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Preliminary summarised audited consolidated financial statements for the year ended 30 June 2015
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
(Reg no 2002/016851/06)
JSE share code RES ISIN ZAE000190807
Approved as a REIT by the JSE)
(“Resilient” or “the group”)
PRELIMINARY SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS for the
year ended 30 June 2015
DIRECTORS’ COMMENTARY
1. NATURE OF THE BUSINESS
Resilient is an internally asset managed Real Estate Investment Trust
(“REIT”) listed on the JSE Limited. Its strategy is to invest in dominant
regional retail centres with a minimum of three anchor tenants and let
predominantly to national retailers. A core competency is the successful
development of new malls and extensions to existing malls.
Resilient also invests in listed and offshore property related assets.
2. DISTRIBUTABLE EARNINGS AND COMMENTARY ON RESULTS
The distributions for the 2015 financial year increased by 19,13% to
390,67 cents per share (interim: 185,62 cents; final: 205,05 cents). These
results were achieved in a difficult economic environment with lower GDP
growth and interruptions in electricity supply. The dividends from listed
investments were ahead of forecast, particularly the dividends from
Rockcastle and Nepi where Resilient benefitted from the depreciation of
the Rand against the US Dollar and Euro.
As at June 2015, 28,5% of the group’s total direct and indirect property
assets were offshore assets.
The property portfolio performed well, however, comparable retail sales
growth of 7,9% for the year was lower than the 8,8% achieved at the
interim period. For comparative purposes, the extension to Rivonia Village
(including the Checkers store) was excluded. Soshanguve Crossing, Circus
Triangle, Irene Village Mall and Secunda Mall were not included as
comparable figures are not available. Soshanguve Mall and Secunda Mall,
both new developments, are trading ahead of retailers’ budgets.
The comparable sales growth for the year per province is set out below:
Comparable Percentage of
sales growth SA properties
North West 0,7% 6,9%
KwaZulu-Natal 5,3% 22,9%
Northern Cape 6,0% 6,1%
Mpumalanga 6,1% 12,5%
Limpopo 10,1% 31,0%
Gauteng 15,4% 20,6%
The North West province again disappointed. The growth in Limpopo province
is largely attributable to strong growth at Mall of the North, Tzaneng
Mall and Tubatse Crossing. Tzaneen Crossing and Limpopo Mall disappointed.
The motorised grocery shopping at Tzaneen Crossing has shifted to Tzaneen
Lifestyle Centre. Limpopo Mall, although still trading exceptionally well,
appears to be losing some market share to Mall of the North.
In Gauteng, Jabulani Mall, The Grove and Rivonia Village all performed
well.
The drop in commodity prices, one of the foundations of the South African
economy, services interruptions, labour unrest and the weak Rand will
negatively impact retail sales growth in the year ahead. Anticipating a
period of weaker retail growth and consolidation, Resilient has adopted a
more defensive approach including rightsizing anchor tenants and
increasing the entertainment offerings at its malls. Although these
initiatives increase dominance and improve overall trading densities,
generally low yields are achieved.
3. PROPERTY ACQUISITIONS
Resilient took transfer of Jubilee Mall and Irene Village Mall in
September 2014 and December 2014 respectively. These transactions were
announced in the previous financial year. Resilient increased its
interests in I’langa Mall by a further 15% to 85% (R140 million in March
2015) and Brits Mall by 2% to 95% (R11 million in January 2015).
Resilient has agreed to acquire a 50% interest in the proposed Mams Mall
in Mamelodi at a price of R210 million. The existing shopping centre with
a GLA of 17 333m2 on the site will be extensively redeveloped. A mall with
a total GLA of 65 000m2 is planned which will include at least four anchor
tenants and all major national retailers. Resilient will partially finance
the co-developer. The preliminary feasibility study indicates that a yield
of approximately 8,5% will be achieved.
4. EXTENSIONS
The extension to Circus Triangle was completed within budget and on
schedule in October 2014. This extension accommodates the addition of
Edgars and Game as anchors, the expansion of existing tenants and the
introduction of new national retailers to the centre.
Extensions to Diamond Pavilion in Kimberley to accommodate the expansion
of Woolworths and Edgars, as well as adding a net additional 149 parking
bays, commenced in May 2015. The extension will increase GLA to 37 965m2.
As the additional parking is not income producing, a yield of 4,4% is
forecast on the cost of R104,5 million. It is, however, anticipated that
the extension and parking will enhance trading densities for all tenants
in the mall.
A 4 551m2 GLA extension to Village Mall Kathu to accommodate Food Lover’s
Market and the expansion of the Spar Superstore, will commence in August
2015 and is scheduled for completion in June 2016. The extension is
projected to yield 8,0% on the cost of R46,1 million.
Major extensions that are at various stages of planning include The Grove
and Tzaneen Lifestyle Centre. The board has approved the following capital
expenditure:
R’million Yield
The Grove 27 6,8%
The Galleria 98 5,0%
Limpopo Mall 167 6,2%
Boardwalk Inkwazi 190 4,3%
I’langa Mall 349 5,0%
Irene Village Mall 1 300 7,0%
2 131 6,3%
The timing of these extensions is dependent on various approvals,
particularly plan approvals by local authorities.
5. RESILIENT AFRICA
The board has agreed to increase its capital commitment to this joint
venture for the development of malls in Nigeria to R4 billion. Resilient
increased its interest in Resilient Africa to 60,94% after acquiring 9,96%
from Standard Bank at a cost of R72,6 million. Shoprite Checkers, the
joint venture partner, increased its interest from 32,68% to 39,06%.
The first phase of Delta Mall in Warri, including the Shoprite store,
opened in April 2015. The second phase, including cinemas and a food court,
is scheduled to open in September 2015. Tenants report good trading
performances. The initial yield of 9,3% includes land for expansion. The
first phase of Owerri Mall is scheduled to open in November 2015. The
yield of 9,0% is projected to increase to 10,0% once the final phase is
completed. Construction of the 9 239m2 GLA Asaba Mall commenced in June
2015, with completion scheduled for October 2016. The forecast yield of
9,8% includes land for future expansion. Site establishment of the 12
000m2 GLA first phase of Abeokuta Mall commenced in June 2015. The mall is
scheduled for completion in February 2017 at a yield of 9,0% including
land for future expansion. (All yields quoted are in US Dollar.)
Agreements have been entered into to acquire land in Port Harcourt and
Benin City. Various planning and other conditions need to be met, however,
construction of the malls is anticipated to commence before the end of
2015.
Stanbic has approved a facility of USD55 million secured against Delta
Mall and Owerri Mall at an interest rate of 90-day USD Libor plus 6,25%.
This interest rate includes Nigerian country risk and there is no recourse
to South African balance sheets.
Although the elections in Nigeria were positive, economic conditions are
difficult. Challenges include uncertainty until the new government (and
its appointments) is settled and the sharp reduction in the oil price
which is Nigeria’s major export.
The Nigerian Naira has performed better than the Rand against the US
Dollar over the past five years, depreciating by 32,9% against 58,6% for
the Rand. The Naira exchange rate now appears to be “managed” and further
depreciation of between 10% and 15% seems inevitable. Despite its
challenges, Nigeria remains an attractive investment destination. The
respective IMF and World Bank GDP growth forecasts are 4,8% and 4,5% for
2015 increasing to 5,2% and 5,0% for 2016.
6. LISTED PORTFOLIO
Jun 2015 Jun 2014
Counter Number of Fair value Number of Fair value
shares R’000 shares R’000
Capital (CPF) 195 900 000 2 801 369 208 340 000 2 229 238
Fortress B (FFB) 92 675 355 2 363 221 98 670 000 986 700
Nepi (NEP) 26 217 896 3 607 583 25 300 000 2 403 500
8 772 173 5 619 438
Rockcastle (ROC) 175 322 584 4 728 450^ 168 560 000 2 857 092^
13 500 623 8 476 530
^ Rockcastle was treated as an associate (equity accounted) and was thus
not fair valued in the financial statements. The carrying value of
Rockcastle was R3 343 million and R2 473 million at June 2015 and June
2014 respectively. The net asset value of Resilient will increase to
R72,52 (Jun 2014: R54,29) if the investment in Rockcastle is fair valued.
The board’s policy is to hedge a maximum of 35% of its foreign currency
exposure to equity investments (Nepi and Rockcastle). At June 2015, EUR52
million and USD151 million were hedged at R13,90 and R12,25 respectively,
being 30,9% of Resilient’s offshore listed equity exposure. The main
purpose is to align the funding risk profile to both the currency and
income streams of the group’s offshore holdings. The result is that 30,9%
of these investments are funded at the interest rates applicable to the
currencies of the investments.
7. VACANCIES
Vacancies reduced further from 2,2% at December 2014 to the current 2,0%.
Vacancies at The Galleria of 5 483m2 are relatively high at 6,2%, however,
these should continue to decline with the relocation and expansion of
existing tenants and the introduction of new tenants.
8. FACILITIES AND INTEREST RATE DERIVATIVES
Resilient accepted a 5-year loan of R500 million from Nedbank and a 3-year
loan of R570 million from Absa. Following the successful R2,8 billion
rights issue, Resilient has R4,3 billion available under its approved
banking facilities.
Facility expiry Amount R’million Average margin over Jibar
Jun 2016 625 1,03%
Jun 2017 1 865 1,46%
Jun 2018 2 749 1,50%
Jun 2019 2 422 1,50%
Jun 2020 1 553 1,55%
Jun 2021 900 1,72%
10 114 1,49%
Interest rate swap expiry Amount R’million Average swap rate
Jun 2016 100 7,84%
Jun 2017 700 7,67%
Jun 2018 900 7,52%
Jun 2019 1100 7,28%
Jun 2020 880 6,31%
Jun 2021 820 7,88%
Jun 2022 500 8,09%
Jun 2023 - -
Jun 2024 - -
Jun 2025 100 7,78%
5 100 7,41%
Interest rate cap expiry Amount R’million Average cap rate
Jun 2018 400 5,90%
Jun 2019 200 7,38%
Jun 2020 300 7,54%
Jun 2021 300 7,92%
Jun 2022 - -
Jun 2023 400 7,71%
Jun 2024 800 7,78%
2 400 7,41%
Amount
Variable rate instruments R’000
Loans to BEE vehicles (1 714 551)
Loans to co-owners (318 367)
Cash and cash equivalents (34 541)
Interest-bearing borrowings 5 868 984
Capital commitments contracted for 677 919
4 479 444
Total interest rate derivatives 7 500 000
Percentage hedged 167,4%
Capital expenditure approved not yet contracted for 2 130 500
Percentage hedged inclusive of approved capital expenditure 113,5%
The all-in weighted average cost of funding of Resilient was 8,88% at June
2015 and the average hedge term was 4,5 years.
The information contained in notes 2 and 8 and the “Property operations”
section of note 10 has been compiled using proportionate consolidation.
This results in Resilient accounting for its share of the assets and
liabilities of Resilient Africa and property investments that are not held
in undivided shares (Arbour Crossing, The Galleria, Irene Village Mall and
Mafikeng Mall).
9. ISSUE OF SHARES
Following the maturing of the first tranche of the Eagle’s Eye womens’
BBBEE initiative, Resilient issued 7 812 500 (13 August 2014) and 6 097
560 (25 November 2014) shares to The Siyakha Education Trust at R64,00 and
R82,00 respectively. The Trust is a charitable trust established for the
promotion of black education and is a registered public benefit
organisation. The second tranche of the Eagle’s Eye womens’ BBBEE
initiative matured in July 2015.
As part consideration for the acquisition of Jubilee Mall, 6 578 947
shares were issued at R57,00 on 1 September 2014. On 13 November 2014,
Resilient successfully placed 9 150 326 shares at R76,50 by way of a
bookbuild managed by Java Capital. On 22 June 2015 Resilient issued 32 696
124 shares at R85,00 per share through a rights issue to existing
shareholders.
10. SUMMARY OF FINANCIAL PERFORMANCE
Jun 2015 Dec 2014 Jun 2014 Dec 2013
Dividend/distribution
(cents per share/
linked unit) 205,05 185,62 168,35 159,59
Shares/units in issue 376 747 796 342 209 172 312 569 839 293 339 070
Property operations
Net asset value per share R68,85 R59,02 R53,06 R44,36*
Interest-bearing debt
to asset ratio** 17,8% 28,5% 28,7% 34,6%
Net property expense ratio 11,6% 12,3% 12,2% 14,9%
Gross property
expense ratio 34,2% 33,9% 33,9% 34,9%
Net total
expense ratio 12,8% 12,7% 15,9% 17,8%
Gross total expense ratio 29,9% 29,2% 32,6% 33,1%
* Net asset value includes total equity attributable to equity holders and
linked debentures.
** 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.
11. PROSPECTS
Electricity black-outs have a negative impact on Resilient’s performance
through reduced trading hours and loss of parking revenue. Steps are being
taken to facilitate continued trading through the use of solar power,
generators and inverters.
The board has considered the offer by Fortress to acquire all the shares
not already owned by it in Capital and has resolved to accept the offer.
Dividends are forecast to increase by approximately 18% for the 2016
financial year. To provide additional certainty to investors, the
Resilient board resolved to hedge the projected dividend income from its
holdings in Rockcastle and Nepi for the 2016 financial year.
Dec 2015 dividend Jun 2016 dividend
USD EUR USD EUR
Forward rate against ZAR R12,86 R14,27 R13,34 R14,84
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 Resilient’s auditors.
At the AGM, the board will propose changing the company’s name to
Resilient Limited.
By order of the board
Des de Beer Nick Hanekom
Managing director Financial director
Johannesburg
5 August 2015
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
Jun 2015 Jun 2014
R’000 R’000
ASSETS
Non-current assets 33 409 633 24 118 626
Investment property 17 037 004 11 996 729
Straight-lining of rental
revenue adjustment 313 608 198 586
Investment property
under development 1 484 715 630 272
Investment in and loans to associate
and joint ventures 3 343 041 4 320 508
Investments 8 772 173 5 619 438
Resilient Share Purchase Trust loans 642 581 610 728
Loans to BEE vehicles 1 658 623 614 259
Loans to co-owners 157 888 128 106
Current assets 780 101 395 923
Investment property held for sale 158 012 -
Straight-lining of rental revenue adjustment 6 421 -
Resilient Share Purchase Trust loans 16 811 17 319
Loans to BEE vehicles 55 928 -
Loans to co-owners 110 734 81 219
Trade and other receivables 387 029 234 268
Cash and cash equivalents 45 166 63 117
Total assets 34 189 734 24 514 549
EQUITY AND LIABILITIES
Total equity attributable to equity holders 25 937 405 16 584 164
Stated capital 10 616 875 5 594 555
Currency translation reserve 40 113 (122)
Reserves 15 280 417 10 989 731
Minority interest 279 340 23 460
Total equity 26 216 745 16 607 624
Total liabilities 7 972 989 7 906 925
Non-current liabilities 7 091 406 6 977 067
Interest-bearing borrowings 5 333 721 6 228 510
Deferred tax 857 657 552 454
Amounts owing to minorities 900 028 196 103
Current liabilities 881 583 929 858
Trade and other payables 307 098 268 527
Income tax payable 839 1 721
Interest-bearing borrowings 573 646 659 610
Total equity and liabilities 34 189 734 24 514 549
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
for the for the
year ended year ended
Jun 2015 Jun 2014
INCOME STATEMENT R’000 R’000
Net rental and related revenue 1 276 535 869 745
Recoveries and contractual rental revenue 1 755 229 1 281 705
Straight-lining of rental revenue adjustment 121 443 18 886
Rental revenue 1 876 672 1 300 591
Property operating expenses (600 137) (430 846)
Income from investments 328 292 172 416
Fair value gain on investment property,
Investments and currency derivatives 3 597 590 1 923 848
Fair value gain on investment property 557 030 878 691
Adjustment resulting from straight-lining
of rental revenue (121 443) (18 886)
Fair value gain on investments 3 350 820 1 071 396
Fair value loss on currency derivatives (188 817) (7 353)
Management fees received from PFM - 81 774
Underwriting fee received - 2 500
Administrative expenses (89 172) (100 781)
Termination fee received from Amber Peek - 54 366
Profit on disposal of economic interest in PropTrax 2 500 -
Amortisation of intangible asset - (26 422)
Foreign exchange gains 2 612 8 693
Profit on sale of interest in subsidiaries - 752 990
Profit on sale of interest in associate 204 783 -
Goodwill on acquisition of interest in joint venture - 29 598
Income from associate and joint ventures 768 822 284 406
- distributable 249 860 138 014
- non-distributable 518 962 146 392
Profit before net finance costs 6 091 962 4 053 133
Net finance costs (303 223) (725 398)
Finance income 357 464 214 638
Interest received 308 395 88 065
Fair value adjustment on interest
rate derivatives 49 069 97 287
Interest on linked units issued cum distribution - 29 286
Finance costs (660 687) (940 036)
Interest on borrowings (737 247) (531 337)
Capitalised interest 76 560 59 441
Interest to linked debenture holders - (468 140)
Profit before income tax 5 788 739 3 327 735
Income tax (304 654) (2 660)
Profit for the year 5 484 085 3 325 075
Other comprehensive income net of tax
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of
foreign operations 68 253 (122)
Total comprehensive income for the year 5 552 338 3 324 953
Profit for the year attributable to:
Equity holders of the company 5 467 549 3 325 378
Minority interest 16 536 (303)
5 484 085 3 325 075
Total comprehensive income for the year attributable to:
Equity holders of the company 5 505 494 3 325 256
Minority interest 46 844 (303)
5 552 338 3 324 953
Basic earnings per share (cents) 1 630,11 1 097,65
RECONCILIATION OF PROFIT FOR THE YEAR TO HEADLINE EARNINGS
Audited Audited
for the year ended for the year ended
Jun 2015 Jun 2014
R’000 R’000
Basic earnings - profit for the year attributable
to equity holders 5 467 549 3 325 378
Adjusted for: (458 855) (1 679 351)
- fair value gain on investment property (435 587) (859 805)
- goodwill on acquisition of joint venture - (29 598)
- profit on sale of interest in subsidiaries - (752 990)
- fair value loss/(gain) on investment
property of joint ventures 1 480 (37 183)
- income tax effect (24 733) 225
- income tax effect - joint ventures (15) -
Headline earnings 5 008 694 1 646 027
Headline earnings per share (cents) 1 493,31 543,32
Basic earnings per share and headline earnings per share are based on the
weighted average of 335 409 974 (Jun 2014: 302 954 455) shares in issue
during the year. Given Resilient’s capital conversion, detailed in the
circular issued to shareholders on 29 May 2014, linked debentures no
longer exist within Resilient’s capital structure.
Resilient has no dilutionary instruments in issue.
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Stated Share Currency Reserves Equity Minority
capital/ premium trans- attribu- interest
share lation table
capital reserve to equity
holders
R’000 R’000 R’000 R’000 R’000 R’000
Balance at
Jun 2013 2 895 3 031 257 - 7 664 353 10 698 505 -
Issue of units 230 1 059 838 1 060 068
Equity contributed
by minorities 23 763
Exchange differences on translation
of foreign operations (122) (122) -
Profit/(loss) for
the year 3 325 378 3 325 378 (303)
Capitalisation of linked
debentures
1 500 335 1 500 335
Transfer to stated
capital 4 091 095 (4 091 095) -
Balance at Jun
2014 5 594 555 - (122) 10 989 731 16 584 164 23 460
Issue of
Shares 5 022 320 5 022 320
- 7 812 500 shares on 13 Aug
2014 499 224 499 224
- 6 578 947 shares on 1 Sep
2014 375 000 375 000
- 9 150 326 shares on 13 Nov
2014 695 788 695 788
- 6 097 560 shares on 25 Nov
2014 499 820 499 820
- 1 842 500 shares on 8 May
2015 174 506 174 506
- 32 696 124 shares on 22 Jun
2015 2 777 982 2 777 982
Equity contributed
by minorities 343
Acquisition of minority interest (640)
Obtaining control of joint ventures 253 089
Exchange differences on translation of foreign
operations 37 945 37 945 30 308
Profit for the year 5 467 549 5 467 549 16 536
Dividends paid (1 174 573) (1 174 573) (43 756)
Transfer to currency
translation reserve 2 290 (2 290) -
Balance at Jun
2015 10 616 875 - 40 113 15 280 417 25 937 405 279 340
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
for the for the
year ended year ended
Jun 2015 Jun 2014
R’000 R’000
Cash outflow from operating activities (17 911) (64 962)
Cash outflow from investing activities (3 196 973) (3 239 133)
Cash inflow from financing activities 3 196 933 3 365 618
(Decrease)/increase in cash and
cash equivalents (17 951) 61 523
Cash and cash equivalents at
beginning of year 63 117 1 594
Cash and cash equivalents at end
of year 45 166 63 117
Cash and cash equivalents consist of:
Current accounts 45 166 63 117
NOTES
1. PREPARATION, ACCOUNTING POLICIES AND AUDIT OPINION
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
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, with the exception of the adoption of
new and revised standards which became effective during the year.
Arbour Town (Pty) Ltd (Arbour Crossing and The Galleria) and Southern
Palace Investments 19 (Pty) Ltd (Mafikeng Mall) were consolidated with
effect from 1 January 2015. These companies were previously accounted for
using the equity method.
The group’s South African investment properties were externally valued by
an independent valuer whilst the Nigerian assets were valued internally by
Resilient Africa’s directors. In terms of IAS 40 and IFRS 7 investment
properties are measured at fair value and 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 IAS39,
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 year. The valuation
methods applied are consistent with those applied in preparing the
previous consolidated financial statements.
This report was compiled under the supervision of Nick Hanekom CA(SA), the
financial director.
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. This preliminary report has been
audited by Deloitte & Touche and an unmodified audit opinion has been
issued. Copies of their audit reports are available for inspection at
Resilient’s registered address. 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 Resilient’s registered address.
2. LEASE EXPIRY PROFILE (unaudited)
Based on
Based on contractual
rentable rental
area revenue
Vacant 2,0%
Jun 2016 18,1% 19,5%
Jun 2017 9,1% 10,5%
Jun 2018 16,7% 18,3%
Jun 2019 13,6% 16,1%
Jun 2020 15,2% 17,7%
> Jun 2020 25,3% 17,9%
100,0% 100,0%
3. SEGMENTAL ANALYSIS
Audited Audited
for the for the
year ended year ended
Jun 2015 Jun 2014
R’000 R’000
Total assets
Retail 19 031 793 14 686 510
Corporate 15 157 941 9 828 039
34 189 734 24 514 549
Rental revenue
Retail 1 876 672 1 300 591
Profit before net finance costs
Retail 1 779 635 1 860 774
Corporate 4 312 327 2 192 359
6 091 962 4 053 133
Audited Audited
for the for the
year ended year ended
Jun 2015 Jun 2014
R’000 R’000
Reconciliation of profit for the year to dividend declared
Profit for the year 5 484 085 3 325 075
Fair value gain on investment property (557 030) (878 691)
Fair value gain on investments (3 350 820) (1 071 396)
Fair value loss on currency derivatives 188 817 7 353
Profit on disposal of economic
interest in PropTrax (2 500) -
Amortisation of intangible asset - 26 422
Foreign exchange gains (2 612) -
Profit on sale of interest in subsidiaries - (752 990)
Profit on sale of interest in associate (204 783) -
Goodwill on acquisition of interest in joint venture - (29 598)
Non-distributable income from associate and
joint ventures (518 962) (146 392)
Fair value adjustment on interest
rate derivatives (49 069) (97 287)
Interest to linked debenture holders - 468 140
Income tax expense 304 654 1 419
Minority interest (20 219) 303
Antecedent dividend 95 614 -
Dividends accrued 40 555 141 993
Amount available for distribution under
best practice 1 407 730 994 351
Dividend/distribution declared – interim (635 209) (468 140)
Dividend declared – final (772 521) (526 211)
- -
The methodology applied in calculating the dividend is consistent with
that of the prior periods.
4. PAYMENT OF FINAL DIVIDEND
The board has approved and notice is hereby given of a final dividend of
205,05 cents per share for the six months ended 30 June 2015.
The dividend is payable to Resilient shareholders in accordance with the
timetable set out below:
Last date to trade cum dividend Friday, 28 August 2015
Shares trade ex dividend Monday, 31 August 2015
Record date Friday, 4 September 2015
Payment date Monday, 7 September 2015
Share certificates may not be dematerialised or rematerialised between
Monday, 31 August 2015 and Friday, 4 September 2015, both days inclusive.
In respect of dematerialised shareholders, the dividend will be
transferred to the CSDP accounts/broker accounts on Monday, 7 September
2015. Certificated shareholders’ dividend payments will be posted on or
about Monday, 7 September 2015.
An announcement informing shareholders of the tax treatment of the
dividend will be released separately on SENS.
Directors JJ Njeke (chairman); Des de Beer*; Thembi Chagonda; Andries de
Lange*; Marthin Greyling; Nick Hanekom*; Bryan Hopkins; Johann Kriek*;
Spiro Noussis; Umsha Reddy; Barry van Wyk (*executive director)
Changes to the board of directors
There were no changes to the board of directors since 4 February 2015, the
date of the previous results announcement.
Company secretary Monica Muller
Registered address 4th Floor Rivonia Village, Rivonia Boulevard, Rivonia,
2191
Transfer secretaries Link Market Services South Africa Proprietary Limited,
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
Sponsor Java Capital
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