Wrap Text
Audited group results for the year ended 31 August 2013
REDEFINE PROPERTIES LIMITED
(Redefine or the company or the group)
Registration number 1999/018591/06
JSE share code: RDF
Audited group results for the year ended 31 August 2013
- Distribution growth of 7,3% - ahead of market guidance
- Net asset value growth of 8,6%
- R4,7 billion in property acquisitions concluded
- Fountainhead holding increased to 61,7%
- Developments in progress total R3,2 billion
- Balance sheet transformed and strengthened
Consolidated statements of comprehensive income
Audited Audited
31 August 31 August
2013 2012
R000 R000
Revenue
Property portfolio 3 220 615 2 448 873
- Contractual rental income 3 152 971 2 491 749
- Straight-line rental income accrual 67 644 (42 876)
Listed security income 311 046 511 036
Fee income 88 886 51 245
Trading income 3 807 12 414
Total revenue 3 624 354 3 023 568
Operating costs (633 840) (556 042)
Administration costs (149 968) (119 074)
Net operating income 2 840 546 2 348 452
Changes in fair values of properties, listed
securities and financial instruments 1 369 451 1 772 064
Amortisation of intangibles (62 856) (62 856)
Equity accounted profits 329 656 -
Income from operations 4 476 797 4 057 660
Net interest (850 716) (691 163)
- Interest paid (989 407) (767 395)
- Interest received 138 691 76 232
Foreign exchange loss (81 279) (22 957)
Income before debenture interest 3 544 802 3 343 540
Debenture interest (2 012 705) (1 742 715)
Profit before taxation 1 532 097 1 600 825
Taxation 1 389 657 (504 968)
Profit for the year from continuing operations 2 921 754 1 095 857
Profit/(loss) from discontinued operations 935 272 (1 862 708)
Profit/(loss) for the year 3 857 026 (766 851)
- Redefine shareholders 3 619 654 342 079
- Continuing operations 2 693 667 1 099 300
- Discontinued operations 925 987 (757 221)
- Non-controlling interests 237 372 (1 108 930)
- Continuing operations 228 087 (3 442)
- Discontinued operations 9 285 (1 105 488)
Other comprehensive income (297 087) 451 351
Exchange differences on translation of foreign
discontinued operations - subsidiaries 93 449 451 351
Exchange differences on translation of foreign
continuing operations - associates (17 820) -
Recycling of exchange differences on translation
of deemed disposal of foreign subsidiary (372 716) -
Total comprehensive income/(loss) for the year 3 559 939 (315 500)
- Redefine shareholders 3 314 344 621 476
- Continuing operations 2 675 847 1 099 300
- Discontinued operations 638 497 (477 824)
- Non-controlling interests 245 595 (936 976)
- Continuing operations 228 087 (3 442)
- Discontinued operations 17 508 (933 534)
Consolidated statements of financial position
Audited Audited
31 August 31 August
2013 2012
R000 R000
ASSETS
Non-current assets 42 796 057 43 376 376
Investment properties 32 812 494 29 735 776
- Fair value of investment properties for
accounting purposes 30 687 910 28 754 581
- Straight-line rental income accrual 1 089 942 651 223
- Properties under development 1 034 642 329 972
Listed securities 2 050 203 5 341 485
Goodwill 3 647 251 2 753 971
Intangible assets 1 616 871 1 905 363
Interest in associates and joint ventures 1 654 067 1 963 050
Loans receivable 837 742 1 527 301
Other financial assets 78 236 5 349
Guarantee fees receivable 50 000 50 000
Property, plant and equipment 49 193 94 081
Current assets 997 895 1 245 426
Properties held-for-trading 23 949 25 833
Trade and other receivables 453 483 678 791
Guarantee fees receivable - 21 349
Loans receivable 113 504 12 546
Listed security income receivable 48 051 155 574
Cash and cash equivalents 358 908 351 333
Non-current assets held-for-sale 5 087 645 2 134 453
Total assets 48 881 597 46 756 255
EQUITY AND LIABILITIES
Shareholders interest 19 833 320 15 250 599
Stated capital 12 979 046 11 660 936
Reserves 6 854 274 3 589 663
Non-current liabilities- debenture capital 5 085 419 4 791 714
Linked unitholders interest 24 918 739 20 042 313
Non-controlling interests (NCI) 4 240 603 1 301 316
Total unitholders interest 29 159 342 21 343 629
Non-current liabilities 13 525 562 15 259 932
Interest-bearing liabilities 12 873 367 12 648 732
Interest rate swaps 10 430 468 064
Other financial liabilities 52 241 62 767
Deferred taxation 589 524 2 080 369
Current liabilities 4 149 445 8 921 389
Trade and other payables 948 055 953 012
Interest-bearing liabilities 2 142 000 6 793 374
Interest rate swaps 16 165 72 046
Other financial liabilities 11 439 15 948
Provision - 161 769
Taxation payable 6 390 28 078
Linked unitholders for distribution 1 025 396 897 162
Non-current liabilities held-for-sale 2 047 248 1 231 305
Total equity and liabilities 48 881 597 46 756 255
Net asset value per linked unit (excluding
deferred tax and NCI)(cents) 870,68 801,40
Net tangible asset value per linked unit
(excluding deferred tax and NCI)(cents) 691,00 632,62
Consolidated statements of changes in equity
Audited Audited
31 August 31 August
2013 2012
R000 R000
Opening balance 16 551 915 17 056 251
Issue of linked units 1 318 110 495 887
Effect on NCI from deemed disposal and dilution
of interest in subsidiary (1 177 188) -
Unbundling - (623 252)
Total comprehensive income/(loss) for the year 3 559 939 (315 500)
Transactions with non-controlling interests (153 782) 11 763
Changes in ownership interests in subsidiaries (431 968) -
Share-based payment reserve 5 822 -
NCI on acquisition of subsidiaries 4 401 075 (73 234)
Total stated capital, reserves and non-controlling
interests 24 073 923 16 551 915
Abridged segmental analysis
Office Retail Industrial Fountainhead Total
R000 R000 R000 R000 R000
Year ended 31 August 2013
Contractual rental income¥ 1 200 156 1 026 981 437 024 488 810 3 152 971
Operating costs (247 058) (242 101) (44 994) (99 687) (633 840)
Net property income 953 098 784 880 392 030 389 123 2 519 131
Investment property portfolio# 7 212 356 9 177 965 4 282 406 11 105 125 31 777 852
Year ended 31 August 2012
Contractual rental income¥ 1 220 335 907 009 364 405 - 2 491 749
Operating costs (281 556) (198 374) (76 112) - (556 042)
Net property income 938 779 708 635 288 293 - 1 935 707
Investment property portfolio# 9 522 696 7 602 649 3 953 621 - 21 078 966*
¥Excluding straight-line rental income accrual.
#Excluding properties held for development, held-for-sale and trading.
*Excludes RINs investment property portfolio of R8,3 billion.
Distributable income analysis
Redefine Fountainhead International Total
R000 R000 R000 R000
Net property income (excluding straight-line
rental accrual) 2 130 008 389 123 - 2 519 131
Listed security income 322 612 - - 322 612
Trading income 3 807 - - 3 807
Fee income 114 926 - - 114 926
Total revenue 2 571 353 389 123 - 2 960 476
Administration costs (146 022) (29 987) - (176 009)
Interest in associates (excluding fair value
adjustments) - - 142 849 142 849
Realised foreign exchange gains - - 4 273 4 273
Net interest (769 349) (81 367) - (850 716)
Net distributable profit before taxation from
continuing operations 1 655 982 277 769 147 122 2 080 873
Taxation (3 275) - - (3 275)
Net profit from continuing operations before
distributable adjustments 1 652 707 277 769 147 122 2 077 598
Net profit from discontinued operations before
distributable adjustments - - 36 621 36 621
Net profit from operations before distributable
adjustments 1 652 707 277 769 183 743 2 114 219
Non controlling interest (excluding fair value
adjustments) - (139 818) (9 285) (149 103)
1 652 707 137 951 174 458 1 965 116
Distribution adjustments:
Align consolidated foreign profits with
anticipated dividends - - 47 589 47 589
Distributable income 1 652 707 137 951 222 047 2 012 705
Distributable income reconciliation
Audited Audited
31 August 31 August
2013 2012
R000 R000
Profit for the year attributable to Redefine
shareholders 3 619 654 342 079
Changes in fair values of properties (net of
deferred taxation) (2 024 718) 1 249 136
Profit on deemed disposal of subsidiary (898 651) -
Capital gains tax paid 64 542 35 206
Headline profit attributable to Redefine
shareholders 760 827 1 626 421
Debenture interest 2 012 705 1 742 715
Headline earnings attributable to Redefine
linked unitholders 2 773 532 3 369 136
Changes in fair values of listed securities
and financial instruments (net of deferred taxation) (718 943) (985 969)
Fair value interest adjustment - 365 584
Amortisation of intangibles (net of deferred taxation) 45 256 83 505
Alignment of consolidated foreign profits with
anticipated distributions 47 589 8 781
Straight-line rental income accrual (67 644) 42 876
Unrealised foreign exchange 85 552 36 656
Fair value adjustments of associates and NCI (164 203) (1 163 292)
Fee income from foreign subsidiary - 8 312
Capital write offs included in administration costs - (22 874)
Pre-acquisition income on listed securities 11 566 -
Distributable income 2 012 705 1 742 715
Six months ended 28 February 987 309 845 553
Six months ended 31 August 1 025 396 897 162
Total distributions 2 012 705 1 742 715
Actual number of linked units in issue (000)* 2 929 702 2 760 497
Weighted number of linked units in issue (000)* 2 824 980 2 694 914
Earnings and diluted^ per linked unit (cents) 199,38 77,36
- continuing operations per linked units (cents) 166,60 105,46
- discontinued operations per linked units (cents) 32,78 (28,10)
Headline earnings and diluted^ headline earnings
per linked unit (cents) 98,18 125,02
- continuing operations per linked units (cents) 97,21 153,12
- discontinued operations per linked units (cents) 0,97 (28,10)
Distribution per linked unit (cents) 68,70 64,00
*Excludes 5 876 766 treasury units.
^No dilutionary instruments in issue.
Abridged consolidated statements of cash flow
Audited Audited
31 August 31 August
2013 2012
R000 R000
Cash generated from continuing operations 2 790 761 2 559 971
Net interest (923 410) (709 064)
Linked unit distributions paid (1 884 471) (1 838 742)
Payments to non-controlling interests (303 582) -
Net cash (outflow)/inflow from operating
activities- continuing operations (320 702) 12 165
Net cash inflow/(outflow) from operating
activities- discontinued operations 14 523 (198 584)
Net cash outflow from operating activities (306 179) (186 419)
Net cash outflow from investing activities (5 209 623) (2 590 345)
Net cash outflow from investing activities -
continuing operations (4 810 258) (2 316 928)
Net cash outflow from investing activities -
discontinued operations (399 365) (273 417)
Net cash inflow from financing activities 5 504 581 2 393 403
Net cash inflow from financing activities -
continuing operations 5 500 030 2 300 853
Net cash inflow from financing activities -
discontinued operations 4 551 92 550
Net movement in cash and cash equivalents (11 221) (383 361)
Cash and cash equivalents at beginning of year 351 333 660 148
Translation effects on cash and cash
equivalents of foreign operations 18 796 74 546
Cash and cash equivalents at end of year 358 908 351 333
Commentary
Profile
Redefine, capitalised on the Johannesburg Stock Exchange (JSE) at R30 billion, is a diversified property company
actively managing R41 billion in assets. As at 31 August 2013, directly held properties were valued at R24 billion, while
Fountainhead Property Trust (Fountainhead), in which Redefine has a 49,7% interest, has an R11 billion property portfolio.
Redefine also has a R6 billion listed property securities portfolio (including those held for sale), which provides
international diversification through a 32,3% direct interest in Redefine International P.L.C. (RI PLC) listed on both the
London Stock Exchange and JSE. The group has a material investment in the Australian property market through a direct
holding of 12,4% in Cromwell Property Group (Cromwell), which is listed on the Australian Stock Exchange- and an indirect
holding of a further 13,7% through RI PLC.
Redefines primary objective is to achieve sustained income growth for investors. Redefine actively pursues revenue
enhancing opportunities to secure the potential for long-term capital appreciation for unitholders.
Financial results
Redefine has declared a distribution of 35,0 cents per linked unit for the six months ended 31 August 2013, which is
7,7% ahead of the comparable period. The total distribution of 68,7 cents per linked unit in 2013 (2012: 64 cents) is
ahead of market guidance, and shows year-on-year growth of 7,3%. In Rand terms, distributable income grew by 15,5%. Results
for the year reflect considerable changes as a result of corporate activity, namely the deemed disposal of Redefine
Properties International Limited (RIN) which has resulted in the change in accounting treatment of RIN from that of a
consolidated subsidiary to an equity accounted associate, the consolidation of Fountainhead from 27 March 2013 following
Redefines acquisition of a controlling interest, as well as the transfer of Redefine International Fund Managers (RIFM) to
held-for-sale in anticipation of its sale to RI PLC, which in turn would be a precursor for RI PLC should it convert to
a United Kingdom REIT. Consequently, the financial results are not directly comparable to the prior year. A detailed
explanation of these changes has been set out in the Group Results presentation, which is available on the Redefine
website.
Contractual rental income for the year comprised 89% (2012: 81%) of total revenue, income from listed securities 9%
(2012: 17%), and trading and fee income 2% (2012: 2%).
Operating costs represent 20% of total revenue (2012: 23,7%) due to a strict focus on costs and the internalisation of
electricity recoveries.
The local operations contributed 89% (2012: 90%) to distributable income.
Changes in fair values
The groups property portfolio was independently valued at 31 August 2013 resulting in a net increase in value of R834
million. The investment in listed securities increased in value by R72 million during the year. The balance of R463
million mainly relates to the mark to market of the groups interest rate swaps, which protect the group against adverse
interest rate movements.
Letting activity: During the year, leases covering 720 769 m2 were renewed at an average rental increase of 6%. A
further 233 233 m2 was let across the portfolio and together with vacates, vacancies decreased by 0,5% to 5,3% after
adjusting for developments/unlettable space. Vacancies are set out below as a percentage of gross lettable area (GLA):
2013 2012
Office 8,6% 7,2%
Retail 3,6% 5,4%
Industrial 3,7% 4,3%
Total 5,3% 5,7%
Arrears amounted to R46 million at year end (2012: R39 million) against which a provision for possible bad debts of
R21 million (2012: R14 million) is held. Amounts due by Government total R17 million (2012: R7 million). Most of the
growth in arrears is due to the internalisation of electricity recoveries.
Redefine's Property portfolio strategy
Redefine has made significant progress in implementing its strategy of repositioning and improving the quality of the
core property portfolio and in the process, the average value per property is now approaching R100 million- compared
with R80 million previously. The emphasis in acquisitions, wherever possible, is to secure fully repairing leases with
blue chip tenants.
Acquisitions: Four properties, with a GLA of 45 426 m², were acquired and transferred during the year for an aggregate
purchase consideration of R1,3 billion at an initial yield of 7,2%. In addition and subject to the usual conditions
precedent, agreements have been concluded for the acquisition of properties for an aggregate consideration of R3,4 billion
at an initial yield of 7,8% and GLA of 188 194 m². Committed new development projects covering 130 766 m2 of GLA with an
approved value of R2,6 billion at an average yield of 8%, are presently in progress, with a pre-let factor in excess of
50%. Redevelopment projects of the existing portfolio with an approved value of R619 million at an average yield of 9%
are also in progress.
Disposals: During the year, 16 properties with a GLA of 72 706 m², no longer meeting Redefines investment criteria,
were sold to various buyers for an aggregate consideration of R366 million at an average yield of 10,8%. Agreements for
an aggregate consideration of R216 million with a GLA of 35 113 m², were concluded for the disposal of properties, which
are subject to the usual conditions precedent.
Government tenanted office portfolio: Negotiations are at an advanced stage for the disposal of 26 government tenanted
office properties valued at R2,2 billion through a new listing. These properties are included in non-current assets
held-for-sale.
Fountainhead: Effective 27 March 2013, Redefine acquired 529,7 million Fountainhead units, representing 45,6% of the
units in issue. The Fountainhead units were acquired for an aggregate consideration of R4,6 billion, settled by way of
Hyprop units, cash and Redefine units. Subsequent to the business combination date, Redefine acquired an additional 47,7
million Fountainhead units for an aggregate consideration of R376 million, settled in cash. The additional units
purchased increased Redefines holding to 49,7% of the total Fountainhead units in issue. The acquired controlling interest
contributed revenues of R488 million and net profit after tax of R437 million to the group for the five months since the
acquisition. These amounts have been calculated using the groups accounting policies. If the controlling interest had been
acquired on 1 September 2012, the revenue and profit after tax from this business would have been R541 million and R381 million
respectively. Subsequent to the year end, Redefine has acquired additional Fountainhead units in exchange for Hyprop units and
now holds 61,7% of Fountainheads units in issue.
Details of the net assets acquired and goodwill are as follows:
R000
Purchase consideration 4 582 417
The assets and liabilities as at 27 March 2013 arising from
the acquisition are as follows :
Fair value
R000
Investment property 10 972 389
Cash and cash equivalents 342 302
Trade and other receivables** 91 250
Trade and other payables (144 368)
Interest-bearing liabilities (2 867 777)
Linked unitholders for distribution (303 584)
Fair value of net assets 8 090 212
NCI acquired (4 401 075)
Goodwill* 893 280
Total consideration paid on acquisition 4 582 417
Purchase consideration: 4 582 417
- Settled in cash 501 645
- Settled in Redefine units 854 430
- Settled in Hyprop units 3 165 013
- Fair value of existing interest in Fountainhead 61 329
Cash and cash equivalents in subsidiary acquired (342 302)
Cash outflow on acquisition 159 343
*The goodwill arises as a result of the expected synergies from the acquisition.
**Gross contractual amounts receivable are R100,6 million. The groups best
estimate of the contractual cash flow not expected to be collected is R9,4 million.
Electricity recovery business: On 14 April 2013, Redefine acquired an electricity recovery business. The acquired
business contributed revenues of R152 million and net profit after tax of R17 million to the group for the four and a half
months since the acquisition. These amounts have been calculated using the groups accounting policies. If the business
had been acquired on 1 September 2012, the revenue and profit after tax from the business would have been R405 million
and R44 million respectively. As the purchase price adjustment account has not yet been finalised, a detailed assessment
of the identifiable assets and liabilities acquired and their respective fair values had not yet been completed at year
end. The purchase consideration has been provisionally allocated to intangible assets. Once the detailed assessment is
completed, the required adjustments will be processed. The purchase consideration was R270 million, settled in cash.
Listed securities portfolio
The listed securities portfolio comprises:
2013 2012
Value Interest held Value Interest held
R000 % R000 %
Arrowhead Properties Limited- A units 9 491 0,7 27 286 3,0
Arrowhead Properties Limited- B units 9 308 0,7 23 772 3,0
Cromwell Property Group 2 031 404 12,4 - -
Hyprop Investments Limited* 1 912 567 11,4 5 287 983 30,4
3 962 770 5 339 041
*The entire shareholding is classified as held-for-sale.
Cromwell: Redefines direct investment in Cromwell was previously treated as an associate, but is now included in
listed securities following the deconsolidation of RIN.
Hyprop: Consistent with the companys stated objective of disposing of this holding, the interest in Hyprop was
reduced from 30% to 11%. Subsequent to 31 August 2013, a further 15,4 million Hyprop units were swapped for Fountainhead
units, reducing the remaining holding to 5,1% of the Hyprop units in issue, which are classified as non-current assets held
for sale.
Interest in associates
RI PLC: At 31 August 2013, Redefine held a 49,3% interest in RIN, which in turn had a 65,5% holding in RI PLC,
translating into Redefines effective interest of 32,3% in RI PLC. Subsequent to the year end, RI PLC undertook a capital raise
and Redefine also acquired 36,5 million RI PLC shares (in terms of a put option), which in both cases resulted in the
issue of additional shares. As a result, RINs holding in RI PLC was reduced to 61,8% and Redefine acquired a direct
holding of 3,5%, converting its effective interest in RI PLC to 33%.
To remove inefficiencies at various levels in the RIN group structure, RINs unitholders approved the distribution of
the RI PLC shares held by RIN at a general meeting held on 18 October 2013. Following the secondary listing on the JSE
on 28 October 2013 of RI PLC, RIN will distribute (unbundle) all of the RI PLC shares it holds. As a consequence, RIN
will delist from the JSE and will commence the process of winding up. Redefine will now have a direct interest in RI PLC.
Distribution adjustment: It is Redefines policy to distribute its share of income from international investments to
the extent of dividends received. Accordingly, an adjustment has been made to the companys distributable earnings for
the year to equate the equity accounted results from its international investments for the period to the anticipated
dividends.
Funding
Redefines group borrowings of R17 billion at 31 August 2013 comprised borrowings of R14 billion by Redefine and R3
billion by Fountainhead. Redefines debt represented 40% of the value of its property and listed securities portfolio.
Redefines average cost of funding is 8,0% (August 2012: 8,9%)- interest rates are fixed on 66% of borrowings for an
average period of four years. Redefine continues to grow its presence in the debt capital market, having raised R1,5 billion
during March 2013 at favourable interest rates.
During the year, Redefine issued 90,8 million linked units for the acquisition of Fountainhead units and as part of an
accelerated bookbuild, a further 78,4 million linked units were issued, taking the total number of linked units,
ranking for distribution to 2 929 701 503 excluding treasury holdings. At a general meeting on 19 July 2013, 5% of Redefines
unissued but authorised shares were placed under the control of the directors, subject to a discount limitation, to fund
the acquisition of property assets and authority was granted to the directors to issue linked units, pursuant to a
rights offer up to R2 billion, subject to a discount limitation. During the first week of September 2013, Redefine launched
an American Depositary Receipt Programme, which trades under the symbol REDPY- this is designed to make investing
into Redefine more accessible to international investors.
Moodys credit rating:
The rating was refreshed on 5 August 2013 and remains unchanged as follows:
Global long term Baa3
Global short term P-3
National long term A3.za
National short term P-2.za
Conversion to a real estate investment trust (REIT)
Redefine has been granted REIT status with effect from 1 September 2013. The Income Tax Act, as currently drafted,
exempts directly held property assets, listed REIT securities, qualifying REIT subsidiaries and jointly controlled
properties from Capital Gains Tax. Deferred Taxation, as a consequence, has been reduced by R1,5 billion.
To ensure compliance with legislation, Redefine is in the process of reviewing simplification of its linked unit
capital structure.
Contingencies and commitments
At 31 August 2013, Redefine had guarantees and suretyships in respect of its BEE initiatives and subsidiaries
amounting to R272 million (2012: R381 million). Redefine has capital commitments outstanding amounting to R3,1 billion (2012:
R955 million), committed property acquisitions of R2,4 billion (2012: R1,3 billion) and R242 million in respect of the RI
PLC put option outlined above.
Changes to the board
Greg Heron (independent non-executive) resigned from the Board with effect from 3 May 2013 to avoid possible conflicts
of interest which might arise as a result of his assuming an executive role with another organisation. Günter Steffens
(independent non-executive) and Mike Ruttell (executive) were appointed to the Board on 1 September 2013. Robert
Robinson (independent non-executive) has been appointed to the Board with immediate effect.
Prospects
A subdued trading environment, disproportionate increases in rates and taxes and continued financial market volatility
are recurring themes for the coming financial year. Notwithstanding these challenges, Redefine is well focused on
managing the variables within its control and the restructured property asset base is strongly positioned to absorb
continued improvement of the portfolio without materially diluting income. Accordingly, Redefine anticipates growth in
distributable income per linked unit for 2014 at a rate similar to that achieved in the previous year. This forecast has not been
reviewed or reported on by the groups independent external auditors.
The forecast is predicated on the assumption that the current trading conditions will prevail. Forecast rental income
is based on contractual terms and anticipated market related renewals.
Debenture interest distribution
Unitholders are advised that interest distribution number 49 of 35 cents per linked unit has been declared for the six
months ended 31 August 2013. This distribution is not subject to dividends witholding tax.
The distribution is payable to Redefine linked unitholders in accordance with the abbreviated timetable set out below:
Last day to trade cum interest distribution Friday, 15 November 2013
Linked units trade ex interest distribution Monday, 18 November 2013
Record date Friday, 22 November 2013
Payment date Monday, 25 November 2013
There may be no dematerialisation or rematerialisation of linked units between Monday, 18 November 2013 and Friday, 22
November 2013, both days inclusive.
Basis of preparation
The results for the year ended 31 August 2013 have been audited by the groups independent external auditors Grant
Thornton (Jhb) Inc. The unqualified audit opinion is available for inspection at the companys registered office. These
results have been prepared in accordance with International Financial Reporting Standards, IAS 34- Interim Financial
Reporting, SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, JSE Listings Requirements and
the requirements of the South African Companies Act, 2008 (as amended).The accounting policies adopted in the preparation
of these audited results are consistent with those applied in the preparation of the financial statements for the year
ended 31 August 2012. The prior years statements of comprehensive income, cash flows and segmental analysis have been
re-presented to reflect the deconsolidation of RIN and the treatment of RIFM as a discontinued operation in terms of
IFRS 5.
These financial results have been prepared under the supervision of Andrew Konig (CA) SA, the financial director of
the group.
By order of the Board
Redefine Properties Limited
31 October 2013
Directors: D Gihwala (Chairman), M Wainer* (CEO), M K Khumalo, A J Konig* (FD), H K Mehta, B Nackan, D Perton,
R W Rees, D H Rice* (COO), R Robinson, M J Ruttell*@, G Z Steffens#
*Executive British @Irish #German
Registered office: 3rd Floor, Redefine Place, 2 Arnold Road, Rosebank, 2196.
(PO Box 1731, Parklands, 2121)
Transfer secretaries: Computershare Investor Services (Pty) Ltd
Sponsor: Java Capital
Company secretary: Probity Business Services (Pty) Ltd
www.redefine.co.za
Date: 31/10/2013 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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