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NEW FRONTIER PROPERTIES LIMITED - Abridged unaudited consolidated results for the three months ended 31 March 2015

Release Date: 15/05/2015 15:15
Code(s): NFP     PDF:  
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Abridged unaudited consolidated results for the three months ended 31 March 2015

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”)


ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2015


The Company has been established in Mauritius as a public company limited by shares holding a Category 1 Global Business
Licence. The Company is listed primarily on the Stock Exchange of Mauritius ("SEM") Ltd and has a secondary listing on the
AltX of the Johannesburg Stock Exchange ("AltX"). The primary objective of the Company is to acquire and develop good
quality income generating property assets situated primarily in the United Kingdom.

REPORTING CURRENCY

The reporting currency of the Company was changed from United States Dollars to Pounds Sterling by a Directors resolution
dated 30 January 2015. Therefore, the opening balances were retranslated effective from 10 February 2015. The Company’s
results are therefore reported in Pounds Sterling.

BUSINESS REVIEW

During this period, the Company successfully raised GBP 84.1 million by the issue of shares through a private placement to
invited investors, as follows:

-      6 500 000 New Frontier shares at an issue price of GBP1.00 per share, raising GBP6.5 million through the company’s
       Mauritian share register; and
-      77 259 264 New Frontier shares at an issue price of ZAR18.2507 per share at an exchange rate of GBP1.00/ZAR18.2507,
       raising approximately ZAR1.4 billion (approximately GBP77.3 million) through the company’s South African share
       register.

The proceeds raised from the private placement will be used to settle part of the aggregate purchase consideration and transaction
costs for the acquisition of two retail centres situated in the United Kingdom.

The Company has reported a GBP82,444 loss for the three months ended 31 March 2015. The loss for the period includes
GBP97,500 representing capital raising fees for the period.

CHANGES TO THE BOARD

During this period, the following directors resigned from the Board, effective from 25 March 2015: Brendon Jones, Gary Fourie,
Peter Todd and Diane Bosman. The following directors were appointed to the Board, effective from 25 March 2015: Sisa
Ngebulana, Andile Mazwai and Kameel Keshav. In addition, Mike Riley and Victoria Whitehouse were appointed to the Board,
effective from 7 April 2015.

PROSPECTS

Subsequent to the period under review, the Company has undertaken to sell its interests in Coastal Buildings Holding Limited and
has proceeded with the acquisition of two retail centres in the United Kingdom, which had a completion date of 14 April 2015.

DIVIDEND

No dividend has been declared for the period under review.

BASIS OF PREPARATION

These abridged unaudited consolidated results for the three months ended 31 March 2015 have been prepared in accordance with
International Financial Reporting Standards, including IAS34 – Interim Financial Reporting, the rules of the SEM and the Listings
Requirements of the JSE Limited.
ACCOUNTING POLICIES

The results below have not been audited or reviewed by the Company’s external auditors, BDO & Co. The accounting policies
adopted are consistent with those published in the audited annual financial statements for the year ended 31 December 2014.


By order of the Board

Osiris Corporate Solutions (Mauritius) Ltd
Company secretary

15 May 2015


NOTES

Copies of this report are available to the public at the registered office of the Company, 19th Floor, Newton Tower, Sir William
Newton Street, Port Louis.

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 19th Floor, Newton Tower, Sir William Newton Street, Port Louis.

This communiqué is issued pursuant to Listing Rules 12.20 and 12.21 and Section 88 of the Securities Act 2005. The Board of
New Frontier Properties Ltd accepts full responsibility for the accuracy of the information in this communiqué.

For further information please contact:

JSE sponsor
Java Capital                                    +27 11 722 3050

Company secretary
Osiris Corporate Solutions (Mauritius) Ltd      +230 650 4030


GROUP STATEMENTS OF FINANCIAL POSITION
                                                                       As at                   As at
                                                                   31 Mar 15               31 Dec 14
                                                                   Unaudited                 Audited
ASSETS
                                                                        GBP                    GBP
Non-current assets
Investment property                                                78,280,049              1,115,659
                                                                   78,280,049              1,115,659
Current assets
Trade and other receivables                                            58,997                 66,480
Cash and cash equivalents                                           6,912,818                  1,547
                                                                    6,971,815                 68,027

Total assets                                                       85,251,864              1,183,686

EQUITY
Equity attributable to equity holders of
the parent                                                         84,779,182                616,064
Non-controlling interests                                              31,435                 31,435
Revenue Deficit                                                     (187,825)              (104,618)
Total equity                                                       84,622,792                542,881
LIABILITIES
Non-current liabilities                                               456,074                470,214
Current liabilities                                                   172,998                170,591
Total liabilities                                                     629,072                640,805

Total equity and liabilities                                       85,251,864              1,183,686


GROUP STATEMENTS OF COMPREHENSIVE INCOME

                                                        For the quarter ended    For the year ended
                                                                   31 Mar 15             31 Dec 14
                                                                   Unaudited                Audited
                                                                         GBP                   GBP
Revenue                                                                 33,025               75,031
Operating expenses                                                    115,420               120,040
Operating profit                                                      (82,395)              (45,009)
Fair value loss on investment property                                      -                42,784
Finance costs                                                              49                16,825
Loss before tax                                                       (82,444)            (104,618)
Income tax expense                                                          -                     -
Loss for the period                                                   (82,444)             (104,618)

OTHER COMPREHENSIVE INCOME
Movement for the period                                                      -                    -
                                                                             -                    -

TOTAL COMPREHENSIVE INCOME FOR
                                                                       (82,444)            (104,618)
THE PERIOD

Loss attributable to:
Equity holders of the company                                          (82,044)            (104,111)
Non-controlling interests                                                 (400)                (507)
                                                                       (82,444)            (104,618)

Total comprehensive income attributable to:
Equity holders of the company                                          (82,044)            (104,111)
Non-controlling interests                                                 (400)                (507)
                                                                       (82,444)            (104,618)
Weighted average number of shares in issue                          104,389,880              938,736


Net asset value per share                                                 0.81                  0.58

Basic loss per share and headline loss per share
(GBP pence)                                                              (0.00)               (0.09)

 There are no reconciling items between basic earnings
and headline earnings.

*The Company does not have any dilutionary instruments in issue.


GROUP STATEMENTS OF CHANGES IN EQUITY

                                      Attributable to equity holders of the parent

                                                                                                    Non-
                                          Share          Revenue                              Controlling
                                         capital          Deficit            Total               Interest             Total
                                           GBP              GBP              GBP                    GBP               GBP

At 05 June 2014                         616,064                -          616,064                      -             616,064
Acquisition through business
combination                                                                                       21,886              21,886
Issue of shares to non-
controlling shareholders                      -                -               -                   9,549               9,549
Other comprehensive income
for the period                                -                -               -                       -                  -
Loss for the period                           -         (104,618)       (104,618)                      -            (104,618)
Other comprehensive income
for the period                                -                -               -                       -                  -
At 31 December 2014                     616,064          (104,618)         511,446                31,435              542,881

At 01 January 2015                      616,064          (104,618)         511,446                31,435              542,881
 Foreign currency
translation                                                  (763)           (763)                     -                (763)
Loss for the period                           -           (82,444)        (82,444)                     -             (82,444)
Other comprehensive income
for the period                                -                 -               -                      -                    -
Issue of ordinary shares             84,163,118                 -      84,163,118                                  84,163,118

At 31 March 2015                     84,779,182          (187,825)      84,591,357                31,435           84,622,792
                             


GROUP STATEMENTS OF CASH FLOWS

                                       For the quarter ended   For the year ended
                                                  31 Mar 15            31 Dec 14
                                                  Unaudited              Audited
                                                        GBP                  GBP
 Net cash flows from
operating activities                                (66,784)              77,965
 Net cash flows from
investing activities                            (77,164,390)            (42,778)
 Net cash flows used in
financing activities                              84,142,445            (33,640)
 Decrease/Increase in cash
and cash equivalents                               6,911,271               1,547
 Opening cash and
cash equivalents                                       1,547                   -
 Closing cash and
cash equivalents                                   6,912,818               1,547

Date: 15/05/2015 03:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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