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Abridged unaudited consolidated results for the two months ended 31 May 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” or “the Group”)
ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE TWO MONTHS ENDED 31 MAY 2015
The Company has been established in Mauritius as a public company limited by shares holding a Category 1 Global Business
Licence. The Company has its primary listing on the Stock Exchange of Mauritius ("SEM") Ltd and a secondary listing on the
AltX of the Johannesburg Stock Exchange ("AltX"). The primary objective of the Company is to acquire good quality income
generating property assets situated in the United Kingdom.
REPORTING CURRENCY
The Company’s results are reported in Pounds Sterling.
BUSINESS REVIEW
On 14 April 2015 the Company acquired two shopping centres in the United Kingdom, in Burton and Middlesbrough for a total of
£182.5 million, including costs, via an investment in a wholly owned Guernsey company called New Frontier Guernsey 1
Ltd. Since acquisition the shopping centres have continued to perform as expected.
The Company has reported a profit of £626,010 for the two months ended 31 May 2015. This performance is in line with forecasts
and validates the Company’s investment strategy which is to acquire good quality income generating property assets.
The Company has changed its financial year end from 31 st December to 31st August. Accordingly the next annual report will be
presented for the 31 August 2015 financial year end.
RESTATEMENT AS AT 31 MARCH 2015
The Group’s figures reported for the quarter ended 31 March 2015 have been amended and the restated comparative figures are
included within this report. These include reclassifications of £73 million from ‘Investment Property’ to ‘Cash and Cash
equivalents’ and £4 million from ‘Investment Property’ to ‘Shareholder’s equity’ on the Statement of Financial Position as at 31
March 2015. These are explained by the timing difference between the equity cash receipt and the property transfer date of the
two shopping centres and the capital raise costs incurred for the shares issued.
Issue costs amounting to £97,500, initially expensed to profit or loss, have been amended and now debited against Shareholder’s
equity, in line with the proposed accounting treatment under International Financial Reporting Standards.
Both of the restatements have an insignificant impact on the net reported figures.
CHANGES TO THE BOARD
Mr Hendrik Barnhoorn resigned from the Board, effective from 22 June 2015.
The following directors were appointed to the Board, effective from 22 June 2015:
Ms Catherine McIlraith as independent non-executive director; and
Mr Tinesh Ramprusad as non-executive director.
PROSPECTS
In March 2015, based on the issue price of £1.00, the Company stated an indicative 12 month forward yield of 7%. This remains
unchanged.
DIVIDEND
The Company’s dividend policy is to consider declarations of dividends on a six-monthly basis in line with its year end and half
year which are August and February. As a result, no dividend has been declared for the period under review.
BASIS OF PREPARATION
These abridged unaudited consolidated results for the two months ended 31 May 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 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, except for
Coastal Building Holdings Limited’s financial information, which has been presented under IFRS 5, ‘Non-Current Assets Held for
Sale’. As previously reported, an historic interest in Coastal Building Holdings Limited is in the process of being disposed of by
the Company.
By order of the Board
Osiris Corporate Solutions (Mauritius) Ltd
Company secretary
15 July 2015
NOTES
Copies of this report are available to the public at the registered office of the Company, 20th 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 20th 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 COMPREHENSIVE INCOME
As at As at As at
31 May 15 31 Mar 15 31 Dec 14
Unaudited Unaudited (Restated) Audited
ASSETS
GBP GBP GBP
Non-current assets
Investment property 180,767,953 1,115,659 1,115,659
Current assets
Trade and other receivables 2,320,640 58,996 66,480
Prepayments 528,747 - -
Cash and cash equivalents 2,294,443 80,005,714 1,547
5,143,830 80,064,710 68,027
Non currents assets classified as held
for sale 1,172,775 - -
Total assets 187,084,558 81,180,369 1,183,686
EQUITY
Equity attributable to equity holders of the
parent 80,510,252 80,510,252 616,064
Non-controlling interests 31,435 31,435 31,435
Retained earnings/(revenue deficit) 537,135 (90,325) (104,618)
Total equity 81,078,822 80,451,362 542,881
LIABILITIES
Non-current liabilities 102,908,659 456,073 470,214
Current liabilities 2,519,315 272,934 170,591
Liabilities associated with non-current
assets held for sale 577,762 - -
Total liabilities 106,005,736 729,007 640,805
Total equity and liabilities 187,084,558 81,180,369 1,183,686
*The Company does not have any dilutionary instruments in issue.
GROUP STATEMENTS OF COMPREHENSIVE INCOME
For the 2 months For the quarter ended 5 months to
ended 31 May 2015 31 March 15 31 May 15
Unaudited Unaudited (Restated) Unaudited
GBP GBP GBP
Revenue 2,183,562 33,025 2,216,587
Operating expenses 1,073,574 17,920 1,091,494
Operating profit 1,109,988 15,105 1,125,093
Finance costs 523,226 49 523,275
Profit before tax 586,762 15,056 601,818
Income tax expense - - -
Profit from continuing operations 586,762 15,056 601,818
Post tax profit from discontinued operations 39,248 - 39,248
PROFIT FOR THE PERIOD 626,010 15,056 641,066
OTHER COMPREHENSIVE INCOME
Movement for the period - - -
- - -
TOTAL COMPREHENSIVE INCOME FOR
626,010 15,056 641,066
THE PERIOD
Profit attributable to:
Equity holders of the company 622,974 14,983 637,957
Non-controlling interests 3,036 73 3,109
626,010 15,056 641,066
Total comprehensive income attributable
to:
Equity holders of the company 622,974 14,983 637,957
Non-controlling interests 3,036 73 3,109
626,010 15,056 641,066
Weighted average number of shares in issue 46,457,239 104,389,890 46,457,239
Basic profit per share and headline profit per share
(GBP pence) 0.01 0.00 0.01
There are no reconciling items between basic earnings and headline earnings.
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 5 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 1 January 2015 616,064 (104,618) 511,446 31,435 542,881
Foreign currency translation (763) (763) - (763)
Profit for the period - 15,056 15,056 - 15,056
Other comprehensive income for the period - - - - -
Issue of ordinary shares 84,163,118 - 84,163,118 - 84,163,118
Share issuance costs (4,268,930) - (4,268,930) - (4,268,930)
At 31 March 2015 80,510,252 (90,325) 80,419,927 31,435 80,451,362
At 1 April 2015 80,510,252 (90,325) 80,419,927 31,435 80,451,362
Foreign currency translation - 1,450 1,450 - 1,450
Profit for the period - Continued operations - 586,762 586,762 - 586,762
Profit for the period - Discontinued operations - 39,248 39,248 - 39,248
Other comprehensive income for the period - - - - -
At 31 May 2015 80,510,352 537,135 81,047,487 31,435 81,078,822
GROUP STATEMENTS OF CASH FLOWS
For the period ended For the year ended
31 May 15 31 Dec 14
Unaudited Audited
GBP GBP
Net cash flows from operating activities 259,630 (667)
Net cash flows used in investing activities (180,767,953) (632,053)
Net cash flows from financing activities 182,802,759 632,727
Increase in cash and cash equivalents 2,294,436 7
Opening cash and cash equivalents 7 -
Closing cash and cash equivalents 2,294,443 7
16 July 2015
Date: 16/07/2015 09:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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