Wrap Text
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').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.