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FORI - Availability of the Annual Financial Statements of the Guarantors and the Issuer
Fortress REIT Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2009/016487/06)
Company code: FORI
(Approved as a REIT by the JSE)
(“Fortress” or “the Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE GUARANTORS AND THE ISSUER
Bondholders are advised that the annual financial statements of Capital Propfund Proprietary Limited (“CPF”)
and Fortress Income 3 Proprietary Limited, the Guarantors to the Fortress ZAR20 000 000 000 Domestic
Medium Term Note Programme (the “Guarantors”), for the year ended 30 June 2019 as well as the company
annual financial statements for the Issuer for the year ended 30 June 2019 (collectively, the “financial
statements”) are available for inspection at the Issuer’s registered office.
Bondholders are also advised that the audit reports on the financial statements were unqualified, with no
modifications applicable.
Bondholders are further advised that the comparative financial information for CPF and for the Issuer, included
in the CPF annual financial statements for the year ended 30 June 2019 (“CPF 2019 AFS”) and the Issuer’s
company annual financial statements for the year ended 30 June 2019 (“Fortress 2019 Company AFS”),
respectively, has been restated for the following items:
Fortress 2019 Company AFS:
A restatement has been made to prior period financial information in respect of loans granted to The Siyakha
Education Trust and The Siyakha 2 Education Trust ("the Siyakha Trusts"). Historically, the Issuer issued shares
to the Siyakha Trusts on loan account. These loans, resulting interest received and any impairments were
incorrectly recorded in the accounting records of Fortress Income 2 Proprietary Limited, a subsidiary of the
Issuer. The restatement relates to the correction of this prior period error by way of recording the loans,
associated interest received and impairments in relation to the Siyakha Trusts in the Fortress 2019 Company
AFS. This restatement has no impact of the consolidated financial position, financial performance and cash
flows of Fortress, included in the Fortress group audited annual financial statements.
CPF 2019 AFS:
During the current year, CPF changed its accounting policy with respect to the disclosure and classification of
capitalised interest in the statement of cash flows. Capitalised interest (finance costs) has been reclassified in
the statement of cash flows, from cash flows from operating activities to cash flows from investing activities in
the CPF 2019 AFS, with the CPF 2018 comparatives being restated. Capitalised interest relates to borrowing
costs capitalised on development properties at the average cost of local funding of CPF during the period of
development. CPF considers it more accurate to include this under investing activities as it relates directly to
costs incurred for development and improvement of investment property under development and is a more
accurate presentation of how cash is utilised.
31 October 2019
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 31/10/2019 05:15:00
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