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Abridged unaudited financial statements for the three months and six months ended 30 September 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 and six months ended 30 September 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 AND SIX MONTHS ENDED 30 SEPTEMBER 2018
The Company hereby presents its results for the three months and six months ended 30 September 2018.
During the three months ended 30 September 2018, the Company received a dividend of GBP1,035 (EUR 1,171) on its investments in Sirius Real Estate
Ltd. In addition, 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 sectors. 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
30 October 2018
STATEMENT OF FINANCIAL POSITION
UNAUDITED AUDITED UNAUDITED
30 September 31 March 30 September
2018 2017 2017
GBP GBP GBP
ASSETS
Current assets
Financial assets at fair value through profit or loss 596 017 639 903 573 357
Other receivables 7 929 7 771 6 237
Cash and cash equivalents 467 863 547 465 560 225
Total current assets 1 071 809 1 195 139 1 139 819
Total assets 1 071 809 1 195 139 1 139 819
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 255 984 1 255 984 1 255 984
Accumulated losses (206 248) (66 558) (133 962)
Total equity 1 049 736 1 189 426 1 122 022
Current liabilities
Trade and other payables 22 073 5 713 17 797
Total current liabilities 22 073 5 713 17 797
Total equity and liabilities 1 071 809 1 195 139 1 139 819
Actual number of shares in issue 884 042 884 042 884 042
Net asset value per share (Pence) 118,74 134,54 126,92
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED
For the three For the six For the For the three For the six
months ended months ended year ended months ended months ended
31 March 30 September 30 September
2018 2018 2018 2017 2017
GBP GBP GBP GBP GBP
Revenue (603) (42 850) 27 574 (24 993) (39 975)
Expenses (24 768) (43 745) (89 425) (19 012) (39 975)
Foreign exchange loss (8 029) (53 095) (22 372) (39 501) (71 677)
Loss before taxation (33 400) (139 690) (84 223) (83 506) (151 627)
Taxation - - - - -
Loss for the period (33 400) (139 690) (84 223) (83 506) (151 627)
Other comprehensive income - - - - -
Total comprehensive income for the period (33 400) (139 690) (84 223) (83 506) (151 627)
Weighted average number of shares in issue 884 042 884 042 884 042 884 042 884 042
Basic and diluted loss per share (Pence) (3,78) (15,80) (9,53) (9,45) (17,15)
Adjusted headline loss per share
from continuing operations (Pence) (3,78) (15,80) (9,53) (9,45) (17,15)
The Company has no dilutionary instruments in issue.
STATEMENT OF CHANGES IN EQUITY
(Accumulated
losses) /
Ordinary Retained
share capital earnings Total
GBP GBP GBP
Balance as at 1 April 2017 1 255 984 17 665 1 273 649
Loss for the period - (151 627) (151 627)
Balance as at 30 September 2017 1 255 984 (133 962) 1 122 022
Balance as at 1 April 2018 1 255 984 (66 558) 1 189 426
Loss for the period - (139 690) (139 690)
Balance as at 30 September 2018 1 255 984 (206 248) 1 049 736
STATEMENT OF CASH FLOWS
UNAUDITED AUDITED UNAUDITED
For the six For the For the six
months ended year ended months ended
30 September 31 March 30 September
2018 2018 2017
GBP GBP GBP
Cash flows from operating activities
Cash utilised in operations (27 542) (108 889) (45 020)
Dividend received 1 035 1 992 988
Net cash utilised in operating activities (26 507) (106 897) (44 032)
Net decrease in cash and cash equivalents for the period (26 507) (106 897) (44 032)
Foreign exchange movement (53 095) (21 777) (71 882)
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 467 863 547 465 560 225
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 UNAUDITED AUDITED UNAUDITED
For the three For the six For the For the six
months ended months ended year ended months ended
30 September 30 September 31 March 30 September
2018 2018 2018 2017
GBP GBP GBP GBP
Loss for the period attributable to owners of the parent (33 400) (139 690) (84 223) (151 627)
Headline loss (33 400) (139 690) (84 223) (151 627)
Adjusted headline loss / Distributable loss (33 400) (139 690) (84 223) (151 627)
Headline loss per share (Pence) (3,78) (15,80) (9,53) (17,15)
Adjusted headline loss per share (Pence) (3,78) (15,80) (9,53) (17,15)
There were no reconciling items in terms of headline earnings.
NOTES
The Company is required to publish financial results for the three months and six months ended 30 September 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 July 2018 to 30 September 2018 and
from 1 April 2018 to 30 September 2018.
The abridged unaudited financial statements for the three months and six months ended 30 September 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 audited
financial statements for the year ended 31 March 2018.
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 30 October 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-Bissonauth.
This communiqué is issued pursuant to SEM Listing Rule 12.20 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 unaudited financial statements. The directors of Mainland have disclosed all matters or
circumstances arising subsequent to the period ended 30 September 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
30 October 2018
Date: 30/10/2018 12:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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