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GREENBAY PROPERTIES LIMITED - Summarised unaudited consolidated interim financial statements for the three and six months ended 31 March 2016

Release Date: 12/05/2016 13:00
Code(s): GRP     PDF:  
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Summarised unaudited consolidated interim financial statements for the three and six months ended 31 March 2016

GREENBAY PROPERTIES LTD
Formerly known as Green Flash Properties Ltd
Incorporated in the Republic of Mauritius 
Reg no C124756 C1/GBL  ISIN MU0461N00007
Primary listing SEM (SEM share code: GFP.N0000) and secondary listing AltX
JSE (JSE share code: GRP)
("Greenbay" or "the Company" or "the Group")

CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the three and six months ended 31 March 2016

DIRECTORS' COMMENTARY
1 STRUCTURE AND LISTING
Greenbay (formerly known as Green Flash Properties Ltd and changed its
name to Greenbay Properties Ltd with effect from 16 March 2016) is a
Category One Global Business Licence Company registered in Mauritius. The
Company has a primary listing on the Stock Exchange of Mauritius Ltd
("SEM") and a secondary listing on the Alternative Exchange ("AltX") of
the Johannesburg Stock Exchange ("JSE"). Its objectives are investing in
global real estate assets and listed companies, predominantly in the
retail sector.

2 DISTRIBUTABLE EARNINGS
The Board has not declared any dividend for the six months ended 31 March
2016.

3 COMMENTARY
Greenbay successfully raised GBP 679 953 by way of a private placement on
the JSE in November 2015.

Greenbay has identified, and is pursuing, a number of investment
opportunities which fall within its investment strategy and will seek to
raise additional capital accordingly.

This strategy aims to take advantage of the global economic environment,
which continues to be volatile.

4 INVESTMENT PORTFOLIO COMPOSITION

Geographical profile by market value
UK                                                                    100%

Sectoral profile by market value
Retail                                                               74,6%
Diversified                                                          25,4%

5 SUMMARY OF FINANCIAL PERFORMANCE
                                      Mar 2016      Sep 2015      Mar 2015
Shares in issue                     25 000 000    15 234 790     7 396 040
Net asset value per share 
  (GBP pence)                             4,80          6,37          6,59
Loan-to-value ratio*                     18,1%         34,8%         69,3%
* The-loan-to value ratio is calculated by dividing net interest-bearing
borrowings by the total of investments in property and listed securities.

6 CHANGES TO THE BOARD
The following changes to the Board of directors were effected during the
six months:
- Mr Paul Pretorius and Mr Jorge da Costa were appointed on 9 February
  2016;
- Mr Peter Todd resigned on 9 February 2016;
- Mr Paul Pretorius resigned on 29 February 2016;
- Messrs. Stephen Carlin, Daniel Romburgh and Serge Richard resigned
  on 1 March 2016;
- Mrs Marie Sarah-Jane Karene Figaro, Mr Teddy Lo Seen Chong and Mr
  Stephen Eugene Delport were appointed on 1 March 2016;and
- Mr Ronnie Porter and Mr Paul Simon May were appointed on 11 March 2016.

7 OUTLOOK
The Board expects macro-economic uncertainty to continue in a low growth
environment.There will be no dividend payable for the six months ended
31 March 2016.The Company continues to explore opportunities in the
listed sector and in direct property that are both value accretive and
that will enhance future distributions.

By order of the Board 
Intercontinental Trust Limited 
Company Secretary 
Mauritius - 12 May 2016

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
GBP                              Unaudited      Restated*         Restated
                                  Mar 2016       Sep 2015         Mar 2015
ASSETS
Non-current assets               1 574 322      1 621 187        1 175 000
Investment property              1 175 000      1 175 000        1 175 000
Listed security investments        399 322        446 187                -
                                 
Current assets                     559 939        300 737          208 973
Trade and other receivables         28 215         25 818          163 475
Cash and cash equivalents          531 724        274 919           45 498
                                   
Total assets                     2 134 261      1 921 924        1 383 973
EQUITY AND LIABILITIES
Total equity attributable to 
  equity holders                 1 200 961        971 161          487 031
Stated capital                   1 562 410        882 457          432 273
Total reserves                   (405 733)         22 215                -
Retained earnings                   44 284         66 489           54 758
                   
Total liabilities                  933 300        950 763          896 942
Non-current liabilities            771 271        794 922          859 814
Interest-bearing borrowings        771 271        794 922          859 814
                                   
Current liabilities                162 029        155 841           37 128
Interest-bearing borrowings         46 000         43 778                -
Trade and other payables           116 029        112 046           37 128
Bank overdraft                           -             17                -                                   
 
Total equity and liabilities     2 134 261      1 921 924        1 383 973
Total number of shares in issue 25 000 000     15 234 790        7 396 040
Net asset value per share (GBP pence) 4,80           6,37             6,59
*The restated figures are based on the audited financial statements for
the period ended 30 September 2015 and were adjusted from EUR to GBP.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                  Restated      Unaudited
                  Unaudited        for the        for the     Restated for
                for the six          seven          three        the three
                     months         months         months           months
                      ended          ended          ended            ended
GBP                Mar 2016       Mar 2015       Mar 2016         Mar 2015
Net rental and
  related revenue    41 238         29 953         20 608           19 248

Administrative 
  expenses         (45 425)             -        (42 734)                -
Listing costs     (259 534)             -               -                -
Foreign 
  exchange loss    (74 711)             -        (78 284)                -
Operating 
  (loss)/profit   (338 432)        29 953       (100 410)           19 248
Other income          5 970        49 649           2 993                -
Finance costs      (23 989)      (24 844)        (11 834)         (16 462)
(Loss)/profit 
  for the period  (356 451)        54 758       (109 251)            2 786
Other comprehensive income:
Listed security investments 
  fair value 
  adjustment       (93 702)             -        (59 238)                -
Total comprehensive 
  (loss)/income 
  for the period  (450 153)        54 758       (168 489)            2 786
Weighted average 
  shares 
  outstanding    21 958 377     6 846 996      25 000 000        7 396 040
Basic (loss)/earnings 
  per share 
  (GBP pence)        (1,62)          0,80          (0,44)             0,04
Headline (loss)/ 
  earnings per 
  share (GBP pence)  (1,62)          0,07          (0,44)             0,04

Greenbay has no dilutionary instruments in issue.

RECONCILIATION OF (LOSS)/PROFIT FOR THE PERIOD TO HEADLINE EARNINGS
                                                          Restated for the
                                   Unaudited for the          seven months
                                    six months ended                 ended
GBP                                         Mar 2016              Mar 2015
Basic earnings - (loss)/profit for the 
  period attributable to equity holders    (356 451)                54 758
Adjusted for:
- Bargain purchase                                 -              (49 649)
Headline earnings                          (356 451)                 5 109

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                               Non- Fair value
               Stated distributable adjustment    Total   Retained   Total
GBP           capital       reserve    reserve reserves   earnings  equity
Issue of 
  shares      432 273                                              432 273
Total comprehensive
  income for the
  period                                     -        -     54 758  54 758
Restated balance at
  March 2015  432 273             -          -        -     54 758 487 031
Issue of 
  shares      450 184                                              450 184
Total comprehensive
  income for the
  period                                22 215   22 215     11 731  33 946
Balance at
  September 
  2015        882 457             -     22 215   22 215     66 489 971 161
Issue of shares:
  -9 765 210 shares on 
  27 Nov 2015 679 953                                              679 953
Total comprehensive
  loss for the 
  period                            (93 702) (93 702)  (356 451) (450 153)
Transfer to non-
  distributable
  reserve                (334 246)          (334 246)    334 246         -
Balance at
  March 2016
            1 562 410    (334 246) (71 487) (405 733)     44 284 1 200 961

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                    Unaudited for the         Restated for
                                     six months ended     the seven months
GBP                                          Mar 2016       ended Mar 2015
Cash outflow from operating activities      (354 866)            (159 678)
Cash inflow from investing activities              -               397 592
Cash inflow/(outflow) from 
  financing activities                       611 688             (192 416)
Increase in cash and cash equivalents        256 822                45 498
Cash and cash equivalents at beginning of
  the period                                 274 902                     -
Cash and cash equivalents at end of
  the period                                 531 724                45 498

NOTES
1 PREPARATION AND ACCOUNTING POLICIES
The Group is required to publish financial results for the three months
and the six months ended March 2016 in terms of Listing Rule 12.19 of the
SEM.

Accordingly, this announcement presents the financial results of the Group
in respect of the period from 1 January 2016 to 31 March 2016, the period
from 1 October 2015 to 31 March 2016 as well as the comparative results.

The accounting policies which have been applied are consistent with those
used in the preparation of the audited financial statements for the period
ended 30 September 2015. Non-distributable reserves comprise those profits
and losses that are not distributable.

On 17 March 2016 the Company announced that it had changed its reporting
and functional currency from Euro ("EUR") to pounds sterling ("GBP") as
approved by the Registrar of Companies effective as from 16 March 2016.

As per IAS 21, the financial results of the Group will subsequently be
presented in GBP and these interim financial statements will be the first
set of results in GBP.

In order to satisfy the requirement of IAS 21 with respect to a change in
presentation currency, the comparative financial information has been
restated from Euro to GBP and the following exchange rates were used:

                                        Mar 2016     Sep 2015     Mar 2015
EUR/GBP exchange rate
Closing rate                              0,7926       0,7415       0,7315

The condensed unaudited consolidated interim financial statements for the
three months and the six months ended 31 March 2016 ("financial
statements") have been prepared in accordance with the measurement and
recognition requirements of IFRS, the requirements of IAS 34: Interim
Financial Reporting, the JSE Listings Requirements, the SEM Listing Rules
and the Securities Act of Mauritius 2005.

The comparative results included in these financial statements for the
period ended 31 March 2015 cover a period of just over 7 months from date
of incorporation (14 August 2014) to 31 March 2015.

The financial statements have not been reviewed or reported on by the
Group's external auditors.

These financial statements were approved by the Board on 11 May 2016.

Copies of the financial statements and the statement of direct and
indirect interests of each officer of the Group, pursuant to rule 8(2)(m)
of the Securities (Disclosure Obligations of Reporting Issuers) Rules
2007, are available free of charge, upon request at Greenbay's registered
address.
Contact person: Mr Kesaven Moothoosamy.

This communiqué‚ is issued pursuant to SEM Listing Rule 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 are not aware of any matters or
circumstances arising subsequent to the period ended 31 March 2016 that
require any additional disclosure or adjustment to the financial
statements.

2 SEGMENTAL ANALYSIS
                                      Unaudited for the   Restated for the
                                       six months ended       seven months
GBP                                            Mar 2016     ended Mar 2015
(Loss)/profit for the period
UK                                               40 088              9 261
Corporate                                     (396 539)             45 497
                                              (356 451)             54 758

                        Unaudited as     Restated as at     Restated as at
GBP                      at Mar 2016           Sep 2015           Mar 2015
Total assets
UK                         1 871 010          1 920 958          1 383 973
Corporate                    263 251                966                  -
                           2 134 261          1 921 924          1 383 973

Directors
Jorge da Costa (chairman) ; Stephen Delport (CEO)* ; Paul May* ; Teddy Lo;
Ronnie Porter ; Karene Figaro (*executive director)

Company secretary
Intercontinental Trust Limited

Registered address 
c/o Intercontinental Trust Limited, Level 3, Alexander House, 
35 Cybercity, Ebene, 72201, Mauritius

Transfer secretary in South Africa
Link Market Services South Africa Proprietary Limited

JSE sponsor
Java Capital

SEM sponsor 
Capital Markets Brokers Limited

www.greenbayprop.mu

Date: 12/05/2016 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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