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Abridged unaudited consolidated results for the quarter ended 31 December 2015
Green Flash Properties Ltd
(Incorporated in the Republic of Mauritius on 14 August 2014) GREEN FLASH
(Registration number C124756 C1/GBL) GREEN FLASH PROPERTIES LTD
SEM share code: GFP.N0000
JSE share code: GRP
ISIN: MU0461N00007
(“Green Flash” or “the Company”)
ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER ENDED 31 DECEMBER 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 invest opportunistically in undervalued
real estate assets to provide investors with exposure to high yielding property assets. The Company’s fixed property investment is
held by a wholly owned subsidiary (together with the company, “the group”).
BUSINESS REVIEW
During the quarter ended, the Company has successfully raised an aggregate amount of ZAR11 874 494,14 through the SA private
placement as further detailed below. Green Flash placed 9,765,210 of its shares with Invited Investors under the SA private
placement at an issue price payable in Rand of approximately R1,22 per share, which is equivalent to €0.08 per share determined at
the prevailing EUR:ZAR exchange rate at 12h00 on Friday, 6 November 2015.
The Group reported a loss of Euro 357,951 for the quarter ended 31 December 2015. The loss includes Euro 295,891 representing
professional fees associated with the structuring and listing services provided to the Company in respect of its listing on the SEM
and AltX.
CHANGES TO THE BOARD
Mr Peter Todd resigned from the Board, effective from 9 February 2016. The Board wishes to thank Mr Peter Todd for his valuable
contribution to the Company.
The following directors were appointed to the Board, effective from 9 February 2016:
• Mr Paul Pretorius, a resident of Mauritius, has been appointed as a non-executive director; and
• Mr Jorge da Costa has been appointed as an independent non-executive director.
DIVIDEND
No dividend has been declared for the period under review
BASIS OF PREPARATION
These abridged unaudited consolidated results for the quarter ended 31 December 2015 have been prepared in accordance with
International Financial Reporting Standards, including IAS34 – Interim Financial Reporting and the rules of the SEM.
ACCOUNTING POLICIES
The results below have not been audited or reviewed by the Company’s external auditors, Moore Stephens (Mauritius). The
accounting policies adopted are consistent with those published in the audited financial statements for the period ended 30 September
2015.
By order of the Board
Osiris Corporate Solutions (Mauritius) Ltd
Company secretary
15 February 2016
NOTES
Copies of this report are available free of charge 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 free of charge 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 12.14 and Section 88 of the Securities Act 2005. The Board of Directors of
Green Flash Properties Ltd accepts full responsibility for the accuracy of the information in this communiqué.
For further information please contact:
Company secretary
Osiris Corporate Solutions (Mauritius) Ltd +230 650 4030
JSE sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd +27 11 8065734
GREEN FLASH PROPERTIES LIMITED
1,000.00
UNAUDITED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2015
THE GROUP
Unaudited Audited
31 December 30 September
2015 2015
Euro Euro
ASSETS
Non-current assets
Investment property 1,594,017 1,584,605
Other financial assets 574,835 601,727
2,168,852 2,186,332
Current assets
Trade and other receivables 21,954 34,819
Cash and cash equivalents 820,995 370,756
842,949 405,575
Total assets 3,011,801 2,591,907
EQUITY
Capital and reserves
Share capital 1,971,321 1,190,082
Reserves 9,355 29,958
(Accumulated loss)/Retained earnings (247,681) 89,667
Total equity 1,732,995 1,309,707
LIABILITIES
Non-current liabilities
Other financial liabilities 1,123,358 1,072,032
1,123,358 1,072,032
Current liabilities
Loan from shareholder 43,675 43,417
Other financial liabilities - 59,039
Trade and other payables 111,750 107,689
Bank overdraft 23 23
155,448 210,168
Total liabilities 1,278,806 1,282,200
Total equity and liabilities 3,011,801 2,591,907
Net Asset Value per Share (cents) 6.93 8.60
Number of shares 25,000,000 15,234,790
GREEN FLASH PROPERTIES LIMITED
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2015
THE GROUP
Unaudited Audited
For the period ended For the year
31 December 2015 ended September
2015
Euro Euro
Revenue 63,490 139,962
Expenses
Operating expenses (35,502) (35,112)
Administrative expenses (355,377) (36,453)
Operating (loss)/profit (327,389) 68,397
Other income 8,526 19,361
Finance costs (16,490) (66,581)
(Loss)/Profit before tax (335,353) 21,177
Other comprehensive income:
Exchange differences on translating foreign operations 4,294 48,075
Available-for-sale financial asset fair value adjustment (26,892) (25,373)
Other comprehensive income for the period/year net of taxation (22,598) 22,702
Total comprehensive (loss)/income for the period/year (357,951) 43,879
Basic (loss)/earnings per share (cents) (0.02) 0.19
Headline (loss)/earnings per share
(cents) (0.02) 0.19
GREEN FLASH PROPERTIES LIMITED
UNAUDITED STATEMENT OF CHANGES IN EQUITY -
FOR THE PERIOD ENDED 31 DECEMBER 2015
1,000
Foreign Fair
currency value
Share translation adjustment Total Retained Total
capital reserve reserve reserves earnings equity
Euro Euro Euro Euro Euro Euro
THE GROUP
Profit for the period - - - - 68,490 68,490
Other comprehensive income for the
7,256 7,256
period - 7,256 - -
Issue of shares: business combination 562,982 - - - - 562,982
Balance at 30 September 2014
562,982 7,256 - 7,256 638,728
(Audited) 68,490
Balance at 01 October 2014 562,982 7,256 - 7,256 68,490 638,728
Profit for the year - - - - 21,177 21,177
Other comprehensive income for the year - 48,075 (25,373) 22,702 - 22,702
Issue of shares: acquisition of financial
asset 627,100 - - - - 627,100
Balance at 30 September 2015
1,190,082 55,331 (25,373) 29,958 89,667 1,309,707
(Audited)
55,331 (25,373) 29,958 89,667 1,309,707
Balance at 01 October 2015 1,190,082
Loss for the period - - - - (335,353) (335,353)
Other comprehensive income for the
period - 6,289 (26,892) (20,603) (1,995) (22,598)
Issue of shares 781,239 - - - - 781,239
Balance at 31 December
1,971,321 61,620 (52,265) 9,355 (247,681) 1,732,995
2015(Unaudited)
GREEN FLASH PROPERTIES LIMITED
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2015
THE GROUP
Unaudited Audited
31 December 30 September
2015 2015
EURO EURO
Cash flows from operating activities
Cash (used in)/generated from operations (295,031) 87,409
Interest income 8,526 19,361
Finance costs (16,490) (66,581)
Net cash (used in)/from operating activities (302,995) 40,189
Cash flows from investing activities
Net movement in investment property - -
Cash received from acquisition of subsidiary - -
Net cash from investing activities - -
Cash flows from financing activities
Proceeds from issue of shares 781,239 -
Net movement in other financial liabilities (7,713) (55,745)
Net movement in shareholder loan 259 (188,805)
Net cash generated/(used in) financing activities 773,785 (244,550)
Net increase in cash and cash equivalents for the period/year 470,790 (204,361)
Cash and cash equivalents at the beginning of the period 370,733 534,838
Effect of exchange rate movement on cash balances (20,551) 40,256
Total cash at end of the period/year 820,972 370,733
Date: 16/02/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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