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ATLANTIC LEAF PROPERTIES LIMITED - Abridged unaudited financial statements for the three months and six months ended 31 August 2014

Release Date: 13/10/2014 13:47
Code(s): ALP     PDF:  
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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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