Wrap Text
Abridged unaudited financial statements for the three months ended 30 June 2017
MAINLAND REAL ESTATE LTD
Incorporated in the Republic of Mauritius
Registration number 135891 C1/GBL
SEM share code: MAIN.N0000 JSE share code: MLD ISIN: MU0520N00000
Abridged unaudited financial statements
for the three months ended 30 June 2017
DIRECTORS COMMENTARY
NATURE OF BUSINESS
Mainland Real Estate Ltd ("Mainland" or the "Company") was incorporated on 2 February 2016
as a Category One Global Business Licence Company. The Company has its primary listing on
the Official Market of the Stock Exchange of Mauritius Ltd ("SEM") and a secondary listing on
the Alternative Exchange of the JSE Limited ("AltX"). The Company has been established with
the primary objective of investing in global real estate assets and companies, predominantly
situated in the United Kingdom and selected Western European jurisdictions, specifically the
Netherlands and Germany.
Since listing, the Company invested in a diversified portfolio of listed property securities and
continues to trade in these, as well as making an investment in cumulative, redeemable, non-
participating preference shares.
COMPANY REVIEW FOR THE QUARTER ENDED 30 JUNE 2017
The Company hereby presents its results for the three months ended 30 June 2017.
During the quarter ended 30 June 2017, the weakening of the GBP against ZAR resulted in a net
unrealised loss on financial assets at fair value through profit or loss.
COMPANY OUTLOOK
Mainland intends to grow its portfolio of listed property securities and investments, mainly through
strategic investments, into listed and direct property investment sector. The Board of directors of
the Company ("the Board") remain on the lookout for and is actively pursuing opportunities that
fall within the ambit of Mainland's investment strategy.
STATEMENT OF FINANCIAL POSITION
Unaudited Audited Unaudited
30 June 2017 31 March 2017 30 June 2016
GBP GBP GBP
ASSETS
Current assets
Financial assets at fair value through profit
or loss 599 338 614 321 -
Trade and other receivables 10 555 4 682 1 209
Cash and cash equivalents 612 246 676 139 673 860
Total current assets 1 222 139 1 295 142 675 069
Total assets 1 222 139 1 295 142 675 069
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 255 984 1 255 984 670 100
(Accumulated losses)/Retained earnings (50 456) 17 665 (4 004)
Total equity 1 205 528 1 273 649 666 096
Current liabilities
Trade and other payables 16 611 21 493 8 973
Total current liabilities 16 611 21 493 8 973
Total equity and liabilities 1 222 139 1 295 142 675 069
Actual number of shares in issue 884 042 884 042 591 100
Net asset value per share (GBP pence) 136,37 144,07 112,69
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited Audited Unaudited
For the For the thirteen For the
quarter ended months ended quarter ended
30 June 2017 31 March 2017 30 June 2016
GBP GBP GBP
Revenue (14 982) 47 842 3 783
Other expenses (20 963) (107 173) (7 529)
Foreign exchange (loss)/gain (32 176) 76 995 -
Operating (loss)/profit (68 121) 17 664 (3 746)
Other income - 3 -
Finance cost - (2) (258)
(Loss)/Profit before tax (68 121) 17 665 (4 004)
Taxation - - -
(Loss)/Profit for the period (68 121) 17 665 (4 004)
Other comprehensive income for the period - - -
Total comprehensive income for the
period (68 121) 17 665 (4 004)
Weighted average number of shares in
issue 884 042 544 851 150 825
Basic and diluted earnings/(loss) per share
(GBP pence) (7,71) 3,24 (2,65)
Basic and diluted headline earnings/ (loss)
per share (GBP pence) (7,71) 3,24 (2,65)
The Company has no dilutionary
instruments in issue.
RECONCILIATION OF BASIC EARNINGS TO DISTRIBUTABLE EARNINGS
Unaudited Audited Unaudited
For the For the thirteen For the
quarter ended months ended quarter ended
30 June 2017 31 March 2017 30 June 2016
GBP GBP GBP
(Loss)/profit for the period attributable to
owners of the parent (68 121) 17 665 (4 004)
Headline (loss)/earnings (68 121) 17 665 (4 004)
Adjusted for once-off costs
Bank charges : Account opening fee - 5 756 -
Listing and advisory fees - 20 640 -
Transaction costs - 10 000 -
Adjusted headline (loss)/earnings/
Distributable (loss)/earnings (68 121) 54 061 (4 004)
Adjusted headline (loss)/earnings per share
(GBP pence) (7,71) 9,92 (2,65)
STATEMENT OF CHANGES IN EQUITY
(Accumulated
losses)/
Ordinary Retained
share capital earnings Total
GBP GBP GBP
Issue of shares 670 100 - 670 100
Loss for the period - (4 004) (4 004)
Balance as at 30 June 2016 670 100 (4 004) 666 096
Issue of shares 1 097 884 - 1 097 884
Profit for the period - 21 669 21 669
Balance as at 31 March 2017 1 767 984 17 665 1 785 649
Loss for the period - (68 121) (68 121)
Balance as at 30 June 2017 1 767 984 (50 456) 1 717 528
STATEMENT OF CASH FLOWS
Unaudited Audited Unaudited
For the For the thirteen For the
quarter ended months ended quarter ended
30 June 2017 31 March 2017 30 June 2016
GBP GBP GBP
Cash flows from operating activities
Cash utilised in operations (31 463) (43 561) 3 760
Interest received - 619 -
Dividend received - 926 -
Interest paid - (2) -
Net cash utilised in operating activities (31 463) (42 018) 3 760
Cash flows from investing activities
Acquisition of quoted investments - (1 212 379) -
Proceeds from sale of quoted investments - 629 183 -
Net cash utilised in investing activities - (583 196) -
Cash flows from financing activities
Proceeds from issue of shares, net of issue
costs - 1 255 984 670 100
Net cash generated from financing
activities - 1 255 984 670 100
Net increase in cash and cash
equivalents for the period (31 463) 630 770 673 860
Foreign exchange movement (32 430) 45 369 -
Cash and cash equivalents at the beginning
of the period 676 139 - -
Cash and cash equivalents at end of the
period 612 246 676 139 673 860
NOTES
The Company is required to publish financial results for the three months ended 30 June 2017 in
terms of the Listing Rule 12.19 of the SEM. Accordingly this announcement presents the financial
results of the Company in respect of the period from 1 April 2017 to 30 June 2017.
The abridged unaudited financial statements for the three months ended 30 June 2017 ("abridged
unaudited financial statements") have been prepared on the basis of accounting policies of the
Company, which are in compliance with the International Financial Reporting Standards ("IFRS").
The abridged unaudited financial statements are in accordance with the measurement and
recognition requirements of IFRS, the requirements of IAS 34: Interim Financial Reporting, the
SEM Listing Rules and the Mauritian Securities Act 2005.
The abridged unaudited financial statements have not been reviewed or audited by the
Company's external auditors. These financial statements were approved by the Board on
14th August 2017.
Copies of the abridged unaudited 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 Registered Office of the Company at c/o Intercontinental Fund Services Limited, Level 5,
Alexander House, 35 Cybercity, Ebene 72201, Mauritius.
Contact person: Mrs. Smitha Algoo.
This communiqué is issued pursuant to SEM Listing Rule 12.20 and section 88 of the Mauritian
Securities Act 2005. The Board accepts full responsibility for the accuracy of the information
contained in this announcement. The directors are not aware of any matters or circumstances
arising subsequent to the period ended 30 June 2017 that require any additional disclosure or
adjustment to the financial statements.
By order of the Board
Intercontinental Fund Services Limited
Company Secretary
14 August 2017
Intercontinental Fund Services Limited
SEM authorised representative and sponsor
Perigeum Capital
JSE sponsor
Java Capital
Date: 15/08/2017 08:50:00 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.