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').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.