Lighthouse Capital Limited (JSE:LTE) News - Summarised audited consolidated financial results for the year ended 31 December 2021

Lighthouse Properties plc
(formerly Lighthouse Capital Limited) 
Reg no: C 100848
Incorporated in Mauritius on 14 August 2014
Redomiciled to Malta on 29 December 2021
ISIN: MU0461N00015
JSE share code: LTE
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company" or the "Group")

Short-form announcement: Summarised audited consolidated financial 
results for the year ended 31 December 2021

Lighthouse is domiciled in Malta and is listed on the Main Board of the 
Johannesburg Stock Exchange Limited ("JSE"). The Group invests directly and 
indirectly in dominant and defensive retail malls located in large and 
mid-sized cities with strong economic support and growth.

The board's dividend policy allows for retaining distributable earnings and the 
payout ratio for FY2021 has been reduced to 87,4% from 97,0% in FY2020. Subject 
to any required approvals and regulatory compliance, the board has declared a 
final dividend of 1,61 EUR cents per share for 2H2021.

Lighthouse achieved 1,95 EUR cents of distributable earnings per share for 
2H2021. Together with the 1,73 EUR cents per share achieved for 1H2021, the 
total distributable earnings for FY2021 was 3,68 EUR cents per share. The 
distributable earnings for the 15-month period ended December 2020 was 
3,25 EUR cents per share.


                                         Audited           Audited
                                         for the           for the 
                                      year ended   15 months ended
                                        Dec 2021          Dec 2020     Movement

Total revenue (EUR)                   35 728 702        30 473 603    5 255 099
Basic and diluted loss per share 
(EUR cents)                                (3,11)           (34,56)       31,45
Headline loss and diluted headline 
loss per share (EUR cents)                 (1,98)           (28,11)       26,13
Total distribution (EUR cents 
per share)                               3,22000           3,15000      0,07000
   Interim                               1,61000           1,57500      0,03500
   Final                                 1,61000           1,57500      0,03500
Management accounts information:
Net asset value per share (EUR cents)      46,56             36,11        10,45
Loan-to-value (%)#                          13,6              13,0         0,60

#  The loan-to-value ratio is calculated by dividing total interest-bearing 
borrowings, adjusted for cash and cash equivalents and derivative cash margin, 
by the total of investments in property, listed securities at fair value, 
investment in associate at fair value, derivative financial instruments, and 
loans advanced.

Outlook
With the easing of the COVID-19 pandemic, the recovery of retail sales and the 
improvement in available funding, deep-value opportunities to acquire 
high-quality assets are limited. Lighthouse has in-house skills and 
relationships to upgrade and redevelop well-located investment opportunities 
such as that undertaken at Saint Sever. This places the Group in a strong 
position going forward.

It is the board's intention for Lighthouse, now domiciled in Malta, to be 
listed on a major European exchange and to access the European debt 
capital markets.

This short-form announcement is the responsibility of the directors and is 
only a summary of the information in the full announcement and does not 
include full or complete details. The full announcement was released on SENS 
on 11 March 2022 and can be accessed by visiting the Company's website at
https://www.lighthousepropertiesplc.mt/financials/
or by following this hyperlink: 
https://senspdf.jse.co.za/documents/2022/jse/isse/LTEE/FY_Q42021.pdf

PricewaterhouseCoopers have issued their unmodified audit opinion on the 
Group’s consolidated financial statements for the year ended 31 December 2021. 
This opinion can be viewed along with the full consolidated financial 
statements by visiting the Company's website at 
https://www.lighthousepropertiesplc.mt/financials/

The full announcement is available for inspection at the registered offices of 
the Company or its sponsor, at no charge, during office hours from Monday, 
14 March 2022 to Monday, 21 March 2022. Any investment decision should be 
based on the full announcement published on SENS and available on the 
Company's website.

By order of the board

Maitland Malta Limited
Company secretary

Malta – 11 March 2022

Directors:
Mark Olivier (chairperson); Stuart Bird; Karen Bodenstein; Des de Beer; 
Anthony Doublet; Stephen Paris; Barry Stuhler; Justin Muller (CEO)*; 
Eddie Mc Donald (COO)*; Kobus van Biljon (CFO)*   
(* Executive director)

Nina Kretzmann resigned from the board on 18 October 2021 and
Eddie Mc Donald was appointed to the board on the same date. Stuart Bird, 
who was serving as an alternate director to Des de Beer, was appointed to 
the board of Lighthouse as an independent non- executive director 
on 5 November 2021.

Registered address:
4th Floor, Office 41, Block A, IL-Piazzetta Tower Road, Sliema, SLM 1605, Malta

Transfer secretary in South Africa:
JSE Investor Services Proprietary Limited

JSE sponsor:
Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Maltese management company and company secretary: Maitland Malta Limited 

www.lighthousepropertiesplc.mt

Date: 11-03-2022 05:42:00
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