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Abridged audited annual financial statements for the year ended 30 June 2015
DELTA INTERNATIONAL PROPERTY HOLDINGS LIMITED
(“Delta International” or “the Company”)
(Registered by continuation in the Republic of Mauritius)
(Registration number 128881 C1/GBL)
JSE share code: DLI
SEM share code: DEL.N0000
ISIN: MU0473N00002 (Old ISIN number BMG2707T1018)
ABRIDGED AUDITED ANNUAL FINANCIAL STATEMENTS for year ended 30 June 2015 (“abridged report”)
Audited for Year Audited for the
Consolidated statement of comprehensive income ended 30 June 10 months
2015 ended 30 June
2014
$ $
Gross rental income 13,918,198 -
Straight-line rental income accrual 2,622,295 -
Revenue 16,540,493 -
Investment income - 63,156
Property operating expenses (3,477,760) -
Net property income/investment income 13,062,733 63,156
Other income 384,061 -
Administrative expenses (1,711,295) (77,003)
Profit/(loss) from operations 11,735,499 (13,847)
Acquisition fees (3,291,940) -
Acquisition fees - Asset management fees (2,098,563) -
Acquisition fees - Other (1,193,377) -
Set-up costs (829,279) -
Fair value adjustment on investment property 4,560,458 -
Disposal of investment in subsidiaries - (33,401)
Gain from bargain purchase 3,504,523 -
Unrealised foreign currency loss (11,803,314) (157)
Realised foreign currency gain 551,853 -
Profit/(loss) before interest and taxation 4,427,800 (47,405)
Interest income 91,477 59
Finance costs (3,640,293) -
Profit/(loss) for the period before tax 878,984 (47,346)
Current tax expense (78,542) -
Deferred tax expense (617,062) -
Profit/(loss) for the period after tax 183,380 (47,346)
Other comprehensive income
Profit/(loss) on translation of functional currency (838,254) 83,734
Total comprehensive (loss)/income (654,874) 36,388
Reconciliation of basic earnings and headline earnings
Basic earnings 183,380 (47,346)
Less: Fair value adjustments on investment property (net of deferred taxation) (4,560,458) -
Change in fair value of investment property (4,560,458) -
Deferred taxation on investment property revaluation - -
Gain from bargain purchase (3,504,523) -
Disposal of subsidiary - 33,401
Headline loss attributable to shareholders (7,881,601) (13,945)
Less: Straight line rental income accrual (net of deferred taxation) (1,815,090) -
Straight line rental income accrual (2,622,295) -
Deferred taxation 807,205 -
Unrealised foreign currency exchange differences 11,803,314 157
Acquisition costs of investment property 3,626,253 -
Acquisition costs - asset manager 2,098,563 -
Acquisition costs - debt structuring fees included in interest expense 334,313 -
Acquisition costs - other 1,193,377 -
Setup costs 829,279 -
Retained distributable profit (175,538) -
Distributable earnings attributable to shareholders (unaudited) 6,386,617 (13,788)
Less: Distribution declared
Interim 2,963,433 -
Final (declared after 30 June) 3,423,184 -
Distributable earnings attributable to shareholders (unaudited) - (13,788)
Number of shares in issue at interim 44,656,446 664,180
Number of shares in issue at year end 73,656,446 664,180
Weighted average number of shares * 47,104,830 664,180
Earnings per share
Basic and diluted profit/(loss) per share (cents) 0.39 (7.13)
Headline diluted loss earnings per share (cents) (16.73) (2.10)
Distribution per share - -
Distribution per share (cents) - interim 6.64 -
Distribution per share (cents) - final (declared after 30 June) 4.65 -
Distribution per share (cents) - full year (unaudited) 11.28 -
Audited as at Audited as at
Consolidated statement of financial 30 June 2015 30 June 2014
position
$ $
Assets
Non-current assets
Investment property 210,390,631 -
Fair value of property portfolio 207,768,336 -
Straight line rental income accrual 2,622,295 -
Property, plant and equipment 96,512 -
Intangible assets 8,774 -
Related party loans 11,778 275,734
Deferred tax 190,143 -
Total non-current assets 210,697,838 275,734
Current assets - -
Trade and other receivables 18,777,373 31,946
Cash and cash equivalents 6,565,282 649,328
Total current assets 25,342,655 681,274
Total assets 236,040,493 957,008
Equity and liabilities
Total equity attributable to equity holders
Share capital 127,958,794 864,655
Foreign currency translation reserve (785,389) 52,865
Retained (loss)/income (2,760,583) 19,471
Total equity attributable to equity holders 124,412,822 936,991
Liabilities
Non-current liabilities
Interest-bearing borrowings 10,490,966 -
Deferred tax 807,205 -
Total non-current liabilities 11,298,171 -
Current liabilities
Interest-bearing borrowings 91,165,629 -
Trade and other payables 8,671,831 20,017
Withholding tax payable 11,893 -
Current tax payable 137,756 -
Cash and cash equivalents 342,391 -
Total current liabilities 100,329,500 20,017
Total liabilities 111,627,671 20,017
Total equity and liabilities 236,040,493 957,008
Net asset value per share (cents)
168.91 141.07
Net asset value per share (excluding deferred taxation) (cents)
169.75 141.07
Audited for Year Audited for the
Consolidated statement of cash flows ended 30 June 10 months
2015 ended 30 June
2014
$ $
Cash utilised in operations (6,715,572) (334,135)
Interest received 91,477 59
Finance costs (4,357,686) -
Taxation paid (171,207) -
Dividends paid (2,963,434) -
Net cash utilised in operating activities (14,116,422) (334,076)
Acquisition of investment property & property, plant & equipment (172,115,747) -
Net cash outflow on acquisition of subsidiaries (31,115,210) -
Loans refunded from/(advanced to) subsidiaries and related parties 263,956 (275,734)
Proceeds on disposal of subsidiaries - 926,369
Net cash (utilised in)/generated from investing activities (202,967,002) 650,635
Proceeds from the issue of shares 126,825,299 -
Capital issue expenses (3,610,335) -
Proceeds from interest bearing borrowings 122,745,142 -
Settlement of interest bearing borrowings (23,303,118) 293,945
Net cash generated from financing activities 222,656,987 293,945
Net movement in cash and cash equivalents 5,573,563 610,504
Cash at the beginning of the year 649,328 38,824
Total cash at the end of the year 6,222,891 649,328
Morocco Mozambique Mauritius Total
Condensed consolidated
segmental analysis
Geographical location 2015 $ $ $ $
Gross rental income 9,664,688 4,253,510 - 13,918,198
Straight-line rental income accrual 1,596,484 1,025,811 - 2,622,295
Property operating expenses (2,769,347) (708,413) - (3,477,760)
Net property rental and related income 8,491,825 4,570,908 - 13,062,733
Fair value adjustment (1,143,270) 5,703,728 - 4,560,458
Assets 104,690,631 105,700,000 - 210,390,631
Investment property at fair value 103,094,147 104,674,189 - 207,768,336
Straight-line rental income accrual 1,596,484 1,025,811 - 2,622,295
Retail Office Corporate Total
Type of property 2015 $ $ $ $
Gross rental income 9,664,688 4,253,510 - 13,918,198
Straight-line rental income accrual 1,596,484 1,025,811 - 2,622,295
Property operating expenses (2,769,347) (708,413) - (3,477,760)
Net property rental and related income 8,491,825 4,570,908 - 13,062,733
Fair value adjustment (1,143,270) 5,703,728 - 4,560,458
Investment Property 104,690,631 105,700,000 - 210,390,631
Investment property at fair value 103,094,147 104,674,189 - 207,768,336
Straight-line rental income accrual 1,596,484 1,025,811 - 2,622,295
Share capital Foreign Retained Total equity
Consolidated statement of currency earnings holders
changes in equity translation
reserve
GROUP $ $ $ $
Balance as at 1 September 2013 864,655 (30,869) 66,817 900,603
Loss for the year - - (47,346) (47,346)
Foreign currency translation reserve movement - 83,734 - 83,734
Shares issued - - - -
Share issue expenses - - - -
Balance as at 30 June 2014 864,655 52,865 19,471 936,991
Profit for the year - - 183,380 183,380
Dividends paid - - (2,963,434) (2,963,434)
Foreign currency translation reserve movement - (838,254) - (838,254)
Shares issued 130,704,474 - - 130,704,474
Share issue expenses (3,610,335) - - (3,610,335)
Balance as at 30 June 2015 127,958,794 (785,389) (2,760,583) 124,412,822
1. Basis of preparation and accounting policy
The abridged annual financial statements are presented in USD ($), which is the functional and presentation currency of the
Group.
The abridged report has been prepared in accordance with the JSE and SEM Listings Requirements for abridged reports and
the requirements of the Mauritian Companies Act 2001. The JSE and SEM Listings Requirements require abridged reports to
be prepared in accordance with the framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council and to also, as a
minimum, contain the information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the abridged report are in terms of IFRS and are consistent with those
applied in the previous consolidated annual financial statements.
This abridged report has been compiled under the supervision of Leon van de Moortele CA(SA), the Chief Financial Officer of
Delta International and has been extracted from audited information.
Delta International has complied with IFRS and JSE and SEM Listings Requirements by disclosing earnings and headline
earnings per share. Headline earnings includes fair value adjustments for financial instruments and the straight line rental
income accrual which does not affect distributable earnings.
The annual financial statements for the year ended 30 June 2015 have been audited by BDO Mauritius, who expressed an
unqualified audit opinion. A copy of the auditor’s report is available for inspection at the Company’s registered office
together with the annual financial statements identified in the auditor’s report.
The above accounts have been published pursuant to Listing Rule 12.14.
2. Posting of integrated report
The integrated report will be posted to Delta International shareholders on 30 September 2015. In addition, the integrated
report will be available on the Company’s website (www.deltainternationalproperty.com) from the same date and can also
be requested from the Company by contacting communication@deltaiph.com.
3. Annual general meeting
The annual general meeting of shareholders of Delta International will be held at Apex Fund Services (Mauritius) Limited, 4th
Floor, Raffles Tower, 19 Cybercity, Ebene, Mauritius on 12 November 2015 at 10:30 (Mauritian time) to transact the business
as stated in the notice of the annual general meeting forming part of the integrated report.
The record date for shareholders to be recorded on the securities register of the Company in order to be able to attend,
participate and vote at the annual general meeting is Friday, 6 November 2015.
4. Directors’ responsibility statements
The directors of Delta International take full responsibility for the preparation of the abridged report and confirm that the
financial information has been correctly extracted from the underlying annual financial statements.
15 September 2015
By order of the Board
Apex Fund Services (Mauritius) Ltd
Company Secretary
Directors: Sandile Nomvete (chairman), Greg Pearson*, Greg Booyens*, Bronwyn Anne Corbett, Peter Todd (lead independent),
Maheshwar Doorgakant, Chandra Kumar Gujadhur, Ian Macleod and Leon van de Moortele*
(*executive director)
Company Secretary: Apex Fund Services (Mauritius) Ltd
Registered address: 4th Floor, Raffles Tower, 19 Cybercity, Ebene, Mauritius
Transfer secretary in South Africa: Computershare Investor Services Proprietary Limited
Registrar and Transfer Agent (Mauritius): Mauritius Computing Services Ltd
JSE sponsor: Nedbank CIB
SEM sponsor: LCF Securities Ltd
Date: 15/09/2015 01:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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