Wrap Text
Summarised Reviewed Group Results and Interim Distribution for the six months ended 30 September 2013
ACUCAP PROPERTIES LIMITED
(Reg No. 2001/021725/06)
(Incorporated on 12 September 2001)
("Acucap" or "the Company")
Share Code: ACP
ISIN: ZAE000037651
(Granted REIT status by the JSE, effective 1 April 2013)
SUMMARISED REVIEWED GROUP RESULTS AND DECLARATION OF THE INTERIM DISTRIBUTION FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
The directors of Acucap submit their report on the reviewed results of the company for the six months ended 30 September 2013.
Condensed consolidated statement of financial position at 30 September 2013
30 September 2013 31 March 2013 30 September 2012
Reviewed Audited Unaudited
R'000 R'000 R'000
Assets
Property Assets 8 423 853 7 948 485 7 505 758
Investment properties 7 777 850 7 452 230 6 978 210
Non-current receivable 83 885 83 395 83 318
Current receivable 31 367 30 033 28 964
Investment properties and related receivables 7 893 102 7 565 658 7 090 492
Investment properties held for sale and related receivables 37 350 - 90 400
Investment properties under development 429 965 319 555 259 565
Owner-occupied property 8 683 8 920 9 158
Property development inventory 54 753 54 352 56 143
Other non-current assets 2 728 645 2 172 406 1 808 175
Loans in respect of unit purchase scheme 389 587 390 771 320 670
Equipment 1 644 1 400 1 392
Listed investments - 1 356 789 1 119 851
Interest in associate 1 792 451 - -
Interest in joint venture 260 637 153 078 40 203
Intangible assets and goodwill 245 109 256 934 269 714
Financial instruments 39 217 - -
Deferred tax assets - 13 434 56 345
Other current assets 247 690 227 772 262 680
Trade and other receivables 232 662 203 511 237 680
Tax receivable 839 1 265 691
Cash and cash equivalents 14 189 22 996 24 309
Total assets 11 400 188 10 348 663 9 576 613
Equity and liabilities
Shareholders' interest 5 094 185 4 856 731 3 874 039
Share capital and share premium 2 212 903 2 212 903 2 157 107
Non-distributable reserve 3 193 461 3 020 133 2 070 296
Accumulated loss (312 179) (376 305) (353 364)
Non-current liabilities 5 295 629 4 666 723 4 962 705
Debentures 1 749 150 1 749 150 1 733 036
Financial liabilities 3 339 380 2 633 303 2 515 250
BEE instrument 179 015 220 519 188 119
Financial instruments - 47 981 62 531
Deferred tax liabilities 28 084 15 770 463 769
Current liabilities 1 010 374 825 209 739 869
Trade and other payables 127 865 127 834 125 142
Financial liabilities 602 557 423 849 352 777
Debenture interest payable 279 952 273 526 261 950
Total equity and liabilities 11 400 188 10 348 663 9 576 613
Condensed consolidated statement of profit or loss and other comprehensive income
for the 6 months ended 30 September 2013
6 months ended Year ended 6 months ended
30 September 2013 31 March 2013 30 September 2012
Reviewed Audited Unaudited
R'000 R'000 R'000
Revenue 330 082 650 790 323 290
- Contractual 328 243 644 410 315 043
- Straight lining 1 839 6 380 8 247
Net operating expenses (26 013) (39 604) (12 995)
Loss on disposal of investment properties - (962) (295)
Amortisation of intangible assets (11 825) (25 559) (12 780)
Profit before fair value adjustments,
interest and taxation 292 244 584 665 297 220
Fair value gain/(loss) on investment properties 234 133 441 276 (10 006)
Fair value gain/(loss) on BEE instrument 41 504 (82 745) (50 345)
Profit before interest and taxation 567 881 943 196 236 869
Interest income 55 128 126 429 58 859
Interest expense
- Debenture holders interim (279 952) (261 950) (261 950)
- Debenture holders final - (273 526) -
- Financial institutions and other (104 593) (195 893) (102 501)
Share of profit of equity accounted investee (2 409) 18 701 112
Share of profit of equity accounted associate 68 082 - -
Profit/(loss) before taxation 304 137 356 957 (68 611)
Taxation (4 039) 375 742 5 841
Profit/(loss) for the period 300 098 732 699 (62 770)
Other comprehensive income
Net change in fair value of listed investments, net of taxation * (77 898) 182 433 61 483
Net change in fair value of cash flow hedge, net of taxation * 15 254 (49 085) (59 562)
Other comprehensive income for the period, net of taxation (62 644) 133 348 1 921
Total comprehensive income for the period 237 454 866 047 (60 849)
* These fair value movements through other comprehensive income may be reclassified to profit and loss.
Reconciliation of profit/(loss) for the period to headline earnings/(loss)
Profit/(loss) for the period 300 098 732 699 (62 770)
Fair value adjustment to investment properties (234 133) (441 276) 10 006
Loss on disposal of investment properties - 962 295
Tax effects - (178) (383)
Headline earnings/(loss) - shares 65 965 292 207 (52 852)
Interest paid to debenture holders 279 952 535 476 261 950
Headline earnings - linked units 345 917 827 683 209 098
Cents Cents Cents
Basic and diluted earnings/(loss) per share 171.40 426.56 (37.04)
Basic and diluted headline earnings per linked unit 197.57 481.86 123.37
Interest Distribution per linked unit 159.89 307.22 151.00
- Interim 159.89 151.00 151.00
- Final - 156.22 -
Condensed consolidated statement of changes in equity for the 6 months ended 30 September 2013
Shares issued Share Share Non Accumulated Total
capital Premium Distributable loss
Reserve
Number R'000 R'000 R'000 R'000 R'000
Balance at 31 March 2012 169 052 049 169 1 999 422 2 069 809 (292 028) 3 777 372
Total comprehensive income for
the period
Loss for the period - - - - (62 770) (62 770)
Other comprehensive income
Net change in fair value of listed
investments - - - 61 483 - 61 483
Net change in fair value of cash flow
hedge recognised directly in equity - - - (59 562) - (59 562)
Total comprehensive income for
the period - - - 1 921 (62 770) (60 849)
Transactions with owners,
recorded directly in equity
Issue of 4 425 040 shares in
September 2012* 4 425 040 4 157 512 - - 157 516
Transfer to non-distributable
reserve - - - (1 434) 1 434 -
Total transactions with owners 4 425 040 4 157 512 (1 434) 1 434 157 516
Balance at 30 September 2012 173 477 089 173 2 156 934 2 070 296 (353 364) 3 874 039
Total comprehensive income for
the period
Profit for the period - - - - 795 469 795 469
Other comprehensive income
Net change in fair value of listed
investments - - - 120 950 - 120 950
Net change in fair value of cash flow
hedge recognised directly in equity - - - 10 477 - 10 477
Total comprehensive income for
the period - - - 131 427 795 469 926 896
Transactions with owners,
recorded directly in equity
Issue of 1 613 000 shares in January
2013** 1 613 000 2 55 794 - - 55 796
Transfer to non-distributable
reserve - - - 818 410 (818 410) -
Total transactions with owners 1 613 000 2 55 794 818 410 (818 410) 55 796
Balance at 31 March 2013 175 090 089 175 2 212 728 3 020 133 (376 305) 4 856 731
Total comprehensive income for
the period
Profit for the period - - - - 300 098 300 098
Other comprehensive income
Net change in fair value of listed
investments - - - (77 898) - (77 898)
Net change in fair value of cash flow
hedge recognised directly in equity - - - 15 254 - 15 254
Total comprehensive income for
the period - - - (62 644) 300 098 237 454
Transactions with owners,
recorded directly in equity
Transfer to non-distributable
reserve - - - 235 972 (235 972) -
Total transactions with owners - - - 235 972 (235 972) -
Balance at 30 September 2013 175 090 089 175 2 212 728 3 193 461 (312 179) 5 094 185
* Acucap issued 4 425 040 linked units for cash on 13 September 2012 at an issue price of R 47.00 per linked unit, which included prepaid interest of
R1.39 and the debenture portion of R9.99.
** Acucap issued 1 613 000 linked units on 25 January 2013 to the Acucap Unit Purchase Trust at an issue price of R 45.57 per linked unit, which
included prepaid interest of R0.9429 and the debenture portion of R9.99.
Condensed consolidated statement of cash flows for the 6 months ended 30 September 2013
6 months ended year ended 6 months ended
30 September 2013 31 March 2013 30 September 2012
Reviewed Audited Unaudited
R'000 R'000 R'000
Cash flows from operating activities
Cash generated by operations 304 884 626 178 285 879
Changes in property development inventory (401) 1 610 (181)
Income tax paid (2 280) (441) -
Interest received 55 128 126 429 58 859
Interest paid (378 119) (706 890) (351 548)
Net cash (outflows)/ inflows from operating activities (20 788) 46 886 (6 991)
Cash outflows from investing activities (872 804) (473 794) (157 569)
Cash inflows from financing activities 884 785 441 505 180 470
Net cash (outflows)/ inflows for the period (8 807) 14 597 15 910
Cash and cash equivalents at beginning of period 22 996 8 399 8 399
Cash and cash equivalents at end of period 14 189 22 996 24 309
Condensed segmental results for the 6 months ended 30 September 2013
6 months ended 6 months ended
30 September 2013 30 September 2012
Reviewed Unaudited
R'000 R'000
Retail
Segment revenue (external customers) 233 408 226 605
Net operating expenses (37 332) (24 522)
Fair value adjustment to investment properties 192 334 (7 662)
Loss on disposal of investment properties - (295)
Segmental profit 388 410 194 126
Segmental property assets 5 843 608 5 136 678
Offices
Segment revenue (external customers) 85 516 87 372
Net operating expenses (10 319) (3 776)
Fair value adjustment to investment properties 41 029 (2 207)
Segmental profit 116 226 81 389
Segmental property assets 1 973 059 1 828 682
Industrial
Segment revenue (external customers) 9 991 6 104
Net operating expenses (541) (189)
Fair value adjustment to investment properties 907 -
Segmental profit 10 357 5 915
Segmental property assets 427 447 308 653
Storage
Segment revenue (external customers) - 2 882
Net operating expenses - (1 565)
Segmental profit - 1 317
Segmental property assets - 120 855
Property development
Segment revenue (external customers) 1 167 327
Net operating expenses (1 084) (895)
Fair value adjustment to investment properties (137) (137)
Segmental loss (54) (705)
Segmental property assets 179 739 110 890
Reconciliation to profit before interest and taxation for the period in the income statement
Revenue 330 082 323 290
Allocated operating expenses (49 276) (30 947)
Unallocated operating expenses 23 263 17 952
Loss on disposal of investment properties - (295)
Amortisation of intangible assets (11 825) (12 780)
Fair value adjustment to investment properties 234 133 (10 006)
Fair value adjustment to BEE instrument 41 504 (50 345)
Profit before interest and taxation 567 881 236 869
Total property assets 8 423 853 7 505 758
BASIS OF PREPARATION AND REVIEW OPINION
The condensed consolidated interim financial statements are prepared and presented in accordance with International Financial Reporting Standards, which include
International Accounting Standard (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the
requirements of the Companies Act of South Africa. The same accounting policies and methods of computation are followed in the interim financial report as compared to
the most recent annual financial statements except for the adoption of the newly effective standards as described below. The key estimates and assumptions used in the
interim financial statements are the same as the ones used in the annual financial statements. The condensed consolidated results have been prepared under the
supervision of the group's financial director, Baden Marlow.
The following standards are being applied for the first time as they became effective during the current period:
IFRS 10 - Consolidated Financial Statements
IFRS 11 - Joint Arrangements
IAS 28 (2011) - Investments in Associates and Joint Ventures
IFRS 12 - Disclosure of Interests in Other Entities
IFRS 13 - Fair value measurement
The condensed consolidated financial statements of Acucap Properties Ltd for the six months ended 30 September 2013 have been reviewed by the company's auditor,
KPMG Inc. In their review report dated 14 November 2013, which is available for inspection at the Company's Registered Office, KPMG Inc state that their review was
conducted in accordance with the International Standard on Review Engagements 2410, Review of Interim Information Performed by the Independent Auditor of the Entity,
and have expressed an unmodified conclusion on the condensed consolidated interim financial statements.
FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL POSITION
The group measures fair values using the following hierarchy that reflects the significance of the inputs used in making the measurements:
- Level 1: Quoted prices (unadjusted) in an active market for an identical instrument.
- Level 2: Valuation techniques based on observable inputs, either directly (ie. as prices) or indirectly (ie. derived from prices). This category includes instruments valued
using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active;
or other valuation techniques where all significant inputs are directly or indirectly observable from market data.
- Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on
observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category also includes instruments that are valued based on
quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.
The group uses widely recognised valuation models for determining the fair value of common and more simple financial instruments, like the interest rate swaps that
use only observable market data and require little management judgement and estimation. The availability of observable market prices and model inputs reduces the
need for management judgement and estimation and also reduces the uncertainty associated with determination of fair values.The interest rate swaps are valued using
the Mark to Market valuations, excluding transactions costs, as determined by Nedbank. In the previous financial period the units held by Acucap in Sycom Property
Fund were accounted for as an investment as Acucap did not have significant influence until the current period. The investment was valued at 30 September 2012 using
the closing price of Sycom's traded units. During the current period, the investment in Sycom has been accounted for as an interest in an associate and therefore is
excluded from the fair value hierarchy as below.
The table below analyses financial instruments carried at fair value, by valuation method.
Level 1 Level 2 Level 3 Total
30 September 2013
Financial assets
Interest rate swaps - 39 217 - 39 217
30 September 2012
Financial asset
Listed investment in Sycom Property Fund 1 155 869 - - 1 155 869
Financial liability
Interest rate swaps - (62 531) - (62 531)
INVESTMENT PROPERTY HELD FOR SALE
The following investment property has been classified as held for sale at 30 September 2013:
Tellumat Retreat (30% owned):
Acucap, together with the co-owners of the Tellumat Retreat building (jointly trading as The White Road Joint Venture), have concluded an agreement with Ingenuity
Property Investments Limited ("Ingenuity") in terms of which Ingenuity will acquire full ownership of the Tellumat Retreat Building from the White Road Joint Venture
for a total consideration of R124 500 000, of which Acucap's 30% share amounts to R37 350 000. The gain on remeasurement of the property to fair value at the
reporting date amounted to R1 588 318 and is disclosed within the fair value adjustment on investment properties caption on the statement of comprehensive income.
Tellumat Retreat is an Industrial asset for the purposes of the segmental reporting above. The sale will become effective on the transfer date which is expected on or
about 1 April 2014.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap's board is pleased to report a distribution of 159.89 cents per unit for the six months ended 30 September 2013, 5.9% higher than the same six month
period last year and in line with guidance provided in respect of the full year to 31 March 2014.
Retail portfolio
Tenants in Acucap's core retail portfolio reported a 3.5% increase in their turnovers for the 6 months to 30 September 2013 compared to the same period in the
previous year, in line with the general trend in South African retail sales growth.
Retail leases for 34,853m(2) were renewed or expired during the six month period under review at an average terminating rate of R131.16/m(2). Leases were signed
over 39,009m(2) at an average rate of R136.08/m(2). The retention rate by income was 60% and these leases were renewed at rentals on average 14.3% higher than
expiring rentals.
Leases for 26,646m(2) will expire before the end of the 2014 financial year, at average rentals of R162.74/m(2), and are expected to be renewed at an average of
R172.50/m(2). Vacancy rates remained low across Acucap's retail portfolio, decreasing from 1.8% at 31 March 2013 to 1.2% of retail Gross Lettable Area (GLA) at
the end of September.
Office portfolio
The office market remained under pressure in the period under review, with vacancies increasing from 2% at 31 March 2013 to 4.8% at the end of September
2013. Leases for 17,551 m(2) expired or were renewed early with average terminating net rentals of R144.85/m(2). Leases were signed for 14,525 m(2) of GLA at an
average net rental of R122.76/m(2). The retention rate by income was 62% and these leases were renewed at rentals on average 5.4% lower than their expiring
rentals. The planned vacancy of 2,300m(2) with the upgrading of 28 Fricker Road should reverse in 2014. Negotiations are in an advanced stage over 1,448m(2) of this
space.
Additional leases for only 5,808m(2) are due to expire in the remainder of the 2014 financial year at an average rental of R132.09/m(2), and most are expected
to be renewed, at an average rental of R128.69, a negative reversion of 2.6%
Debtors
Debtors have been well managed, resulting in lower bad debt write-offs and impairment provisions during the six months under review compared to the prior
reporting period. Net bad debts written off across the portfolio amounted to R596 652 and there were impairment provisions of R343 129, resulting in a total
charge of R939 781 to the income statement compared to the net charge of R2.989m for the full year to 31 March 2013.
2. PORTFOLIO INVESTMENT ACTIVITY
Greenacres acquisition
On 21 October 2013 Acucap announced the acquisition of a 50% undivided share in Greenacres Shopping Centre for R508m at an initial yield of 7.7%.
The other 50% of Greenacres was acquired by Sycom. With a Gross Lettable Area (GLA) of 40,767m(2), Greenacres is one of three retail properties that
together comprise a single combined shopping mall of 89,529m(2)GLA, the other two properties being The Bridge @ Greenacres (44,062m(2)GLA) in which
Acucap owns 27.5% and a stand-alone Woolworths store that is owned by Woolworths (4,700m(2)GLA).
Good trading density, supported by over one million shoppers per month, has resulted in strong interest from all the major fashion retailers at
Greenacres to either expand their stores or introduce new brands. Plans will also be developed to upgrade the mall and offer a contemporary, easier
and more pleasant shopping experience and the intention is to implement these plans as soon as possible after transfer of the property.
Acucap intends to fund the acquisition by a vendor placement of linked units.
Helderberg Hyper
The centre is scheduled to open for trade on 24 April 2014. The total estimated capital cost is R210m with a first year yield of 8.6%. The centre is 80% pre-let and
comprises 24,000m(2) of GLA anchored by Checkers Hyper, House and Home and Stor-age.
WaterCrest Mall
The successful relocation and opening of a new Super Spar was completed at end October 2013. The remainder of the 43,500m(2) regional shopping centre is
under construction and scheduled to open on 23 April 2015. The long awaited dual lane upgrade of Inanda Road supporting the development is under
construction and will be complete before the shopping centre opens for trade. The total estimated capital cost is R670m with an expected first year yield of 8.3%.
Acucap holds a 50% share in the shopping centre with the Rowles Group which holds the remaining 50%. The centre is anchored by Spar, Woolworths, Checkers,
Game, Ster Kinekor and Edgars and is 75% pre-let.
Golf Park
A 10 year lease has been finalised with RCS Cards (Pty) Ltd for the development of a new building measuring 6,900m(2) of GLA with the option of an additional
annex of 1,500m(2) GLA. The development will allow for a strategic upgrade of the balance of the park as well as the precinct as a whole.
The total capital cost of the project, including land and finance costs, is R117m with an anticipated initial yield of 8%. The anticipated completion date is October
2014.
Albion Spring
The Albion Spring is one of Acucap's older office parks, occupying a prime location in Rondebosch. On expiry of the current leases in November 2013, it will
be fully redeveloped into a modern, premium grade office park. During the redevelopment, which is expected to be complete by December 2014, vacancies
will increase by a planned 2,800m(2).
N1 Business Park, Midrand
The development of this prime industrial park has continued in line with expectations. Demand remains good and rentals firm. The current developed GLA
amounts to approximately 64 000m(2) and the net yield on completed developments is 11.12%. The available bulk remaining for development is approximately
36 000m(2).
Montague Park, Montague Gardens
Montague Park has established itself as a prime industrial node within the greater Cape Town precinct. Demand remains good and rentals have shown resilience.
The current total GLA amounts to approximately 43 000m(2) at a net yield of 9.15%. The park still has undeveloped bulk rights for a further 121 000m(2) of GLA.
3. PORTFOLIO RECAPITALISATION ACTIVITY
Key West Shopping Centre
The introduction of a food court as well as the expansion of the new waterfront entertainment area has been successfully completed. The final phase of the
redevelopment is in progress and includes the relocation of the Virgin Active Gym, and the introduction of a banking hall into which all of the banks will be
relocated, freeing up valuable space in the fashion mall. In total, approximately 7,500m(2) of additional retail space will be added in this phase, along with
additional parking. It is scheduled for completion by early 2015, and reflects an initial yield of 7.5%.
4. SYCOM
A transaction with Hyprop Investments was successfully concluded with an effective date of 1 October 2013, in terms of which Somerset Mall was transferred to
Hyprop in exchange for the tendering of 81.5m units in Sycom. These units have been cancelled, with the result that Hyprop's interest in Sycom reduces to1.4%
and Acucap's holding increases to 33.5%.
5. SELF-STORAGE JOINT VENTURE
There was pleasing progress in the growth of this business, which now comprises 33 sites that are complete, under construction or in the pre-construction
plan approval phase. Work has commenced on a separate listing of the self-storage business in the next 18 to 24 months, and unless there are material
adverse changes in market conditions, the joint venture partners would expect to come to the market with a listing portfolio of between R1bn and R1.5bn
in value. There are significant growth prospects for the self-storage asset class before it begins to approach the maturity levels of the US, Australian and
European markets
6. FINANCIAL LIABILITIES
The tables below reflect Acucap's gearing ratio and interest rate hedging profile.
R'000
Financial liabilities at 30 September 2013 3 339 380
Financial liabilities in current liabilities 602 557
Net Financial liabilities 3 941 937
BEE loan (183 737)
Adjusted Financial liabilities 3 758 200
Property Assets at 30 September 2013 8 423 853
Investments 2 242 489
Adjusted assets 10 666 342
Loan to Value 35.2%
Total SWAPS as % of adjusted Financial liabilities 68.4%
Current swaps entered into
End Effective rate Amount R'm
30-Sep-16 7.38% 100
28-Sep-18 7.95% 100
Total 7.67% 200
Forward starting swaps entered into
Start End Effective rate Amount R'm
31-Mar-14 31-Mar-17 7.69% 100
31-Mar-14 31-Mar-19 8.24% 100
30-Sep-14 30-Sep-17 8.01% 100
30-Sep-14 30-Sep-19 8.52% 100
31-Mar-15 31-Mar-18 7.84% 370
30-Sep-15 30-Sep-19 8.10% 300
31-Mar-16 31-Mar-19 9.44% 600
30-Sep-15 28-Sep-18 9.15% 300
31-Mar-16 31-Mar-20 9.65% 200
31-Mar-16 31-Mar-21 9.84% 200
Total 8.81% 2 370
TOTAL SWAPS 8.72% 2 570
7. HISTORICAL LEASE EXPIRIES OVER THE LAST 6 MONTHS
The table below shows a summary of all leasing activity in the Acucap portfolio over the last six months.
Average
Expiries and Average through Average New leases and through rent for Average
terminations (m(2)) rent at expiry escalation rate at renewals (m(2)) new leases escalation rate for
(R/m(2)) expiry (R/m(2)) new leases
Major retail 19 096 143.89 8.1% 22 127 150.17 7.6%
Other retail 15 757 115.72 8.3% 16 882 117.61 7.9%
Offices 17 551 144.85 8.4% 14 525 122.76 7.5%
8. FORWARD LEASE EXPIRIES
Acucap's successful leasing activities have maintained its long-dated lease expiry profile, and the high level of contractual revenue will continue to underpin
distribution growth.
Total Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 thereafter
Retail 69.7% 7.6% 16.9% 14.8% 11.6% 6.2% 12.6%
Office 27.1% 2.4% 5.9% 7.8% 2.0% 5.3% 3.7%
Industrial 3.2% 0.4% 0.4% 0.4% 0.3% 0.2% 1.5%
Total 100.0% 10.4% 23.2% 23.0% 13.9% 11.7% 17.8%
Total vacancies by income have increased marginally from 1.8% at the end of March 2013 to 2.1% at the end of September 2013.
9. UNIT HOLDER SUMMARY
A summary of Acucap's unit holder profile is set out below. Annualised trade in Acucap's linked units was 42.7% of the total number of units in issue
showing an increase in liquidity from 31.2% in the year to March 2013.
Sept-13 Mar-13
Government Employees Pension Fund 12.2% 12.4%
Directors and employees 9.1% 9.1%
Investec Asset Management/Wealth & Investment 6.6% 8.1%
Stanlib Asset Management 5.4% 7.3%
Old Mutual Investment Group SA 5.4% 6.1%
Nedbank 5.0% 5.0%
Thesele Group (Pty) Limited 4.6% 4.6%
48.3% 52.6%
Other shareholders 51.7% 47.4%
100.0% 100.0%
Number of unitholders 5 676 5 117
Weighted average units 183 511 083 180 189 388
Units traded 39 213 873 56 204 370
10. PROSPECTS
The board maintains the guidance previously provided for full year distribution growth of between 5% and 6%. For the 2015 financial year, growth in excess
of 7% is expected.
The above information has not been reviewed or reported on by Acucap's auditors.
11. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a final distribution of 159.89 cents per linked unit has been approved in respect of the six month period ended 30 September
2013. The last date to trade the units cum distribution is Friday, 29 November 2013 and the record date will be Friday, 6 December 2013. The units will
start trading ex-distribution from Monday, 2 December 2013. Distributions will be made to unit holders on Monday 9 December 2013.
Unit certificates may not be dematerialised or rematerialised between Monday 2 December 2013 and Friday 6 December 2013 both days inclusive.
As Acucap has REIT status with the JSE, the distribution will be treated as taxable dividends in the hands of local tax residents and taxable dividends for
dividends tax purposes for foreign tax residents from 1 January 2014. This distribution relates to the financial year ending 31 March 2014.
On behalf of the Board
BS KANTOR PA THEODOSIOU
Chairman Managing Director
14 November 2013
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Sponsor:
Absa Bank Limited (acting through its Corporate and Investment Banking division)
Transfer secretaries:
Computershare Investor Services Proprietary Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*# (Managing Director), FM Berkeley, RC Frolich, ND Mandindi, CB Marlow *, MS Moloko, JH Rens*, BE Stevens, NDC Whale
Company secretary: HH-O Steyn
* Executive # British
Date: 14/11/2013 08:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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