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MARA DELTA PROPERTY HOLDINGS LIMITED - Audited Abridged Consolidated Financial Statements For The Year Ended 30 June 2016

Release Date: 05/09/2016 08:00
Code(s): MDP     PDF:  
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Audited Abridged Consolidated Financial Statements For The Year Ended 30 June 2016

MARA DELTA PROPERTY HOLDINGS LIMITED
(previously Delta Africa Property Holdings Limited)
(Registered by continuation in the Republic of Mauritius)
(Registration number 128881 C1/GBL)
SEM share code: DEL.N0000
JSE share code: MDP
ISIN: MU0473N00028
("Mara Delta" or "the Company")

AUDITED ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 (the "financial statements")

HIGHLIGHTS
Full year distribution of – US$11.75 cents achieved (4.13% growth)
Hard currency denominated rentals – 87%
A grade tenants - 90% of portfolio
US$44.67 million Capital raised - 2.3% premium to NAV
WACD - 6.22% (2015: 6.94%)

DIRECTORS' COMMENTARY

NATURE OF THE BUSINESS

Mara Delta is a pan African property income fund focusing on African real estate assets (excluding South Africa),
underpinned by predominantly US Dollar denominated medium to long term leases with high quality counterparties
delivering sustainable income. Listed in July 2014, the Company holds dual primary listings on the Stock Exchange of
Mauritius ("SEM") and on the main board of the Johannesburg Stock Exchange ("JSE").

In line with the its strategy to mitigate concentration risk, the Company has increased its geographical footprint to five
countries across the continent with the acquisition of new assets in Zambia, Mauritius and Kenya. The Company is currently
in negotiations that will further extend the footprint into Uganda.

The Group's strategy remains to expand its property portfolio throughout targeted countries in Africa, with assets that will
provide sustainable long term, US Dollar based income from high quality counterparties with a core focus on enhancing
shareholder value and dividend yield.

REVIEW

Results

The Company has achieved a 4.1% growth on distribution. The distribution for the period 1 January 2016 to 30 June 2016 of
US$5.58 cents per share takes the full year distribution to US$11.75 cents per share, which falls within the forecasted 3% to
6% growth on the previous year's full year distribution of US$11.28 cents per share.

Rental income has increased 65.3% due to the full year impact of the assets acquired in the last quarter of the previous
financial year and new acquisitions. The rental income increase included the impact of the US Dollar based rental
escalations as well as the three yearly 10% rent escalations in Anfa Place Shopping Centre.

Operating cost percentage rose from 25.0% in 2015 to 25.7% in 2016, this increase is attributable to concessions provided
to tenants in Anfa Place Shopping Centre in Morocco as part of the planned upgrade of the centre due to commence in
January 2017. The concessions provided for write offs of a number of disputed invoices (US$0.68million) as well as to the
recovery of municipal taxes (US$1.4million). In addition, the Company has increased its provision for doubtful debts in
Morocco by US$0.83 million.

The ability of the Company to utilise its strong dollar position in Mozambique (holding US$15.6million at year end) has
allowed the Company to achieve substantial realised foreign currency gains of US$3.4million. The denomination of local
costs and taxes in Mozambique Meticais and the significant depreciation of the Meticais versus the Dollar (66% in 2016) has
resulted in monthly exchange profits which shall continue as the Meticais continues its slide versus the Dollar in the months
to come.

Net finance costs increase in line with the additional US$60.0 million debt raised during the year. Despite the increase in
Libor rates during the year, the Company has made significant progress in reducing its cost of borrowings with the weighted
average cost of debt decreasing to 6.22% for the year ended 30 June 2016 (2015: 6.94%). The weighted average cost of
debt for the month of June 2016 was 5.66%, with this rate seen as the benchmark for the 2017 financial year.

Capital raised

During the year, the Company has successfully raised capital of US$44.8 million, through the issue of 26 404 683 shares at
an average issue price of US$1.70 per share. In line with its commitment to enhance shareholder value, the Company issued
all shares at a premium of US$0.04 to the average net asset value per share of US$1.66. On 22 August 2016, the Company
issued an additional 645 441 shares at an issue price of US$1.65 per share, raising US$1.064 million from Pivotal. The
proceeds of these issuances were utilised as part payment of new assets acquired and to settle the merger costs.

Corporate action during the year

On 25 May 2016, all conditions precedent to the merger with Pivotal were met. As a result, the Company took transfer of
the 45.5% stake in the Buffalo Mall Navaisha in Kenya and completed the internalisation of the asset management contract.

The recent announcement of Pivotal's sale to Redefine Properties Limited ("Redefine") and the Redefine's strategy which
excludes Africa will result in Redefine seeking a managed exit from Mara Delta over the next few months. The 13.1%
shareholding in the Company will be sold to a suitable new strategic shareholder whose African aspirations mirror that of
Mara Delta. As a result, Pivotal and Mara Delta have mutual agreement not to proceed with the sale of the Oando Wings
Office Complex in Nigeria.

Debt raised

During the year, Mara Delta closed favourable finance deals with Afrasia Bank, Investec Bank, Barclays Bank and Banco
Unico. Mara Delta has developed successful banking relationships with a number of banks within its countries of
operations, this combined with the existing relationship with Standard Bank across the continent and a new finance partner
in the form of Bank of China (to be closed on transfer of the Cosmopolitan Mall), places the group in a strong position to
obtain cost effective finance packages to compliment the strong asset portfolio. These relationships with new financing
partners means Mara Delta is well placed to reduce any refinance risk and allows for further scope to reduce borrowing
costs in the future.

The current exposure to various lenders and currencies are detailed below:

Investec South Africa                                                  32.0%
Standard Bank South Africa                                             30.7%
Afrasia                                                                12.4%
Standard Bank Mozambique                                                6.5%
Barclays Bank Mauritius                                                 4.9%
Bank Unico of Mozambique                                                1.7%
Vendor finance                                                         11.8%
                                                                      100.0%
                                                                  
Debt currency exposure                                               
USD                                                                      76%
MZN                                                                       2%
EUR                                                                      22%
MAD                                                                   100.0%

Mara Delta and its subsidiaries ("Group") successfully raised the following debt facilities during the year to 30 June 2016:

-    In August 2015, the Group secured a Revolver facility of US$10.0 million from AfrAsia Bank in Mauritius.
     Subsequently in March 2016, this facility was increased to US$20.0 million. This facility is a key risk mitigant for the
     Group, enabling it to manage the timing of equity raises and allows for flexibility in drawing funds for the various
     countries of operation.
-    On 22 July 2015, the Group finalised a medium term finance agreement with Standard Bank of South Africa, with
     the proceeds of US$38.0 million being utilised to settle the Standard Bank Mozambique bridging facility of US$24.3
     million that was in place at the previous year end for the acquisition of the Hollard Building and the Vodacom
     Building. The Group entered into an interest rate swap agreement to fix 70% of this facility's interest exposure.
-    On 11 February 2016, Investec Bank provided a long term facility of US$51.2 million to Freedom Property Fund, a
     subsidiary of the Company owning Anfa Place Shopping Centre in Morocco. The loan was the first entry into the
     Moroccan market by Investec Bank. The loan, denominated in Euros (60%) and US Dollars (40%) (based on the
     currency weighting of the Moroccan Dirham), has secured a lower cost of borrowing attached to the hard
     currencies versus the higher Moroccan Dirham based lending rate. The proceeds of the loan have been utilised to
     settle the vendor loan, which arose on the acquisition of the Moroccan property. This refinance transaction has
     resulted in a significant reduction of the 8.9% borrowing costs associated with the vendor loan to the all-in interest
     rate of 4.18% (of which 65% is at a fixed interest rate).
-    On 22 February 2016, the Company secured a loan of US$7.9mil from Barclays Mauritius to finance the Barclays
     House Building in Ebene, Mauritius. In line with the hedging policy, 70% of the interest rate exposure has been
     fixed.

The Group's Weighted average cost of debt is illustrated below:

Weighted average cost of debt
2015 = 6.94%
2016 = 6.22%

Debt expiry profile - US$
Current                      14,548
Dec 2016                     19,000
     Mar       
    2018                     20,000
Jul 2018                     38,000
Feb 2019                     59,619
Sep 2019                     10,451

Debt composition
Bridge                         7.2%
Revolver                      12.4%
Property loan                 80.4%
                             100.0%

Property loan
Property Fixed Interest       64.6%
Property Floating Interest    35.4%
                             100.0%

The Group has actioned the debt due currently by performing the following:
-   On 29 July 2016 the Group settled the SBSA loan of US$11.7 million out of cash reserves;
-   On 1 August the Group converted the short term loan of MZN182.7 million (US$2.9 million) to a long term loan,
    repayable over 10 years, with an interest rate of 19.68%;
-   The group has secured a long term loan facility with Bank of China to refinance the US$19.0 million due in
    December 2016.

The Group's loan to value ratio at 30 June 2016 was 48.85%, up from the 45.2% reported in June 2015, while maintaining an
interest cover of 2.22 for the year ended 30 June 2016. In line with the Group's treasury policy, the Group has secured fixed
interest rates on 64.6% of the interest rate exposure on property loans.

Asset acquisitions and geographical footprint in Africa

Acquisitions during the year

-   Zimpeto Square, a 4,764m(2) retail mall in Maputo Mozambique, transferred on 15 October 2015 for a total
    consideration of US$10.6 million;
-   A 50% interest in the Makuba Mall, a 28,235m(2) retail mall in Kitwe, Zambia, transferred on 1 December 2015, for a
    net purchase price of US$17.5 million (made up of the asset value of US$31.5 million less debt of US$14 million);
-   A 50% interest in the Kafubu Mall, an 11,964m(2) retail mall in Ndola, Zambia, transferred on 1 December 2015, for a
    net purchase price of US$4.1 million (made up of the asset value of US$9.1 million less debt of US$5 million);
-   Barclays House, a 7,700m(2) commercial office building in Ebene, Mauritius, transferred on 22 February 2016 for a
    consideration of US$13.5 million (US$14.2 million including costs);
-   A 45.5% interest in the Buffalo Mall in Navaisha, Kenya, a 6,167m(2) retail, commercial and entertainment centre for
    US$4.1 million (made up of US$6.1 million less debt of US$2.0 million), transferred on 25 May 2016; and
-   The 6,374m(2) Bollore/Plexus warehousing compound in Pemba, Mozambique, for US$8.6 million, transferred on 29 May 2016.

Current acquisitions
-   The Vale accommodation compound in Tete, Mozambique, consisting of 83 villas and 40 apartments with a net
    purchase price of US$16.6 million (made up of the asset value of US$33.1 million less debt of US$16.5 million),
    although the risks and rewards of ownership have passed to the Group on 1 December 2015, physical transfer is
    anticipated during September 2016 once the subdivision of the property is completed; and
-   A 50% interest in the Cosmopolitan Mall, a 26,152m² retail mall in Lusaka, for a net purchase price of US$24.1
    million (made up of the asset value of US$37.1 million less debt of US$13.0 million), transfer is expected in October
    2016 once the Company receives the required Shareholder and COMESA Competition Commission approval.

The portfolio composition (including current acquisitions assets that are pending transfer) is as follows:

CURRENT PORTFOLIO                               Retail     Commercial   Industrial       Other       Total
Number of properties                                 6              4            1           1          12
Property Value/Acquisition                  
Price                                            195.0          120.2          8.6        35.0       358.7
Weighted Average                  
Capitalisation Rate                              6.87%          8.28%        8.72%       9.35%       7.63%
WALE (years by income)                       5.8 years      5.5 years    3.9 years   4.0 years   5.5 years
Weighted Average Lease                  
Escalations                                      3.56%          4.65%        0.00%       3.00%       3.79%
Weighted Average Gross                  
US$Rental per m(2) per                            21.4           29.6         11.8        23.5        23.2
month                  
GLA (m(2))                                      72 094         30 999        6 374      12 966     122 433

Sectorial profile current portfolio
Retail – 54%
Commercial – 34%
Other – 10%
Industrial – 2%

Geographical profile current portfolio
Mozambique – 45%
Morocco – 28%
Zambia – 21%
Mauritius – 4%
Kenya – 2%

Immediate acquisition pipeline of the Group

The pipeline of the Group (which is targeted to be acquired before 31 December 2016) is as follows:

                                                          Expected
                                                       acquisition    Equity          Debt          Target
Property Description            Location                     price  required      required  property yield
Anadarko Phase II               Maputo, Mozambique           15.14      6.09          9.04           10.6%
Distribution Centre in Kenya    Nairobi, Kenya               20.52     10.72          9.89            8.4%
Tamassa Hotel                   Bel Ombre, Mauritius         42.61     18.61         24.24            8.0%
Mall de Tete                    Tete, Mozambique             27.26     13.68         13.71            9.3%
                                                            105.53     49.10         56.88            8.8%

Vacancies

Portfolio vacancies have remained stable at an overall portfolio vacancy of 7% (2015: 4.3%).

The primary contributor to this vacancy percentage is Anfa Place Shopping Centre with strategic vacancies due to a pending
upgrade of the centre. In this regard we have received firm expression of interest from new tenancies to occupy
approximately 40% of current vacancies.

Portfolio vacancies excluding Anfa Place Shopping Centre are 0,4%.

Foreign currency movements

Although the Group operates primarily in US Dollars, operations in various countries incur local costs and taxes
denominated in local currencies.

Mozambique generates net cashflow in US Dollars, with the group requiring to convert 18% of its US Dollar cash generated
to local Meticais in order to cover its local operating costs and taxes.

Morocco's cash generation is in Dirham's, with the local currency being weighted 60% to the Euro and 40% to the Dollar,
the underlying currency exposure to the Group is the USD:EUR exchange rate.

In Mauritius, the leases on the Barclays House Building are denominated in Mauritian Rupees ("MUR"). The Group entered
into a par forward contract with Barclays in order to provide a hedge to any potential Rupee fluctuation to the Dollar.

The introduction of Cosmopolitan Mall into the Zambian pool of assets will result in Group eliminating any material
exposure to the Kwacha, with the Kwacha cash generation being utilised to cover all local operating costs and taxes
allowing the remaining US Dollar cash generation to be paid to shareholders and financiers. The Group's ability to pay
monthly dividends from Zambia further reduces any currency risk in Zambia.

refer to the announcement

SUBSEQUENT EVENTS

Other than those items mentioned above, no material event took place between the 30 June 2016 and the reporting date.

OUTLOOK

Whilst the board recognises the complexity and risk in Africa the Group has positioned itself with a skilled and experienced
management team and platform to capitalise on the significant opportunities on the continent. The forecasted growth of
2% to 4% in US Dollars and the ability to convert on yield accretive available pipeline of US$168.3 million
with strong counterparties are extremely positive.

Any forecast included above has been based on the assumption, of stable regional, political and economic environments as
well as a stable global macro-economic environment.

This forecast is the responsibility of the Mara Delta Board and has not been reviewed or reported on by the auditors of the Company.

GOING CONCERN

Having considered the Group's budget and cash flow, the directors are of the opinion that the Group has adequate
resources to continue operating for the foreseeable future and that it is appropriate to adopt the going concern basis in
preparing the Group's financial statements. The directors have satisfied themselves that the Group is in a sound financial
position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements.

Consolidated statement of comprehensive
income
                                                                                                      Audited for the    Audited for the
                                                                                                        Year ended 30      Year ended 30
                                                                                                            June 2016          June 2015
                                                                                                                    $                  $
Gross rental income                                                                                        23,012,093         13,918,198
Straight-line rental income accrual                                                                         2,217,399          2,622,295
Revenue                                                                                                    25,229,492         16,540,493
Income from associates                                                                                      3,219,866                  -
Property operating expenses                                                                               (5,915,324)        (3,477,760)
Net property income                                                                                        22,534,034         13,062,733
Other income                                                                                                  946,447            384,061
Administrative expenses                                                                                   (3,856,608)        (1,711,297)
Profit from operations                                                                                     19,623,873         11,735,497
Acquisition fees                                                                                            (990,338)        (3,291,940)
Set-up and merger costs                                                                                     (848,462)          (829,279)
Fair value adjustment on investment property                                                              (3,759,543)          4,560,459
Fair value adjustment on financial instruments                                                               (99,198)                  -
Gain from bargain purchase                                                                                    250,515          3,504,523
Unrealised foreign currency loss                                                                            (725,284)       (11,803,314)
Realised foreign currency gain                                                                              3,489,058            551,853
Profit before interest and taxation                                                                        16,940,621          4,427,799
Interest income                                                                                               170,158             91,478
Finance costs                                                                                             (9,698,267)        (3,640,293)
Profit for the period before tax                                                                            7,412,512            878,984
Current tax expense                                                                                       (1,493,959)           (78,542)
Deferred tax expense                                                                                      (3,944,764)          (617,062)
Profit for the period after tax                                                                             1,973,789            183,380
Other comprehensive income                                            
Profit/(loss) on translation of functional currency                                                           783,491          (838,254)
Total comprehensive income/(loss)                                                                           2,757,280          (654,874)
                                            
Reconciliation of basic earnings and headline earnings                                            
                                            
Basic earnings                                                                                              1,973,789            183,380
Less: Fair value adjustments on investment                                            
property                                                                                                    3,759,543        (4,560,459)
Gain from bargain purchase                                                                                  (250,515)        (3,504,523)
Fair value adjustment on investment in associate                                                          (1,418,401)                  -
Fair value adjustment on financial instruments                                                                 99,198                  -
                                            
Headline earnings/(loss) attributable to shareholders                                                       4,163,614        (7,881,601)
                                            
Reconciliation of headline earnings and distribution                                            
                                            
Headline earnings/(loss) attributable to shareholders                                                       4,163,614        (7,881,601)
Less: Straight line rental income accrual (net of                                             
deferred taxation)                                                                                        (1,682,107)        (1,815,090)
Unrealised foreign currency exchange differences                                                              725,284         11,803,314
Acquisition costs of investment property                                                                      990,338          3,626,253
Share in income from associates                                                                             1,418,401                  -
Deferred taxation - other                                                                                   3,409,472                  -
Setup and merger costs                                                                                        848,462            829,279
Shares issued antecedent dividend                                                                             635,547                  -
Profits released / (retained)                                                                                 120,535          (175,538)
Distributable earnings attributable to shareholders                                                        10,629,546          6,386,617
Less: Distribution declared                                                                                 5,046,135          2,963,433
Interim  Final (declared after 30 June)                                                                     5,583,411          3,423,184
Distributable earnings attributable to shareholders                                                        10,629,546          6,386,617
Number of shares in issue at interim                                                                       81,785,009         44,656,447
Number of shares in issue at year end                                                                     100,061,130         73,656,447
Weighted average number of shares*                                                                         81,725,430         47,104,850
Earnings per share                                            
Basic and diluted earnings per share (cents)                                                                     2.42               0.39
Headline diluted earnings/(loss) per share (cents)                                                               5.09            (16.73)
Distribution per share                                                                                              -                  -
Distribution per share (cents) - interim                                                                         6.17               6.64                                                                   
Distribution per share (cents) - final (declared                                              
after 30 June)                                                                                                   5.58               4.65
Distribution per share (cents) - full year                                                                      11.75              11.28
                                            
                                                                                                      Audited for the    Audited for the
                                                                                                        Year ended 30      Year ended 30
Consolidated statement of financial position                                                                June 2016          June 2015
                                                                                                                    $                  $
Assets                                            
Non-current assets                                            
Investment property                                                                                       248,545,665        210,390,631
Fair value of property portfolio                                                                          243,705,971        207,768,336
Straight line rental income accrual                                                                         4,839,694          2,622,295
Property, plant and equipment                                                                                 803,240             96,512
Investments in associates                                                                                  45,945,339                  -
Intangible assets                                                                                           5,699,199              8,774
Related party loans                                                                                           978,277             11,778
Deferred tax                                                                                                5,984,142            190,143
Total non-current assets                                                                                  307,955,862        210,697,838
Current assets                                            
Trade and other receivables                                                                                18,101,466         18,777,373
Cash and cash equivalents                                                                                  17,771,821          6,565,282
Total current assets                                                                                       35,873,287         25,342,655
Total assets                                                                                              343,829,149        236,040,493
Equity and liabilities                                            
Total equity attributable to equity holders                                             
Share capital                                                                                             171,995,298        127,958,794
Foreign currency translation reserve                                                                          (1,898)          (785,389)
Antecedent dividend reserve                                                                                   635,547                  -
Retained loss                                                                                             (9,256,498)        (2,760,583)
Total equity attributable to equity holders                                                               163,372,449        124,412,822
Liabilities                                             
Non-current liabilities                                             
Interest-bearing borrowings                                                                               127,070,183         10,490,966
Deferred tax                                                                                                  835,646            807,205
Total non-current liabilities                                                                             127,905,829         11,298,171
Current liabilities                                              
Interest-bearing borrowings                                                                                34,548,386         91,165,629
Trade and other payables                                                                                   15,029,155          8,671,831
Related party loans                                                                                         1,365,000                  -
Withholding tax payable                                                                                        33,180             11,893
Current tax payable                                                                                         1,020,938            137,756
Financial instruments                                                                                         554,212                  -
Cash and cash equivalents                                                                                           -            342,391
Total current liabilities                                                                                  52,550,871        100,329,500
Total liabilities                                                                                         180,456,700        111,627,671
Total equity and liabilities                                                                              343,829,149        236,040,493
Net asset value per share (cents)                                                                              163.27             168.91
Net asset value per share (excluding deferred taxation) (cents)                                                158.13             169.75
                                                                

                                                                                                      Audited for the    Audited for the
                                                                                                        Year ended 30      Year ended 30
Consolidated statement of cash flows                                                                        June 2016          June 2015
                                                                                                                    $                  $
Cash generated from/(utilised in) operations                                                               19,286,276        (6,715,572)
Interest received                                                                                             170,158             91,477
Finance costs                                                                                             (9,241,646)        (4,357,686)
Taxation paid                                                                                               (589,490)          (171,207)
Dividends paid                                                                                            (8,469,704)        (2,963,434)
Net cash generated from/(utilised in) operating activities                                                  1,155,594       (14,116,422)
Acquisition of investment property                                                                       (31,490,817)      (172,115,747)
Acquisition of property, plant and equipment                                                                (798,114)                  -
Acquisition of intangible assets                                                                            (593,172)                  -
Net cash outflow on acquisition of subsidiaries and                                        
associates                                                                                               (31,419,780)       (31,115,210)
Dividends received from associates                                                                          1,786,552                  -
Loans raised from/(advanced to) related parties                                                               398,501            263,956
Net cash utilised in investing activities                                                                (62,116,830)      (202,967,002)
Proceeds from the issue of shares                                                                          40,695,047        126,825,299
Share issue expenses                                                                                        (158,256)        (3,610,335)
Proceeds from interest bearing borrowings                                                                 142,152,774        122,745,142
Settlement of interest bearing borrowings                                                               (110,179,398)       (23,303,118)
Net cash generated from financing activities                                                               72,510,166        222,656,987
Net movement in cash and cash equivalents                                                                  11,548,930          5,573,563
Cash at the beginning of the year                                                                           6,222,891            649,328
Total cash at the end of the year                                                                          17,771,821          6,222,891

Condensed
consolidated
segmental analysis                              Morocco        Mozambique        Zambia           Kenya      Mauritius            Total
Geographical location 2016              $
Gross rental income                          10,341,658        11,997,205             -               -        673,230       23,012,093
Straight-line rental income accrual             630,031         1,282,085             -               -        305,283        2,217,399
Property operating expenses                 (4,602,647)       (1,280,896)             -               -       (31,781)      (5,915,324)
Income from associate                                 -                 -     3,213,569           6,297              -        3,219,866
Net property rental and related
income                                        6,369,042        11,998,394     3,213,569           6,297        946,732       22,534,034
Fair value adjustment                       (4,816,060)         1,050,000             -           6,516       (99,197)      (3,858,741)
Investment Property                         100,621,562       131,233,000     3,000,000               -     13,691,103      248,545,665
Investment property at fair value            98,395,047       128,925,104     3,000,000               -     13,385,820      243,705,971
Straight-line rental income accrual           2,226,515         2,307,896             -               -        305,283        4,839,694
Investment in associates                              -                 -    41,420,485       4,524,854              -       45,945,339
Other Assets                                 13,675,651        17,408,297       235,910           4,164     18,014,124       49,338,146
Total assets                                114,297,213       148,641,297    44,656,394       4,529,018     31,705,227      343,829,149
Total liabilities                            58,115,597        59,078,563    19,216,196          10,220     44,036,124      180,456,700

                                                                                  Light        Accommo-
                                                 Retail            Office    Industrial          dation      Corporate            Total
Type of property 2016                    $
Gross rental income                          11,197,234         9,606,224        75,000       2,133,635              -       23,012,093
Straight-line rental income accrual             766,487         1,450,912             -               -              -        2,217,399
Property operating expenses                 (4,844,152)         (924,872)             -       (146,300)              -      (5,915,324)
Income from associate                         3,219,866                 -             -               -              -        3,219,866
Net property rental and related 
income                                       10,339,435        10,132,264        75,000       1,987,335              -       22,534,034
Fair value adjustment                       (3,959,544)           100,803             -               -              -      (3,858,741)
Investment Property                         114,671,561       119,591,104     8,663,000       5,620,000              -      248,545,665
Investment property at fair value           112,308,591       117,114,380     8,663,000       5,620,000              -      243,705,971
Straight-line rental income accrual           2,362,970         2,476,724             -               -              -        4,839,694
Investment in associates                     45,945,339                 -             -               -              -       45,945,339
Other Assets                                 14,159,059        23,922,493       647,843       1,987,335      8,621,415       49,338,145
Total assets                                174,775,959       143,513,597     9,310,843       7,607,335      8,621,415      343,829,149
Total liabilities                            80,507,020        64,526,372        29,316               -     35,393,992      180,456,700
                                                                                               
                                                                                   Foreign                     Retained
Consolidated                                                Share Capital         currency     Antecedent     Earnings/           Total
statement of changes                                                           translation       dividend      (Revenue          equity
in equity                                                                          reserve        reserve      deficit)         holders
                                                                        $                $              $             $               $
GROUP                                        
Balance as at 1 July 2014                                         864,655           52,865              -        19,471         936,991
Profit for the year                                                     -                -              -       183,380         183,380
Foreign currency translation reserve        
movement                                                                -        (838,254)              -             -       (838,254)
Dividends paid                                                          -                -              -   (2,963,434)     (2,963,434)
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
Profit for the year                                                     -                -              -     1,973,789       1,973,789
Dividends paid                                                          -                -              -   (8,469,704)     (8,469,704)
Foreign currency translation reserve       
movement                                                                -          783,491              -             -         783,491
Shares issued                                                  44,830,306                -              -             -      44,830,306
Share issue expenses                                            (158,255)                -              -             -       (158,255)
Transfer from share issues                                      (635,547)                -        635,547             -               -
Balance as at 30 June 2016                                    171,995,298          (1,898)        635,547   (9,256,498)     163,372,449

NOTES

The abridged audited consolidated financial statements for the year ended 30 June 2016 have been prepared in accordance with the
measurement and recognition requirements of International Financial Reporting Standards ("IFRS"), the JSE Listings Requirements,
the SEM Listing Rules and the requirements of the Mauritian Companies Act 2001 and the method of computation followed per the
abridged audited financial statements for the year ended 30 June 2015.

The Group is required to publish financial results for the year ended 30 June 2016 in terms of the Listing Rule 12.14 of the SEM and
JSE Listing Requirements. The directors are not aware of any matters or circumstances arising subsequent to the year ended 30 June
2016 that require any additional disclosure or adjustment to the financial statements. These abridged audited consolidated financial
statements were approved by the board on 2 September 2016.

BDO & Co have issued their unqualified audit opinion on the Group's financial statements for the year ended 30 June 2016. Copies of
the abridged audited consolidated financial statements and the statement of direct and indirect interests of each officer of the
Company, pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, are available free of
charge, upon request at the Company's registered address. Contact Person: Kesaven Moothoosamy.

Declaration of final dividend
Shareholders are advised that dividend number 6 of US$5.58000 cents per share for the six months ended 30 June 2016 has been
declared. The source of the cash dividend is from rental income and cum-dividend reserve.
Salient dates and times

For shareholders on the Mauritian Register
Announcement of results of cash dividend on JSE and SEM                                         Monday, 5 September 2016
Announcement of US$ to Rand conversion rate released on SEM website by no later than 13:00      Monday, 19 September 2016                                                                                      
Last date to trade cum dividend                                                                 Tuesday, 20 September 2016
Shares trade ex-dividend                                                                        Wednesday, 21 September 2016
Record date of dividend on JSE                                                                  Friday, 23 September 2016
Payment date of dividend                                                                        Monday, 3 October 2016

Notes

1. All dates and times quoted above are local dates and times in Mauritius. The above dates and times are subject to change.
   Any changes will be released on the SEM website.
2. No dematerialisation or rematerialisation of share certificates nor transfer of shares between sub-registers in Mauritius and
   South Africa may take place between Monday, 19 September 2016 and Friday, 23 September 2016, both days inclusive.

For shareholders on the South African Register

Announcement of results of cash dividend on JSE and SEM                                         Monday, 5 September 2016
Announcement of US$ to Rand conversion rate released on SENS by no later than 11:00             Monday, 19 September 2016
Last date to trade cum dividend                                                                 Tuesday, 20 September 2016
Shares trade ex-dividend                                                                        Wednesday, 21 September 2016
Record date of dividend on JSE                                                                  Friday, 23 September 2016
Payment date of dividend                                                                        Monday, 3 October 2016

Notes

1.   All dates and times quoted above are local dates and times in South Africa. The above dates and times are subject to
     change. Any changes will be released on SENS.
2.   No dematerialisation or rematerialisation of share certificates nor transfer of shares between sub-registers in Mauritius and
     South Africa may take place between Monday, 19 September 2016 and Friday, 23 September 2016, both days inclusive.
3.   Shareholders on the South African sub-register will receive dividends in South African Rand, based on the exchange rate to
     be obtained by the Company on or before Monday, 19 September 2016. A further announcement in this regard will be
     made on Monday, 19 September 2016.

In terms of the JSE Listings Requirements regarding Dividends Tax, the following information is only of direct application to
shareholders on the South African share register, as the dividend is regarded as a foreign dividend for shareholders on the South
African register:

-    the final dividend is subject to South African Dividends Tax;
-    the local dividend tax rate is 15%;
-    there is no withholding tax payable in Mauritius;
-    the number of ordinary shares in issue is 100,061,130; and
-    the Mauritian income tax reference number of the Company is 27331528.

By order of the board
2 September 2016
    
JSE sponsor and corporate advisor to Mara Delta
PSG Capital Proprietary Limited

SEM Authorised Representative and Sponsor to Mara Delta
Perigeum Capital Limited

5 September 2016
                                                                           
Directors: Sandile Nomvete (chairman), Bronwyn Corbett*, Peter Todd (lead independent), Maheshwar Doorgakant,
Chandra Gujadhur, Ian Macleod, Leon van de Moortele*, Ashish Thakkar, Jaqueline van Niekerk and David Savage
(*executive director)
Company secretary: Intercontinental Fund Services Limited
Registered address: Level 5, Alexander House, 35 Cybercity, Ebène, 72201, Mauritius
Transfer secretary (South Africa): Computershare Investor Services Proprietary Limited
Registrar and transfer agent (Mauritius): Intercontinental Secretarial Services Limited
Corporate advisor and JSE sponsor: PSG Capital Proprietary Limited
Sponsoring Broker: Capital Markets Brokers Limited
SEM authorised representative and sponsor: Perigeum Capital Limited

This communiqué is issued pursuant to SEM Listing Rule 11.3 and 12.14 and section 88 of the Mauritian Securities Act 2005 and the
JSE Listing Requirements. The board accepts full responsibility for the accuracy of the information contained in these abridged
audited consolidated financial statements and this communiqué.



Date: 05/09/2016 08:00:00 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.

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