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Abridged unaudited financial statements for the three months and the nine months ended 31 December 2012
ROCKCASTLE GLOBAL REAL ESTATE COMPANY LIMITED
Abridged unaudited financial statements for the three months and the nine months
ended 31 December 2012
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 established in Mauritius 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.
DIVIDEND
The Board of Directors (the Board) has declared an interim dividend of 4,56 USD cents per
share in respect of the interim period ended 31 December 2012.
REVIEW
During the nine month period, the Company successfully raised USD144,8 million of capital
on the Stock Exchange of Mauritius Ltd (SEM) and the Alternative Exchange of the JSE Limited
combined, 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 35,9%.
Rockcastles portfolio continues to deliver sound returns notwithstanding volatility in the
global macro-economic environment. The Company is actively pursuing direct property
acquisitions and is in the early stages of negotiating various transactions in Africa.
This will allow Rockcastle to deliver continued growth in distributable earnings per share.
OUTLOOK
The Board is confident that a dividend yield of between 7% and 9% on the initial share
issue price of 100 USD cents 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 December 2012
USD
ASSETS
Non-current assets 237 133 104
Investments 235 558 104
Rockcastle Share Incentive Loans 1 575 000
Current assets 1 963 336
Trade and other receivables 1 942
Cash and cash equivalents 1 961 394
Total assets 239 096 440
EQUITY AND LIABILITIES
Total equity attributable to equity holders 153 091 894
Stated capital 144 830 279
Currency translation reserve 1 762 182
Retained earnings 6 499 433
Total liabilities 86 004 546
Non-current liabilities 85 775 726
Interest-bearing borrowings 85 775 726
Current liabilities 228 820
Trade and other payables 228 820
Total equity and liabilities 239 096 440
Total number of shares in issue 140 000 000
Net asset value per share (USD) 1,09
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited
for the three for the nine
months ended months ended
31 December 2012 31 December 2012
USD USD
Dividends received from listed
securities investments 911 565 1 858 173
Fair value gain on investments 6 032 581 5 609 399
Administrative expenses (63 185) (145 054)
Listing costs (524 562)
Profit before net finance income 6 880 961 6 797 956
Net finance costs (221 881) (265 215)
Finance costs (325 058) (368 392)
Interest on borrowings (325 058) (368 392)
Finance income 103 177 103 177
Fair value adjustment on bond shorts 103 177 103 177
Profit before income tax expense 6 659 080 6 532 741
Income tax expense (24 097) (33 308)
Profit for the period attributable
to equity holders 6 634 983 6 499 433
Total comprehensive income
for the period 6 634 983 6 499 433
Basic earnings per share and headline
earnings per share (USD cents) 5,36 10,75
Basic earnings per share and headline earnings per share are based on the weighted
average of 123 802 198 shares in issue for the three months ended 31 December 2012
(nine months ended 31 December 2012: 60 441 182 shares in issue).
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
capital reserve earnings Total
Unaudited for the
nine months ended
31 December 2012 USD USD USD USD
Issue of shares
(140 000 000
shares) 144 830 279 144 830 279
Total comprehensive
income for the period 6 499 433 6 499 433
Currency translation
movement 1 762 182 1 762 182
Balance at
31 December 2012 144 830 279 1 762 182 6 499 433 153 091 894
RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS
Unaudited
for the nine
months ended
31 December 2012
USD
Profit for the period attributable to equity holders 6 499 433
Taxation on dividends actually received 33 308
Dividends received from listed securities investments (1 858 173)
Fair value gain on investments (5 609 399)
Listing costs 524 562
Fair value adjustment on bond shorts (103 177)
Shares issued cum dividend 2 891 762
Accrued dividend from listed securities investments 4 106 440
Taxation on dividends accrued (100 756)
Distributable earnings for the period 6 384 000
Less: Interim dividend declared (6 384 000)
Earnings not distributed
Number of shares entitled to dividend 140 000 000
STATEMENT OF CASH FLOWS
Unaudited
for the nine
months ended
31 December 2012
USD
Cash inflow from operating activities 1 013 735
Cash outflow from investing activities (229 761 523)
Cash inflow from financing activities 230 709 182
Increase in cash and cash equivalents 1 961 394
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period 1 961 394
Cash and cash equivalents consist of:
Current accounts 1 961 394
SEGMENTAL REPORTING
Unaudited Unaudited
for the three for the nine
months ended months ended
31 December 2012 31 December 2012
Profit before income tax expense USD USD
Australia 92 233 158 607
Canada 314 823 742 457
Europe 3 534 123 3 673 463
Great Britain 866 291 892 657
Hong Kong 908 680 922 308
Singapore 1 352 288 1 428 182
United States of America (848 675) (653 090)
Corporate 439 317 (631 843)
6 659 080 6 532 741
Unaudited as at
31 December 2012
Total assets USD
Australia 25 045 886
Canada 19 029 710
Europe 43 869 095
Great Britain 15 571 982
Hong Kong 12 934 788
Singapore 32 964 038
United States of America 86 142 605
Corporate 3 538 336
239 096 440
NOTES
The Company is required to publish financial results for the three months and nine months
ended 31 December 2012 in terms of the Listing Rule 12.19 of the SEM. The Company was incorporated
on 30 March 2012 and intends releasing its full set of financial results in respect of the 15 month
period ending 30 June 2013. Accordingly, this announcement presents the financial results of the
Company in respect of the period from 1 October 2012 to 31 December 2012 and in respect of the period
from incorporation to 31 December 2012.
The abridged unaudited financial statements for the three months and nine months ended
31 December 2012 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 13 February 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 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
DIVIDEND DECLARATION
The Board has approved and notice is hereby given that a cash dividend of 4,56 USD cents per share,
being number 1 for Rockcastle, has been declared in respect of the period from incorporation to 31 December 2012.
The salient dates for the dividend are set out below:
Last day to trade cum dividend (JSE) Friday, 1 March 2013
Last day to trade cum dividend (SEM) Tuesday, 5 March 2013
Securities trade ex dividend (JSE) Monday, 4 March 2013
Securities trade ex dividend (SEM) Wednesday, 6 March 2013
Record date (JSE and SEM) Friday, 8 March 2013
Payment date Monday, 11 March 2013
No dematerialisation or rematerialisation of share certificates, nor transfer of shares between
sub-registers in Mauritius and South Africa will take place between Monday, 4 March 2013 and
Friday, 8 March 2013, both days inclusive. Shareholders on the South African sub-register will
receive dividends in South African Rand, based on the exchange rate to be obtained by the Company
on or before Friday, 22 February 2013. A further announcement in this regard will be made on or
before Friday, 22 February 2013.
By order of the Board
Intercontinental Trust Limited
Company Secretary
13 February 2013
This communique is issued pursuant to SEM Listing Rules 12.20 and section 88 of the Securities Act 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 December 2012 that require any additional disclosure or adjustment
to the abridged unaudited financial statements.
Date: 14/02/2013 08:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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