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Summarised audited consolidated financial results for the 15 months ended 31 December 2020
Lighthouse Capital Limited
Incorporated in the Republic of Mauritius on 14 August 2014
Registration number: C124756 C1/GBL
ISIN: MU0461N00015
SEM share code: GFP.N0000
JSE share code: LTE
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company" or the "Group")
www.lighthousecapital.mu
Short-form announcement: Summarised audited consolidated financial results
for the 15 months ended 31 December 2020
Lighthouse is a Global Business Licence company registered in Mauritius.
The Company has primary listings on both the Official Market of the Stock
Exchange of Mauritius Ltd ("SEM") and the Main Board of the Johannesburg
Stock Exchange Limited ("JSE"). Lighthouse invests globally in direct
property, and in listed real estate and infrastructure securities.
Subject to any required approvals and regulatory compliance, the board has
declared a scrip distribution of 1,57500 EUR cents per share, with a cash
distribution alternative of 1,41750 EUR cents per share, for the nine-month
period ended 31 December 2020. This final distribution, together with the
1,57500 EUR cents per share declared for the six-month period ended
31 March 2020, results in a total distribution of 3,15000 EUR cents per
share for the 2020 financial period.
A circular with relevant details and accompanying announcements on the
Stock Exchange News Service of the JSE and the website of the SEM will
follow in due course.
Lighthouse achieved 3,2461 EUR cents of distributable earnings per
share for the 2020 financial period. The board's distribution policy
allows for retaining distributable earnings and the total payout ratio
for the 2020 financial period is 97,0%.
Audited Audited
for the for the
15 months 15 months
ended ended
Dec 2020 Sep 2019 Movement
Total revenue (EUR) 30 473 603 29 719 102 754 501
Basic and diluted loss per
share (EUR cents) (34,56) (5,72) (28,84)
Headline loss and diluted
headline loss per share
(EUR cents) (28,11) (5,17) (22,94)
Total distribution (EUR cents
per share) 3,15000 3,00000 0,15000
Interim distribution (EUR cents
per share) 1,57500 1,50000 0,07500
Final distribution (EUR cents
per share) 1,57500 1,50000 0,07500
Management accounts' information:
Net asset value per share
(EUR cents) 36,11 54,02 (17,91)
Gearing (%)# 13,0 31,0 (18,0)
# Gearing is calculated by dividing total interest-bearing borrowings,
adjusted for cash and cash equivalents and derivative cash margin, by the
total of investments in property, gross listed securities at fair value,
investment in associate at fair value and loans advanced.
Carrying amount/
fair value
Investment in Hammerson EUR
Equity-accounted in terms of IFRS at
31 December 2020 1 69 987 352
At fair value at 31 December 2020 2 244 146 319
At fair value at 17 March 2021 3 385 838 409
1. The carrying amount comprises the deemed cost at 30 September 2020, any
further acquisitions and Lighthouse's share of the post-acquisition losses
of Hammerson. Refer to note 5.3 on page 92 of the 2020 Integrated Report
for additional details.
2. Based on 878 081 817 shares at the closing market price of GBP 0,2485
per share and an exchange rate of EUR/GBP 0,89374. Refer to the management
accounts on page 72 of the 2020 Integrated Report.
3. Based on 878 081 817 shares at the closing market price of GBP 0,3769
per share and an exchange rate of EUR/GBP 0,85774.
Outlook
Lighthouse's conservative gearing and the strength of its balance sheet
provide it with the ability to take advantage of deep value opportunities
available in the current economic environment, which may include increasing
the investment in Hammerson. With the impressive pace of the UK vaccination
process, management believes that there will be a steady recovery of the UK
economy as well as brick and mortar retail.
In light of the current uncertainty, the board is not in a position to
provide guidance on future distributions. In line with Lighthouse's new
year-end, the board will continue to consider and declare distributions for
each six-month period ending 30 June and 31 December.
This short-form announcement is the responsibility of the directors and is
only a summary of the information in the full announcement and does not
include full or complete details. The full announcement was released on SENS
on 18 March 2021 and can be accessed by visiting the Company's website at
https://www.lighthousecapital.mu/financials/ or by following this hyperlink:
https://senspdf.jse.co.za/documents/2021/jse/isse/LTEE/FY_Q52020.pdf
The full announcement is available for inspection at the registered offices
of the Company or its sponsor, at no charge, during office hours from Friday,
19 March 2021 to Friday, 26 March 2021. Any investment decision should be
based on the full announcement published on SENS and available on the
Company's website.
By order of the board
Intercontinental Trust Ltd Company secretary
Mauritius - 18 March 2021
Directors: Mark Olivier (chairperson); David Axten; Karen Bodenstein;
Des de Beer; Paul Edwards; Barry Stuhler; Stuart Bird# Stephen Delport (CEO)*;
Nina Kretzmann (COO)*; Justin Muller (CIO)*; Kobus van Biljon (CFO)*
(*Executive director, #alternate director)
There were no changes to the board during the quarter. Subsequent to the
reporting period end, Nina Kretzmann was appointed to the board on 5 February
2021. Jan Wandrag resigned from the board on the same date.
Company secretary: Intercontinental Trust Ltd
Registered address: C1-401, 4th Floor, La Croisette, Grand Baie, Mauritius
Transfer secretary in South Africa: JSE Investor Services (Proprietary) Limited
JSE sponsor: Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
SEM authorised representative and sponsor: Perigeum Capital Ltd
Date: 18-03-2021 05:30:00
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