Wrap Text
Condensed unaudited consolidated results for the three and six months ended 30 June 2021
Lighthouse Capital Limited
Incorporated in the Republic of Mauritius on 14 August 2014
Registration number: C124756 C1/GBL
ISIN: MU0461N00015
SEM share code: GFP.N0000
JSE share code: LTE
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company" or the "Group")
Short-form announcement: Condensed unaudited consolidated financial results
for the three and six months ended 30 June 2021
Lighthouse is a 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"). Lighthouse invests globally in direct property, and in listed
real estate and infrastructure securities.
Lighthouse achieved 1,8095 EUR cents of distributable earnings per share for
the six months ended 30 June 2021. This represents a 13,3% increase compared to
the 1,5967 EUR cents of distributable earnings per share for the six-month
interim period ended on 31 March 2020 (the "Comparable Period").
Subject to any required approvals and regulatory compliance, the board has
declared an interim distribution of 1,6100 EUR cents per share for the six
months ended 30 June 2021. This represents a 2,2% increase in distribution over
the Comparable Period. The board's distribution policy allows for retaining
distributable earnings and the pay-out ratio for the six months ending
30 June 2021 is 89,0%.
Shareholders will have the option to receive a scrip distribution of 1,6100
EUR cents per share, or a cash distribution of 1,4490 EUR cents per share.
A circular with relevant details and accompanying announcements on the Stock
Exchange News Service of the JSE and the website of the SEM will follow in due
course.
Unaudited Unaudited
for the for the
six months six months
ended ended
Jun 2021 Jun 2020 Movement
Total revenue (EUR) 11 961 879 13 092 039 (1 130 160)
Basic and diluted loss per
share (EUR cents) (4,84) (9,48) 4,64
Headline loss and diluted headline
loss per share (EUR cents) (2,37) (9,25) 6,88
Interim distribution (EUR cents
per share) 1,6100 N/a N/a
Management accounts' information:
Net asset value per share (EUR cents) 47,75 42,00 5,75
Gearing (%)# 11,32 23,40 (12,08)
# Gearing is calculated by dividing total interest-bearing borrowings, adjusted
for cash and cash equivalents and derivative cash margin, by the total of
investments in property, gross listed securities at fair value, investment in
associate at fair value and loans advanced.
Reconciliation of IFRS net asset value to Management Accounts' net asset value
Carrying amount/
fair value
EUR
IFRS net asset value at 30 June 2021 1 196 929 702
Investment in Hammerson at fair value at 30 June 2021 2 399 527 320
Management Accounts' net asset value at 30 June 2021 3 596 457 022
Management Accounts' net asset value per share at 30 June 2021 4 47,7513
1 Hammerson is an associate of Lighthouse in terms of IFRS and is equity
accounted. The carrying value is therefore the deemed cost of the investment
at 30 September 2020, being the fair value at this date of GBP 0,163 per share,
the cost of any subsequent acquisitions and Lighthouse's share of the
post-acquisition reserves. At 30 June 2021 the carrying value of the investment
was zero as Lighthouse's share of the post-acquisition reserves of Hammerson
exceeded the cost of the investment.
2 Based on 919 878 656 shares at the closing market price of GBP 0,3723
per share and an exchange rate of EUR/GBP 0,85719. Refer to the listed
investments value at 30 June 2021 included in the listed real estate segment of
the Segmental Analysis on page 20 of the full announcement.
3 Based on the total equity attributable to equity holders value at
30 June 2021 included in the Management Accounts column of the Segmental
Analysis on page 21 of the full announcement.
4 Based on a net asset value in the Management Accounts of EUR 596 457 022
and 1 249 091 776 shares in issue.
Outlook
While there is a broad perception of deep value in retail property markets,
Lighthouse is very selective. In considering opportunities, Lighthouse evaluates
whether structural changes in the retail environment will require capital
intensive redevelopment, or retail properties are oversized for the trends in
the market they serve. In so doing, Lighthouse seeks out attractive value
propositions.
The recently announced French portfolio acquisition presents Lighthouse with a
deep value opportunity to take advantage of current market conditions and be
positioned for the omnichannel future of retail. The portfolio has the dominance
and defensive attributes to generate attractive returns, more so as retail
conditions and sentiment improve.
This short-form announcement is the responsibility of the directors and is only
a summary of the information in the full announcement and does not include full
or complete details. The full announcement was released on SENS on 5 August 2021
and can be accessed by visiting the Company's website at
https://www.lighthousecapital.mu/financials/ or by following this hyperlink:
https://senspdf.jse.co.za/documents/2021/jse/isse/LTEE/FY_Q22021.pdf
The full announcement is available for inspection at the registered offices of
the Company or its sponsor, at no charge, during office hours from Friday,
6 August 2021 to Friday, 13 August 2021. Any investment decision should be based
on the full announcement published on SENS and available on the Company's website.
By order of the board
Intercontinental Trust Ltd
Company secretary
Mauritius - 5 August 2021
Directors: Mark Olivier (chairperson); Stuart Bird#; Karen Bodenstein;
Des de Beer; Anthony Doublet; Stephen Paris; Barry Stuhler; Justin Muller (CEO)*;
Nina Kretzmann (COO)*; Kobus van Biljon (CFO)*
(*Executive director, #alternate director)
On 12 July 2021, Stephen Delport resigned as chief executive officer of
Lighthouse and on 13 July 2021 Justin Muller was appointed as chief executive
officer of Lighthouse. On 5 August 2021, David Axten (Mauritius) and
Paul Edwards (Mauritius) resigned as non-executive directors of Lighthouse, and
Anthony Doublet (Malta) and Stephen Paris (Malta) were appointed as
non-executive directors of Lighthouse.
Company secretary: Intercontinental Trust Ltd
Registered address: C1-401, 4th Floor, La Croisette, Grand Baie, Mauritius
Transfer secretary in South Africa: JSE Investor Services (Proprietary) Limited
JSE sponsor: Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
SEM authorised representative and sponsor: Perigeum Capital Ltd
www.lighthousecapital.mu
Date: 05-08-2021 05:35:00
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