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Abridged unaudited financial statements for the three months and six months ended 31 August 2014
Atlantic Leaf Properties Limited
(Incorporated in the Republic of Mauritius)
(Registration number: 119492 C1/GBL)
SEM share code: ALPL.N0000
JSE share code: ALP
ISIN: MU0422N00009
www.atlanticleaf.mu
(“Atlantic Leaf” or “the Company”)
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS AND SIX MONTHS ENDED 31 AUGUST 2014
DIRECTORS’ COMMENTARY
OVERVIEW OF THE BUSINESSThe Company has been established in Mauritius as a public company limited by shares holding a
category 1 Global Business License with the primary objective of investing in quality real estate
assets and companies that are income yielding with the prospect of capital appreciation. The Company
has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd (“SEM”) and has
a secondary listing on the AltX of the Johannesburg Stock Exchange (“JSE”). At the time of the initial
listings, the Company successfully raised GBP 15.3 million by way of various private placements to
invited investors.
The Company invested a portion of the capital raised into a portfolio of listed real estate investments.
As at the 31 August 2014, the value of the Company’s listed portfolio was GBP 1.1 million.
The Company also owns 100% of the allotted and issued share capital of Seahawk Investments
Limited (“Seahawk”), at a total cost of GBP 11.5 million. Seahawk is an investment holding
company, incorporated in the Isle of Man whose principal assets are a 30% investment in various
equity and debt instruments and securities related to a portfolio of 30 retail warehouse properties
located in the UK and tenanted by Booker Group Plc, a major UK wholesale retailer.
COMPANY REVIEW FOR THE THREE MONTHS ENDED 31 AUGUST 2014
During the past quarter, the Company exercised the option granted to it to acquire the remaining 40%
of Seahawk it did not already own, and concluded the acquisition thereof for a consideration of GBP
4.6 million.
The Company is pleased to report adjusted headline earnings per share of 1.35 pence which is in line
with management expectations. The adjusted headline earnings represent the total comprehensive
income for the period of GBP 0.12 million adjusted for the sum of once off costs relating to the
incorporation and listing of the Company, acquisition of Seahawk and foreign exchange gains
totalling GBP 0.05 million.
COMPANY OUTLOOK
The Company will look to raise further capital over the next few months to be able to continue with
its strategy of buying quality income-producing property assets. The Directors are focused on
diversifying the property portfolio as it grows, whether through investments in direct property assets
or listed real estate securities, but expects to be overweight in certain property sectors during the
initial growth phase due to its size and concentration of investments.
Management is confident of concluding further asset acquisitions in the next quarter, although no
agreements have been concluded as yet.
It is the Company’s intention to make biannual distributions to shareholders. However the Directors
have decided that as the Company is in a start-up phase and is planning to raise further capital, the
Directors therefore do not propose a distribution for this six month period but plan a year end
distribution.
SUBSEQUENT EVENTS
The Directors are not aware of any matters or circumstances arising subsequent to the interim period
that require any additional disclosure or adjustment to the interim unaudited financial statements.
By order of the Board
Intercontinental Trust Limited
Company Secretary
13 October 2014
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
as at as at
as at
31 August 28 February
31 May 2014
2014 2014
GBP GBP GBP
Assets
Non-current assets 12 649 683 7 965 302 -
Financial assets at fair value through profit and
loss 12 649 683 7 965 302 -
Current Assets 2 535 870 7 035 699 1 000
Cash and cash equivalents 2 489 762 6 994 195 1 000
Trade and other receivables 46 108 41 504 -
Total Assets 15 185 553 15 001 001 1 000
Equity and Liabilities
Equity 15 045 963 14 930 765 1 000
Stated capital 15 013 915 15 013 915 1 000
Retained income / (accumulated loss) 32 048 (83 150) -
Liabilities
Current Liabilities 139 590 70 236 -
Trade and other payables 139 590 69 581 -
Tax Provision - 655 -
Total Equity and Liabilities 15 185 533 15 001 001 1 000
Number of shares in issue 15 294 583 15 294 583 1 000
Net asset value per share (GBP) 0.98 0.98 1.00
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Unaudited Audited
3 months 3 months
6 months ended ended ended Year ended
28
31 August February
31 August 2014 2014 31-May-14 2014
GBP GBP GBP GBP
INCOME
Net gain on financial assets at fair value through
profit and loss 315 618 258 464 57 154 -
Dividend Income 17 437 3 388 14 049 -
Interest Income 8 096 323 7 773 -
341 151 262 175 78 976 -
EXPENSES
Operating expenses (55 735) (12 855) (42 880) -
Property service fee (75 539) (53 129) (22 410) -
Audit fees (5 298) (1 779) (3 519) -
Professional fees (172 531) (79 869) (92 662) -
(309 103) (147 632) (161 471) -
Profit / (loss) before taxation 32 048 114 543 (82 495) -
Taxation - 655 (655) -
Total comprehensive income/ (loss) for the
period 32 048 115 198 (83 150) -
Weighted average number of shares in issue as
at the period ended 12 584 321 12 584 321 9 874 059 1 000
Basic earnings /(loss) per share and headline
earnings /(loss) per share (GBP pence) 0.25 0.92 (0.84) -
Adjusted headline earnings per share (GBP
pence) 1.65 1.35 0.38
There are no reconciling items between basic earnings and headline earnings
Atlantic Leaf has no dilutionary instruments in issue
RECONCILIATION OF ADJUSTED HEADLINE EARNINGS PER SHARE
Unaudited Unaudited Unaudited
3 months
6 months ended 3 months ended ended
31 August 2014 31 August 2014 31-May-14
GBP GBP GBP
Total comprehensive income/ (loss) for the period 32 048 115 198 (83 150)
Adjusted for:
Once off listing costs 13 714 - 13 714
Seahawk transaction costs 140 151 63 483 76 668
Foreign exchange losses / (gains) 21 134 (9 324) 30 458
Adjusted headline earnings 207 047 169 357 37 690
STATEMENT OF CHANGES IN EQUITY
Stated Capital Retained Earnings Total
GBP GBP GBP
At 11 November 2013 - - -
Issue of shares 1 000 - 1 000
Total comprehensive income/ (loss) for the period - - -
At 28 February 2014 1 000 - 1 000
Issue of shares 15 012 915 - 15 012 915
Total comprehensive income/ (loss) for the period - (83 150) (83 150)
At 31 May 2014 15 013 915 (83 150) 14 930 765
Issue of shares - - -
Total comprehensive income/ (loss) for the period - 115 198 115 198
At 31 August 2014 15 013 915 32 048 15 045 963
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months ended 3 months ended Period ended
31 August 2014 31 May 2014 28 February 2014
GBP GBP GBP
Net cash utilised in operating activities (191 285) (112 770) -
Cash outflow from investing activities (12 332 868) (7 906 950) -
Cash inflow from financing activities 15 012 915 15 012 915 1 000
Increase in cash and cash equivalents 2 488 762 6 993 195 1 000
Cash and cash equivalents at beginning of the period 1 000 1 000 -
Cash and cash equivalents at end of period 2 489 762 6 994 195 1 000
ABRIDGED SEGMENTAL ANALYSIS
Unaudited Audited
as at 31 Aug 2014 as at 28 February 2014
GBP GBP
Total Property Assets
Retail Warehouse 11 570 690 -
Retail 657 031 -
Industrial 109 809 -
Office 248 575 -
Other 63 578 -
12 649 683 -
NOTES
The Company is required to publish financial results for the three months and six months ended 31
August 2014 in terms of the Listing Rule 12.19 of the SEM. The abridged unaudited financial
statements for the three months and six months ended 31 August 2014 (“financial statements”) have
been prepared in accordance with the measurement and recognition requirements of IFRS, the
requirements of IAS 34: Interim Financial Reporting, the SEM Listing Rules, the JSE Listings
Requirements and the Securities Act of Mauritius 2005.
The accounting policies adopted in the preparation of these financial statements are consistent with
those applied in the preparation of the audited financial statements for the period ended 28 February 2014.
The financial statements were approved by the Board on 10 October 2014. The financial statements
have not been reviewed or reported on by the Company’s external auditors.
Copies of the abridged unaudited financial statements and the Statement of direct and indirect
interests of each officer of the Company, pursuant to Rule 8(2)(m) of the Securities (Disclosure
Obligations of Reporting Issuers) Rules 2007, are available free of charge, upon request at the
Registered Office of the Company at Level 3, Alexander House, 35 Cybercity, Ebene 72201,
Mauritius. Contact person: Mr Kesaven Moothoosamy.
This communique is issued pursuant to SEM Listing Rules 11.3 and 12.20 and section 88 of the
Securities Act of Mauritius 2005. The Board accepts full responsibility for the accuracy of the
information contained in these financial statements. The Directors are not aware of any matters or
circumstances arising subsequent to the period ended 31 August 2014 that require any additional
disclosure or adjustment to the financial statements.
South African joint corporate advisor and JSE sponsor
Java Capital +27 11 280 0042
South African joint corporate advisor
Leaf Capital +27 21 657 1180
Corporate secretary
Intercontinental Trust Limited +230 403 0800
Date: 13/10/2014 01:47:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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