MAINLAND REAL ESTATE LIMITED - Abridged audited financial statements for the year ended 31 March 2018

Release Date: 14/06/2018 11:45
Code(s): MLD
 
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Abridged audited financial statements for the year ended  31 March 2018

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
(“Mainland” or “the Company”)

ABRIDGED AUDITED FINANCIAL STATEMENTS
for the year ended 31 March 2018

DIRECTORS COMMENTARY
NATURE OF BUSINESS
Mainland was incorporated in Mauritius on 2 February 2016 as a Category One Global Business License
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 has 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 YEAR ENDED 31 MARCH 2018
The Company hereby presents its abridged audited financial statements for the year ended 31 March
2018.

During the year ended 31 March 2018, the Company received a dividend of GBP 1,992 on its investments
in Sirius Real Estate Ltd.
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.

Mainland is still in the process of appointing a new Chief Executive Officer and Chief Investment
Officer. A further announcement will be made upon their appointment.

DIVIDENDS
No dividends were authorised or paid during the year under review.

By order of the Board


14 June 2018


STATEMENT OF FINANCIAL POSITION

                                               AUDITED           AUDITED
                                         31 March 2018     31 March 2017
                                                   GBP               GBP
ASSETS
Current assets
Financial assets at fair value
through profit or loss                         639 903           614 321
Other receivables                                7 771             4 682
Cash and cash equivalents                      547 465           676 139
Total current assets                         1 195 139         1 295 142
Total assets                                 1 195 139         1 295 142
EQUITY AND LIABILITIES
Capital and reserves
Share capital                                1 255 984         1 255 984
(Accumulated losses)/Retained earnings        (66 558)            17 665
Total equity                                 1 189 426         1 273 649
Current liabilities
Trade and other payables                         5 713            21 493
Total current liabilities                        5 713            21 493
Total equity and liabilities                 1 195 139         1 295 142
Actual number of shares in issue               884 042           884 042
Net asset value per share (Pence)               134.54            144.07


STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

                                                       AUDITED             AUDITED
                                                                    For the period
                                                                   from 2 Feb 2016
                                                     For the              (date of
                                                  year ended     incorporation) to
                                               31 March 2018         31 March 2017
                                                         GBP                   GBP
Revenue                                               27 574                47 842
Expenses                                            (89 425)             (107 173)
Foreign exchange (loss) / gain                      (22 372)                76 995
Other income                                               -                     3
Operating (loss) / profit                           (84 223)                17 667
Finance cost                                               -                   (2)
(Loss) / profit before taxation                     (84 223)                17 665
Taxation                                                   -                     -
(Loss) / profit for the year / period               (84 223)                17 665
Other comprehensive income                                 -                     -
Total comprehensive income
for the year / period                               (84 223)                17 665
Weighted average number of
shares in issue                                      884 042               544 851
Basic and diluted (loss) /
earnings per share (Pence)                             (9.53)                 3.24
Adjusted headline (loss) /
earnings per share from continuing
operations (Pence)                                     (9.53)                 9.92

The Company has no dilutionary instruments in issue.


STATEMENT OF CHANGES IN EQUITY

                                                      (Accumulated
                                      Ordinary   losses)/ Retained
                                 share capital            earnings        Total
                                           GBP                 GBP          GBP
Balance at 1 April 2017              1 255 984              17 665    1 273 649
Total comprehensive income
Loss for the year                            -             (84 223)    (84 223)
Other comprehensive income                   -                   -            -
Balance as at 31 March 2018          1 255 984             (66 558)   1 189 426
Issue of shares                      1 767 984                   -    1 767 984
Share issue costs                    (512 000)                   -    (512 000)
Total comprehensive income
Profit for the period                        -              17 665       17 665
Other comprehensive income                   -                   -            -
Balance as at 31 March 2017          1 255 984              17 665    1 273 649


STATEMENT OF CASH FLOWS

                                                     AUDITED             AUDITED
                                                                   For the period
                                                                  from 2 Feb 2016
                                                     For the             (date of
                                                  year ended    incorporation) to
                                               31 March 2018        31 March 2017
                                                         GBP                  GBP
Cash flows from operating activities
Cash utilised in operations                         (108 889)            (43 561)
Interest received                                           -                 619
Dividend received                                       1 992                 926
Interest paid                                               -                 (2)
Net cash utilised in operating activities           (106 897)             (42 018)
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
Net cash generated from financing activities                -           1 255 984
Net (decrease) / increase in cash and
cash equivalents for the year / period              (106 897)             630 770
Foreign exchange movement                            (21 777)              45 369
Cash and cash equivalents at
the beginning of the year / period                    676 139                   -
Cash and cash equivalents
at end of the year / period                           547 465             676 139


SEGMENTAL REPORTING
The Company is organised into one main operating segment, which invests in global real estate assets
and companies. All significant operating decisions are based upon analysis of the Company as one
segment. The financial results from this segment are equivalent to the financial statements of the
Company as a whole.


RECONCILIATION OF BASIC EARNINGS TO DISTRIBUTABLE EARNINGS

                                                    AUDITED               AUDITED
                                                                    For the period
                                                                   from 2 Feb 2016
                                                     For the              (date of
                                                  year ended     incorporation) to
                                               31 March 2018         31 March 2017
                                                         GBP                   GBP
(Loss) / profit for the year
attributable to owners of the parent                (84 223)                17 665
Headline (loss) / earnings                          (84 223)                17 665
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                      (84 223)                54 061
Headline (loss) / earnings per share (Pence)          (9.53)                  3.24
Adjusted headline (loss) /
earnings per share (Pence)                            (9.53)                  9.92

There was no reconciling items in terms of headline earnings.

NOTES
The Company is required to publish its abridged audited financial results in terms of SEM Listing Rule
12.14.

These abridged audited financial statements for the year ended 31 March 2018 (“abridged audited
financial statements”) have been derived from the Company’s audited annual financial statements for the
same year, which have been prepared in accordance with International Financial Reporting Standards
(“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and in accordance with
the International Accounting Standards (“IAS”) - IAS 34 Interim Financial Reporting, the SEM Listing
Rules, the Securities Act of Mauritius 2005 and the JSE Listings Requirements. The abridged audited
financial statements do not include all information and disclosures required in the audited financial
statements, and should be read in conjunction with the Company’s audited annual financial statements
for the year ended 31 March 2018 (“audited annual financial statements”).

The accounting policies adopted in the preparation of these abridged audited financial statements are
consistent with those applied in the preparation of the audited annual financial statements.

BDO & Co have issued an unmodified audit opinion on the Company’s audited annual financial statements.
These abridged audited financial statements were approved by the Board on 14 June 2018.

Copies of the abridged audited financial statements and the audited annual financial statements,
together with the audit report 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 to the Company Secretary 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-Bissonauth.

This communique is issued pursuant to the JSE Listings Requirements, SEM Listing Rules 11.3 and
12.14, and Section 88 of the Securities Act of Mauritius 2005. The Board accepts full responsibility
for the accuracy of the information contained in these abridged audited financial statements. The
directors of Mainland have disclosed all matters or circumstances arising subsequent to the year
ended 31 March 2018 that require any additional disclosure or adjustment to the audited annual
financial statements.


For further information please contact:


Intercontinental Fund Services Limited
Company Secretary


Perigeum Capital Ltd
SEM authorised representative and sponsor


Java Capital
JSE sponsor

Date: 14/06/2018 11:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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