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Abridged unaudited financial statements for the three months ended 30 June 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 UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30 JUNE 2018
DIRECTORS’ COMMENTARY
NATURE OF BUSINESS
Mainland was incorporated on 2 February 2016 as a Category One Global Business Licence Company.
The Company has its primary listing on the Official Market of the Stock Exchange of Mauritius Ltd
(“SEM”) and a secondary listing on the Alternative Exchange of the JSE Limited. 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 THREE MONTHS ENDED 30 JUNE 2018
The Company hereby presents its results for the three months ended 30 June 2018.
During the three months ended 30 June 2018, the weakening of the ZAR against GBP resulted in a net
unrealised loss on financial assets at fair value through profit or loss and an unrealised foreign
exchange loss.
COMPANY OUTLOOK
Mainland intends to grow its portfolio of listed property securities and investments, mainly through
strategic investments into listed and direct property investment sector. The board of directors of
the Company (“the Board”) remains 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 appointments.
By order of the Board
3 August 2018
STATEMENT OF FINANCIAL POSITION
UNAUDITED AUDITED UNAUDITED
30 June 2018 31 March 2018 30 June 2017
GBP GBP GBP
ASSETS
Current assets
Financial assets at fair value
through profit or loss 597 655 639 903 599 338
Other receivables 9 937 7 771 10 555
Cash and cash equivalents 479 441 547 465 612 246
Total current assets 1 087 033 1 195 139 1 222 139
Total assets 1 087 033 1 195 139 1 222 139
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 255 984 1 255 984 1 255 984
Accumulated losses (172 849) (66 558) (50 456)
Total equity 1 083 135 1 189 426 1 205 528
Current liabilities
Trade and other payables 3 898 5 713 16 611
Total current liabilities 3 898 5 713 16 611
Total equity and liabilities 1 087 033 1 195 139 1 222 139
Actual number of shares in issue 884 042 884 042 884 042
Net asset value per share (Pence) 122.52 134.54 136.37
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
UNAUDITED AUDITED UNAUDITED
For the three For the For the three
months ended year ended months ended
30 June 2018 31 March 2018 30 June 2017
GBP GBP GBP
Revenue (42 247) 27 574 (14 982)
Expenses (18 437) (89 425) (20 963)
Foreign exchange loss (45 607) (22 372) (32 176)
Loss before taxation (106 291) (84 223) (68 121)
Taxation - - -
Loss for the period (106 291) (84 223) (68 121)
Other comprehensive income - - -
Total comprehensive income for the period (106 291) (84 223) (68 121)
Weighted average number of shares in issue 884 042 884 042 884 042
Basic and diluted loss per share (Pence) (12.02) (9.53) (7.71)
Adjusted headline loss per share
from continuing operations (Pence) (12.02) (9.53) (7.71)
The Company has no dilutionary instruments in issue.
STATEMENT OF CHANGES IN EQUITY
(Accumulated
Ordinary losses) /
share Retained
capital earnings Total
GBP GBP GBP
Balance as at 1 April 2017 1 255 984 17 665 1 273 649
Loss for the year - (84 223) (84 223)
Balance as at 31 March 2018 1 255 984 (66 558) 1 189 426
Balance as at 1 April 2018 1 255 984 (66 558) 1 189 426
Loss for the period - (106 291) (106 291)
Balance as at 30 June 2018 1 255 984 (172 849) 1 083 135
STATEMENT OF CASH FLOWS
UNAUDITED AUDITED UNAUDITED
For the three For the For the three
months ended year ended months ended
30 June 2018 31 March 2018 30 June 2017
GBP GBP GBP
Cash flows from operating activities
Cash utilised in operations (22 957) (108 889) (31 463)
Dividend received - 1 992 -
Net cash utilised in operating activities (22 957) (106 897) (31 463)
Net decrease in cash and cash
equivalents for the period (22 957) (106 897) (31 463)
Foreign exchange movement (45 067) (21 777) (32 430)
Cash and cash equivalents
at the beginning of the period 547 465 676 139 676 139
Cash and cash equivalents at end of the period 479 441 547 465 612 246
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
UNAUDITED AUDITED UNAUDITED
For the three For the For the three
months ended year ended months ended
30 June 2018 31 March 2018 30 June 2017
GBP GBP GBP
Loss for the period attributable
to owners of the parent (106 291) (84 223) (68 121)
Headline loss (106 291) (84 223) (68 121)
Adjusted headline loss / Distributable loss (106 291) (84 223) (68 121)
Headline loss per share (Pence) (12.02) (9.53) (7.71)
Adjusted headline loss per share (Pence) (12.02) (9.53) (7.71)
There were no reconciling items in terms of headline earnings.
NOTES
The Company is required to publish financial results for the three months ended 30 June 2018 in terms
of Listing Rule 12.19 of the SEM. Accordingly this announcement presents the financial results of the
Company in respect of the period from 1 April 2018 to 30 June 2018.
The abridged unaudited financial statements for the three months ended 30 June 2018 (“abridged
unaudited financial statements“) have been prepared on the basis of accounting policies of the Company
which are in compliance with International Financial Reporting Standards (“IFRS”). The abridged
unaudited financial statements are in accordance with the measurement and recognition requirements of
IFRS, the requirements of IAS 34 Interim Financial Reporting, the SEM Listing Rules, the Securities
Act of Mauritius 2005 and the JSE Listings Requirements.
The accounting policies adopted in the preparation of these abridged unaudited financial statements
are consistent with those applied in the previous financial statements.
The abridged unaudited financial statements have not been reviewed or audited by the Company’s
external auditors. These financial statements were approved by the Board on 3 August 2018.
Copies of the abridged unaudited financial statements and the statement of direct and indirect
interests of each officer of the Company, pursuant to rule 8(2)(m) of the Securities (Disclosure
Obligations of Reporting Issuers) Rules 2007, are available free of charge, upon request at the
Registered Office of the Company at c/o Intercontinental Fund Services Limited, Level 5, Alexander
House, 35 Cybercity, Ebene 72201, Mauritius. Contact person: Mrs. Smitha Algoo.
This communiqué is issued pursuant to SEM Listing Rule 12.20 and Section 88 of the Securities Act of
Mauritius 2005. The Board of Mainland accepts full responsibility for the accuracy of the information
contained in these abridged unaudited financial statements. The directors of Mainland have disclosed
all matters or circumstances arising subsequent to the three months ended 30 June 2018 that require
any additional disclosure or adjustment to the 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: 03/08/2018 09:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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