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Abridged unaudited financial statements for the three months ended 31 May 2015
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 ENDED 31 MAY 2015
DIRECTORS’ COMMENTARY
OVERVIEW OF THE BUSINESS
Atlantic Leaf is a Mauritian registered company, regulated by the Mauritius Financial
Services Commission and holds a Category One Global Business License. The primary
objective of the Company is to provide investors with consistent income and growth by
investing in quality real estate assets which generate appropriate income yields and
have potential of capital appreciation. The Company has a primary listing on the Stock
Exchange of Mauritius Ltd (“SEM”) and a secondary listing on the AltX of the
Johannesburg Stock Exchange (“JSE”).
COMPANY REVIEW FOR THE THREE MONTHS ENDED 31 MAY 2015
Atlantic Leaf is pleased to present its results for the quarter ended 31 May 2015. The
Company earned adjusted headline earnings of 1.76 pence per share which was in line
with management’s expectations. The Company concluded the acquisition of the British
Capital portfolio at the beginning of this quarter, and these assets contributed
positively to the return.
Subsequent to the quarter end, the Company successfully raised £30.4 million of new
capital by issuing 12.4 million shares on the SEM at £1.10 per share and 15.2 million
shares on the JSE at R20.54 per share. This capital raise sees the Company now well
capitalised and positioned for further growth.
The Company also made two significant acquisitions subsequent to quarter end. On 1 July
2015, the Company concluded the purchase of seven new properties at a total value of
£18.1 million with an expected forward yield of 7.4%. These properties are tenanted by
the Epwin Group, a specialist provider of low maintenance building products, listed on
the London Stock Exchange. On 2 July 2015, in a follow on acquisition, the Company
acquired the balance of the Booker portfolio c.70% at a gross property value of £89.4
million and a forward yield on the property of 8.1%. Both the Epwin and Booker
portfolios have existing debt in place and it is the Company’s intention to re-finance
the debt in the near future at lower interest rates, which will further benefit
returns.
The pro-forma balance sheet of the Company as the date of this announcement can be
summarised as follows:
Pro-forma Financial Position as at 3 July 2015
GBP
Financial assets at Fair Value 56.5
Gross property assets 130.5
Less: Property debt (74.0)
Loan receivable 1.8
Listed portfolio 1.2
Cash and cash equivalents 7.2
Net assets 66.7
Total equity 66.7
COMPANY OUTLOOK
Atlantic Leaf will continue to pursue further asset acquisitions over the balance of
the year. The Board is also pleased that there is now a solid asset base of income
producing assets, from which to grow the Company.
By order of the Board
Intercontinental Trust Limited
Company Secretary
13 July 2015
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
as at
as at as at
28 February
31 May 2015 31 May 2014
2015
GBP GBP GBP
Assets
Non-current assets 26 731 280 7 965 302 26 255 997
Financial assets at fair value
through profit and loss 24 923 426 7 965 302 13 652 211
Escrow account – held for
investment acquisition - - 10 813 467
Loan receivable 1 807 854 - 1 790 319
Current Assets 10 081 162 7 035 699 10 007 685
Cash and cash equivalents 9 829 679 6 994 195 9 686 551
Trade and other receivables 251 483 41 504 321 134
Total Assets 36 812 442 15 001 001 36 263 682
Equity and Liabilities
Equity 36 592 670 14 930 765 36 134 679
Stated capital 34 770 873 15 013 915 34 770 873
Retained income / (accumulated
loss) 1 821 797 (83 150) 1 363 806
Liabilities
Current Liabilities 219 772 70 236 129 003
Trade and other payables 218 680 69 581 129 003
Tax Provision 1 092 655 -
Total Equity and Liabilities 36 812 422 15 001 001 36 263 682
Number of shares in issue 33 941 306 15 294 583 33 941 306
Net asset value per share (GBP) 1.08 0.98 1.06
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
3 months 3 months
ended ended Year ended
28
31 May February
31 May 2015 2014 2015
GBP GBP GBP
INCOME
Net gain on financial assets at fair value
through profit and loss 687 183 57 154 1 691 031
Foreign exchange gain/(loss) 2 550 - 118 150
Dividend Income 18 315 14 049 33 509
Interest Income 18 090 7 773 21 598
726 138 78 976 1 864 288
EXPENSES
Operating expenses (32 460) (42 880) (93 932)
Property service fee (86 776) (22 410) (182 009)
Audit fees (2 300) (3 519) (10 928)
Directors fees - - (25 833)
Professional fees (141 868) (92 662) (178 648)
(263 404) (161 471) (491 440)
Profit before taxation 462 734 (82 495) 1 372 848
Taxation (4 743) (655) (9 042)
Total comprehensive income for the period 457 991 (83 150) 1 363 806
Weighted average number of shares in issue
for the period ended 33 941 306 9 874 059 18 930 998
Basic and headline earnings per share (GBP
pence) 1.35 (0.84) 7.20
Adjusted headline earnings per share (GBP
pence) 1.76 - 8.28
RECONCILIATION OF ADJUSTED HEADLINE EARNINGS PER SHARE
Unaudited Unaudited Audited
3months 3 months
ended ended Year ended
28 February
31 May 2015 31 May 2014 2015
GBP GBP GBP
Total comprehensive income/ (loss) for the
period 457 991 (83 150) 1 363 806
Adjusted for:
Once off listing costs - - 47 722
Transaction costs 139 930 - 140 151
Foreign exchange losses / (gains) - - 16 392
Adjusted headline earnings 597 921 (83 150) 1 568 071
STATEMENT OF CHANGES IN EQUITY
Stated Retained
Capital Earnings Total
GBP GBP GBP
At 1 March 2014 1 000 - 1 000
Issue of shares 34 769 873 - 34 769 873
Total comprehensive income/ (loss) for the
period - 1 363 806 1 363 806
At 28 February 2015 34 770 873 1 363 806 36 134 679
Issue of shares - - -
Total comprehensive income/ (loss) for the
period - 457 991 457 991
At 31 May 2015 34 770 873 1 821 797 36 592 670
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
3 months 3 months
ended ended Period ended
28 February
31 May 2015 31 May 2014 2014
GBP GBP GBP
Net cash utilised in operating activities (89 638) (112 770) (675 015)
Cash outflow from investing activities 230 216 (7 906 950) (24 531 457)
Cash inflow from financing activities - 15 012 915 34 769 873
Increase in cash and cash equivalents 140 578 6 993 195 9 567 401
Cash and cash equivalents at beginning of
the period 9 686 551 1 000 1000
Effects of exchange difference on cash and
cash equivalents 2 550 - 118 150
Cash and cash equivalents at end of period 9 829 679 6 994 195 9 686 551
NOTES
The Company is required to publish financial results for the three months ended
31 May 2015 in terms of the Listing Rule 12.19 of the SEM. The abridged unaudited
financial statements for the three months ended 31 May 2015 (“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
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 year ended 28 February 2015.
The financial statements were approved by the Board on 10 July 2015. 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 have
disclosed all matters or circumstances arising subsequent to the period ended 31 May
2015 that require any additional disclosure or adjustment to the financial statements.
South African joint corporate advisor and
JSE sponsor
Java Capital +27 11 722 3050
South African joint corporate advisor
Leaf Capital +27 21 657 1180
Corporate secretary
Intercontinental Trust Limited +230 403 0800
Date: 13/07/2015 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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