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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