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LIGHTHOUSE CAPITAL LIMITED - Condensed unaudited consolidated interim financial statements for the three months ended 31 December 2018

Release Date: 14/02/2019 08:00
Code(s): LTE     PDF:  
Wrap Text
Condensed unaudited consolidated interim financial statements for the three months ended 31 December 2018

Lighthouse Capital Limited 
(formerly Greenbay Properties Ltd)
Registration number: C124756 C1/GBL
Incorporated in the Republic of Mauritius on 14 August 2014
SEM share code: GFP.N0000
ISIN: MU0461N00015
JSE share code: LTE
("Lighthouse" or "the company")


Condensed unaudited consolidated interim financial statements 
for the three months ended 31 December 2018

Nature of the business
Lighthouse Capital Limited ("Lighthouse"or the "company" or the 
"group", formerly known as Greenbay Properties Ltd) 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"). The group invests 
globally in direct property and listed real estate and 
infrastructure securities.

Sectoral profile
At 31 December 2018, Lighthouse's sectoral composition was as follows:

Sectoral profile based on fair value of assets
81,0% Direct property
14,9% Listed real estate
4,1% Listed infrastructure

Sectoral profile based on revenue
78,5% Direct property
3,0% Listed real estate
18,5% Listed infrastructure 

Summary of financial performance
                                                          Net asset
                                                          value per
                                                            share -
                                                   Net     adjusted   Loan-
                                                 asset          for     to-
               Distribution                  value per      returns   value
                 per share@        Shares       share#   of capital^  ratio*
                  EUR cents     in issue#    EUR cents    EUR cents       %
December 2017             -   474 405 326       193,55        67,08    28,7
March 2018           5,7700   474 405 326       176,40        49,93    31,3
June 2018                 -   474 305 326       188,20        61,73    35,1
September 2018       5,1920   455 969 410       129,93        66,70     8,3
December 2018             -   455 969 410        53,65        53,65    28,6

@ Excluding the returns of capital on 8 October 2018 and 10 December 2018, 
respectively.
# The shares in issue and net asset value per share have been restated 
for the company's share consolidation on a 1 for 20 basis. Shares in 
issue are net of treasury shares.
^ The net asset value per share has been adjusted for ease of comparison, 
to retrospectively reflect the impact of the reduction in net assets as 
a result of the returns of capital on 8 October 2018 and 10 December 2018. 
The net asset value per share has been adjusted for the impact of the 
share consolidation on a 1 for 20 basis.
* The loan-to-value ratio is calculated by dividing total interest-bearing 
borrowings adjusted for cash on hand and equity swap derivative margin, 
by the total of investments in property, listed securities and loans 
advanced. The December 2018 loan-to-value ratio has been adjusted for 
the impact of the distribution paid on 7 January 2019.

Comments
Lighthouse is required to publish financial results for the three months ended 
31 December 2018 in terms of SEM Listing Rule 12.19. Accordingly, this 
announcement presents the condensed unaudited consolidated interim financial 
results of the group in respect of the financial period from 1 October 2018 to 
31 December 2018 as well as the comparative results. The distribution guidance, 
and the assumptions on which this was based, as previously announced in the 
company's audited consolidated annual financial statements for the year ended 
30 September 2018, remain unchanged.

By order of the board 

Mauritius - 14 February 2019

Consolidated statement of financial position 
as at 31 December 2018

                                  Unaudited            Audited         Restated*
                                   Dec 2018           Sep 2018         Dec 2017
                                        EUR                EUR              EUR
Assets
Non-current assets              372 770 998        689 218 977      494 563 087
Investment property             293 059 943        292 693 712       71 442 548
Investments                      31 492 450        312 464 289      269 608 785
Investment in and 
loans to joint venture                    -                  -       60 221 656
Financial and other assets       23 938 473         59 840 844       93 290 098
Goodwill                         24 280 132         24 220 132                - 
Current assets                   66 912 820        379 671 672      460 575 066
Investments                       8 124 000         10 299 132                - 
Financial and other assets          578 572            732 786        2 080 239
Trade and other receivables       3 441 864         13 029 436       13 788 068
Cash and cash equivalents        54 768 384        355 610 318      444 706 759
Total assets                    439 683 818      1 068 890 649      955 138 153
Equity and liabilities
Total equity attributable 
to equity holders               244 637 835        592 449 886      918 225 348
Stated capital                  150 703 936        600 703 936    1 000 703 936
Treasury shares                  (4 902 270)       (17 378 683)               - 
Non-distributable reserve        41 621 936        (44 817 643)    (117 947 634) 
Foreign currency translation
reserve                          (1 502 090)        (1 393 006)         242 200
Retained earnings                58 716 323         55 335 282       35 226 846
Total liabilities               195 045 983        476 440 763       36 912 805
Non-current liabilities         157 805 111        157 043 253       24 890 753
Interest-bearing borrowings     124 968 617        124 878 211       24 438 463
Deferred tax                     31 702 283         31 630 017          416 634
Financial liabilities             1 134 211            535 025           35 656
Current liabilities              37 240 872        319 397 510       12 022 052
Interest-bearing borrowings       1 087 128          1 443 902        1 374 996
Financial liabilities             1 669 341            591 000          103 413
Trade and other payables         33 285 561        316 389 373        9 565 054
Income tax payable                1 198 842            973 235          978 589
Total equity and liabilities    439 683 818      1 068 890 649      955 138 153
Total number of shares 
in issue                        455 969 410        455 969 410      474 405 326
Net asset value per share 
(EUR cents)                           53,65             129,93           193,55

* Refer to note 1.


Consolidated statement of profit or loss and other comprehensive income 
for the three months ended 31 December 2018

                                                     Unaudited         Restated*
                                                       for the          for the
                                                  three months     three months
                                                         ended            ended
                                                      Dec 2018         Dec 2017
                                                           EUR              EUR
Property rental and related revenue                  6 413 800        1 528 857
Investment revenue                                     651 571        2 038 050
Finance income                                         653 157          216 050
Total revenue                                        7 718 528        3 782 957
Fair value (loss)/gain on investment
property, investments and derivatives              (25 726 591)      18 182 016
Fair value (loss)/gain on investments              (23 477 794)      16 775 850
Fair value loss on investment property                (205 473)          (1 139) 
Fair value (loss)/gain on currency, 
interest rate and other derivatives                 (2 043 324)       1 407 305
Property operating expenses                         (2 046 368)        (545 143)
Administrative and other expenses                     (739 555)        (579 322)
Foreign exchange (loss)/gain                       (13 059 348)           7 336
Share of profit from joint venture                           -        1 044 270
Operating (loss)/profit                            (33 853 334)      21 892 114
Finance costs                                       (1 226 589)        (476 766)
Other income                                            46 417                -
(Loss)/profit before tax                           (35 033 506)      21 415 348
Income tax expense                                    (515 359)        (304 818)
(Loss)/profit for the period attributable 
to equity holders of the company                   (35 548 865)      21 110 530
Other comprehensive income net of tax: 
Items that may subsequently be reclassified
to profit or loss:
Exchange differences on translation of
foreign operations                                    (109 084)              15
                                                      (109 084)              15
Total comprehensive (loss)/income for the 
period attributable to equity holders 
of the company                                     (35 657 949)      21 110 545
Basic and diluted (loss)/earnings 
per share (EUR cents)                                    (7,80)            4,52

* Refer to note 1.


Consolidated statement of changes in equity
                                                                           Non-
                                          Stated      Treasury    distributable
                                         capital        shares          reserve
                                             EUR           EUR              EUR
Restated balance at 
30 September 2017^                   975 367 686             -     (130 177 845)
Previously reported balance 
at 30 September 2017                 892 382 767             -      (36 075 289)
Financial liability derivatives
from bookbuilds                       94 013 684             -      (94 013 684) 
Foreign currency translation
reserve adjustment on change in
functional currency                  (11 028 765)            -                - 
Change in functional currency                  -             -          (88 872) 
Issue of shares 
- 36 414 535* shares on 
14 December 2017                       5 675 326             -                -
Distribution paid 
- final 2017                          19 660 924             -                -
- scrip issue - 129 515 466*
shares on 20 December 2017            19 660 924             -                -
- cash                                         -             -                - 
Total comprehensive income:                    -             -                -
- Profit for the period                        -             -                -
- Exchange differences on 
translation of foreign operations              -             -                -
Transfer to non-distributable
reserve                                        -             -       12 230 211
Restated balance at 
31 December 2017^                  1 000 703 936             -     (117 947 634) 
Previously reported balance at
31 December 2017                     917 719 017             -      (23 845 078)
Financial liability derivatives
from bookbuilds                       94 013 684             -      (94 013 684) 
Foreign currency translation
reserve adjustment on change in
functional currency                 (11 028 765)             -                - 
Change in functional currency                 -              -          (88 872) 
Share repurchase 
- 332 303 187* shares                         -    (26 778 785)               -
Distribution paid 
- interim 2018: cash                          -              -                - 
Consolidation of The Lighthouse
Share Trust                                   -     (2 258 199)               -
Total comprehensive income:                   -              -                -
- Profit for the period                       -              -                -
- Exchange differences on translation 
of foreign operations                         -              -                -
Transfer to non-distributable
reserve                                       -              -      (26 870 009) 
Transfer of stated capital to
non-distributable reserve          (400 000 000)             -      400 000 000
Return of capital distribution                -     11 658 301     (300 000 000) 
Closing balance at 
30 September 2018                   600 703 936    (17 378 683)     (44 817 643)
Consolidation of 
The Lighthouse Share Trust                    -        (44 547)               - 
Total comprehensive income:                   -              -                -
- Loss for the period                         -              -                -
- Exchange differences on 
translation of foreign operations             -              -                - 
Transfer to non-distributable
reserve                                       -              -      (38 929 906)
Transfer of stated capital to
non-distributable reserve          (450 000 000)             -      450 000 000
Return of capital distribution                -     11 658 301     (299 999 390)
Distribution payable 
- final 2018: cash 
(paid 7 January 2019)                         -        862 659      (24 631 125) 
Closing balance at 
31 December 2018                    150 703 936     (4 902 270)      41 621 936



                                         Foreign
                                        currency 
                                     translation      Retained            Total
                                         reserve      earnings           equity
                                             EUR           EUR              EUR
Restated balance at 
30 September 2017^                       242 185    48 346 864      893 778 890
Previously reported balance 
at 30 September 2017                 (11 028 779)   48 500 191      893 778 890
Financial liability derivatives
from bookbuilds                                -             -                -
Foreign currency translation 
reserve adjustment on change in
functional currency                   11 028 765             -                -
Change in functional currency            242 199      (153 327)               - 
Issue of shares 
- 36 414 535* shares on 
14 December 2017                               -              -       5 675 326
Distribution paid 
- final 2017                                   -    (22 000 337)     (2 339 413)
- scrip issue - 129 515 466*
shares on 20 December 2017                     -    (19 660 924)              -
- cash                                         -     (2 339 413)     (2 339 413) 
Total comprehensive income:                    -              -               -
- Profit for the period                        -     21 110 530      21 110 530
- Exchange differences on translation 
of foreign operations                         15              -              15
Transfer to non-distributable
reserve                                        -    (12 230 211)              - 
Restated balance at 
31 December 2017^                        242 200     35 226 846     918 225 348
Previously reported balance 
at 31 December 2017                  (11 028 764)    35 380 173     918 225 348
Financial liability derivatives
from bookbuilds                                -              -               - 
Foreign currency translation
reserve adjustment on change in
functional currency                   11 028 765              -               - 
Change in functional currency            242 199       (153 327)              -
Share repurchase 
- 332 303 187* shares                          -              -     (26 778 785)
Distribution paid 
- interim 2018: cash                           -    (27 268 131)    (27 268 131)
Consolidation of 
The Lighthouse Share Trust                     -              -      (2 258 199) 
Total comprehensive income:                    -              -               -
- Profit for the period                        -     20 506 558      20 506 558
- Exchange differences on 
translation of foreign
operations                            (1 635 206)             -      (1 635 206) 
Transfer to non-distributable
reserve                                        -     26 870 009               -
Transfer of stated capital to
non-distributable reserve                      -              -               - 
Return of capital distribution                 -              -    (288 341 699) 
Closing balance at
30 September 2018                     (1 393 006)    55 335 282     592 449 886
Consolidation of 
The Lighthouse Share Trust                     -              -         (44 547) 
Total comprehensive income:                    -              -               -
- Loss for the period                          -    (35 548 865)    (35 548 865)
- Exchange differences on 
translation of foreign
operations                              (109 084)             -        (109 084)
Transfer to non-distributable
reserve                                        -     38 929 906               -
Transfer of stated capital to
non-distributable reserve                      -              -               - 
Return of capital distribution                 -              -    (288 341 089) 
Distribution payable 
- final 2018: cash 
(paid 7 January 2019)                          -              -     (23 768 466)
Closing balance at
31 December 2018                      (1 502 090)    58 716 323      244 637 835

* Share issuances are the actual shares issued at the time, before the share 
consolidation on a 1 for 20 basis. 16 615 159 (post share consolidation) 
ordinary shares were repurchased during the period 4 June 2018 to 30 September 
2018 as part of the share repurchase programme implemented by the company. On 
11 January 2019, the Board of directors of the company resolved that the 
repurchased shares be cancelled and be delisted from the SEM and the JSE. 
Following applications lodged with the SEM and the JSE, on 25 January 2019, 
315 325 ordinary shares and 16 299 834 ordinary shares were cancelled from the 
Mauritian and South African share registers, respectively. The updated number 
of issued shares post the delisting and cancellation of shares was expected to 
be 457 790 167 ordinary shares. Due to rounding down of the fractional 
entitlements in implementing the share consolidation, the issued share capital 
of the company should have been reduced by an additional 31 ordinary shares of 
no par value. Consequently, as at the date of this announcement, the company 
has 457 790 136 ordinary shares in issue.
^ Refer to note 1.


Consolidated statement of cash flows
for the three months ended 31 December 2018

                                                     Unaudited         Restated*
                                                       for the          for the
                                                  three months     three months
                                                         ended            ended
                                                      Dec 2018         Dec 2017
                                                           EUR              EUR
Operating activities
Cash utilised in operations                       (313 750 464)      (7 085 726) 
Finance income received                                653 157          253 835
Finance costs paid                                  (1 226 589)      (3 405 930) 
Income tax paid                                       (217 486)        (134 797) 
Distributions paid                                           -       (2 339 413) 
Cash outflow from operating activities            (314 541 382)     (12 712 031) 
Investing activities
Additions to investment property                      (549 701)               -
Investment in listed security investments           (4 312 895)    (107 792 994) 
Disposal of listed security investments            276 226 111        3 495 064
Payments on interest rate derivatives                        -       (2 462 000)
Increase in loans to joint venture                           -          (99 065) 
Proceeds from equity derivative cash margin         35 485 063      157 268 778
Share Incentive loans advanced                               -       (5 638 570) 
Cash inflow from investing activities              306 848 578       44 771 213
Financing activities
Return of capital                                 (288 341 089)               - 
Proceeds from issuance of shares                             -        5 675 326
Repayment of interest-bearing borrowings              (266 367)               -
Cash (outflow)/inflow from financing activities   (288 607 456)       5 675 326
(Decrease)/increase in cash and cash equivalents  (296 300 260)      37 734 508
Effect of exchange rate changes on cash held        (4 541 674)         383 865
Cash and cash equivalents at beginning of
the period                                         355 610 318      406 588 386
Cash and cash equivalents at end of the period      54 768 384      444 706 759

* Refer to note 1.


Notes
1. Preparation and accounting policies
The condensed unaudited consolidated interim financial statements for the 
three months ended 31 December 2018 ("interim financial statements") have been 
prepared in accordance with the measurement and recognition requirements of 
IFRS, the requirements of IAS 34: Interim Financial Reporting, the JSE 
Listings Requirements, the SEM Listing Rules and the Securities Act of 
Mauritius 2005.

The accounting policies applied in the preparation of the interim financial 
statements are consistent with those applied in the preparation of the audited 
consolidated annual financial statements for the year ended 30 September 2018. 
The comparative figures as of 31 December 2017 were restated consistent with 
the restatements disclosed in the company's integrated report for the year 
ended 30 September 2018 (i.e. restatement note 28 on page 124 of the 
integrated report).

All amendments to standards that are applicable to Lighthouse for its financial 
year beginning 1 October 2018 have been considered. Based on management's 
assessment, the amendments do not have a material impact on the group's 
interim financial statements.

The group's investment property is valued internally by management at interim 
reporting periods and externally by an independent valuer for year-end 
reporting. In terms of IAS 40: Investment Property and IFRS 7: Financial 
Instruments: Disclosure, investment property is valued at fair value and is 
categorised as a level 3 investment, as one or more of the significant inputs 
is not based on observable market data.

In terms of IFRS 7: Financial Instruments: Disclosures, IAS 39: Financial 
Instruments: Recognition and measurement and IFRS 13: Fair Value Measurement, 
the group's currency and interest rate derivatives, as well as the equity 
swap derivatives, are measured at fair value through profit or loss. The 
currency and interest rate derivatives are categorised as level 2 investments, 
while the equity swap derivatives are categorised as level 1 investments. 
In terms of IFRS 13, investments are measured at fair value, based on 
directly observable quoted closing prices at the reporting date and are 
therefore categorised as level 1 investments.

The company is required to publish financial results for the three months 
ended 31 December 2018 in terms of SEM Listing Rule 12.19. This report was 
compiled under the supervision of Kobus van Biljon CA(SA), the chief 
financial officer.

These interim financial statements were approved by the board of 
Lighthouse on 13 February 2019.

These interim financial statements have not been reviewed or reported 
on by the company's external auditor.

This communique is issued pursuant to SEM Listing Rule 12.19 and 
section 88 of the Securities Act of Mauritius 2005. The board accepts 
full responsibility for the accuracy of the information contained in 
these interim financial statements. The directors are not aware of any 
matters or circumstances arising subsequent to 31 December 2018 that 
require any additional disclosure or adjustment to these interim 
financial statements.

Copies of the interim 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
Lighthouse's registered office address.

Contact person: Jan Wandrag.

2. Fair value measurement of assets and liabilities
The following table analyses financial instruments and investment 
property carried at fair value, by valuation method. It does not 
include fair value information for financial assets and financial 
liabilities not measured at fair value if the carrying amount is a 
reasonable approximation of fair value.

The table below includes only those assets and liabilities that 
are measured at fair value on a recurring basis.

The different levels have been defined as:
- Level 1: quoted prices (unadjusted) in active markets for identical 
assets and liabilities.
- Level 2: inputs other than quoted prices included in level 1 that are
observable for the asset or liability, either directly (i.e. as prices) 
or indirectly (i.e. derived from prices).
- Level 3: inputs for the assets or liabilities that are not based on 
observable market data (unobservable inputs).

The carrying amount of financial instruments that are not measured 
at fair value reasonably approximates their fair value due to:
- For loans to subsidiaries and loans to joint ventures: no significant 
changes in the terms, circumstances, credit conditions or interest 
rate environment since the loans were granted.
- For trade and other receivables, cash and cash equivalents and 
trade and other payables: their short-term nature.

There were no transfers between levels 1, 2 and 3 during the period. 
The valuation methods applied are consistent with those applied in 
preparing the previous consolidated annual financial statements. 
Quarterly discussions of valuation processes and results are held 
between the chief financial officer and management where any changes 
in level 2 and 3 fair values are analysed for period-end reporting.

The revaluation of investment property requires judgement in the 
determination of future cash flows from leases and an appropriate 
capitalisation rate. The most recent independent external valuation 
of investment property at 30 September 2018, applied capitalisation 
rates ranging from 5,50% to 7,25% to the respective properties. 
Changes in the capitalisation rate attributable to changes in market 
conditions can have a significant impact on property valuations. 
A 25 basis points increase in the capitalisation rate will decrease 
the value of the investments property by EUR 11,786 million. A 25 basis 
points decrease in the capitalisation rate will increase the value of 
the investments property by EUR 12,835 million.


Fair value hierarchy
                                           Level 1      Level 2       Level 3
                                               EUR          EUR           EUR
December 2018
Assets
Investment property                              -            -   293 059 943
Investments                             39 616 450            -             - 
Interest rate derivatives receivable             -    3 906 686             -
                                        39 616 450    3 906 686   293 059 943
Liabilities
Interest rate derivatives payable                -    1 018 906             - 
Currency derivatives payable                     -    1 669 342             -
                                                 -    2 688 248             -
December 2017
Assets
Investment property                              -            -    71 442 548
Investments                            269 608 785            -             - 
Interest rate derivatives receivable             -    3 080 278             - 
Currency derivatives receivable                  -    1 722 862             -
                                       269 608 785    4 803 140    71 442 548
Liabilities
Interest rate derivatives payable                -       35 656             - 
Other derivatives payable                        -      103 413             -
                                                 -      139 069             -

Lighthouse uses equity swap derivatives to obtain exposure to listed securities. 
In addition to cash, Lighthouse utilises direct listed equity investments as
collateral for the group's equity swap derivative exposure. Below is a summary 
of the amounts included in the interim financial statements directly related 
to the equity swap derivatives:

                                                      Dec 2018       Dec 2017
                                                           EUR            EUR

Gross exposure to listed investments                29 189 668    825 144 348
Interest-bearing borrowings                        (29 189 668)  (825 144 348) 
Net exposure to listed investments                           -              - 
Equity derivative collateral                        59 481 447    302 846 904
- cash                                              20 605 782     84 411 931
- direct listed equity investments (Investments)    38 875 665    218 434 973

3. Headline earnings
                                                     Unaudited       Restated
                                                       for the        for the
                                                  three months   three months
                                                         ended          ended
                                                      Dec 2018       Dec 2017
                                                           EUR            EUR
Reconciliation of (loss)/profit for the 
period to headline (loss)/earnings
Basic earnings - (loss)/profit for the 
period attributable to equity holders              (35 548 865)    21 110 530
Adjusted for:
- Fair value loss on investment property               205 473          1 139
- Income tax effect                                    (52 509)          (216) 
Headline (loss)/earnings                           (35 395 901)    21 111 453
Weighted average shares in issue                   455 969 410    467 219 513
Headline (loss)/earnings per share (EUR cents)           (7,76)          4,52

Lighthouse has no dilutionary instruments in issue.

4. Segmental analysis
The group determines and presents operating segments based on the information 
that is provided internally to the company's board and investment committee, 
jointly the group's chief operating decision-maker ("CODM"). The group comprises 
three segments: listed infrastructure, listed real estate, and direct property. 
Each operating segment's operating results are reviewed quarterly by the CODM 
to make decisions about the segment's performance, resource allocation, risk 
assessment, and for which discrete financial information is available.

Segment                   Description
Listed infrastructure     Investments in liquid listed infrastructure securities 
                          on recognised exchanges, utilising both cash 
                          investments and equity swap derivatives.
Listed real estate        Investments in liquid listed real estate securities 
                          on recognised exchanges, utilising both cash 
                          investments and equity swap derivatives.
Direct property           Investments in direct commercial properties in the 
                          retail sector. Opportunistic acquisitions in the 
                          retail, logistics, industrial, warehousing and office 
                          sectors are also considered.

Reconciliation of segmental reporting to IFRS
The reconciliation of the segmental reporting with financial information 
extracted from the consolidated interim financial statements for the quarter 
ended 31 December 2018 is included in the segmental report, and primarily relates 
to the matters below:

LocaViseu
This adjustment proportionately consolidates the indirect investments in 
Forum Coimbra and Forum Viseu that are held through LocaViseu, accounted for 
using the equity method. It effectively discloses the group's interest in the 
assets, liabilities and results of operations from these investments by 
disclosing the consolidated accounts for the periods ended on a line-by-line 
basis. The goodwill relates to the deferred tax liability assumed on 
acquisition. Typically, these transactions entail the disposal of companies 
instead of underlying properties and it is management's view that not all 
the deferred tax in the LocaViseu group will become payable. As such, the 
goodwill has been offset against the deferred tax liability.

Equity swap derivatives
The equity swap derivatives are reported in the segmental analysis in its 
respective components i.e. grossed-up by multiplying the shares held in 
each counter by the quoted closing price of the respective counter at the 
reporting date and raising the corresponding equity swap liability, and 
separating the profit or loss impact between dividend income on the 
underlying equities, fair value gains and losses on the underlying 
equities, and the implied borrowing costs on the implicit equity swap 
liability. This more appropriately reflects the group's assets, liabilities, 
revenue and expenses for segmental analysis.

Finance income
Finance income is classified as net finance costs, instead of revenue.


Consolidated statement of financial position 
                                               Segments
                            Listed        Listed        Direct 
                    infrastructure   real estate      property       Corporate
                          Dec 2018      Dec 2018      Dec 2018        Dec 2018
                               EUR           EUR           EUR             EUR
Assets
Non-current assets      14 801 875    45 880 243   296 392 634               - 
Investment property              -             -   293 059 943               - 
Investments             14 801 875    45 880 243             -               -
Financial and other
assets                           -             -     3 332 691               - 
Goodwill                         -             -             -               - 
Current assets           2 932 220    25 876 364    11 472 643      47 237 375
Investments                      -     8 124 000             -               -
Financial and other 
assets                           -             -       578 572               -
Trade and other 
receivables                      -        78 802     3 249 399         113 663
Cash and cash 
equivalents              2 932 220    17 673 562     7 644 672      47 123 712
Total assets            17 734 095    71 756 607   307 865 277      47 237 375
Equity and liabilities
Total equity 
attributable to 
equity holders                   -             -             -     244 637 835
Stated capital                                                     150 703 936
Treasury shares                                                     (4 902 270) 
Non-distributable reserve                                           41 621 936
Foreign currency
translation reserve                                                 (1 502 090) 
Retained earnings                                                   58 716 323
Total liabilities        5 183 993    25 973 493   142 126 008      26 672 025
Non-current liabilities  4 738 320    24 451 348   133 524 979               -
Interest-bearing
borrowings               4 738 320    24 451 348   124 968 617               - 
Deferred tax                     -             -     7 422 151               - 
Financial liabilities            -             -     1 134 211               - 
Current liabilities        445 673     1 522 145     8 601 029      26 672 025
Interest-bearing
borrowings                       -             -     1 087 128               - 
Financial liabilities            -             -             -       1 669 341
Trade and other
payables                   445 673     1 522 145     6 529 707      24 788 036
Income tax payable               -             -       984 194         214 648
Total equity and
liabilities              5 183 993    25 973 493   142 126 008     271 309 860

                                        Management accounts'
                             Group          adjustments
                        management                 Equity swap           Group
                          accounts     LocaViseu   derivatives       Unaudited
                          Dec 2018      Dec 2018      Dec 2018        Dec 2018
                               EUR           EUR           EUR             EUR
Assets
Non-current assets     357 074 752    24 280 132    (8 583 886)    372 770 998
Investment property    293 059 943             -             -     293 059 943
Investments             60 682 118             -   (29 189 668)     31 492 450
Financial and 
other assets             3 332 691             -    20 605 782      23 938 473
Goodwill                         -    24 280 132             -      24 280 132
Current assets          87 518 602             -   (20 605 782)     66 912 820
Investments              8 124 000             -             -       8 124 000
Financial and other
assets                     578 572             -             -         578 572
Trade and other
receivables              3 441 864             -             -       3 441 864
Cash and cash
equivalents             75 374 166             -   (20 605 782)     54 768 384
Total assets           444 593 354    24 280 132   (29 189 668)    439 683 818
Equity and liabilities
Total equity 
attributable to 
equity holders         244 637 835             -             -     244 637 835
Stated capital         150 703 936             -             -     150 703 936
Treasury shares         (4 902 270)            -             -      (4 902 270) 
Non-distributable
reserve                 41 621 936             -             -      41 621 936
Foreign currency
translation reserve     (1 502 090)            -             -      (1 502 090) 
Retained earnings       58 716 323             -             -      58 716 323
Total liabilities      199 955 519    24 280 132   (29 189 668)    195 045 983
Non-current
liabilities            162 714 647    24 280 132   (29 189 668)    157 805 111
Interest-bearing
borrowings             154 158 285             -   (29 189 668)    124 968 617
Deferred tax             7 422 151    24 280 132             -      31 702 283
Financial liabilities    1 134 211             -             -       1 134 211
Current liabilities     37 240 872             -             -      37 240 872
Interest-bearing
borrowings               1 087 128             -             -       1 087 128
Financial liabilities    1 669 341             -             -       1 669 341
Trade and other
payables                33 285 561             -             -      33 285 561
Income tax payable       1 198 842             -             -       1 198 842
Total equity and
liabilities            444 593 354    24 280 132   (29 189 668)    439 683 818



                                             Segments
                            Listed        Listed        Direct 
                    infrastructure   real estate      property       Corporate
                          Dec 2017      Dec 2017      Dec 2017        Dec 2017
                               EUR           EUR           EUR             EUR
Assets
Non-current assets     721 829 793   372 923 340   197 552 272       6 155 266
Investment property              -             -   184 442 548               - 
Investments            721 829 793   372 923 340             -               -
Investment in 
and loans to 
joint venture                    -             -             -               -
Financial and other
assets                           -             -     2 722 901       6 155 266
Goodwill                         -             -    10 386 823               - 
Current assets          53 045 738    43 848 751     9 241 990     444 727 665
Financial and other
assets                           -             -       357 377       1 722 862
Trade and other
receivables              2 676 277     9 806 281     2 435 409         665 515
Cash and cash
equivalents             50 369 461    34 042 470     6 449 204     442 339 288
Total assets           774 875 531   416 772 091   206 794 262     450 882 931
Equity and liabilities
Total equity 
attributable to 
equity holders                   -             -             -     918 225 348
Stated capital                                                   1 000 703 936
Non-distributable
reserve                                                           (117 947 634) 
Foreign currency
translation reserve                                                    242 200
Retained earnings                                                   35 226 846
Total liabilities      571 317 265   262 232 398    96 015 112       1 534 692
Non-current 
liabilities            564 000 962   261 143 386    90 051 151               -
Interest-bearing
borrowings             564 000 962   261 143 386    75 070 668               - 
Deferred tax                     -             -    14 944 827               - 
Financial liabilities            -             -        35 656               - 
Current liabilities      7 316 303     1 089 012     5 963 961       1 534 692
Interest-bearing
borrowings                       -             -     1 374 996               - 
Financial liabilities      103 413             -             -               -
Trade and other
payables                 7 212 890     1 089 012     4 406 281         674 959
Income tax payable               -             -       182 684         859 733
Total equity and
liabilities            571 317 265   262 232 398    96 015 112     919 760 040


                                        Management accounts'
                             Group          adjustments
                        management                 Equity swap           Group
                          accounts     LocaViseu   derivatives        Restated
                          Dec 2017      Dec 2017      Dec 2017        Dec 2017
                               EUR           EUR           EUR             EUR
Assets
Non-current assets   1 298 460 671   (63 165 167) (740 732 417)    494 563 087
Investment property    184 442 548  (113 000 000)            -      71 442 548
Investments          1 094 753 133             -  (825 144 348)    269 608 785
Investment in 
and loans
to joint venture                 -    60 221 656             -      60 221 656
Financial and other
assets                   8 878 167             -    84 411 931      93 290 098
Goodwill                10 386 823   (10 386 823)            -               - 
Current assets         550 864 144    (5 877 147)  (84 411 931)    460 575 066
Financial and other
assets                   2 080 239             -             -       2 080 239
Trade and other
receivables             15 583 482    (1 795 414)            -      13 788 068
Cash and cash
equivalents            533 200 423    (4 081 733)  (84 411 931)    444 706 759
Total assets         1 849 324 815   (69 042 314) (825 144 348)    955 138 153
Equity and liabilities
Total equity 
attributable to 
equity holders         918 225 348             -             -     918 225 348
Stated capital       1 000 703 936             -             -   1 000 703 936
Non-distributable
reserve               (117 947 634)            -             -    (117 947 634) 
Foreign currency
translation reserve        242 200             -             -         242 200
Retained earnings       35 226 846             -             -      35 226 846
Total liabilities      931 099 467   (69 042 314) (825 144 348)     36 912 805
Non-current
liabilities            915 195 499   (65 160 398) (825 144 348)     24 890 753
Interest-bearing
borrowings             900 215 016   (50 632 205) (825 144 348)     24 438 463
Deferred tax            14 944 827   (14 528 193)            -         416 634
Financial liabilities       35 656             -             -          35 656
Current liabilities     15 903 968    (3 881 916)            -      12 022 052
Interest-bearing
borrowings               1 374 996             -             -       1 374 996
Financial liabilities      103 413             -             -         103 413
Trade and other
payables                13 383 142    (3 818 088)            -       9 565 054
Income tax payable       1 042 417       (63 828)            -         978 589
Total equity and
liabilities          1 849 324 815   (69 042 314) (825 144 348)    955 138 153


Consolidated statement of profit or loss and other comprehensive income 
                                               Segments
                            Listed        Listed        Direct 
                    infrastructure   real estate      property       Corporate
                           for the       for the       for the         for the
                             three         three         three           three
                            months        months        months          months
                             ended         ended         ended           ended
                          Dec 2018      Dec 2018      Dec 2018        Dec 2018
                               EUR           EUR           EUR             EUR
Investment revenue       1 512 739       242 046             -               - 
Property rental and
related revenue                  -             -     6 413 800               - 
Finance income                   -             -             -               - 
Total revenue            1 512 739       242 046     6 413 800               -
Fair value (loss)/gain 
on investment property, 
investments and
derivatives             (7 850 712)  (15 771 048)   (1 113 996)     (1 134 801)
Fair value loss on
investments             (7 850 712)  (15 771 048)            -               -
Fair value gain on
investment property              -             -      (205 473)              -
Fair value loss 
on currency, 
interest rate
and other derivatives            -             -      (908 523)     (1 134 801)
Property operating
expenses                         -             -    (2 046 368)              -
Administrative and 
other expenses                   -             -       (76 771)       (662 784) 
Foreign exchange loss   (1 028 935)     (962 399)            -     (11 068 014) 
Operating (loss)/profit (7 366 908)  (16 491 401)    3 176 665     (12 865 599) 
Finance income                   -             -           286         652 871
Finance costs             (643 387)     (315 861)     (915 504)       (311 085)
Other income                     -             -             -          46 417 
(Loss)/profit before
income tax              (8 010 295)  (16 807 262)    2 261 447     (12 477 396)
Income tax expense               -             -      (440 575)        (74 784) 
(Loss)/profit for 
the period attributable
to equity holders of 
the company             (8 010 295)  (16 807 262)    1 820 872     (12 552 180)

                                        
                                 Management accounts' adjustments
                         Group                             Equity
                    management               Finance         swap        Group
                      accounts  LocaViseu     income  derivatives    Unaudited
                       for the    for the    for the      for the      for the
                         three      three      three        three        three
                        months     months     months       months       months
                         ended      ended      ended        ended        ended
                      Dec 2018   Dec 2018   Dec 2018     Dec 2018     Dec 2018
                           EUR        EUR        EUR          EUR          EUR
Investment revenue   1 754 785          -          -   (1 103 214)     651 571
Property rental 
and related revenue  6 413 800          -          -            -    6 413 800
Finance income               -          -    653 157            -      653 157
Total revenue        8 168 585          -    653 157   (1 103 214)   7 718 528
Fair value 
(loss)/gain on 
investment property, 
investments
and derivatives    (25 870 557)         -          -      143 966  (25 726 591)
Fair value loss 
on investments     (23 621 760)         -          -      143 966  (23 477 794)
Fair value gain 
on investment 
property              (205 473)         -          -            -     (205 473)
Fair value loss 
on currency, 
interest rate 
and other
derivatives         (2 043 324)         -          -            -   (2 043 324)
Property operating
expenses            (2 046 368)         -          -            -   (2 046 368)
Administrative 
and other expenses    (739 555)         -          -            -     (739 555) 
Foreign exchange 
loss               (13 059 348)         -          -            -  (13 059 348)
Operating
(loss)/profit      (33 547 243)         -    653 157     (959 248) (33 853 334) 
Finance income         653 157          -   (653 157)           -            - 
Finance costs       (2 185 837)         -          -      959 248   (1 226 589) 
Other income            46 417          -          -            -       46 417
(Loss)/profit
before income 
tax                (35 033 506)         -          -            -  (35 033 506) 
Income tax expense    (515 359)         -          -            -     (515 359)
(Loss)/profit for 
the period 
attributable to 
equity holders 
of the company      (35 548 865)         -          -           -  (35 548 865)


                                               Segments
                            Listed        Listed        Direct 
                    infrastructure   real estate      property       Corporate
                           for the       for the       for the         for the
                             three         three         three           three
                            months        months        months          months
                             ended         ended         ended           ended
                          Dec 2017      Dec 2017      Dec 2017        Dec 2017
                               EUR           EUR           EUR             EUR
Investment revenue       2 551 658       581 656             -               - 
Property rental 
and related revenue              -             -     3 998 669               - 
Finance income                   -             -             -               - 
Total revenue            2 551 658       581 656     3 998 669               -
Fair value (loss)/gain 
on investment property, 
investments and 
derivatives             (1 748 838)   20 358 588       154 720       1 419 193
Fair value 
(loss)/gain on 
investments             (1 748 838)   20 358 588             -               -
Fair value 
gain/(loss) on
investment property              -             -       166 608               -
Fair value 
(loss)/gain on 
currency, interest 
rate and other
derivatives                      -             -       (11 888)      1 419 193
Property operating 
expenses                         -             -    (1 431 575)              - 
Administrative and 
other expenses                   -             -       (50 205)       (562 883) 
Foreign exchange gain            -             -             -           7 336
Share of profit 
from joint venture               -             -             -               - 
Operating profit/(loss)    802 820    20 940 244     2 671 609         863 646
Finance income                   -             -           639         215 411
Finance costs           (2 002 136)     (927 028)     (551 191)       (289 524) 
(Loss)/profit before 
income tax              (1 199 316)   20 013 216     2 121 057         789 533
Income tax expense               -             -      (414 775)       (199 185) 
(Loss)/profit for 
the period attributable 
to equity holders of
the company             (1 199 316)   20 013 216     1 706 282         590 348


                                 Management accounts' adjustments
                        Group                              Equity
                   management                Finance         swap        Group
                     accounts   LocaViseu     income  derivatives     Restated
                      for the     for the    for the      for the      for the
                        three       three      three        three        three
                       months      months     months       months       months
                        ended       ended      ended        ended        ended
                     Dec 2017    Dec 2017   Dec 2017     Dec 2017     Dec 2017
                          EUR         EUR        EUR          EUR          EUR

Investment revenue  3 133 314           -          -   (1 095 264)   2 038 050
Property rental 
and related 
revenue             3 998 669  (2 469 812)         -            -    1 528 857
Finance income              -           -    216 050            -      216 050
Total revenue       7 131 983  (2 469 812)   216 050   (1 095 264)   3 782 957
Fair value 
(loss)/gain on 
investment 
property, 
investments 
and derivatives    20 183 663    (167 747)         -   (1 833 900)  18 182 016
Fair value
(loss)/gain on
investments        18 609 750           -          -   (1 833 900)  16 775 850
Fair value 
gain/(loss) 
on investment 
property              166 608    (167 747)         -            -      (1 139)
Fair value 
(loss)/gain 
on currency, 
interest rate 
and other
derivatives         1 407 305           -          -            -    1 407 305
Property 
operating
expenses           (1 431 575)    886 432          -            -     (545 143)
Administrative 
and other 
expenses             (613 088)     33 766          -            -     (579 322)
Foreign 
exchange gain           7 336           -          -            -        7 336
Share of profit 
from joint 
venture                     -   1 044 270          -            -    1 044 270
Operating
profit/(loss)      25 278 319    (673 091)   216 050   (2 929 164)  21 892 114
Finance income        216 050           -   (216 050)           -            - 
Finance costs      (3 769 879)    363 949          -    2 929 164     (476 766)
(Loss)/profit 
before income 
tax                21 724 490    (309 142)         -            -   21 415 348
Income tax 
expense              (613 960)     309 142         -            -     (304 818) 
(Loss)/profit 
for the period 
attributable to 
equity holders 
of the company     21 110 530            -         -            -   21 110 530



Corporate information
Registered office
C1-401, 4th Floor, La Croisette 
Grand Baie, Mauritius 
info@lighthousecapital.mu
Tel: +230 269 6619
Fax: +230 403 0801

Board of directors
Mark Olivier (chairman)
Stephen Delport (chief executive officer)* 
Kobus van Biljon (chief financial officer)* 
Jan Wandrag (chief operating officer)*
David Axten
Karen Bodenstein 
Paul Edwards 
Barry Stuhler
*Executive director

Changes to the board
Terry Warren and Teddy Lo Seen Chong resigned as non-executive chairman and 
non-independent non-executive director, respectively, of Lighthouse on 
17 January 2019. Mark Olivier, who previously served as independent 
non-executive director, was appointed as independent non-executive chairman 
on 17 January 2019. Paul Edwards and David Axten were appointed as 
non-executive directors on 17 January 2019. Refer to the Lighthouse 
announcement dated 18 January 2019 on the company's website at 
www.lighthousecapital.mu/company-announcements/
for additional details.

Netherlands office
World Trade Centre
Tower A, Level 7, Strawinsky Laan 703, 1077XX Amsterdam, The Netherlands

Transfer secretary
Link Market Services South Africa Proprietary Limited
13th Floor, 19 Ameshoff Street Braamfontein, Johannesburg, 2001 
(PO Box 522606, Saxonwold, 2132) South Africa

JSE sponsor
Java Capital
6A Sandown Valley Crescent
Sandown, Sandton, 2196
(PO Box 522606, Saxonwold, 2132) South Africa

Mauritian management company and company secretary
Intercontinental Trust Ltd
Level 3, Alexander House, 35 Cybercity
Ebene, 72201, Mauritius

SEM authorised representative and sponsor
Perigeum Capital Ltd
Level 4, Alexander House, 35 Cybercity
Ebene, 72201, Mauritius

Commercial bankers
Standard Bank Mauritius
Level 9, Tower A, 1 Cybercity 
Ebene, 72201, Mauritius 
Afrasia Bank Ltd
3rd Floor, NexTeracom Tower 3
Ebene, 72201, Mauritius

Date: 14/02/2019 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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