Sharenet Sites 
Sharenet Sites
Abridged unaudited financial statements for the three months and twelve months ended 31 MARCH 2013
Rockcastle Global Real Estate Company Limited
Abridged unaudited financial statements for the three months and the twelve months ended 31 March 2013
Incorporated in the Republic of Mauritius
Reg no 108869 C1/GBL
ISIN MU0364N00003
Primary listing SEM
SEM code Rock.N0000
Secondary listing JSE
JSE code ROC
(Rockcastle or the Company)
DIRECTORS COMMENTARY
STRUCTURE OF ROCKCASTLE
Rockcastle was incorporated on 31 March 2012 as a Category One Global Business License Company with the primary objective
of investing globally in listed real estate assets and direct property in developing markets. Rockcastle is listed on both
the Stock Exchange of Mauritius Limited (SEM) and the Alternative Exchange of the JSE Limited (JSE) and intends releasing its
full set of financial results in respect of the 15 month period ending 30 June 2013.
REVIEW
During the twelve month period, the Company successfully raised USD 240,8 million of capital by means of various private placings
that were substantially oversubscribed. As a result, the number of shareholders increased significantly and the trading liquidity
of the Companys shares has improved.
As at the end of the period, Rockcastles gearing ratio (total interest-bearing borrowings divided by the total assets) was 44,5%.
Continued uncertainty in the global macro-economic environment has offered various investment opportunities, particularly in Europe
and the United States of America and the Companys portfolio continues to deliver sound returns. In addition, the Company has identified
a number of sites in three African countries for direct property investments and is in the early stages of finalising these agreements.
This will assist Rockcastle in delivering continued growth in distributable earnings per share.
Rockcastle declared an interim dividend of 4,56 USD cents per share, being number 1 for Rockcastle, on 13 February 2013 in respect of the
period from incorporation to 31 December 2012. The interim dividend was paid on 11 March 2013. There were 140 000 000 shares in issue that
qualified for the dividend. No dividend has been declared nor will be paid in respect of the three months ended 31 March 2013. The Company
will continue to consider and declare dividends on a semi-annual basis.
OUTLOOK
The Board of Directors (the Board) is confident that a dividend yield of between 7% and 9% on the initial issue price of USD 1,00 per share
will be achieved for the financial period ending 30 June 2013.
The aforegoing forecast statement and the forecasts underlying such statement are the responsibility of the Board and have not been reviewed
or reported on by the Companys external auditors. The forecast is based on the assumptions that a stable global macro-economic environment will
prevail and no failures of listed REITs will occur.
STATEMENT OF FINANCIAL POSITION
Unaudited as at
31 March 2013
USD
ASSETS
Non-current assets 465 633 344
Investments 464 030 490
Share incentive loans 1 602 854
Current assets 163 366
Trade and other receivables 971
Cash and cash equivalents 162 395
Total assets 465 796 710
EQUITY AND LIABILITIES
Total equity attributable to equity holders 257 950 372
Stated capital 240 806 177
Currency translation reserve (42 578)
Retained earnings 17 186 773
Total liabilities 207 846 338
Non-current liabilities 207 453 150
Interest-bearing borrowings 207 453 150
Current liabilities 393 188
Trade and other payables 393 188
Total equity and liabilities 465 796 710
Total number of shares in issue 220 000 000
Net asset value per share (USD) 1,17
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited
for the three for the twelve
months ended months ended
31 March 2013 31 March 2013
USD USD
Dividends received from listed
security investments 3 291 532 5 149 705
Fair value gain on investments 14 544 499 20 153 898
Administrative expenses (83 246) (228 300)
Listing costs (524 562)
Profit before net finance costs 17 752 785 24 550 741
Net finance costs (609 077) (874 292)
Finance costs (609 077) (903 994)
Interest on borrowings (535 602) (903 994)
Fair value adjustment on government
bond positions (73 475)
Finance income 29 702
Fair value adjustment on government
bond positions 29 702
Profit before income tax expense 17 143 708 23 676 449
Income tax expense (72 368) (105 676)
Profit for the period attributable
to equity holders 17 071 340 23 570 773
Total comprehensive income for the period 17 071 340 23 570 773
Basic earnings per share and headline
earnings per share (USD cents) 11,90 28,18
Basic earnings per share and headline earnings per share are based on the weighted average of 143 516 484 shares
in issue for the three months ended 31 March 2013 (twelve months ended 31 March 2013: 83 628 802).
There are no reconciling items between basic earnings and headline earnings.
Rockcastle has no dilutionary instruments in issue.
STATEMENT OF CHANGES IN EQUITY
Currency
Stated translation Retained
Unaudited for the twelve capital reserve earnings Total
months ended 31 March 2013 USD USD USD USD
Issue of shares
(220 000 000 shares) 240 806 177 240 806 177
Total comprehensive
income for the period 23 570 773 23 570 773
Currency translation
movement (42 578) (42 578)
Dividend declared (interim) (6 384 000) (6 384 000)
Balance at
31 March 2013 240 806 177 (42 578) 17 186 773 257 950 372
STATEMENT OF CASH FLOWS
Unaudited
for the twelve
months ended
31 March 2013
USD
Cash inflow from operating activities 3 779 390
Cash outflow from investing activities (445 522 024)
Cash inflow from financing activities 441 905 029
Increase in cash and cash equivalents 162 395
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period 162 395
Cash and cash equivalents consist of:
Current accounts 162 395
SEGMENTAL REPORTING
Unaudited Unaudited
for the three for the twelve
months ended months ended
31 March 2013 31 March 2013
USD USD
Profit before income tax expense
Australia 2 143 624 2 302 231
Canada 969 840 1 712 297
Europe (5 551) 3 667 912
Great Britain (561 889) 330 768
Hong Kong 1 276 023 2 198 331
Singapore 1 909 362 3 337 544
United States of America 11 476 467 10 823 377
Corporate (64 168) (696 011)
17 143 708 23 676 449
Total assets
Australia 37 906 862
Canada 61 468 293
Europe 78 519 365
Great Britain 29 912 167
Hong Kong 23 447 998
Singapore 51 981 151
United States of America 180 794 654
Corporate 1 766 220
465 796 710
NOTES
The Company is required to publish financial results for the three months and twelve months ended 31 March 2013 in terms of the
Listing Rule 12.19 of the SEM. Accordingly, this announcement presents the financial results of the Company in respect of the period from 1 January 2013
to 31 March 2013 and in respect of the period from incorporation to 31 March 2013.
The abridged unaudited financial statements for the three months and twelve months ended 31 March 2013 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 and the SEM Listing Rules.
The abridged unaudited financial statements have not been reviewed or reported on by the Companys external auditors.
These abridged unaudited financial statements were approved by the Board on 24 April 2013.
Copies of the abridged unaudited 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 of Mauritius 2007, are available free of charge, upon request at the Registered Office of the Company at Level 3,
Alexander House, 35 Cybercity, Ebene, Mauritius. Contact person: Mr Kesaven Moothoosamy.
By order of the Board
Intercontinental Trust Limited
Company Secretary
24 April 2013
This communique is issued pursuant to SEM Listing Rules 12.20 and section 88 of the Securities Act of Mauritius 2005. The Board accepts full responsibility for the accuracy of the information
contained in these abridged unaudited financial statements. The Directors are not aware of any matters or circumstances arising subsequent to the period ended 31 March 2013 that require any additional
disclosure or adjustment to the abridged unaudited financial statements.
www.rockcastleglobalre.mu
Date: 24/04/2013 12:04:00 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.
