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NFP
Summarised audited consolidated results for the year ended 31 August 2019

New Frontier Properties Ltd
(Incorporated in the Republic of Mauritius on 5 June 2014)
(Registration number 123368C1/GBL)
SEM share code: NFP.N000
JSE share code: NFP
ISIN: MU0453N00004
("New Frontier" or "the Company" or "the Group")


SHORT-FORM: SUMMARISED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 AUGUST 2019


                                                                                31 August 2019        31 August 2018
                                                                                         #000                 #000
Rental Income                                                                           14,737                16,972
Headline earnings per share-continuing operations (GBP)                                  0.008                 0.032
Headline earnings per share-discontinued operations (GBP)                                0.003               (0.005)
Earnings per share- continuing operations (GBP)                                        (0.423)               (0.476)
Earnings per share- continuing operations (GBP)                                          0.003               (0.006)
Dividend per share (GBP)                                                                     -                     -
Owners (deficit)/interest                                                            (44,199)                23,119

The Company was established in Mauritius as a public company limited by shares holding a Category 1 Global Business
Licence. The Company has primary listings on the Stock Exchange of Mauritius Ltd (SEM) and the Alternative
Exchange (AltX) of the Johannesburg Stock Exchange (JSE). The primary objective of the Company was to acquire
good quality, income-generating retail and logistics/warehouse property assets in the United Kingdom (UK) and
Europe.

FINANCIAL RESULTS

The Groups International Financial Reporting Standards (IFRS) loss for the year was GBP 67.55 million (2018: Loss
of GBP 76.48million), which reflects the further fall in valuation of the Groups investment property of GBP 69.42
million. The Group has a negative net worth of #44.20 million due to the decline in property valuations.

The average annual all in cost of secured debt of the Group as at 31 August 2019, including the effect of fixed rate
financial swap derivatives, was 3.07 % per annum (2018: 3.09% per annum). The Group also has an unsecured
convertible shareholder loan of GBP 11.4 million at the year end on which interest currently accrues at 12% per annum.
Over 88% (2018: 86%) of the Groups debt is fixed by use of financial swap derivatives.

PROSPECTS

Over the past year, the sector has been hit by a series of CVAs and receiverships. We anticipate further CVAs and
company administrations and that these challenging conditions will continue to impact the market and consequently
business over the next year

The Group will continue to actively manage its centres to minimise vacancy levels and reduce void costs. It is
investigating ways of repaying debt through disposals and part disposals of our assets, working with its lender in the
hope that values can recover as much as possible.

The Board considers that whilst the Group has the support of its lenders, it can service its obligations in the normal
course of business and will continue as a going concern. HSBC have signed an amendment which takes the Group out
of its default position by resetting the covenant levels including removing the LTV covenant. The Group will continue
to work with HSBC to realise the value in its assets and repay the outstanding loan in accordance with the terms of the
amended loan.

The group has tried to further reduce costs by delisting the company from the JSE and SEM as previously announced
and has actively engaged with the two stock exchanges who have been unable to assist. Subsequently some of our new
shareholders have indicated their desire to maintain a listing. This can only be achieved by further shareholder funding
or by the lenders releasing cash who have indicated that this is not their long-term intention.

The Group has a negative net worth of #44.20 million due to the fall in the valuation of its investment properties and in
the Directors opinion this will not be reversed in the short term.

This short-form announcement is the responsibility of the directors. This short-form announcement is only a summary
of the information in the full announcement and does not contain full or complete details. Any investment decisions by
investors and/or shareholders should be based on consideration of the full announcement published on SENS and the
issuers website as a whole.

The full announcement has been released on the JSEs website:

https://senspdf.jse.co.za/documents/2019/JSE/isse/NFPE/FY2019.pdf

and is available on the companys website http://newfrontierprop.com/investor-relations-category/financials/

The full announcement is available for inspection at the registered office of the company (Chemin Vingt Pieds, 5th Floor,
La Croisette, Grand Baie, Mauritius) or other designated office, Java Capital (2nd floor, 6A Sandown Valley Crescent,
Sandown, Sandton) at no charge, during normal business hours between 3 December 2019 to 10 December 2019.

3 December 2019


This notice is issued pursuant to SEM Listing Rule 12.14. The board of directors of New Frontier Properties Ltd accepts
full responsibility for the accuracy of the information in this notice.

For further information, please contact:

JSE sponsor
Java Capital                                                     +27 11 722 3050

SEM sponsor
GB Capital                                                       +230 650 4054

Company secretary
Osiris Corporate Solutions (Mauritius) Ltd                       +230 650 4030

Date: 03-12-2019 02:30:00
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.

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