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Preliminary summarised audited consolidated financial statements for the year ended 30 June 2015
FORTRESS INCOME FUND LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
REGISTRATION NUMBER 2009/016487/06
JSE SHARE CODES: FFA ISIN ZAE000192787
FFB ISIN ZAE000192795
(APPROVED AS A REIT BY THE JSE)
(“FORTRESS” OR “THE GROUP” OR “THE COMPANY”)
PRELIMINARY SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR
ENDED 30 JUNE 2015
DIRECTORS’ COMMENTARY
1 NATURE OF BUSINESS
Fortress listed as a real estate fund in 2009 with a capital structure
consisting of separately listed A and B linked units and in July 2013 it
became a corporate REIT.
Fortress invests in both direct property assets and listed real estate
securities. The listed investments include both local and foreign property
companies. Of the 97 directly held properties, 89,2% by value are retail
properties and the remainder are industrial and residential properties.
The investment portfolio by valuation is as follows:
Direct property assets R7.4 billion (36,6%)
Listed property securities:
Offshore-based property companies R9.9 billion (49,0%)
Listed property securities:
Local REIT’s R2.9 billion (14,4%)
2 CAPITAL STRUCTURE
The conversion of Fortress’ previous linked unit structure to an all-share
structure was approved by shareholders at a special general meeting held
on 5 March 2015 and a new Memorandum of Incorporation was adopted.
The Fortress A shares have a preferential right to income distribution and
to capital participation in the event of winding-up. The Fortress B shares
are entitled to the residual distributable income and capital
participation on winding-up. The growth on the A share dividend is the
lower of 5% or CPI.
3 DISTRIBUTABLE EARNINGS AND REVIEW OF RESULTS
CPI for the six months ended June 2015 was 4,37%, as calculated based on
data supplied by Statistics SA. As a consequence, the growth in the A
share dividend for this six month period is 4,37%.
Total distributable earnings for the year ended June 2015 increased by
20,29% (193,54 cents) compared to the year ended June 2014. The A share
dividend/distribution amounts to 123,13 cents for the year (4,68%
increase) and the B share dividend/distribution is 70,41 cents (62,68%
increase).
The dividend attributable to the A share for the six months ended June
2015 is 61,38 cents per share (4,37% increase) and 39,20 cents dividend
per B share (60,72% increase).
The retail property portfolio performed ahead of forecast with Fortress
collecting
R2,7 million in unbudgeted turnover rental. Although Fortress’ retail
centres are still achieving real sales growth, the rate of growth has
declined and this trend is anticipated to continue in the 2016 financial
year.
Concerns affecting the economy and retail sales include electricity
interruptions; civil and labour unrest; declining commodity prices with
its impact on employment; increases in direct and indirect taxes and the
weaker Rand.
Fortress’ focus on commuter transport nodes exposes it to changing
transport patterns. In line with government policy, there is a shift from
taxi transportation, particularly for longer distances, to bus transport.
This is both through private operations and the BRT (Bus Rapid Transit)
systems. Fortress is actively engaged with local authorities and other
relevant parties, both to facilitate these processes and to ensure that
its retail centres are well-positioned for the future.
The industrial properties, though a relatively small portion of total
investment property, performed ahead of budget. Several renewals were
concluded at rentals higher than anticipated and new lettings were
undertaken sooner than expected.
Fortress’ offshore investments in Nepi, Rockcastle and Hammerson enhanced
its overall dividend growth due to good results from the individual
counters and the continued depreciation of the Rand.
4 OFFER TO ACQUIRE CAPITAL PROPERTY FUND LIMITED (“Capital”)
Fortress has given notice of its firm intention to offer to acquire all
the issued shares of Capital that Fortress does not already own in
exchange for Fortress A shares and Fortress B shares, by scheme of
arrangement (the “Fortress scheme”), at a swap ratio of 0,3175 Fortress A
shares and 0,3175 Fortress B shares for each Capital share, based inter
alia on 1 772 624 329 Capital shares in issue. The Fortress scheme will be
subject to various regulatory and shareholder approvals. Shareholders are
referred to the SENS announcement dated 16 July 2015.
The Capital board has agreed to the proposal of the Fortress scheme to
Capital shareholders, subject to receipt of a fair and reasonable opinion
by Capital from an independent expert.
A condition of the Fortress offer is that Capital will spin-off its office
portfolio to a new REIT. Fortress will thus not acquire any of Capital’s
existing office properties.
5 PROPERTY DISPOSALS
The following non-core properties were disposed of during the financial
year:
Book Net
value proceeds Exit Transfer
Property name Sector (R’000) (R’000) yield date
Cato Street Industrial 7 600 6 800 10,0% Sep 2014
Bryanston Ridge Office
Park – portion 6 Office 4 770 6 300 Vacant Nov 2014
Bryanston Ridge Office
Park – portion 5 Office 6 039 7 800 7,2% May 2015
Sinoville Shopping
Centre Retail 117 500 117 500 10,0% Jun 2015
Wall and London
Streets Industrial 11 700 12 458 11,0% #
33 Amsterdam Street Industrial 10 600 10 890 11,0% #
Landsborough Street Industrial 12 220 13 109 11,0% #
Ruargh Street Industrial 10 300 9 411 11,0% #
11 Broad Street Industrial 10 500 12 708 11,0% #
191 229 196 976
# Held for sale at June 2015. Transfer pending.
6 PROPERTY ACQUISITIONS
Weskus Mall, a 33 525m2 regional mall, located in Vredenburg in the
Western Cape transferred on 5 December 2014. The tenant profile of the
property is being improved and the mall is being refurbished, including
the re-painting of the mall’s exterior. Trading densities continue to show
good growth.
The retail centre adjacent to Biyela Shopping Centre, Biyela Square, was
transferred in September 2014 and redevelopment of the site commenced in
June 2015.
7 PROPERTY EXTENSIONS AND REDEVELOPMENTS
Flamwood Value Centre (50% interest)
The redevelopment of the centre to accommodate an expanded Food Lover’s
Market and the new Baby City is scheduled for completion in November 2015.
Voltex has agreed to occupy the last remaining shop and this centre is now
fully let.
Flamwood Walk (50% interest)
Leases concluded in the past six months include Dis-Chem and West Pack
Lifestyle. Negotiations are in progress for the letting of the remaining 2
600m2 of retail space.
Central Park Shopping Centre
The installation of new escalators to the first floor has significantly
improved pedestrian flows throughout the centre, with resulting strong
increase in tenant demand. New tenants include OK Furniture and Power
Factory Stores. KFC and Boxer have agreed to new 10-year leases and the
Boxer store will increase from the current 1 981m2 to 3 341m2.
Botlokwa Plaza
The 1 250m² extension to accommodate Mr Price is underway with completion
expected in March 2016.
The Galleria (25% interest)
The upgrading of the air-conditioning and expansion of the Game and Edgars
stores is progressing well. New tenants include Burger King, Circus
Circus, Rochester Furniture and Typo. The ice rink has been upgraded and
will re-open in November 2015. Negotiations are in progress to introduce
an additional anchor tenant and a number of new fashion boutiques.
Lephalale (51% interest)
The redevelopment of the five centres in the CBD surrounding the main taxi
rank has commenced. New lettings include Mr Price, Nedbank and Studio 88
all of which have taken occupation. An expansion of the Shoprite store
from 3 114m2 to 3 667m2 has been agreed. Completion is expected in June
2016.
8 VACANCIES
Vacancies decreased to 4,1% at June 2015 from 4,5% at June 2014. This is
the result of successful leasing at buildings previously under
construction or being redeveloped and reported as vacant in the prior
period. The current vacancy figure includes planned vacancies during the
redevelopment and tenanting at Lebowakgomo Centre, Lephalale and Vryheid
Plaza and industrial properties reflected as held for sale.
9 LISTED PORTFOLIO
Jun 2015 Jun 2014
Number of Fair value Number of Fair value
Counter shares R’000 shares R’000
Capital (CPF) 80 633 816 1 153 064 48 400 000 517 880
Hammerson (HMSO: LN) 15 700 000 1 867 829 - -
Nepi (NEP) 24 902 939 3 426 644 22 300 000 2 118 500
Resilient (RES) 18 347 639 1 769 630 18 440 000 1 107 322
Safari (SAR) - - 2 840 000 24 850
8 217 167 3 768 552
Rockcastle (ROC)* 172 026 261 4 639 548 154 745 000 2 622 928
12 856 715 6 391 480
*Rockcastle was treated as an associate (equity accounted) and was thus
not fair valued in the financial statements.
The board’s policy is to hedge up to 50% of Fortress’ foreign currency
exposure through its investments in Nepi, Rockcastle and Hammerson. At
June 2015, 41,3% of the foreign currency exposure was hedged.
10 FACILITIES AND INTEREST RATE DERIVATIVES
A total of R1 806 million has been issued under the Fortress R4 billion
unsecured domestic medium term note programme (“DMTN”).
Fortress accepted a new 3-year R300 million facility from ABSA and a new
R300 million short-term facility from Standard Bank.
The interest-bearing debt to asset ratio increased to 29,2% at June 2015
from 22,9% at June 2014, following additional listed equity investments
acquired, particularly in Capital and Hammerson. The short-term portion of
interest-bearing borrowings of R3,4 billion relates to issuances under the
DMTN programme and a derivative facility.
The board is confident that it will be able to refinance these facilities.
At June 2015, 84,1% of Fortress’ interest rate exposure (inclusive of
contracted capital commitments) was hedged.
Average
Amount margin
Facility expiry R'million over Jibar
Jun 2016 3 685 1,02%
Jun 2017 2 090 1,57%
Jun 2018 121 1,70%
Jun 2019 790 1,61%
6 686 1,27%
Amount Average
Interest rate swap expiry R'million swap rate
Jun 2016 200 8,16%
Jun 2017 310 7,40%
Jun 2018 500 7,57%
Jun 2019 400 6,85%
Jun 2020 300 7,24%
Jun 2021 100 7,87%
Jun 2022 200 8,13%
Jun 2023 100 7,80%
2 110 7,50%
Amount Average
Interest rate cap expiry R'million cap rate
Jun 2019 100 7,43%
Jun 2020 200 7,52%
Jun 2021 400 7,80%
Jun 2022 200 8,18%
Jun 2023 100 8,21%
1 000 7,82%
The all-in weighted average cost of funding of Fortress was 8,19% at June
2015 and the average hedge term was 4,1 years.
The information contained in note 1, 10 and the “Property operations”
section of note 11 has been compiled using proportionate consolidation.
This results in Fortress accounting for its share of the assets and
liabilities of associates (Arbour Crossing, The Galleria and Mthatha
Residential).
11 SUMMARY OF FINANCIAL PERFORMANCE
Jun 2015 Dec 2014 Jun 2014 Dec 2013
Dividend/distribution per
A share/linked unit
(cents) 61,38 61,75 58,81 58,81
Dividend/distribution per
B share/linked unit
(cents) 39,20 31,21 24,39 18,89
A shares/
linked units
in issue 466 251 105 466 251 105 424 290 288 358 412 595
B shares/
linked units
in issue 466 251 105 466 251 105 424 290 288 358 412 595
Property operations
Net property
expense ratio 15,8% 13,5% 14,1% 16,1%
Gross property
expense ratio 35,6% 33,7% 33,9% 35,1%
Net total
expense ratio 10,9% 11,7% 13,4% 14,5%
Gross total
expense ratio 23,1% 25,0% 28,2% 29,1%
Consolidated
Net asset value per
combined share/linked
unit* R28,87 R24,82 R22,66 R20,32
Net asset value per A
share/linked unit# R15,72 R16,19 R14,58 R14,45
Net asset value per B
share/linked unit R13,15 R8,63 R8,08 R5,87
Interest-bearing
debt to
asset ratio** 29,2% 21,2% 22,9% 29,9%
*Net asset value includes total equity attributable to equity holders and
linked debentures.
#60-day volume weighted average trading price at reporting date limited to
combined net asset value.
**The interest-bearing debt to asset ratio is calculated by dividing total
interest-bearing borrowings adjusted for cash on hand by the total of
investments in property, listed securities and loans advanced.
12 BROAD-BASED BLACK ECONOMIC EMPOWERMENT
Fortress issued 15 847 860 A linked units and 15 847 860 B linked units to
The Siyakha Education Trust (“Siyakha”) on 9 December 2014 under the
authority approved by unitholders. The sole objective of Siyakha is the
promotion of black education.
13 PROSPECTS
Fortress continues to face challenges brought about by the low-growth
macro-economic environment in South Africa and continued disruption to
service delivery, particularly electricity and water supply.
While Fortress’ retail centres continue to perform well, continued closure
and downscaling of mining operations could affect tenants over time in the
affected areas. Fortress should, however, continue to benefit from its
large investment and the anticipated growth in distributions from its
foreign-currency denominated listed equities.
Based on forecast exchange rates of R13,00 to the Euro, R11,80 to the US
Dollar and R18,00 to the Pound Sterling, the board anticipates that
Fortress will achieve total growth in dividends of approximately 18% for
the 2016 financial year.
The growth is further based on the assumptions that a stable macro-
economic environment will prevail, no major corporate failures will occur
and that tenants will be able to absorb the recovery of rising utility
costs and municipal rates. Budgeted rental income was based on contractual
escalations and market related renewals. This forecast has not been
audited or reviewed by Fortress’ auditors.
14 PAYMENT OF FINAL DIVIDENDS
The board has approved and notice is hereby given of final dividends
(dividends no 12) of 61,38 cents per A share and 39,20 cents per B share
for the six months ended June 2015.The dividends are payable to Fortress
shareholders in accordance with the timetable set out below:
Last date to trade cum dividend Friday, 21 August 2015
Shares trade ex dividend Monday, 24 August 2015
Record date Friday, 28 August 2015
Payment date Monday, 31 August 2015
Share certificates may not be dematerialised or rematerialised between
Monday, 24 August 2015 and Friday, 28 August 2015, both days inclusive. In
respect of dematerialised shareholders, the dividends will be transferred
to the CSDP accounts/broker accounts on Monday, 31 August 2015.
Certificated shareholders’ dividends payments will be posted on or about
Monday, 31 August 2015. An announcement informing shareholders of the tax
treatment of the dividends will be released separately on SENS.
By order of the board
Mark Stevens Wiko Serfontein
Managing director Financial director
Johannesburg
30 July 2015
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2015 2014
R'000 R'000
ASSETS
Non-current assets 19 667 128 13 190 804
Investment property 6 452 089 5 577 773
Straight-lining of rental
revenue adjustment 155 949 119 262
Investment property
under development 98 689 194 382
Investment in and loans to
associate and joint ventures 3 935 521 2 875 804
Investments 8 217 167 3 768 552
Fortress Share Purchase Trust loans 502 269 384 041
Loans to BEE vehicle 283 700 250 000
Loans to development partners 21 744 20 990
Current assets 370 072 274 365
Investment property held for sale 57 936 24 436
Straight-lining of rental revenue adjustment 642 234
Fortress Share Purchase Trust loans 12 383 8 884
Loans to development partners 126 589 69 278
Trade and other receivables 167 836 167 837
Cash and cash equivalents 4 686 3 696
Total assets 20 037 200 13 465 169
EQUITY AND LIABILITIES
Total equity attributable to equity holders 13 460 811 5 794 397
Share capital 7 441 388 8 486
Share premium - 2 330 270
Non-distributable reserves - 3 455 641
Reserves/retained earnings 6 019 423 -
Total liabilities 6 576 389 7 670 772
Non-current liabilities 2 975 449 6 415 304
Linked debentures - 3 818 612
Interest-bearing borrowings 2 409 107 2 280 783
Deferred tax 566 342 315 909
Current liabilities 3 600 940 1 255 468
Trade and other payables 201 937 142 048
Linked debenture interest payable - 353 010
Interest-bearing borrowings 3 399 003 760 410
Total equity and liabilities 20 037 200 13 465 169
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2015 2014
R'000 R'000
Net rental and related revenue 554 900 516 189
Recoveries and contractual rental revenue 805 398 727 545
Straight-lining of rental revenue adjustment 37 095 35 884
Rental revenue 842 493 763 429
Property operating expenses (287 593) (247 240)
Income from investments 229 228 190 922
Fair value gain on investment property,
investments and currency derivatives 1 841 196 1 020 873
Fair value gain on investment property 304 329 393 014
Adjustment resulting from straight-lining
of rental revenue (37 095) (35 884)
Fair value gain on investments 1 893 464 673 686
Fair value loss on currency derivatives (319 502) (9 943)
Termination fee received from Amber Peek - 61 025
Tower underwriting fee - 7 500
Administrative expenses (36 852) (32 660)
Goodwill on acquisition of
interest in joint venture - 57
Profit on sale of interest in associate 20 885 -
Income from associate and joint ventures 733 154 229 754
- distributable 191 524 109 963
- non-distributable 541 630 119 791
Profit before net finance costs 3 342 511 1 993 660
Net finance costs (527 737) (746 584)
Finance income 251 629 181 934
Interest from loans 251 629 63 532
Fair value adjustment on
interest rate derivatives - 70 471
Interest on linked units
issued cum distribution - 47 931
Finance costs (779 366) (928 518)
Interest on borrowings (357 232) (310 221)
Capitalised interest 14 824 13 200
Fair value adjustment on
interest rate derivatives (3 531) -
Interest to linked debenture holders
- A linked units (287 910) (460 308)
- B linked units (145 517) (171 189)
Profit before income tax expense 2 814 774 1 247 076
Income tax expense (250 992) (82 222)
Profit for the year attributable
to equity holders 2 563 782 1 164 854
Total comprehensive income
for the year 2 563 782 1 164 854
Basic earnings per A share (cents) 285,89 148,82
Basic earnings per B share (cents) 285,89 148,82
Basic earnings per A linked unit (cents) 266,44
Basic earnings per B linked unit (cents) 192,57
Fortress has no dilutionary instruments in issue.
RECONCILIATION OF PROFIT FOR THE YEAR TO HEADLINE EARNINGS
2015 2014
R'000 R'000
Basic earnings (shares) - profit for the
year attributable to equity holders 2 563 782 1 164 854
Adjusted for: (326 374) (383 141)
- fair value gain on investment property (267 234) (357 130)
- profit on sale of interest in associate (20 885) -
- fair value gain on investment
property of joint ventures (94) (10 688)
- income tax effect (38 161) (15 323)
Headline earnings (shares) 2 237 408 781 713
Headline earnings per A share (cents) 249,50 99,87
Headline earnings per B share (cents) 249,50 99,87
Headline earnings per A linked unit (cents) 217,49
Headline earnings per B linked unit (cents) 143,62
Basic earnings per share, basic earnings per linked unit, headline
earnings per share and headline earnings per linked unit are based on the
weighted average of 448 380 144 (2014: 391 351 442) shares/linked units
in issue during the year for both A and B shares/linked units. Given
Fortress' capital conversion, detailed in the circular issued to
shareholders on 3 February 2015, linked debentures no longer exist within
Fortress' capital structure.
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Non-
capital/ distribu- Reserves/
share Share table retained
capital premium reserves earnings Total
Audited R'000 R'000 R'000 R'000 R'000
Balance at
Jun 2013 6 336 940 839 2 290 787 - 3 237 962
Issue of linked units
(equal number of
A and B units) 2 150 1 389 431 1 391 581
Total
comprehensive
income for the
year 1 164 854 1 164 854
Transfer to non-
distributable
reserves 1 164 854 (1 164 854) -
Balance at
Jun 2014 8 486 2 330 270 3 455 641 - 5 794 397
Issue of linked units
(equal number of
A and B units) 840 905 532 - - 906 372
- 10 000 000 units
on 27 Nov 2014 200 213 712 213 912
- 16 112 957 units
on 2 Dec 2014 322 335 129 335 451
- 15 847 860 units
on 9 Dec 2014 318 356 691 357 009
Total
comprehensive
income for the year 2 563 782 2 563 782
Capitalisation of
linked debentures 4 196 260 4 196 260
Transfer to
stated capital 3 235 802 (3 235 802) -
Transfer from
non-distributable
reserves (3 455 641) 3 455 641 -
Balance at
Jun 2015 7 441 388 - - 6 019 423 13 460 811
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
2015 2014
R'000 R'000
Cash (outflow)/inflow from operating activities (355 177) 22 668
Cash outflow from investing activities (3 694 770) (2 848 307)
Cash inflow from financing activities 4 050 937 2 825 744
Increase in cash and cash equivalents 990 105
Cash and cash equivalents at
the beginning of the year 3 696 3 591
Cash and cash equivalents at
the end of the year 4 686 3 696
Cash and cash equivalents consist of:
Current accounts 4 686 3 696
NOTES
1 PREPARATION AND ACCOUNTING POLICIES
The summarised audited consolidated financial statements have been
prepared in accordance with the requirements of the JSE Listings
Requirements for preliminary reports and the requirements of the Companies
Act of South Africa applicable to summary financial statements. The JSE
Listings Requirements require preliminary reports to be prepared in
accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (“IFRS”), the
SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council, and to also, as a minimum, contain the
information required by IAS 34, Interim Financial Reporting. The
accounting policies applied in the preparation of the consolidated
financial statements, from which the summarised consolidated financial
statements were derived, are in terms of IFRS and are consistent with the
accounting policies applied in the preparation of the previous
consolidated financial statements.
This report was compiled under the supervision of Wiko Serfontein CA(SA),
the financial director.
The group’s investment properties were externally valued by an independent
valuer and in terms of IAS 40 and IFRS 7 are measured at fair value.
Investment properties are categorised as level 3 investments. In terms of
IAS 39 and IFRS 7, the group’s currency and interest rate derivatives are
measured at fair value through profit or loss and are categorised as level
2 investments. In terms of IAS 39, investments are measured at fair value
being the quoted closing price at the reporting date and are categorised
as level 1 investments. There were no transfers between levels 1, 2 and 3
during the period. The valuation methods applied are consistent with those
applied in preparing the previous consolidated financial statements.
The directors are not aware of any matters or circumstances arising
subsequent to June 2015 that require any additional disclosure or
adjustment to the financial statements. The auditors, Deloitte & Touche,
have issued their opinion on the consolidated financial statements for the
year ended June 2015. The audit was conducted in accordance with
International Standards on Auditing. They have issued an unmodified audit
opinion. These preliminary summarised consolidated financial statements
have been derived from the consolidated financial statements and are
consistent, in all material respects, with the consolidated financial
statements. A copy of their audit report is available for inspection at
Fortress’ registered address. This preliminary report has been audited by
Deloitte & Touche and an unmodified audit opinion has been issued. The
auditor’s report does not necessarily report on all of the information
contained in this announcement. 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 that report together with the
accompanying financial information from Fortress’ registered address.
2 LEASE EXPIRY PROFILE (UNAUDITED)
Based on
Based on contractual
rentable rental
Lease expiry area revenue
Vacant 4,1%
Jun 2016 27,1% 21,7%
Jun 2017 13,5% 13,8%
Jun 2018 14,1% 15,8%
Jun 2019 18,0% 21,6%
Jun 2020 7,1% 11,5%
> Jun 2020 16,1% 15,6%
100,0% 100,0%
3 SEGMENTAL ANALYSIS
2015 2014
R’000 R’000
Recoveries and contractual rental revenue
Retail 707 899 612 976
Industrial 93 584 107 237
Office 3 915 7 332
805 398 727 545
Rental revenue
Retail 741 149 651 462
Industrial 97 453 108 384
Office 3 891 3 583
842 493 763 429
Property operating expenses
Retail (252 091) (207 013)
Industrial (34 108) (37 686)
Office (1 394) (2 541)
(287 593) (247 240)
Profit before net finance costs
Retail 752 527 788 082
Industrial 100 073 98 621
Office 4 270 18 828
Residential 18 946 18 337
Corporate 2 466 695 1 069 792
3 342 511 1 993 660
RECONCILIATION BETWEEN PROFIT FOR THE YEAR AND DIVIDENDS DECLARED
Jun 2015
R’000
Profit for the year 2 563 782
Fair value gain on investment property (304 329)
Fair value gain on investments (1 893 464)
Fair value loss on currency derivatives 319 502
Profit on sale of interest in associate (20 885)
Non-distributable income from associate and joint ventures (541 630)
Fair value adjustment on interest rate derivatives 3 531
Income tax expense 250 992
Antecedent dividend 33 583
Dividend accrual 57 873
Distributable amount in terms of best practice 468 955
Dividend declared - A share 286 185
Dividend declared - B share 182 770
Dividends declared 468 955
Directors
Jeff Zidel (chairman); Mark Stevens (managing director)*; Kura Chihota;
Craig Hallowes*; Chris Lister-James; Nontando Mahlati; Wiko Serfontein*;
Djurk Venter
*Executive director
Company secretary
Bernita Schaper
Registered address
3rd Floor Rivonia Village, Rivonia Boulevard, Rivonia, 2191 (PO Box 2555,
Rivonia, 2128)
Transfer secretaries
Link Market Services South Africa Proprietary Limited
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
(PO Box 4844, Johannesburg, 2000)
Sponsor
Java Capital
Changes to the board of directors
There were no changes to the board of directors since 10 February 2015,
the date of the previous results announcement.
Date: 30/07/2015 04:23:00 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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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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