NEW FRONTIER PROPERTIES LIMITED - Short form - Summarised Unaudited Consolidated Results for the 3 months and six months ended 29 February 2020

Short form - Summarised Unaudited Consolidated Results for the 3 months and six months ended 29 February 2020

New Frontier Properties Ltd
(Incorporated in the Republic of Mauritius on 5 June 2014)
(Registration number 123368C1/GBL)
SEM share code: NFP.N000
JSE share code: NFP
ISIN: MU0453N00004
("New Frontier” or "the Company” or "the Group”)


SHORT-FORM: SUMMARISED UNAUDITED CONSOLIDATED RESULTS FOR THE THREE MONTHS
AND SIX MONTHS ENDED 29 FEBRUARY 2020


The Company was established in Mauritius as a public company limited by shares holding
a Global Business License. The Company has primary listings on the Official Market of the
Stock Exchange of Mauritius Ltd ("SEM”) and the Alternative Exchange ("AltX”) of the JSE
Limited (“the JSE”). The primary objective of the Company is to acquire good quality,
income-generating retail and logistics/warehouse property assets in the United Kingdom
(“UK”) and mainland Europe.

FINANCIAL RESULTS
The Group results are prepared in accordance with International Financial Reporting
Standards (“IFRS”). The profit after taxation for the 6 months period ended 29 February 2020
(“Q2”) was GBP 6.895 million (2019: loss of GBP 11.418 million). The Group’s loss after taxation
for the 3 months period ended 29 February 2020 was GBP 1.584 million (2019: profit of GBP
0.459 million).

The profit after taxation for Q2 is primarily due to the gain recognised following the sale of
Houndshill Shopping Centre, Blackpool and associated liquidation of that part of the Group
structure.

No dividend has been declared during the period under review.

Extracts from the financial results are set out below:

                                                      6 months       6 months
                                                         ended          ended
                                                   29 February    28 February
                                                          2020           2019     Percentage
                                                       GBP’000        GBP’000         Change
 Rental Income                                           6 117          7 623          19.75%
 Basic Earnings per share (GBP)                          0.044         (0.068)        164.71%
 Headline Earnings per share (GBP)                       0.055          0.009         511.11%
 Dividend per share (GBP)                                    -              -              -
 Owner’s (deficit)/interest                            (36 477)        12 297        (396.63%)

BUSINESS REVIEW AND OUTLOOK
Retail sector overview
The impact of COVID-19 did not directly affect the 6 months ended 29 February 2020,
however, the general trend of falling rent levels was continuing prior to the outbreak. Brexit,
lack of consumer confidence and retailers’ poor trading figures coupled with the growth in
on-line shopping had a significant impact on the two centres owned by the group.

Following the announcement of lockdown by the UK government, the Group’s shopping
centres are only open for essential shopping. Footfall has therefore fallen to extremely low
levels and rent collection at the end of March was reduced to approximately 50% of the
invoiced level.

There is a moratorium on landlords taking enforcement action against tenants at this time
so that it is difficult to assess the longer term impact that this situation will have on trading
performance of the shopping centres and the retailers trading from them.

This short-form announcement is the responsibility of the directors. This short-form
announcement is only a summary of the information in the full announcement and does
not contain full or complete details. Any investment decisions by investors and/or
shareholders should be based on consideration of the full announcement published on
SENS and the issuer’s website as a whole. It is available on the Company’s website
www.newfrontierprop.com/investorrelations.

The full announcement has been released on the JSE’s website:

https://senspdf.jse.co.za/documents/2020/JSE/isse/NFPE/NFLVQ2_20.pdf

Copies of the statement of direct or indirect interest of the Senior Officers of the Company
pursuant to rule 8(2)(m) of the Securities (Disclosure of Obligations of Reporting Issuers) Rules
2007 are available to the public upon request to the company secretary at the Registered
Office of the Company at Chemin Vingt Pieds, 5th Floor, La Croisette, Grand Baie, Mauritius
or other designated office, Arbor Capital Sponsors (20 Stirrup Lane, Woodmead Office Park
Cnr Woodmead Drive and Van Reenens Avenue, Woodmead 2191) at no charge, during
normal business hours between 16 April 2020 to 29 April 2020, subject to prior arrangement
during the lockdown period.

These summarised unaudited financial statements are issued pursuant to SEM Listing Rule
12.20 and the Securities Act 2005 of Mauritius. The Board of Directors of the Company
accepts full responsibility for the accuracy of the information contained therein.

By Order of the Board
15 April 2020

For further information, please contact:

JSE sponsor
Arbor Capital Sponsors +27 11 480 8500

SEM sponsor
GB Capital +230 650 4054
Company secretary
Osiris Corporate Solutions (Mauritius) Ltd +230 650 4030

Date: 15-04-2020 03:01:00
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