect of exchange rate changes on cash held 11 487 820 (15 060 481)
Cash and cash equivalents at beginning of the period 548 279 585 219 385 713
Cash and cash equivalents at end of the period 355 610 318 548 279 585
Notes
1. Preparation, accounting policies and audit opinion
The provisional summarised audited consolidated financial statements for the year ended 30 September 2018
("financial statements") have been prepared in accordance with the measurement and recognition requirements of
International Financial Reporting Standards ("IFRS"), the JSE Listings Requirements, the SEM Listing Rules and
the Securities Act of Mauritius 2005.
The accounting policies applied in the preparation of the consolidated financial statements, from which these
financial statements were derived, are in terms of IFRS and are consistent with the accounting policies applied
in the preparation of the previous consolidated financial statements unless otherwise stated, with the exception
of the adoption of new and revised standards which became effective during the year.
The group's investment property is valued externally by an independent valuer for year-end reporting. In terms
of IAS 40: Investment Property and IFRS 7: Financial Instruments: Disclosure, investment property is valued
at fair value and is categorised as a level 3 investment, as one or more of the significant inputs is not
based on observable market data.
In terms of IFRS 7: Financial Instruments: Disclosures, IAS 39: Financial Instruments: Recognition and
Measurement and IFRS 13: Fair Value Measurement, the group's currency, interest rate and equity derivatives are
measured at fair value through profit or loss. The currency and interest rate derivatives are categorised as
level 2 investments, while the equity derivatives are categorised as level 1 investments. In terms of IFRS 13,
investments are measured at fair value, based on directly observable quoted closing prices at the reporting date,
and are therefore categorised as level 1 investments.
The company is required to publish financial results for the year ended 30 September 2018 in terms of Listing
Rule 12,14 of the SEM. This report was compiled under the supervision of Kobus van Biljon CA(SA), the chief
financial officer.
These financial statements were approved by the board of Greenbay on 7 December 2018.
BDO & Co have issued their unmodified audit opinion on the group's consolidated financial statements for the
year ended 30 September 2018. These provisional summarised consolidated financial statements have been
derived from the consolidated financial statements and are, in all material respects, consistent with the
audited consolidated financial statements.
The directors take full responsibility for the preparation of the provisional report and for insuring
that the financial information has been correctly extracted from the audited annual financial statements.
The auditor's report does not necessarily report on all of the information contained in this announcement.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's
engagement, they should obtain a copy of the report together with the accompanying financial information from
Greenbay's registered address.
This communique is issued pursuant to SEM Listing Rule 12,14 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 are not aware of any matters or circumstances arising subsequent to 30 September 2018
that require any additional disclosure or adjustment to the financial statements.
Copies of the annual 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 Greenbay's registered office address.
Contact person: Jan Wandrag.
2. Subsequent events
The directors note the following subsequent events:
- On 27 November 2018 the Greenbay board announced the return of an additional EUR 300 million of capital
to shareholders, payable on 10 December 2018.
- The company's constitution has been amended (refer to http://greenbayprop.mu/corporate-governance/ for a
copy of the updated constitution).
- The company revised its strategy following shareholder approval.
- The company's name has been changed to Lighthouse Capital Limited on 4 December 2018.
- The company's shares will be consolidated on a 1 for 20 basis, effective from 18 December 2018.
3. Fair value measurement of assets and liabilities
The table below analyses financial instruments and investment property carried at fair value, by
valuation method. It does not include fair value information for financial assets and financial liabilities
not measured at fair value if the carrying amount is a reasonable approximation of fair value.
The table below includes only those assets and liabilities that are measured at fair value on a recurring
basis. The different levels have been defined as:
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs).
Level 1 Level 2 Level 3 Fair value
EUR EUR EUR EUR
Group
2018
Investment property - - 292 693 712 292 693 712
Financial investments at fair value
through profit or loss 322 763 421 - - 322 763 421
Financial assets - 442 755 - 442 755
Total assets measured at fair value 322 763 421 442 755 292 693 712 615 899 888
Financial liabilities - 1 010 720 - 1 010 720
Total liabilities measured at fair value - 1 010 720 - 1 010 720
2017
Investment property - - 71 442 548 71 442 548
Financial investments at fair value
through profit or loss 159 448 464 - - 159 448 464
Financial assets - 571 105 - 571 105
Total assets measured at fair value 159 448 464 571 105 71 442 548 231 462 117
The carrying amount of financial instruments that are not measured at fair value reasonably approximate their
fair value due to:
- For loans to subsidiaries and loans to joint ventures: no significant changes in the terms, circumstances,
credit conditions or interest rate environment since the loans were granted.
- For trade and other receivables, cash and cash equivalents and trade and other payables: their short-term
nature.
There were no transfers between levels 1, 2 and 3 during the year. The group's policy is to recognise transfers
into and out of fair value hierarchy levels as of the date of the event or change in circumstances that caused
the transfer.
The valuation methods applied are consistent with those applied in preparing previous consolidated financial
statements.
The company utilises equity swap derivatives to obtain exposure to listed real estate and infrastructure
companies, for which an equity swap derivative margin (cash or other collateral) of between 12% and 45%
(2017 and 2016: 25% and 37,5%) of the gross exposure is required. The margin requirement is specific to each
underlying security. These derivatives have the following inherent components:
Total 2018 Total 2017
EUR EUR
Gross equity swap derivative exposure to listed investments 366 877 956 669 411 060
Equity swap derivative implied interest-bearing borrowings (366 877 956) (669 411 060)
Net equity swap derivative exposure - -
Equity swap derivative cash margin: 55 829 855 92 134 467
- Merrill Lynch - -
- Bank of America 48 424 415 75 028 051
- Morgan Stanley 7 405 440 17 106 416
Equity swap derivative other collateral margin - investments 226 699 635 141 691 199
Total equity swap derivative margin 282 529 490 233 825 666
4. Headline earnings
Audited
Audited restated
for the year for the year
ended ended
Sep 2018 Sep 2017
Reconciliation of profit for the period to headline earnings
Basic earnings - profit/(loss) for the period attributable to
equity holders 41 617 088 (30 488 256)
Adjusted for:
- Fair value gain on investment property - included in income from
joint venture (5 883 179) (764 855)
- Impairment of Greenbay share incentive loans 2 249 582 -
- Income tax effect 1 343 566 145 543
Headline earnings 39 327 057 (31 107 568)
Weighted average shares in issue 9 413 870 356 6 123 109 544
Headline earnings and diluted headline earnings per share (EUR cents) 0,42 (0,51)
Greenbay has no dilutionary instruments in issue.
5. Segmental analysis
The group determines and presents operating segments based on the information that is provided internally to the
company's board and investment committee, jointly the group's chief operating decision-maker ("CODM"). The group
comprises three segments: listed infrastructure, listed real estate, and direct property. Each operating
segment's operating results are reviewed quarterly by the CODM to make decisions about the segment's performance,
resource allocation, risk assessment, and for which discrete financial information is available.
Segment Description
Listed infrastructure Investments in liquid listed infrastructure securities on recognised exchanges,
utilising both cash investments and equity swap derivatives.
Listed real estate Investments in liquid listed real estate securities on recognised exchanges,
utilising both cash investments and equity swap derivatives.
Direct property Investments in direct commercial properties in the retail sector. Opportunistic
acquisitions in the retail, logistics, industrial, warehousing and office sectors
are also considered.
Currency segments
The group also reports information on currency analysis to the CODM, in addition to the main reportable segments.
The currency segments also represent geographical segments for the investments and investment property balance
sheet line items, as well as the investment revenue, and property rental and related revenue profit and loss
line items.
The following currency segments have been identified:
- Australian Dollar ("AUD")
- Canadian Dollar ("CAD")
- Euro ("EUR")
- Hong Kong Dollar ("HKD")
- Singapore Dollar ("SGD")
- Pounds Sterling ("GBP")
- United States Dollar ("USD")
Reconciliation of segmental reporting to IFRS
The reconciliation of the segmental reporting with financial information extracted from the consolidated
financial statements for the year ended 30 September 2018 is included in the segmental report, and primarily
relates to the matters below:
LocaViseu
This adjustment proportionately consolidates the indirect investments in Forum Coimbra and Forum Viseu that
are held through LocaViseu, accounted for using the equity method. It effectively discloses the group's interest
in the assets, liabilities and results of operations from these investments by disclosing the consolidated
accounts for the periods ended on a line-by-line basis. The goodwill relates to the deferred tax liability
assumed on acquisition. Typically, these transactions entail the disposal of companies instead of underlying
properties and it is management's view that the deferred tax in the LocaViseu group will not become payable.
As such, the goodwill has been offset against the deferred tax liability.
Financial liability derivatives from bookbuilds
The cumulative impact of the financial liability derivatives which relate to Greenbay's 2016 and 2017 bookbuilds
has been removed for purposes of the segmental analysis.
Equity swap derivatives
The equity derivatives are reported in the segmental analysis in its respective components i.e. grossed-up
by multiplying the shares held in each counter by the quoted closing price of the respective counter at
the reporting date and raising the corresponding equity swap liability, and separating the profit
or loss impact between dividend income on the underlying equities, fair value gains and losses on the
underlying equities, and the implied borrowing costs on the implicit equity swap liability. This more
appropriately reflects the group's assets, liabilities, revenue and expenses for segmental analysis.
Finance income
Finance income is classified as net finance costs, instead of revenue.
Consolidated statement of financial position
Segments Group
Listed Listed Direct management
infrastructure real estate property Corporate accounts
Sep 2018 Sep 2018 Sep 2018 Sept 2018 Sep 2018
EUR EUR EUR EUR EUR
Assets
Non-current assets 427 793 609 251 548 636 296 379 944 324 757 976 046 946
Investment property - - 292 693 712 - 292 693 712
Investments 427 793 609 251 548 636 - - 679 342 245
Financial and other assets - - 3 686 232 324 757 4 010 989
Goodwill - - - - -
Current assets 48 087 636 27 776 657 11 779 450 347 857 784 435 501 527
Investments 10 299 132 - - - 10 299 132
Financial and other assets - - 578 572 154 214 732 786
Trade and other receivables 3 930 031 5 805 275 2 923 146 370 984 13 029 436
Cash and cash equivalents 33 858 473 21 971 382 8 277 732 347 332 586 411 440 173
Total assets 475 881 245 279 325 293 308 159 394 348 182 541 1 411 548 473
Equity and liabilities
Total equity attributable to
equity holders - - - 592 449 886 592 449 886
Stated capital 506 690 252 506 690 252
Treasury shares (17 378 683) (17 378 683)
Non-distributable reserve 49 196 041 49 196 041
Foreign currency translation reserve (1 393 006) (1 393 006)
Retained earnings 55 335 282 55 335 282
Total liabilities 269 379 248 110 994 228 141 633 386 297 091 725 819 098 587
Non-current liabilities 260 912 299 105 965 657 132 403 401 419 720 499 701 077
Interest-bearing borrowings 260 912 299 105 965 657 124 878 211 - 491 756 167
Deferred tax - - 7 409 885 - 7 409 885
Financial liabilities - - 115 305 419 720 535 025
Current liabilities 8 466 949 5 028 571 9 229 985 296 672 005 319 397 510
Interest-bearing borrowings - - 1 443 902 - 1 443 902
Financial liabilities - - - 591 000 591 000
Trade and other payables 8 466 949 5 028 571 7 165 942 295 727 911 316 389 373
Income tax payable - - 620 141 353 094 973 235
Total equity and liabilities 269 379 248 110 994 228 141 633 386 889 541 611 1 411 548 473
Management accounts' adjustments
Financial
liability
derivatives
from Equity swap Group
LocaViseu bookbuilds derivatives Audited
Sep 2018 Sep 2018 Sep 2018 Sep 2018
EUR EUR EUR EUR
Assets
Non-current assets (24 220 132) - 311 048 101 689 218 977
Investment property - - - 292 693 712
Investments - - 366 877 956 312 464 289
Financial and other assets - - (55 829 855) 59 840 844
Goodwill (24 220 132) - - 24 220 132
Current assets - - 55 829 855 379 671 672
Investments - - - 10 299 132
Financial and other assets - - - 732 786
Trade and other receivables - - - 13 029 436
Cash and cash equivalents - - 55 829 855 355 610 318
Total assets (24 220 132) - 366 877 956 1 068 890 649
Equity and liabilities
Total equity attributable to
equity holders - - - 592 449 886
Stated capital - (94 013 684) - 600 703 936
Treasury shares - - - (17 378 683)
Non-distributable reserve - 94 013 684 - (44 817 643)
Foreign currency translation reserve - - - (1 393 006)
Retained earnings - - - 55 335 282
Total liabilities (24 220 132) - 366 877 956 476 440 763
Non-current liabilities (24 220 132) - 366 877 956 157 043 253
Interest-bearing borrowings - - 366 877 956 124 878 211
Deferred tax (24 220 132) - - 31 630 017
Financial liabilities - - - 535 025
Current liabilities - - - 319 397 510
Interest-bearing borrowings - - - 1 443 902
Financial liabilities - - - 591 000
Trade and other payables - - - 316 389 373
Income tax payable - - - 973 235
Total equity and liabilities (24 220 132) - 366 877 956 1 068 890 649
Consolidated statement of financial position (continued)
Segments Group
Listed Listed Direct management
infrastructure real estate property Corporate accounts
Sep 2017 Sep 2017 Sep 2017 Sept 2017 Sep 2017
EUR EUR EUR EUR EUR
Non-current assets 497 503 186 331 356 338 184 992 085 505 679 1 014 357 288
Investment property - - 184 442 548 - 184 442 548
Investments 497 503 186 331 356 338 - - 828 859 524
Investment in and loans to joint
venture - - - - -
Financial and other assets - - 549 537 505 679 1 055 216
Current assets 149 037 860 87 487 103 5 870 514 405 780 267 648 175 744
Financial and other assets - - 86 800 303 668 390 468
Trade and other receivables 1 180 019 1 519 278 732 932 1 159 167 4 591 396
Cash and cash equivalents 147 857 841 85 967 825 5 050 782 404 317 432 643 193 880
Total assets 646 541 046 418 843 441 190 862 599 406 285 946 1 662 533 032
Equity and liabilities
Total equity attributable to
equity holders - - - 893 778 890 893 778 890
Stated capital 881 354 002 881 354 002
Non-distributable reserve (36 164 161) (36 164 161)
Foreign currency translation
reserve 242 185 242 185
Retained earnings 48 346 864 48 346 864
Total liabilities 429 847 430 252 443 997 85 258 229 1 204 486 768 754 142
Non-current liabilities 423 296 877 246 114 183 79 420 492 - 748 831 552
Interest-bearing borrowings 423 296 877 246 114 183 75 303 348 - 744 714 408
Deferred tax - - 4 117 144 - 4 117 144
Current liabilities 6 550 553 6 329 814 5 837 737 1 204 486 19 922 590
Interest-bearing borrowings - - 1 374 996 - 1 374 996
Trade and other payables 6 550 553 6 329 814 4 462 741 544 663 17 887 771
Income tax payable - - - 659 823 659 823
Total equity and liabilities 429 847 430 252 443 997 85 258 229 894 983 376 1 662 533 032
Management accounts' adjustments
Financial
liability
derivatives
from Equity swap Group
LocaViseu bookbuilds derivatives Audited
Sep 2017 Sep 2017 Sep 2017 Sep 2017
EUR EUR EUR EUR
Assets
Non-current assets 53 638 990 - 577 276 593 383 441 705
Investment property 113 000 000 - - 71 442 548
Investments - - 669 411 060 159 448 464
Investment in and loans to joint venture (59 361 010) - - 59 361 010
Financial and other assets - - (92 134 467) 93 189 683
Current assets 3 854 148 - 92 134 467 552 187 129
Financial and other assets - - - 390 468
Trade and other receivables 1 074 320 - - 3 517 076
Cash and cash equivalents 2 779 828 - 92 134 467 548 279 585
Total assets 57 493 138 - 669 411 060 935 628 834
Equity and liabilities
Total equity attributable to equity holders - - - 893 778 890
Stated capital - (94 013 684) - 975 367 686
Non-distributable reserve - 94 013 684 - (130 177 845)
Foreign currency translation reserve - - - 242 185
Retained earnings - - - 48 346 864
Total liabilities 57 493 138 - 669 411 060 41 849 944
Non-current liabilities 54 275 778 - 669 411 060 25 144 714
Interest-bearing borrowings 50 588 491 - 669 411 060 24 714 857
Deferred tax 3 687 287 - - 429 857
Current liabilities 3 217 360 - - 16 705 230
Interest-bearing borrowings - - - 1 374 996
Trade and other payables 3 217 360 - - 14 670 411
Income tax payable - - - 659 823
Total equity and liabilities 57 493 138 - 669 411 060 935 628 834
Consolidated statement of financial position (continued)
Currency segments
AUD CAD EUR HKD
Sep 2018 Sep 2018 Sept 2018 Sep 2018
EUR EUR EUR EUR
Assets
Non-current assets 42 132 649 99 388 758 459 803 755 21 968 836
Investment property - - 292 693 712 -
Investments 42 060 548 99 380 137 163 423 811 21 968 528
Financial and other assets 72 101 8 621 3 686 232 308
Goodwill - - - -
Current assets 546 426 4 321 602 263 974 309 4 408 497
Investments - - 10 299 132 -
Financial and other assets 106 966 8 471 578 571 -
Trade and other receivables - 1 865 255 3 324 245 2 770 789
Cash and cash equivalents 439 460 2 447 876 249 772 361 1 637 708
Total assets 42 679 075 103 710 360 723 778 064 26 377 333
Equity and liabilities
Total equity attributable to equity holders - - - -
Stated capital
Treasury shares
Non-distributable reserve
Foreign currency translation reserve
Retained earnings
Total liabilities 21 457 893 50 832 476 246 093 354 60 587
Non-current liabilities 20 305 178 47 600 929 219 894 513 1 813
Interest-bearing borrowings 20 305 178 47 597 543 212 128 386 -
Deferred tax - - 7 409 885 -
Financial liabilities - 3 386 356 242 1 813
Current liabilities 1 152 715 3 231 547 26 198 841 58 774
Interest-bearing borrowings - - 1 443 902 -
Financial liabilities 40 172 77 178 - 58 774
Trade and other payables 1 112 543 3 154 369 24 134 798 -
Income tax payable - - 620 141 -
Total equity and liabilities 21 457 893 50 832 476 246 093 354 60 587
Currency segments
SGD GBP USD Corporate
Sep 2018 Sep 2018 Sept 2018 Sep 2018
EUR EUR EUR EUR
Assets
Non-current assets - 43 529 472 308 979 749 243 727
Investment property - - - -
Investments - 43 529 472 308 979 749 -
Financial and other assets - - - 243 727
Goodwill - - - -
Current assets 188 426 3 718 433 4 056 550 154 287 284
Investments - - - -
Financial and other assets 9 921 13 881 14 976 -
Trade and other receivables - 422 128 4 647 019 -
Cash and cash equivalents 178 505 3 282 424 (605 445) 154 287 284
Total assets 188 426 47 247 905 313 036 299 154 531 011
Equity and liabilities
Total equity attributable to equity holders - - - 592 449 886
Stated capital 506 690 252
Treasury shares (17 378 683)
Non-distributable reserve 49 196 041
Foreign currency translation reserve (1 393 006)
Retained earnings 55 335 282
Total liabilities 7 601 15 348 217 931 005 282 700 323
Non-current liabilities 5 325 2 572 211 890 747 -
Interest-bearing borrowings - - 211 725 060 -
Deferred tax - - - -
Financial liabilities 5 325 2 572 165 687 -
Current liabilities 2 276 12 776 6 040 258 282 700 323
Interest-bearing borrowings - - - -
Financial liabilities 2 276 5 224 407 376 -
Trade and other payables - 7 552 5 632 882 282 347 229
Income tax payable - - - 353 094
Total equity and liabilities 7 601 15 348 217 931 005 875 150 209
Management accounts' adjustments
Financial
liability
Group derivatives
management from Equity swap Group
accounts LocaViseu bookbuilds derivatives Audited
Sep 2018 Sep 2018 Sep 2018 Sept 2018 Sep 2018
EUR EUR EUR EUR EUR
Assets
Non-current assets 976 046 946 (24 220 132) - 311 048 101 689 218 977
Investment property 292 693 712 - - - 292 693 712
Investments 679 342 245 - - 366 877 956 312 464 289
Financial and other assets 4 010 989 - - (55 829 855) 59 840 844
Goodwill - (24 220 132) - - 24 220 132
Current assets 435 501 527 - - 55 829 855 379 671 672
Investments 10 299 132 - - - 10 299 132
Financial and other assets 732 786 - - - 732 786
Trade and other receivables 13 029 436 - - - 13 029 436
Cash and cash equivalents 411 440 173 - - 55 829 855 355 610 318
Total assets 1 411 548 473 (24 220 132) - 366 877 956 1 068 890 649
Equity and liabilities
Total equity attributable to
equity holders 592 449 886 - - - 592 449 886
Stated capital 506 690 252 - (94 013 684) - 600 703 936
Treasury shares (17 378 683) - - - (17 378 683)
Non-distributable reserve 49 196 041 - 94 013 684 - (44 817 643)
Foreign currency translation
reserve (1 393 006) - - - (1 393 006)
Retained earnings 55 335 282 - - - 55 335 282
Total liabilities 819 098 587 (24 220 132) - 366 877 956 476 440 763
Non-current liabilities 499 701 077 (24 220 132) - 366 877 956 157 043 253
Interest-bearing borrowings 491 756 167 - - 366 877 956 124 878 211
Deferred tax 7 409 885 (24 220 132) - - 31 630 017
Financial liabilities 535 025 - - - 535 025
Current liabilities 319 397 510 - - - 319 397 510
Interest-bearing borrowings 1 443 902 - - - 1 443 902
Financial liabilities 591 000 - - - 591 000
Trade and other payables 316 389 373 - - - 316 389 373
Income tax payable 973 235 - - - 973 235
Total equity and liabilities 1 411 548 473 (24 220 132) - 366 877 956 1 068 890 649
Consolidated statement of financial position (continued)
Currency segments
AUD CAD EUR HKD
Sep 2017 Sep 2017 Sept 2017 Sep 2017
EUR EUR EUR EUR
Assets
Non-current assets 70 442 108 99 959 172 380 030 586 9 651 696
Investment property - - 184 442 548 -
Investments 70 442 108 99 959 172 195 038 501 9 651 696
Investment in and loans to joint venture - - - -
Financial and other assets - - 549 537 -
Current assets 1 781 606 1 750 690 581 043 409 4 333
Financial and other assets 20 148 13 840 86 800 (901)
Trade and other receivables 264 590 1 358 177 1 254 967 901
Cash and cash equivalents 1 496 868 378 673 579 701 642 4 333
Total assets 72 223 714 101 709 862 961 073 995 9 656 029
Equity and liabilities
Total equity attributable to equity holders - - - -
Stated capital
Non-distributable reserve
Foreign currency translation reserve
Retained earnings
Total liabilities 70 837 115 100 081 384 187 439 753 -
Non-current liabilities 70 442 108 99 959 172 181 130 675 -
Interest-bearing borrowings 70 442 108 99 959 172 177 013 531 -
Deferred tax - - 4 117 144 -
Financial liabilities - - - -
Current liabilities 395 007 122 212 6 309 078 -
Interest-bearing borrowings - - 1 374 996 -
Trade and other payables 395 007 122 212 4 934 082 -
Income tax payable - - - -
Total equity and liabilities 70 837 115 100 081 384 187 439 753 -
Currency segments
SGD GBP USD Corporate
Sep 2017 Sep 2017 Sept 2017 Sep 2017
EUR EUR EUR EUR
Assets
Non-current assets 11 933 790 9 506 026 432 328 231 505 679
Investment property - - - -
Investments 11 933 790 9 506 026 432 328 231 -
Investment in and loans to joint venture - - - -
Financial and other assets - - - 505 679
Current assets 1 466 401 1 569 783 58 720 105 1 839 417
Financial and other assets 2 770 107 766 160 045 -
Trade and other receivables (2 770) (107 766) 882 496 940 801
Cash and cash equivalents 1 466 401 1 569 783 57 677 564 898 616
Total assets 13 400 191 11 075 809 491 048 336 2 345 096
Equity and liabilities
Total equity attributable to equity holders - - - 893 778 890
Stated capital 881 354 002
Non-distributable reserve (36 164 161)
Foreign currency translation reserve 242 185
Retained earnings 48 346 864
Total liabilities 12 397 560 6 483 553 390 443 826 1 070 951
Non-current liabilities 11 933 790 6 337 351 379 028 456 -
Interest-bearing borrowings 11 933 790 6 337 351 379 028 456 -
Deferred tax - - - -
Financial liabilities - - - -
Current liabilities 463 770 146 202 11 415 370 1 070 951
Interest-bearing borrowings - - - -
Trade and other payables 463 770 146 202 11 415 370 411 128
Income tax payable - - - 659 823
Total equity and liabilities 12 397 560 6 483 553 390 443 826 894 849 841
Management accounts' adjustments
Financial
liability
Group derivatives
management from Equity swap Group
accounts LocaViseu bookbuilds derivatives Audited
Sep 2017 Sep 2017 Sep 2017 Sept 2017 Sep 2017
EUR EUR EUR EUR EUR
Assets
Non-current assets 1 014 357 288 53 638 990 - 577 276 593 383 441 705
Investment property 184 442 548 113 000 000 - - 71 442 548
Investments 828 859 524 - - 669 411 060 159 448 464
Investment in and loans to
joint venture - (59 361 010) - - 59 361 010
Financial and other assets 1 055 216 - - (92 134 467) 93 189 683
Current assets 648 175 744 3 854 148 - 92 134 467 552 187 129
Financial and other assets 390 468 - - - 390 468
Trade and other receivables 4 591 396 1 074 320 - - 3 517 076
Cash and cash equivalents 643 193 880 2 779 828 - 92 134 467 548 279 585
Total assets 1 662 533 032 57 493 138 - 669 411 060 935 628 834
Equity and liabilities
Total equity attributable to
equity holders 893 778 890 - - - 893 778 890
Stated capital 881 354 002 - (94 013 684) - 975 367 686
Non-distributable reserve (36 164 161) - 94 013 684 - (130 177 845)
Foreign currency translation reserve 242 185 - - - 242 185
Retained earnings 48 346 864 - - - 48 346 864
Total liabilities 768 754 142 57 493 138 - 669 411 060 41 849 944
Non-current liabilities 748 831 552 54 275 778 - 669 411 060 25 144 714
Interest-bearing borrowings 744 714 408 50 588 491 - 669 411 060 24 714 857
Deferred tax 4 117 144 3 687 287 - - 429 857
Financial liabilities - - - - -
Current liabilities 19 922 590 3 217 360 - - 16 705 230
Interest-bearing borrowings 1 374 996 - - - 1 374 996
Trade and other payables 17 887 771 3 217 360 - - 14 670 411
Income tax payable 659 823 - - - 659 823
Total equity and liabilities 1 662 533 032 57 493 138 - 669 411 060 935 628 834
Consolidated statement of profit or loss and other comprehensive income
Group
Segments management
Listed Listed Direct accounts
infrastructure real estate property Corporate Revised total
for the for the for the for the for the
year ended year ended year ended year ended year ended
Sep 2018 Sep 2018 Sep 2018 Sept 2018 Sep 2018
EUR EUR EUR EUR EUR
Investment revenue 34 088 375 29 669 055 - - 63 757 430
Property rental and related revenue - - 16 886 678 - 16 886 678
Finance income - - - - -
Total revenue 34 088 375 29 669 055 16 886 678 - 80 644 108
Fair value (loss)/gain on investment
property, investments and derivatives (30 633 127) 3 129 327 5 582 316 (3 087 789) (25 009 273)
Fair value (loss)/gain on
investments (30 633 127) 3 129 327 - - (27 503 800)
Fair value gain on investment property - - 5 883 179 - 5 883 179
Fair value loss on currency,
interest rate and other derivatives - - (300 863) (838 207) (1 139 070)
Impairment of share incentive loans (2 249 582) (2 249 582)
Property operating expenses - - (5 806 063) - (5 806 063)
Administrative and other expenses (442 425) (289 184) (332 548) (5 102 456) (6 166 613)
Foreign exchange gain/(loss) 3 303 578 3 768 222 - 7 826 845 14 898 645
Share of profit from joint venture - - - - -
Operating profit/(loss) 6 316 401 36 277 420 16 330 383 (363 400) 58 560 804
Finance income - - 1 392 548 449 549 841
Finance costs (7 376 960) (3 374 136) (2 465 335) (1 286 505) (14 502 936)
Other income - - - 167 301 167 301
(loss)/profit before tax (1 060 559) 32 903 284 13 866 440 (934 155) 44 775 010
Income tax expense - - (2 286 753) (871 169) (3 157 922)
(Loss)/profit for the period
attributable to equity
holders of the company (1 060 559) 32 903 284 11 579 687 (1 805 324) 41 617 088
Management accounts' adjustments
Financial
liability
derivatives
Finance from Equity swap
LocaViseu income bookbuilds derivatives
for the for the for the for the Group
year ended year ended year ended year ended Audited
Sep 2018 Sep 2018 Sep 2018 Sept 2018 Sep 2018
Investment revenue - - - 42 436 328 21 321 102
Property rental and related revenue 8 067 552 - - - 8 819 126
Finance income - (549 841) - - 549 841
Total revenue 8 067 552 (549 841) - 42 436 328 30 690 069
Fair value (loss)/gain on investment
property, investments and derivatives 4 529 171 - - (31 685 232) 2 146 788
Fair value (loss)/gain on investments - - - (31 685 232) 4 181 432
Fair value gain on investment property 4 529 171 - - - 1 354 008
Fair value loss on currency,
interest rate and other derivatives - - - - (1 139 070)
Impairment of share incentive loans - - - - (2 249 582)
Property operating expenses (2 175 226) - - - (3 630 837)
Administrative and other expenses (141 813) - - - (6 024 800)
Foreign exchange gain/(loss) - - - - 14 898 645
Share of profit from joint venture (7 028 539) - - - 7 028 539
Operating profit/(loss) 3 251 145 (549 841) - 10 751 096 45 108 404
Finance income - 549 841 - - -
Finance costs (1 212 315) - - (10 751 096) (2 539 525)
Other income - - - - 167 301
(Loss)/profit before tax 2 038 830 - - - 42 736 180
Income tax expense (2 038 830) - - - (1 119 092)
(Loss)/profit for the period
attributable to equity
holders of the company - - - - 41 617 088
Consolidated statement of profit or loss and other comprehensive income (continued)
Group
Segments management
Listed Listed Direct accounts
infrastructure real estate property Corporate Revised total
for the for the for the for the for the
year ended year ended year ended year ended year ended
Sep 2017 Sep 2017 Sep 2017 Sept 2017 Sep 2017
EUR EUR EUR EUR EUR
Investment revenue 15 357 407 15 107 782 3 269 670 1 007 042 34 741 901
Property rental and related revenue - - 5 965 309 - 5 965 309
Finance income - - - - -
Total revenue 15 357 407 15 107 782 9 234 979 1 007 042 40 707 210
Fair value (loss)/gain on investment
property, investments and derivatives 1 999 019 (17 810 680) 804 939 571 105 (14 435 617)
Fair value gain/(loss) on investments 1 999 019 (17 810 680) - - (15 811 661)
Fair value gain on investment property - - 804 939 - 804 939
Fair value (loss)/gain on currency,
interest rate and other derivatives - - - 571 105 571 105
Property operating expenses - - (3 050 156) - (3 050 156)
Administrative and other expenses (157 363) (91 495) (74 193) (2 387 391) (2 710 442)
Foreign exchange gain/(loss) (11 585 762) (6 641 875) - (4 365 780) (22 593 417)
Share of profit from joint venture - - - - -
Operating profit/(loss) 5 613 301 (9 436 268) 6 915 569 (5 175 024) (2 082 422)
Finance income - - 289 4 296 942 4 297 231
Finance costs (4 026 346) (2 341 007) (985 572) (544 225) (7 897 150)
Profit/(loss) before tax 1 586 955 (11 777 275) 5 930 286 (1 422 307) (5 682 341)
Income tax expense - - (949 482) (770 666) (1 720 148)
Profit/(loss) for the period
attributable to equity
holders of the company 1 586 955 (11 777 275) 4 980 804 (2 192 973) (7 402 489)
Management accounts' adjustments
Financial
liability
derivatives
Finance from Equity swap
LocaViseu income bookbuilds derivatives
for the for the for the for the Group
year ended year ended year ended year ended Audited
Sep 2017 Sep 2017 Sep 2017 Sept 2017 Sep 2017
Investment revenue 3 269 670 - - 27 803 793 3 668 438
Property rental and related revenue - - - - 5 965 309
Finance income - (4 297 231) - - 4 297 231
Total revenue 3 269 670 (4 297 231) - 27 803 793 13 930 978
Fair value (loss)/gain on investment
property, investments and derivatives 40 084 - 23 085 767 (21 436 440) (16 125 028)
Fair value gain/(loss) on investments - - - (21 436 440) 5 624 779
Fair value gain on investment property 40 084 - - - 764 855
Fair value (loss)/gain on currency,
interest rate and other derivatives - - 23 085 767 - (22 514 662)
Property operating expenses (1 015 014) - - - (2 035 142)
Administrative and other expenses (31 528) - - - (2 678 914)
Foreign exchange gain/(loss) - - - - (22 593 417)
Share of proift from joint venture (1 579 188) - - - 1 579 188
Operating profit/(loss) 684 024 (4 297 231) 23 085 767 6 367 353 (27 922 335)
Finance income - 4 297 231 - - -
Finance costs (378 305) - - (6 367 353) (1 151 492)
Profit/(loss) before tax 305 719 - 23 085 767 - (29 073 827)
Income tax expense (305 719) - - - (1 414 429)
Profit/(loss) for the period
attributable to equity
holders of the company - - 23 085 767 - (30 488 256)
Consolidated statement of profit or loss and other comprehensive income (continued)
Currency segments
AUD CAD EUR HKD
for the for the for the for the
year ended year ended year ended year ended
Sep 2018 Sep 2018 Sept 2018 Sep 2018
EUR EUR EUR EUR
Investment revenue 4 663 755 6 037 992 11 145 616 1 099 383
Property rental and related revenue - - 16 886 678 -
Finance income - - - -
Total revenue 4 663 755 6 037 992 28 032 294 1 099 383
Fair value (loss)/gain on investment property,
investments and derivatives (983 420) (15 852 137) (13 501 247) 4 284 738
Fair value (loss)/gain on investments (1 102 167) (15 774 825) (19 083 564) 4 344 116
Fair value gain on investment property - - 5 883 179 -
Fair value gain/(loss) on currency,
interest rate and other derivatives 118 747 (77 312) (300 862) (59 378)
Impairment of share incentive loans - - - -
Property operating expenses - - (5 806 063) -
Administrative and other expenses (49 546) (89 557) (2 767 066) (19 465)
Foreign exchange gain/(loss) 382 209 2 332 264 887 761 383
Share of profit from joint venture - - - -
Operating profit/(loss) 4 012 998 (7 571 438) 5 958 805 6 126 039
Finance income - - 1 749 -
Finance costs (937 777) (1 294 043) (4 056 740) (4 370)
Other income - - 167 301 -
Profit/(loss) before tax 3 075 221 (8 865 481) 2 071 115 6 121 669
Income tax expense - - (2 286 753) -
Profit/(loss) for the period attributable to
equity holders of the company 3 075 221 (8 865 481) (215 638) 6 121 669
Currency segments
SGD GBP USD Corporate
for the for the for the for the
year ended year ended year ended year ended
Sep 2018 Sep 2018 Sept 2018 Sep 2018
EUR EUR EUR EUR
Investment revenue 771 278 3 154 373 36 885 033 -
Property rental and related revenue - - - -
Finance income - - - -
Total revenue 771 278 3 154 373 36 885 033 -
Fair value (loss)/gain on investment property,
investments and derivatives (214 965) (7 836 259) 11 343 599 (2 249 582)
Fair value (loss)/gain on investments (214 514) (7 734 577) 12 061 731 -
Fair value gain on investment property - - - -
Fair value gain/(loss) on currency,
interest rate and other derivatives (451) (101 682) (718 132) -
Impairment of share incentive loans - - - (2 249 582)
Property operating expenses - - - -
Administrative and other expenses (8 346) (56 476) (471 232) (2 704 925)
Foreign exchange gain/(loss) 418 503 (118 578) 6 472 297 4 649 680
Share of profit from joint venture - - - -
Operating profit/(loss) 966 470 (4 856 940) 54 229 697 (304 827)
Finance income - - - 548 092
Finance costs (57 273) (50 070) (7 766 564) (336 099)
Other income - - - -
Profit/(loss) before tax 909 197 (4 907 010) 46 463 133 (92 834)
Income tax expense - - - (871 169)
Profit/(loss) for the period attributable to
equity holders of the company 909 197 (4 907 010) 46 463 133 (964 003)
Management accounts' adjustments
Financial
Group liability
management derivatives
accounts Finance from Equity swap Group
Revised total LocaViseu income bookbuilds derivatives Audited
for the for the for the for the for the for the
year ended year ended year ended year ended year ended year ended
Sep 2018 Sep 2018 Sep 2018 Sept 2018 Sep 2018 Sep 2018
EUR EUR EUR EUR EUR EUR
Investment revenue 63 757 430 - - - 42 436 328 21 321 102
Property rental and
related revenue 16 886 678 8 067 552 - - - 8 819 126
Finance income - - (549 841) - - 549 841
Total revenue 80 644 108 8 067 552 (549 841) - 42 436 328 30 690 069
Fair value (loss)/gain
on investment
property, investments
and derivatives (25 009 273) 4 529 171 - - (31 685 232) 2 146 788
Fair value (loss)/gain
on investments (27 503 800) - - - (31 685 232) 4 181 432
Fair value gain
on investment property 5 883 179 4 529 171 - - - 1 354 008
Fair value gain/(loss)
on currency, interest
rate and other
derivatives (1 139 070) - - - - (1 139 070)
Impairment of share
incentive loans (2 249 582) - - - - (2 249 582)
Property operating
expenses (5 806 063) (2 175 226) - - - (3 630 837)
Administrative and
other expenses (6 166 613) (141 813) - - - (6 024 800)
Foreign exchange
gain/(loss) 14 898 645 - - - - 14 898 645
Share of profit from
joint venture - (7 028 539) - - - 7 028 539
Operating
profit/(loss) 58 560 804 3 251 145 (549 841) - 10 751 096 45 108 404
Finance income 549 841 - 549 841 - - -
Finance costs (14 502 936) (1 212 315) - - (10 751 096) (2 539 525)
Other income 167 301 - - - - 167 301
Profit/(loss) before tax 44 775 010 2 038 830 - - - 42 736 180
Income tax expense (3 157 922) (2 038 830) - - - (1 119 092)
Profit/(loss) for the
period attributable to
equity holders of the
company 41 617 088 - - - - 41 617 088
Consolidated statement of profit or loss and other comprehensive income (continued)
Currency segments
AUD CAD EUR HKD
for the for the for the for the
year ended year ended year ended year ended
Sep 2017 Sep 2017 Sept 2017 Sep 2017
EUR EUR EUR EUR
Investment revenue 1 533 753 2 278 378 6 458 967 42 818
Property rental and related revenue - - 9 234 979 -
Finance income - - - -
Total revenue 1 533 753 2 278 378 15 693 946 42 818
Fair value (loss)/gain on investment property,
investments and derivatives 1 140 301 80 630 (3 596 603) 561
Fair value (loss)/gain on investments 1 120 153 66 790 (4 668 979) 1 462
Fair value gain on investment property - - 804 939 -
Fair value gain/(loss) on currency,
interest rate and other derivatives 20 148 13 840 267 437 (901)
Property operating expenses - - (3 050 156) -
Administrative and other expenses (15 572) (22 425) (352 343) (1 070)
Foreign exchange gain/(loss) 667 268 43 772 - 99 697
Share of profit from joint venture - - - -
Operating profit/(loss) 3 325 750 2 380 355 8 694 844 142 006
Finance income 72 13 608 703 -
Finance costs (626 210) (631 214) (1 708 920) (57)
Profit/(loss) before tax 2 699 612 1 749 154 7 594 627 141 949
Income tax expense - - (949 482) -
Profit/(loss) for the period attributable to
equity holders of the company 2 699 612 1 749 154 6 645 145 141 949
Currency segments
SGD GBP USD Corporate
for the for the for the for the
year ended year ended year ended year ended
Sep 2017 Sep 2017 Sept 2017 Sep 2017
EUR EUR EUR EUR
Investment revenue 574 534 1 286 731 19 297 050 -
Property rental and related revenue - - - -
Finance income - - - -
Total revenue 574 534 1 286 731 19 297 050 -
Fair value (loss)/gain on investment property,
investments and derivatives (70 053) 203 844 (12 194 297) -
Fair value (loss)/gain on investments (72 823) 96 078 (12 354 342) -
Fair value gain on investment property - - - -
Fair value gain/(loss) on currency,
interest rate and other derivatives 2 770 107 766 160 045 -
Property operating expenses - - - -
Administrative and other expenses (5 426) (20 548) (140 836) (2 152 222)
Foreign exchange gain/(loss) (67 041) (3 974 635) (6 429 322) (12 933 156)
Share of profit from joint venture - - - -
Operating profit/(loss) 432 014 (2 504 608) 532 595 (15 085 378)
Finance income - 1 762 5 321 3 681 360
Finance costs (132 513) (137 911) (4 646 526) (13 799)
Profit/(loss) before tax 299 501 (2 640 757) (4 108 610) (11 417 817)
Income tax expense - - - (770 666)
Profit/(loss) for the period attributable to
equity holders of the company 299 501 (2 640 757) (4 108 610) (12 188 483)
Management accounts' adjustments
Financial
Group liability
management derivatives
accounts Finance from Equity swap Group
Revised total LocaViseu income bookbuilds derivatives Audited
for the for the for the for the for the for the
year ended year ended year ended year ended year ended year ended
Sep 2017 Sep 2017 Sep 2017 Sept 2017 Sep 2017 Sep 2017
EUR EUR EUR EUR EUR EUR
Investment revenue 31 472 231 - - - 27 803 793 3 668 438
Property rental and
related revenue 9 234 979 3 269 670 - - - 5 965 309
Finance income - - (4 297 231) - - 4 297 231
Total revenue 40 707 210 3 269 670 (4 297 231) - 27 803 793 13 930 978
Fair value (loss)/gain on
investment property,
investments and
derivatives (14 435 617) 40 084 - 23 085 767 (21 436 440) (16 125 028)
Fair value (loss)/gain
on investments (15 811 661) - - - (21 436 440) 5 624 779
Fair value gain
on investment property 804 939 40 084 - - - 764 855
Fair value gain/(loss) on
currency, interest rate
and other derivatives 571 105 - - 23 085 767 - (22 514 662)
Property operating
expenses (3 050 156) (1 015 014) - - - (2 035 142)
Administrative and other
expenses (2 710 442) (31 528) - - - (2 678 914)
Foreign exchange
gain/(loss) (22 593 417) - - - - (22 593 417)
Share of profit
from joint venture - (1 579 188) - - - 1 579 188
Operating profit/(loss) (2 082 422) 684 024 (4 297 231) 23 085 767 6 367 353 (27 922 335)
Finance income 4 297 231 - 4 297 231 - - -
Finance costs (7 897 150) (378 305) - - (6 367 353) (1 151 492)
Profit/(loss) before tax (5 682 341) 305 719 - 23 085 767 - (29 073 827)
Income tax expense (1 720 148) (305 719) - - - (1 414 429)
Profit/(loss) for the
period attributable to
equity holders of the
company (7 402 489) - - 23 085 767 - (30 488 256)
Distributable earnings per share and key ratios
The calculation of distributable earnings per share was based on the profit/(loss) after tax, adjusted as
shown in the table below, to arrive at the distributable earnings and the number of shares in issue at
30 September 2018 and 2017 respectively.
Unaudited Unaudited
2018 2017
EUR EUR
Profit/(loss) for the year attributable to equity holders of the company 41 617 088 (30 488 256)
Fair value gain on investments (4 181 432) (5 624 779)
Fair value gain on investment property (1 371 166) (766 017)
Fair value loss on currency, interest rate and other derivatives 1 139 070 22 514 662
Impairment of share incentive loans 2 249 582 -
Foreign exchange (gain)/loss (14 898 645) 22 593 417
Non-distributable portion of share of profit from joint venture (3 386 338) -
Dividends on equity swap derivatives included in fair value loss
on investments 42 436 328 25 397 763
Net dividends accrued on listed security investments (including
equity swap derivatives) (1 094 020) 2 794 275
Borrowing costs on equity swap derivatives (10 751 096) (6 367 353)
Retained distributable earnings from prior year - March 2018 295 282 -
Antecedent distribution - interim 203 504 3 127 867
Antecedent distribution - final - 5 290 796
Distributable earnings for the year 52 258 157 38 472 375
Less: (51 047 121) (36 546 043)
Interim dividend declared (27 373 187) (14 545 706)
Final dividend declared (23 673 934) (22 000 337)
Earnings not distributed 1 211 036 1 926 332
Number of shares entitled to distribution 9 488 106 526 9 322 176 525
Treasury shares: Repurchased shares held in Greenbay
Investments 1 Ltd (332 303 187) -
Treasury shares: Incentive shares held by The Greenbay Share Trust (36 414 535) -
9 119 388 804 9 322 176 525
Weighted average shares in issue during the year 9 413 870 356 6 123 109 544
Distributable earnings per share (EUR cents) 0,5508 0,4929
Less (EUR cents per share): (0,5481) (0,4668)
Interim distribution per share (EUR cents) - declared (0,2885) (0,2308)
Final distribution per share (EUR cents) - proposed (0,2596) (0,2360)
Distributable earnings per share not distributed (EUR cents) 0,0027 0,0261
Dividend payout ratio (%) 99,5 94,7
Net asset value per share (EUR cents) 6,4966 9,5877
Tangible net asset value per share (EUR cents) 6,231 9,4779
Net asset value per share before 10 October 2018 return of capital (EUR cents) 9,6585 n/a
6. Restatements
As a result of JSE Pro-active Monitoring queries, the group has revisited the accounting treatment of the
below-mentioned matters.
Change in functional currency and foreign currency translation reserve
The group has reassessed the functional currencies of each of the group companies for the 2016, 2017 and
2018 reporting periods to comply with IAS 21: The Effects of Changes in Foreign Exchange Rates. The changes in
functional currency were made primarily as a result of a re-evaluation of the primary economic environment
(IAS 21:9) in which the relevant entities operated during the respective periods.
The group has changed the functional currencies of certain entities as follows:
Current accounting treatment Previous accounting treatment
Greenbay Properties Ltd EUR for the full reporting GBP for the 6 months ended 31 March 2017,
- 2017 reporting periods periods and EUR for the 6 months ended 30 September 2017
- 2016 reporting periods USD for the full reporting EUR for the 6 months ended 31 March 2016,
periods and GBP for the 6 months ended 30 September 2016
Greenbay Investments 1 Ltd USD for the full reporting GBP for the 6 months ended 31 March 2017,
- 2017 reporting periods periods and EUR for the 6 months ended 30 September 2017
The changes in functional currency constitute a prior period error in terms of IAS 8: Accounting Policies,
Changes in Accounting Estimates and Errors and, as such, the group's prior financial statements have been
restated.
Greenbay previously converted stated capital at historical foreign exchange rates when accounting for changes
in functional currency, with the difference between the historical and spot foreign exchange rates allocated
to the foreign currency translation reserve. The accounting has been amended to recognise capital issuances at
the spot foreign exchange rate at the date of the change in functional currency as part of stated capital. The
change constitutes a prior period error in terms of IAS 8: Accounting Policies, Changes in Accounting Estimates'
and Errors and as such the group's prior financial statements have been restated.
Refer to the financial statements below, summarising the changes to previously reported figures.
Financial assets (including equity swap derivative cash margin)
The equity swap derivative cash margin was previously presented under current assets. The group has
reassessed the presentation and classification of its equity derivative cash margin, and determined that the
restricted portion of cash collateral should be classified under non-current assets. The remaining portion
of cash was reclassified as cash and cash equivalents.
The change in presentation and classification of equity derivative cash margin constitutes a prior period
error in terms of IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors and as such the
group's prior financial statements have been restated.
Refer to the financial statements below, summarising the changes to previously reported figures.
Classification of finance and dividend income as revenue
The group has reassessed the classification and presentation of its finance and dividend income.
As the company's primary functions are those of a group holding, investment and treasury company, all
dividend and interest income have been reclassified as revenue. Interest income on earned equity swap
derivative cash margin has been reclassified as investment revenue.
Refer to the financial statements below, summarising the changes to previously reported figures.
Equity swap derivatives
The group has reassessed the accounting treatment of its investments in equity swap derivatives. These
instruments have been determined to be combined derivative instruments i.e. with inherent equity swap and
debt components. The presentation of the financial position and disclosure remain unchanged. However,
the income statement classification and presentation in profit or loss have been amended to combine all
dividend income, finance costs, and fair value gains and losses related to the equity swap derivatives
in one line item: fair value gain/(loss) on investments, as required by IAS 39.
The change in accounting treatment of the equity swap derivatives constitutes a prior period error in
terms of IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors and, as such, the group's
relevant financial statements have been restated.
Refer to the financial statements below, summarising the changes to previously reported figures.
Financial liability derivatives from bookbuilds
The group has reassessed the accounting treatment of its bookbuilds in terms of the requirements of
IAS 32: Financial Instruments - Presentation.
Financial liability derivatives should have been recognised from the dates of the bookbuilds through
to the dates that the related shares were issued and payment received. The previously reported 2016 and
2017 financial statements were restated to account for the fair value losses in profit or loss, that
arose as a result of fair valuing these financial liability derivatives.
The change in accounting treatment related to the embedded derivatives in bookbuilds constitutes a
prior period error in terms of IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
and as such the group's prior financial statements have been restated.
Refer to the financial statements below, summarising the changes to previously reported figures.
Transaction costs on listed securities and equity swap derivative investments
The group has reassessed its accounting for transaction costs related to listed securities investments
and equity swap derivatives. The classification and presentation of these transaction costs has been
amended for it to be included as part of administrative and other expenses.
Refer to the financial statements below, summarising the changes to previously reported figures.
Financial reporting improvement initiative
The group has completed a financial reporting improvement project to ensure full compliance with IFRS,
applicable regulatory requirements, and enhance disclosures for relevant stakeholders and users of the
financial statements. One of the considerations of the project was to "declutter" the financial
statements so as to ensure that it reflects information that is material to users of the financial
statements. These changes do not result from prior period errors, but rather reclassifications and
disclosure amendments.
Refer to the financial statements below, summarising the changes to previously reported figures.
Impact of restatements on previously reported financial statements
Refer to the relevant 2017 and 2016 financial statements below for the impact of the restatements.
Note: the impact of the changes on EPS and HEPS has been indicated in the restated 2017 statement
of profit or loss and other comprehensive income below.
Group consolidated statement of financial position - 2017
Restatement adjustments
Reclassifi-
cation Financial
for financial Equity assets and
reporting swap liabilities:
Previously improvement derivative non-current
reported initiative cash margin vs. current
30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017
EUR EUR EUR EUR
Assets
Non-current assets 290 757 701 - 92 134 467 549 537
Investment property 57 498 838 13 943 710 - -
Straight-lining of rental revenue adjustment 1 162 (1 162) - -
Investment property under development 13 942 548 (13 942 548) - -
Investments 159 448 464 - - -
Investment in and loans to joint venture 59 361 010 - - -
Financial and other assets - 505 679 92 134 467 549 537
Greenbay management incentive loans 505 679 (505 679) - -
Current assets 644 871 133 - (92 134 467) (549 537)
Financial and other assets - 940 005 - (549 537)
Equity derivative margin 233 825 666 - (233 825 666) -
Trade and other receivables 4 457 081 (940 005) - -
Cash and cash equivalents 406 588 386 - 141 691 199 -
Total assets 935 628 834 - - -
Equity and liabilities
Total equity attributable to equity holders 893 778 890 - - -
Stated capital 892 382 767 - - -
Non-distributable reserve (36 075 289) - - -
Foreign currency translation reserve (11 028 779) - - -
Retained earnings 48 500 191 - - -
Total liabilities 41 849 944 - - -
Non-current liabilities 25 144 714 - - -
Interest-bearing borrowings 24 714 857 - - -
Deferred tax 429 857 - - -
Current liabilities 16 705 230 - - -
Interest-bearing borrowings 1 374 996 - - -
Trade and other payables 14 670 411 - - -
Income tax payable 659 823 - - -
Total equity and liabilities 935 628 834 - - -
Restatement adjustments
Foreign
currency
Financial translation
liability reserve
derivatives Change in on change
from functional in functional
bookbuilds currency currency Restated
30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017
EUR EUR EUR EUR
Assets
Non-current assets - - - 383 441 705
Investment property - - - 71 442 548
Straight-lining of rental revenue adjustment - - - -
Investment property under development - - - -
Investments - - - 159 448 464
Investment in and loans to joint venture - - - 59 361 010
Financial and other assets - - - 93 189 683
Greenbay management incentive loans - - - -
Current assets - - - 552 187 129
Financial and other assets - - - 390 468
Equity derivative margin - - - -
Trade and other receivables - - - 3 517 076
Cash and cash equivalents - - - 548 279 585
Total assets - - - 935 628 834
Equity and liabilities
Total equity attributable to equity holders - - - 893 778 890
Stated capital 94 013 684 - (11 028 765) 975 367 686
Non-distributable reserve (94 013 684) (88 872) - (130 177 845)
Foreign currency translation reserve - 242 199 11 028 765 242 185
Retained earnings - (153 327) - 48 346 864
Total liabilities - - - 41 849 944
Non-current liabilities - - - 25 144 714
Interest-bearing borrowings - - - 24 714 857
Deferred tax - - - 429 857
Current liabilities - - - 16 705 230
Interest-bearing borrowings - - - 1 374 996
Trade and other payables - - - 14 670 411
Income tax payable - - - 659 823
Total equity and liabilities - - - 935 628 834
Group consolidated statement of financial position - 2016
Restatement adjustments
Reclassifi-
cation Financial
for financial Equity assets and
reporting swap liabilities:
Previously improvement derivative non-current
reported initiative cash margin vs. current
30 Sep 2016 30 Sep 2016 30 Sep 2016 30 Sep 2016
EUR EUR EUR EUR
Assets
Non-current assets 75 716 763 - 83 137 971 -
Investment property 56 750 707 13 320 925 - -
Straight-lining of rental revenue adjustment 1 479 (1 479) - -
Investment property under development 13 319 446 (13 319 446) - -
Investments 3 095 644 - - -
Financial and other assets - 2 549 487 83 137 971 -
Greenbay management incentive loans 2 549 487 (2 549 487) - -
Current assets 310 058 034 - (83 137 971) -
Equity derivative margin 86 226 838 - (86 226 838) -
Trade and other receivables 7 534 350 - - -
Cash and cash equivalents 216 296 846 - 3 088 867 -
Total assets 385 774 797 - - -
Equity and liabilities
Total equity attributable to equity holders 383 936 503 - - -
Stated capital 364 806 890 - - -
Non-distributable reserve 19 034 695 - - -
Foreign currency translation reserve (20 758 845) - - -
Retained earnings 20 853 763 - - -
Total liabilities 1 838 294 - - -
Non-current liabilities - - - -
Interest-bearing borrowings - - - -
Current liabilities 1 838 294 - - -
Trade and other payables 1 706 317 - - -
Income tax payable 131 977 - - -
Total equity and liabilities 385 774 797 - - -
Restatement adjustments
Foreign
currency
Financial translation
liability reserve
derivatives Change in on change
from functional in functional
bookbuilds currency currency Restated
30 Sep 2016 30 Sep 2016 30 Sep 2016 30 Sep 2016
EUR EUR EUR EUR
Assets
Non-current assets - - - 158 854 734
Investment property - - - 70 071 632
Straight-lining of rental revenue adjustment - - - -
Investment property under development - - - -
Investments - - - 3 095 644
Financial and other assets - - - 85 687 458
Greenbay management incentive loans - - - -
Current assets - - - 226 920 063
Equity derivative margin - - - -
Trade and other receivables - - - 7 534 350
Cash and cash equivalents - - - 219 385 713
Total assets - - - 385 774 797
Equity and liabilities
Total equity attributable to equity holders - - - 383 936 503
Stated capital 70 927 917 - (20 758 845) 414 975 962
Non-distributable reserve (70 927 917) 211 920 - (51 681 302)
Foreign currency translation reserve - (115 480) 20 758 845 (115 480)
Retained earnings - (96 440) - 20 757 323
Total liabilities - - - 1 838 294
Non-current liabilities - - - -
Interest-bearing borrowings - - - -
Current liabilities - - - 1 838 294
Trade and other payables - - - 1 706 317
Income tax payable - - - 131 977
Total equity and liabilities - - - 385 774 797
Group consolidated statement of profit or loss and other comprehensive income - 2017
Restatement adjustments
Reclassifi- Reclassifi- Classifi-
cation for cation for cation
financial financial of finance
reporting reporting and dividend Transaction
Previously improvement improvement income costs on
reported initiative initiative as revenue investments
for the for the for the for the for the
year ended year ended year ended year ended year ended
30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017
EUR EUR EUR EUR EUR
Investment revenue - 255 367 2 406 029 1 007 042 -
Property rental and related revenue - 5 965 309 - - -
Finance income - 65 748 4 230 878 - -
Total revenue - 6 286 424 6 636 907 1 007 042 -
Net rental and related revenue 3 930 167 (3 930 167) - - -
Recoveries and contractual
rental revenue 5 964 147 (5 964 147) - - -
Straight-lining of rental
revenue adjustment 1 162 (1 162) - - -
Rental revenue 5 965 309 (5 965 309) - - -
Property operating expenses (2 035 142) 2 035 142 - - -
Income from equity derivatives 27 803 793
Income from investments 255 367 (255 367)
Fair value (loss)/gain on
investment property,
investments and derivatives (12 402 800) - (2 138 592) - 248 858
Fair value (loss)/gain on investments (4 108 359) - (2 406 029) - 248 858
Fair value gain/(loss) on
investment property 766 017 (1 162) - - -
Adjustment resulting from
straight-lining of rental revenue (1 162) 1 162 - - -
Fair value (loss)/gain on currency,
interest rate and other derivatives - 303 668 267 437 - -
Fair value gain on currency derivatives 303 668 (303 668) - - -
Fair value loss on equity derivatives (9 362 964) - - - -
Property operating expenses - (2 035 142) - - -
Administrative and other expenses - (2 432 819) - - (248 858)
Operating expenses (2 432 819) 2 432 819 - - -
Foreign exchange gain/(loss) (22 377 572) - - - -
Income from joint venture 1 579 188 - - - -
Operating loss (3 644 676) 65 748 4 498 315 1 007 042 -
Net finance costs (1 985 705) (65 748) (4 498 315) (1 007 042) -
Finance income 5 571 105 (65 748) (4 498 315) (1 007 042) -
Interest on Greenbay
management incentive loans 65 748 (65 748) - - -
Fair value gain on interest
rate derivatives 267 437 - (267 437) - -
Interest received 5 237 920 - (4 230 878) (1 007 042) -
Finance costs (7 556 810) - - - -
Interest on borrowings (7 556 810) - - - -
Loss before income tax (5 630 381) - - - -
Income tax (1 414 429) - - - -
Loss for the year attributable to
equity holders of the company (7 044 810) - - - -
Restatement adjustments
Foreign Change in Financial
exchange equity liability
gains/(losses) swap derivatives Functional
on derivative from currency
investments accounting bookbuilds change Restated
for the for the for the for the for the
year ended year ended year ended year ended year ended
30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017
EUR EUR EUR EUR EUR
Investment revenue - - - - 3 668 438
Property rental and related revenue - - - - 5 965 309
Finance income - - - 605 4 297 231
Total revenue - - - 605 13 930 978
Net rental and related revenue - - - - -
Recoveries and contractual rental revenue - - - - -
Straight-lining of rental revenue adjustment - - - - -
Rental revenue - - - - -
Property operating expenses - - - - -
Income from equity derivatives (27 803 793) -
Income from investments -
Fair value (loss)/gain on investment
property, investments and derivatives (827 567) 21 436 440 (23 085 767) 644 400 (16 125 028)
Fair value (loss)/gain on investments (827 567) 12 073 476 - 644 400 5 624 779
Fair value gain/(loss) on
investment property - - - - 764 855
Adjustment resulting from straight-lining
of rental revenue - - - - -
Fair value (loss)/gain on currency,
interest rate and other derivatives - - (23 085 767) - (22 514 662)
Fair value gain on currency derivatives - - - - -
Fair value loss on equity derivatives - 9 362 964 - - -
Property operating expenses - - - - (2 035 142)
Administrative and other expenses - - - 2 763 (2 678 914)
Operating expenses - - - - -
Foreign exchange gain/(loss) 827 567 - - (1 043 412) (22 593 417)
Income from joint venture - - - - 1 579 188
Operating loss - (6 367 353) (23 085 767) (395 644) (27 922 335)
Net finance costs - 6 367 353 - 37 965 (1 151 492)
Finance income - - - - -
Interest on Greenbay management
incentive loans - - - - -
Fair value gain on interest
rate derivatives - - - - -
Interest received - - - - -
Finance costs - 6 367 353 - 37 965 (1 151 492)
Interest on borrowings - 6 367 353 - 37 965 (1 151 492)
Loss before income tax - - (23 085 767) (357 679) (29 073 827)
Income tax - - - - (1 414 429)
Loss for the year attributable to
equity holders of the company - - (23 085 767) (357 679) (30 488 256)
Group consolidated statement of profit or loss and other comprehensive income - 2017 (continued)
Restatement adjustments
Reclassifi- Reclassifi- Classifi-
cation for cation for cation
financial financial of finance
reporting reporting and dividend Transaction
Previously improvement improvement income costs on
reported initiative initiative as revenue investments
for the for the for the for the for the
year ended year ended year ended year ended year ended
30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017
EUR EUR EUR EUR EUR
Other comprehensive income net of tax:
Items that may be reclassified
subsequently to profit and loss
Exchange differences on translation
of foreign operations (14) - - - -
(14) - - - -
Total comprehensive income for the year
attributable to equity holders of the
company (7 044 824) - - - -
Weighted average number of
shares in issue 6 123 109 544 6 123 109 544 6 123 109 544 6 123 109 544 6 123 109 544
Basic and diluted loss
per share (EUR cents) (0,12) - - - -
Headline loss and diluted headline
loss per share (EUR cents) (0,13) - - - -
Earnings/(loss) for the year (7 044 810) - - - -
Adjusted for:
- Fair value gain on investment
property - included in income
from joint venture (766 017) 1 162 - - -
- Income tax effect 145 543 - - - -
Headline (loss)/earnings (7 665 284) 1 162 - - -
Restatement adjustments
Foreign Change in Financial
exchange equity liability
gains/(losses) swap derivatives Functional
on derivative from currency
investments accounting bookbuilds change Restated
for the for the for the for the for the
year ended year ended year ended year ended year ended
30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017 30 Sep 2017
EUR EUR EUR EUR EUR
Other comprehensive income net of tax:
Items that may be reclassified
subsequently to profit and loss
Exchange differences on translation
of foreign operations - - - 357 679 357 665
- - - 357 679 357 665
Total comprehensive income for the
year attributable to equity holders
of the company - - (23 085 767) - (30 130 591)
Weighted average number of
shares in issue 6 123 109 544 6 123 109 544 6 123 109 544 6 123 109 544 6 123 109 544
Basic loss and diluted headline
loss per share (EUR cents) - - (0,38) - (0,50)
Headline earnings/(loss) per
share (EUR cents) - - (0,38) - (0,50)
Earnings/(loss) for the period - - (23 085 767) (357 679) (30 488 256)
Adjusted for:
- Fair value gain on investment
property - included in income
from joint venture - - - - (764 855)
- Income tax effect - - - - 145 543
Headline (loss)/earnings - - (23 085 767) (357 679) (31 107 568)
Corporate information
Company details and registered office
Greenbay Properties Ltd
C1-401, 4th Floor, La Croisette, Grand Baie, Mauritius
info@greenbay.mu
Tel: +230 269 6619
Fax: +230 403 0801
Board of directors
Terry Warren (chairman); Stephen Delport (chief executive officer)*; Kobus van Biljon*; Jan Wandrag*;
Karen Bodenstein; Teddy Lo Seen Chong; Barry Stuhler; Mark Olivier
*executive director
Netherlands office
Strawinsky Laan 703, 1077XX, Amsterdam, The Netherlands
Commercial bankers
Standard Bank Mauritius
Level 9, Tower A, 1 Cybercity, Ebene, 72201, Mauritius
Afrasia Bank Limited
3rd Floor, NexTeracom Tower 3, Ebene, 72201, Mauritius
Transfer secretary
Link Market Services South Africa Proprietary Limited
13th Floor, 19 Ameshoff Street, Braamfontein, Johannesburg, 2001
(PO Box 522606, Saxonwold, 2132) South Africa
JSE sponsor
Java Capital
6A Sandown Valley Crescent, Sandown, Sandton, 2196
(PO Box 2087, Parklands, 2121) South Africa
Mauritian management company and company secretary
Intercontinental Trust Ltd
Level 3, Alexander House, 35 Cybercity, Ebene, 72201, Mauritius
Auditor
BDO & Co
DCDM Building, 10 Frere Felix de Valois Street, Port Louis, Mauritius
Sem authorised representative and sponsor
Perigeum Capital Ltd
Level 3, Alexander House, 35 Cybercity, Ebene, 72201, Mauritius
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