Wrap Text
Consolidated interim results for the six months ended 30 September 2014
Safari Investments RSA Limited
Incorporated in the Republic of South Africa
(Registration number 2000/015002/06)
Granted REIT status with the JSE Limited
(Share code: SAR | ISIN: ZAE000188280)
(Income tax number: 9012/264/14/0)
("Safari" or the "group")
Consolidated interim results for the six months ended
30 September 2014
www.safari-investments.com
Income generating retail portfolio
for the six months ended 30 September 2014
The
Denlyn Atlyn Thabong Victorian
Geographic Mamelodi, Atteridge- Sebokeng, Heidelberg,
Gauteng ville, Gauteng Gauteng
Gauteng
Trading since 2003 2006 2007 1997
Gross leasable
area 42 200m2 42 000m2 27 700m2 15 400m2
Rental income
(for the six
months ended
30 Sep 2014) R26 914 690 R18 455 689 R13 641 947 R7 865 987
Occupation
levels 100% 99% 100% 100%
National tenants 91% 91% Existing 83% 95%
after
construc-
tion:
90%
Number of shops 102 90 68 + 22 34
Trading density/m2
per annum at
Sep 2014 ** R37 811/m2 R29 875/m2 R26 731/m2 R40 483/m2
**This excludes furniture and financial services.
National average trading density: R26 208/m² (Source: IPD)
Statement of financial position as at 30 September 2014
Reviewed Reviewed
Interim Interim Audited
30 Sep 30 Sep 31 Mar
2014 2013 2014
Notes R R R
Assets
Non-current
assets
Investment
property 1 1 456 714 073 1 093 844 107 1 347 869 135
Fair value of
investment
property 1 489 245 350 1 121 367 517 1 379 152 614
Operating
lease asset (32 531 277) (27 523 410) (31 283 479)
Intangible assets 64 538 – 86 051
Operating lease
assets 2 26 636 969 26 544 388 29 038 286
1 483 415 580 1 120 388 495 1 376 993 472
Current assets
Inventory 3 23 562 060 17 661 453 19 017 144
Current tax
receivable 4 384 966 4 531 179 5 211 759
Operating lease
asset 2 5 894 308 979 022 2 245 193
Trade and other
receivables 5 4 588 764 3 105 052 3 991 090
Cash and cash
equivalents 6 10 806 954 4 507 182 125 702 738
45 237 052 30 783 888 156 167 924
Total assets 1 528 652 632 1 151 172 383 1 533 161 396
Equity and liabi-
lities
Equity
Equity attribu-
table to equity
holders of parent
Stated capital 4 1 013 447 548 515 752 369 644 152 383
Retained income 375 636 519 255 755 912 362 823 335
1 389 084 067 771 508 281 1 006 975 718
Shares paid for
and issuable 6 – – 104 365 747
1 389 084 067 771 508 281 1 111 341 465
Liabilities
Non-current
liabilities
Interest bearing
borrowings 1, 4 54 159 632 303 942 580 –
Deferred tax 4 16 306 372 34 820 254 15 021 171
70 466 004 338 762 834 15 021 171
Current liabilities
Loans from share-
holders 7 – 4 439 687 4 439 687
Interest bearing
borrowings 1, 4 61 836 048 28 407 332 381 070 518
Trade and other
payables 5 7 266 513 8 054 249 11 246 934
Other financial
liabilities 6 – – 10 041 621
69 102 561 40 901 268 406 798 760
Total liabilities 139 568 565 379 664 102 421 819 931
Total equity and
liabilities 1 528 652 632 1 151 172 383 1 533 161 396
Statement of comprehensive income
for the six months ended 30 September 2014
Reviewed Reviewed
Interim Interim Audited
30 Sep 30 Sep 31 Mar
2014 2013 2014
Notes R R R
Revenue 70 465 381 61 338 743 119 649 229
Property
revenue 8 69 217 583 52 658 791 112 412 548
Operating lease 2 1 247 798 8 679 952 7 236 681
Other income 3 157 325 2 677 728 5 188 649
Operating
expenses 9 (18 559 077) (23 338 529) (45 953 375)
Profit before
investment
revenue, fair
value adjustments
and finance costs 55 063 629 40 677 942 78 884 503
Investment
revenue 10 416 454 11 004 153 463
Fair value
adjustments 1 – (6 127 395) 62 386 713
Finance costs 1, 4 (2 227 183) (14 617 596) (28 045 988)
Profit before
taxation 53 252 900 19 943 955 113 378 691
Taxation 4 (6 439 716) (4 769 856) 8 862 832
Profit for the
period 46 813 184 15 174 099 122 241 523
Other comprehensive
income – – –
Total comprehensive income
for the period 46 813 184 15 174 099 122 241 523
Earnings and
diluted earnings
per share (cents) 28 19 129
Explanatory notes to the statement of financial position and
statement of comprehensive income
for the six months ended 30 September 2014
1. It is the group’s policy to value the entire investment property
portfolio on an annual basis by an independent valuator. The previous
valuation was done on 31 March 2014 and the next valuation will be
done on 31 March 2015.
The value of the investment property increased from 31 March 2014 by
8%, due to the construction at various properties. The construction
costs are financed by the interest bearing borrowings.
2. Most of Safari’s current lease agreements are in the second half
of the signed lease period. Sufficient new lease agreements and
renewals are in place.
3. A portion of the investment property held in Swakopmund, Namibia
is classified as inventory. Inventory’s value increased by 24% due to
the progress of the development project.
4. Safari raised in total R374 564 745 through the listing that took
place on 7 April 2014. The capital raised through the listing was
utilised to settle the bond balance.
Safari listed as a Real Estate Investment Trust and this led to a
change in the tax environment of the group. As Safari is not further
liable for capital gains tax on the fair value adjustment of the
investment properties, the deferred tax balance declined from the
2013 reviewed financial statements. In the 2015 financial year Safari
will distribute a minimum of 75% of its profits to the shareholders as
per the REIT requirements and the shareholders will be liable for the
tax on the profit distributed.
5. Trade and other receivables and trade and other payables
fluctuated from the comparative periods due to the Value Added Tax
(VAT) receivable from the South African Revenue Services for the
financial period under review. The VAT receivable is due to the current
construction projects at the various properties.
6. 17 075 090 shares were paid for and were issuable at 31 March 2014
to the value of R105 844 674, excluding the capital raising fee of
R1 478 927. There was also an oversubscription of shares that were not
issued on the listing to the value of R10 041 621 and was repaid
after year end. The amounts mentioned above were included in cash and
cash equivalents on 31 March 2014. These shares were issued on the
listing.
7. Shareholders’ loans were repaid shortly after the 2014 year end.
8. The interim property revenue includes rental income of R7 748 542
from the Heidelberg Shopping Centre, obtained in February 2014.
9. The operating expenses decreased as all the revamping and major
repairs of the shopping centres were completed in the 2014 financial
year.
10. As part of the business combination where the Heidelberg Shopping
Centre was obtained in February 2014, a R6 million bank guarantee was
delivered by Safari. The guarantee expires in November 2014 and earns
interest on a monthly basis.
Statement of cash flows
for the six months ended 30 September 2014
Reviewed Reviewed
Interim Interim Audited
30 Sep 30 Sep 31 Mar
2014 2013 2014
Notes R R R
Cash flows from
operating acti-
vities
Cash generated
from operations 8, 9 44 714 333 29 914 614 67 315 940
Interest income 10 416 454 11 004 153 472
Finance costs 1, 4 (2 227 183) (12 563 452) (25 991 844)
Tax paid 4 (327 722) (3 936 456) (10 783 431)
REIT profit
distribution 4 (34 000 000) – –
Net cash from
operating
activities 8 575 882 13 425 710 30 694 137
Cash flows from
investing acti-
vities
Additions of
investment
property 1 (108 844 938) (45 058 946) (103 359 644)
Purchase of
other intangible
assets – – (86 051)
Business
combination – – 104 002
Net cash from
investing
activities (108 844 938) (45 058 946) (103 341 693)
Cash flows from
financing acti-
vities
Proceeds on
share issue 4 264 929 418 29 116 853 133 482 601
Proceeds from
interest
bearing
borrowings 1, 4 171 370 000 – 604 474 391
Repayment of
interest
bearing
borrowings 1, 4 (436 444 838) (5 222 117) (561 894 000)
Movement in
other financial
liability 6 (10 041 621) – 10 041 621
Proceeds from
shareholders’
loan – 10 885 476 10 885 476
Repayment of
shareholders’
loan 7 (4 439 687) – –
Net cash from
financing (14 626 728) 34 780 212 196 990 089
activities
Total cash move-
ment for the
period (114 895 784) 3 146 976 124 342 533
Cash at the
beginning of the
period 125 702 738 1 360 206 1 360 205
Total cash at
end of the
period 10 806 954 4 507 182 125 702 738
Statement of changes in equity
for the six months ended 30 September 2014
Share/stated Share Total share
capital premium capital
Notes R R R
Balance at
1 Apr 2013 724 904 291 993 069 292 717 973
Total compre-
hensive income
for the interim
period – – –
Proceeds of
shares issued 43 893 30 330 077 30 373 970
Re-allocated to
stated capital 322 323 146 (322 323 146) –
Issue of shares:
Shareholders’
loan conversion 193 917 543 – 193 917 543
Capitalised
raising fee (1 257 117) – (1 257 117)
Balance at
30 Sep 2013 515 752 369 – 515 752 369
Balance at
31 Mar 2014 644 152 383 – 644 152 383
Total compre-
hensive income
for the interim
period – – –
Issue of shares:
Listing on
the JSE 4, 6 374 546 748 – 374 546 748
Capital raising
fee (5 267 583) – (5 267 583)
REIT profit
distribution 4 – – –
Balance at
30 Sep 2014 1 013 431 548 – 1 013 431 548
Equity portion Shares paid
of shareholder Retained for and Total
loans income issuable equity
Notes R R R R
Balance at
1 Apr 2013 75 791 144 240 581 813 – 609 090 930
Total compre-
hensive income
for the interim
period – 15 174 099 – 15 174 099
Proceeds of shares
issued – – – 30 373 970
Re-allocated
to stated
capital – – – –
Issue of shares:
Shareholders’
loan conversion (75 791 144) – – 118 126 399
Capitalised
raising fee – – – (1 257 117)
Balance at
30 Sep 2013 – 255 755 912 – 771 508 281
Balance at
31 Mar 2014 – 362 823 335 104 365 747 1 111 341 465
Total compre-
hensive income
for the interim
period – 46 813 184 – 46 813 183
Issue of shares:
Listing on the JSE – – (104 365 747) 270 181 001
Capital raising fee – – – (5 267 583)
REIT profit
distribution – (34 000 000) - (34 000 000)
Balance at
30 Sep 2014 – 375 636 519 – 1 389 068 066
Segmental report
for the six months ended 30 September 2014
Atlyn Mamelodi Thabong
R R R
30 September 2014
Turnover (external) 18 850 234 27 424 922 16 442 797
Reportable segment
profit before investment
revenue, fair value
adjustments and finance
costs 15 400 764 22 934 003 14 541 816
Unallocated reportable
segment profit before
investment revenue, fair
value adjustments and
finance costs – – –
Profit before investment
revenue, fair value
adjustments and finance
costs – – –
Segment assets and
liabilities
Segment assets 446 904 316 512 696 204 329 131 441
Unallocated assets – – –
Total assets 446 904 316 512 696 204 329 131 441
Segment liabilities 1 831 834 2 404 462 1 391 424
Unallocated liabilities – – –
Total liabilities 1 831 834 2 404 462 1 391 424
Other segment items
Interest revenue
(external) 804 6 914 2 142
Unallocated interest
revenue – – –
Investment revenue 804 6 914 2 142
Interest expense – – –
Unallocated interest
expense – – –
Finance costs – – –
Heidelberg Namibia Group Total
R R R R
30 September 2014
Turnover (external) 7 747 427 – – 70 465 381
Reportable segment
profit before
investment revenue,
fair value
adjustments and
finance costs 5 383 955 (355 968) – 57 904 571
Unallocated reportable
segment profit before
investment revenue,
fair value adjustments
and finance costs – – (2 840 943) (2 840 943)
Profit before invest-
ment revenue, fair
value adjustments
and finance costs – – – 55 063 629
Segment assets and
liabilities
Segment assets 137 075 378 91 619 779 – 1 517 427 118
Unallocated assets – – 11 225 514 11 225 514
Total assets 137 075 378 91 619 779 11 225 514 1 528 652 632
Segment liabilities 631 812 – - 6 259 531
Unallocated liabilities – – 133 309 034 133 309 034
Total liabilities 631 812 – 133 309 034 139 568 565
Other segment items
Interest revenue
(external) 32 1 071 – 10 964
Unallocated interest
revenue – – 405 489 405 489
Investment revenue 32 1 071 405 489 416 454
Interest expense 87 – – 87
Unallocated interest
expense – – 2 227 096 2 227 096
Finance costs 87 – 2 227 096 2 227 183
Segmental
for the six months ended 30 September 2013
Atlyn Mamelodi Thabong
R R R
30 September 2013
Turnover (external) 19 034 824 30 677 893 11 872 671
Reportable segment
profit before investment
revenue, fair value
adjustments and
finance costs 12 680 338 24 397 990 3 447 623
Unallocated reportable
segment profit before
investment revenue,
fair value adjustments
and finance costs – – –
Profit before investment
revenue, fair value
adjustments and finance
costs – – –
Segment assets and
liabilities
Segment assets 366 771 425 450 524 398 244 161 010
Unallocated assets – – –
Total assets 366 771 425 450 524 398 244 161 010
Segment liabilities 2 586 438 2 748 541 1 616 563
Unallocated liabilities
Total liabilities 2 586 438 2 748 541 1 616 563
Other segment items
Interest revenue
(external) 1 863 4 877 2 363
Unallocated interest - - -
revenue – – –
Investment revenue 1 863 4 877 2 363
Fair value adjustments (2 619 877) 3 349 017 (7 768 840)
Interest expense – – –
Unallocated interest
expense – – –
Finance costs – – –
Heidelberg Namibia Group Total
R R R R
30 September 2013
Turnover (external) – – – 61 585 388
Reportable segment
profit before
investment revenue,
fair value
adjustments and
finance costs – (281 084) - 40 244 867
Unallocated reportable
segment profit before
investment revenue, fair
value adjustments and
finance costs – – 433 075 433 075
Profit before invest-
ment revenue, fair
value adjustments
and finance costs – – – 40 677 942
Segment assets and
liabilities
Segment assets – 78 486 606 – 1 139 943 439
Unallocated assets – – 11 210 944 11 210 944
Total assets – 78 486 606 11 210 944 1 151 154 383
Segment liabilities – 48 797 – 7 000 339
Unallocated liabilities – – 372 663 769 372 663 769
Total liabilities – 48 797 372 663 769 379 664 108
Other segment items
Interest revenue (external) – 1 812 – 10 915
Unallocated interest
evenue – – 89 89
Investment revenue – 1 812 89 11 004
Fair value adjustments - 912 305 – (6 127 395)
Interest expense – – – –
Unallocated interest
expense – – 14 617 596 14 617 596
Finance costs – – 14 617 596 14 617 596
Earnings per share
for the six months ended 30 September 2014
Reviewed Reviewed
Interim Interim Audited
30 Sep 30 Sep 31 Mar
2014 2013 2014
R R R
Earnings used in the
calculation of basic
earnings per share 46 813 184 15 174 099 122 241 523
Ordinary shares
in issue 170 000 000 103 790 357 120 864 827
Weighted average
number of ordinary
shares 168 115 363 79 121 213 94 808 385
Headline earnings 46 813 184 20 158 735 28 532 084
Headline earnings per
share (cents) 28 25 30
Diluted headline
earnings per share
(cents) 28 25 30
Basic and diluted
earnings per
share (cents) 28 19 129
Headline earnings
reconciliation
Basic earnings 46 813 184 15 174 099 122 241 523
Gains and losses
from the adjustment
to the fair value of
non-current assets – 6 127 395 –
Fair value adjustment
of investment property – – (62 386 713)
Tax effect of gains and
losses from the adjust-
ment to the fair value
of non-current assets
due to REIT status – – (29 398 534)
Profit through business
combination – – (1 924 192)
Tax effect – (1 142 759) –
Headline earnings
from continuing
operations 46 813 184 20 158 735 28 532 084
Net asset value per share
for the six months ended 30 September 2014
Reviewed Reviewed
Interim Interim Audited
30 Sep 30 Sep 31 Mar
2014 2013 2014
R R R
Total assets 1 528 652 632 1 151 172 383 1 533 161 396
Total liabilities (139 568 566) (379 664 102) (421 819 931)
1 389 084 066 771 508 281 1 111 341 465
Ordinary shares in
issue 170 000 000 103 790 357 120 864 798
Net asset value
per share (cents) 817 743 920
Tangible net asset
value (cents) 817 743 920
The ordinary shares in issue increased by 49 135 202 shares on
7 April 2014 as a result of the listing and this led to the dilution
of the net asset value per share for the interim period ended
30 September 2014.
Notes to the financial statements
Statement of compliance
The interim consolidated financial information for Safari Investments
RSA Limited and its subsidiary has been prepared and presented in
accordance with the measurement and recognition requirements of
International Financial Reporting Standards (IFRS), the SAICA
Financial Reporting Guides as issued by the Accounting Practices
Committee, the requirements of the Companies Act 71 of 2008, the
Listings Requirements of the JSE Limited and the requirements of
IAS 34: Interim Financial Reporting. The interim consolidated financial
statements have been prepared using accounting policies that comply
with IFRS which are consistent with those applied in the financial
statements of the year ended 31 March 2014.
Basis of preparation
The preparation of the group’s interim financial results for the six
months ended 30 September 2014 was the responsibility of the Financial
Director, DE van Straten CA(SA). Judgements and estimates have been
applied consistently with the disclosure in the 31 March 2014 Annual
Report.
Financial statements
From the statement of financial position up to and including the
notes to the interim financial results have been reviewed by
Mazars in accordance with ISRE 2410 – Review of interim financial
information performed by the independent auditor of the entity. The
review report issued by Mazars is unmodified. The auditor’s report
does not necessarily report on all of the information contained in
this announcement/financial results. Shareholders are therefore
advised that in order to obtain a full understanding of the nature of
the auditor’s engagement they should obtain a copy of the auditor’s
report together with the accompanying financial information from the
issuer’s registered office. The review report can be obtained at
Safari’s registered office or on the website:
www.safari-investments.com. The directors take full responsibility for
the preparation of the interim consolidated financial results. The
interim consolidated financial statements were approved by the Board
of directors on 24 October 2014 and published on 29 October 2014.
New standards and interpretations
The accounting policies of the group have been applied consistently
to the policies as presented in the consolidated financial statements
for the year ended 31 March 2014.
Events during and subsequent to the reporting period
Events during the financial period
On 7 April 2014 Safari listed successfully on the JSE Limited as a
Real Estate Investment Trust (REIT) on the main board under the
property section. The funds raised through the listing were utilised
to settle the outstanding bond after year-end.
The group paid its first REIT profit distribution on 21 July 2014.
The distribution consisted of a cash distribution of 20 cents per
ordinary share. The construction of the Platz Am Meer development in
Swakopmund, Namibia commenced in August 2014. This project has an
approved capital budget of R462 million. The expected completion date
of this development is at the end of May 2016.
Events subsequent to the financial period
The Board of directors of Safari approved a gross cash distribution
of 34 cents per ordinary share to be paid during December 2014,
subject to adhering to the solvency and liquidity requirements as
stated in the Companies Act 71 of 2008. Shareholders will be able to
elect to re-invest the cash distribution in return for ordinary
shares.
A circular providing detailed information, in respect of the cash
distribution and the reinvestment alternative, will be distributed to
all Safari shareholders on 7 November 2014 and the relevant details
will be announced on SENS.
Related party transactions
Services rendered by or purchases from related parties with common
directorship amounted to R104 711 090 (30 September 2013: R53 714
983) and from close corporations controlled by a common director
amounted to R188 391 (30 September 2013: R115 350). Management and
accounting fees paid to related parties amounted to R2 051 721
(30 September 2013: R1 810 859).
The related party transactions are as per approved agreements.
Board commentary
Profile
Safari Investments RSA Limited (Safari), with a total asset base of
R1,4 billion, is a retail-focused Real Estate Investment Trust (REIT)
listed on the JSE Limited (JSE) main board under the property section.
A total of 49 135 202 ordinary shares were issued in April 2014 by way
of a private placement, raising cash of R375 million, utilised to settle
all outstanding debt. On 7 April 2014 a total of 170 000 000 shares were
listed on the JSE. Safari invests in quality income-generating property
and revenue is generated through sustainable rental income.
There were no changes to the nature of the business during the
financial period under review.
Property portfolio
The property portfolio consists of seven properties. Four of the
properties are established retail centres serving as regionals in their
areas and are the income-generating assets in the Safari portfolio. These
include Denlyn in Mamelodi (42 200m²); Atlyn in Atteridgeville (39 680m²);
Thabong in Sebokeng (27 645m²); and The Victorian in Heidelberg (15 400m²).
National retailers Shoprite, Spar and Pick n Pay anchor these centres.
Safari’s portfolio is 100% retail based.
Letting activity: Vacancies remained below 1% of income-generating
retail space. The average rental escalation percentage for the period
was 9%.
Projects under construction
Atteridgeville
- The recent upgrades and extensions of Atlyn Centre, together with
Safari’s brand-new development on Maunde Street, brought a vibrant
CBD and meaningful retail node to Atteridgeville.
- Maunde is the main access road into Atteridgeville, recently
upgraded to a dual carriageway, and now runs alongside the
development. The new centre, developed right here on Maunde, with a
GLA of 10 500m², is anchored by Pick n Pay. Construction commenced in
April 2014 and the project is currently 36% completed. The expected
date of completion is May 2015.
- Further complementing the node is a new South Block extension to
the existing Atlyn Shopping Centre, soon to be completed and adding
1 517m². This new business node of over 50 000m² puts Atteridgeville
on the retail map, with the community being served by the widest range
of quality national brands.
Sebokeng
- Thabong Shopping Centre in Sebokeng will soon be a high-quality
retail node larger than 40 000m² to serve as a regional for Sebokeng
and surrounding areas. This large extension to Thabong is adding
13 500m² of retail space. With Pick n Pay as food anchor and Edgars the
fashion anchor, the national brands will represent 90% of the total
centre.
- All national retailers will be present at Thabong and the community
looks forward to a first phase of 9 500m² opening in November 2014,
and the second phase of 4 500m² to open in April 2016.
Swakopmund
- On 25 June 2014 the Board approved R462 million for the
Platz Am Meer Waterfront development in Swakopmund, Namibia. The
ground-breaking ceremony took place on 12 August 2014 with great
support for this development on both National and Council level. The
community waits with great expectation, as this will be the
establishment of a new landmark for Namibia. Construction is now well
under way.
- The location of the development is strategically incomparable. New
developments to the north are changing the patterns and flow of
traffic and business completely. Considering the spatial development
plan of Swakopmund, it is expected that within five years this
waterfront site will be right in the centre of the residential area.
- It comprises a mixed-use development of retail and upmarket
apartments. The apartments will be sold after completion. The
Waterfront is expected to be completed in April 2016. The waterfront
development is truly unique and a special addition to the coastal
town of Swakopmund, strengthening the town’s tourist attractiveness.
Acquisitions and disposals
During the current period, Safari purchased stand 86 and stand 96 of
Sebokeng for a total cost of R1 850 000. The stands are adjacent to
the current Thabong Centre and would form part of future developments
at Thabong.
Financial performance
Headline earnings increased by 132% to R46 813 183 compared with the
same period for the previous year of R20 158 735. Headline earnings
per share (cents) increased by 12% to 28 cents per share, compared
with 25 cents per share for the comparative period.
Funding
Safari has a secured loan facility of R600 million with 19% utilised.
Currently the debt represents 10% of the value of the assets and the
cost of finance is at the prime lending rate less 1%.
Credit rating
During July 2014 Safari received its first Credit rating from Global
Credit Rating Co. (GCR):
- National long term: BBB(ZA)
- National short term: A2(ZA) Directorate
There were no changes to the Board of Directors for the period under
review and all directors were re-elected in their current positions
during the Annual General Meeting held on 30 July 2014.
Declaration of a cash distribution with the option to reinvest the
cash distribution for ordinary safari shares
Shareholders are advised that the Board of Directors of Safari
approved a gross cash distribution of 34 cents per ordinary share to
be paid during December 2014, subject to adhering to the solvency and
liquidity requirements as stated in the Companies Act (71 of 2008).
Shareholders will be able to elect to re-invest the cash distribution
in return for ordinary shares.
A circular providing detailed information in respect of the cash
distribution and the reinvestment alternative will be distributed to
all Safari shareholders on 7 November 2014 and relevant details will
be announced on SENS.
Prospects
The development and extension pipeline as detailed above ensures that
Safari will maintain its attractive portfolio growth. Above-inflation
increase in utility. cost and continued financial market volatility
are expected to continue. The Board is committed to maximising the
rental income streams with the proactive letting strategy focused on
national tenants and minimising the operating expenditure. The Board
will focus on opportunities in order to achieve sustainable long-term,
recurring distributable earnings. Any forecast in the results has not
been reviewed or reported on by the independent external auditors and
is the responsibility of the Board.
By order of the Board
24 October 2014
Corporate information
Registered address
420 Friesland Lane
Lynnwood
Pretoria
0081
Auditors - Mazars Inc.
Commercial banker - ABSA Bank Limited
Group secretary - Safari Retail Proprietary Limited
Directors of Safari
MH Tsolo Independent non-executive chairman
FJJ Marais Chief executive officer
K Pashiou Executive director
PA Pienaar Executive director
DE van Straten Executive financial director
AE Wentzel Lead independent non-executive director
JP Snyman Independent non-executive director
SJ Kruger Non-executive director
M Minnaar Non-executive director
JC Verwayen Non-executive director
Sponsor - PSG Capital
Transfer secretaries - Computershare Investor Services Proprietary Limited
To view the 2014 annual report visit: www.safari-investments.com
29 October 2014
Date: 29/10/2014 09:25:00 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
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