Wrap Text
Change Statement to finalize the financial information of the company for the up and coming LSE Listing
GRIT REAL ESTATE INCOME GROUP LIMITED
(previously Mara Delta Property Holdings Limited)
(Registered by continuation in the Republic of Mauritius)
(Registration number: 128881 C1/GBL)
SEM share code: DEL.N0000
JSE share code: GTR
ISIN: MU0473N00036
("Grit" or "the Company" or with its subsidiaries "the Group")
CHANGE STATEMENT TO FINALIZE THE FINANCIAL INFORMATION OF THE COMPANY FOR THE UP AND COMING LSE LISTING
Shareholders are referred to the Company’s financial results announcement released to the market on 13 June 2018, which
included Grit’s third quarter results to 31 March 2018, which included the provisional abridged unaudited consolidated
financial statements for the seven-month period ended 31 January 2018, and the provisional abridged restated historical
financial information of the Company for the years ended 30 June 2015, 30 June 2016 and 30 June 2017.
The Company has now completed all work in relation to the preparation for the proposed listing on the
London Stock Exchange (“LSE Listing”) and the requirement to present historical financial information for the 3 years
ended 30 June 2017 (“HFI”).
The HFI will be included in the pathfinder which will be published following the publication of the financial information.
Shareholders are hereby advised that additional reclassifications and the amendment of an inaccuracy, which impacted
the previously published quarterly results and the accompanying prior period restatements, have been identified in the
process of finalising the HFI.
Details of all of the changes that have been made to the third quarter results to 31 March 2018 and the accompanying prior
period restatements are set out below.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As previously As at
reported Note 1 Note 2 Note 3 Note 4 31 March 2018
(as restated)
As at 31 March 2018 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Assets
Non-current assets - - - - - -
Investment properties 387,718 - - - - 387,718
Deposits paid on investment properties 4,117 - - - - 4,117
Property, plant and equipment 1,169 - - - - 1,169
Intangible assets 33 - - - - 33
Other investments 3,757 1,096 - - - 4,853
Investments in associates 157,443 - - (1,302) - 156,141
Related party loans receivable 29,348 - (29,348) - 800 800
Other loans receivable 8,723 - 29,348 - - 38,071
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current assets 592,308 1,096 - (1,302) 800 592,902
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current assets
Current tax receivable 566 - - - - 566
Trade and other receivables 35,706 - - - - 35,706
Related party loans receivable 2,691 (1,096) - - (800) 795
Other financial asset 16,856 - - - - 16,856
Derivative financial instruments 25 - - - - 25
Cash and cash equivalents 9,484 - - - - 9,484
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current assets 65,328 (1,096) - - (800) 63,432
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total assets 657,636 - - (1,302) - 656,334
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Equity and liabilities
Total equity attributable to equity holders
Ordinary share capital 319,979 - - - - 319,979
Treasury shares reserve (14,414) - - - - (14,414)
Foreign currency translation reserve 5,084 - - - - 5,084
Antecedent dividend reserve - - - - - -
Retained loss (38,681) - - (1,302) - (39,983)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds 271,968 - - (1,302) 270,666
Non-controlling interests (2,155) - - - - (2,155)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity 269,813 - - (1,302) - 268,511
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Non-current liabilities
Interest-bearing borrowings 245,809 - - - - 245,809
Redeemable preference shares 12,840 - - - - 12,840
Obligations under finance leases 145 - - - - 145
Related party loans payable - - - - - -
Deferred tax liability 9,998 - - - - 9,998
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current liabilities 268,792 - - - - 268,792
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current liabilities
Interest-bearing borrowings 65,020 - - - - 65,020
Obligations under finance leases 42 - - - - 42
Trade and other payables 36,115 - - - - 36,115
Current tax payable - - - - - -
Derivative financial instruments - - - - - -
Other financial liability 16,950 - - - - 16,950
Bank overdrafts 904 - - - - 904
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 119,031 - - - - 119,031
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 387,823 - - - - 387,823
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity and liabilities 657,636 - - (1,302) - 656,334
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
The Group invested $1.02 million in an unlisted development company, Gateway Developments Holdings Limited, incorporated in Mauritius, in the period ended 31 January 2018
as part of its strategy to secure future investment pipeline on the African continent. This balance has been reclassified to Other investments.
Note 2
Loans to Ndola Investments Limited, Kitwe Copperbelt Investments Limited and Syngenta Limited have been reclassified to Other loans receivable and interest due has been
reclassified to Trade and other receivables.
Note 3
The investment in the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development costs.
Note 4
The loan to Venus Africa Properties (Pty) Limited has been reclassified to Non-current assets.
NAV PER SHARE
As previously Period ended
reported Note 1 Note 2 31 March 2018
(as restated)
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 271,968 (1,302) - 270,666
Ordinary shares in issue in the period 198,573,503 - 1,943,277 200,516,780
--------------------------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents) 137 - - 135
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments
EPRA NAV PER SHARE
As previously Period ended
reported Note 1 Note 2 Note 3 31 March 2018
(as restated)
------------------------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 286,005 (1,302) - 1,247 285,951
Ordinary shares in issue in the period 198,573,503 - 1,943,277 - 200,516,780
------------------------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents) 144 - - - 143
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments
Note 3
Adjustment on deferred taxation on revaluation of investment properties
EPRA NAV per share is calculated in accordance with Best Practise recommendations published by the European Public Real Estate Association in January 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
As previously Period ended
reported Note 1 Note 2 Note 3 Note 4 Note 5 Note 6 31 March 2018
- (as restated)
Nine months ended 31 March 2018 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income 23,345 - - - - - - 23,345
Straight-line rental income accrual 1,063 - - - - - - 1,063
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue 24,408 - - - - - - 24,408
Share of profits from associates 15,691 - - (1,302) - - - 14,389
Property operating expenses (4,551) - - - - - - (4,551)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income 35,548 - - (1,302) - - - 34,246
Other income (90) - - - - - - (90)
Administrative expenses (including corporate structuring costs) (6,058) (5,190) 214 - - - - (11,034)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit from operations 29,400 (5,190) 214 (1,302) - - - 23,122
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set up costs (5,190) 5,190 - - - - - -
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties - - - - - 308 1,611 1,611
Contractual receipts from vendors of investment properties - - - - - - 7,788 7,788
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties 9,091 - - - - 308 - 9,399
Fair value adjustment on other investments - - - - (92) - - (92)
Fair value adjustment on other financial asset - - - - (93) - - (93)
Fair value adjustment on derivative financial instruments (166) - - - 185 - - 19
Share based payment expense - - (214) - - - - (214)
Gain from bargain purchase on associates - - - - - - - -
Foreign currency gains / (losses) 3,744 - - - - (308) (308) 3,436
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation 36,879 - - (1,302) - - - 35,577
Interest income 3,523 - - - - - - 3,523
Finance costs (14,029) - - - - - - (14,029)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period before tax 26,373 - - (1,302) - - - 25,071
Taxation (1,125) - - - - - - (1,125)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period after tax 25,248 - - (1,302) - - - 23,946
- - - - - - - -
Other comprehensive income - - - - - - - -
Amounts that may be reclassified to profit and loss: - - - - - - - -
Profit on translation of foreign operations 1,809 - - - - - - 1,809
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive income 27,057 - - (1,302) - - - 25,755
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
- - - - - - - -
Profit for the period attributable to: - - - - - - - -
Owners of the parent 26,280 - - (1,302) - - - 24,978
Non-controlling interests (1,032) - - - - - - (1,032)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
25,248 - - (1,302) - - - 23,946
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
The share of profits from the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development costs.
Note 4
In order to provide consistent disclosure, the amounts included in Fair value adjustment of derivative financial instruments has been reclassified to Fair value adjustment of financial assets and
Fair value adjustments on other investments.
Note 5
In order to provide consistent disclosure, a further adjustment has been made to reclassify foreign currency gains / (losses) recorded within fair value gains on investment property.
Note 6
Contractual receipts from vendors of investment properties Fair value adjustment on investment property has been disclosed separately from Fair value adjustment on investment property
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As previously Period ended
reported Note 1 31 March 2018
(as restated)
RETAINED LOSS US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------
Balance As at 30 June 2017 (51,177) - (51,177)
Share based payments 243 - 243
Ordinary dividends paid (14,028) - (14,028)
Profit for the period 26,280 (1,302) 24,978
----------------------------------------------------------------------------------------------------------------------
Balance As at 31 March 2018 (38,682) (1,302) (39,984)
----------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
CONSOLIDATED STATEMENT OF CASHFLOW
As previously Period ended
reported Note 1 31 March 2018
Nine months ended 31 March 2018 US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------
Cash (utilised in)/generated from operating activities (4,138) 22,090 17,952
Changes in working capital 10,832 (13,794) (2,962)
Dividends paid (14,167) - (14,167)
Net cash utilised in investing activities (85,204) (21,218) (106,422)
Net cash generated from financing activities 73,128 16,773 89,901
----------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents (19,549) 3,851 (15,698)
----------------------------------------------------------------------------------------------------------------------
Cash at the beginning of the period/year 24,228 2 24,230
Effect of exchange rates - 48 48
----------------------------------------------------------------------------------------------------------------------
Total cash at the end of the period/year 4,679 3,901 8,580
----------------------------------------------------------------------------------------------------------------------
Note 1
Printing error in reported cashflow
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As previously As at
reported Note 1 Note 2 Note 3 Note 4 31 January 2018
(as restated)
As at 31 January 2018 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Assets
Non-current assets
Investment properties 381,873 - - - - 381,873
Deposits paid on investment properties 4,117 - - - - 4,117
Property, plant and equipment 1,200 - - - - 1,200
Intangible assets 605 - - - - 605
Other investments 4,931 - - - - 4,931
Investments in associates 157,173 - - (1,302) - 155,871
Related party loans receivable 30,263 - - - (29,443) 820
Other loans receivable 9,523 - - - 29,340 38,863
Other financial asset 16,856 - (16,856) - - -
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current assets 606,541 - (16,856) (1,302) (103) 588,280
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current assets
Current tax receivable 547 - - - - 547
Trade and other receivables 31,661 923 - - 103 32,687
Related party loans receivable 625 - - - - 625
Other financial asset - - 16,856 - - 16,856
Derivative financial instruments 12 - - - - 12
Cash and cash equivalents 8,880 - - - - 8,880
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current assets 41,725 923 16,856 - 103 59,607
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total assets 648,266 923 - (1,302) - 647,887
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Equity and liabilities
Total equity attributable to equity holders
Ordinary share capital 319,979 - - - - 319,979
Treasury shares reserve (14,811) - - - - (14,811)
Foreign currency translation reserve 3,652 - - - - 3,652
Antecedent dividend reserve - - - - - -
Retained loss (28,119) - - (1,302) - (29,421)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds 280,701 - - (1,302) - 279,399
Non-controlling interests (1,908) - - - - (1,908)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity 278,793 - - (1,302) - 277,491
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Non-current liabilities
Interest-bearing borrowings 225,787 - - - - 225,787
Redeemable preference shares 12,840 - - - - 12,840
Obligations under finance leases 153 - - - - 153
Deferred tax liability 8,697 - - - - 8,697
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current liabilities 247,477 - - - - 247,477
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current liabilities - - - - - -
Interest-bearing borrowings 87,996 - - - - 87,996
Obligations under finance leases 43 - - - - 43
Trade and other payables 16,025 923 - - - 16,948
Other financial liability 16,950 - - - - 16,950
Bank overdrafts 982 - - - - 982
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 121,996 923 - - - 122,919
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 369,473 923 - - - 370,396
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity and liabilities 648,266 923 - (1,302) - 647,887
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Trade and other receivables with a credit balance have been reclassified to Trade and other payables.
Note 2
The Other financial asset has been reclassified to current assets.
Note 3
The investment in the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development costs
Note 4
Loans to Ndola Investments Limited, Kitwe Copperbelt Investments Limited and Syngenta Limited have been reclassified to Other loans receivable and interest due has been
reclassified to Trade and other receivables.
NAV per share
As previously Period ended
reported Note 1 Note 2 31 January 2018
(as restated)
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 280,701 (1,302) - 279,399
Ordinary shares in issue in the period 198,573,503 - 1,943,277 200,516,780
--------------------------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents) 141 - - 139
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments
EPRA NAV per share
As previously Period ended
reported Note 1 Note 2 Note 3 31 January 2018
(as restated)
------------------------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 294,763 (1,302) - 1,236 294,697
Ordinary shares in issue in the period 198,573,503 - 1,943,277 - 200,516,780
------------------------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents) 148 - - - 147
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments
Note 3
Adjustment on deferred taxation on revaluation of investment properties
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
As previously Period ended
reported Note 1 Note 2 Note 3 Note 4 31 January 2018
(as restated)
Seven months ended 31 January 2018 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income 17,175 - - - - 17,175
Straight-line rental income accrual 1,061 - - - - 1,061
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue 18,236 - - - - 18,236
Share of profits from associates 13,848 - - (1,302) - 12,546
Property operating expenses (3,778) - - - - (3,778)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income 28,306 - - (1,302) - 27,004
Other income 30 - - - - 30
Administrative expenses (including corporate structuring costs) (4,474) (4,867) 214 - (25) (9,152)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit from operations 23,862 (4,867) 214 (1,302) (25) 17,882
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs (4,867) 4,867 - - - -
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties 2,279 - - - (668) 1,611
Contractual receipts from vendors of investment properties 7,788 - - - - 7,788
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties 10,067 - - - (668) 9,399
Fair value adjustment on other investments 61 - - - - 61
Fair value adjustment on other financial asset (93) - - - (1) (94)
Fair value adjustment on derivative financial instruments 31 - - - - 31
Share based payment expense - - (214) - - (214)
Foreign currency gains / (losses) 2,797 - - - 695 3,491
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation 31,857 - - (1,302) 1 30,556
Interest income 2,763 - - - - 2,763
Finance costs (10,932) - - - - (10,932)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period before tax 23,688 - - (1,302) 1 22,387
Taxation (151) - - - (1) (152)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period after tax 23,537 - - (1,302) - 22,235
- - - - - -
Other comprehensive income - - - - - -
Amounts that may be reclassified to profit and loss: - - - - - -
Profit on translation of foreign operations 377 - - - - 377
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive income 23,914 - - (1,302) - 22,612
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
- - - - - -
Profit for the period attributable to: - - - - - -
Owners of the parent 24,322 - - (1,302) - 23,020
Non-controlling interests (785) - - - - (785)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
23,537 - - (1,302) - 22,235
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
The share of profits from the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development costs.
Note 4
In order to provide consistent disclosure, a further adjustment has been made to reclassify foreign currency gains / (losses) recorded within fair value gains on investment property.
Earnings per share
As previously Period ended
reported Note 1 Note 2 Note 3 31 January 2018
(as restated)
------------------------------------------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000) 23,538 785 - (1,302) 23,020
Weighted average number of ordinary shares in issue in the period* 208,514,261 - (8,143,122) - 200,371,139
------------------------------------------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents) 11.29 - - - 11.49
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments
Note 3
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As previously Period ended
reported Note 1 31 January 2018
(as restated)
RETAINED LOSS US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------
Balance As at 30 June 2017 (51,177) - (51,177)
Share based payments 214 - 214
Ordinary dividends paid (1,478) - (1,478)
Profit for the period 24,322 (1,302) 23,020
----------------------------------------------------------------------------------------------------------------------
Balance As at 31 January 2018 (28,119) (1,302) (29,421)
----------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
CONSOLIDATED STATEMENT OF CASHFLOW
As previously Period ended
reported Note 1 Note 2 Note 3 Note 4 Note 5 31 January 2018
(as restated)
Seven months ended 31 January 2018 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations (10,394) 394 7,783 (626) 11,016 (340) 7,833
Taxation (paid) / recovered (112) 223 - - - - 111
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities (10,506) 617 7,783 (626) 11,016 (340) 7,944
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties (43,040) - - - (11,016) - (54,056)
Acquisition of property, plant and equipment (389) - - - - 340 (49)
Acquisition of intangible assets (26) 26 - - - - -
Acquisition of other investments (3,849) - - - - - (3,849)
Net cash outflow on acquisition of associates (62,136) - - 46,398 - - (15,738)
Dividends and interest received from associates 4,778 - - 1,367 - - 6,145
Interest received 1,617 - 1,146 - - - 2,763
Proceeds from disposal of property, plant and equipment 4 - - - - - 4
Related party loans (advanced) / repaid (19,460) - - 19,002 - - (458)
Other loans (advanced) / repaid 46,609 - - (66,141) - - (19,532)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities (75,892) 26 1,146 626 (11,016) 340 (84,770)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares
Share issue expenses
Proceeds from the issue of preference shares
Ordinary dividends paid (2,878) 139 - - - - (2,739)
Proceeds from interest-bearing borrowings 121,712 - - - - - 121,712
Settlement of interest-bearing borrowings (49,319) 1 - - - - (49,318)
Finance costs paid - - (8,929) - - - (8,929)
Settlement of debt structure fees (32) 32 - - - - -
Settlement of obligations under finance leases (20) - - - - - (20)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities 69,464 171 (8,929) - - - 60,706
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents (16,934) 814 - - - - (16,120)
Cash at beginning of period 24,230 - - - - - 24,230
Effect of foreign exchange rates 603 (815) - - - - (212)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period 7,899 (1) - - - - 7,898
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification of investment in associates, loans to related parties and loans receivable
Note 4
Reclassification of deposits paid on investment properties between investing activities and operating activities
Note 5
Reclassification of additions to property, plant and equipment
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As previously Year ended
reported Note 1 30 June 2017
- - (as restated)
As at 30 June 2017 US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------
Assets
Non-current assets
Investment properties 307,795 - 307,795
Deposits paid on investment properties 24,440 - 24,440
Property, plant and equipment 1,290 - 1,290
Intangible assets 592 - 592
Investments in associates 89,016 - 89,016
Related party loans receivable 10,637 (10,629) 8
Other loans receivable 56,111 10,629 66,740
----------------------------------------------------------------------------------------------------------------------
Total non-current assets 489,881 - 489,881
----------------------------------------------------------------------------------------------------------------------
Current assets
Current tax receivable 439 - 439
Trade and other receivables 22,805 - 22,805
Related party loans receivable 2,000 - 2,000
Cash and cash equivalents 24,668 - 24,668
----------------------------------------------------------------------------------------------------------------------
Total current assets 49,912 - 49,912
----------------------------------------------------------------------------------------------------------------------
Total assets 539,793 - 539,793
----------------------------------------------------------------------------------------------------------------------
Equity and liabilities
Total equity attributable to equity holders
Ordinary share capital 319,979 - 319,979
Treasury shares reserve (15,031) - (15,031)
Foreign currency translation reserve 3,275 - 3,275
Antecedent dividend reserve 1,261 - 1,261
Retained loss (51,177) - (51,177)
----------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds 258,307 - 258,307
Non-controlling interests (1,123) - (1,123)
----------------------------------------------------------------------------------------------------------------------
Total equity 257,184 - 257,184
----------------------------------------------------------------------------------------------------------------------
Liabilities
Non-current liabilities
Interest-bearing borrowings 185,051 - 185,051
Redeemable preference shares 12,840 - 12,840
Obligations under finance leases 171 - 171
Related party loans payable 1,365 - 1,365
Deferred tax liability 8,545 - 8,545
----------------------------------------------------------------------------------------------------------------------
Total non-current liabilities 207,972 - 207,972
----------------------------------------------------------------------------------------------------------------------
Current liabilities
Interest-bearing borrowings 47,959 - 47,959
Obligations under finance leases 45 - 45
Trade and other payables 26,176 - 26,176
Derivative financial instruments 19 - 19
Bank overdrafts 438 - 438
----------------------------------------------------------------------------------------------------------------------
Total current liabilities 74,637 - 74,637
----------------------------------------------------------------------------------------------------------------------
Total liabilities 282,609 - 282,609
----------------------------------------------------------------------------------------------------------------------
Total equity and liabilities 539,793 - 539,793
----------------------------------------------------------------------------------------------------------------------
Note 1
Loans to Ndola Investments Limited, Kitwe Copperbelt Investments Limited and Syngenta Limited have been reclassified to Other loans receivable.
NAV per share
As previously Period ended
reported Note 1 30 June 2017
(as restated)
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 258,306 - 258,307
Ordinary shares in issue in the period 198,420,768 1,943,277 200,364,045
----------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents) 130 - 129
----------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments
EPRA NAV PER SHARE
As previously Period ended
reported Note 1 Note 2 30 June 2017
(as restated)
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 273,225 - 2,071 275,297
Ordinary shares in issue in the period 198,420,768 1,943,277 - 200,364,045
--------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents) 138 - - 137
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments
Note 2
Adjustment on deferred taxation on revaluation of investment properties
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
As previously Year ended
reported Note 1 Note 2 Note 3 30 June 2017
(as restated)
------------------------------------------------------------------------------------------------------------------------------------------------------
For the year ended 30 June 2017 US$'000 US$'000 US$'000 US$'000 US$'000
------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income 22,872 - - - 22,872
Straight-line rental income accrual 1,132 - - - 1,132
------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue 24,004 - - - 24,004
Share of profits from associates 6,893 - - - 6,893
Property operating expenses (7,170) - - - (7,170)
------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income 23,727 - - - 23,727
Other income 254 - - - 254
Administrative expenses (including corporate structuring costs) (7,006) (1,027) 133 - (7,900)
------------------------------------------------------------------------------------------------------------------------------------------------------
Profit from operations 16,975 (1,027) 133 - 16,081
------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs (678) 1,027 - (349) -
------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties (20,729) - - - (20,729)
Contractual receipts from vendors of investment properties 230 - - - 230
------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties (20,499) - - - (20,499)
Fair value adjustment on derivative financial instruments 535 - - - 535
Share based payment expense - - (133) - (133)
Gain from bargain purchase on associates 609 - - 349 958
Foreign currency gains / (losses) 2,081 - - - 2,081
------------------------------------------------------------------------------------------------------------------------------------------------------
Loss before interest and taxation (977) - - - (977)
Interest income 2,059 - - - 2,059
Finance costs (11,433) - - - (11,433)
------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period before tax (10,351) - - - (10,351)
Taxation 2,916 - - - 2,916
------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period after tax (7,435) - - - (7,435)
- - - - -
Other comprehensive income - - - - -
Amounts that may be reclassified to profit and loss: - - - - -
Profit on translation of foreign operations 3,045 - - - 3,045
------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive loss (4,390) - - - (4,390)
------------------------------------------------------------------------------------------------------------------------------------------------------
- - - - -
Loss for the period attributable to: - - - - -
Owners of the parent (6,634) - - - (6,634)
Non-controlling interests (801) - - - (801)
------------------------------------------------------------------------------------------------------------------------------------------------------
(7,435) - - - (7,435)
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Gain from bargain purchase on associates.
Earnings per share as previously Year ended
reported Note 1 Note 2 30 June 2017
(as restated)
--------------------------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000) (7,436) 802 - (6,634)
Weighted average number of ordinary shares in issue in the period* 110,435,576 - (640,601) 109,794,974
--------------------------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents) (6.73) - - (6.04)
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments
CONSOLIDATED STATEMENT OF CASHFLOW
as previously Year ended
reported Note 1 Note 2 Note 3 Note 4 Note 5 30 June 2017 - - - - - -
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations 28,331 (21,655) 10,048 (4,554) - - 12,170
Taxation (paid) / recovered (1,488) 788 - - - - (700)
VAT on acquisition of investment property recoverable (4,554) - - 4,554 - - -
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities 22,289 (20,867) 10,048 - - - 11,470
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties (85,056) 1,153 - - 13,001 - (70,902)
Acquisition of property, plant and equipment (1,012) 363 - - - - (649)
Acquisition of intangible assets (10) - - - - - (10)
Acquisition of other investments - - - - - - -
Net cash outflow on acquisition of associates (15,183) (207) - - - - (15,390)
Dividends and interest received from associates 3,573 - - - - - 3,573
Interest received - - 2,059 - - - 2,059
Proceeds from disposal of property, plant and equipment - - - - - - -
Related party loans (advanced) / repaid (9,951) - - - - 7,943 (2,008)
Other loans (advanced) / repaid (58,582) (215) - - - (7,943) (66,740)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities (166,221) 1,094 2,059 - 13,001 - (150,067)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares 110,962 (134) - - - - 110,828
Share issue expenses (5,331) 1 - - - - (5,330)
Proceeds from the issue of preference shares 12,840 - - - - - 12,840
Ordinary dividends paid (17,649) 366 - - - - (17,283)
Proceeds from interest-bearing borrowings 183,934 - - - (13,001) - 170,933
Settlement of interest-bearing borrowings (114,720) 1 - - - - (114,719)
Finance costs paid - - (12,107) - - - (12,107)
Settlement of debt structure fees (1,960) 1,960 - - - - -
Settlement of obligations under finance leases (73) - - - - - (73)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities 168,003 2,194 (12,107) - (13,001) - 145,089
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents 24,071 (17,579) - - - - 6,492
Cash at beginning of period 17,785 - - - - - 17,785
Effect of foreign exchange rates (17,626) 17,579 - - - - (47)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period 24,230 - - - - - 24,230
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification of vat paid on property acquisition within operating activities
Note 4
Reclassification of vendor finance assumed with the acquisition of Cosmopolitan Mall
Note 5
Reclassification of between related party loan and loans receivable
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As previously Year ended
Reported No Change 30 June 2016
(as restated)
As at 30 June 2016 US$'000 - US$'000
----------------------------------------------------------------------------------------------------------------------
Assets
Non-current assets
Investment properties 239,926 - 239,926
Deposits paid on investment properties 8,620 - 8,620
Property, plant and equipment 525 - 525
Intangible assets 599 - 599
Investments in associates 45,822 - 45,822
----------------------------------------------------------------------------------------------------------------------
Total non-current assets 295,492 - 295,492
----------------------------------------------------------------------------------------------------------------------
Current assets - - -
Trade and other receivables 15,327 - 15,327
Cash and cash equivalents 17,785 - 17,785
----------------------------------------------------------------------------------------------------------------------
Total current assets 33,112 - 33,112
----------------------------------------------------------------------------------------------------------------------
Total assets 328,604 - 328,604
----------------------------------------------------------------------------------------------------------------------
Equity and liabilities
Total equity attributable to equity holders
Ordinary share capital 171,995 - 171,995
Treasury shares reserve (5,100) - (5,100)
Foreign currency translation reserve 230 - 230
Antecedent dividend reserve 636 - 636
Retained loss (28,989) - (28,989)
----------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds 138,772 - 138,772
Non-controlling interests (455) - (455)
----------------------------------------------------------------------------------------------------------------------
Total equity 138,317 - 138,317
----------------------------------------------------------------------------------------------------------------------
Liabilities
Non-current liabilities
Interest-bearing borrowings 126,633 - 126,633
Related party loans payable 1,365 - 1,365
Deferred tax liability 11,458 - 11,458
----------------------------------------------------------------------------------------------------------------------
Total non-current liabilities 139,456 - 139,456
----------------------------------------------------------------------------------------------------------------------
Current liabilities
Interest-bearing borrowings 34,548 - 34,548
Trade and other payables 14,700 - 14,700
Current tax payable 1,029 - 1,029
Derivative financial instruments 554 - 554
----------------------------------------------------------------------------------------------------------------------
Total current liabilities 50,831 - 50,831
----------------------------------------------------------------------------------------------------------------------
Total liabilities 190,287 - 190,287
----------------------------------------------------------------------------------------------------------------------
Total equity and liabilities 328,604 - 328,604
----------------------------------------------------------------------------------------------------------------------
NAV PER SHARE
As previously Period ended
reported Note 1 30 June 2016
(as restated)
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 138,771 - 138,772
Ordinary shares in issue in the period 97,061,130 1,943,277 99,004,407
----------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents) 143 - 140
----------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments
EPRA NAV PER SHARE
As previously Period endeded
reported Note 1 Note 2 30 June 2016
(as restated)
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 155,793 - 2,468 158,261
Ordinary shares in issue in the period 97,061,130 1,943,277 - 99,004,407
--------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents) 161 - - 160
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments
Note 2
Adjustment on deferred taxation on revaluation of investment properties
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
As previously Year ended
Reported Note 1 Note 2 Note 3 Note 4 30 June 2016
(as restated)
For the year ended 30 June 2016 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income 19,986 - - - - 19,986
Straight-line rental income accrual 1,901 - - - - 1,901
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue 21,887 - - - - 21,887
Share of profits from associates 3,313 - - - - 3,313
Property operating expenses (5,623) - - - - (5,623)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income 19,577 - - - - 19,577
Other income 805 - - - - 805
Administrative expenses (including corporate structuring costs) (7,355) (1,563) 3,235 - - (5,683)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit from operations 13,027 (1,563) 3,235 - - 14,699
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs (1,563) 1,563 - - - -
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties (4,625) - - - - (4,625)
Contractual receipts from vendors of investment properties 892 - - - - 892
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties (3,733) - - - - (3,733)
Fair value adjustment on derivative financial instruments (554) - - - - (554)
Share based payment expense - - (3,235) - - (3,235)
Gain from bargain purchase on associates 251 - - - - 251
Foreign currency gains / (losses) 4,127 - - (9,711) 1,000 (4,584)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation 11,555 - - (9,711) 1,000 2,844
Interest income 170 - - - - 170
Finance costs (9,243) - - - (1,000) (10,243)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period before tax 2,482 - - (9,711) - (7,229)
Taxation (20,245) - - 9,711 - (10,534)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period after tax (17,763) - - - - (17,763)
- - - - - -
Other comprehensive income - - - - - -
Amounts that may be reclassified to profit and loss: - - - - - -
Loss on translation of foreign operations (207) - - - - (207)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive loss (17,970) - - - - (17,970)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period attributable to:
Owners of the parent (17,962) - - - - (17,962)
Non-controlling interests 199 - - - - 199
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
(17,763) - - - - (17,763)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
A foreign currency exchange loss recorded within the deferred tax charge has been reclassified to foreign currency gains / (losses).
Note 4
Foreign currency gains on a Mozambique Meticais loan have been reclassified from Finance costs to Foreign currency gains / (losses) to provide for consistent disclosure.
EARNINGS PER SHARE
As previously Period ended
reported Note 1 Note 2 30 June 2016
(as restated)
----------------------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000) (17,762) (200) - (17,962)
Weighted average number of ordinary shares in issue in the period* 81,725,430 - 22,322) 81,603,108
----------------------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents) (21.73) - - (22.01)
----------------------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments
CONSOLIDATED STATEMENT OF CASHFLOW
previously Year ended
reported Note 1 Note 2 Note 3 30 June 2016
(as restated)
US$'000 US$'000 US$'000 US$'000 US$'000
------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations (7,068) 2,674 9,880 (3,823) 1,663
Taxation (paid) / recovered (589) 7 - - (582)
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities (7,657) 2,681 9,880 (3,823) 1,081
------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties (36,116) 4,867 - - (31,249)
Acquisition of property, plant and equipment (520) - - - (520)
Acquisition of intangible assets (593) - - - (593)
Acquisition of other investments - - - - -
Net cash outflow on acquisition of associates (23,016) - - - (23,016)
Dividends and interest received from associates 1,787 - - - 1,787
Interest received - - 170 - 170
Proceeds from disposal of property, plant and equipment - - - - -
Related party loans (advanced) / repaid 399 (175) - - 224
Other loans (advanced) / repaid - - - - -
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities (58,060) 4,693 170 - (53,197)
------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares 36,872 - - 3,823 40,695
Share issue expenses (158) - - - (158)
Proceeds from the issue of preference shares - - - - -
Ordinary dividends paid (8,470) - - - (8,470)
Proceeds from interest-bearing borrowings 141,480 1,455 - - 142,935
Settlement of interest-bearing borrowings (109,507) 8,336 - - (101,171)
Finance costs paid - - (10,050) - (10,050)
Settlement of obligations under finance leases - - - - -
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities 60,217 9,791 (10,050) 3,823 63,781
------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents (5,500) 17,165 - - 11,665
Cash at beginning of period 6,224 - - - 6,224
Effect of foreign exchange rates 17,061 (17,165) - - (104)
------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period 17,785 - - - 17,785
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification of proceeds from ordinary shares issued during the prior period received in current year
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As reviously Year ended
reported No Change 30 June 2015
(as restated)
As at 30 June 2015 US$'000 US$'000
----------------------------------------------------------------------------------------------------------------------
Assets
Non-current assets
Investment properties 210,391 - 210,391
Property, plant and equipment 97 - 97
Intangible assets 9 - 9
Related party loans receivable 12 - 12
----------------------------------------------------------------------------------------------------------------------
Total non-current assets 210,509 - 210,509
----------------------------------------------------------------------------------------------------------------------
Current assets
Trade and other receivables 18,787 - 18,787
Cash and cash equivalents 6,566 - 6,566
----------------------------------------------------------------------------------------------------------------------
Total current assets 25,353 - 25,353
----------------------------------------------------------------------------------------------------------------------
Total assets 235,862 - 235,862
----------------------------------------------------------------------------------------------------------------------
Equity and liabilities
Total equity attributable to equity holders
Ordinary share capital 127,959 - 127,959
Foreign currency translation reserve 437 - 437
Retained loss (5,792) - (5,792)
----------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds 122,604 - 122,604
Non-controlling interests (710) - (710)
----------------------------------------------------------------------------------------------------------------------
Total equity 121,894 - 121,894
----------------------------------------------------------------------------------------------------------------------
Liabilities
Non-current liabilities
Interest-bearing borrowings 10,491 - 10,491
Related party loans payable 1,153 - 1,153
Deferred tax liability 2,427 - 2,427
----------------------------------------------------------------------------------------------------------------------
Total non-current liabilities 14,071 - 14,071
----------------------------------------------------------------------------------------------------------------------
Current liabilities
Interest-bearing borrowings 91,166 - 91,166
Trade and other payables 8,251 - 8,251
Current tax payable 138 - 138
Bank overdrafts 342 - 342
----------------------------------------------------------------------------------------------------------------------
Total current liabilities 99,897 - 99,897
----------------------------------------------------------------------------------------------------------------------
Total liabilities 113,968 - 113,968
----------------------------------------------------------------------------------------------------------------------
Total equity and liabilities 235,862 - 235,862
----------------------------------------------------------------------------------------------------------------------
previously Period ended
NAV PER SHARE reported Note 1 30 June 2015
(as restated)
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 122,603 - 122,604
Ordinary shares in issue in the period 73,656,446 - 73,656,446
----------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents) 167 - 167
----------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments
EPRA NAV PER SHARE
previously Period ended
reported Note 1 30 June 2015
(as restated)
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000) 123,853 1,124 124,977
Ordinary shares in issue in the period 73,656,446 - 73,656,446
----------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents) 168 - 170
----------------------------------------------------------------------------------------------------------------------
Note 1
Adjustment on deferred taxation on revaluation of investment properties
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
As prev Year ended
iously reported Note 1 30 June 2015
(as restated)
-----------------------------------------------------------------------------------------------------------------------
For the year ended 30 June 2015 US$'000 US$'000 US$'000
-----------------------------------------------------------------------------------------------------------------------
Gross rental income 13,589 - 13,589
Straight-line rental income accrual 2,267 - 2,267
-----------------------------------------------------------------------------------------------------------------------
Revenue 15,856 - 15,856
Property operating expenses (3,478) - (3,478)
-----------------------------------------------------------------------------------------------------------------------
Net property income 12,378 - 12,378
Other income 384 - 384
Administrative expenses (including corporate structuring costs) (4,541) (996) (5,537)
-----------------------------------------------------------------------------------------------------------------------
Profit from operations 8,221 (996) 7,225
-----------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs (996) 996 -
-----------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties 7,889 - 7,889
Contractual receipts from vendors of investment properties 329 - 329
-----------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties 8,218 - 8,218
Foreign currency losses (12,969) - (12,969)
-----------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation 2,474 - 2,474
Interest income 91 - 91
Finance costs (3,640) - (3,640)
-----------------------------------------------------------------------------------------------------------------------
Loss for the period before tax (1,075) - (1,075)
Taxation (2,505) - (2,505)
-----------------------------------------------------------------------------------------------------------------------
Loss for the period after tax (3,580) - (3,580)
- - -
Other comprehensive income - - -
Amounts that may be reclassified to profit and loss: - - -
Profit on translation of foreign operations 384 - 384
-----------------------------------------------------------------------------------------------------------------------
Total comprehensive loss (3,196) - (3,196)
-----------------------------------------------------------------------------------------------------------------------
- - -
Loss for the period attributable to: - - -
Owners of the parent (2,848) - (2,848)
Non-controlling interests (732) - (732)
-----------------------------------------------------------------------------------------------------------------------
(3,580) - (3,580)
-----------------------------------------------------------------------------------------------------------------------
Earnings per share
As previoulsy Period ended
reported Note 1 30 June 2015
-----------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000) (3,580) 732 (2,848)
Weighted average number of ordinary shares in issue in the period* 47,104,850 - 47,104,850
-----------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents) (8) - (6)
-----------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments
CONSOLIDATED STATEMENT OF CASHFLOW
As previously Year ended
reported Note 1 Note 2 Note 3 30 June 2015
(as restated)
US$'000 US$'000 US$'000 US$'000 US$'000
------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations (3,686) (4,180) 3,215 621 (4,532)
Taxation (paid) / recovered (171) - - - (171)
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities (3,857) (4,180) 3,215 621 (4,703)
------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties (220,008) 1,346 - - (218,662)
Acquisition of property, plant and equipment - - - (110) (110)
Acquisition of intangible assets - - - (511) (511)
Acquisition of other investments - - - - -
Net cash outflow on acquisition of associates - - - - -
Dividends and interest received from associates - - - - -
Interest received - - 91 - 91
Proceeds from disposal of property, plant and equipment - - - - -
Related party loans (advanced) / repaid 264 - - - 264
Other loans (advanced) / repaid - - - - -
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities (219,744) 1,346 91 (621) (218,928)
------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares 126,846 (20) - - 126,826
Share issue expenses (3,610) - - - (3,610)
Proceeds from the issue of preference shares - - - - -
Ordinary dividends paid (2,963) - - - (2,963)
Proceeds from interest-bearing borrowings 132,961 - - - 132,961
Settlement of interest-bearing borrowings (23,304) 2,854 - - (20,450)
Finance costs paid - - (3,306) - (3,306)
Settlement of obligations under finance leases - - - - -
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities 229,930 2,834 (3,306) - 229,458
------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents 5,827 - - - 5,827
Cash at beginning of period 649 - - - 649
Effect of foreign exchange rates (252) - - - (252)
------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period 6,224 - - - 6,224
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification as a result of the consolidation of Freedom Asset Management Limited
The financial information in this announcement was approved by the Board on 29 June 2018.
By order of the Board
29 June 2018
JSE sponsor and corporate advisor to Grit SEM authorised representative and sponsor to Grit
PSG CAPITAL Perigeum Capital
Directors: Peter Todd (chairman), Bronwyn Corbett*, Paul Huberman, Ian Macleod, Leon van de Moortele*,
Nomzamo Radebe, Catherine Mcllraith and Matshepo More (*executive director)
Company secretary: Intercontinental Fund Services Limited
Registered address: c/o Intercontinental Fund Services Limited, 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: Axys Stockbroking Ltd
SEM authorised representative and sponsor: Perigeum Capital Ltd
The Board accepts full responsibility for the accuracy of the information contained in this communiqué.
Date: 29/06/2018 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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