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Abridged unaudited financial statements for the three months and six months ended 30 September 2017
MAINLAND REAL ESTATE LTD
Incorporated in the Republic of Mauritius
Registration number 135891 C1/GBL
SEM share code MAIN.N0000
JSE share code MLD ISIN MU0520N00000
("Mainland" or "the Company")
ABRIDGED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS AND THE SIX MONTHS ENDED 30 SEPTEMBER 2017
DIRECTORS COMMENTARY
NATURE OF BUSINESS
Mainland was incorporated on 2 February 2016 as a Category One Global Business Licence Company. The Company has its primary listing on the Official
Market of the Stock Exchange of Mauritius Ltd ("SEM") and a secondary listing on the Alternative Exchange of the JSE Limited ("AltX"). The Company
has been established with the primary objective of investing in global real estate assets and companies, predominantly situated in the United Kingdom
and selected Western European jurisdictions, specifically the Netherlands and Germany.
Since listing, the Company invested in a diversified portfolio of listed property securities and continues to trade in these, as well as making an
investment in cumulative, redeemable, non-participating preference shares.
COMPANY REVIEW FOR THE THREE MONTHS AND SIX MONTHS ENDED 30 SEPTEMBER 2017
The Company hereby presents its results for the three months and six months ended 30 September 2017.
During the three months ended 30 September 2017, the Company received a dividend of GBP988 on its investments in Sirius Real Estate.
In addition, the weakening of the GBP against ZAR resulted in a net unrealised loss on financial assets at fair value through profit or loss, during
the three months and six months ended 30 September 2017.
COMPANY OUTLOOK
Mainland intends to grow its portfolio of listed property securities and investments, mainly through strategic investments into listed and direct
property investment sector. The board of directors of the Company ("the Board") remain on the lookout for and is actively pursuing opportunities that
fall within the ambit of Mainland’s investment strategy.
CHANGES TO THE BOARD OF DIRECTORS
Andrew James Glencross, the Acting Chief Executive Officer and Chief Investment Officer, has resigned from the Board, effective from 31 October 2017.
A further announcement will be made upon the appointment of a new Chief Executive Officer and Chief Investment Officer.
STATEMENT OF FINANCIAL POSITION
UNAUDITED AUDITED UNAUDITED
30 September 2017 31 March 2017 30 September 2016
GBP GBP GBP
ASSETS
Current assets
Financial assets at fair value
through profit or loss 573 357 614 321 -
Trade and other receivables 6 237 4 682 -
Cash and cash equivalents 560 225 676 139 670 806
Total current assets 1 139 819 1 295 142 670 806
Total assets 1 139 819 1 295 142 670 806
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 255 984 1 255 984 670 100
(Accumulated losses) / Retained earnings (133 962) 17 665 (16 449)
Total equity 1 122 022 1 273 649 653 651
Current liabilities
Trade and other payables 17 797 21 493 17 155
Total current liabilities 17 797 21 493 17 155
Total equity and liabilities 1 139 819 1 295 142 670 806
Actual number of shares in issue 884 042 884 042 591 100
Net asset value per share (GBP pence) 126.92 144.07 110.58
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED
For the period from
For the For the six For the thirteen For the 02 Feb 2016 (date of
quarter ended months ended months ended quarter ended incorporation) to
30 September 2017 30 September 2017 31 March 2017 30 September 2016 30 September 2016
GBP GBP GBP GBP GBP
Revenue (24 993) (39 975) 47 842 8 225 12 008
Other expenses (19 012) (39 975) (107 173) (20 607) (28 136)
Foreign exchange (loss) / gain (39 501) (71 677) 76 995 - -
Operating (loss) / profit (83 506) (151 627) 17 664 (12 382) (16 128)
Other income - - 3 - -
Finance cost - - (2) (63) (321)
(Loss) / Profit before tax (83 506) (151 627) 17 665 (12 445) (16 449)
Taxation - - - - -
(Loss) / Profit for the period (83 506) (151 627) 17 665 (12 445) (16 449)
Other comprehensive income for the period - - - - -
Total comprehensive income for the period (83 506) (151 627) 17 665 (12 445) (16 449)
Weighted average number of shares in issue 884 042 884 042 544 851 318 897 318 897
Basic and diluted earnings/(loss) per
share (GBP pence) (9.45) (17.15) 3.24 (3.90) (5.16)
Basic and diluted headline earnings/ (loss)
per share (GBP pence) (9.45) (17.15) 3.24 (3.90) (5.16)
The Company has no dilutionary instruments in issue.
STATEMENT OF CHANGES IN EQUITY
(Accumulated
Ordinary losses)
share / Retained
capital earnings Total
GBP GBP GBP
Issue of shares 670 100 - 670 100
Loss for the period - (16 449) (16 449)
Balance as at 30 September 2016 670 100 (16 449) 653 651
Balance as at 31 March 2017 1 255 984 17 665 1 273 649
Loss for the period - (151 627) (151 627)
Balance as at 30 September 2017 1 255 984 (133 962) 1 122 022
STATEMENT OF CASH FLOWS
UNAUDITED AUDITED UNAUDITED
For the period from
For the six For the thirteen 02 Feb 2016 (date of
months ended months ended incorporation) to
30 September 2017 31 March 2017 30 September 2016
GBP GBP GBP
Cash flows from operating activities
Cash (utilised in) / generated from operations (45 020) (43 561) 706
Interest received - 619 -
Dividend received 988 926 -
Interest paid - (2) -
Net cash (utilised in) / generated
from operating activities (44 032) (42 018) 706
Cash flows from investing activities
Acquisition of quoted investments - (1 212 379) -
Proceeds from sale of quoted investments - 629 183 -
Net cash utilised in investing activities - (583 196) -
Cash flows from financing activities
Proceeds from issue of shares, net of issue costs - 1 255 984 670 100
Net cash generated from financing activities - 1 255 984 670 100
Net movement in cash and cash
equivalents for the period (44 032) 630 770 670 806
Foreign exchange movement (71 882) 45 369 -
Cash and cash equivalents at
the beginning of the period 676 139 - -
Cash and cash equivalents
at end of the period 560 225 676 139 670 806
RECONCILIATION OF BASIC EARNINGS TO DISTRIBUTABLE EARNINGS
UNAUDITED UNAUDITED AUDITED UNAUDITED
For the period from
For the For the six For the thirteen 02 Feb 2016 (date of
quarter ended months ended months ended incorporation) to
30 September 2017 30 September 2017 31 March 2017 30 September 2016
GBP GBP GBP GBP
(Loss) / profit for the period
attributable to owners of the parent (83 506) (151 627) 17 665 (16 449)
Headline (loss) / earnings (83 506) (151 627) 17 665 (16 449)
Adjusted for once-off costs
Bank charges : Account opening fee - - 5 756 -
Listing and advisory fees - - 20 640 -
Transaction costs - - 10 000 -
Adjusted headline (loss) / earnings /
Distributable (loss) /earnings (83 506) (151 627) 54 061 (16 449)
Adjusted headline (loss) / earnings
per share (GBP pence) (9.45) (17.15) 9.92 (5.16)
There was no reconciling items in terms of headline earnings.
NOTES
The Company is required to publish financial results for the three months and six months ended 30 September 2017 in terms of the Listing Rule 12.19
of the SEM. Accordingly this announcement presents the financial results of the Company in respect of the period from 1 April 2017 to 30 September
2017.
The abridged unaudited financial statements for the three months and six months ended 30 September 2017 ("abridged unaudited financial statements")
have been prepared on the basis of accounting policies of the Company, which are in compliance with the International Financial Reporting Standards
("IFRS"). The abridged unaudited financial statements are in accordance with the measurement and recognition requirements of IFRS, the requirements
of IAS 34 Interim Financial Reporting, the SEM Listing Rules, the Securities Act of Mauritius 2005 and the JSE Listings Requirements.
The accounting policies used in the preparation of these abridged unaudited results are consistent with those of the previous financial statements.
The abridged unaudited financial statements have not been reviewed or audited by the Company’s external auditors. These financial statements were
approved by the Board on 10 November 2017.
The Board is not aware of any matters or circumstances arising subsequent to the period ended 30 September 2017 that require any additional
disclosure or adjustment to the financial statements.
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 c/o Intercontinental Fund Services Limited, Level 5, Alexander House, 35 Cybercity, Ebene 72201, Mauritius.
Contact person: Mrs. Smitha Algoo.
This communiqué is issued pursuant to SEM Listing Rule 12.20, section 88 of the Mauritian Securities Act 2005 and the JSE Listings Requirements. The
Board accepts full responsibility for the accuracy of the information contained in this announcement.
By order of the Board
Intercontinental Fund Services Limited
Company Secretary
Perigeum Capital Ltd
SEM authorised representative and sponsor
Java Capital
JSE sponsor
13 November 2017
Date: 13/11/2017 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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